SHARE MARKET.

Press, Volume LXVII, Issue 20382, 31 October 1931, Page 12

SHARE MARKET.

WEEKLY REVIEW. A GREATER TURNOVER. Although the Affiliated Exchanges wero closed on Labour Day the volume of business done for the week was a good weekly average; there was heavy trading in Banks and Breweries and sov.-jral of the other more popular stocks received more attention than usual. Markets generally were more animated, prices on the whole advanced undor buying pressure; and several stocks gained noteworthy rises. Closing levels were abovo thoso ruling last week, although here and there an easing from peak prices was evident. The following is a comparison of tho daily recorded volume of business on the local market for the past fortnight:—

An analysis of this week's total gives the following results (last week's figures in parentheses): Debentures, £2500 (£.1400); Banks, £9390 (£5555); Breweries, £3911 (£1353); Lyells, £784 (£180); Refrigerating, £553 (£553); Mining, £933 (£1488). In Government issues 4J per cent. Tax Free were easier with business in the 1939 Stock at £96 10s, and in the 1938 Bonds at £96 12s Cd. Five and a quarter per cent. 1932 Stock realised £99 12s 6d. Five and a half per cent. Stock duo 1933 declined to £9B 17s 6d—the Bonds wero placed at £99 15s. Five and a half per cent. 1936 Stock changed hands a:t £99 15s, and the Bonds at £99 12s 6d. Five and a half per cent. 1937 Stock ranged from £99 7s 6d to £99 15s, and the Bonds were placed at £99 10s and £99 15s. Booth, Macdonald 5$ per cent. 1932 Debentures changed hands at £6O; Chrlstchurch Drainage Board 5f per cent., 1973, at £99 15s; Mount Eden Borough 5i per cent., 1964, at £9l; and Whangarei Borough 5$ per cent., 1961, at £96. Banking Section. Australian of Commerce which moved up to 13s lid last week advanced to 15s 6d this -week, and closed at 14s Bd. Commercial of Australia ranged from 14s 7d to 16s 3d, closing at 15s 9d (last vreek 13s 4d to 14s 4d), with further buyers at 15s Bd, sellers at 15s lOd—--2600 shares changed hands on the local market —the preference ran up to £6, £6 Is, and £6 Is 6d. Commercial of Sydney, which have been inactive for sonje time, changed hands at £l4. E., S., and A. advanced from £4 7s 6d to £4 13s 6d, later easing to £4 10s, market closing £4 8s buyers, £4 10a 6d sellers. National of Australasia £5 paid cum dividend rose 3s Gd to business at £5, but closed easier at £4 15s. National of New Zealand, which reached £4 a week ago, hardened to dealings at £4 9s, and £4 10s. New South "Wales changed hands at prices ranging from £25 5s to £2G 10s, and more are wanted at £26 10s, sellers at £29. New Zealands jumped from 44s 0d to 47s 9d, then ranged to 48g fid, closing at 48s 4d sellers, 46s buyers. Union Banks moved between £ 7 19s and £8 3s, as compared with £6 15s to £7 2s last week—and late sellers are offering at £B, buyers at £7 17s.

