STOCKS AND SHARES

Evening Post, Volume CX, Issue 117, 14 November 1930, Page 12

STOCKS AND SHARES

WANT OF CONFIDENCE

A SLOW WEEK

■. . MELBOURNE, 13th November. There was another strong advance in Commonwealth securities on the Stock .Exchange, following the announcement of loan conversion arrangements.' Prices rose by from five to twenty shillings.

•; ' '•Evening Post," ]4th November. 4Business on tlic Stock Exchanges o£ the Dominion during the week has flagged and this is duo less to the desire and means pf-investors to pick up bargains than to it-want of confidence on their part. There is no lack of buyers—nor of sellers—but ■ prices offered indicate clearly enough that the market lacks tone, and in many instances, no doubt, the banks have intimated to their customers tile desirability of reducing limits i£ not overdrafts. Holdings of Government and local body debentures too are being turned into cash, but they are readily taken up when quotations are attractive. .;; The commodity-price situation J6 ■ far fiora reassuring, and the future of wool 'and live stock is overclouded. The butter and cheese markets continue under a cloud.. Increased taxation is also . .unquestionably having a depressing _ effect upon the investment market. Buying on Australian account is now restricted. For "safety first" investments the market in Sew Zealand as in Australia may be described as fair to good. For New Zealand Government loans, however, the demand has been moderated to some extent by the supply. All the iVz per cent, free oi income tax Government loans are below par. In mid-September these ■were ■yfanted at anything from par to % p.'c. to 3;S per cent, premium. There would appear to be a tendency on the part of large holders of Government and municipal loans- to turn their debentures into ready money. There are bids for hVz -per cent. Government loans (1936 and 1933) at from £98 15s to £99, and for the s%'per, cent: 0941) bids of £95 10s were made. Sales Cif Government loans notified during the jeek.-were as follow: — 'I 4% per cent. Bonds (1038), £99; iVz ■per cent. Stock (.1938), £98 17s 6d; 5K 4 per cent. Stock (1936), £99 10s. '•"•' Local body loans inquired for during the week and quoted by sellers included 6 per cent. Hastings Borough (1949) at £1.01 10s; 6 per cent. Lower Hutt Borough (1944), at £101 10s; 5% per cent. Hfc Eden Borough (1963), at £101; 6 per cent. Daunevirke Borough (1931), tIIKJ 10s, 5% per cent. Wanganui Borough (1943), at £100 10s. Sales were as follow: — .'■ 54 per cent. Wellington Harbour •'Board (1940), £9S 10s; 6 per cent. Auckland Harbour Board (1941), £103,106; ■f. 5% per cent. Mt. Eden Borough (1964), ■■£97 10s; 5% per cent. Napier Harbour '. 'Board, £97 10s; 6% per cent. Cambridge ,1 Borough (1932), £100 10s. ■ Company debentures called for included 8 per cent. Wellington Racing Club, £103 10s; 7^ per cent. Gisborne Sheepfarmers (1937), £8S; 10 per cent. New Zealand Breweries, 21s; 6% per cent. New Zealand Tanners' Co.-op. (1940), at £75 and (19i5) £74, with sellers at £79; 5 per cent. Auckland Gas (1932) at £94. There Tve're sales as follow: — ■'.'• 6% per cent. Auckland Gas (1935), £102. ■;;' BANKS, INSURANCE, FINANCE. '', Interest in bank shares was slack by comparison with that of the past few months, and there is every appearance.of business in this section slowing down until after the New Year. However, there were inquiries for National Bank of New Zealand (cum. div.) at £5 10s to £5 13s. Commercial Bank of Australia preference had buyers at £6. Bids of £17 to £17 10s for, Commercial Bank of Sydney failed to result in aDy business being reported. For the- D shares of the Bank of New Zealand there were buyers at 26s 3d; no sellers. Sales of bank shares notified during the ;nreek were as follow: — ■-■ . Bank of New Zealand, 56s 6d, 575, 56s IOV-d, 575; Bank of Australasia, £11 2s Gd, £10 6s, £10 15s, £10 10s, £10 18s 3d; Union Bank, £9 17s, £9 16s, £9 14s; Bank New South Wales, £32; Commercial Bank of Australia, 17s 2d, 17s, 16s lOd, 17s, 17s Id, 17s 2d, 17s Id, 17s 2d; E.S. aud A. Bank, £5 16s, £s'l3s 6d, £5 • 14s, £5 10s, £5 12s 6d; National Bank of Australasia (£10), £12; Australian Bank of Commerce, 20s 2d, 19s 10M;d, 20s, 19s Od. ■■ ■ ' ■ . Business in insurance company shares Was confined to local institutions. Queensland, however, were in request at 41g; sellers 50s. Standards were wanted at 49s lOd; sellers 52s to 555. The sales of the ■week were as follow: — New Zealand Insurance, 42s 3d, 42s 6d; South British Insurance, 555, 55s 3d, 555; National Insurance, 14s 6d. Financial and stock and station company shares had very little inquiry, and business in that section was correspondingly small. Wellington Trust Loans were inquired for at £6 19s; sellers £7 2s 6d; and for Wellington Investment, Trust and Agency, IDs was bid. Sales of the week were as follow: — Dalgety and Co., £8 9s; Goldsbrough Mort. 22s 2d, 21s 7d, 21s 3d, 21s-10%d, 22s od, 22s 3d; Wellington Investment Trust, 10s; New Zealand Guarantee Corporation (8s), 7s 4d, 7s 3d. COAL, GAS, SHIPPING. Coal mines were neglected. There were orders in the market for Pukemiros at 41s, but sellers wanted 475. Waipas were in demand at 6s to 6s 6d, sellers asking 10s. Westports (cum. div.) were called I'or at 27s 3d; sellers 30s. For Stocktons 3d was bid, with sellers quoting Is 6d to Is 9d and 2s for the preference issue. Sales were as follow: — Taupiri, '235; Grey Valley, 20s 6d. Gas shares were quiet, with buyers of Wellingtons at 2Ss 3d, sellers 29s 6d; and buyers of Timarus at 20s, no sellers. Sales ■were as follow:— Christchurch, 255; Auckland, 23s 7d, 23s od. Shipping shares had very little inquiry. As usual, the Union Company preference Were wanted at 20s, with no disclosed sellers. P. and O."s (cum. div.) had buyers at 40s; sellers 465. Huddart-Parker ordinary could have been bought at 29s to; 30s, and the preference shares for 19s Sd. The only sales notified were as follow: ;Northern Steamship (Auckland), 14s. INDUSTRIAL AND OTHERS. Meat shares were unwanted. Holders of Gears failed "to attract buyers with quotations of 365; New Zealand Refrigerating (£1) were wanted at 8s Sd. sellers !)s 2d; and (10s) had sellers at 3s 4d to 3s 3d; Canterbury Frozen .Meat were quoted by sellers at £6. The preference shares, of Wellington Meat • Export were to be bought for 19s 9d. There were no recorded sales of meat shares. Breweries were wanted, with bids of 24s for Carltons; sellers 255. Staples had buyers at 3Ss 9d and 38s 6d; sellers not quoting. Tooheys were wanted at 16s 10d; sellers 17s lid. Sales were as follow:— New Zealand Breweries, 45s 9d, ■ 45s lOd, 45s lid, 465, 45s Od, 45s 6d; 465; Tooth's Brewery 255. ' Woollen mills were hardly quoted. Kaiapois (7s paid) had buyers at 3s, sellers quoting 4s 3d. There were sales as follow:— ■.-■■■' Bruce Woollen, 10s 6d. Timber shares were hard to move. Kauris'had buyers 10s 6d, sellers 12s 6d. Leyland-O'Brien's (cum. dividend) ■■■ were asked for, 22s 6d to 23s being bid, sellers wanting 265. Bartholomew's had sellers at 21s; no buyers. Nationals were to be had for 9s to 10s, but there were no bide. MISCELLANEOUS. Business in the miscellaneous division was only ■moderate, but there -were buyers of Burns-Philp (cum. div.) at 3Js 9d; sellers 33s 9d. Bids for Sharlands (ci rlir.) at J7s 9d met with no response. National Electric had inquiry at 8s 3d; jio sellers. Australian Distilleries were ftuoted by. sellers at 21s; no buyers, Ifpr

