'ON CHANGE.

Auckland Star, Volume LXII, Issue 37, 13 February 1931, Page 4

'ON CHANGE.

FLUCTUATIONS IN SHARES

MARKET VERY DULL. After moderate business yesterday the local Stock Exchange again relapsed into dullness, and this morning's call concluded without any fresh sales being recorded. Bidding was tame, ana many lines disclosed a further weakening tendency. Bank of New Soini: YVaies were offered 10/ cheaper at £26 10/. but in view of the latest .announcement cQncarningdeduLtions from dividends, buyers were not pie pared to go beyond £23 were a little steadier with bujeis at £- 3/- . In the insurance section Nationals weie asked for at 11/9. New Zealands at 14/", and South British at £2 8/Consolidated Bricks were available at 12/, and a parcel of 4% per cent tax free War Bonds was offered at £9j 10 . The easing tendency in Wilsons Cement was confirmed with a sale at £1. l»/». after which buyers dropped back to x i 14/. South British Lower. At the noon call a drop in the .selling price of South British .to £2 10/ resulted in three parcels changing hands. Commercial Banks sold 7(1 cheaper than on February 5, but a dividend has been naid in the interim. , , ... Bank of New Zealands hrmed up with a buyer at £2 2/3. . In the insurance section buyers advanced their offers to 12/ for Nationals, and £1 14/0 for New Zealands AVilsons Cements were oiu oitei at ±a 16/ V parcel of Ellerslie Town Board debentures, 5% per cent (19o9), was offered at £99 10/. SALES COMPLETED. Last Sale. vr THE 3.15 P.m. CALL YESTERDAY National Bant of £4 1( . New Zealand .. « 2 § " IIS <J Wilsons Cement.. 1 y •• ■>T THE 12.15 P.W.. CALL TO-DAY Commercial Bank o 14 of Australia ... 0 1-j J . • South British Ins. rJ: u (3) " 1U " interest rates. The return to the investor on his out\JWd upon the latest dividends and in the ease of loans and debenturcs upon redemption at maturity, works out follows for the latest sales. I'ER CENT PER ANNUM. £ s. d. National Bank of N.Z « io 10 Wilsons Cement ? 8 South British Insurance • • ; J £ ° Com. Bank of Aus. • -> < u SOUTHERN EXCHANGES. (By Telegraph.—Press Association.) CIIRISTCHURCH— This Day. ' Sales on 'Change: % Commercial Bank (pret.) •- New Zealand Breweries 1 1 Beatli and Co. 1 0 u CHRISTCHURCH— Late Yesterday. Sales: £ s. .d. Aus. Bank of Commerce 1 ® Christchurcli Gaa iaii Mount Lyell (4) ••••••; ••■,,, 1 1 ,° ,f M . Beath and Co. (1/ paid), 1/2, l/o (-). Winding Creek'(l/ paid), Id, lju. WELLINGTON —Late Yesterday. £ s. d. Com. Bank of Aus ". •. Ig ] Bank of New Zealand .... - f N.Z. Insurance -J " Kemptliorne-Prosser - V. Wilsons Cement •• • 1 -*■« " N.Z. Refrigerating (con.) .. i b D*UNEDIN—Late Yesterday. & 8. d. Bank of New Zealand ...... 2 2 6 New Zealand Breweries 1 11, 0 Okarito 0 J CALL AND DIVIDEND LIST.

DIVIDENDS. Due. Grey Valley Collieries —Final, 3 Feb. lb C. L.' Innes —Interim, pref., 4 p.c. April 1 Standard Insurance —Interim, 1/3 a sliare — CALL. Taranaki fN.Z.) Oilfields —6d a shara • Now VALUES IN SYDNEY. GOVERNMENT BONDS EASE. SYDNEY, February 12. The values of Commonwealth securities are slightly weaker than last week, owing ( to the failure of politicians to give the lead that investors are waiting for. Bonds of 11 descriptions show a slight fall all Banking securities are practically neg. lected, excepting the Bank of New South Wales, which rose by 5/, following the declaration of the quarterly dividend at the rate of 9 per cent. DIVIDEND RECEIPTS. EFFJCT OF EXCHANGE RATES. • * (By Telegraph.—Press Association.) CHRISTCHURCH, Thursday. The local branch of the Bank of New South Wales to-day advised the Christchurch Stock Exchange that the bank has declared an interim dividend of 9/ a share in Australian currency at the date of payment, February 26. Immediately on receipt of this mformation local buyers, who had offered £26. dropped their bids to £22. _ The effect of this method of payment is that shareholders in New Zealand and English registers are heavily penalised, those on the New Zealand register to the extent of approximately 1/5 a share on to-day s exchange rates. i - A Striking Illustration. An instance of the extent to which dividend receipts due from Australia are being depleted is provided in the following letter received by a Christchurch resident;— "I have to advise that, in terms of your instructions, we have remitted to your credit £46 13/6, being interim dividend at the rate of 9 per cent per annum on shares in this bank for the halfyear ended December 31. 1930, less (N.S.W.) unemployment relief tax on the proportion attributable to New South Wales profits of dividends paid to you during the year ended June 30,- 1930, and less exchange. £ s. d. £ 8. a. Dividend 56 5 0 Unemployment tax .. 1 15 o Exchange 7 16 (i — 9 11 6 Remitted to your credit ...... ...•■■ 4613 6 PROTEST FROM EXCHANGE. ] At- the opening, call to-day the chairman, Mr. G. C. Creagh, referred to the notification re deduction of exchange from dividends paid by the Bank of New South Wales to shareholders in New Zealan iMY Creagh said the matter had been ,'„;Vlerecl by the committee, and it was Sled to communicate with the Stock Vvrliange Association of New Zealand Zifii a view .to making a strong protest 71 the bank regarding the unfairnes« of }£o proceeding-"

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