STOCKS AND SHARES

Evening Post, Volume CVI, Issue 116, 23 November 1928, Page 12

STOCKS AND SHARES

SALES OF THE WEEK FLUTTER IN BREWERIES "Evening Post," 23rd Nov. jJusiness on the Stock Exchanges) of. the (Dominion shows considerable briskness during the past week. This was not conspicuous, however, in the market for Dominion Government' loans, which were slow of sale, but iirmly hold. Local body debentures attracted some attention and sales were made, principally in Auckland. The actual business done in Government loans was as»follows:—4M: per cei/-. Stuck (1930), £89 10s; VA per cent. Stock (1Q38), £99 10s; 5V4 per cent. Stock (J933), £.101 10s, £101 sa; 514 pec ceut. Stock (1936), £101 sa. In the Wellington market there were buyers of iM per cent. Bonds (1938 and 1939) at £99 7s Gd. Sellers of 5V4 per cent. Stock (1932) quoted £99 10s. Local body issues have attracted some interest from investors) locally, and in Christchurcb and Auckland there were offers to buy 6V& per ceut. Christchurch i City (1934) at £104 10s, but sellers stood out for £105 10s. The Auckland Harbour Board 6 per cents, were in demand at £103. The 6 3/ i per cent, debentures of the Makerua Drainage Board (1946) were quoted by sellers at, £104. The . following business was done in local body debentures:— 5% per cent. Auckland Harbour Board (1943), £100; 5% per ceut. Auckland Harbour Board (1937), £97 10a; 5 per cent. Borough o£ New Plymouth, £97- 5% per cent. Tamaki West Road Board (1950), £102; 5 per cent. Mount Eden Borough (1968), £102; 5 5-8 per cent. Petone and Lower Hutt Gas Board (1957), £100. Business in company debentures so far as can be ascertained was confined to 10 per cent. New Zealand Breweries at rising prices, viz.; 24s* -9d, 255, 25s Id, 255. There were buyers of Glaxos at £89 and £90 and of 6% per cent. New Zealand Farmers' Co-op, issues (1945, 1939) at £92, and sellers of. the later date of maturity at £95. 6% per cent. Auckland Gas were in demand at £103, sellers not quoting. 8 per cent. Wellington Racing Clubs were wanted'at £106 10s, no sellers. For Wellington Gas £100 was offered without effecting a sale. r Bank shares continue to receive favoured attention, and the following sales were made during the week:—Bank of New Zealand, 61s 6d, 61s 9d; Union Bank, £15 7s Gd; Bank of New South Wales (cum div.), £51 15s, £51 17s Od; Bank of Adelaide, £10; National of Australasia (£5, cum. div.), £9 12s; Union Bank, £15 7s, £15 7s 6d; E. S. and A. Bank (ex div.), £8 10s Od; Commercial o£ Australia, 30s sd, and (pref.) £7 8s; Australian Bank of Commerce, 33s sd, 33s 6d. Holders of Long Term Mortgage D Shares in the Bank of New Zealand quote 28s 6d, with buyers unresponsive. The shares of the National Bank of New Zealand had buyers at £7 Is 6d. sellers' quotations being £7 4s. The £10 shares of the National Bank of Australasia were to be had for £19 7s 6d, no buyers at that figure. In the financial and stock and station division there was some activity, as the following sales will indicate:—Dalgety, £15 Us, £15.45, £15 3s, £15 ss; National Mortgage, 89s, 90s; Goldabrbugb, Mort, 52s 3d, 52s sd; Loan and Mercantile (ord.), £120; N.Z. Guarantee Corporation (8s), 8s 7a; Farmers' Co-op. Auctioneering (A pref.), 17s 6d. There were buyers of New Zealand and River Plate at 32s 3d, but no selling quotations. Wellington Trust and Loans were wanted at £6 19s, holders .not quoting. Wellington" Investment T. and A had buyers 10s Bd, no sellers. Sellers of ordinary Loan and Mercantiles quoted £120, with no business done at that hgiiisurance companies' shares were well held. Standards were wanted.at 635, but sellers held for 63s 9d. Mercantile Mutuals had buyers at 30s, no sellers. Sales of the week were:—New Zealand, 47s 3d; South British, 63s 9d, 645; National, 17s, 16s lid. . GAS, COAL, AND