COMMERCIAL.

Sun (Christchurch), Volume VI, Issue 2013, 28 July 1920, Page 7

COMMERCIAL.

FOREIGN EXCHANGE RATES. By Cable. — Press Association. — Copyright. (A. & N.Z.) LONDON, July 26. The foreign exchange rates on London afford the following comparison:— Par July 22. July 26. Paris (fr.) 25.22 48.50 49.00 Christiania (kr.) .. 18.16 23.20 20.30 Stockholm (kr.) .. 19.15 17.61 17.60 Calcutta (rpe.) 10 to gold «ov. 22Jd 22} d Montreal (dol.) .. 4.85 4.34 4.32 New York .. 4.86 3.82 3,79 UNION BANK OF AUSTRALIA. (A. & N.Z.) LONDON, July 26. A meeting of directors of the Union Bank of Australia adopted a new memorandum of the articles of association in a modern form to replace the original deed of settlement, dated 1837. METALS. (A...& N.Z.) LONDON, July 26. Copper—Spot £92 2/0, three months £94 7/6, electrolytic £IOB, wire bars £JI4. Lead—Spot £37 5/-, forward £37 7/6. £42, forward £44. Tin—Spot £270 7/6, forward £275 7/6. Silver—s6|d per ounce; " AMERICAN EXCHANGE RATE. Australian and X.Z. Cable Association. (Rec. July 28, 8.45) NEW YORK, July 26. Foreign exchanges continue' low, despite recoveries over last 'Week's losses. The pound sterling is now $3.75J, the franc 7.68 cents, and the German mark 2.35 cents. GRAIN AND PRODUCE DROP. Australian and N.Z. Cable Association. (Rec. July 28, 8.55) WASHINGTON, July 26. A telegram from Chicago says that severe breaks in the grain and provision markets have occurred. Corn has lost 96 cents, since Saturday, the December delivery selling at $1.28. THE EGG MARKET. At the weekly egg sale of the Canterbury Egg Farmers' Association, held in Messrs Harris Bros.' auction rooms, Hereford Street, yesterday, at 2.30, there were a very large entry and an exceptionally* big attendance of buyers. There was a keen demand for eggs of all grades, bidding being very spirited. All lots were sold, at the following prices :—First grade hen eggs 2/1 to 2/-, second grade hen eggs 2/-, Utility Club ungraded 2/1} to 2/2, ducks 2/1 to 2/2. .6 1 DOMINION HOME BUILDERS. ANNUALMEETING. The fifth annual meeting of shareholders of the Dominion Home Builders, Ltd., was held in the Chamber of Commerce this morning, Mr R. Brown presiding. The annual report stated that owing to the shortage of cement, timber, and other building materials it had been impossible to do as much business during the last few months as had been planned. The question of supplies had been and was still a very serious problem. So acute had the position been that the company had repeatedly been under the necessity of refusing-to undertake new business offering. To overcome the shortage of timber it had been decided that the company should try and secure an interest in a sawmill on the West Coast. Negotiations had been pending for some time, and final arrangements had been made in conjunction with certain sawmillcrs on the West Coast to start a sawmill. Certain timber areas had been secured and timber rights granted which would take some years to cut out. The necessary plant and machinery had been obtained and were nOwon the way to Greyinouth. By this mertns the company secured for itself a regular supply of building timber for its own operations. The Board of Directors had decided that, the former method of financing the different contracts of the company, by mortgages, he discontinued. All clients now did their own financing, the company, at the discretion of the directors, taking a very small mortgage The balance-sheet showed a profit of £986 9/6. There was a balance on the appropriation account of £lslß 4/2. After some discussion, during which the action of the board in altering the building policy of the company was severely criticised 'by several members, the report and balance-sheet were adopted. _ • .-. Messrs G. S. Meredith and J. J. Dougall were elected to the Board of Directors. It was resolved that Messrs Caygill, Newburgh and Co. be the company's auditors for the ensuing year.