Overseas Share Sales Advised

Press, Volume CVI, Issue 31235, 6 December 1966, Page 27

Overseas Share Sales Advised

(New Zealand Press Association) WELLINGTON, December 5. In the two months to November 30, when the limited market in overseas securities has been operative, 479 sales of sterling area shares for New Zealand currency had been advised, says the Reserve Bank,

The number of shares involved in these transactions was 122,754. The market started slowly, says the bank, but transactions more than doubled in November, to 318 sales involving 80,462 shares.

The bank announced an extension to the arrangements for the sale of sterling area securities in New Zealand to allow the sale of Bank of New South Wales shares for New Zealand currency, from tomorrow. Under the scheme, which has been operating since the beginning of October, Bank of New South Wales shares have not been eligible for sale for New Zealand currency because the bank does not issue scrip to its shareholders. Following discussions with the bank and the Stock Exchange Association of New Zei/and, the Reserve Bank ha now authorised the Wellin on share registrar of the

Bank of New South Wales to be an approved depository so far as its own bank's shares are concerned. This means that the N.S.W. Bank’s shares on the Wellington register may be traded for New Zealand currency on exactly the same basis as other overseas sterling area shares.