FINANCE & COMMERCE

Dominion, Volume 35, Issue 258, 30 July 1942, Page 2

FINANCE & COMMERCE

, BRITISH FINANCE Fiduciary Issue Increased (British Official Wireless.) RUGBY, July 28. The Chancellor of the Exchequer, Sir Kingsley Wood, announced In the House of Commons that, acting In accordance with the Currency and Banknotes Act, the Treasury had authorized an increase in the fiduciary Issue by £50,(W>,009, bringing it up to £880,000,000. Sir Kingsley Wood said this was due to higher earnings and savings in the form of notes, by workers, use of cash Instead of cheques for various reasons, and matters arising from the evacuation and service m the forces. He said that the amount raised by the Issue of 2J per cent. War Bonds up to July 25 was £506,000,000. The Chancellor of the Exchequer was asked what was the total amount loaned by the Bank of England and the joint stock banks on short term in Treasury deposit receipts and Treasury bills, and what was the annual Interest charges paid. He said that the receipts outstanding on July 15 were £651,500,000. The interest payable was 1 1-8 per cent, per annum. He could not say what proportion of the total was held In any particular hands, ine current rate of discount was approximately 1 per cent, per annum. Stock Exchange Sales Dealings In stocks and shares recorded on New Zealand Stock Exchanges yesterday were as follows, the number of shares in each lot being shown In the case ot Wellington: —

AUCKLAND. Liberty Loan, 3 p.c„ 1052-35 (2). £99/2/6; Bank of NZ. -£l/19/3: S° utll Brltia s In ' surance (2) £2/18/3; N.Z. Guarantee Corp., 2/9 2/10 (2^; Auckland Gae (2), 6/5; Westport Stockton, pref.. 8/3; N.Z. Drug Co., con., £2/2/-. cimlSTcnußcn. War Loan, 1/10/33, £9l; ditto, 3 p.c., 1931-51. £lOO/10/-; Liberty Loan, 3 p.c., 55 £99/10/-; N.Z. Guarantee Corp., Im; Stockton, 3/-; Colonial Sugar (2), Commercial Bank Of Sydney The Commercial Banking Company of Svdnev -Ltd. advises that transfer books will be closed from August 7 to August 18, both days inclusive. Gold Mining The ißiinu dredge returned 385.7 ounces for 2044 hours from 152,713' yards. The Moonlight Goldfields return was 30 ounces for 228 hours. The Blackball Creek dredge returned 40 ounces for 212 hours. The Okarito washup totalled 20oz. Idwt. for 84 hours. The Austral-New Zealand return for the fortnight ended July 25 was 171 ounces for 220 hours. London Stock Exchange (By Telegraph.—Press Assn—Copyright.) LONDON, July 28. On the Stock Exchange quotations of bank shares and other corporation debentures and stocks compare with previous quotations as follows:— July 14. July 28.

Dunedin Rabbitskin Sale Dominion Special Service. DUNEDIN, July 28. Approximately IM) tons of rabbitskins were submitted at today’s sale. There was a weaker demand, which became more apparent as the sale progressed, and values for winter grades can bo quoted on the average rtd. to lOd. a lb. lower. With odd exceptions, all other grades were generally easier by 3d. to fid. a lb. Badly spotted grades of incomings, autumns, early winters and fatties were neglected, and these were IGd. to 16d. a. lb. lower.

WELLINGTON. No. of £3200 War Loan, 1/10/53 (5) . £500 laser. Stock, 3 per cent.. Sale price. £ s. d. 91 0 0 •99 0 0 6 17 6 300 N.55. Guarantee Corp 0 2 0 400 Auckland Gas 0 6 10 Colonial Sugar 48 0 100 Woolworths iioiaings (South Africa) ........ 18 0 ♦Late sale Tuesday.

Banks— £ s. d. £ s. d. Australia -j 6 0 0 E.S. and A o 10 0 — 8 0 Union of Aust 3 07 6 .•» 17 to N.S.W. 18 10 0 IS ’10 0 National of N.Z. ... 1 6 0 1 4 0 New Zealand 1 7 3 1 6 0 Others— British Tobacco ... 1 3 y 1 o 9 G-oldsbrough Mort . 0 15 0 0 15 0 Dalgety 3 10 0 3 10 0 I’, and 0. dot 1 5 u 1 7 14 N,Z. Loan and Merc,, 4 p.c., deb 67 10 0 67 10 0 X.Z. Loan and Merc., ord 10 10 0 19 10 0