COMMERCIAL

Evening Post, Volume CXXXII, Issue 83, 4 October 1941, Page 6

COMMERCIAL

A FIRM MARKET

SHARES IN DEMAND

"Evening Post," October 4,

The improved tone in Stock Exchange business noticed last week was continued and the market may be described as closing firm with some notable advances in prices paid for certain shares this week compared with' those reported last week. Bank shares, however, were on a quiet market, but there was no lack of buyers at prices that were not attractive to holders. Bank of New Zealand shares, selling at 40s 3d, showed an advance of 6d above the highest price reported last week. National Bank of New Zealand kept at 38s 9d to 39s and Union Banks were unchanged at £7 ss. Insurance shares were in good demand, New Zealand Insurance having sales at up to 70s 6d and South British to 62s 6d, and Nationals selling at up to 20s. Standards commanded 61s 9d, or 3d more than last week. Interest increased in meat and woollen shares, New Zealand Refrigerating (£1) selling at 20s 9d and Gears at from 15s, rising to 15s 3d. All woollen shares were strongly held. Kaiapoi <17s paid) sold at 17s. Mosgiels were wanted at £10 to £10 7s 6d and Wellington Woollens £7 for ordinaryRetail' Stores were firmly held. Industrials were sparsely dealt in. Reid Rubber rose from 27s 8d to 27s 9d. Wilson's Cement kept at 19s 6d. Brewery shares also improved in value. An indication of the advance in values of New Zealand shares' as at the beginning of the last quarter of 1941, showing top prices paid, compared with lowest levels reported by the Stock Exchange for this year, is seen in the table following:—

♦Buyers. GOVERNMENT LOANS. New Zealand Government loans kept steady throughout the week. War Loan (1953) was in good demand. Highest prices as reported this week and last, and approximate prices in October. 1940, are shown as follows:—

• The 2V> per cent. (1946) and 3 per cent. (1951-54) are the latest War Loans; the War Loan (1953) bears no interest until October 1, 1943, and thereafter interest at the rate of 2^ per cent, per annum. Half-yearly interest is due on 4 per cent. (1946-49) on October 15. " 'Buyers.. Sales of Government loans as reported this week were as follows: —3 per cent:1 ,(1951-54), £97 10s, £97; 3* pei> cent. (1956-59), £100; 34 per cent. U957-60), £99 7s 6d, £99 10s, £99; M per cent. (1953-57), £101 15s; 4 per Icent. (1943-46), £101, £101 ss; 4 per icent. (1948), £105 ss; 4 per cent. (1946----49), £104 15s, £105; 4 per cent. (1949----52), £106 10s; 4 per cent. (1952-55), .£,107: 4 per cent. (1954-58), £107 ss; War Loans (1953), £87 10s, £87 11s 3d. Reported sales of 4i per cent, local debentures included Christchurch Drainage (1965), £110, and Waitomo [Power (1945-56), £103, also 3£ per cent Springs-Ellesmere (1966), £100 10s. Sales of Auckland Gas (perpetual) were reported at £92 10s. The interest rate on these debentures was recently reduced from 5 per cent, to 3J per cent., to date from April 1, 1941 under the Finance Act of 1941. Booth Mac Donald 5 per cent, issue (1947) sold at £84. New Zealand gold mine and dredging shares had some business—Grey Rivers. 15s .6d: Big River. 9d; Una Hill Is 7d: Clutha, Is 6d; Komata Reefs. ss; Snowy River (ss), 7s; and Slab Hut (ss). 4s 6d. AUSTRALIAN SHARES. Business in Australian shares this [week was'in-fair volume -with Commercial Bank of Sydney selling at £18 15s: Broken HilLs at 42s 6d; I-CL Pjel at 24s 9d; W. R. Carpenter at 40s Woolworths, Ltd.. so]d between 17s 4d and 17s 6d. and G. J. Coles at 6as to 65s 3d Woolworths Holdings had business at 16s 6d to 17s. In the mining ! section North Broken Hill sold 44s to 44s 9d and Broken Hill South to 29s 3d- Mt. Lyell, 28s; Mt. Morgan, 9s J64d.

PRICES OF BRITISH STOCKS

<By Telegraph—Press Association— Copyright.) 1 LONDON, October 2. Quotations in London Jfor British 'and Dominion stocks compared with recent levels are: "~ Last Week. This Week.

