AUSTRALIAN BANK SHARES

Press, Volume LXXXIII, Issue 25271, 25 August 1947, Page 8

AUSTRALIAN BANK SHARES

PRICES PAYABLE BY COMMONWEALTH (N.Z. Press Association—Copyright) (Rec. 11 p.m.) SYDNEY, August 24. In telephone conversations with Wellington, Mr Andrew Hamilton, chairman of the New Zealand Stock Exchange, learned that there is some doubt in New Zealand markets about the prices at which brokers acting for the Commonwealth "ißank were instructed to hold the market for trading bank shares, which it is proposed to acquire for the Australian Government. The prices are:—Bank of Adelaide, £7 ss; Bank of Australasia, £ll 7s; Commercial Bank of Sydney, £24 3s; Commercial Bank of Australia, 21s 9d. preference, £11; E. S., and A., £6 15s; National Bank of Australasia (fully paid), 31s 6d, 12s 6d paid, 20s; Bank of New South Wales, £36 15s; Union Bank. £ll. On the question whether the Commonwealth Bank will buy af these prices shares in the New Zealand register of the Bank of Australasia, the Union Bank, and the Bank of New South Wales, Mr Hamilton hopes to obtain an answer shortly. At present, the position is that, provided facilities are arranged from the New Zealand end for Dominion brokers to obtain payment from Australia, Commonwealth brokers in Sydney can buy. Arrangements of such a nature are In the hands of thi Reserve Bank of New Zealand, and up to date, New Zealand brokers have not been permitted to sell sterling shares to Australia. Asked by a correspondent of the New Zealand Prefes Association what was hifl own .opinion on the question of selling bank shares from New Zealand, Mr Hamilton said he would like to repeat , what leading bankers have advised in Sydney: for shareholders not to panic, but wait and see W’hat further arrangements would be made. “There is a lot of water to go under the bridge yet,” he added. EGG PRICES REDUCED

Summer prices for eggs will operate in the Christchurch marketing area as from to-day. The new puces, with the previous prices in parenthesis are: heavy grade, 2s 3Jd (2s 6Jd) a dozen; standard. 2s Id (2s 4Jd); medium, 2s (2s 2d); pullet, IS 9Jd (Is lOd); duck, 2s Id (2s 4|d). The depot price to the producer is Is 8d (Is 9d), plus Government subsidy of 4d a dozen, and the floor price to the depot is Is Bjd (Is 9jd), plus a subsidy of 4d.