EXCHANGE RATES

New Zealand Herald, Volume LXXV, Issue 23103, 30 July 1938, Page 9

EXCHANGE RATES

LONDON ON DOMINION BUYING SCALE 2/6 LOWER AIR MAIL SOLE BASIS" Because of a saving in the interest .charge! owing to the quicker transport of mails by air, buying rates of exchange .London on „\ew Zealand have been lixed at, a rate lis (id per cent lower than those which applied to surface mails. Since I'Vbuary 11, I *->•">, the New Zealand banks have quoted the two rates but with the carriage ol all mails by air between London and Australia, the optional rate has now become unnecessary. 'Die small increase iu the buying rates of exchange .New Zealand on Loudon earlier this week awis made for the same reason. The new buying rates are as follows: — LONDON ON NK\V /.MALAND (liasis of t too London) Usance. Buying On demand . . LI . 0 t!(i days i'•-■'» '7 r > 00 days I —'' i <> !)0 days 120 17 0 'i'his means that a demand bill draw n on New Zealand for LI L'o 7s Gil (as against .Cl-o lUs previously) will be purchased by the bank in London tor £IOO. Australian traders have secured ;i reduction of .Is per cent for all usances, the smaller reduction in .New Zealand's case arising from the longer time buyers require to replace their money owing to the carriage of mails by steamer across tile Tasman. With the inauguration of the Tasman air service a further small saving in rates may be reasonably expected. The new Australian buying rates on the basis of £IOO sterling are: —On demand, JCl2(j 2s (jd: 30 davs, £.12(3 12s (id: GO days, £127 2s (id; 00 days, C 127 J2s (id. With the use of air mails documents •will soon be arriving ahead of goods, and importers will lind it necessary to arrange for the drawers of bills to draw on longer usances or alternatively to arrange in London for the presentation of bills in New Zealand to be held over.

PROSPEROUS YEAR NEWTON KING, LIMITED DIVIDEND PROPOSALS [BY TKXKGKAIMI —OWN" CORI!KsI'ONDKXT] NEW PLYMOUTH, Friday "The company has again experienced a prosperous year, and the result, must be regarded as satisfactory,'' h.aid .Mr. Trilby King, chairman and managing director of ,\e« ton King, Limited, at the annual meeting to-day. "The company's Waikato business has developed during the year in accordance with expectations, and already a large stafi' is required to deal with the various activities of the branch," lie added. "The initial success of this branch led to a decision to purchase a site in Hamilton's main thoroughfare, with a view to laying foundations of another branch of the company. The building is already in the course of erection.

".It is plain that we have enjoyed a year of generally prosperous conditions, and that business has been uniformly active throughout. I here can be lio doubt that the remunerative prices realised overseas ior practically all primary products have been responsible for this satisfactory state of aif airs. The dairy farmer has enjoyed a more favourable price lor his produce than he has obtained for some years, though his costs have risen substantially.

"The prosperity of the dairy farmer is still as dependent as evi r upon tin 1 continuance ol steady employment and the maintenance ol a high level ol activity in the great manufacturing industries in Britain," continued .Mr. King. "There is no indication at the moment ol any .slackening in iho volumo of trade. On the contrary, prospects for .satisfactory prices being realised for our exports for the ensuing season look bright, and, so long as farmers continue to enjoy favourable prices for their products, this _ company should continue to share in the general prosperity. ' Mr. King made special reference to the increase in costs, which resulted from legislative enactment or Governmental regulation. The costs of doing business had immeasurably increased and had been gaining momentum as the year progressed, until companies were now beginning to feel their full weight. ... Kegarding the payment of a diyidemC M r - Kin S s:iicl tl] ? directors intended immediately to formulate proposals, which would be placed before a special meetiug of shareholders. DECLINE IN BUTTER NEW ZEALAND AT 121/LONDON MARKET QUIET There has been a slight, decline m prices for butter on the London market. Choicest salted New Zealand 1 selling at 121s per ewt.. a drop ot Is since last week. The market tone is tlU \ t Press Association message sent from London on Thursday states that salted Australian butter is quoted at 120s per ewt., a fall of Is on the week, while Danish at 12-ls per ewt, shows a similar reduction, Lnsaltcd New Zealand butter stands at 122s per ewt, and Australian at 121s. Recent quotations and those of a year ago compare as follows: • July -it.Jiiiy 2- July i July w Butter — V'ir n^;,Kcw Zealand fJI/- I'--.- {—»•,- J]-, ! Australian . 1 -< 1 - 1-1 • -j Danish 1 -''- * I '- > '' The basic guaranteed price for butter. including the recent additional payment, is equal to LLGGd per lb., f.0.b., and the current quotation is equal to 1 -1. 1 • *>d New Zealand ports. . . A. S. Paterson and Coinpanv. Limited, quote: Butter- The market is slow. New Zealand. 121s; Australian, 120s; Danish, 125s Gd. The market is quiet. Cheese: The market is dull. New Zealand. (38s to GSs Gd; Australian, GGs to GGs Gd. MINING NEWS YIELDS OF COMPANIES' Neniona (West Coast.).--IJ.'lo/,. from 13,000 yards in !2"> hours. BRADFORD MARKET TONE STEADY. BUSINESS QUIET LONDON, July '_>S The Bradford market is steady, but quiet owing to the coming holiday. Yarns are linn. Following are to-day's quotations and those of recent weeks: July 7 July 11 July'2! JulyL'S jicr lb per lb. per lb. per II). (I d (I <1 Seventies . . '-'TV;. 'Js 'js 'js Sixty-fours . » 'JU' 1. '_2it I 'Ji; 1 ,. Six! ies . . 'J 1 1 : .. I 1 j I'• 2 Fifty-eichts . 'J1 I _"J -j-j Fifty-sixes lu'j jo 'jo -jo Fifties 1 . 17 17 1 . Forty-sixes *l<; , <, *k;" 3 *lo"j 'li! 1 ; Forties .. * 1 <t 1 *J.u' /3 *H>'A •Nominal.