FINANCE AND COMMERCE
I wtf iIAKKET ! r , I'ARCKKS. AND jiP# „.,i)|\ [" fi'il R*-> f. =■ ::,.^. '■'-■' J - - "j LONDON. M''-' 1 ; •• ! .., p rVe ih I :■■' .... quiets.I I" ! .: \ II" LIMITED ! fO iT SUBSTANTIALLY ISCBEASED j K-cidar r. 1 ; ?.?••■ ttd to ~'^-"" ! - :i:l ;! '' MV -" ( ■> ■"-'." D'Vide::d i.-: .i'civ;..-cd "•• i •:; (:S j|, l " cent, o;, ..:-fi!!.- ' 'Z =v ; v,.:a K<*"iTn<:e riiv,T- ,-r-,! ab■■"!-!i> i;02.".0(i. j"- 51 " 1 "" ;;,;;;; |!J;;}. i ; ','./ ~, xueee :;(i,i;Ci) ''lf,-, ;,ijiMi.ii, :n»i,()fiii I" "" " TVII.M! ,50.000 ■ ' . . . 4U<I (.(','o 4110.(10(1 sK ''. ..j :-,;'! ■;"," :: 12,253 ;,.;:'■: : o; 29.Y027 I : v,.::<;:: i;,;:;i :, T. .. •-. ;.::';:; t.:tnj (■.-.:.;.. '.V \>'a>::<, propertio.-, i ii::-v'J .:. ■'Gove:::::;-. ;:t Mocks ! - IMPROVED YEAR :snwi. miji:T(;.\i.i-; and M,FV(. V OK >'./. 'i * i.i '.'» c.i:-:.- ;; .- ;,'•« • . LONDON. F<~bp;;:rv Hi. " .-ftcr. of ?bt- Xytc.:.:(! Morl»cl «Kfy CY-rrtpar.y of New t:- -:■ September .}i>,:•;.■* net '12,355 £ 1K.120 last 1 After ok: us to fUiff. provision coubtfu! debts, c.r.ui.-cn-•'■:itp. r K-iat;ui. a.-id if 3755. with contribution of £2500 ; J " •-••CS. ii.clueii.'tg £14.980 tfitre it £37.371. A final ; r ;;" '-- p . ; per tent. m sterling, I-*- ?£&;':.% 5 per ee;:t.. tax free ; ; : : "- twve £SOOO < £l3lo', t~ ■: Ci'Am, forward £15.293. ,;;•■;•-'" that the course of ,\'~'"','"' V: ""'-" '■'•'■"■>'':. OLtJI satlS- ; _ j'"/.! iiriccs continued to de-'■■."-'v° V ''" '. oVp ' ' Jt( ' n <'*ri-estc-ti. and [► , : " :,:e: '' ''" f -'l').'-;!!g an iinprove- ;,_, ;.';'" y' lhkv " ' jS; "- f -- rjniry b*-'";.'"V.'',,';'''. '''■" iii"it:ir<jve<i ir"1"";' : '■' ' n '-' 'M'aucf.'-.-.hf-ct. and l -.,," r -- cr - : -'C :: iiav.- been v/cll « ! IT \JJI.i-; miLDINC <O.MI'ANV W r 1 I ( I II Ltd., hcJd on I * ' d ,f i < d Sir j 'i I " f „ 1 u„l t |, " l - f i i U r !- L ' ' f - < c n ( 1 i(_ I »Sr, r h f (l , | lVjI Hi mi 11 in l MM i * ' f - r. * ' ' f f n c r tf ta S' r \r cr r - »,, I "<■ t c 1 *W ! 2> fe J- 1 , t t f
THE EXCHANGE KATE AUSTRALIAN POLICY Some uncertainty is still apparen among overseas traders regarding th< possibility of an alteration of exchange rates on London, says the "Melbourne Arctus," There does not appear to be any ground for this fear. In the lasi few years, when Australia had j favourable trade balance, the Commonwealth Bank would have beer . justified in lowering the rale, but the bank followed a long range policy ir maintaining the rates as fixed in December. 1931. These are based or i £125 i buyingi and £125 10s (selling) !n the intervening period excess o1 ■ ■xports lias built up London funds and the present: position is that, although the high ratio of exports tc imports has not been maintained, London funds are amole 1o meet any adverse trade balance. As the policy oJ the Commonwealth Bank was framed !.! meet, such a «tntingency, it is not likely that at the first indication of s I less favourable trade position, the ex- ' change rate will be increased. When ; the fiscal year closes in June, the position will doubtless be reviewed. j Meantime the banks are meeting all i the requirements of their customers I without, difficulty, and the outside ex- ' change market, is operating steadily in | conformity with schedule rates. FUR SALES Ni:\V ZEALAND SKTNR H"!l ian "W» COR.KF.3FON PHUT.) LONDON. February 0. ! The recent fur sales, held in London, I proved to be most satisfactory gener- : a!iy. ! German buyers in the past have | been keen buyers of New Zealand I rabbitskins, but now their buying ; power is greatly reduced owing to re- ; strictions in their country. The Ger- ; man Government allowed only L 150.000 to be spent during the London January session; at one time an individual buyer from Germany would bo able to handle goods to this value. There were special restric' ; ons in eniiuexjon with this sale. The London brokers found that, owing to the exchange didieulties. it was considered ; necessary to inform intending purchasers residing in Germany thai beiore the commencement of the auction the* must