SHARE MARKET

Press, Volume LXX, Issue 21198, 23 June 1934, Page 10

SHARE MARKET

DUNEDIN

f WEEKLY REVIEW During the last week there was a off in the volume of business recorded in the banking, pastoral, frozen meat, and gold mining sections, but dealings in brewery shares and loans showed an increase. moved irregularly, but the "general trend was in buyers' favour, frn the banking, insurance, pastoral, rrlW and brewery sections there was tn 'easing, but frozen meats timber and some coal shares were firmer, ine number of sales recorded on the local market again exceeded the combined total of the other metropolitan exChanges. , +Vl _ The following is a comparison ot tne daily recorded volume of business on the local market for the last fortBight:— This week _ Last week. Saturday .. 1,339 3,373 Monday .. 2,032 4,337 Tuesday .. 2,657 3,305 Wednesday .. 1,910 4,407 Thursday .. 9,101 2,6-5 Friday •. 4,353 6,060 £21,39/ £24,158 An analysis of this week's total re.cults is as follows: Debentures .. •• 4,210 " Banks .. •• -- Pastoral .» •• Refrigerating .. •• Breweries .. • • ' " Gold mining • • 4,5^1 The number of shares that changed hands in each section was:—Banks 1750, Insurance 200, Loan and Agency • 800, Frozen Meat 1600, Woollens 100, Coal 600, Breweries 950, Miscellaneous 8650, The most active stocks were:— Commercial of Australia 1200, New Zealand Refrigerating 1600, Tooths Brewery 900, British Tobacco 1000, Dunlop Rubbers 2100. Government Debentures The following were Si per cent, 1939-43 .. 106 10 0 4 per cent, Ins., 1940 .. 105 10 0 4 per cent., Ins., 1946 .. 106 12 6 and 106 15 0 4 per cent., Ins., 1949 .. 106 12 6 to 107 0 0 .. •• 106 12 6 Bon 106 15 0 t per cent, Ins., 1955 ..107 0 0 Amalgamated Brick (Auckland), 7£ per cent debentures, due 1944, changed hands at £94 10s; AucMand ..Harbour, 51 per cent., 1959, at £io7 «-■ -Js; Rural Credit, 5 per cent., 1947, at £103: Milne and Choyce, at 18s 6d, and Booth, Macdonald, .61 per cent., 1937, at £7O. Banks . Australasias were firm at £l2. Commercial of Australia eased from 16s 2d to 16s—the preference recovered to £9 lis 6d. Commercial of Sydney, which had business at £l7 10s last "week, fell to £l7 and £l6 15s this week. E., S., and A. are on offer at £4 19s 6d —last week's dealings at £5 4s. National of Australasia, £5 paid, ranged from £6 2s to £6. National of New Zealand, cum dividend of l per cent., dropped to £3 lOs. New South Wales were easier at £3O 17s 6d and £3O 10s. New Zealand, ex dividend, weakened from 49s 6d to 48s 7d, and the "D" mortgage to 33s 6d and 33s 9d. Union Banks declined from £9 18s 8d to £9 17s.

