FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22467, 30 July 1938, Page 12

FINANCE AND COMMERCE

LONDON LAMB MARKET FIRM

AUSTRALIA REFUSES TO IMPORT POTATOES

The London market for first quality lamb shows a firm tendency. Second quality is slow and irregular. Wethers and ewes are easier because of heavier supplies and slow trade. The Australian Government has refused the request of the New South Wales Chamber of Fruit and Vegetable Industries to permit the importation of New Zealand potatoes. The Sydney share market was dull yesterday, with only narrow price variations.

SHAKE MARKET REVIEW

WEEK OF FLUCTUATING PRICES DEALINGS IN AUSTRALIAN STOCKS The stock and share markets of Australia, and those of New Zealand, which act in sympathy, respond very quickly to the rise. and fall on the London Stock Exchange, which in its turn is extremely sensitive to movements in Wall Street. Accordingly, the volume of business done this week shows substantial increase, and although prices fluctuated, the market as a whole remained firm on balance. Sales of shares in companies domiciled across the Tasman preponderated, and this is not surprising considering the limited scope for investment in New Zealand compared with the wider field and better return offered in Australian stocks. Of this week’s sales (excluding coal, meat, and gas), affecting 27 stocks, there were 16 which operate solely in Australia or in both Australia and New Zealand. There was increased demand for Government issues, and heavier trading in this section than for some time past. Prices showed a downward movement. Interest on 4 per cent, 1946 stock and bonds is due on August 15. Turnover day by day was:—

Banks There was a fairly steady enquiry for shares in the banking section, and the turnover showed an improvement on last week’s. Commercial of Australia and New Zealand were the most active stocks, the former at 16s 6d to 16s Bd, and the latter at 43s and 43s 3d. Australasia’s realised £lO 2s 6d ip the north, and closed with local buyers' at £lO 7s 6d. E., S., and A. were weaker at £5 4s. National of New Zealand declined to 53s 6d. Dealings elsewhere were down to 53s 3d. Commercial of Sydney eased to £2O 4s 6d. Sellers of insurance shares were more in evidence than buyers and no business was recorded locally. In other centres Nationals eased to 17s 4d. New Zealand rose to 57s 6d and South British to 46s 6d. The only local business in pastorals was in Dalgetys, at £8 Is 6d, an easing of Is 6d on sales earlier in the month. Goldsbrough. Morts declined to 28s sd, and closed with sellers at 27s 9d. There was. an indifferent market for financial shares. New Zealand Guarantee Corporation remained at 4s sd. Dominion Investment and Banking sold at 18s, and United Building around 20s 6d. Frozen Meat Gears were fractionally weaker at 14s 4d. New Zealand Refrigerating appeared firmer, with business in the 10s paid at 8s 3d and 8s 4d. Buyers of the £1 paid offered up to 18s 4d during the week, but sellers would not come below 19s. The woollens, coal, and gas sections were quiet and business restricted. Felt and Textiles gained Is at 34s 3d. Kaiapois were firm, and the 7s paid fetched 3s 5d and 3s 6d outside Christchurch. Stockton Coal advanced to 4s and 4s 2d, and the preference to 7s 6d. Westports were firm at 24s 9d. Christchurch Gas were easier at 27s 3d and 275. The Auckland Company remained at 20s. ‘ Other sales were Taupiri Coal 15s (unaltered) and South Otago Freezing at £5 7s. The only business recorded in breweries was in New Zealands at 43s 3d and 43s on moderate turnover. In other centres Carlton realised 655, Dominion weakened to 355, and Tooths showed a firming tendency at 54s 6d and 555. Miscellaneous Among the miscellaneous stocks, Beath and Company (400 shares sold) eased to 19s. Broken Hill Proprietary (950) went from 61s to 61s 6d, but later receded to 60s 3d. The contributing at 36s 9d were slightly below last week’s closing prices. Electro. Zinc (750 i rose from 43s 9d to 44s lOd, but eased to 43s 9d at the close. The preference advanced to 48s 3d. but closed easier. Dunlop (100) were firm at 22s 2d. G. J. Coles (500) went from 82s 3d to 83s 6d to 82s. Moturoa Oil (200) were:fractionally weaker at 5s sd. Morts Deck (100), after a period of inactivity, rose to 12s 9d and 13s, in response to an increased dividend announcement. The last business, recorded early in the month, was at 10s 6d. In the north 14s was given. Taranaki Oilfields (300) recovered to 13s 9d and 13s lOd, but closed at 13s 4d. Woolwcrths (500) were easier at 22s to 21s 9d. Woolworths (South Africa) (100) were firm at 13s 7d, and closed stronger. • , Mining The Australian mining group affected by the prices of the base metals, moved irregularly. The number of shares that changed hands was the largest for some months, due to the substantial trading in low-priced New Zealand stocks. The most active shares in this group were Lyells, Morgans, and Broken Hill Souths. Broken Hill South (1550) rose to 33s 4d, receded to 32s 3d, and closed at 32s Bd. Mount Lyells (1250), after touching 29s 9d, declined to 27s 9d, ond closed at 29a. Mount Morgans (1000) ranged between 10s Bid and