either furnish the selling broker with satisfactory evidence thai j;> confirmed credit had been establ b: bed. and opened in their favour by a nritish banking institution for the I full amount of their purchases, or pay | a deposit of 25 per cent, of the value I oi their total buy. I Bids were only accented on the fulifilment. of one of these alternative j conditions. Their buying power, thcrc- | fore, was greatiy restricted. | LONDON MARKETS ; DKMAM) FOR TALLOW The Department of Agriculture has received the following cable message, i dated March 2. from the High C'ommis- ! :• inner for New Zealand, London:--i Tal!ow--Spot. demand good; 2«".s | asked for mutton, lu-c, but this grade ! not available. Little offering for for- ] ward shipments and prices are advanc- ! iiftrip— Manila: Market quiet but ' steadv. Value "K" grade for March- | May "shipment £l3. Sisal: Market quiet but steady, with closing sellers I for March-May and April-June ship- ! ments at £ls ss. New Zealand: Nothing j to report. I Apples—Small supply of English ! Cox's Orange, 10s 6d to 14s half-boxes. | Demand is moderate and prices are ! easier. Oregon Newtowns. 10s to 13s; j British Columbia and California New- - towns. 10s 6d to lis; coloured. 8s 6d ! to 10s 6d. Pears -Trade slow, due to large ar- | rival of South African. Williams selling at from 5s to 8s for three-quarter I boxes, and Beurre Boscs 8s 3d to 9s 9d. iCalifornian Winter Nelis 13s to 14s. ! Peas—Maples: Market firm. Prices ! have advanced. About the beginning j of this month A grade Tasmanian for i February-April shipment sold at 50s; later, up to 54 s 6d for March-April • shipment. New Zealand: Not offering. ■ Nominal value No. 1 New Zealand is : from 52s to 53s for March-April ship- ' tncnt. Blues: Poor demand with prices . lower. Tasmanian: Not offering. Ex i -lure sold at £lO. CANTERBURY FARMERS' CO-OP. l'i:()l'OSi;i) REDUCTION IN CAPITAL < An extraordinary general meeting l of shareholders of the Canterbury Farmers' Co-operative Association, Ltd.. has been called at Timaru for Marcii. 29 to discuss the following resolution: — "Thai all the share capital of the company be reduced from £337,500, divided"into 50,000 ordinary shares of £3 15s each, 15,000 preference shares (the issue created on October 12, 19110 of £3 15s each, 10,000 B preference shares of £3 15s each, 5000 C preference shares of £3 15s each, and 10 000 D preference shares of £3 15s each to £225,000 divided into 50,000 . oido'iarv shares of £2 10s each, 15 000 preference shares (1912 issue) ! of' f'2 10s each. 10.000 B preference ' -hare-; of £2 10s each, 5000 C presence shares of £2 10s, and 10,000 D preference shares of £2 10s each, id that such reduction be effected b cancelling paid-up share capital \ I (h is lost or is unrepresented by i lable assets to the extent of £1 r in respect of each of the ordinary i preference shares of the comI i j which has been issued and by d icing the nominal amount of such Iniary and preference shares, and ill unissued ordinary and prcfere c shares of the company, namely ( )i unissued ordinary shares, and i ) unissued D preference shares aco dingly to £2 10s eaclf, leaving a 1 bility 'in addition to the liability I i iIT calls now outstanding and due i the ordinary shares') upon all h issued ordinary shares 'except i ji 255 ordinary shares which have been fully paid-up) of £1 5s a share is at present, and that such reduction be without prejudice to the comr mj's right to sue for and recover ill arrears of calls now outstanding nd due in respect cf the issued ordui / shares or any of them." I Have you anything to sell —Do i you wish to buy? If so, a small advertisement in the classified section of "The Press" will be all you I need. 12 words Is, three insertions 2s bd. —6
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Press, Volume LXXI, Issue 21415, 6 March 1935, Page 13
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1,280FINANCE AND COMMERCE Press, Volume LXXI, Issue 21415, 6 March 1935, Page 13
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