Insurance and Loan and Agency National Insurance fell to 19s 6d and 19s; New Zealand to 61s to 60s; South British were fairly steady at 79s and 79s 3d; Dominion Investment and Banking remained at 18s 6d. Goldsbrough, Morts, cum dividend, receded from 31s 3d to 30s 5d and 30s 9d. New Zealand Guarantee Corporation were, fractionally weaker at 4s sd, and local sellers are offering at tnat price. United Building Society moved up to 21s 6d, and Wright, Stephenson, preference, to 19s 9d. ' Shipping. Frozen Meat, Woollens, Coal, and Gas. . Northern Steam, fully paid, eased to 7s—the contributing were firm at E lid. P. and O. deferred stock realised 20s 3d. New Zealand Refrigerating, £1 paid, firmed to 19s 4d and 19s 6d, and the 10s paid to 9s 4d, easing to 9s 2d at the close. Kaiapm Woollens, 17s paid, ordinary, had deal ings at 10s 9d and 10s 4d—the 7s paid ■were easier at 3s Bd. Wellington, ordinary, changed hands at £5 6s, and the preference at £5 Bs. Westport Coal advanced to 17s 6d, and Stockton ordinary to 2s 9d. Auckland Gas were firm, with dealings in the fully paid at 26s 6d, and in the contributing at 19s 3d to 19s 6d. Wellington dropped back to 395, Christchurch are easier with local sellers at 31s 6d. Breweries New Zealands cum dividend dropped to 42s 3d and 42s 6d. Tooths declined to dealings at prices ranging from 42s jSd to 41s lOd. Miscellaneous Beath and Company Is paid advanced to 9s, and more are wanted at 9s 6d. British Tobacco eased from 37s 4d to 36s 9d, and Broken Hill Proprietary to 43s 9d. Bycrofts were firm at 38s, and Consolidated Brick at 7s and 7s 3d. Colonial Sugars were firmer at £65 5s and £65 10s. Dominion Fertilisers rose to 19s 3d and 18s 3d. Dominion Builders' Supplies were steady at ss. D.I.C. preference had business at 255. Dunlop Rubbers weakened to prices ranging from 18s Id to 17s sd. Electrolytic Zinc preference showed little variation at 33s 8d to 33s 6cL Farmers' Trading moved up to 5s 5d and 5s 6d. Farmers' Coop. Auctioneering had business at 16s. Kauri Timber were firmer at 16s 4d and 16s 9d. Leyland O'Brien Timber advanced to 22s 9d and 22s 10jd, New Zealand Farmers' Fertiliser to 20s and 20s 3d, and New Zealand Paper Mills to 30s. New Zealand Drugs were firm at 77s 6d. Robinson Ice Cream were easier at 18s lOd. Wilsons Cements were fractionally weaker at 28s lOd. Sanford moved up to 2s. United ProVisions were steady at 8s 9d. Gold Mining The local turnover of 53,250 shares Was made up as follows:—Alexander

(13s 6d paid), 200; Bell-Hooper (Is paid), 9800; Bell Kilgour, 500; Bendigo Goldlights, 500; Big River, 800; Brian Boru, 1700; Central Shotover (9d paid), 2100; Gillespie's Beach, 800; Glenroy (Is paid), 2000. paid), 2000; Golden Point, 2550; Goldfields Dredging (Is paid), 500; King Solomon, 1000; Mahakipawa, 5400; Mahakipawa (1930 preference issue), 700; Mataki, 500; Moonlight Nelson Creek, 2000; Nevis. Diesel Electric, 6600; Nokomai, 2050; Mount Lyell, 900; Okarito, 50; Skippers, 9500; Rawang Tin, 100; Stafford Sluicing, 2700"; Waihi Grand Junction, 100; Waitahu, 100; Mount Morgan, 100: Alexander (13s 6d paid), dropped to 15s, 14s 2d, and 14s 3d; Bell Hoopers were easier at 4Jd to s£d; Bendigo Goldlights, at B£d to 7£d; Goldfields Dredging, at 9Jd; King Solomon, at 4s Id to 3s lid; Maerewhenua, at 8d; Mount Lyell, at 21s to 20s 7d; Mount Morgan, at 25s lid; Skippers, at is, ll|d, and lid; Grand Junction, at 4s 2d to 4s; Moonlight Nelson Creek, at 6Jd to s£d; Mahakipawa, at lid to lOd; Waihi, at 32s 6d. Bell Kilgours were firm at >jd and 4d; Big River, at lOd to lid; Brian Boru, at Is 7d and Is 7Ad; Golden Point, from ljd to 2£d; Glenroy (9d paid), at PJd and JOd, and the Is paid at Is o£d; Nevis Diesel, at 3|d to 4Jd; Okaritos, at 8s (closing weaker); Rawang Tin, at 8s lid; Waitahu, at 4s 2d; Stafford Sluicing, at is 6d; Mining House Concessions, at sd; Mahakipawa (1930 preference), at Is 3d. Central Shotover advanced to 10ia and lid; Mataki, to 2s 6d; < Talisman Dubbo recovered to lis 9d. Gillespie's Beach fluctuated between Is 9Jd and Is lid and Nokomai between 3s and 3s 3d.