Insurance and Loan and Agency. National Insurance were fractionally firmer at 12s 3d. New Zealand's scored a rise of 2s with dealings at 38s 9d, 395, and 40s. South British ex dividend of Is 4d per share are stronger with JSbuyers at 50s 6d; no sellers. Dalgety and Company hardened to £7 2s, £7 2s 6d, £7 7s 6d, and £7 6s—last week £6 ss—and more are available at £7 6s; buyers at £7. Goldsbrough, Morts from 21s 6d to 23s 4rjd, closing' at 22s 6d—local turnover 1800 shares. ' Dominion Investment and Banking were steady at 17s. New Zealand (guarantee Corporation firmed to 5s 3d and 5s 4d, buyers staying in at the higher figure, sellers at 5s 7d. Shipping, Frozen Meat, "Woollen, Coal and Gas. The market for shipping company shares was quiet, but quotations for P. and O. Deferred were stronger. Hnddart-Parker preference realised 16s 9d. Woollen Company shares were almost neglected, tho only recorded business being in Wellington .Ordinary at £4 2s 6d. New Zealand Refrigerating fully paids realised Ws 10d and 10s 9d—the partly-paid were fractionally firmer with dealings at 4g, 4s Id, 4s 2d, 4s 3d, and 4s 4d—the local turnover was 23QQ shares, Tanpiri Coal ordinary eased to 18s and closed weaker at 17s 8d sellers, 17s buyers, WeetpflrtS were firm at 22s 9d and 235. Auckland Gas showed little variation_with business in the fully paids at 23s 3d, and in the 15s paid at 16s lid and 17s. Christchurch 10s paid were stronger on buyers' offers .12s, no sellers. « Prewerlea. Now Zealands steadily advanced - from 30s to 33s 9d, closing at 33s 3d, with further sellers at 33j 3d, buyers #t 32s 6d. Staples advanced to 27s 9d and 27s 6d, and late unsupported sellers want 28s, Toothg had transactions at prices ranging from 10s to Stjs (last week 17# "6d and 18s), «nd more are on offer at IJH $5. buyers 4d. Miscell&nWttß, In th® jniseeJlanneu* investment section thoro was an increased turnover. Beath au4 Company is paid shares re mained unaltered at Is. Bartholomew Timbers were "turned over at 13s 6d. British Tobaccos jumped from 84s 8d to dealings at prices ranging from 25s to 25s 4id, relapsing at the' close to 24s 10d, 24s 9d, and 24s Bd. Colonial Sugats advanced from £33 to £34 10s, £34 12s 6d, and £35 10s. Electrolytic Zinc preference ranged from 10* 3d to 17s l^d—last week 17s fld to 15s 6(J. Farmers' Trading ordinary were released at 5s 4d—tho "B" preference eased to IQS 6d, Tor Henry Jones, cum dividend of 9d per share, in which last ?e§oj<ie4 business was at 20a, buyers were offering 22s 9d, sellers at 23s 6d. Mount Lyells, which reached 18s 2d a Week ago, further advanced to IDs 3d, 19a 9d, and 20s, closing at . 19s sellers, 18s 7d buyers. New Zealand Drugs are stronger with buyers at 47a 6dj sellers at 48s 6d, and business at 46s fld—peafe price last week was 46s 3d. Robinson lee Creams hardened to 17s. Wilson's Cements ware firmer nt prices ranging from 34s 9d to 85s Jld. On a»rk#t tfcer* Ww the following tvarras Oormiafc Point 300,,

Golden Dawn 100, Golden Point 7650, King Solomon 1900, Mahakipawa 6900, Okaritos 350. Cornish Points showed Uttlo movement at 4d and Ed; Golden Dawn advanced from 6s to 7s 6d and 7s 9d. Golden Points cased to 9d, Bsd, and Bd. Kildares were firm at Is 9d. King Solomons moved between 2a 5Jd and 2s 4d. Mahakipawag changed hands at and 6d—the preference were easier at 8d and 7d. Okaritos ranged from 9s lOd to 10s 3d. Waihis cum dividend eased from 16s 3d to 16s, later recovering to 16s 6d, 16s 4d, 16s sd, and 16s 2d. Grand Junctions were fractionally weaker at 3a 3id and 3s 4d.

YESTERDAY'S TRANSACTIONS. Markets continued active on call yesterday, and the volume of business done was the heaviest daily total for the past six weeks. Shares in the Banking and Pastoral groups, were especially active. Transactions, exclusivo of vestibule business, included:— £2OO N.Z. Govt. 5i per cent. Inscr., 1933. 700 Aust. Bank of Commerce. 1100 Comm. Bank of Aust. 40 Comm. Bank of Sydney. 50 E., S., and A. Bank. 100 National Bank of Australasia (£5 paid, cum div.). 100 Bank of Nov.' Zealand. 75 Union Bank of Australia. 85 Dalgety and Co. 700 Goldsbrough, Mort. 200 N.Z Guarantee Corporation. 400 N.Z. Eefrig. (£1 paid). 400 N.Z. Befrig, (10s paid). 100 New Zealand Breweries, 650 Tooths Brewery. 400 British Tobacco. 8 Colonial Sugar. 500 Mt. Lycll. 900 King Solomon. 1000 Mahakipawa. 500 Mahakipawa (pref.). 100 Golden Dawn. 050 Golden Point. 115 National Bank of New Zealand. New Zoaland Government 5£ per cont. 1933 Stock was easier at £9B 17s 6d and there were further unsupported sellers at £99. Australian Bank of Commerce shares changed hands at prices ranging from 15s 6d to 14s Bd, sellers staying in at the lowest price, buyers at 14s 6d. Commercial Bank of Australia shares show* ed an easing with dealings at 16s, 15s 9d, and 15s lid. Commercial Bank of Sydney shares changed hands at £l4, and more were offered at £l3 18s 6d, buyers at £l3 lis. English, Scottish, and Australian Bank shares were released at £4 10s, market closing £4 8s buyers, £4 10s 6d sellers. National Bank of Australasia £5 paid shares, cum dividend, had dealings at £4 15s, National Bank of New Zealand jumped to £4 9s and £4 108. Bank of New Zealand shares remained unaltered at 48s 6d. Union Bank of Australia shares relapsed to £B, sellers staying in at that price, buyers at £7 17s.