10s lid. North Broken Hill (200) were easier at 48s 6d to 47s 9d. New Zealand gold mining shares sold locally were:—Goldfields (400), 2id; Grey River (600), 14s; Maori Gully (700), 6d; Skippers (7000), Jd and Id; Waihi Investments (100), 9s lid. YESTERDAY’S BUSINESS Markets were dull on the Christchurch Stock Exchange yesterday, and the recorded turnover was small. Price movements were irregular. DEALINGS COMPLETED LISTED STOCKS Sales on ’Change £ s. d. 100 Bank of New Zealand 2 3 0 100 Beath and Co. .. 0 19 0 100 Electro. Zinc (cum div.) ..239 100 Taranaki Oilfields 013 4 200 Broken Hill South (2) 112 5 1 12 8 100 Mount Lyell (2) 1 9 0 ' 100 Mount Morgan .. 0 10 10 Sales Reported £2025 N.Z. Govt., 3i p.c., Ins., 1938-52 (late sale yesterday) .. 101, 2 6 £SOO N.Z. Govt.. 3i p.c.. Ins., 1938-52 ~. 101 2 6 250 Bank of N.Z. .. 2 3 3 2 3 0 50 Dalgety and Co. .. 8 16 235 Westport - Stockton Coal (pf.) ..076 5 Colonial Sugar (late sale yesterday) .. 48 7 6 100 G. J. Coles .. 4 2 0 4 2 6 100 Hay’s, Ltd. (contr.) 017 6 Government and Banking A late sale of New Zealand Government 3J per cent, stock, due 1938-M, on Thursday, was reported at £lOl 2s 6d, and there was further business yesterday at £lOl 2s 6d. Bank of New Zealand were firmer, with dealings at 43s and 43s 3d, sellers staying in at the higher figure, buyers at 42s Bd. Dalgety and Company were dealt in at £8 Is 6d, and further sellers at that price failed to attract buyers. Miscellaneous Westport-Stockton Coal (pref.) rose sharply to 7s 6d. Beath and Company remained unaltered at 19s, closing quotations 18s 9d buyers, 20s sellers. A late sale of Colonial Sugar on Thursday was reported at £4B 7s 6d. Unsupported sellers yesterday wanted £4B 10s. Electrolytic Zincs were firmer, with business at 43s 9d, and further buyers at 43s lOd. G. J. Coles were steady, with dealings at 82s and 82s 6d, sellers staying in at the higher price, buyers at 82s 3d. Hay’s, Ltd. (con.), changed hands at 17s 6d. McKenzies, Ltd. were firmer on buyers’ offers 64s 3d. Taranaki Oilfields dropped to 13s 4d, market closing Id either way. Mining Broken Hill South had dealings at 32s 5d and 32s Bd, market closing 32s 7d buyers, 32s 8d sellers. Mount Lyells recovered to 295, and there were further sellers at that price, buyers at 28s lOd. Mount Morgans were firm, with sellers and business at 10s lOd. AUCKLAND [THE PRESS Special Service.] AUCKLAND. July 29. Investment business was maintained at a strong pace on the Auckland Exchange this week, in spite of some irregularities which developed in the market. These movements were mainly a reflection of some hesitancy in Australia where a lead from overseas was awaited following developments in the international situation. Generally, Australian issues attracted good support and contributed largely to the weeks turnover. Bank shares were fairly steady on rather light trading. Insurance issues were considerably more active and all leading stocks closed the week on a much firmer plane. The accounts oi New Zealand company had a stimulating effect upon the market. A well-assorted list of Australian industrials changed hands with leading issues making progress at the close of the period. Australian Glass recovered Is, while interest quickened materially in Broken Hill Proprietaries, which were more freely traded. The preliminary accounts, which are due soon, are expected to reflect the company’s wider activities aAd increased output. Colonial Sugars were prominent in a rapid advance. In sympathy with an improvement in Australia, New Zealand investments were moderately dealt in, but the market was rather lifeless and losses outnumbered gains. Interest revived in Barriers and Mount Lyells and prices advanced strongly to the mid-week after which there was a relapse, the market closing round last week’s levels. Mount Morgans were firm on late rates, but other gold issues were quiet. DUNEDIN [THE PRESS Special Service.] DUNEDIN, July 29. The Dunedin Stock Exchange has had a dull week.. The volume of business was poor and there was no pronounced interest for any particular scrip. Although a little more attention was liven to' New Zealand mining ventures, trading was not active, only three shares reaching the sales list. A few jf the leading Commonwealth industrials received spasmodic support, but at no stage was there sufficient enthusiasm to create any real competition. Brewery shares met with slightly improved inquiry, but the demand for Australian mining shares was very erratic. Government loans claimed slightly more attention, but there was no marked alteration in values. Best support was accorded 3i per cent, stock, 1941-43, and the 3J per cent, stock, 1941-52, but there were few sellers. Business was confined to sales or 3J per cent, stock, 1938-52, at £lOl and £lOl 2s 6d. Little interest was shown in banking, shares. New Zealands (£1 paid) were the only ones to be sold, the price being £2 3s. No insurance shares were sold, and front-rank Commonwealth industrials dropped noticeably in popularity. Broken Hill Proprietaries (both issues) and Sydney wbolworths were sold at lower prices.

