COMMERCIAL

Southland Times, Issue 25311, 14 June 1935, Page 3

COMMERCIAL

FOREIGN EXCHANGES. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, June 12. The following mean closing rates of foreign exchanges were quoted to-day

ON NEW ZEALAND CURRENCY BASIS. The Bank of New South Wales quoted the following rates for Its purchases and sales on overseas currencies yesterday (all rates subjected to alteration without notice:— New Zealand On Buying Selling London—

DOLLAR AND FRANC. (United Press Assn.—Telegraph Copyright.) London, June 12. The dollar is quoted at 4.94 5-16, and the franc at 74 15-16 to the £ sterling. BRITISH WAR LOANS. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, June 12. The war loan, 3j per cent., is quoted at £lO5 5/-. LONDON SHARE QUOTATIONS. (United Press Assn. -Telegraph Copyright.) London, June 12. Bulolo shares are quoted at £7 6/6. New Guinea gold shares are quoted at 4/6J. PRICE OF GOLD. (United Press Assn.—Telegraph Copyright.) London, June 12. The price of gold to-day is £7 0/9 per fine ounce. TALLOW SUPPLIES. (United Press Assn.—Telegraph Copyright.) London, June 12. Tallow.—Stock 357 tons, imports 428 tons, deliveries 424 tons. CANADIAN WHEAT POOL. (United Press Assn.--Telegraph Copyright.) Ottawa, June 12. The Premier (Mr R. E. Bennett) informed Parliament that the selling agency of the Western wheat pools holds 225,000,000 bushels on Government credit. DAIRY PRODUCE MARKET. Messrs A. H. Turnbull and Co., Ltd., advise that Messrs W. Weddel and Coy. state the following are the London top quotations for the month:— Butter: The market remained quiet but steady 'during the first half of the month of May, but finned rapidly during the second half. Messrs W. Weddel and Co., Ltd., cabling us on June 10, advised that the market has advanced on account of the reduction in both gradings and shipments of Australian butter. For the past two months Australian shipments are some 4500 tons less, whilst their gradings are approximately 3000 tons less than for the same period last year. Our principals also state that Continental production is very backward, owing to the cold weather and they anticipate a firm marke. It is somewhat surprising tht the estimates made by the Imperial Economic Committee of the total butter stocks in the United Kingdom have shown an increase of some 400,000 boxes .for the month ending June 5, whereas for the same period last year there was an increase of only 80.000 boxes. This increase has been chiefly due to very heavy arrivals of Australian butter, blit in view of the very much smaller shipments of Australian now afloat,, it is more than likely that the stocks in the United Kingdom will not cofitinue to increase at the same rate. Forward Buying.—There has been very steady activity on the part of forward buyers throughout the month of May. Quite a number of sales were made in the first week at 9§d and the forward prices have slowly and steadily advanced from that figure until sales have been made to-day at as high as IOJd per lb, f.0.b., for June/ July shipment This steady activity on the part of forward buyers is certainly encouraging. Cheese.—The cheese market has still been disappointing and Messrs W. Weddel and Co., Ltd., cable us that con-

sumption lias been retarded owing to the cold weather. They also advise us that there is a heavy produc ion of Home cheese and the inferior quality of this cheese is preventing the expansion of the consumption of cheese generally. The stock position in the United Kingdom has not improved, but as will be seen from the figures given above, the quantities of New Zealand cheese to arrive during the next three months will be very much less than for the same period last year. In’ ordinary circumstances one would expect that with a fall of 7000 tons in arrivals, we should see a reduction in stocks and an improvement in price levels. However, the inferior quality and heavy production of English cheese will, we fear, prevent any great improvement. • Messrs W Weddel and Co., Ltd., advise us that they expect a quiet market. Forward buyers have shown practically no interest in cheese throughout the month and this, in itself, is a disquieting feature.