Other Shares. The market for Insurance shares was firm at recent levels. Dalgety and Company shr-es wero stronger with dealings at £7 7s 6d and £7 6s, sellers staying in at the lower price, buyers at £7. Goldsbrough, Morts ranged from 23s to 22s 6d. New Zealand Guarantee Corporation shares were fractionally firmer with dealings at 5s 3d and 5s 4d, and further buyers at 5s 4d, sellers at 5s 7d. New Zealand Refrigerating fully paid shares were firm with buyers and business at 10s 6d, sellers at 10s lid—the partly paid shares showed a hardening tendency with dealings at 4s 3d find 4s 4d. New Zealand Breweries shares were fractionally weaker at 33s 3d. Tooths relapsed to dealings at prices ranging from 19s 9d to 19a 4d. British Tobaccos weakened to 24s 10d. 24s 9d, and 24s Bd, and more were offered at 24s 10d, buyers at 34s 7d, Colonial Sugar shares hardened to £35 10s. Mt. Lyells changed hands at 19s 9d and 19s 6d and closed weaker with sellers at 19s, buyers at 18s 7d. King Solomon Gold Mining shares had dealings at 2s 4}d and 2s 4d. Mahakipawa Goldfields shares were firm at Cd, and the preference shares eased to 7d. Golden Dawn Gold Mining shares advanced to 7s 6d and 7g 9d. Golden Points were a shade easier at Bid and Bd.

AUCKLAND. EXTENSIVE! BUSINESS. PBEO# flpaclt) BttylitJ October 30, The improved tone of the investment market on the Stock Exchange noticeable at the close of last week developed remarkably following the announcement of the results of the British elections. Prices immediately moved up, ward, and extensive and widely die>i tributed business, reflecting renewed j confidence on the part of investors, has been a feature of the past two days. Prices generally are on a higher plane than last week, but the principal gains Have been registered in banks, roost of which were at an exceedingly low level. Australasias have advanced 8s S.r , to 16s 6d, and New South ales moved from £25 7b 6d to £26 10s. fhe bulk of the business in the soction, however, has been done in Commercials of Australia, which, within the past fornight, have advanced 2s (id. Unions and New Zealands are both nrmifr, Other sections have come more into favour With investors during the week, and Thursday was one of the busiest oays in miscellaneous dealing that have been experienced for a long time. Tobaccos advanced 3s 9d to sell nt 25n 3d. A r)se of 2s 8d took place In Colonial Sugars, which steadied at #34 H2s 6d, In milling, Waihis recovered after « decline to 16s, rates rising to 16s 5d on Thursday, and oJosin« » shade easior nt Jfls 3d. Mount Lyells are very firm at 19s, an advance of is (Jd, DUNEDIN. A BRIGHTER TONE. [THE PEES 3 Special Sertiee.] ■P DUNEDIN, October 30. Business recorded on the stock es* ehanga during the past week has been of a much brighter nature than for some time, and sales have been spread over a larger number of sections than usual. Banking shares have been in good demand, and there has been a better tone in tho whole of the market. Bank of Australasias are now being asked for at £8 12s 6d, with a seller at £9. Business has been done in Bank of New Zealands at 48s 0d ? being an improvement of 4s 6d compared with last week. Commercial Banks have also a rise from lis 6d to 16s, but to-day there was § slight tendency

to ease, and a sale took place at 15s lid. This was the figure then demanded by sellers, in response to an offer of 15s lOd. E., S., and A. Banks were vory firm, and business was done at £4 10s and £4 lis. At the close, buyers were offering £4 7s and sellers demanding £4 lis 6d. Up to 12s 3d has been offered for National Insurances, without attracting any business. There have been offers of up to 4s 6d discount for Kaitangata Coals, but no business. A sale of Westport Coals was reported to-day at 22s lid, and further offers of 22s 6d found sellers firm at 235. Dalgetys rose sharply during the week, and there was a transaction at £7 2s. There was a buyer later at £7, but no business resulted. There is unsupplied buyer of ordinary Canterbury Meats in the market, at G7s 6d. Up to 10s 4d has been offered for paid-up New Zealand Eefrigs. without attracting business. The contributing shares have shared the improvement of many other linos, and business has been done at 4s. An offer of 4s 3d at the close failed to attract a better selling quotation than 4s 6d. British Tobaccos have been improving slowly, and they are now being asked for at 24s lOd, with a seller in the market at 25s 9d, Now Zealand Drugs have seen business at 48s 6d, and there is an unsupplied buyer at 47s 6d. Now Zealand Breweries commenced the week with a buyer at. 30s 3d, and the demand improved day by day until there was a sale at 33s 6d. Further offers of 33s failed to attract a sellor. There has been a revival of interest in Electrolytic Zincs, and the preference shares have changed hands at ICs 9d and 17s. An offer of 10s 3d when the market closed found sellers demanding Is more. Mt. Lyells were dealt in at 19s 9d and later at 20s, but there was another sale later at 19s 9d, sellers were demanding 19s lOd at the close of the market and buyers were offering 19s. Kildares have been fairly quiet. There was a salo at Is 9d and shares were offered at that figure at the close of the market, without attracting a buyer. Okaritos wore dealt in at 10s 3d and Is 2d. There was a buyer when the market closed at 10s Id and a seller at 10s 2d. King Solomons have exporionced a comparatively quiet week. Thoy were dealt in early in the period at 2s 5Jd. The close of the market found a buyer forward at 2s 4d, and :i sellor at 2s sd. Two parcels" of 5-J per cent. Bonds (1937) changed hands at par, but other wise the Government Loans section has been quiet.

