FOREIGN EXCHANGE

Dominion, Volume 28, Issue 84, 3 January 1935, Page 10

FOREIGN EXCHANGE

On New Zealand Currency Basis

LATEST QUOTATIONS The Bank of New South Wales, Wellington, quoted the following rates for their purchases and sales of foreign exchange on Monday:—

T.T. represents telegraphic transfers. O.D. represents on demand transactions. The above rates are subject to altera'tion without notice.

, New ■ Zealand Pound Abroad Based on the rates quoted on Monday lt>y the Bank of New South Wales, £1 [New Zealand was worth approximately: ■ 16/1 in London. £l/0/1 in Australia. 16/1J in U.S.A. - 16/- in Canada, 9/6} in France. 9/10} in Italy. 9/5} in Germany. 9/5} in Java. £l/7/10 in Japan. Dollar Conversion Rates The Associated Banks have agreed that the conversion rates from. December 31 will / be:— « U.S.A. Canada Conversion of dollar bills re- • ceived for collection and sale of dollar drafts .. 4.88 4.86 j Purchase of dollar bills .. 4.08 4.96 These conversion rates are, of course, . quoted on a sterling basis (London funds) | and current rate of exchange New 2!ealand on London will be charged or allowed as ' the case may require. J. C. WILLIAMSON, LTD. Preference Proposals Carried Following the holding of extraordinary general meetings of J. C. Williamson, Ltd., at Sydney last week, it was announced on behalf of the directors that the resolutions providing for a modifica.tion of preference rights and the issuance of 20,000 bonus preference shares or thereabouts in the proportion of cue for every seven and a half preference, shares held, had l been carried by an overwhelming majority of shareholders. The directors’ proposals centred on the cancellation of nil arrears of preference , dividend up to June, 193'1, and the authorlsation of an issus of bonus preferenoe shares to preference shareholders. In addition, preference shareholders were asked to accept from June 30, 39d4, a ■ fixed cumulative preference dividend or 6 per cent, per annum, with the right of participation up to 8 per cent, when the ordinary shareholders receive more than 6 per cent. , ' In their circular to shareholders, the directors explained that arrears of preference dividend for four years to June iSO, 1934, amounted to £40,575; that the (voluntary sacrifice of salary by the three managing-directors and the London reipresentative amounted to £18,290 from April, 1930, to November 30, 1932, and that arrears of salary due to them from December 1, 1932, to June 30, 1934, amounted to £9385; and that the profit and loss account showed a debit balance of £52,612 as at June 30, 1933, which had been reduced to £43,234 by a profit of £9378 earned during the year ended June 30 last. Contingent upon the acceptance of the proposals, it was intended, to admit of dividends being paid from June 30, 1934, that the debit at profit and loss at that date be extinguished by a transfer from reserves, and that the preference dividend of 6 per cent, per annum for the halfyear ended Dec'ember 31, 1934, be paid early next year. Following the acceptance ot the proposals, the managing-directors and the I London representative agree that so long a<= they remain in their positions they will accept an aggregate sum of £lBO a week, instead of £257/10/- a week, for the period December 1, 1932, to July 3, 1937; further, in any year in which preference shareholders receive 6 per cent, and ordinary shareholders 3 per cent., any surplus profits then remaining nre to be applied toward the reduction of the amounts due under contracts with the managing-directors as from December 1, 1932; and, finally, that should the man-aging-directors. not have received file whole of such balance by July 3. 1937, they shall continue in their present positions. and be entitled to be paid thereafter by aggregate instalments of £lBO a week until the total so paid amounts to the balance owing to them as at July 3, 1937. While receiving such instalments they shall not receive any other remuneration from the company. Australian Price of Gold The price fixed by the Commonwealth Bank for gold,, including jewellery, lodged at the Melbourne Mint for the week ended December 21 was at the rate of approximately £7/19/2 per standard ounce ,(22 carats), equal to a premium of 104.38 per cent. Payment is made according to (the assay value of the gold. The price was &d. higher on the week. The price per sjttnce fine was £B/13/8, a rise of 2d. on jW, week.

France— Buying. 60.63 60.03 Selling. 59.33 59.38 Francs to £1 . N.Z T.T. O.D. Noumea — Francs to £1 N.Z T.T. 61.58 58.58 O.D. 61.9S 58.63 Papeete— Francs to £1 N.Z. .... T.T. 61.58 5S.58 O.D. 61.98 58.63 Belgium— Belgas. to fl N.Z T.T. 17.268 16.568 O.D. 17.368 16.583 .Germany— 7 Reichmarks to £1 N.Z. T.T. 9.638 O.D. —— 9.643 Italy— . Lire to £1 N.Z T.T. 45.60 O.D. —• 45.64 Switzerland — Francs to £1 N.Z T.T. 12.443 12.043 O.D. 12.518 12.053 Holland — Florins to £1 . N.Z T.T. 5.990 5.740 O.D. 6.040 5.744 Java —_ Florins to £1 N.Z. .... T.T. 5.947 5.722 O.D. 5.997 5.726 Japan— 'N.Z. pence to 1 yen T.T. — 17 21-32 Shanghai— N.Z. pence to 1 dollar T.T. 20> 21 11-16 O.D. 201 21$ India and Ceylon— N.Z. pence to 1 rupee T.T. 22 9-32 22§ O.D. 22 5-32 22 9-16 Hong-Kong— N.Z. pence to 1 dollar T.T. 25 7-16 26J O.D. 25 5-16 26 7-16 Singapore— N.Z. pence to 1 dol. T.T. 34 7-16 35J O.D. 34 5-16 35 5-16