STOCKS AND SHARES

Evening Post, Volume CXXVIII, Issue 109, 4 November 1939, Page 16

STOCKS AND SHARES

GILT-EDGED DEMAND

TURNOVER EXPANDING

.. . '"Evening Post," November 4. Improvement in the business being done on the Stock Exchange as referred to last week is continued and turnover is increasing. Interest is well "diversified, but special attention is being paid to gilt-edged securities in the.form of Government loans, also to. urban local body loans: Bank shares remain .on a dull market but these too show slight appreciations. Insurance shares also show some improvement over prices recorded a week or so back. New Zealand industrial shares are attracting further attention, and business has been done in shipping and coal shares.

Australian industries and metals have been in good-demand with a comparatively large number of sales reported.

Retail store shares remain in favour and show improvement in values. The general tendency of the New Zealand market is upward and this may be seen in a comparison of the, prices reported this week with the lowest prices made this year as given in the official record of the Stock Exchange. The prices are shown as follows:— TUis year. This week. j Lowest. how. High. I B- s. d. £ s. d. £ s. d. i ' B<yik of X.Z. .. 117 0 119 8 2 0 0| Nat. Of N.Z. ...233 — 220| Bank N.S.W. .. 29 10 0 29 17 « 30 0 0 Union Bank 738 6 7 50 77 0 E.S.-arid A. Bank 4 16 G -- 4 17 6 Coiam. Bank .. ■; 015 7 015 9 016 0 Nat. of Au3t. .. 6 5 (j — 6 12 6 N.Z. Insce 210 6 ■ — , 215 6 Sth.., Brit. Ince, 2 1 8 2 4 0 2 5 6 Nat.' Insce 0 15 Z — 0 17 9 Golds... Mort ..103 1 11 9 Westport Coal .100 11G119 Cheh. Gas ....123 — 150 Mosgiel Wool .. 9 10 0 — *9 1 0 Wgtn. Wool (i>f.) 4 10 0 — *5 5 0 Oamaru 012 6 015 0 015 3 KalapoiV .. -0 S 0 — *0 U 0 Canty. Meat ... 9 0 0 — S 15 0 N.Z. Refrig. (10s) 0 G 5- — — • N.Z. Breweries . Ill) (i 1 16 0 1 16 5 Dotfi. Breweries 1 8' 9 — — VTool'ths (N.Z.) 0 lt> 1 017 9 018 0 Ma<JDurrs ...... 0 20 023 026 ■ Dbiiaghy Rope .. 2 2 0 — 2 7 6 N.Z; Drug 3 4. 3 — -3 8 0 - Sharland ..... 0140 — 0 13 0 Wilson Cement .0 15 3 017 9 017 10 Ccmsol. Brick . - 0 S 0 0 7 S 079 Broken HiJl 2 15 9 3 18 6 3 19 6 Brli. Tobacco .272 211 6 212 1 Col. Sugar 47 5 0 31 10 0 52 0 0 Diinlbp ....... 019 10 11 0 11 2 Electro. Zinc ..230 316 32 3 ifort's Dbek .... 0 11 0 — 0 18 0 "Woolworfhs ' 1 1 S 15.0 15 3 G. 1. Coles 315 0 319 0 319 6 * ' *Buyers. Investors • are still paying particular attention to Gbvernment loans and the market has hardened over the week. The yield on these investments at short date is 4£, nearing 44 per cent, whereas the maximum rate offered by local bodies in their latest issues is 4£ per cent. ■ , The -prices paid for Goyeirnment Stocks and Bonds a year ago and those at which business was done last week, and dosing prices this week, are as follows: — >-ov. Last Thia

