FULLY MAINTAINED

Dominion, Volume 32, Issue 143, 13 March 1939, Page 12

FULLY MAINTAINED

London Stock Exchange Improvement COMMODITY MARKETS FIRM By Telegraph.—Press Assn.—Copyright. (Received March 12, 6.30 p.m.) LONDON, March 11. The Stock Exchange had another good week, the improvement being fully maiutained, with a steady expansion in the volume of investment demand, investors are taking more interest every day and more business is being done than at any time since the first hall of 1937. A gratifying feature is the number ot email investors all over the country who are now buying with prices steadily advanning. There naturally lias been some profit-taking sales-, but new buyers have come forward and the markets consequently have gained in liquidity. Influences behind the improvement are chiefly the better foreign political outlook, the hope of a trade recovery encouraged by Ministerial and other speeches, a reduction in unemployment and a sharp advance in steel output and satisfactory revenue returns, which arc taken as a further indication that the Budget will not show any serious addition in taxation. , Gilt-edgeds continued their upward movement, with 34 War Loan nearing £99. highest level 'for a long time. Commodity markets and base metals are conspicuously and continuously firm, the turnover in lead and spelter being the biggest since December. 'Pin is reserved though cheerful pending the International Committee's quota decision, and in the copper market dealers are still not quite satisfied over the statistical position, though prices respond to United States buying. Improved European Outlook By Telegraph.—Press Assn.—Copyright. LONDON. March 10. The recovery on the London Stock Exchange has continued for the sixth successive week, the gilt-edged market ending on a very strong note. The city profjsses to have great hopes from the early termination of the Spanish civil war, believing that Italy’s demands on France will be more temperate than I’ress polemics suggest; while Germany is facing grave economic and financial stresses, which will render a peaceful interlude imperative fur her, and there will be. brighter chances for an early Anglo-German trade and export competition agreement. Foreign bonds have been buoyant, British and Dominions’ loans went steadily ahead, and there has been some slight profit-taking in New Zealand loans after the recent sharp advance.

FOREIGN EXCHANGES .Position Of Sterling By Telegraph.—Press Assn.—Copyright. (Received March 12, 6.30 p.m.) LONDON, .March 11. The following mean closing rates on foreign exchanges were current today compared with those ruling on March 10:—

LONDON, March 11. Gold.—£7/8/3 an ounce, fine. Silver.—Spot, 20 9-16 d. -an ounce; forward, 20d. On New Zealand Currency Basis The Bank of New South Wales, Wellington quoted the following rates for their purchases and sales ot' foreign exchange on Saturday: — New Zealand Buying. Selling.

The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday on a New Zealand currency basis, they are subject to alteration without notice.

Disastrous Honey Season ‘•This is the most disastrous season that I can reinember from an experience of over 59 years of beekeeping, said Mr. A. Shallard, president of the Honey Producers’ Association of New South Wales. “The season has been a failure in South Australia, Victoria and most of New South Wales; indeed, the only places in Australia where the crop has been anv good were parts of Southern Queensland, the northern rivers of New South Wales, and parts of the coast. Fully 25 per cent, of the bees in New South Wales have died.”

