MORE SETTLED TONE

New Zealand Herald, Volume LXXV, Issue 23010, 11 April 1938, Page 7

MORE SETTLED TONE

LONDON STOCK EXCHANGE A GENERAL IMPROVEMENT PRICES OF COMMODITIES (Received April 10, 5.5 p.m.) LONDON, April 0 "After initial hesitancy the London markets now appear to have settled down to a period of firm inactivity. Prices are hotter all round under the leadership of gilt-edged stocks. Central l'.uropean bonds are especially strong. Austrian 7 per cents rising over 10 points in two days.

New Zealands are among Dominion stocks which have tended to be easier, but Australians have held there ground. Many industrial shares also arc higher., although there is little business. Even more encouraging than the sudden change of sentiment on the London Stock Exchange is the general improvement in prices of commodities, which finished the week strongly under the stimulus of .Mr, Roosevelt's decision to make another attempt to aid recover v.

Metals which opened the week uneasily—copper and lead actually touching new low levels for the year—benefited from the improved sentiment, but the outlook still cannot be regarded with confidence.

Reports from consuming centres on the Continent and in Britain indicate a decline of new orders for copper and an accumulation of stocks, while the position in the United.,, States remains highly unsatisfactorv.

The load ami spelter markets arc featureless, but a distinctly better tone is noticeable. Rubber has had a sharp increase in professional and publicsupport and gave the sharemarket one of the best days of IMS. The complete absence of sellers at the recent low levels resulted in a sharp increase in prices. FOREIGN EXCHANGES WEAKNESS OF FRANC ■ (Received April 10, (5.30 p.m.) British Wireless RUGBY, April 0 The following rates on foreign exchanges are current, compared with the cabled quotations on April 8 and par:—

{Market rale. 'Sellers. NEW ZEALAND QUOTATIONS 'J lie Associated Bunks (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:

Sellintr: United States Canada T.T. .. .. 3.98%, 4.00%. On demand . 3.95% 8 4.00 ,5 /i« Buying: On demand . . 4.02% a 4.05 Following 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:

N.Z. ponce to— Hongkong, dol. 38% 38 7-32 38% India, rupee .. 22 21-32 22 11-32 22 21-32 Ceylon, rupee . 22 21-32 22 11-32 22 21-32 Japan, ,ven 17 33-01 Shanghai, dol. nominal Singapore, dol. 3-101-01 31% 34 01-61 . Chefoo, dol. .. nominal Manila, peso . 30 7-0-1 20 33-0-1 30 7-01 The cost in New Zealand currency of tho 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 10.0") 20 0.00 Australia, pound .. 1!) 10.81 20 0.00 Fiji, pound . . . 22 5.00 20 0.00 New York, dollar .. 5 0.13 4 1.31. Montreal, dollar .. 4 11.77 <1 1.31 Paris, franc . .. 0 1.81 0 2.2S Berlin, reiclismark . 2 0.13 0 11.71 Copenhagen, krone . 1 1.33 1 1.22 Yokohama, yen .. 1 5.41 2 0.58 CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at the date of departure of vessels named arc shown in the following table: — Port Saint John, Canada, dollars .. 5.01 Port Saint John, America, dollars .. 5.02 Wanaku, Delirium, beltra . . .. 20.58 City of Yokohama, Canada, dollars 4.00 City of Yokohama, America, dollars., 4.0» Kaipara, America, dollars .. .. 4.05 Kaipara, Canada, dollars .. 5.01 Naumburtr. America, dollars .. .. 4.00 PRICES OF METALS TIN FIRMER AGAIN LONDON, April 8 Following are to-day's quotations on the London metal market, compared with those of April 7: —• April 8 April 7 Per Ton Per Ton & s •! i: s d Copper., stan., spot 38 I) 4'/ 3 38 10 () Copper, stall., 3 mos. 38 I I 4'/ a 38 14 4 l / a Copper, electrolytic 42 10 0 42 10 o to to 43 10 0 43 10 0 Copper, elect., wire bars . . 43 10 0 43 10 O Lead, soft, spot . 15 0 4Va 15 4 4Va Lead, soft, forward 15 10 7% 15 5 7Va Spelter srvt . . 13 0 4% 13 8 V/ 2 Spelter, forward . 13 I t 4% 13 12 0 Tin, stan., spot . 100 12 O 107 17 0 Tin, stan., 3 mos. 170 2 0 108 7 0 Quotations for other metals, with last week's prices in parentheses, are: Pig iron: Home trade, £5 9s (£5 9s). Antimony: British, £B.l 10s (£Bl 10s); foreign, £53 (£5/5). Molybdenite, £2 4s nominal (£2 4s) a unit. Wolfram, Chinese, £2 lis (£3) a unit. BRITISH TREASURY BILLS Brilish Wireless . RtIgBY, April 8 The total amount applied for this week in tenders for £50,000.000 worth of Treasury bills was £85.175,000. The average rate per cent for bills at three months was 10s 2.65 d, against 10s 3.24 d a week ago. WHEAT AT LIVERPOOL (Received April 10, 5.5 p.m.) LONDON, April 0 Wheat.—Liverpool futures: Mav and July, 6s 9Jd a cental; October, 6s'"Jd.

