FINANCE AND COMMERCE

Press, Volume LXXII, Issue 21886, 12 September 1936, Page 12

FINANCE AND COMMERCE

FARMERS’ CO-OPERATIVE

ACCOUNTS.

STOCK EXCHANGES DULL

SHARE MARKET | REVIEW

A WIDER ENQUIRY ! i I AUSTRALIAN INDUSTRIALS | STEADY (»t OCR COMUL RACIAL BWTOR.) X’he week has been quiet on the Christchurch Stock Exchange, but thei ® has been k rather better tone evident. A number of Australian industrials, which lately have shown signs ot weakness, have recovered, and throughout there has been a wider enquiry for stock of all classes. The Exchange has by no means returned to the full confidence that was shown early this year, and for this the uncertainty of the outcome of the new legislation concerning mortgages is principally to blame. There is, as yet, no indication as to what the Government policy will actually be in regard to money, but all indications point to interest remaining at its present level, if it does not come down. The uncertainty over interest rates has been the principal factor in the firmness of Government loans, which for some time now have been strongly held despite rising offers from buyers. This week there was again concentration on this section of the market, and though few sales were put through buyers' were, constantly anxious to make purchases. Sales of the 1937-40 4 per cent, issue were made up to £lOl 17g 6d, a gain of ss. The 1943-46 issue gained 2s 6d to £lO3 15s, and the 1946-49 4 per cents, were dearer with sales at £lO5 15s. Turnover for the week was practically unaltered from last week. The business done day by day was •s follows: — - r This Last ‘week. week. £ £ Saturday .. 2,132 1,800 Monday .. 6,341 6,476 Tuesday- .. 6,734 4,010 Wednesday .. 3/773 6.282 Thursday .. 7.500 7,341 Friday .. 5.423 6,095 * Total .. 31,903 32,004 Business in the different sections Shares Value No. £ Government .. Debentures .. Banks .. 1,025 2,327 Insurance .. 200 182 Loan and Agency 562 1,317 Refrigerating .. 400 374 Breweries .. 650 1,732 Miscellaneous .. 7,751 16,050 ; Mining .. 16,550 4,175 Banking Banking received a fair amount of attention. The 10s Commercial of Australia were steady for most of the week but dropped Id yesterday -with a sale at 18s 3d. New Zealand were again weaker, and had several sales at £1 19s 4d, a loss of 2d on recent sales. Union of Australia, though they fluctuated somewhat, were firmer, and showed a fractional gain on the week. Insurance was again very quiet, and only one sale was recorded. This sale was of Nationals, which were done at 18s 3d. The brighter outlook for wool has stimulated interest in pastoral issues. Goldsbrough, Mort were sought steadily and improved in price by Is to £1 13s 9d. There was a good enquiry for the various issues of the New Zealand Farmers’ Co-op., and the price hardened in anticipation of a better report for this year. The meat section was not well sup- j . ported, and New Zealand Refrigerating were weaker, with sales at 9s 2d for the 10s paid. There was some enquiry for North Canterbury, which had a sale at £1 17s 6d. . There wag no great interest in breweries. New Zealand had a fair enquiry, but the price was erratic. Sales were made up to £2 12s lid, but the value had slipped to £2 12s 9d yesterday. Tooths wbre in some request, and a sale was recorded early in the weex at £2 16s 3d. a gain of 6d. Miscellaneous Australian industrial issues were in most demand, following the improved showing most issues have made on Australian exchanges, and the more encouraging Federal budget. Anthony Horderns, which eased earlier in the week, recovered most of their lost ground with a sale at 18s 7d. Australian Glass recorded a good gain from last week with sales at up to £4 12s 6d, a gain of Is 6d. British Tobacco also showed up well with a rise of Is 3d to £2 2s 3d. The Broken Hill issues, following the rapid % rise in Australia, firmed sharply. The Proprietaries made a gain of about 3s to finish at £3 17s 9d, and the. new issue went up 3s, to £2 17s 6d. G. J. Coles, despite the somewhat disturbing series of messages which have been placed before shareholders in the last fortnight, held their ground well, and after showing a loss of about Is 6d at mid-week, recovered their price at the end, to show only a fractional loss. Dunlop Rubber were slightly weaker following the announcement of the accounts, and Hume Pipe Receded from the levels of last week. Morts Dock made a steady gain, though prices were erratic. Woolworths (Sydney) were 5s dearer, and both Self ridges issues showed gains. Mining There was fair activity in the mining section, v. Mount Lyell • fluctuated throughout the week, but were clearly cheaper than they were last week. Mount Morgan started off badly, but finished only fractionally cheaper than they were last week.

