HIGH COMMISSIONER’S REPORT

Timaru Herald, Volume CXLI, Issue 20446, 17 June 1936, Page 16

HIGH COMMISSIONER’S REPORT

The Department of Agriculture has received the following message from the High Commissioner for New Zealand, London:— Tallow Spot market remains depressed. Nominal quotations are lower. Moderate business has been done in shipments. Hemp Manila: Market quiet with firmer under-tone. “K” grade quoted buyers August-October shipment at £2O/10/-. Stocks in London at June 1 12,535 bales against 13,245 bales at same time last year. Sisal: Market firm and active. JulySeptember shipment sold at £27/10/-; August-October and October-December shipments at £27/12/6. New Zealand: Nothing to report. Stocks in London at June 1 80 tons, against 24 tons same time last year. Fruit Port Sydney shipment to Glasgow in forward condition. Mahana, Mairnoa and Rangitane shipments at London in good condition. Market weaker. Apples: Cox’s Orange, 12/- to 15/-; Granny Smith, 11/- to 13/-; Dougherty, 8/- to 9/6; Sturmer, 7/- to 8/6; Jonathan, Delicious, Statesman and Ballarat, 6/- to 8/-; Stark, Desert Gold, Dunn’s Favourite, Lord Wolseley, Pioneer and London Pippin, 6/- to 7/-. Pears: Winter Cole and Winter Nelis, 10/- to 12/6. MORRIS, HEDSTROM, LTD. For the year ended March 31 the profits of the above Fijian company are shown at £53,512 an increase of £B.OOO over those of the previous year. The amount provided for depreciation is £20,922 principally due to writing down copra plantations. The year’s ordinary dividend is unchanged at 5 per cent. This takes £26.021 and the preference dividend requires £13.152 leaving £54,762 to be carried forward against £40,425 brought into the accounts. Sir Maynard Hedstrom, chairman of the company, said that notwithstanding the Increased profits the directors thought it necessary to strengthen the financial position of the company rather than to increase the dividend. The prospects for the current year are satisfactory—good crops of sugar and copra are assured and large sums are being spent in the development of the gold mining areas. FOREIGN EXCHANGE RATE The Bank of New South Wales, Christchurch, quoted the following rates as ruling yesterday for its sales and purchases of foreign exchange. The rates are subject to alteration without notice:— Buying. Selling. London—

THE CURRENCIES. United Press Association—By Electric Telegraph—Copyright LONDON, June 15c Currency quotations are:—Dollar, 5.025 to the pound; franc, 76 9-16 to the pound. THE PRICE OF GOLD. United Press Association—By Electric Telegraph —Copyright LONDON, June 15. The current price of gold is 138/9 an ounce. BRADFORD TOPS United Press Association—By Electric Telegraph—Copyright LONDON, June 15. At Bradford there is more inquiry, including German quotations. Tops and yarns are firmer, but business is slow.

£ N.Z. to £100 st. T.T. 124 124/10 O.D. 123/10 124/8/9 Australia— £ A. to £100 N.Z. T.T. 101 100/10 O.D. 101 100/10 Fiji— £ F. to £100 N.Z. T.T. 90/7/6 80 OB. 90/7/6 89 New York— Doi. to £1 N.Z. T.T. 4.078 4.038 O.D. 4.88S 4.04i Montreal— Doi. to £1 N.Z. T.T. 4.08 4.044 O.D. 4.094 4.05 France— Frcs. to £1 N.Z. T.T. — 61.16 O.D. — 61.20 Germany— Reichmarks to £1 N.Z. T.T. — 9.966 O.D. — 9.971 Hong Kong— N.Z. d. to 1 rup. T.T. 18 25-64 19 57-64 OK. 18 19-64 19 55-64 India and Ceylon— N.Z. d. to 1 rup. T.T. 22 9-64 22 57-64 O.D. 22 3-64 22 7-8 Japan— N.Z. d. to 1 yen T.T. — 17 21-32 O.D. — 17 41-64 Shanghai— N.Z. d. to 1 dol. T.T. 17 5-32 18 17-32 O.D. 16 31-32 18 33-64 Singapore— N.Z. d. to 1 dol. T.T. 34 7-16 35 1-2 OB. 34 1-4 35 31-64