New Zealand Drugs, after selling at £3 10s, had regular buyers at £3 9s 6d, and no sellers forward. Dominion Fertilisers were a shade easier at £1 ss. Taranaki Oilfields sold at 13s lOd, but later sellers at that price were l . ' beyond buyers’ limits. Peters Ice Cream CN.Z.) had reported business at their approximate market value of £1 3s. Southland Frozen Meats (£1 paid) rose gradually to finish with unsatisfied buyers at £1 9s lOd. South Otago Freezers were sold at £5 7s, the same price as last week. The coal section was quiet, but preferred WestportStocktons stood out for noticeable improvement. After selling at 7s, buyers at 7s 3d could get no response from holders. Westports held their recent levels and were dealt in at £1 4s 3d. There was an improved demand for ewery shares. Carltons sold at £3 5s and New Zealands at £2 3s 6d. Sales of Australian mining shares were confined to Austral, New Zealand Mining, ordinary Electrolytic Zincs, Mount Lyells, and Mount Morgans. Mount Lyells sold at from £1 9s 7d down to £1 8s 7d. Mount Morgans moved up and down also, but when the market closed their values were unchanged from last week. Broken Hill Souths and North Broken Hills lost approximately Is. j

This week Last week £ £ Saturday .. 907 1,592 Monday .. 3.854 2,510 Tuesday .. 5,449 2,310 Wednesday .. 4,988 5,134 Thursday .. 5,091 4,839 Friday .. 5,458 1,827 25,747 18,212 Dealings in the different sections ■were: — Value £ £ Government .. 6,485 6,649 Debentures f .. 400 424 Shares No. Banks .. 1,355 2,670 Loan and Agency .. 90 738 Frozen meat 200 83 Woollens 100 171 Coal .. 585" 158 Gas : .. 350 473 Breweries .. 250 541 Miscellaneous .. 4,005 7,941 Mining .. 12,800 5,901