BUOYANT BUSINESS

New Zealand Herald, Volume LXXIII, Issue 22523, 14 September 1936, Page 5

BUOYANT BUSINESS

RESULTS IN JULY. SHARP RISE IN EXPORTS SLIGHTLY HIGHER IMPORTS Although statistics for July generally display off-season recessions, when allowance is made for seasonal factors, the tone of business activity remains buoyant, states the Monthly Abstract of Statistics. The value of exports rose, contrary to the usual seasonal tendency, so that in spite of a further slight increase in imports a substantial credit balance is shown as a result of external trade in commodities during the month The excess of commodity exports over imports of merchandise generally shows a sharp fall between June and July. Owing to the abnormal increase in exports during July the excess of the month's overseas trading in commodities was £1,050,342, as compared with .£787,306 in June, an increase of £303,036. The value of exports was £4,680,509, an increase of £159,538 over June, while imports were £96,502 higher at £3,530,167. The excess of export value for the seven months ended July amounted to £15,520,713, compared with £10,662,254 in the same period last year. The prospect for tvool prices appears to be favourable, stocks on hand in the principal producing and consuming countries being relatively low, while good demand from the manufacturing centres continues. The meat markets remain firm, with a rising tendency. With regard to farm production, the conditions of pastures improved materially in the autumn, while growth continued noil into tbo winter, with the result that the wane of the production season was somewhat later tjian usual. The position of supplementally feed is very satisfactory and owing to the late pasture growth the feeding out was resorted to much later than usual. Stocks are reported to be in good winter condition. FOREIGN EXCHANGES FLUCTUATIONS IN LONDON British Wireless RUGBY, Sept. 12 The following rates on foreign exchanges were current yesterday, compared with the cabled quotations on September 10 and par:—

(Received September 13, 5.5 p.m.) LONDON, Sept. 12 On the foreign exchange market today the following quotations ruled:— New York, 5.06 dollars; Paris, 76% francs; Batavia, 7.42J florins. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted tho following dollar rates on Saturday, on a New Zealand currency basis, subject to alteration without notice: — Selling: United States Canada On demand . . 4.00 4.00 T.T 4.0 5% 4.05% Buying: On demand . . 4.10% 4.10% Following are the latest rates for purchases and sales of foreign exchange quoted by tho Bank of New South Wales, Auckland. They are subject to alteration without notice: —

CUSTOMS EXCHANGE RATES Rates of exchange ruling at the announced dates of departure of vessels named are shown in the following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned. Finally declared rates are marked*; — Hororata, America, dollars . • ■ 5.0.3% Chifuku Marti, Japan, yen . .. 14d Canadian Highlander, Canada, dol. 5.0.5/4 Aoransi, Canada, dollars .. .. Golden Cloud, America, dollars . 0.00% WESTLAND BREWERIES SHARP RISE IN PROFITS A net profit of £7530, against £2975 last year, was earned by Westland j Breweries, Limited, for the year ended Juno 30. The dividend rate has been increased from 5 per cent to 7J per cent. . _. With £1174 brought forward, £8074 is available for distribution. After allowing £4l for income tax overestimated and setting aside £2BOO reserve for income tax for last year, there is a balance of £5946 to the appropriation account. It is proposed to allocate £3OOO in reduction of goodwill. The dividend absorbs £2353, leaving 1*593 to he carried forward. INVESTMENT SOCIETY SOUTHERN CROSS COMPANY The annual report of the Southern Cross Investment and Rural Development Society for the year ended June 30 shows a net profit of £893, against £650 earned in the previous year. With £455 brought forward, £1319 is available and the directors recommend transferring £BOO to reserve, making it £2500, and carrying forward the balance of £519. The report states that the snvings bank department continues to expand, the amount on deposit having increased liv nearly £3OOO for the year and over £IO.OOO for the last four years. The retiring "directors, Messrs. W. Andrew and W. D. Anderson, are available for re-election.

Sept, 11 Sept. 10 Par Montreal, dol. .. 5.015% 5.05% i).0,)/a 4.866 New York, dol... 5.05% 4.866 Piiris, fr. 76*% a 121.21 Brussels, belffa.. 29.05% 20.03 35.00 Geneva, fr. 15.52% 15.52% 25,22 Amsterdam, fl... 7.45% 7.45% 12.10 Milan, lire 64»/„ 64% 02.46 Berlin, r.m. 12.58 12.5S 20.43 Stockholm, kr... it).any, 23.37% 10.30% 18.150 Copenhagen, kr. 23.37% 18.150 Oslo, kr. 10.00% 10.00% 18.150 Vienna, sch. .. 26',4 °6 3 /i 34.585 Pracrue, kr. 122 8 /,, 322% 164.25 Helsinsrfors, mark 007 00103.23 Madrid, pes. .. 58f 57~%t 25.221 Lisbon, escu. ,. 310 y tt 110%, 110 Athens, dr. 531* 530* 375.00 Bucharest, lei.. . 677* 677* •I'/.d 813.0 Rio <!e Janeiro, m. ■i'/ A d 6.801 >d Buenos Aires, pes. 17.72% 17.72% 11.45 Montevideo, dol. 38%d* 38%d * 51 d Bombay, rupee.. 1 SVid 18%d 18d Shanghai, dol... 14V,.d 14'%,d 14 5 /,„d — IlonKkong, dol. 14 I3 /i B d — Yokohama, yen 14 3-64d 14%,d 24.58d Batavia, fl. 7.42'/, 7.43 12.10 Belgrade, din. . . 221 OO] 276.31 Warsaw, zloty . — 26.87 43.38 'Sellers. {Nominal.

To £1 N.Z. Currency U.S.A., do!. .. Canada, dol. . . Austria, sch. . Belgium, belga Czecho'vakia, cr. Denmark, kr. . Franco, fr. ... Germany, r.m. . Holland, fl. .. Italy, lire Java, fl. Norway, kr. . . Sweden, kr. Switzerland, fr. Noumea, fr. .. Papeete, fi. .. T.T. On Demand Selling Buying Soiling 4.05% 4.10'/a 4.00 4.05% 4.10% 4.00% 21.08 ' — 21.10 23.928 — - 23.039 97.23 — 97.28 17.803 18.263 17.003 61.47 — 61.51 10.038 — 10.043 5.940 — 5.944 51.40 — 51.45 5.900 — 5.910 15.891 16.241 15.901 15.480 15.844 15.409 12.380 — 12.385 GO. 10 — 60.16 60.25 ■ — 60.31 N.Z. pence to— Hongkong, dol. India, rupee .. Ceylon, rupee . Japan yen .. Shanghai, dol. . Singapore, dol. 18 20-32 17 13-16 22 'JO-32 22 1-32 22 29-32 22 1-32 17 41-04 — 18 21-64 17 0-64 35 31-04 34 15-64 18% 22 57-04 22 57-64 17% 18 5-10 35 15-32 The cost in New Zealand currency of the pound sterling, and of the principal overseas units, on the latest quotations, is as follows: — Present Trice Par London, pound . . 24 10.65 20 0.00 Australia, pound . . 19 10.81 -0 0.00 Fiji, pound . . . . 22 5.00 20 0.00 New York, dollar .. 4 11.0/ 4 1.31 Montreal, dollar . . 4 11.OO 4 1..51 Paris, franc . .. 0 .'5.88 0 j-'JS Berlin, reichsmark .. 1 11.73 0 I'- 1 ' 1 Copenhagen, krone .. 1 1-03 1 i '-'- Yokohama. yen . 1. 6.47 2