SHARE-TRADING IN N.Z.

Press, Volume LXXXIX, Issue 27224, 16 December 1953, Page 15

SHARE-TRADING IN N.Z.

REVIVAL of confidence SEEN (New Zealand Press Association) DUNEDIN, December 15. A revival of confidence and a consequent recovery of most share values above the 1952 closing price levels had occurred in the closing weeks of the first quarter of the last stock exchange year, said the chairman of the Dunedin Stock Exchange, Mr J. R. Laidlaw, at the annual meeting today. This had accompanied a stability of market operations which had persisted throughout the balance of the year, Mr Laidlaw said. The ability of investors to support prices was the more remarkable, because during the same period local bodies had made a concerted and sustained call for capital monies, and in .addition Government loans totalling £30,000,000 were successfully ■ floated. This channelling of money into fixed interest-bearing securities was necessary to make good a backlog of public and semi-public works vital to the country’s development, but an investing outlook that saw 4 per cent, fixed term investments as the beginning and end of money’s value and usefulness could not be applauded too generously. There was a great deal of good and profitable work for money to do in developing essential industries, but -the character of the investors was undergoing or had undergone a change in the post-war years, and financiers were now gersuaded to approach them with only xed interest-bearing propositions. ' It was significant that the New Zea- . P. investor had been by-passed for the initial finance to develop the Murupara scheme, and it was lamentable that such a new and vital link in New Zealand’s economic chain should have been allowed by apathy or lack of courage and vision to slip in part into foreign ownership, said Mr Laidlaw. COMPANY NEWS Empire Rubber Interim.—The directors of Empire Rubber Mills, Ltd., have declared an interim dividend for the halfyear ended September 30 at the rate of Is a share. The dividend will be payable on December 17.

N.Z. Insurance Interim.—The directors of the New Zealand Insurance Company, Ltd., have declared an unchanged in-> terim dividend of Is 6d a share, payable on February 10. In the last financial year to May 31, the company paid 3s 6d a share, equal to 17»A per cent.—(P.A.) Steel and Tube Company, Incorporated. —The Steel and Tube Company of .New Zealand, Ltd., has been incorporated with a capital of £966,666, merging the interests of Stewarts and Lloyds of New Zealand, Ltd., the Iron and Steel Company of N.Z., Ltd., and McLean and Todd, Ltd. A major investment in the new company has been made by Stewarts and Lloyds, Limited, of Great Britain, and arrangements are being made for the United Steel Companies, Ltd., of England, to participate. The balance of the capital has been taken by the shareholders of the Iron and Steel Company of N.Z.. Ltd., and McLean and Todd, Ltd. The trading activities of the present three companies will continue as in the past.—(P.A.) Henry Jones’ Year.—Consolidated net earnings of Henry Jones Co-operative, Ltd., fruit canners and jam makers, Victoria, rose to a record of £549,430 in the year ended October 31. The result, an increase of £206,453 over the previous year s profit, was struck after providing £163.305 for depreciation against £141,675 last year. Of the total net profit, £246,700 was earned in Australia (against £156,981 last year), and £248,730 was earned outside. an increase of £62,734 over the 1951□2 amount. The parent company’s net profit of £220.669 compared with £196,363 earned last year. The dividend is steady at 10 per cent.. In March the company made an issue of 315,000 £1 ordinary par - raising paid capital to £2,115,000. The latest report states that .lam sales again declined.

STOCK SALE ASHBURTON Prices for fat hoggets at the Ashburton stock sale yesterday were easier by 5s to 7s on last week’s rates. In other sections prices were erratic but firmed on a par with those ruling at the Tinwald sale There was a big yarding, with a large number of fat sheep. Prime wethers sold up to 63s Id and medium from 44s to 545. Prime ’ewes fetched from 37s 7d to 41s 7d. medium from 28s to 335, and light up to 265. Prices for fat hoggets ranged from 54s Id to 65s _S to £e wether hoggets sold from 47s to 94s A dne °i- 8 9 two-tooth ewes brought LONDON METAL MARKETS (N.Z. Press Association—Copyright) T . , _ LONDON, December 13. Latest London metal prices are:—

MINING

Clutha Dredge.—The dredge of Clutha River Gold Dredging, Ltd., operating at Alexandra, for the week ended November 12, worked 52 hours and recovered 40qz, the yardage for the last four weeks being 214,000 cubic yards.—(P.A.)

Buyer Seller Tin— £ s. d. £ s. d. Spot .. 637 10 0 640 0 0 Forward Lead— .. 617.10 0 620 0 0 Spot .. 89 15 0 . 90 0 0 Forward 87 15 0 88 5 0 Zinc— Spot .. 73 17 6 74 0 0 Forward .. 73 10 0 73 12 6 CopperSpot .. 227 10 0 228 10 0 Forward .. 218 0 0 218 10 0