FINANCE AND COMMERCE
MORE HEAVY SELLING ON WALL
STREET
STERLING EXCHANGE RESERVE
STILL LOW
The London stock markets are reported to be remarkablv cairn undexvthe greatest tension since the crisis in EiSope hi gan. On Wall Street, however, there was more heavy selling and prices fell again. y semng
The Reserve Bank of New Zealand’s sterling exchange reserve is still very low. The level, according to the return gazetted last evening 1S £ 12,681,344. This is £42,688 higher than £76 397 D,^? U ™ WS lhat ‘ he f!?’, 3 ?!* liabilities to the State are lower by £ 400,355 and those to the banks have risen by £279 775 AdfXTby £££“* Pr ° dUCtS have
n ° n the London market and is now quoted at £7 4s lid a fine ounce, the highest price since 1935.
LOWER BUTTER EXPORTS
RETURN
LARGER QUANTITY OF
CHEESE
Sterling Exchange
FIGURES FOR FIRST MONTH
Still Low
OF SEASON
Shipments of butter during August, the first month of the new dairy export season, were lower by 649 tons than those of August, 1937. The quantity dispatched was 10,089 tons, against 10,738 in the opening month Of the 1937 season. On the other hand, cheese shipments rose by 312 tons, to 6141 tons on the same basis of comparison. A feature of the returns for the month issued by the New Zealand Dairy Board is the fall in shipments to London to 5290 tons for the month' from 8663 tons in August, 1937. This decline is largely offset by larger quantities to Southampton (217 tons, against nil last year). Hull rnd Newcastle (400 tons, against nil last year), and West Coast of England ports. Only 171 tons of the total August consignments went to other than British ports, half of which was for the West Indies.
LEVEL AT £12,681,344
Australian shipments of butter for August show an increase of 2830 tons to 4400 tons in comparison with shipments in August. 1937. Larger shipments of cheese also went to, other than London ports, Southampton and Hull and Newcastle again , making their first appearance as ports ■ of discharge. Britain is practically / the sole destination .of New Zealand cheese, only 13 tons being dispatched elsewhere in August, against nine tons a year ago. Australian cheese shipments in August were 988 tons, an increase of 633 lons over last year’s August figure.
SHEEPSKIN SALE
CONSIDERABLE DROP IN PRICES
‘EFFECT OF UNSETTLED
CONDITIONS
SEARCH FOR OIL
Because of the unsettled conditions overseas, prices at the sheepskin sale held by Pyhe, Gould, Guinness. Ltdyesterday. dropped considerably on las l week’s prices. Dry skins were cheaper by Id to |d per lb and abattoir skins by Is to Is 6d each. The range of prices was as follows:
LAMB AND MUTTON
RETAIL PRICES IN LONDON
The New Zealand Meat Producers’ Board has been advised by its London office that the following retail prices were being quoted for New Zealand lamb and mutton retailed in London during August, 1038. The . prices represent a fair average of the prices quoted by the better-class shops in London for the best quality of New Zealand lamb and mutton; — New Zealand Laqtb Per lb.
Legs .. .. .. 12 Shoulders ... ~ 11 Loins .. .. .. 11 Necks .. .... 6 Breasts .. .. 3 Forequarters .. ' , 8J Hindquarters .. ~ 11 New Zealand Mutton (Wethers) Legs .. .. .. 9i Shoulders .. .. 8J Loins .. ~ .. 8| Necks ~ .. ... 3 Breasts .. .. .. 2
LONDON METALS
MARKET
PRICES RISE SLIGHTLY
SYDNEY, PRODUCE
MARKETS
SYDNEY, September 15.
