STOCKS AND SHARES

Dominion, Volume 31, Issue 55, 29 November 1937, Page 14

STOCKS AND SHARES

General Weakness In Markets SOME HEAVY DECLINES General weakness was the oiibstuudiiig Feature of the stock and share markets last week, the downward course of many leading issues accentuating the tendency of recent months. This was particularly the case with Broken Hill Proprietary, Electrolytic Zincs, Mount Lyells and Barriers, all of which lost further ground. There are many who think these issues “good hunting” at the.present depressed prices which return high yields based on last year’s dividend rates. All of these companies reported record protits due to the high prices of metals ruling during their financial years. The persistent decline in the base metals market from the peak level of last March, however, is bound to substantially reduce profits during the current year. Nevertheless, the Australian metals companies’ issues are, plainly, being snapped up on a lulling market. There was particularly heavy trading in these issues last week, accounting for the bulk of the dealings on the New Zealand stock axehanges. Australian- cables also, tol<J of considerable buying in Sydney for New Zealand' delivery. Broken Hill -Proprietary were steadier than the others and were actively traded at from 60/6 to 59/3, the rights to the new issue selUilg at from 28/7 to 27/2. Electrolytic Zincs sagged from 46/6 to 44/3 for the ordinaries and from 49/6 to 47/- for the preference. Mount Lyells showed a substantial decline on the week from 34/9 to 30/9, with a slightly better tone at the close. Broken Hill Souths weakened from 36/-.to. 33/9, but were a little firmer at the end of the week. North Broken Hills sold at from 52/- to" 49/-, but recovered to 50/-. ■ Mount Morgans were fairly steady. Another--disturbing -symptom -in the inal’kdC-.was the weakness in leading chain . stores/ ridtibly’ G. J. Coles and Woolworths/(SjidtipyJ... Coles were badly af-fected.-and. fell, away on active trading from 89/6- to- -78/6, a loss of 11/- on the week.•••Woolworthe (Sydney) 5/- shares weakened steadily from 27/- to 23/5.' Selfridges (N.Z.), 12/- paid, had a sale at 10/6. McKenzies Department Stores sold at 77/6 and' the rights nt from 43/- down to 40/8. J , The weakness in the markets extended to breweries, which sold at lower rates. Dominion' preference were done at 40/-. The heaviest decline was in New Zealand Breweries, which dropped sharply from 4S/e> down to 44/6, Inter sales being made a t 45/-. Tooths, in spite of higher profits and a small lift in the final dividend, eased to 54/6 and 53/-. Other leading industrials were affected to a less extent... N.Z- Refrigerating 10/- ■ paid fell away from 9/10 to 9/o. Kaiapoi Woollens 17/- paid sold at from 12/9 to 12/2. Australian Glass were traded at 85/3 to 85/- and Colonial Sugars sold down to £46/8/6 (ex div.). Conditions in the wool market were reflected in the prices of pastoral issues, notablv Goldsbrough Morts, which fell awav from 31/9 to 30/-. Dalgetys sold at £9/17/-. Insurance shares were dull ■ and little changed. Banks were dull and easier,, except New Zealands, which sold at from 44/6 to 44/9, the D mortgage issue going at 29/6. National of New Zealand eased from 58/to 57/- and New South Wales from £32 15/- to £32/7/6. Other sales were: Commercial of Australia, 17/- to 16/11; Unions. £9/4/- to £9/6/-; E.S. and A 2 £5/11/9: National of Australasia. £i>

paid, £7/1/6. Government loans were rather neglected and prices showed little or no change. Dealings on the Wellington Stock Exchange on Saturday were as follows: — No. of shares. £ <*• 59—G. .1. Coles *4 1 0 £•2000 —Inscr.- Stock, .4 p.c., 15/4/46-49 -fIOS 0 0 .100—Electrolytic Zinc, ord. .. 2 4 6 100 —Woolworths Ltd 1 3 6 Unofficial list:—150 —Westland Breweries, 10/-. paid *1 0 3 •Late sale Friday. tlteported after last call. WELLINGTON EXCHANGE Saturday’s Quotations

