DEPRESSED MARKETS

New Zealand Herald, Volume LXXV, Issue 23050, 30 May 1938, Page 5

DEPRESSED MARKETS

NO REVIVAL IN LONDON FALL IN COMMODITIES LONDON, May '2.1 Whatever slender hopes of an early revival of the London markets may have been entertained they were dissipated this week when Wall Street failed to show the slightest sign of strength. Principal commodities fell sharply, some touching new low levels. Copper is at the lowest price since 1935. Consumers also are buying little tin and are holding off for lower prices. Lead and. spelter are also poor. At the Jatest > London sterling quotation electrolytic copper at approximately £37 5s a ton is £lO 12s 8d a ton below the average sterling price for 1938 and £22 16s 7d below the average for 1937. The highest prico for electrolytic copper in 1937 was £Bl a ton and the lowest £4l 10s. The value ruling at the end of May, 1935, was around £37 10s a toil. NEW ZEALAND STOCKS BETTER REASSURANCES IN LONDON LONDON, May 27 * Bonds ended better on the London Stock Exchango after a depressing week. New Zealand issues have been in demand after reassuring statements from various sources. BASE METALS WEAK AN ALL-ROUND DECLINE LONDON, May 27 Following are to-day's quotations on the London metal market, compared with those of May 26: —

Quotations for other metals, with last week's prices in parentheses, are:—Pig iron: Home trade, £5 9s (£5 9s) per ton. Antimony: British, £75 10s (£75 10s); foreign, £43 10s* (£44 10s). Molybdenite: £2 4s* (£2 4s) a unit. Wolfram, Chinese: £2 Is 6d* (£2 Os 6d) a unit. 'Nominal.

FOREIGN EXCHANGES FLUCTUATIONS IN LONDON British Wireless RUGBY, May 27 The following rates on foreign exchanges are current, compared with the cabled quotations on May 26 and par: —

(Received May 29, 5.5 p.m.) LONDON. May 28 On the foreign exchange market today the following quotations ruled:— New York, 4.94J dollars; Paris, 178J francs; Batavia, 8.95 guilders. NEW ZEALAND QUOTATIONS The 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 3.06 3 /, n 4.01 B /« On demand .. 3.0G% # 4.01 11 /,« Buying: On demand .. 4.00y 3 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: —

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

CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at the date of departure of vessels narried are shown in the following table: — Port Montreal, Canada, dollars .. 5.02 Port Montreal, America, dollars .. 4.07

NEW COMPANIES SOUTHERN REGISTRATIONS The registration of tho following private companies is published in tho Mercantile Gazette:— N.Z. Petroleum Company, Limited, Wellington. Capital, .£200,(100, in 000 A ordinary shares of .CI each and 250,000 B ordinary shares of ,CL each. Subscribers: Melbourne—• Shale Oil Investigations Proprietary, Limited, 200 A: Vacuum Oil Proprietary Company, Limited, 200 A, 125,000 B. WellingtonCalifornia Texas Investments, Limited, 200 A, 125,000 B. To carry on business of extractjiumping, drawing, transporting and purifying and dealing in petroleum and other mineral oils and incidental. Now Dominion Canneries, Limited, Greytown. Capital, £201)0, in shares of £1 each. Subscribers: Groytown—F. C. Bunny, 1000; O. L. Robinson, 1000. Wellington—P. A. Reeves. 50. Manufacturers and packers and cantiers of and dealers in jams, preserves, fruits, etc. ' INCREASE OF CAPITAL Wiseman (Frank), Limited, Auckland. Capital increased by addition of £'.2000 beyond registered capital of £3500.