SOLD TO CHILE

NEW ZEALAND CORRIEDALES AND ROMNEYS A valuable consignment of stud sheep will-be shipped from Lyttelton early next week in the Cambridgfe, en route vo Chile. It will comprise 50 Corriedale. rams and five Romney rams, selected by the stud stock department of Wright, Stephenson and Company, Ltd. The Corriedales came from the following flocks: Bushey Park Estate, Moeraki Estate, W. Anderson (Waiau), Little Estate (Hawarden), H. Ensor CRakahuri), O. T. Evans (Hawarden), D. Sidey (Hawarden), and A. A. McIntosh ' CWhiterock). The Romneys weenelected-JEcom NorthJsland flocks.

The accounts of the New Zealand Farmers’ Co-operative Association of Canterbury, Ltd., for the year ended July 31, show a further increase in business and earnings. This is the third year in succession in which the company has shown profits. Dividend on the first preference and A preference shares remains unaltered, but the distribution on the B preference shares is raised from 2 to 4 per cent.

The overseas cablegrams record a firmer market at Bradford where the reports of the Australian sales have stimulated activity. A further fall is shown in the price of butter in London, the figure now being 109 s per cwt.

The Stock Exchanges have had a dull week, but Australian industrial issues have shown a good deal of strength.

Potatoes have reached higher levels because of a shipment that is to be made early next week.

YESTERDAY’S TRANSACTIONS

There was a moderate turnover on call yesterday, with Australian industrials again attracting the bulk of the turnover. Price levels generally were well maintained. Transactions, exclusive of vestibule business were: — LISTED STOCKS Sales on ’Change 200 Comm. Bank of Aust, Ql3 a 400 Goldsbrougn. Mort .. 1 6 1 13 8 1 13 9 150 N.Z, Breweries f 2) 2 12 9 100 Anthony Hordern .. 018 I 100 British Tobacco (cum div.) • • 22 3 100 Broken Hill Propty. .. 317 0 300 Dunlop Rubber (cum div.) (3) 018 2 300 Electro. Zinc, (pf., ex div.) 2 3 5 2 3 6 2 3 5 100 General Industries .. 019 4 150 G. J. Coles (cum rights) (2) 319 9 100 N.Z. Newspapers .. 2 0 0 500 Antonio’s Hydraulic .. 0 0 6| 400 Maori Gully .. 0 0 74 200 Worksop Extended .. 01 10 150 Mount Morgan (2) 013 2 f Sales Reported 100 Bank of New Zealand 119 4 200 National Insurance .. 018 3 50 G. J. Coles ‘(cum rights) 319 9 168 N.Z. Newspapers (odd parcel) .. 2 0 0 300 Mount Morgan .. 0 13 2 0 13 1J 100 Broken Hill Propty. .. 3 17 9 UNLISTED STOCKS Sales Reported 200- Selfridges (A/asia.. old) 17 4 100 Selfridges (A/asia. new) 17 0 i Banking Commercial Bank of Australia were easier with buyers and dealings at 18s 3d, sellers at 18s sd. Bank of New Zealand were steady at 39s 4d. National Insurance, had business at 18s 3d. Dalgety and Company were firmer on ouyers’ offers £8 17s 6d. Goldsbrough, Morts advanced to dealings at prices ranging from 335., 6d to 33s 9d, and more were wanted at 33s Bd. sellers at 345. New Zealand Breweries changed hands at 52s 9d and more were offered at 52s lOd, buyers at 52s 4d. Tooths Brewery shares were easier with sellers at 55s lid. Miscellaneous Anthony Hordern were firm at 18s 7d, market closing Id either way. Buyers of Australian Glass raised their bids to 935, sellers at 93s 9d. British Tobaccos, cum dividend, moved up to 42s 3d, sellers staying in at that price, buyers at 425. Broken Hill Proprietary had business at 77s and. 77s 9d —the contributing which rose to 57s 6d on Thursday were on offer yesterday at 56s 6d, buyers at 55s sd. Dunlop Perdriau Rubbers, cum dividend, remained unaltered with sellers and dealings at 18s 2d, buyers at 18s Id. Electrolytic Zinc preference, ex dividend, were firmer with dealings at 43s 5d and 43s 6d—the ordinary were firmer on buyers’ offers 40s 9d. General Industries were fractionally weaker at 19s 4d. G. J. Coles were firm at 79s 9d and late buyers offered 80s 3d, sellers at 80s sd. New Zealand Newspapers were firm with buyers and dealings at 40s. sellers at 41s. New Zealand Farmers’ Fertiliser were firmer ■on buyers’ offers, 21s 3d. Mining Antonio's Hydraulic were fractionally weaker with buyers and business at 6J.d. Argo Gold, cum dividend of Id a" share, claimed buyers at Is Bd, but sellers wanted Is 9d. Maori Gully were firm with buyers and business at 7id. Okaritos were firmer on buyers’ offers 4s. Worksop Extended had business at Is lOd. Mount Morgans showed little variation with dealings at 13s 2d and 13s l£d. Unlisted Stocks Selfridges (Australasia), old, rose sharply to 27s 4d, market closing 27s 6d buyers, 28s 3d sellers —the new rose to 275, buyers staying in at that price, sellers at 28s 6d. Woolworths (Sydney) Ordinary appeared easier with sellers at £3 9s 9d. buyers at £5 9s 6d. AUCKLAND j [THE PRESS Special Service.] AUCKLAND; September 11. Further strength in- Australian stocks, due to the improvement in finances revealed in the Federal budget. Was the most important point of interest in the investment market this week. There was a smaller turnover on the Auckland Stock Exchange, business being restricted largely to industrial shares. In this section Australian issues were most keenly sought, and some strong advances were made. New Zealand issues made a very poor showing. Except for the leading Commonwealth issues, the investment market generally still retains a somewhat cautious air, and buyers are very restrained in their operations. At the same time, sellers are not coming to terms very easily. The banking section still shows no signs of improvement. There was a dull enquiry and a limited turncyer. Some of the overseas issues showed a barely quotable firming. Nationals of New Zealand were available at a lower rate, but buyers .held off. New Zealands did not hold their moderate advance. The enquiry for insurances was again confined chiefly to New Zealands, which moved up by 9d to 635. There are some big orders in the market for this stock at present. South British were a shade easier in business down to 89s. The bright outlook in the wool market has given pastoral shares a new lease of life. Goldsbrough, Morts rose sharply, and other issues met with a better demand. Broken Hill Proprietary, which closed last week at 74c 9d, made a rapid advance to the record levels of 77s ia arid 77s 6d. British Tobaccos and Australian Glass also made ground. . The gold market was rather easier, due to the fall in the price of the metal. Mount Morgans were a shade better at round 13s Id.

