DRIFT IN MARKETS

New Zealand Herald, Volume LXXIV, Issue 22820, 30 August 1937, Page 5

DRIFT IN MARKETS

LONDON STOCK EXCHANGE BUYING AT STANDSTILL (Received August 20, G. 5 p.m.) LONDON, August 2S The London markets drifted into such idleness that the number of transactions on tlio Stock Exchange during the Meek was 25 per cent below the corresponding week last year. Tho tread of prices downward was not becauso there was much selling, but because buying was practically at a standstill..

Investors arc adopting a 'Vait and see'*' policy. Nevertheless, tho technical position is immensely strong. Shipping shares have been a weak feature. After Lord Craigmyle's speech 011 Wednesday, I'. and 0. deferred stock dropped -s, and other companies also were u{feeted.

Commodities aro still lifeless owing to tho Ear Eastern uncertainties, a notable exception being wolfram and antimony, of which China is the principal exporter. Tho consumption has been rapidly increasing, as they are essential for armaments.

Tho Ear Eastern situation also was responsible for heavy sellings of silver, which was depressed to the lowest price of the year. Jf even a small proportion of China's enormous stocks were offered it would bo sufliciont to swamp tho market. SYDNEY STOCK EXCHANGE SATURDAY'S BUSINESS SYDNEY, August 2b Business on tho Sydney Stock Ex, change to-day included:— £ b d Toohey's Brewery .. i 13 o Britisli Tobacco .. .. 2lt 0 Ditto (prof.) .. .. lli o Broken Hill Pty. (N.Z. dcliv.) -15 0 Henry Jones .. .. 2 10 3 Peters ~ . . . . 2 IS 0 Commonwealth Bonds.—l per cent, 1038 £lOl J(»s 3d; 11)11, £lO2 13s Oil; JO.VI £lO2 lis 3d; 1057, £lO3 ss; 1000, £lO3 ss; 1001, £lO3 12s (id. FOREIGN EXCHANGES FLUCTUATIONS IN LONDON British Wireless RUGBY, August 28 Tho following rates on foreign exchanges were current yesterday, compared with tho cabled quotations on August 20 and par:— Aug. 27 Aug. 20 • Pur Montreal, dol. .. -1.07VJ -1.1)8% 4.800 New York, dol. •1.07 l y lo 4.08% e 4.N<; Paris, fr. .. 132"®/,. 132% 105.00 Brussels, belga.. 20.52% 20.57 35.00 Geneva.fr. .. 21.07 21.00% 25.22 Amsterdam, gr, 0.01% 0.02y B 12,10 Milan, lire .. 01% 01% 02.00 Berlin, r.m. .. 12.37% 12.30 20.13 Stockholm, kr... 10.30% 10.00% 18.150 Copenhagen, kr. 22.-10 22.<10 18.151) Oslo, kr. .. 10.00 10.00 18.150 Vienna, sell. .. 2(i% 20% 31.585 Prague, kr. .. 112%, 112% 101.25 Helsingfors, mark 220% 220% 103.23 Madrid, pes. .- 55+ 551 25.221 Lisbon, escu. .. 110% H0 J /i 110 Athens, dr. .. 517% 517% 375.00 Bucharest, lei... 070 070 813.0 Rio de Janeiro, m. -I%d" -l%d* s.BiMd Montevideo, dol. 30% d' 30% d* Old Bombay, rupee.. 18% d JB%d lßd Shanghai, d 01... 14% dV lldt Hongkong, dol. l-l%d 14'Vi<id Yokohama, yen lld I I l-04d 21.88 d Batavia, gr. .. !).()()% o.oi 12.10 Belgrade, din... 217 217 270.31 Warsaw, zloty. . 20.1 20.4 43.38 tNominal. 'Sellers. (Received August 20, 5.5 p.m.) LONDON, August 28 On the foreign exchange market today the following quotations ruled:— New York, '4.90$ dollars; l'aris, 1321 francs; Batavia, 8.991 guilders. NEW ZEALAND QUOTATIONS Tho Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday, on a New Zealand currency basis, subject to alteration without notice: —• Selling: United States Canada T.T, . . . 3.08% 3.08"/,, On demand .. 3.U0 l /« 3.00% Bujing: On demand .. 4.03% 4.03/4 Eollowing are tho latest rates for purchases and sales of foreign exchange quoted by tho Bank of Now South Wales, Auckland. They aro subject to alteration without notice: — To £ 1 N.Z. T.T. On Demand Currency Selling Buying Selling U.S.A., dol. .. 3.0857 4.0327 3.0807 Canada, dol. .. 3.0807 4.0311 3,0007 Austria, sell. . . 20.00 Bcrgium. belga d'J'J 21.007 23.033 Czeciio'vakia, er. 113.80 Denmark, kr. . 17.803 18.203 17.800 France, fr. .. 105.07 108.57 100.01 Germany, r.m. . 0.803 - Holland, n. .. 7.100 7.380 7.203 Italy, lire .. 75.75 Java, fl. .. 7.173 7.303 7.177 Norway, kr. .. 15.81)2 10.242 15.808 Sweden kr. . . 15.400 1 5.845 15.400 Switzerland, fr. 17.318 17.003 17.323 Noumea, fr. .. 105.22 110.42 105.2(1 Papeete, fr. .. 105.17 110.42 105.21 N.Z. pence to— Hongkong, dol. 18 53-04 18 23-01 18 53-01 liuliii, runce .. 'J'J "211'J 2'J 11-32 22 21-3'J Ceylon, rupee , 22 21-32 22 11-32 22 21-32 Japan, yen .. 17% Shanghai, dol. 18 3-01 Singapore, dol. 35 13-01 34% 35 13-01 Manila, peso .. 30.17-01 20 43-04 30 17-01 The cost in Now Zealand currency of the pound sterling, and of tho principal overseas units, on tho latest quotations, is as follows: Present Price Par s ilk d London. pound .. 21 10.05 20 0.00 Australia, pound .. .10 JO.BI 120 0.00 Fiji, pound . .. 22 5.00 20 0.00 New York, dollar .. -1 11.07 4 1.31 Montreal, dollar .. 5 0.08 4 1.31 Paris, franc . .. 0 2.24 0 2.28 Berlin, reichsmark . 2 0.12 0 11.71 Copenhagen, krono . 1 1.33 _l. 1.22 Yokohama, yen .. 1 5.41 "2 0.58

CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at tho date of departure of vessels named arc shown in tho following table; Ardenvohr, Canada, dollars .. .. 4.08 Ardcnvolir, America, dollars .. .. 'I.OB Goslur, America, dollars .. 4,08 Surrey, Canada, dollars .. .. 4.0 H Surrey, America, dollars .. .. 4.08 Whirumv, America, dollars .. .. 4.08 Port Brisbane, America, dollars .. 4.08 i'ort Brisbane, Canada, dollars .. *I.OO CALL AND DIVIDEND LIST Dividends — Duo Winchcombe Carson—final, 4 p.c. To-day Argn (No. 10) —Id a share .. To-day Carlton Brewery—int., 15 p.c. p.a. . . .. . To-morrow Quill, Morris —int., 5 p.c. p.a. To-morrow Myttons—final, pref., il/ 3 p.c. j).a,; ord., 0 p.c. .. . To-morrow Wright, Stephenson—filial, pref., 5 p.c. p.fi.; ord., 3 p.c. . To-morrow Dom. Rubber —int., 5 p.c. .. Sept. 1 JSlder Smith —final, 4 p.c. . . Sept. 1 North Auckland Farmers' Cooperative—pref., 5 p.c. p.a. Sept. 2 Nemona —Id n share .. -- Sept. 3 Tnupo-Totara—pref., 5 .'J-5 p.c.; ord., 4 p.c. .. •• Sept. 7 Electro. Zinc —final, pref., and ord., 0 p.c.; bonus, Od a share . • • • • • Sept. 10 Broken Hill South—ls 3d a share -■• •• *• Sept. 1" Huddnrt-Farkcr—int., prer., 3 p.c.; ord;, 5 p.c. .. , •. Sept. lo Auckland Farmers' Freezing—--0 p.c. p.a. .. • • • • - l Duiilop-Perdriau final, pref., 5 p.c.; ord., 1 [>•'• g P i' <« N.Z. Drug—lnt., 0% P< : - •• J0 North Broken Hill—final. Is (,(1 , 0 and bonus Od a share . . Sept. 30 Standard Insurance—final, is 3d a share •• bL ' )l - Bank Australasia—int., Js Od a i share •• C3 M.K. Millinery—con., 10s a film re, making £1 pairl .. To-day **' Grey River —third, Is 3d a sliaro Sept.