V>« tsonfpmher 18 Consols were £81%. 3%

LONDON STOCK INDICES

DOW JONES SHARE AVERAGES,

SILVER AND TIN

(By Telegraph—Press Association—Copyright.) LONDON, October 2. Silver.—Unchanged, 2 7-16 d per oz standard ; 25 5-16 d per oz fine. Tin.—Spot: Buyers, £256 a ton; sellers, £256 ss. Forward: Buyers, £260 15s; sellers, £261. DIVIDENDS DUE. .Bradford Cotton —final, ord., 5 p.c, or 10 p.c. per annum Oct. 7 Howard Smith—quarterly, pref., \Vz p.c Oct. 7 Wai'rapa Farmers' Co-op.—pref., 3 p.c. Oct. 7 Kanleri Dredce —Is per share Oct. 11 Burns, Philp (S.S.)—int.. 2% p.c. .. Oct. 15 Woolworths (Yic.)-^half-year, pref.. . 3Vi p.c Oct. 15 Woolworths, Ltd.—int., ord., 6 p.c. .. Oct. 15 Woolworths "(N\"Z.) — half-yearly, pref., Wz p.c. at 9 p.c per annum, less 2s in £ tax Oct.. 15 Hays,' Ltd., Chch. — 7V Z P-c. per annum Oct. 16 N.Z. Guarantee Corp.—l%d per share Oct. 24 Wm. Cable —pref., 7 p'.c.; ord., 3% i p.c Oct. 25 Arahura Bredee —Is per share Oct. 25 South Ota go Freezing Co.—s p.c. per annum on so

Low 1941. s. d. Bank N.Z .. 35 9 Xational Bank X.Z S2 6 X.Z. Insurance 59 3 Stb. British Insurance 53 0 National Insurance ......... 18 5 Standard Insurance 48 6 X.Z. Refrigerating 16 5 Gear Meat ... 11 9 i Titriaru Woollen i. 14 0 jMosgiel 200 0 Wellington Woollen 1S2 6 Oamaru Wool 20 0 Kaiapoi Woollen 13 0 Auckland Gas 5 6 X.Z. Breweries 29 9 Dominion Breweries 28 0 Woolworths (X.Z.) 12 11 MacDuff'5 (pref.) ..'. IS 9 Farmers' Trading IS 9 X.Z. Drug 76 0 Reid Rubber 23 0 Wilson's Cement IS 5 Consolidated Brick 6 o This week. s. d. 40 3 39 0 70 6 62 6 20 0 62 6 20 9 15 3 IS 0 *207 0 *140 0 24- 0 17 0| 7 6, 36 S! 30 614 5 20 6 22 0 7S 3 27 9 20 0 S 2

Kate ,,.c. Year. 2% . . 1946 3 .. 1945 3 .. 1951-54 314 .. 1956-59 S*4 .. 195?-60 S% . •• 195S-57 4 .. 1943-46 4 .. 1948 4 .. 1946-49 4 ' .. 1949-52 4 .. 1952-55 4 .. 1954-58 War Loan, 1953 Oct. 1940. £ 101% 1 102% 104% 103 105% 105 106% 79% Last week. £ *06V 2 *99 97^4 *99 99% 101?i 101% IO51/4 IO0I/4 106% 107 107% S7% mis. week £ *95% *99 97% 100 99% 101% ioiy 4 .105% 105 106% 107 IO-14 87 9-16

Consols, 2V 2 P-C •• 82$ Funding, 60-90, 4 t114% iVar Loan, 3Va J°2 British 3% Conver. .... 10^% Hctory Bonds • 1" ST.Z., 1948^-58, 4V 2 ...... 102^ 82% 114V 4 1061& 1057s 113 102% .99%

(By Telegraph—Press Association— Copyright.) LONDON, October 2. "Financial Times" indices (1926 equals 100):— Govt Home Indus . c o]d . see's. Kails, trials, mines. Se p t 2 113.6 52.4 96.7 176.2 %Z*t 4 114.2 51.3 98.2 17S.2 Set i ::: iw.o 51.5 9 8 .4 1-7.8 Oct 2 1H-0 52.0 99.7 178.2 Indu"strials.-H|ehest in 1940, 101.6 (February 28. March 1) ; lowest, 61.1> (June 26).

(By Telegraph—Press Association—Copyright.) NEW YORK, October 2. Dow Jones (1926 equals 100) : — 20 30 ' Shares Rails. Indus. sold. Sept. 2 .... 30.17 128.31 520,000 Sept. 30 .... 28.90 126.82 460,000 Oct. 1 28.83 126.85 370.000 Oct. 2 28.90 126.15 460,000 Industrials.— Highest in 1940, 152.80 (January 3); lowest. 111.84 (June 10).