A FIRMER CLOSE

New Zealand Herald, Volume LXXVI, Issue 23394, 10 July 1939, Page 5

A FIRMER CLOSE

MARKETS IN LONDON POLITICAL DEPENDENCE SPATE OF NEW LOAN ISSUES i LONDON, July 7 Hie sharp rebound in prices wliicli followed uneonfirmed rumours that the Russian Pact was certain, demonstrated the dependence of the stock and share markets on political developments. While gains have been small, on the balance the markets closed the week with a definitely firmer tendency. Gilt-edged securities show fractional gains, which .New Zealand and Australian stocks scarcely shared. The gilt-edged market suffers from indigestion of new issues. It; is hoped its resources will he husbanded until the Government can reconsider the advisability o! funding an expanding Treasury bill issue. A Xew Zealand loan, therefore, at present is out of the question.

SYDNEY STOCK EXCHANGE BUSINESS ON SATURDAY SYDNEY, July S Sales on the Sydney Stock Exchange this morning included:— A' s (I Commercial Bank Australia . 015 iy 3 A-C.I. ill o British Tobacco .. . "(in Broken Hill Pt.v 3 2 0 Commonwealth Bonds.—3'/ 2 per cent. 1013. £OO .*>s; ;t' 4 per rent. tOol, £08; 10."it, £OS 16s i!rt; .'5% per cent, 10,vl, £OS His 3d; 4 per cent, 1041, £too 12s (id; 1044, £101; 3017, £ lni tos; 10.->o, I; 101 15s; 1057, £IOO 12s (id; 10(J1, £lOl 10s. WALL STEEET BUSINESS DECREASE IX TIJJLXOVEIt SEW YORK, July 7 Turnover on the Xew York Stock Exchange to-day totalled .'{.'10,001) stocks, compared with 410,(JU0 the previous day. During the week Xew York business has fluctuated as follows; July 3 210,000 July 5 35(1,000 July (i .. .. .. -ito.ooo July 7 .. .. .. 330,000 Dealings for the four days amounted to 1 ..'330,000 stocks and shares, compared with 2.940,000 in the previous week. FOREIGN EXCHANGES FLUCTUATIONS IN LONDON (Recieved July 0, 5.5 p.m.) British Wireless LOXDON, July S The following rates on foreign exchanges are current, compared with the cabled quotations on July 0 and par:

July S July (i Par Montreal, dol. . . 4.(>!>'/i 4.(5!iy, a 4.800 New York, dol. 4.(58% 4.08% 4.8(5 Paris, fr. .. 170% 17(5% 17S >.OO Brussels, belga.. 27.55 '27.54'/a 35.00 Geneva, fr. .. 'JO., 7 20.70% 25.22 Amsterdam, gr. 8.82 S.S2 12.10 Milan, lire .. SH'/m Si) 02.00 Berlin, r.in. .. 11.(50% 31 .<K»Va -0.13 Stockholm, kr... 10.42 10.42 18.151) Copenhagen, kr. 22.40 22.4 o 15.150 Oslo, kr. 10.00 10.00 18.15!! Prague, kr. .. 1 t , I'M--'; Helsingfors. mark 220% '2'2(>% 1 03.23 Madrid, pes. .. t t '25.221 Lisbon, rscu. .. 110% 110% lio Athens, dr. r» 17% .117'/, 37.1.00 Bucharest, lei... (520 020 813.0 Bio do Janeiro, m. 2 31 / tJ d r>.sood Buenos Aires, pes. 20.20 '2O.'JO 11.1<) Montevideo, dol. 18% d 18% d sid Bombay, rupee.. 17% d 17% d 18d Shanghai, d 01... + t Hongkong, dol. l l'Vis 1 l'/n ~~ . Yokohama, yen lld lid _l.;>Bd Balavia, gr. .. 8.80 8.80 I'-.H Belgrade, ilin.. . 'J 10 Warsaw, nloty. 21.87 24.8/ -13.38 tXmninal. NEW ZEALAND QUOTATIONS The Associated Banks (other tlian 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 3.72% 3.7:5% On demand . . 3.72% 8.73/4 Buying: 0 On demand .. -i.ii'/ie 3. <O/4 Following are the latest rates for purchases and sales of foreign exchange quoted by the Hank of New South Wales. Auckland. They are subject to alteration without notice: To fl N'.Z. T.T. On Demand Currency Selling Buying Selling U.S.A., dol. .. 3.7315 3.7708 3-7:!'J5 Canada, dol .. 3.7118 3.7005 3.,428 Belgium,'belga . '21.013 22.328 21.0 8 Denmark, kr. . 17.830 18.200 1 . .832 Finland, Fin. ins. l<!).0o 18.>.2;> J France, fr. . 140.18 14-1.23 14()..»0 Germany, r.m. . 0.'JO7 Greece, drachmas 420.20 Holland, 11. .. 7.013 7.203 7.015 Italy, lire . . 70.0(5 .'MM Java, fl. .. 'i.087 7.177 0.080 Norway, kr. .. 15.830 10.18(5 15.830 Noumea, fr. .. 138.73 140.0S 138.it Papeete, fr .. 138.88 14(5.38 l3SO'_ Sweden, kr. •• 15.451 15.80(5 lfi.4i>4 Switzerland, fr. 1(5.53(5 1(5.00(5 1(5.530 South Africa, X'N.Z. to i'S.A. 100 . 124.17 122.17 121.17 N.Z. pence to— Hongkong, (101. 18 45-01 18 10-04 18 45-04 India, rupee .. '22 15-32 2'2 5-32 22 15-32 Ceylon, rupee 22 15-32 22 5-32 22 15-32 Japan, yen 17 37-01 Manila, peso 37 7-32 31 27-04 32 7-32 Shanghai, dol. Nominal Singapore, dol. 35 0-32 34 4 5-04 35 0-32 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 .. 25 0.00 20 0.00 Australia, pound .. 10 11.88 20 0.00 Fiji, pound . 22 5.00 20 0.00 New York, dollar .. 5 4.00 4 1.31 Montreal, dollar .. 5 3.70 4 L3l Paris, franc . .. 0 1.70 0 1.34 Berlin, reichsniark .. 2 1.71 0 11.74 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 in the following table: Port. Halifax, Canada, dollars . .. 4.(1!) Port Halifax. America, dollars . . 4.0.8 Tolten. Canada, dollars . . . . . 4.0!) Tolteii. America, dollars . . . . . 4.08 City of Singapore, America, dollars . . 4.08 City of Singapore, Canada, dollars . . 4.00 Ganiaria, Calcutta, rupee . . \lV n i\ Tasman, Singapore, dollar 2a 3'id Tasman, Netherlands Indies, gulden . . 8.80 HARDWARE EARNINGS HIGHER REECE PROFIT A net profit of £.3470 against £3253 in the previous year and £3147 in 1937 is shown by E. Recce, Limited, hardware merchants, Christchurch, for the year ended .May 31. A bonus of 1 per cent is added to the usual preference dividend of 4£ per cent, requiring £l3lß. against £llO3 in the previous year. In addition it is proposed to place £250 to dividend equalisation account, £IOOO to general reserve and £9OO to income tax, leaving £179 to bo carried forward. EGG PRICES UNCHANGED The Auckland Fgg Marketing Committee announces that wholesale egg prices nro unchanged, as follows: — Hen: First crude. 2s 6Jd a dozen; 15 grade, 2s 4Jd; C grade. Is 11.Jd. Duck: First made. 2s 4.Jd a dozen; B grade. 2s 3.U1. Country storekeepers' minimum buying prices for first grade epgs are: Hen, 2s a dozen; duck, Is lOd a dozen.