YESTERDAY'S TRANSACTIONS Bank shares, Goldsbrough, Morts, Dunlops, and gold mining shares accounted for .the bulk of the turnover on call yesterday. Transactions, exclusive of vestibule business, were: Sales on 'Change £ s. d. 300 Com. Bank of Q lg 0 £IOO Booth. Macdonald 6} q „ 10 Coml'Bank of Sydney 6 15 0 30 NatL Bank of N.Z. (cum div.) .. 3 10 u 10 Bank of N.S.W. .. 30 10 0 200 National Insurance .. 0 19 0 100 Tooth's Brewery (2) 2 11 10 400 Goldsbrough, Mort «»■» div> (3) i ss s 100 British Tobacco (cum div.) •• 1 16 j| 50 Broken Hill Pty. .. 2 3 9 700 Dunlop Rubber (7) 0 VJ 6 100 Alexander Mines (13s ed p,id> , t o » | 500 Bendigo Goldlights (9d paid) .. 0 0 7| 800 Big River .. 0 0 10s ,0 0 11 200 Brian Boru - 0 1 7J 400 Central Shotover (9d paid) .. .. 0 0 11 500 Golden Point .. 0 0 2 §OO King Solomon .. 0 3 11& 0 3 11 300 Mount Lyell (3) 10 7 200 Nokomai .. (2) 0 3 0 1000 Stafford Sluicing (2) 0 16 Sales Reported £3OO N.Z. Govt. 4 p.c. Ins., 1949 .. .. 106 12 6 200 Com. Bank of Aust. 0 16 0 500 Westport Stockton Coal (ord.) .. 0 2 9 300 Dunlop Perdriau Rub. 0 17 6 500 Central Shotover (9d paid) .. 0 0 11 500 Mahakipawa .. 0 0 10 1000 Nevis Diesel Elec. .. 0 0 4 1500 Skippers ... (2) 0 0 11 Sales of Unlisted Stocks 200 Sun Newspapers (10s paid) (2) 0 4 2 500 Golconda Holdings .. 0 17 Bonds and Bank Shares New Zealand Government 4 per cent, stdck due'l949 changed hands at £lO6 12s 6d. and there were further buyers at £lO6 10s. Booth. Macdonald 6i per cent, debentures due 1937 changed hands at £7O and more were wanted I it £7O ss. | Commercial Bank of Australia shares i remained unaltered with sellers and dealings at 16s, buyers at 15s lid. j Commercial Bank of Sydney eased to £l6 15s, and more were wanted at £l6 12s 6d, sellers at £l7. Sellers of English, Scottish, and Australian Bank shares reduced their limits to £4 19s 6d. National Bank of New Zealand cum dividend dropped to 70s, and more were offered at 755. buyers at 68s. Bank of New South Wales had business at £3O 10s. and there were further sellers at £3O ,12s 6d. Bank of New Zealand were easier with sellers at 48s 6d. '* Miscellaneous National Insurance shares dropped to 19s. market closing 18s lid buyers, 19s 4d sellers. Goldsbrough, Morts had dealings at 30s 5d and 30s 9d. sellers staving in at the higher price, buyers at 30s Bd. Stockton Coal ordinapr shares advanced to 2s 9d, buyers staying in at that price, no sellers. Sellers of Christchurch Gas reduced their limits to 31s 6d, buyers at 31s 4d. Tooth's Brewery shares eased to 41s lOd. and more were offered at 42s Id. British Tobaccos were weaker with sellers and business at 36s 9d. Broken Hill Proprietary had business at 43s 9d. Dunlop Rubbers were firm at 17s 6d, market closing 17s 5d buyers, 17s 8d sellers. Mining; Alexander Mines 13s 6d paid dropped to 14s 2d and 14s 3d, buyers staying in at the higher price, sellers at 14s 9d. Bendigo Goldlights 9d paid were fractionally weaker at 7Jd, closing quotations 7d buyers, 7|d sellers. Big Rivers were stronger with dealings at 10id and lid, and further buyers at 10|d. Brian Borus remained unaltered with buyers and business at Is 7Jd. Central Shotover (9d paid) were steady at lid. Golden Points had business at 2d and there were further buyers at that price. King Solomons were firm with dealings at 3s 114 d and 3s lid. and further buyers at the lower price, sellers at 4s. Mahakipawas were dealt in at lOd. Mount Lyells were fractionally weaker at 20s 7d, closing quotations 2d on either side. Nevis Diesel Electric were firm with buyers and business at 4d, sellers at 4Jd. Nokomais remained unaltered with buyers and dealings at 3s. Skippers changed hands at lid and more were offered at IOJd. Stafford Sluicing were steady at Is 6d. Unlisted Stocks Sun Newspapers were firm at 4s 2d and more were offered at 4s 3d. Golconda Holdings Is paid were steady with buyers and business at Is 7d. AUCKLAND [THB PEE 33 Special Strrlc*.] AUCKLAND, June 22. A sudden change developed in the investment market on the Auckland Stock Exchange this week. Duller conditions spread throughout every section of the market, and the volume of the turnover was considerably reduced in comparison with the average trading of recent weeks. This development is regarded as a temporary reaction to the peak levels which have been ruling, as fundamental conditions in the investment market have not undergone any material change. Although still very strong, Government loans reflected new conditions to some extent Some issues eased a shad* while generally sellers were

