COMMERCE AND FINANCE

Otago Daily Times, Issue 22100, 2 November 1933, Page 14

COMMERCE AND FINANCE

SYDNEY WOOL SALES (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, November 1. (Received Nov. 1, at 11 p.m.) At the wool sales 10,722 bales were offered and 10,386 were sold, while 770 were disposed of privately. Competition was again extremely keen, with values firm and equal to the best point of the week, resulting in full and satisfactory clearances. Greasy merino made 26)d, which was obtained for six bales from Rylstone.

AUSTRALIAN STOCK EXCHANGES

(United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, November 1. (Received Nov. 1, at 10.30 p.m.) On the Stock Exchange holders ox sound industrial shares are difficult to locate and are maintaining a _ reserved attitude. The market generally is steady. The following sales were made:—Rank of New South Wales £33 17s, Commexvial Bank of Sydney £l7 14s, Bank ot Adelaide (ex div.) £6 3s, Union Bank £lO 10s, Colonial Sugar £62, Associated News 20s 9d (pref. 20s 9d), Australian Provincial Assurance 12s 2d, United Insurance £9 12s 6d, Burns Philp 55a, Australian Gas A £7 6s 6d, Tooth’s 43s 6d, Dunlop Perdrinu 18s Od, Dunlop Perdnau (pref.) 34s Od, Goldsbrough, Mort 30s 4sd, Henry Jones 355, Anthony Hordern 13s, Farmers 16s 9d. Lustre Hosiery 17s 9(1, Standard Cement 16s 9d. Meggit’s 21s 9d, Commonwealth Wool 18s 3d, Electrolytic Zinc 26s 3d, Winchcombc Carson 30s, Bulolo Gold 15 2s, Bulolo Deposits Is 9Jd, Mount Morgan 51s, Mount Ljell 235, Broken Hill Proprietary 40s 10Jd- ' MELBOURNE, November 1. Metropolitan Gas £l2 16s, Herald and Weekly Times 475, Dunlop Perdnau 18s 10d, National Bank (£5 paid) £6 13s 6d. Broken Hill South 655, North Broken Hill 87s 6d,

FOREIGN EXCHANGES

(British Official Wireless.) (United Press Association,) (By Electric Telegraph—Copyright.) RUGBY, October 31.

LONDON STOCK EXCHANGE

(United Press Association.) (By Electric Telegraph—Copyright. t 'LONDON, October 31, Dalgety and Co.’g shares, £8 16s 3d; 4 per cent, debenture stock, £94 (ex interest); Goldsbrough, Mort, £92 10s.

THE PRICE OF GOLD

(United Press Association.) (By Electric Telegraph— Copyright.) , LONDON, October 31. Gold is quoted at £6 10s 7d per oz.

THE DOLLAR

(United Press Association.) (By Electric Telegraph—Copyright.) LONDON. October 31. Exchange on New York is quoted at 4.76 dollars to the fl.

VICTORIA NYANZA SUGAR

(Per United Press Association.) ’ WELLINGTON, November 1, The Victoria Nyanza Sugar Company reports as follows:—“A cablegram received this morning reads: Principal competitor signed provisional agreement today joining East African Sugar Distributors, Ltd.”

DOMINION PICTURE THEATRES COMPANY

(Special to Daily Times.) AUCKLAND, November 1. An improvement of £3l to £1155 to the net profit is recorded in the twentieth annual accounts of the Dominion Picture Theatres Company. Ltd., for the year ended September 30. The directors recommend a final dividend of 3 per cent, on preference shares, making 6 per cent, for the year, and 6d per share on ordinary shares. The preference dividend is a reduction of 1J per cent., but the ordinary dividend is unchanged. / INTEREST RATES INFLUENCE OP TAXATION. An intimation was given recently by the chairman of the associated banks of Victoria (Mr W. A. Leitch) that the process already adopted of gradually reducing interest rates would be followed as further relief from taxation was afforded, and that may be said to be the policy of the majority of the lending institutions (says the Melbourne Argus). Although pressed by (he Prime Minister (Mr Lyons) to do so, they found it impossible to promise to make a uniform percentage reduction, as the relief indicated was insufficient in many cases to enable an appreciable fraction to be expressed. Since the Budget was delivered the directors of many of the institutions have given formal consideration to the proposals. While the A.M.P. has courageously tied itself down to a promise of a 4i per cent, interest rate for land mortgages, other lending bodice have decided for the time being to adhere to the policy of giving personal consideration to every case, and of deciding on the merits what the rate shall be. In practice it is probable that the general average will be about the rate quoted, but at present there is a strong disinclination to reduce the rate to a uniform level, which may benefit some borrowers who are not really in urgent need of relief, and may prove inadequate for others whose burden is crushing them. This applies particullarly to country borrowers. Banks, life companies, and trustee companies, which have lent extensively to primary producers, recognise that it is incumbent Upon them to do everything in their power to enable country people to make a living and retain their holdings. This policy will he adhered to. although the methods by which the relief is afforded may differ.

Paris— Francs to £1 Par. 124.21 Oct. SO. 80 19-32 Oct. 31.. 80 25-32 Brussels— Belgas to £1 35 22.61} 22.675 Oslo—" Kroner to £ 1 18.180 16.90 10.90 Stockholm— 19.395 19.395 Kroner to £1 18.150 Copenhagen— 18.150 22.40 22.40 Kroner to £1 Berlin— 13.26} Marks to £ 1 .. 20.43 13.195 Montreal — 4.84 Dollars to £1 4.86 2-3 4.85} New York— 4.7T Dollars to £1 4,86 2-3 4.T81 Yokohama— 14| 145 Pence to yen 24.582 Hongkong— Pence to dollars 24.58 17% 17% Bombay— 18 ft Pence to rupee — Batavia — 7.80 7.80 Florins to £1 12.10 Milan— 60 1-32 Lire to £1 .. 82.46 59% Amsterdam— 7.84} Guilder to £1 12.107 7.82 Prague— 106 1065 Kroner to £1 104% GenevaFrancs to £1 25.22} 16.29 16.325 Vienna— Schillings to £1 84.86} 29 29 Helsingfors— Marks to £1 193.23 226} 226} Madrid— Pesetas to £1 25.235 37 11-16 87 25-32 Belgrade— Dinars to £1 26.22} 226} 233} Athens— Drachma to £1 375 570 570 Lisbon— Escudos to ' £1 110 106} 104} Bucharest— Lei to £1 .. 931.6 535 340 Klo de Janeiro — Pence to mllrels 5.990 4% 4% Buenos Aires— Pence to pesos 47.28 44 44 Shanghai— Pence to tael .. 15% 15 7-16 Montevideo— Pence to pesos — 36 36} Warsaw— Zlotys to £1 — —