• - -._-■■ ."Buyers. V Half- yearly interest is due on 3i per cent, 5t0ck.(1952), 4 per cent. (1948), 4 ••percent (1949-52), and 4 per cent. U954-58) on November 15, and on A per" cent.. (1955) on December 15. • Reported sales of Government Stocks thife week ware as follows: — 7 H jer cent. Stock (1953-57), £92. ■' 4 per cent. Stock (1940-43), £98 15s, -•£9B 17s 6d, £98 15s, £99. ' 4 per cent Stock-(1946), £98 15s. '" 4 per cent. Stock (1948), £100 15s, ' *4°per Scent. Stock (1949), £96 15s, 4 per cent Stock' (1955), £97 ss, £07 10s, £97 15s, £97 17s 6d; and Bonds, fion iftg 4 per "cent. Stock (1954-58), £97 17s , 6d? £98. £97 15s, £97 17s 6d. £98. LOCAL BODY LOANS. " " Sales of local body debentures all •bearing interest at i{ per cent., have been reported as follows:— Auckland Harbour (1943 and 1947), ' Whangarei Borough (1945), £99 . "17s 6d.- ,- BANK AND OTHER SHARES. ' The'turnover in bank shares was small, as will be suggested by the table of prices realised. There . were buyers of Bank of Australasias at £8 sS~to '£8 10s. Commercial Bank of Sydney had inquiries at £19, but there were no • declared sellers of these 1 sliares. Insurance shares were in steady > demand; with Queenslands wanted at : 56s -and.\. tan'dards at, 555, but there ■was-no "response' from holders. Pastoral companies' business was confined. k> Goldsbrough Morts at 31s 9d; Farmers' Auctioneerings (B pref.) at 18s 6d, New Zealand Loan and Mercantile stock was wanted at, £22. . Financial companies' shares dealt m ■were New Zealand Guarantee Corporation at 3s lOd and Australian Foundation Investment Trust (not quoted in New' Zealand) at 4s to 4s 3d. - Buyers still show interest in coal and gas -shares, but business was .very small,- with Westports at 21s 9d. Pukerriiro at 14s 6d. and-Stockton (pref.)'at 7s ,8d to Bs. Christchurch Gas at 25s ■was "the only sale reported. Textile share business was slow. Oamarus at ,15s Sdbeing the only sale, but inquiries were made for Felc and Textiles, Kaiapois. Bruce, and Wellington Woollens. A fair amount of inquiry was made for freezing companies' shares, with, sdles of Canterbury^, at £8 15s and New. Zealand Refrigerating (10s) at from *8s 5d rising to 9s. Gears were wanted at lls 6d, sellers 13s. Shipping shares active were Huddart Parker, rising with sales at from 62s 3d "to 62s 9d. and Union Steam (pref.), sold at 25s 6d. Store shares dealt in were mainly Woolworths Ltd., at from 25s to 25s 4d, also Wbolwqrth (N.Z.) at 17s 9d to 18s, and a fair volume of business in both G.1 J. Cbles, held at 79s to 79s 6d. McKenzies had business at 41s 6d. Macduffs'reported sales at 2s 3d to 2s 6d for prdinary and 7s 4d for preference. Breweries were somewhat neglected. New Zealand Breweries had several sales,at up-to 36s 5d on a rising market Dominions had buyers at 325, and Swaps were wanted at 31s 6d. /" .AUSTRALIAN SHARES. ''.Good business was done in Broken iHill. but it tapered off as the market

[ advanced, closing at 78s 4d, ex div. I Electrolytic Zinc had a large turnover, I rising by Is to 63s 9d for preferences land 9d on the ordinaries, which closed at 62s 3d. Mount Lyells were steady between 32s and 32s 9d. Business was reported in Broken Hill Souths to 32s 9d, North Broken Hill at 525, and New Broken Hill at 18s 6d.

Other Australian shares in demand were Colonial Sugrfs, rising in stages from £51 10s to £52; British Tobaccos sold around 525; Australian Consolidated Industries were steady at 40s.

Mining and dredging shares were quiet, except Grey River, which advanced from 16s 5d to 17s 9d, and closed at 17s.

Taranaki Oil sold at 5s to 5s 6d,

Per Year. l»as cent. & 3 - «. 1939-41 Vt> 3% .. 1933-37 98 3%' .- J»41 »Ti. '4 .. 1940-43 — 4 .. 1946 D9 4 .'. 1948 4 -. 1949 !)9'2 4- .. 1949-52 y7l 2 4 ■ *. 1952-55 99 J_4 .. 19ol-r>S — week. wees. £...:. £ ftSV- *98 92 92 "99% »99V£ 9S=i 99 QS3' ' OSSi 100% 10034 97.ib J97% ♦97% 98^4 96% 97% , 97% . . 9S