AUSTRALIAN EXCHANGES

New Zealand Herald, Volume LXXV, Issue 23201, 22 November 1938, Page 7

AUSTRALIAN EXCHANGES

BUSINESS LIMITED LEVELS FAIRLY STEADY (Received November 21, 8.15 p.m.) SYDNEY, Nov. 21 Only a limited volume of investment business was transacted 011 tho Stock Ivxchango to-day. Prico levels wero fairly steady. Sales included:—

Commonwealth Bonds.—l per cent, lflll £IOO 10s; lUII. £lOl 2s 0(1; 1053. £lO3 as 'Jd. MELBOURNE EXCHANGE On tlio Melbourne Exchange bonds were better. Industrials generally were quiet. Gold shares were inclined to .improve. Business included:—

FOREIGN EXCHANGES NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis, subject to alteration without notice: — Selliin?: United States Canada T.T .. 3.7:1"/,,, 3.7G 13 / 1(J On demand .. 3.,3 ,s /„, 3.77'/i» Buying: On demand . . 3.70'/ lo 3.B2y ia Following are the latest rates for I purchases and sales of foreign exchange quoted by the Bank of New South Wales, Auckland. They are subject to alteration without notice:— To £1 N.Z. T.T. On Demand Currency Selling Buying Selling U.S.A.. dol. .. 3.7100 3.8001 :t.7iis» Canada, dol. . . 3.7053 3.8130 3.7(i(i3 Belgium, belga 22.002 22.087 1 ,!)!)7 Czecho'vakia, cr. 107.01 i Denmark, kr. . 17.(!.5«> 18.300 17.08s ! Finland, marka 170.02 188.02 170.12 i France, fr. .. 110.73 j Germany, r.m. . 0.227 . Creece. drachmas 418.08 Holland, fl. .. 0.810 7.100 (i.SIS i Italy, lire .. 70..501 | Java. fl. . . 0.780 7.120 0.788 ! Norway, kr. .. 15.701 10.3(1 15.707 Noumea, fr. .. 137.23 Papeete, fr. . . 137.53 Sweden, kr. . . 15.321 15.07'1 15.:{2-1 Switzerland, fr. 10.145 17.000 10.117 ! N.Z. pence to — I Chefoo, dol . . Nominal Hongkong, dol. 10 1-01 IS 15-01 10 1-01 India, lupee .. 22 11-01 22 3-04 22 41-04 Ceylon, rupee . 22 11-01 223-01 2241-01 Japan, yen . . 17% Manila, peso . Nominal j Shanghai, dol. Nominal | Singapore, dol. 35 10-01 31 15 01 35 10-01 | The cost in New Zealand currency of the pound sterling, and of the principal ; overseas units, on the latest quotations, 1 is as follows: Present Price Par I s d s d London, pound . . 25 0.00 20 0.00 ! Australia, pound .. 10 11.88 20 0.00 i Fiji, pound . .. 22 5.00 20 0.00 ; New York, dollar .. 5 3.10 4 1.31 ! Montreal, dollar .. 5 2.70 4 1.31 Paris, franc . .. o i.os 0 1.31 Berlin, reichsmark . 1.27 O 11,71' Copenhagen, krone . 1 1.30 1 1.22 Yokohama, yen .. 1 5.50 2 0.58 CUSTOMS EXCHANGE RATES Finally declared rates of exchange ruling at the date of departure of vessels named are shown ill the following table:— Kaipara, Canada, dollars .. .. 4.80 Kaipara, America, dollars .. .. 4.70 Kopara, Belgium, belga . . . . 27.05 Kopara, Norway, kronen .. .. 10.40 Kojtara, Sweden, kronen .. .. 10.40 Kopara, Holland, florins . . . . 8.02 Port Auckland, America, dollars .. 4.70 Port Auckland, Canada, dollars .. 4.81 Mariposa, America, dollars .. . . 4.70 Mariposa, Canada, dollars .. .. 4.50 QUEENSLAND INSURANCE INCREASE IN EARNINGS STRENGTHENING OF RESERVES An underwriting surplus of £87,654, against £70,570, is shown in the accounts of the Queensland Insurance Company, Limited, for the year ended September 30. Revenue from interest and rents was £1474 higher at £62,852, making the total profit £150,506, compared with a total of £131,9-18 in the previous year. The dividend for the year, as previously announced, is 9} per cent, against 8} per cent, and requires £71,250. A sum of £50.000 is trans- ! ferrcd to unexpired risks reserve, j making it £415,000. and £25.000 to revenue fund, making it £375,000. With £-12.987 brought forward, there is £47,243 to he carried forward. Details of results for the past three years are as follows: 1030 ' 1037 1038 i' £ £ Prem. income .. 511.730 010,078 001,771 Losses ■ .. 208,017 321,500 301,031 Underwriting profit . . . 77.380 70,570 87.054 Int. and rents. . 58,708 (i 1,378 02,852 I Dividend p.c. 8 s''_, uV 3 Amount 00,000 03,750 71,250 Jubilee bonus, 2 p.c. .. .. 15.000 To risks reserve 20,000 35,000 50,000 To reserve fund 25,000 25,000 25,000 Car, forward .. 10,153 12,087 <17,213 The capital of the company is £750,000. COMMONWEALTH LOAN EARLY RESPONSE SATISFACTORY The initial response to the Australian conversion and defence loan, aggregating £72,000,000, has been satisfactory, according to a statement by the Federal Treasurer, Mr. R. G. Casey. Tho New Zealand Insurance Company, Limited. Mr. Casey said, would convert £365.850 worth of maturing securities. The Queensland Insurance Company, Limited, would convert the whole of its holdings, and the Victoria Insurance Company, Limited, would convert £20,500. The Victoria Insurance Company and the N.R.M.A. Insurance had also made substantial cash applications. OIL DRILLING PROGRESS New Zealand Petroleum Company, Limited, reports that drilling at the TotangiNo. 1 bore in the Gisborne district is proceeding satisfactorily. The bore has reached a depth of 1350 ft. and is at present in tuffaceous mudstono.