Apt. o A pi. S Par Montreal, dol. . . 4.0!i'/| a •i.iK >y } * t.uo% 4.8<i0 New York, dol. 4.0<l% 4.80 Paris, fr. mi % Kit 105.00 Brussels, belga. . '20.50' 2 20, 17'A 35.00 Geneva, fr. 1 .<» 1 1 J 25.22 "Amsterdam, gr. S.iKi'/ 4 8.00% 12.10 Milan, lire Berlin, r.m. 0 1% O'J.OO P2.37 20.13 Stockholm, Jcr... Jil.lU'/a lil.lOVa 18. i r>f) Copenhagen! 1 , kr. Oslo, kr. 10 22.40 18.151) til.SM) 10.00 ] 8.1 .">0 Vienna, sch. .. '-'(i'/at 3-1.585 Prague, kr. M'2Vi 142% 220% i HI. Helsingfors, mark '220% 103.23 Madrid, pes. . . 55t 5."i t °5 1 >" 1 Lisbon, escu. . . i ury,» 111%, i >4 i Va . ii()"~ Athens, dr. ft-17!'a 375.00 Bucharest, lei.. . 077* 3 <>77 , /a H 1 3.(1 Rio de Janeirb, in. — l3 /,6d* '.'"u.d* 5.8! >od .Montevideo, dol. iov 2 d; lO'/jdJ 51(1 Bombay, rupee. . 3 8'/ s d 18%d 18d Shanghai, dol.. . iad lavid Hongkong, dol. 11 13 / 10 d Yokohama, j'en Batavia, gr. '■ .. 1 Id S.IMV, 11d 8.01/j 24.5SJ 1*2.10 Belgrade, din... 21 <1 •->10 27(1.31 Warsaw, zloty.. 20.34 20.34 13.38

! To £1 N.Z. T.T. On Denirtnd Currpnry Sellinp: Buying Selling ! U.S.A., ilol. . . 3.07H1 -1.0237 3.08U1 Canada, dol. . . 1 .0050 •1.0501 •l.OOIMJ Belgium, helsra 23.574 23.050 23.585 Czerho'vakia, cr. 1 13.12 1 13.17 Denmark kr . l IS.203 17.SO!) Finland, Fin. ms. J T!>. x:t 185.33 170.23 France, fr. I — 128.31 Germany, r.m. y.soa — 0.808 Greece, drachmas 4'29.54 420.84 Holland, 11. 7. J 5^ 7.313 7.157 Italy, lire 75.03 — 75.08 Java, fl. 7.120 7.310 7.133 Norway, kr. 15.801 10.211 15.807 Sweden, kr. .. 15.400 15.851 15.502 Switzerland, fr. 3 7.301 17.070 17.301! Noumea, ft. 127.02 — 127.00 Papeete, fr. .. 3 27.07 — 127.11