P. AND 0. COMPANY

New Zealand Herald, Volume LXXIII, Issue 22469, 13 July 1936, Page 5

P. AND 0. COMPANY

RISE IN DEFERRED STOCK MISUNDERSTANDING CLAIMED [from our own corrkspondent] LONDON, Juno 20 A rise in tho market price of the deferred stock of the P. pany has occurred recently and it lias been associated with the efforts being made to secure Government assistance for the Canadian Australasian Lino plying between Vancouver, New Zealand and Australia. The rise is described as curious by the Times, which claims there has been a misunderstanding. It is pointed out that the Canadian Australasian Lino is owned jointly by the Union Steam Ship Company of New Zealand ami the Canadian Pacific Company. The association with the P. and 0. is that the latter holds most of the shares of the Union Company. At best an indirect interest in part of the capital of the Canadian Australasian Line could have little beneficial effect for the P. and 0. group, with its control of more than 300 ships. From recent discussions the fact has emerged that losses in the operation of the ships between Vancouver and New Zealand and Australia have accounted for a large portion of the capital of the Canadian Austra-. lasian Line, and with the most liberal and effective Government assistance it would be long before the company could bo expected to pay any dividend on the capital. It would, therefore, be reasonable to assume that no Government assistance for the Canadian Australasian Line could have any direct influence ou the prospects for the resumption of dividends on the deferred stock of the P. and O. Discussing the outlook in the early future for the holders of deferred stock the Times states it is probable that the company is doing a little better than a year ago. The directors have made it clear that they look forward to the time when the patience of the deferred stock holders will be rewarded —a great deal of hard work has been done in recent years to improve the financial structure —but it is certain that if and when a resumption of dividends is considered practicable much caution will be exercised in the rate, for the liabilities of the company in connection with costly new ships are already heavy.

SYDNEY EXCHANGE SATURDAY'S BUSINESS SYDNEY, July 11 Sales on the Sydney Stock Exchange to-day included: — £ a d Hank New South Walts .. 33 15 0 Nat. Bank A'asia (A'u) .. 7 4 0 CJoldsbrougrli-Mort . . . . 11l 0 Dunlop-Perdriau .. .. 0 in 0 James Stedman .. .. 0 10 0 Commonwealth Bonds.—t per cents, 1038, £lOl lis 3d; 1011, £ 102. FOREIGN EXCHANGES FLUCTUATIONS IN LONDON (Received July 12, 5.5 p.m.) British Wireless RUGBY, July 11 The following rates on foreign exchanges were current yesterday, coinpared with the cabled quotations on July 9 and par:—

'Sellers. (Received July 12, 5.5 p.m.) LONDON, July 11 On the foreign exchange market today the following quotations ruled: — Now York, dollars; Paris, 76 1-32 l'rancs; Batavia, 7.J34J llorins. NEW ZEALAND QUOTATIONS Tho Associated Hanks (other than the Bank of New South Wales) quoted tho following dollar rates yesterday, on a Now Zealand currency basis, subject to alteration without notice:— Selling: United States Canada On demand . . 4.03% 4.03% T.T 4 .Q2% 4.03% Buying: On demand .. 4.07% 4.08 Followinc are the latest rates for purchases and sales of foreign exchange quoted by the Bank of New South Wales, Auckland. They are subject to alteration without notice: —

The cost in New Zealand currency of the pound sterling, and of the principal overseas units, on the latest quotations, is as follows: —

