AUSTRALIAN EXCHANGES

New Zealand Herald, Volume LXXV, Issue 22999, 29 March 1938, Page 7

AUSTRALIAN EXCHANGES

BUSINESS VERY QUIET BASE METAL SHARES EASE (Received March 28, 7.10 p.m.) SYDNEY, March 2S On tho Sydney Stock Exchange today base metal shares continued to ease. Medium-priced industrials were not materially affected, but some of the leading stocks were weaker. .Business was exceptionally quiet. Sales included:

Commonwealth Bonds.—l per cent, 1057,' £ 105 2s (id; 10(51, £lOl (id. MELBOURNE EXCHANGE A holiday was observed on tho Melbourne Stock Exchange to-day.

FOREIGN EXCHANGES NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Sales) quoted the following dollar rates yesterday, on a New Zealand currency basis, subject to alteration, without notice:— Selling: United Slates Canada T.T 3.1)7% 3.00 V,« On demand . . 3.l)b'/i« 3.1)1)"/, 6 Buying: On demand .. 4.01"/ ia 4.03'%. Following are the latest rates for purchases and sales of foreign exchange quoted by the Bank of New South A\ales, Auckland. They are subject to alteration without notice: — To CI N.Z. T.T. On Demand Currency Sell inn Buying Selling U.S.A. dol .. :i.!)7lt) l.oint 3.D7M) Canada, dol. .. 3.0071 4.0410 4.0011 Belgium, helga 23.514 23.029 23. 555 Czecho'vakia, it. 313.in Denmark, kr. . 17.803 18.2(53 17.S0!) Finland, Fin. ins. 170.15 385.35 170.25 France, fr. .. 120.88 Germany, r.m. . 0.N07 Greece, drachmas 420.54 Holland, fl. .. 7.158 7.348 7.102 Italy, lire .. 70.55 Java, (1. .. 7.133 7.323 7.137 Norway, kr. .. 3 5.802 30.242 15.81)8 Sweden, kr. .. 15.505 15.800 35.511. Switzerland, fr. 17.314 17.080 37.310 Noumea, fr. . . 128.03 Papeete, fr. .. 128.U8 N.Z. pence to— Hongkong, dol. 38 43-04 18 17-04 18 43-04 India, rupee .. 22 21-32 2211-32 22 21-32 Ceylon, rupee . 22 21-32 22 11-32 22 21-32 Japan, yen .. 17 31-04

Shanghai, dol. 18 5-ot Singapore, dol. 35 1-04 34 7*lo 35 1-01 Chefoo. dol. ... 17 50-04 17 20-04 Manila, peso . 30 5-32 20 0-10 30 5-32 The cost in New Zealand currency of the pound sterling, and of the principal overseas units, on the latest quotations, is as follows: Present Price Par s d s d London, pound .. 21 10.05 ' 20 0.00 Australia, pound .. 10 10.81 20 0.00 Fiji, pound . .. 22 5.00 20 0.00 New York, dollar .. 5 o.ll) 4 1.31 dollar .. 4 11.88 4 1.31 Paris, franc . .. 0 1.77 0 2.28 Berlin, reichsmark . 2 0.13 0 11.74 Copenhagen,..- krone . 1 1.33 1 1.22 Yokohama, yen .. 1 5.37 2 0.58 CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at the date of departure of vessels named are shown in the following table: — City of Wellington, Canada, dollars .. 6.01 City of Wellington, America, dollars 5.02 Port Saint John. America, dollars .. 5.0-2 Port Saint John, Canada, dollars .. 5.01 Romney. America, dollars .. .. 5.01 Romney. Canada, dollars .. .. 5.02 Wanaka, Belgium, belga .. .. 20.58 Hauraki, Canada, dollars .. .. 5.01 Hauraki, America, dollars .. .. 4.00 Niagara, Canada, dollars .. .. 4.1)8 Niagara, America, dollars .. .. 5.01 OUTLOOK FOR TRADE HIGHER OVERHEAD CHARGES The need for the British Government exerting a steadying influence on the markets for "raw materials and the cost of labour was urged by the chairman of the Birmingham and District Investment Trust, Mr. 11. J. Howley, when referring recently to the trade outlook for 1938. Some of the smaller traders, especially in the case of what he termed "nonessential" poods,- had reported a falling off in orders, Mr. Howley stated. Raw materials, wages, and overhead charges had risen, often unduly, with the result that the price limits which the public would pay had been exceeded and the market spoilt. " If the period of good trade which we .experienced last year is to be extended and export trade increased, manufacturers must look to their selling prices and the Government should help them by exerting a steadying influence on the raw materials markets and the cost of labour," Mr. Howley continued. " The heavy industries show every sign of continued activity during 19:38, helped by the rearmament programme. So long as this activity continues, the spending power of a largo proportion of the working population of the country is assured."

STEEL INDUSTRY ADDITIONAL HOLIDAYS More than 1 AO.OOO workers in the iron ninl steel industry in Great Britain niv likely this year to enjoy for the first time a holiday nf seven dnys with pay. This is in addition to the 12 days' vacation without wages which exists in some sections of the industry. The latest paid holidays agreement signed b.V representatives of the' Iron and Steel Trades Employers' Association and the Iron and Steel Confederation covers 40.000 workers in the heavy trades. This brings the total of employees in the industry affected by agreements signed this year to 99,000. Karlicr, paid holidays had been granted to 19,000 blastfurnaeemen and 40,000 workers in the steel and light engineering trades in the Sheffield district. Negotiations are now about to he started for a similar agreement for more than 60,000 workers in the finishing steel and malleable and wrought iron trades. There is every reason to believe that these will be successful.

GAS INDUSTRY COSTS Mention has been made at recent meetings of Now Zealand gas companies of the higher costs of gas production brought about by the rise in the price of materials as well as in labour costs. Similar conditions are affecting the industry in Britain and several of the largo companies have been compelled to raise the prices. Speaking at the annual meeting of the Wandsworth Gas Company, the chairman said general materials had increased by approximately 17 per cent, while the increase in the wages of employees, by national awards, represented an addition of 6 per cent.

Commercial Banking Sydney £ d 'JO 17 0 Bank New South Wales 3_» 1 o li Goldsbrough-Mort i r» !l Wilcox Moffiin (1 10 :i Australian Gas (A) .. Toohe.y's Brewery 7 0 1 11 li Tooth's ■j 1.") 0 Ditto •_> M n Associated Newspapers I I •1 Vj Australian Glass 1 1 1 0 Ditto .. 4 10 u British Tobacco s H Ditto (pref.) 7 1 1 li "Broken Hill Proprietary .. It) J» Cash Orders 0 11) ■Wi Colonial Sucrar •17 (i Dunlop-L'erdriau t •_» •I Ya Electrolytic Zinc o o O Ditto •_> •_> (i Ditto (pref.) r> 0 Farmers' i in 11 General Industries .. 0 ID 10% Ditto 1) J I) 10% Henry .Jones 2 y 0 James Stedman 0 ir> (i Kandos Cement 1 l 0 Peters •j i'j 11 Woolworths (Syd.) 1 o ■IV, Broken Hill South 1 ll I V'a Kmperor 0 l'i 7 Blount r^ycll L U 0 North Broken Hill o 8 0 Rawang 'J'iu 0 S • u