£ s d Commercial Banking, Sydney 20 15 0 K.S. and A. Bank 5 11 (5 Union Bank 8 15 0 Mercantile Mutual Insur. .. 1 8 0 Tooth's Breweries 15 0 Adelaide Steam 1 13 a 9 0 Associated News (pref.) 1 Australian Glass 5 (i 0 Anthony Hordern British Tobacco 0 i 1% 3 i) o 8 Bums, I'liilp Broken Hill Pty. .. o 11 o 3}) o Colonial Sugar 48 0 0 David Jones 1 15 0 3 Fairyniead Sugar 11 General Industries .. ■ 0 If) o Ditto fpref.) 1 4 I «) C. J. Coles n o ' Henry Jones o }) o Klectrolytic Zinc Morts Dock ' o () 0 VJ 1 Morris Hedstrom 1 o Kewbold Brick 1 10 0 United Provisions 0 0 "W. Adams 0 15 3 Woolworths (Sydney) 1 1 0 Mount Morgan 0 9 4

Commercial Bank Australia £ s d () 10 National Bank A'asia (£'5) (3 13 0 Aust. Foundation Trust .. 0 •t 7 Yarra Falls I 1(1 0 Australian Paper Mfrs. (pf.) 1 ,"i 7 British Tobacco o a (i Broken Hill I'ty. o is (i Ditto (new) T in (i Cox Bros. n 11 !) Dunlop-Ferdriau l 0 7 Electrolytic Zinc o G 3 Ditto (pref.) ' 'll J) (i G. J. Coles 3 It) (i Herald anil Times •■> 3 8 0 Imperial Chemicals (pret.) .. T 3 0 Mount Morgan .. . .. (i !) •1 Mount Lyell .. 1 !) !) North Broken Hill.. •j 10 3 Broken Hill South.. i 10 r> Emperor 0 10 5 Loloma 1 o 0