SECURITIES REACT.
TAXATION OF COMPANIES.
NEW ZEALAND INVESTMENTS,
An all-round recession in New Zealand securities was the reaction on the Christchurch Stock Exchange to the prospect of social security taxation of companies. There was an almost complete lack of buying support for shares in local firms, though Australian interests received a fair measure of support. Brewery shares led the way in the decline, New Zealands selling at a drop of 1/10 and Dominions having sellers down to 30/ without a buyer in sight. In contrast the Australian firm of Tooths had a firm market. Apart from breweries there was. a sharp reduction in quotations for Wilsons Cements, New Zealand Eefrigerating shares and Farmers Fertilisers. On the Auckland Exchange there was no such development, though brokers showed little interest in local securities. Buyers dropped out in several instances, but there was no tangible evidence of a general decline in values, quotations being on the whole above those ruling in Christchurch.
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Auckland Star, Volume LXIX, Issue 208, 3 September 1938, Page 7
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159SECURITIES REACT. Auckland Star, Volume LXIX, Issue 208, 3 September 1938, Page 7
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