May 27 May 20 Per ton Per ton ii s d £ s d Copper, stan., spot 32 11 3 32 16 3 Copper, stau., 3 mos. 32 10 10% 33 1 3 Copper, electrolytic 37 0 0 to 37 0 to 0 37 10 0 37 10 0 Copper, elect., wire bars 37 10 0 37 10 0 Lead, soft, spot .. 13 7 6 13 12 0 Lead, soft, forward 13 io iy 2 13 15 7% Spelter, spot 12 0 7'A 12 <1 4 Va Spelter, forward . 12 5 7% 12 8 9 Tin, stan., spot . 157 12 0 159 15 0 Tin, stan., 3 mos. 15S 10 0 100 7 G

May 27 May 20 Par Montreal, dol. .. 5.00'/, 5.00% 4.860 New York, dol. 4.04% 4.04% 4.86 Paris, fr. 178% 178% 170.00 Brussels, bclga. . 29.30% 20.33 35.00 Geneva, fr. 21.71% 21.70% 25.22 Amsterdam, gr. 8.00% 8.90"/:, 12.10 Milan, lire, 91 93% 92.00 Berlin, r.m. 12.31 12.30% 19.40% 20.43 Stockholm, kr... 19.39% 18.159 Copenhagen, kr. 22.40 22.40 18.159 Oslo, kr. 10.90 19.90 18.159 Vienna, sch. .. 26%+ 142% 228% 20%t 142V,, 220% 34.585 Prague, kr. 164.25 Helsingfors, mark 193.23 Madrid, pes. .. 55+ 55+ 25.221 Lisbon, escu. . . no% 547% 677% 110% 110 Athens, dr. Bucharest, lei... 547% 077% 375.00 813.0 Rio de Janeiro, m. 2 i y l6 d* 2 l3 /i 6 d* 5.899d Buenos Aires, pes. 18.05% 18.95 11.45 Montevideo, dol. 20%dt 20%d: 17*% a d 51 d Bombay, rupee.. 17"/ 3 ,d 18d Shanghai, dol... 10%d 10%d Hongkong, dol. 14%d 147ad — Yokohama, yen 14d 14d 24.58d Batavia, gr. .. 8.95% 8.94% 12.10 Belgrade, din.. 218 217 270.31 Warsaw, zloty. . 20.28 20.28 43.38 tNominal. JMarkct rate. 'Sellers.

To £1 N.Z. ' T.T. On Demand Currency Selling Buying 4.0050 Selling U.S.A., do). .. 3.9813 3.0053 Canada, dol. .. 4.0127 4.0572 4.0107 Belgium, belga 23.431 23.810 23.442 Czecho'vakia, cr. 113.26 — 113.31 Denmark, kr. . 17.803 18.263 17.80!) Finland, Fin. ms. 170.35 185.55 170.45 France, fr. . . 141.01' — 141.95 Germany, r.m. . 0.819 — 9.824 Greece, drachmas 420.54 — 429.84 Holland, fl. .. 7.154 7.344 7.158 Italy, lire 75.31 — 75.30 Java, fl. 7.133 7.323 7.137 Norway, kr. 15.802 10.242 15.898 Noumea, fr. .. 140.06 — 140.70 Papeete, fr. .. 140.71 — 140.75 Sweden, kr. .. 15.480 15.844 15.495 Switzerland, fr. 17.355 17.7 JO 17.300 N.Z. pence to— Chefoo, dol. .. Nominal Hongkong, dol. 18% 18 11-32 18 3 /« India, rupee . 22 25-04 22 5-64 22 25-64 Ceylon, rupee 22 25-04 22 5-04 22 25-04 ,Taj)an, yen . . 17 % — • 17Va Manila, peso . 30 3-10 20 19-32 30 3-10 Shanghai, dol. Nominal Singapore, dol. 34 47-04 34 5-32 34 47-04

Prese nt Price Par s d s d London, pound . 24 10.05 20 0.00 Australia, pound . . 10 10.81 20 0.00 Fiji, pound . . 22 5.66 20 0.00 New York, dollar . 5 0.38 4 1.31 Montreal, dollar 4 11.66 4 1.31 Paris, franc . 0 1.67 0 1.34 Berlin, reiclismark . 2 0.30 0 11.74 Copenhagen, krone 1 1.32 1 1.22 Yokohama, yen 1 5.41 2 0.58