STOCKS AND SHARES

New Zealand Herald, Volume LXXVII, Issue 23619, 1 April 1940, Page 5

STOCKS AND SHARES

THE SYDNEY EXCHANGE DEALINGS ON SATURDAY I- SYDNEY, March 3 s Sales on the Sydney Stock Exchang s to-day included: — C s (I Commercial Banking Sydney is (> 0 Bank New South Wales . . 2<> 1!> 0 Tooth's Breweries .. - I- (i Austnilian (ins (A) . . . . 'ill 0 e Associated News . . .. 0 l.'l JO I, Ditto (pref.) .. .. o 10 (i 11 A.C.I. 1 10 VA V Broken Mill Ply 2 7 n Commonwealth Bonds.—l per cent, 1011 ;l £ 1.U.'l 7s Oil; 1H01.,* JL-iOO. r J BUSINESS IN NEW ZEALAND 1 RESUMPTION THIS MORNING Tho New Zealand Stock Exchange will reopen this morning, having boci . closed since March 21 lor the Easte - vacation. SIIAREMARKET INDICES ' New York Dow .Tones' averages (1026 equal: 100) and turnover on the New Yorl Stock Exchange are as follows: '2O-Rail- Share: roads Industrials sold March 22 .. HO.IO M 0.711 .'!!)(),00( March 25 .. .">O.OI 1 Ki.25 f>00,00( •.March 2(i . . 20.0S M 5..50 020,001 March 27 .. M 0.70 .117.17 1,100,001 "> March 2S .. M0..V1 1 17.2". 1,020,001 .March 20 .. JiO.Oi; 11T..V1 SI0,()0( March 00 . . OO.SO l 17.05 570,001 Highest in 1939.—Railroads, 35.9( (September '27 ); .industrials. I 51.21 (September 12). Lowest, in 1939: Hail roads, 21.15 (April IS); industrials 121.1 (April 8). London Stock indices compiled by the Financial Times, London, are as follows (October 15, 1926, equals 100): Govt. Home Indus- Gold securities rails trials mines . March 20 ~ 108.0 5 1.1 07.5. 102.6 1 March 2(1 .. 108.1! 51.0 OS.O lOlt.l March 27 .. 108.1. 55.2 07.5 10:!.* March 28 . . 108.2 55.1 07.5 101." March 20 . . 308.3 55.1 07.8 105.4 WEAKNESS IN STERLING FALL IN NEW YORK RATE USE OF FREE MARKET NKW YORK, March 2!l Sterling 'closed to-day at .'1.52', dollars to the pound. The highest quotation of the day was 3.59 ii. The New York sterling exchange rate has fallen from 3.92.! dollars since earl.v in .March, and now stands at, an exceptionally low point. New York is a free market, and the current rate of 3.52} dollars to the pound compares with the official rate of 4.03 dollars offered by the Bank of England for approved transactions. Recently, there have been reports of the tightening of the control of dollar funds received from exports to the United States, and the present weakness is largely attributed to this move. The free market in New Yorl; naturally gives an exporter, who has dollars to sell, a considerable advantage over the official rate, as ho lias only to put up 3.52} dollars for every £1 ; sterling he receives, while through J official channels lie must find 4.03 dolj lars for every pound. I' urther, the free I market is also of use to those anxious I to exchange sterling for dollars, hut | unable, to find an excuse to satisfy the j authorities. Naturally, such persons, in j order to complete their transaction in j the free market, where 110 questions arc ' asked, are ready to accept fewer dollars for their sterling, and consequently the tighter the control, the weaker the New York rate must become. DEALINGS IN BRAZIL REPORT DENIED BY BANK RIO DE JANEIRO, March 20 The Bank of Brazil denies that it is refusing to deal in sterling. It explains that it bought heavily recently to service London loans, which are at present fully covered. An earlier message stated that the bank had announced it was temporarily not dealing in sterling as from to-day. FOREIGN EXCHANGE RATES LONDON. March 29 Foreign exchange rates are:—New York (dollar), 4.00?; Montreal (dollar), 4.45; Paris (franc), 170;!; Amsterdam (gr.), 7.555; Brussels (belga), '23.025; Milan (lire), 70.00; Hongkong (dollar). 14 57-(J4d; Shanghai (dollar), 4 id; Stockholm <kr.), 10.90; Copenhagen (kr.), 18.53; Batavia ((!.), 7.41 to 7.5-1; Oslo (kr.), 17.70; Geneva (fr.), 17.90; Bombay (rupee), 18d; Kobe (yen), 15 4 3-64 d; Buenos Aires (pes.), 17.175. MINING SHARES IN LONDON LONDON, March 2!) Mount Lyell mining shares aro quoted at 2-* is 9d, against 24s 3d on Wednesday, and New Guinea ({old at Is 9ijd, against Is 9d previously. THE PRICE OF SILVER LONDON. March 20 Silver is quoted unchanged at 20 7-1 Gd a standard ounce and 22 l-16d a line ounce. GENERAL INDUSTRIES' YEAR A net profit of £152,817 is shown by Metiers, Limited, aiyl M otters K.F.B. Proprietary, Limited, the trading subsidiaries of General Industries, Limited (Sydney), for the year ended February 29. This .is £12,977 less than the profit for the previous year. The holding company receives £100,.'147 of the profit, the same amount as last year, and with a profit of £217 on its own account records a total profit of £100,504, against'£lo3,s27. ' Ordinary dividend is steady at 12$ per cent (interim 5. final 7}) and requires £79,645. Preference dividend of 7 per cent amounts to £20,851. With £SOBB brought forward, £5155 is carried forward. CALL AND DIVIDEND LIST Dividends— Due Beath Co.—int., oril., pf., 2Yi p.e. To-day Felt and Textiles—int., pf., :! j».c.; ord., 6 p.e. .. .. . . To-day Milno and Choyce—int., prof., 3 p.e.; 13 pref., 'S/ 2 p.e.; ord. and del)., 3 p.e. . . .. To-day United Bldir. (Clieii.) —final, 2% p.e. To-day Crown Mine;) —3d slg., less tax .. April 2 Kunicri —second, Is . . April 2 Howard Smith—final, ord., p.e. April :t Yarra Falls —int., Is . . April l South British —int., BV ; d . . . April 11 W'wths (N.Z.)—int.. pf., 4V, p.e. April 15 W'wths (Syii.)—final, 11/, p.e. .. April 15 W'wths , < W.A.) —final. 12»k p.e., lionus. 2M, p.e. April 15 W'wths (Vie.) —pf., hlf-yr., :t% p.e. April 15 NDriii? —final, -I'/y |i.o. ' ... April (luar. Corpii.--int.. Id (less S.S. fax) . . , . . . . April 1!) A list. Iron and. Steel—pref. (2% years), 5.8 p.e. p.a. . . . May l Ml. Morgan—ord., (id .. May 15 Shares are (putted ex dividend on I lie business day after '.lie elpsing of transfer books for the payment ol tho dividend.