Present l'rico Par s d s d Australia, pound . in 10.,5 i 20 0.00 London, pound . . 21 J0.05 20 0.00 Fiji, pound . . . . 22 5.(30 20 0.00 New York, dollar .. '1 J 1.55 4 1.31 Montreal, dollar .. 4 11.aL 4 1.31 Paris, franc . .. 0 3.04 0 3.08 Berlin, reichiriark .. 1 ll.lMi 0 11.74 Copenhagen, krono . 1 3.rt:3 1 1.2S Yokohama, yen . . 1 5.45 2 0.58 CUSTOMS EXCHANGE RATES Bates of exchange ruling at the announced dates of departure of vessels named are shown in tho following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned. Finally declared rates arc marked*: — City of Batavia, America, dollars . . 5.00 Cainbridifo, America, dollars . .. (j-02 Cambridge, Canada, dollars . . . 5.0 L Waiotapu, America, dollars . . . 0.0Manju Marti, Japan, .veil .. M <H;id Canadian Conqueror, Canada, dollars 0.0.j Golden Coast, America, dollars .. 5.02/ a BRITISH TREASURY BILLS (Received July 12, 5.5 p.m.) British Wireless RUGBY, July 11 The total amount applied for this week in tenders for £50,000,000 worth of Treasury bills was £<(>,()()■>,000. Hie maximum amount was allotted in bills at three mouths. 1 lie average rato per cent was 11b 9.41 d.

July 10 July o Par Montreal, dol. o.osv; 5.02% 4.S00 New York, dol. 5.0114 5.02 4 .SCO Paris, fr. 7ft"/,. 75»/„ 121.21 Brussels, belga 20.72 20.00 35.00 Geneva, fr. . . 15.38'/, 15.32*4 25.22 Amsterdam, fl. 7 .38'/ 2 7.30% 12. To Milan, lire 63% «:!/!» 02.40 lierlin, r.ni. .. 12.40 12.11 20.43 Stockholm, kr. 1!).!)0 io.oo 18.159 Copenhagen, kr. 23.377, 23.37'/, 18.150 Oslo, kr. i v.w/t lO.OO'/j 18.151) Vienna, sch. . . ■_><)% 20% 04.585 rrague, kr. .. 121 120% 104.25 Jlelsingfors, m. 227 227 3 03.23 Madrid, pes. .. 30"/,. 3(> l /33 25.221 Lisbon, escu. . . iosy. 108 V4 110 Athens, dr. .. 5'J 7* 627* 375.00 Bucharest, lei. 074* 674 * 813.0 Rio do Janeiro 4'/id 4'/d 5.800(1 Jtuenos Aires, d. 85(1 35d 47.019d .Montevideo, dol. 3!)'/ 8 <1* 30',4(1* 51d Bombay, rupee 18Vad Wad 18d Shanghai, dol. 14 13 /, a d 14 13 / 33 d — Hongkong, dol. 1 5%6<3 3 5/^ft(l — Yokohama, yen l-l%ad 14 Mi 2d 24.5Sd Uatavia, fl. .. 7.33 7.33% 12.10 Belgrade, din. 210 210 270.31 Warsaw, zloty — 20.50 43.38

To £1 N.Z T.T. On Demand Currency Selling Buying Soiling U.S.A., do!. .. •1.02 7 /„ •1.070 •1.03% Canada, dol. .. i .03% d.OS'/e •1.03% Austria, sch. . . •_'0.!>7 — 20.00 Belgium, belga 23.735 — 23.710 Czecho'vakia, er. — 00.07 Denmark, kr. . 17.803 18.203 17.003 France, fr. .. 00.8 1 — 00.85 Germany, r.m. . 0.03s — !UM3 Holland, fl. . . 5.881 — 5.885 Java, fl. 5.sars — 5.837 Norway, kr. . . 35.802 10.242 15.002 Sweden, kr. la. IS!) 15.811 15.100 Switzerland, fr. i — 12.207 Noumea, fr. . . 50.1 1 — 50.50 Papeete, fr. .. 50.50 — 50.05 N.Z. pence to— Hongkong, dol. 3 0 01-01 18 23-0-1 10 50 01 India, rupee . . 22 20-32 22 1-32 22 57-01 Ceylon, rupee . 22 20-32 22 1-32 22 57-01 Japan, yen 17 41-01 — 37 9 / b Shanghai, dol. . 18 HI-(it 10 50-01 18 15-32 Singapore, dol. 35 31 -oi 31 15-0'1 35 15-32