RESERVE BANK
The Reserve Bank return for the week ended September 12, gazetted last evening, is balanced at £24,914,171, or £141,137 less than at the close of the previous week. V The' note Issue has fallen by £76,397, and now stands at jEia.628,169. Demand liabilities to the State are lower by £405,355. and those to the banks have risen' by £279,779. Other .liabilities are £59,086 higher. On the assets side, sterling exchange has risen slightly—by £42,688. It now stands at £12,681,344. Advances to the Primary Products Marketing Department have fallen by £200,552, and other assets are £17,847 higher. - The statement with variations compared with last week is as follows; Liabilities
ACTIVITIES OF SHELL GROUP
The New Zealand Oil Exploration, Ltd., which-is associated with the Shell Group, has been formed to undertake an intensive exploration over the several areas which have been granted under licence following the passing of the Petroleum Bill, 1937. The area in the North Island comprises some 1360 square miles in the Southern Hawke’s Bay district, covering a strip roughly from Cape idnappers down through Hastings and Waipukurau, and continuing along the coast to the Mataikona river. In the South Island the area covered under licence amounts to a little more than 400 square miles, situated in two"'blocks. One strip extends down the Coast from the neighbourhood of Kumara and the south of Lake Brunner southwards to Ross; the other South Island block is north-east of Lake Brunner, extending north as far as the Grey river.
The Shell organisation was previously interested in the Southern Hawke’s Bay area many years ago, when the company drilled at Waipatiki. In the South Island they drilled several wells on the West Coast, some tens of thousands of pounds having been spent by them in both«these areas. A party of geologists has already been working for several months in the Hawke’s Bay area. Although a considerable amount of valuable geological work of a general nature had previously been undertaken, in this area by the geological suryey branch of the Scientific and Industrial Research Department, a very much more specialised procedure will be required, and the company’s activities to date have been of a preliminary natpre, with particular reference to the origin and accumulation of possible oil / occurrences. ‘The Shell Group has already spent considerable sums this year in connexion with aerial photographs covering the southern portion of the Hawke’s Bay region, and the geologists are already working on the elaboration of this aerial survey. . Recently the organisation’s chief geologist. Dr. C. W. Creek, has arrived in the Dominion, and has ■ already taken charge of the whole of the operations and investigations of the new company. Dr. Creek has had wide experience of the latest methods, and has seen service in Venezuela, Mexico, Iraq, Borneo, Papua, and in the United States of America. , , , A geological party is to undertake immediately the investigation of the licensed areas in the South Island where the preliminary geological investigations will probably be followed up by geophysical methods.... It is the definite intention of New Zealand Oil Exploration, Ltd., to prosecute a most comprehensive survey and utilise in the work all the. most modern apparatus and methods in conjunction with the wide experience of the Shell Group. ....... . . _ In the near future the present stall will be considerably augmented by the addition of overseas geologists and /palaeontologists with special experience in this field.
The Sydney wheat market has improved, but buyers are operating cautiously. Silo grain is quoted at 2s 7id, and bagged at 3s Other quotations are:—•
Flour, £7 10s; bran and pollard, £5 10s; potatoes, Tasmanian. £l3 10s; others. £10; onions, brown, £l4 10s; maize, white, 4s 8d; yellow, 4s 7d.
MINING
FOREIGN EXCHANGES
ASSOCIATED BANKS*. DOLLAR RATES
COMPANY NEWS
HUME PIPE (AUSTRALIA
NET PROFIT SLIGHTLY LOWER
(TkESS IMOCUIIOX riLEGRiMj WELLINGTON, September 15. The Hume Pipe Company (Australia), Ltd., announces a net profit of £52,115 i after providing for taxation, for the year ended June 30, compared with £55,936 in the previous period; , ; * The directors recommend a final dividend on ordinary shares of 4J per cent., making 7j per cent, for the year, and also a dividend on the new 7jper cent, preference shares for the three months ended June 30.
Ordinary dividend last year was 6 per cent.
KANIERI GOLD DREDGE
An article in Tuesday’s “Press” on the subject of the Kanieri Gold Company’s dredge stated that the screendid not allow a piece of gold or goldencrusted quartz bigger than a threepenny bit to go through—it went over the tail of the ship. It is suggested that this might infer that instead of the dredge saving gold it might be lost. Any such suggestion, however, is negatived a few lines later, in which it is stated that with 1000 feet of gold-saving tables the great quantity of material lifted should be adequately treated. The reference to the screen could have carried the explanation that the holes ip it are made no larger than will enable the proper amount of material to go through to secure the maximum recovery on the tables. Too much material passing through would affect this efficiency. It is very rarely that dredges dig up gold anything near the size of a threepenny-piece—it is much smaller gold that provides the richness, and on which accurate and cautious prospecting is based. As with the rest of the construction of the Kanieri dredge the gold saving equipment is in accordance with the latest scientific methods.