more numerous than they have been for some time. Buyers, however, remained active, and the market closed firm. Dullness persisted in bank shares, and a number of issues were neglected. New Zealands were substantially easier, changing hands at 48s ex dividend, as against cum dividend business last week at 50s 4d. Commercials of. Australia also lost ground, in deeding down to 16s ljd. a loss of 2id, while New South Wales were secured at £3O 10s, a fall of £1 12s 6d. In Unions, business was done 2s lower at £9 17s. The turnover in insurance was confined to New Zealands and South British. The market held for the latter, which firmed 3d at the close to 79s 3d, but New Zealands, after an opening sale Is lower at 61s, eased further to 60s. Other issues were quiet. There were few exceptions to the general trend of the market in the pastoral, industrial, and other classified sections. Quiet conditions ruled in many of the more prominent New Zealand and Australian industrials, and the intense interest at present exhibited in mining shares by Australian investors is assigned as one of the factors in bringing this about. Owing to the boom in gold shares, the activities of Australian brokers are almost completely diverted to the mining market. On the other hand, conditions in New Zealand mining shares were dull. Buyers were plentiful, but offers in few cases met the holders' ideas of value, and in the absence of any pressure to sell business was declined. The absence of any outstanding mine development is regarded as a principal factor in the lifelessness of the market. Both Waihis and Grand Junctions -.old a little easier at 32s 6d and 4s l£d respectively. Talisman Dubbos were 4d firmer in a single transaction st lis 9d, while a small amount of business in southern issues was at practically unchanged rates.

[THE PBBSS Special Service.]

DUNEDIN, June 22.

The most noticeable feature of the week on the Stock Exchange has been the increase in the volume of sales of gold mining shares. The majority of other lines remained steady, with the demand generally weakening towards the close of the period. There was also some dealing in Government loans, which had been out of supply for some time.