DUNEDIN

[THE PKESS Special Service.] DUNEDIN, September 11. A quiet week’s trading was experienced on the Stock Exchange. Investors remain wary of placing their money in any issue that may be affected by the Government’s recent legislation, and as a result there has been a tendency during the last week to turn towards Australian industrial and mining shares, which appear to offer safe avenues for investment. Several noticeable rises were recorded in these issues, the prominent examples Deing Goldsbrough, Morts, Broken Hill, and British Tobacco. A New Zealand issue that showed a substantial gain on the week’s trading was Okaiito, which rose from around 4s to business at 5s to-day. Generally there was not a great deal of change in the values of shares, and the market was firm, if dull. There was very little change in quotations for most banking issues, although New Zealand’s slipped further a few points to a fair amount of business at £1 19s 3d and £1 19s 4d. In the shipping section, P. and O. deferred stock maintained its high position with unsupplied buyers at £ 1 11s. The preferred Union Steams, which have attracted buyers at £1 6s for a considerable time, were sold at £1 6s 5d and ‘£l 6s ‘4d. Westport Coals showed signs of receding slightly early in the week, but there were four sales reported to-day at the firm price of £1 3s. Among the Commonwealth issues to catch the investors’ interest were Goldsbrough, Morts, and sales were recorded up to £1 13s Bd. British Tobaccos, which rose last week with the announcement of an increased dividend, continued to move upwards to sales at up to £2 Is 9d. The Broken Hill Proprietary issues also rose sharply. The ordinary issue attracted buyers, and there was business to-day at the high price of £3 17s 6d, which is 5s above the price ruling a month ago. The contributing issue also improved noticeably. G. J. Coles •had business during the week at £3 19s 9d and £4, which is firm on last week’s rates. Sydney Woolworths rose again to three sales at £5 11s 6d. Mount Morgans remained firm, with considerable business at between 13s and 13s 2d, but Mount Lyells showed signs of weakening. Electrolytic Zincs showed signs of an improvement today with business at £2 Os Bd. The most outstanding rise in price in New Zealand issues was recorded in Okaritos. This mining issue was sought at 3s last week, but the buying price rose throughout the period under review, and parcels changed hands at 4s lid and ss. Milburn Limes were in keen demand throughout the week, and a sale was recorded at £2 3s 6d. National Electrics were firm, with business at 12s lid. New Zealand Breweries rose sixpence to business at £2 13s, at which price they remained firm. All' Government loans were in firm demand, with an entire absence of sellers;