SHIPPING. The turnover in gas shares was only moderate. There were sales of Aucklands at 23s 4d, and Christchurchs at 20s Gd and 26s 3d. For Wellington ordinaries 29rf 9d was bid, but no sales recorded. Napier £10, shares were wanted at £10 7s Cd, but holders were unresponsive. Coal shares had some- inquiry and a limited business was done in the following companies' shares:—Westport (cum. div.), 31s 6d; Hikurangi, ordinary, 6s and preference Us to 12s; Renown, preference 2s lid. Holders of I'ukemiros were' prepared to quit at 67s 6d, and Waipas at 13s 6d.' ■„ -rr ii •. ' Shipping was dull with sales of HuddartParkers at 48s and Northern Steamship at 13s lOd. Union Steam .Ship preference had buyers at 20s 6d, no sellers. ' In the meat market there was a lair business done in New Zealand ltefngeratings at 9s 7d for the 10s paid shares, and up to 19s 9d for the fully paid £1 shares. Gears were wanted at 42s fid, and holders were prepared to do business, quoting 445. For Canterburys £9 2s was available, but holders were silent. . ' . , , Timber shares are beginning to attract further attention and a sale of Bartholomews at 18s 6d was reported. Kauris are wanted at 19s 6d, but there are no declared sellers. For Ley land O'Briens holders will take 34s 6d, cum. dividend. Nationals can be had for 10s 6d. . ' There was not much doing in Woollensi Holders of Wellington Woollen ordinaries were quoting £7 7s, and sold, at £7 4s. Kaiapois (17s) sold at 13s lOd and 13s 9d; and (7s) at 4s 3d. BREWERY AND OTHER SHARES. During the week there has been considerable activity in the shares of New Zealand Breweries, which had a steady rise a month before the Prohibition poll was taken, and continued high price levels a day or two afterwards, and then came well back. Even at current prices—round about 57s Od, they are considered too high. During August sales were made at trom 43s 6d to 48s 3d, and in September- and October they reached 51s to o2s (id. instead of going back as the Prohibition poll drew near they sharply rose, reaching 58s 6d and C9s, and sales at as high -is 60s were recorded, and after.tho poll they sold at's7s (id to 58s Od. During the current week they receded to 535, and the course- of values will be seen m the following order of recorded sales:— New Zealand Breweries,'s6s fid, 565, sos, 54s 6d, 54s 3d, 535, 555, "545, 55s 3d, 55s 9d, 565, 57s 6d, 57s 3d, 575,.57s 6d, 0/s Od, 58s, 575, 678 6d, 57s 9d. The reason generally given for these fluctuations is that several speculators had over bought, with the result that the prices of the shares were forced up. At 58a, the return to investors is under 3% per.cent. Sales of other brewery shares were confined to Staples at 41s 0(1 ami 41s Gd. Wards are in demand at 42s bd. Timarus were wanted at 15s 3d, no sellers; Carltons had buyers, -48s Gd, sellers 49s 6d. In the miscellaneous division there was a little more, inquiry with an'improved turnover on business done during the past few weeks. Wairarapa Farmers are wanted at Us Od. For New Zealand Drug 70s 6d was offered, sellers silent. How*jd Smiths were wanted at 245, sellers 255. Gasco Bricks had buyers at 23a Od, no sellers. The following "sales were recorded:— Australian lion and Steel (preL), 20s 4d; British Tobacco, 44s 6d, 44s 3d, 44s 6d: Burns, Philp, 44s 3d; Colonial Sugar, £00 2s 6d,' £59 17s 6d, £59 10s; Dental and Medical, 10s; Dominion Rubber, 275; D.I.C. (10s), 21s; Electrolytic Zinc (ord.), 34s 6d, 355, and (pref.), 365, 30s 2d, 36s sd, 375; Holden's Motors, 295, 30s 3d, 30s 7%4, 30s sd, 30s 8d; Quill, Morris, 18s 3d; Wilson's' Cement (cum. div.),.4ls. The mining market showed strong inquiry for Waihis and sales at the following prices: 14s 7d, 15s, 14s lid, 14s 7d, 14s Bd, 14s'6d, 14s 9d, 14s lOd. Mahakipawa, Is 2d, Is Id, Is, Is Id; Okarito (premium), 9d.