STOCKS AND SHARES

Evening Post, Volume CX, Issue 135, 5 December 1930, Page 12

STOCKS AND SHARES

PEICES ARE EASIEE

THE WEEK'S TURNOVER

Pnitcd Press Association— By Electric Tsltgraph—Copyrisht. SYDNEY, 4th December. * The investment mai-ket generally was most irregular to-day. Commonwealth bonds strengthened slightly _ and v large volume of business is bping done in them. Bank shares also firmed, except in two instances. Bank of New Zealand were again v bit weaker at 575. Business in New Zealand during the week has been fairly active, but at generally lower prices. As the holidays approach it is likely to taper off. But anything may happen, in Australia to accelerate the falling tendency of the values of many high-grade investments. • The suggested inflation of the note issue is already having a disquieting effect on the .markets, and not since the 'nineties have investors been more timorous. The turns of events in Australia are so ewift, so radical that it would not be surprising if, even before Christmas, there may be a rush to sell at any price going. Besides, there is the £28,000,000 Commonwealth loan to be disposed of by 15th December, and that will absorb a very large part of funds available for investment, and, indeed, money required for carrying on the industries of the country. In New Zealand there is disposition to sell Dominion Government securities, but values are fairly well maintained. The' iVs per cent, income tax-free loans are offering at about the same as last week, but are £1 to £1 5s lower than they were a month ago. For the 5M per cents, of 1933 and 1936 maturities there h a market at £90 to £99 10s, with a preference for bonds rather than stocks. Sales of Government .loans over the week were as follow:— 4%' per cent. Stock (1935), £98 15s* £98 10s; SJ/25J/2 per cent. Stock (1936), £99 ss, £99 2s 6d, £99 7s 6d; 5% per cent: Bonds (1933), £99 17s 6d; 5% per cent. Stock (1027-41), £95 ss. Local body loans have been offered and taken freely, and it would seem that holders are in need of the ready money. A sidelight on the popularity of local body loans was thrown by the Manawatu-Oroua Paver Board when it reported that of 26 5% per cent, de- ' bentures offered at part applications for two del. ltures only, were received. Local body loans inquired for were 4 per cent. Auckland Harbour Board (1936) at £90; 5% per cent. City of Auckland (1958 and I960), both at £96105; 6 per cent. Lower Eutt Borough (1944),, £100; seller £101 JOs, later £101 ss. The sales of the week ■were as follow: — ' , - h lk per cent. Springs-Ellesmere Tower Board (1935), £98 10s; 5% per cent. Auckland City (1940), £95; 5Vs per cent. Mount Eden Borough (1964), £97 10s; ti per cent. Lower Htitt Borough (1944), £101; 5Vi per cent Wanganui Borough ■ (1943), £99. Company debentures in demand included 8 per cent. Wellington Racing Club at £103 10s, 6Vi -per cent. Wellington Gas (1931) £00, sellers £100; 7&>per cent. Gisborne .Sheepfarmers at £85; 6% per cent. Auckland Gas (.1935),- £102; 10 per cent. New Zealand Breweries a' 21s. There were bo sales Of company debentures notified. BANKS, INSURANCE, FINANCE. Bank share values 'have a sagging tendency, and all show declines on the week. Bank New South Wales" (ex dividend) have fallen to £29 10s, sellers. For National of Australasia £10 shares there were buyers at £10 4s, but the shares were held 'for £11. Sales of bank shares for the week were as follow:— Bank of New Zealand (cum dividend), 555, 54s 6d, 525, 535, 52s 6d, 52s 9d, 53, 525-6 d, 535. 6d, 525, 52s 6d, 52s 4d, 52s 6d, 52s 4d, 52s 3d; National Bank of New Zealand, £5 10s, £5 10s 4d; Union Bank, £9 12s, £9 13s, £9 12s 6d; Bank of New South Wales, £30 10s; • Commercial of Australia, 16s lOd, 16s 7d, ■ 16s 6d, 16s, 16s 2d, 16s 3d, 15s lid, 16s, 36s 3d, 16s VM, 16s 3d, 16s 2d, 16s Id, 16s 4d, 16s 3d, 16s 2d, 16s Id; E.S. and A. Bank, £5, £4 19s; Bank of Australasia, £10, £9 10s, £10; National Bank of Australasia (£5), £6-6s, £6 Bd, £5 3s. Insurance shares were not conspicuous in the sales. Queensland (cum dividend) were for sale at 43s 6d, no buyers, the customary 2% per cent bonus not being declared this year. Standards were to be bought for 49s 6d to 50s; buyers' idea of value being 455. ' A.P.A. (cum dividend) were wanted at 5s od; sellers 6s 4d to 7s 6d. Sellers of Nationals quoted 14s 6d. Sales were as follow: — New Zealand Insurance 42s 6d, ,425, 41s 9d; South British 55s 9d. ' Financial and stock and station companies' shares were in poor demand. It was reported in metropolitan papers that Goldsbrough. Moris would pay tho usual dividend this year. This was followed next day by a denial from the Stock Exchange, Wellington, and to-day is published a confirmatory Press dispatch from Sydney, dated 4th December, reading: "Goldsbrough Mort shares reacted to-day following the announcement that no interim half-yearly dividend was being paid this month owing to the low prices of, primary products and the uncertain political and financial outlook; disbursement considerations accordingly being held over until 31st March." Business in stock and station and financial company investments as notified during the week was as folVDalgety and Co., £7 15s; Goldsbrough Mort, 20s, 19s Od; New Zealand Guarantee Corporation (8s), 7s 3d, 7s 2d, 7s. COAL, GAS, SHIPPING. The market for coal mine shares was very slack. For Taupiris 21s 6d to 22s 6d was offered, sellers 23s 3d; W.estports were wanted at 25s 7d to 265, sellers 27s to 2Ss 9d; Stockton ordinary had buyers at 3d, sellers Is. The sales were as follow:— s Pukemiro, 40s; Waipa, 7s. i Gas shares were dull, with sellers of "Wellingtons at 29s 6d, no buyers; and 16s 9d bid for the preference issue ot this company—no sellers. For Timaru Gas there were buyers at 21s 9d, sellers 22s fid. Sales were as follow:— Auckland Gas, 23s -Id, 23s 3d, 23s 4d, 23s 3d; Christchureh, 255, and 10s issue 12s. Shipping shares were neglected, but there were buyers of Union Steams preference at 20s, no sellers. P. and U. deferred stock was wanted at 41s, no sellers. Other shipping shares were not in demand, and no sales were reported. INDUSTRIES AND OTHERS. Meat company shares showed weakness all round. Gears were quoted by sellers at 35s 3d: Meat Export (pref.) at 19s. Sales o£ meat shares for the week were as follow:— . • ■ New Zealand Refrigerating (£1), 8s Bd, 8s 9d, and (10s), 2s sd. In the timber section there were inquiries for Kauris (cum. div.) at 9s 6d, sellers 12s Gd and 13s. The .company's profits for the year ended 31st August were £18,643, or £2287 bejow those of last year. Sales reported were as follow: — Leyland O'Brien, 22s 9d. Brewery business was fairly brisk in the chares of the big concern, and,'sales were as follow: — New Zealand Breweries (cum. div.), 435, 43s 6d, 42s Gd, 4.35, 42s Or), 435, (ex div.) 425, 41s 10d. 41s fld, 425; Staples and' Co., 40a; Tooths, 21s, 23s lOd; Carlton, 245. Other shares in rerpmst were Burns IPhilps at 30s, sellers 32s 6d; Dominion Investments at 21s 6d; Allied Motors, sd; Victoria Nyama Sugar, 325, sellnrs 395; Whitcombe and Tombs, 66s 6d, sellers 68s , jd; Wunderlich, 9s, sellers 13s Od; Colonial