the 7% per cent preference issue of Auckland Iron-, and. Steel. 11s to 12s 6d was offered, but holders wanted 14s. Milne and Clioyce were wauted at 22s 6d for shares and debentures. Beath and Co.,had sellers 25s lid; no buyers. The sales notified were as follow:— . • Australian Glass, 275; Auckland Amusements, 3s; Beath and Co. (Is), as; Bycrbft (Auckland), 32s 9d; British Tobacco, 32s 9d; Colonial Sugar, £35; Consolidated ■ Brick and Pipe, 12s; lilectro- . b-tie Zinc (prof.),. 17s 9d; Farmers ■Trading .(Auckland), Cs Od, 7s, and: (B . preference) 12s 6d; New Zealand Drug, Gls Gd: Milburn Lime, 29s 3d, 295. Gd, 30s; Wilsou's Cement, 40s. , MINING. Mining "business was transacted as follow:— •■■■■•'■'■ Waihi, 14s, 13s 10d; Waihi ■ Grand Junction, 2s 2d; Mount Lyell, ; 21s ■Gd, 20s,1 19s 9d, 19s lid, 19s 9d, 19s id, 19s 6d; Cornish Point (Is), 3'M; Mahakipawa, B%d, 9d; Okarito, 5s 3d, 5s 9d, 5s 6<l;.King Solomon, lO'/id.