BANK OF NEW SOUTH WALES
The Associated *Banks (other than the Bank of New South Wales) quoted the following dollar rates yesterday on a New Zealand currency basis. They are subject to' alteration without notice; — U.S.A. Canada. Per £1 N.Z. dol. dol.
Selling— T.T. .. .. 3.83 5-16 3.86 1-16 O.D. .. .. 3.83 9-16 3.86 5-16 Buying— T.T. .. .. 3.871 3.90 O.D. .» .. 3.88 /3.91
Halfbred — d. d. d. d. Three-quarter to full woolled .. 6J to 81 61 tq 71 Half woolled . to 6* to 6 Short ' to 51 to 41 Three-quarterbred— Three-quarter to full woolled .. 7 to 71 6 to 61 Half-woolled to 6 to 5 Short to 4 to 31 Crossbred— Three-quarter to full-woolled .. 61 to 7i to 5? Half-woolled to 5} to 42 Short Merino— Three-quarter to full woolled .. 61 to 7 to 4 Half-woolled .. to 51 — Hoggets— Halfbred to 71 to 61 Three-quarterbred to 61 to 51 Crossbred — to 5
(ttkited press ASSOCIATION—COPYRIGHT.) ' LONDON. September 14. Sept. 13. Sept. 14. Copper— £ s. d. £ s. d. ' Standard, spot 41 8 14 41 9 44 Forward 41 13 14 41 14 44 . Electrolytic .. 46 15 0 47 0 0 to 47 15 0 48 0 0 ■Wire bars .. Lead— 47 15 0 48 0 0 Spot IS 8 9 15 10 74 „ forward 14 14 44 15 14 44 Spelter— Spot 14 0 0 14 3 9 .Forward Tin14 4 44 14 8 14 Spot - Forward 192 7 6 192 12 6 193 7 6 193 7 6 Silver— , Fine, per oz. Standard. 19 9-16d 19 ll-16d * per ox. 21id 21 Jd
(1) General reserve £ Variation i £ 1,500,000 Same (2) Bank notes 13,628,169 — 76,397 (3) Demand liabilities— (a) State' 3,112,650 — 405.355 (b) Banks 6,267.227 + 279,775 (c) Other 285,698 + 59,986 (5) Liabilities in currency other than New Zealand 9.431 + 796 (6) Other liabilities 110,996 + 58 Total 24,914.171 — 141,137 Assets (7) Reserve— \ (a) Gold 2.801.791 Same (b) Sterling exchange 12,681,344 + 42,033 (8) Subsidiary . coin 229,308 — 1,119 (10) Advances— (1) Primary products '' marketing department 3,339,857 — 200,552 (2) For other pur- . poses , .. 3,050,000 Same (11) Investments 2.732,065 Same (13) Other assets 79,808 +17,847 • • Total' '*?■' 24,914,171 — 141,137 Proportion of reserve to notes and other demand liabilities, 66.428 per cen t. (65,847 last week).
(BRITISH OFFICIAL WIRELESS.) RUGBY, September 14. Par. Sept. 13. Sept. 14. Paris, fr. to £1 170 178 19-64 178 21-64 New York. 4.791 dol. to £1 4;866 4.801 Montreal, 4.821 dol. to £1 4.866 4.82| Brussels. 28.36 belgas to £1 35 23.461 Geneva, 21.272 fr. to £1 25.2215 21.273 Amsterdam, 8.92 fl. to £1 12.107 8.92 Milan, lire 911 to £1 92.43 91 5-16 Berlin, reich11.97 marken to £1 20.43 11.99 Copenhagen; 22.40 22.40 kr. to £ 1 18.159 Stockholm. i9.40 19.49 kr. to £ 1 18.159 Oslo. kr. to £1 18.159 19.90 19.90 Vienna, schgs. to £1 34.585 — — Prague, kr. 1393 to Cl 154.25 1393 Helsingfors. 2263 226J marks to £1 103.23 Madrid pesetas to £ 1 25.2215 — — Lisbon, escu110 3-16 dos to £1 1,10 110 3-16 Athens, drach to £1 375 547i 5471 Bucharest, lei to £1 818.60 670 670 Belgrade, 214 214' dinars 376.3 Kio de Janeiro. pence to milreis 4.90 215-16 215-16 Buenos Aires, pence to dol. 51 19.071 19.04 Montevideo, 201 pence to peso « ' 201 Bombay, pence ' 17 29-32 17 29-32 to rupee • Shanghai, pence 81 to rupee • 81 Hong Kong. , 15 15 pence to yen • Yokohama, pence to yen 24.58 14 14 Batavia, guilders 12.107 8.90} 8.901 Warsaw, par 26.31 zlotys to £ 1 43.38 26.31 •Determined by price of silver.
