Commercial News

Auckland Star, Volume LXXV, Issue 60, 11 March 1944, Page 3

Commercial News

WEEK REVIEWED

CONFIDENT INVESTORS

GOOD FLOW OF BUSINESS A satisfactory volume of business was put through by Auckland sharebrokers (luring the past week. The upward trend in values which, associated with a demand greatly exceeding supply, has been the dominant feature of the market for many months, was continued and the slight reaction in a few Australian indicator stocks on Thursday was insufficiently marked to affect the generally firm undertone. On the contrary, new gains were recorded among financial and industrial

issues yesterday. As in the previous week, banking stock came to the fore, and the market was cjuite unable to cope with the flood of orders. Bank of New Zealands advanced to the highest level for many years at C 2 5/3, while New South AVales, Unions and Commercials of Australia were all dealt in at appreciable gains. In the insurance group New Zealands recovered most of their recent loss to close at £4 9/3 -—only 3d behind the all-time peak. National Insurances rose to a new high point at £1 5/3. Practically all classes of Dominion shares were steady to firmer, with sellers absent for many coveted issues. No reaction following the introduction of meat rationing was apparent among_ freezing company shares, since the activities of these concerns are mainly concerned with the export market, in the only sales Gear Meats were steady at. £1 4/ and N.Z. Refrigerating conlributings gained 2d at 13/10. Woollen scrip had a ready demand and in the only business lirttce sold up to £1 15/0, compared with a "low" of £1 7/ last year. Breweries were uneven; offers for Dominions were marked back, while New Zealands, which have been in short supply, were wanted yesterday at £2 2/9, 1/3 above last trading. Auckland Gas appreciated, investors evidently taking a favourable view of the new control scheme. , . _ , Interest was welt sustained in the loan and agencv section, and good prices were secured for shares in southern co-opera-tive farmers firms, which are only occasionally handled by local brokers. Recent optimistic statements by the Phosphate Commissioners may be linked with a hardening in N.Z. Farmers' Fertilizers. New advances were also made by Claude Neons, Northern Steams, Reid Rubbers, Woolworths (N.Z.), M.K. Manufacturers and N.Z. Drugs. , There was some irregularity among leading Australians, Colonial Sugars, Goldsbrougli Morts and Broken Hills changing hands on a slightly easier basis. Sjdney Woolworths were active ana firmer, and Kauri Timbers bettered last month's price. In the mining section a sharp advance was recorded by Mt. Lyells. Government stock was moderately active anil chiefly restricted to 3 per cent and 21 per cent lines. A favourable progress report was made during the week concerning the conversion of the £9,839,080 worth of 1943-4(i 4 per cent stock the lists for which close to-day. This st° c k was dealt in this week at par, after which buyers dropped out.

JiATEST SAI.ES Sales since last review are:— Ranks—NZ., £2 4,9, £2 5/ (3), £2 5/3; N.SW £36 5/, £36 10/: Union, £8 4/6 (Odd lot); Com. Bank Aust., 18/6. Insurance.—N.Z., £4 8/6, £4 9/ (4), £4 9,3, N Australian l and 2 'overseas -Aust. Consolidated InduslrkL, £2 17/: Woolworths (Sydney) £1 nrnVpn Hill Ptv.. £2 6/6, £2 6,3, l.t/.A. (A and NZ) (pre!.), £1 ?/; Goldsbrough Mort £1 86; Kauri Timber. £1 9/6 (2); Colonial Suear £59 15/: Loan and Mercantile, £55. Mining—Mt. Lyell, £1 13/6 (odd lot), £1 14/. M Domlniun n 3/4; Northern Steam.lo 7, 10 7',i, 10/7; Northern Steam (con.). 3 1, 3 2; Taupo Totnra, 9,9 12); Abraham and Williams, 10/6; Dominion Brewenes, ;E- 5/, Keld Rubber, £1 10 6, £1 1 /; Auckland Gas 7-4 (2) 7 6 (2) con., 3/4; Claude Neon, £1 7/, £» 7/3! £1 7/4',i (2): Woolworths (N.Z.), 18/1, w2 (2); Traders' Finance (con), 7/2, Farmers Trading, £1 6/ i 3); Gear■ Meat, £1 4/. MK. Manufacturers, 7/. 7/3; Radio (1.36), W. ; I _ miro Collieries, 18/3 (2); N.Z. Drug., N.Z Farmers' Co-cp. (A pref.), £3 8, , Ca:nt«rc>ury Fnrmpri' (nrel ) £2; N.Z. Relrigerating (con.), 13/10; Fanners' Fertilizer, \ Bn ?? T? en ' £1 15/6; Milne and Choyce (deb.). £ 1 5/ ; Loans and Debentures. —Stock. 1947, 2»* C.JST £99 15/ .3); Stock, 1947-49 per cent, £98 2 6 (2). £98 5/; Stock. 1953, 2'* pel cent £96 (2); Stock, Dec., 1953-56, 3 per cent, £99 10/ (4); Stock, 1943-46, 4 per cent, |I°° <?>• cit/vk 1949-52 4 per cent, £105 10/ (2). blocs. ?948 2'i per cent! £98 15/; Stock. 1952-55, 3 per cent, £100 7/6; Stock, May, 1953-56 3 per cent, £99 15/; Stock, 1954-58, 4 per cent, £107 | Fletcher Holdings, £15/ (4); Taramakau, 3/6. TREND OF MARKET

The following table gives the prices of various securities a year ago, the cuirent price or nearest quotation, anil tne yield which, in the case of loans, includes redemption:— BANKS yield on latest Mar. 12. Mar. 10. price 1943 1944 ° r Quote. £ s d £sd £ s d Commercial 16 8 18 6 +3 12 0 National. N.Z. ... 210 3 »2 15 6 13 4 New South Wales . 32 0 0 36 10 0 1 5 » New Zealand . . 2 010 2 5 3 t2 13 0 MISCELLANEOUS N.Z. Insurance ... 319 0 4 9 3 J2 4 9 South British »3 9 6 316 6 212 3 Ar* T »2 10 9 217 it t2 5 7 Broken Hill Pty.". 210 12 3 3 Reid Rubber .... 1 7 9 llt 0 3 " 5 Mt. Lyell 1 9 1 114 6 o 1 5 Auckland Gas .... *6 11 7 6 4 0 0 Farmers' Trading . 1 1 U 1 « » 311 2 Dom. Breweries . 1 13 6 2 5 0 J li i N.Z. Breweries .... 117 10 2 2 9 216 2 G. J. Coles ' 2 J 3,0 a +9 9? Wilsons Cement 18 9 19 9 + 2 2 2 Colonial Sugar 54 10 0 59 1., 0 -17 Woolworths- ng 2 ]8 2 215 o Sydney 16 11 103 294 GOVERNMENT STOCK iqco.ck 4n c 107 0 0 *106 0 0 3 5 0 1953-57 3'i PC *103 0 0 103 7 6 3 2 4 1953 2'i pc . 94 10 0 96 0 0 3 0 2 S',, ,2 3 DC 99 7 6 100 7 6 313 • Buyer's, t Sellers. { Based on interim dividend at rate per annum. SATiES COMPLETED sales completed on the Auckland Stock Exchange at the 3 p.m. call yesterday, with previous sale Pr^niSrc?a. rC Cn e f S Au^! ; jß/6 (18/6); National Insurance, £1 5/3 (£l. s {)> Wnol (3/); Colonial Sugar. £59 15/ (£59 15/), Wool worths (Syd.), £1 0/3 (£1 0/3); 13/ (13/); Mount Lyell, £1 14/6 (£1 14/).