compared with par:— Par. To-day. Paris, fr. to £ 124.21 74 51-64 New York, dol. to £ 4.866 4.938 Montreal, dol. to £ 4.866 4.94J' Brussels, belgas to £ 35 29.14 Geneva, fr. to £ 25.221 15.11 Amsterdam, fl. to £ 12.107 7.29J Milan, lira to £ 20.43 59J Berlin, rmk. to £ 20.43 12.22 Stockholm, kr. to £ 18.159 19.39J Copenhagen, kr. to £ 18.159 23.39J Oslo, kr. to £ 19.159 19.901 Vienna, schgs. to £ 34.585 261 Prague, kr. to £ 164.25 118J Helsingfors, m. to £ 193.23 227 Madrid, pesetas to £ 25.2215 36J Lisbon, escudos to £ 110 1101 Athens, dr. to •£ 875 515 Bucharest, lei to £ 818.6 487J Belgrade, dinars 276.31 218 Rio de Janeiro, p. to milreis 8.892 41 Buenos Aires, p. to dol. 45.577 15 Montevideo, p. to dol. 57 39f Bombay, pence to rupee 19 181 Shanghai, pence to dol - 20 Hong Kong, p. to dol. 288 Yokohama, p. to yen. 24.57 141 Batavia — 7.251

£N.Z. to £100stg T.T. 124 124/10/- • 124/8/9 O.D. 123/10/Australia— £A to £100 N.Z T.T. 101 100/10/O.D. 101 100/10/FIJI— £F to £100 NZ. T.T. 90/7/6 89 O.D. 90/7/6 89 New York— Dollars to £1 N.Z. T.T. 3.99} 3.95} O.D. 4.01 3 96J Montreal— Dollars to £1 N Z. T.T. 4.001 3.96J O.D. 4.01J 3.97 France— Francs to £1 N.Z. T.T. 60.74 59.44 O.D. 61.04 59.49 Noumea— Francs to £1 N.Z. T.T. 61.69 58.69 O.D. 62.09 58.74 Papeete— — Francs to £1 N.Z. T.T. 61.69 58.69 O.D. 62.09 58.74 Belgium— Belgas to £1 N.Z. T.T. MM 23.111 O.D. MM 23.126 Ge: many— Reichmarks to £1 N.Z T.T. 9.610 O.D. MM 9.615 Italy— Lire to £1 N.Z. T.T. 47.54 O.D. M— 47.58 Switzerland— Francs to £1 N.Z. T.T. 12.369 11.969 O.D. 12.444 11.979 Hollanc.— Florins to £1 N.Z. T.T. 5.994 5.744 O.D. 6.044 5.748 JavaFlorins to £1 N.Z. T.T. 5.963 5.738 O.D. 6.013 5.742 Japan— N.Z. pence to 1 yen T.T. MM 17 13/16 O.D. MM Shanghai— M N.Z. pence to 1 dollar T.T. 23 7-8 25 3-16 O.D. 23 3-4 25 1-8 India and Ceylon— N.Z. pence to 1 rupee T.T. 22 3-8 22 23-32 O.D. 22 1-4 22 21-32 Hong Kong— N.Z. pence to 1 dollar T.T. 35 1-16 36 1-8 O.D. 34 15-16 36 1-16 Singapore— N.Z. pence to 1 dollar T.T. 34 9-32 35 7-32 O.D. 34 5-32 35 5-32 Sweden— Kroner to £1 N.Z. T.T. 15.790 15.460 O.D. 15.830 15.470 Norway— Kroner to £1 N.Z. T.T. 16.200 15.870 O.D. 16.240 15.880 Denmark— Kroner to £1 NZ. T.T. 18.208 17.878 O.D. 18.248 17.888 AustriaSchillings to £1 N.Z. T.T. MM 20.57 O.D. MM 20.59 Czechoslovakia— Crowns to £1 N.Z. T.T. MM 94.13 O.D. MM 94.18 - ■