The Bank of New South Wales quoted the following exchange rates day;— yesterN.Z. on Buying. Selling. London— * £NZ, to £100stg. T.T. 124 124/10/O.D. 123/11/3 124/9/6 Australia— £A to £100 N.Z ,-T.T. 100/17/6 100/5/Fill— OTL 100/17/6 100/5/£F. to £100 N.Z. T.T. 90/7/6 89 OD. 90/7/6 89 New York— Dol. to £1 N.Z. T.T. 3.8754 3.8414 Montreal— O.D. 3.8804 3.8424 Dol. to £1 N.Z. T.T. 3.9014 3.8690 O.D. 3.9101 3.8700 Belgium— Belgas to £1 N.Z. T.T. 22.981 22.871 O.D. 23.056 22.676 Czechoslovakia— Korunas to £1 N.Z, T.T. 111.05 Denmark— O.D. — 111.07 Kroner to £1 N.Z. T.T. 18.203 17,893 O.D. 18.263 17.895 Finland— Marks to £1 N.Z. T.T. 185.40 179.60 France— O.D. 185.80 179.70 Francs to £1 N.Z. T.T. — 142.26 O.D. 142,28 Germany— Relchmarks to £1 N.Z. T.T. — 9.544 , Greece— O.D. — 9.546 Drachmae to £1 N.Z. T.T. — 430.75 O.D. . - 430.90 Holland— ' • Florins to El N.Z. T.T. 7.270 / 7.120 Italy— O.D. 7.310 7.122 , Lire to £1 N.Z. T.T. — 72.996 O.D. . 73.021 Java— Florins to £1 N.Z. T.T. 7.247 7.097 Norway— O.D. 7.287 7.099 Kroner to £1 N.Z. T.T. 16.182 15.892 O.D. 16.242 15.895 Noumea— Francs to £1 N.Z. T.T. _ 140.51 O.D. — 140.55 Papeete— Francs to £1 N.Z. T.T. — 140.66 O.D. 140.70 Sweden— Kronor to £1 N.Z. T.T. 15.785 15.490 O.D. 15:845 15.493 Switzerland-* Francs to £1 N.Z. T.T. 17.275 „ 17.005 O.D. 17.380 17.007 Chefoo— N.Z. pence to dol. T.T. — 121 Hong Kong— O.D. „ 124 N.Z. pence to dol. T.T. 18 7-16 18 13-16 O.D. 18 13-32 18 13-16 India and Ceylon— N Z. pence to rup. T.T. 22 7-64 22 25-64 O.D. 22 5-64 ( 22 25-64 Japan— N.Z. pence to yen T.T. 17 9-16 ( O.D. 17 9-16 Manila— N.Z. pence to 31 11-64 peso T.T. 30 33-64 Shanghai— O.D. 30 27-64 31 11-64 N.Z. pence to dol. T.T. Not quoted Singapore— O.D. Not quoted N.Z. pence to dol. T.T. 34 13-32 34 57-64 O.D. 34 5-16 34 57-64
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/CHP19380916.2.85
Bibliographic details
Ngā taipitopito pukapuka
Press, Volume LXXIV, Issue 22508, 16 September 1938, Page 13
Word count
Tapeke kupu
2,363FINANCE AND COMMERCE Press, Volume LXXIV, Issue 22508, 16 September 1938, Page 13
Using this item
Te whakamahi i tēnei tūemi
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
Ngā mihi
This newspaper was digitised in partnership with Christchurch City Libraries.