Sugar, £30, sellers £33 15s; Milne and Choyce, 22s' 6d,: no ■"sellers; Wilson's Cement, ex div., were to be had at 40s. The sales were mainly of British Tobaccos and were as follow:— Australian Glass (ex div.), 27s 3d, 27s Id; Beath and Co. (Is), 4s 6d; British Tobacco (cum. div.), 31s 7d, 31s, 31s 2d, 31s Id,- 31s, 30s 2d, 30s Id, 29s 9d, 30s 2d, 30s, 30s 2d; Electrolytic Zinc (pref.), 17s 6d, and (ord.), 11s 9d; Farmers Trading, 7s 3d; Farmers' Fertiliser, 16s 4d; Robinson Ice Cream (Auckland), 22s 6d; New Zealand Paper Mills, ISs 3d. OIL AND MINING SALES. Taranaki Oil, 2s. 2s 3d; Waihi, 13s lOd, ]4s; Mount Lyell (cum. div.), 19s Od, 19s Bd, 19s 6d, 19s 4d, 19s 3d, 19s lOd, 19s Od, 20s, 20s 3d, 20s 7d, 20s 4d; Okarito, 5s 6d, 5s 3d, 5s 2d; Golden Progress, 10s premium; Mahakipawa, S&d, Sd; Winding Creek (Od paid), l%d.