RURAL CREDITS BOARD ANNUAL REPORT TO PARLIAMENT. [From Our. Parliamentary Reforter.J WELLINGTON, October 30. Suggestions made in several quarters that the Rural Intermediate Credits Board should relax its requirements when granting loans'to farmers in economic difficulties were not entertained by the Board, which, in its annual report to Parliament to-day, says it had been urged to relax its requirements in order to assist farmers who bear a good reputation in their districts and who are farming their places capably but who were not able at present to offer security of the standard normally insisted upon by tho Board. Any such relaxation would, however, involve the loss of the confidence of the investing public and less money would be available for lending, so that tho final result would be unfavourable to the farming industry as a whole. The system of supplying loans pro giessively as farms were improved had been successful and had proved of great raluo to progressive farmers who had been able to increase materially tho output from their properties without a corresponding increase in the fixed charges on the land. Fanners who desired further advances for productive purposes had no difficulty in obtaining the requisite finance provided their relations with the Board had been satisfactory and their position was sound. The Board had been approached for loans for reducing or repaying existing mortgages or payment of interest. As tho effect of the financial stringency became increasingly apparent, the Board adopted the attitude that its chief obligations were to assist farmers to maintain and increase production to compensate for the lower prices, and felt obliged to conserve its funds for these purposes and decline applications 111 certain cases, however, where mortgagees were prepared substantially to discount the amount of their mortgages in consideration of a cash payment, thus conferring a material benefit on the borrower, tho Board made the requisite funds available. < The report announces a substantial V l «o e^ iSe in tho FOSS income, which was 128,918 09 against £16,196 in the previous year. This income was exclusive Of £7578 earned by the investment ot the redemption fund which was credited direct_ to that account. The expenditure, including interest paid on debentures, totalled £20,579. The net profit nas £8337, an increase of almost 100 per cent. The total investments and interest at J line this year were £670,559, including investments in the ledemption fund, which had increased from £139,921 last year to £149,604 Advances to associations, including preliminary expenses, wero £315 725 as against £157,432, and advances to farmers £159,475 as against £154)209.

MOSGIEL WOOLLEN COMPANY. A PROSPEROUS YEAR. (PEESS ASSOCIATION TILEOP.III ) DUNEDIN, October 30. Tho annual report of the directors of the Mosgiel Woollen Co. states that although conditions during the year ha<J been somewhat difficult owing to the universal depression, tho results revealed In' the balance-sheet were very satisfactory. After the payment of an interim dividend on April 6th, this year, of £3815 4s, providing £SOOO for depreciation, and transferring £2001) to reserve, there remained a balance of £15,481 16s lid, which the directors recommended should be dealt with as follows A final dividend of 4 per cent., and a bonus of 2 per cent., absorbing £5722 16s, making a total for the year of 10 per cent., the remaining ~975t) 0s lid to be carried forward. The net profit in 1930 was £16,173, the dividend being 10 per cent., a rate distributed for a number of years. Depreciation provided for was £SOOO, and £1635 was placed to reserves, which stood at £52,913. The paid-up capital of the company is .£95,380. SEARCH FOR OIL. (PRESS association teleqbam.) WELLINGTON, October 30. New Plymouth CNew Zealand) On Wells, Limited, report for the week ended October 27th, as follows: —We have drilled to 2887 feet in hard sandstone. Tho oil showings appear to be iuoreasing, and chau' ng in colour to a lighter green. Wo arc drilling «&et{L>

Tliis Wedc. Last Week jr.- £> Saturday Monday Tuesday Wednesday Thursday Friday .. lias . . Closed .. 4,363 0,057 .. 3,135 .. S,15'i 1,671 1,303 3,029 3,183 2,013 2,404 £23,017 £13,608