—— The latest buying and -Selling quotations recorded on Saturday on the Wellington Slock Exchange were as follows:— N.Z. GOVT. LOANS. Buyfts. Sellers; £ 8. d. £ s. d. 3.1 p.c. I user. - Stock, 3/1939-43 ........ — 101 2 6 Ditto-. 9/1939-43- .... — 101 2 (1 Ditto, 3/1941-43 .... .101 <J 0 —- Ditto, 9/1941-43 101 (I 0 — Ditto. 11/1938-52 ... — 101 12 6 4 p.e. ditto. 2/1943-40 102 15 0 —— Ditto, 4/1946-49 .... 102 15 9 103 5 0 Ditto. 6/1952-55 .... — 105 2 6 4 p.c. Bonds, 2/1943-46 102 15 0 103 5 0 Ditto, 4/1940-49 — 103 5 0 D i t to, 6/1952-55 .... ,. — 1Q5 5 0 5 p.c. Rural Bonds, 15/9/1947 101 0 0 LOCAL BODIES’ DEBENTURES. Wgtn. Harb. Bd., 5A p.c.. 2S/2/40 101 5 0 — Wgtn. Hosp. Bd.. 4fc p.c., 14/9/43 103 5 0 BANKS. Australasia — 110 0 Comrel. of Aust., ord. 0 16 8 0 17 0 National of N.Z — National of Australasia, 2 17 9 £5 paid — 7 1 0 New South Wales f32 0 0 32 7 « New Zealand *2 4 4 2 4 9 Ditto. D. long term *1 9 6 FINANCIAL. 0 10 6 Goldsbrough, Mort. .. 1 10 0 1 11 0 National Mortgage, A. - — 2 8 II N.Z. Guarantee Corp. — 0 4 9 Wgtn. Invest., T. & A. — l) 9 5 Wgtn. Trust, Loan .. ■ — 5 8 6 Metropolitan , B,dg. ... — 12 15 0 Auckland — 1 1 9 Christchurch ... 1 6 0 i’eilding 0 2 0 Gisborne 0 8 6 Wellington, ord — Ditto, prof *1 4 Q INSURANCE. O 17 7 New Zealand 3 4 6 South British 4 IS 0 Standard 3 0 6 MEAT PRESERVIN N.Z. Refrigerating ... — 0 19 3 Ditto, .10/- paid .... — 0 9 6 Wellington Meat Exp. 0 S 0 — TRANSPORT. Inion Steam, pref. .. 16 0 Kelburne Tram., ord. 1 1 0 —- Ditto, pret. ....... 1 1 1) WOOLLEN. 0 J 2 (» Ditto, pref — 0 17 3 Oamaru *0 18 7 Tim ar u 0 17 3 Wellington, pref. ..... 5 10 0 COAL. | Kaitangata 1 4 ( ; Piikemlro o IS Westport-Stockton .. o 2 4 TIMBER. Leyland-O’Brien to 18 O Rotoiti o 4 Ditto, pref Taringaniutu *0 14 < i Taupo Totara, ord. .. — 0 6 9 BREWERIES. sunshine — 0 12 U Carlton 3 1 9 Dominion N.Z. Breweries *2 5 0 '! 5 ('» I'ooth and Co 2 12 6 Tooheys 1 11 9 Queensland 1 7 0 MISCELLANEOUS. Anthony Hordern .... 0 IS Aust. Glass 4 4 9 British Tobacco 2 8 I'l Ditto, pref 1 10 ' 1 - - Broken Bill Pty 2 .19 (J 3 0 0 Ditto, rights 1 7 .— Burns, Philp and Co. 2 14 6 Colonial Sugar 45 12 6 Consol. Brick & Pipe o 7 n 0 8 2 Den hard, pref 1 o <1 — Dental & Medical Sup. 0 13 — Dominion Fertiliser 1 4 3 D.I.C., pref 1 3 (*. — Dunlop Perdrlau .... 1 1 9 1 1 11 | Electrolytic Zinc, ord. - 4 6 Ditto, pref. ....... 1. 0 6 I General Indnetrlos ... — 0 18 (1

G. J. Coles 3 19 6 Hume Pipe — 1 0 0 Maeduffs. pref — 1 li (i McKenzies .... Ditto, rights — 3 14 (5 Milburn Lime — 2 1 0 N.Z. Drug — N.Z. Fanners’ Fertiliser — 3 14 1 0 3 Procera Bread, ord. .. — »() p> q Shillings Ltd 0 11) (I Taranaki Oil o ♦; i 0 li 4 Wilsons (N.Z.) Cement * (I J .< 3 Woolworths (N.Z.), ord. *5 (I (| Woolworths Ltd., ord. 1 3 1 1 3 P Ditto, Ltd., 2nd pref. 1 8 <• Ditto, first prof. .. 2 It <i —- “Otago Daily Tinies” 2 5 9 — Wairakel I.rd n 7 n M I > IN G. Argo (I 1 2 — Mossy Creek (i Oil 0 1 3 Nernona . / 0 1 7 — Australian Mining. Broken Hill South “1 15 3 Mount Lyell -1 10 9 .Mount Morgan 0 11 3 <> 11 i, North Broken Hill .. *2 11 It OVERSEAS LISTINGS. M oulwortlis Holdings — 0 11 0 •Cum dividend. tEx dividend — Unofficial List Buyers. Sellers. £ s. <1. £ p. I. Aust. Prov. Assurance — 1) 11 Ij Selfridges (N.Z.), 12/ paid II III I) Dominion Farmers’ In stitute 4 12 Westland Br e wer i e s. 10/- paid — .T. J. Niven 1 (1 A 11 0 N.Z. Perpetual Korotrts —- 2 2 n