Bank of New Zealands eased throughout the period, and the best price offered at the close of the market was £2 8s 6d, sellers then demanding £2 9s 6d. Long D shares sold at £1 13s 9d, which is the figure now being offered, with no seller in the market. Other banking shares have been fairly quiet. There has been less demand for insurance shares than in recent weeks. Nationals eased to 19s 6d, at which price a parcel changed hands. They are now available at 19s Bd. Westport Coals continued to firm, and business was done at 17s 7d and 17s 9d, the former figure being offered at the close of the market, with no buyer forward. Goldsbrough, Morts were dealt in at £1 lis 3d. Only £1 10s is being offered now, and sellers are prepared to accept £1 lis. The market for meat preserving shares was very steady. Paid-up New Zealand Refrigeratings were turned over at 19s 4d and 19s 6d, and the contributing issue had business at 9s 4d and 9s 3d. The closing offer for the latter shares was 9s, sellers asking 9s 4d. Southland Frozen Meats continue to have good demand, with no sellers responding. There was a firming in the market for D.I.C. shares, and the preferred sold at £1 ss, closing prices being 6d on either side of that figure. Dominion Fertilisers continued to attract attention, sales taking place at 18s 3d and 18s 9d. There is now an unsupplied buyer forward at 18s 6d. Business was done in ordinary Kaiapoi Woollens at 10s 9d, further offers of 4d less failing to attract a seller. New Zealand Breweries, which were firmer a few weeks ago, have been easing gradually. They were sold at £2 2s 6d and later at £2, with closing quotations 3d on either side of the latter figure. None of the other breweries has been active. , . In the mining section there has been something of a revival of interest, though prices of shares have not been affected to any extent. Bell Hoopers were dealt in at sd, and Bell Kilgours had business at 4d. Bendigo Goldlights came in for some enquiry, sales taking place at Bid. They are now on offer at the same prjce. Ihe market for Gillespies remained steady, busines being done at Is 10d. A closing offer of Is 9d found sellers firm as Is lid. Glenroys were asked for several times, and a parcel found a buyer at lOd. They became fully paid up during the week, and there is now an unsupplied buyers at Is. There was no improvement in the prices offered for Nevis Diesels, which changed hands at 3 id. Nokomais, however, rose about the middle of the week and there were sales at from 3s to da. The closing offer was 3s sellers then asking 3s 2d. Skippers had good demand for a time, seven parcels changing hands at Hid. There was an easing tendency, however, and the close of the market found sellers offering shares at lOd, with no takers. Waitahus sold at 4s 2d and 4s, being on offer at the former figure when the market closed. . The demand for Government loans remained steady, and 1949 and * per cent, stock sold at £lO6 16s £lO6 12s 6d, and £lO7. There is still general enquiry for bonds and stock, but sellers are reticent.

OVERSEAS TRADE OF DOMINION LARGE EXCESS OF EXPORTS DURING MAY (PBES3. ASSOCIATION TELEGEAM.) WELLINGTON, June 22. Figures for overseas trade of New Zealand (excluding specie) for the month of May and the five months ended May were as follows, compared with the corresponding periods of last year. In the case of imports, recorded value is given, with the equivalent • m New Zealand currency in parenthesis. In the case of exports and balance, the figures are in terms of New Zealand currency. Excess of 1 Exports. Imports. Exports. , £ £ £ May, 1934 4,710,349 1,942,486 2,367,000 (2,072,000) May, 1933 3,119,536 1,698,762 1,047,000 (2,343,000) May, 1932 3,116,273 1,688,974 1,324,000 (1,792,000) Five Months Ended May 1934 .. 28,203,400 9,875,675 16,175,000 ! (12,028,000) 1933 .. 19,661,559 8,672,660 7,256,000 (10,592,000) 1932 19,021,545 9,293,980 8,213,000 (9,987,000) Value of Specie Value of specie excluded from the above return was as follows: — Exports. Imports. £ £ May, 1934 .. 15,000 137,000 Five months ended May, 1934 .. 388,000 532,000 In the official statistics the imports from Australia are recorded in terms of Australian currency, and imports from other countries in sterling.