Pa r. Mar. 10. Mar. 11. N. York. dol. to £ l.Slin 4.09 5-10 4.094 llontreal, dol. to £ 4.8(10 4.SO 4.70 Paris, francs to £ 1424.21 170 59-6-1 176 57-64 Brussels, bel. to £ 48.611 27.885 27.885 Geneva, fr. to £ 25.22u 20.63 20.625 Anist’dam. fl. to £ 12.107 8.83 8.SolBerlin, inks, to £ 23.43 11.695 Il.695 C'hagen, knr. to £ 18.159 22.40 22.40 St.'liolm, knr. to £ 23.13 19.42 19.42 Oslo, knr. to £ 18.159 19.90 19-90 Hels’ki, inks, to £ 193.23 220.75 226.75 Prague, knr. to £ 134.25 137 137 Madrid, pes. to £ 25.225 200 2(X) Lisbon, esc. to £ 100 110} 110} Milan, lire to £ 92 89.125 89 3-16 Athens, drac. to £ 375 547.50 547.50 Bucharest, lei to £ 813.01) 660 660 Belgrade, din. to £ 270.31 209 209 Bio de J., p. to mil. 4.99 3 1-10 3 1-16 B. Aires, p. to vesa 47.02 20.29 20.29 U. Video, p. to peso 51 184 18} Calcutta, p. to rup. IS 17 31-32 17 31-32 Shanghai, p. to dol. 18 8'3 S3 11. Kong, p. to dol. — t 1115-10 14 15-16 Y'hama, p. to yen 24.582 14 14 Batavia. 11. to £ 12.107 8.815 8.815

on London T.T. 124/7/6 125 £N.Z. to £stg. 100 O.D. 123/18/9 121/19/C Australia T.T. 100/10/100 £AtO £N.Z. 100 O.D. 100/10/100 Fiji T.T. 110 88/12/C £F to £N.Z. 100 O.D. 00 88/12/6 New York T.T. 3.7828 3.739? Dol. to £NX . O.D. 3.7S7S 3.7405 Montreal T.T. 3.787.) 3.7475 Dol. to £ N.Z. . O.D. 3.7962 3.7485 Belgium T.T. 22..)2-l 22.214 Bel. to £N.Z. . O.D. 22.u99 22.219 Czechoslovakia .. T.T. — 108.67 103.69 Denmark T.T. 18.140 17.830 Krn. to £N.Z. . O.D. 18.200 17.832 Finland T.T. 184.79 178.99 Mks to £N.Z. . O.D. 185.19 179.09 140.63 ITS to £N.Z. . O.D. 114.38 140.65 Germany T.T. — 9.287 Mks. to £N.Z. . O.D. — 9.289 Greece T.T. — 429.20 Drac. to £N.Z. O.D. — 429.35 Holland T.T. 7.1<-) 7.02.) FIs. to £N.Z. . O.D. i.21.) 7.027 Italy T.T. - 71.00 Lire to £N.Z. . O.D. — 7.1.08 Java T.T. 7.154 7.001 FIs. to £N.Z. . O.D. 7.194 7.006 Norway T.T'. 10.120 15.836 Krn. to £N.Z. . O.D. 10.180 15.839 Noumea T.T. 14n.63 138.88 Frs. to £ N.Z. . O.D. 147.13 13S.92 Papeete T.T- 14'>.db 139.03 Frs. to £N.Z. . O.D. 146.53 130. <h Sweden T.T. 15.n>2 15.4.>« Krn. to £N.Z. . O.D. 1..812 1 5.460 Switzerland T.T. lu.d.hi 111.423 Frs. to £N.Z. . O.D. 10.793 16.126 Hong Kong T.T. 18 27-64 18 51-64 N.Z. d. to Dol. . O.D. tS2;i-GI IS ol-bl India and Ceylon T.T. 22 9-32 22 9-16 N.Z. d. to Blip. O.D. 22} Japan T.T. — N.Z. d. to Yen . O.D. 17 37-61 17 37-64 Manila T.T. 31 3;,-1,4 ■’2} N.Z. d. to Peso . O.D. 31 29-bl 32-1-Shanghai T.'l. — 11 .j-32 N.Z. (1. to Dol. . O.D. _ — Singapore T.T. '’4 83-04 11 5-32 35 N.Z. (1. Io Dol. . O.D. 34 2<-l)4

Selling - T.T. U.S.A, dollars. ! Per £ N.Z.) 3.72 J 5-10 3.73 3-10 Canadian dollars. . (Per £N.Z.) 3.73 11-10 3.73 15-16 Buying- - 3.78 11-10 3.7!) 11-10