STOCKS AND SHARES
OUTLOOK BRIGHTER
SALES OF THE WEEK
NEW YOEK, 24th June. The continued buoyant feeling drove prices on the stock market up from fractions, to 10 points, all the leading issues showing gains. Five million shares were traded in. The bond market reflected the bullish movement. . ~ii Australian stocks particularly showed gains.
"Evening Post," 2Gtli June. Business assumed a drab tone all this week, -but is expected to improve. There is a noticeably brighter tone in the Australianj. investment markets, which may bo momentary. The effect of the reductions in' bank fixed deposit rates and presently, as is probable, in the rates on bank advances, will have their due effect upon the prices of investments in the Commonwealth. Business in New Zealand . during the week may be described as fair to middling. Prices for gilt-edged securities and bank shares are well maintained. Industrials and breweries are inclined to be easier, but speculation in gold mining and particularly in dredging enterprises has been very keen. Government loans, other, than those _of which sales have been made, for which there is continued inquiry, are 5Vi percent. (1941) Stock, at £95 10s; 4% per cent. (1941) Bonds, at £98, sellers £98 10s: 4% per cent. Bonds (1938), at £97 15s; 5% per cent. Bonds (1933), at £90 ss. Sales of Government stocks were notified-as follows:— ■
4% per cent. Stock (1939), £98, £98 ss; 4M per cent. Stock (1938), £98 ss, £98; 5% per cent. Stock (1933), £99 ss, £99 2s 6d; SVz per cent. Stock (1936), £99 ss.
Local body loans having inquiry included 5% per cent. Otago Harbour Board (1938), at £101.10s, sellers wanting. £102 5s principal and interest payable in London, The 5% per cent. Wellington City Loan (1940) ■■'•was -wanted at £97 sa, with no disclosed -sellers. Auckland Harbour Board 5% per cent, and 6 per cent, debentures (1940 and 1941) were in demand at £97 and £101, with no sellers; and for 5% per cent. Auckland Transport Boards "(1949), £92 was bid, sellers quoting £fl6. Sales of local body debentures were notified as follows:— 5% per cent. Auckland Harbour Board (1943), £97 10s; 5% per cent. City of Auckland (1944), £97 10s; 5% per cent. Christchurcli Drainage (1965), £92 10s. Company debentures had moderate inquiry; and they included New Zealand Breweries at 21s, and New Zealand Milk Products at 20s. For 5 and 6% per cent. Auckland Gas (1932 and 1935) there were bidders^ at £97 and £100 respectively, but ao response came from holders. Sellers of 7% per cent. Amalgamated Brick (1944) quoted £95, but buyers were silent. Williamson's Films, 7% per cent, issue could have been bought for £95. For the 6% per cent, issue of New Zealand Farmers' Co-op., Christchurcli (1940), £50 was offered, but there were no sellers. • Business reported in company debentures during the week was as under: — Gisborne Sbeepfarmers' 6^ per cent. (1941), £74 10s. BANKS, INSURANCE, FINANCE. Bank shares had a fair turnover at firm, nnrl in some instances rising prices. Australian Bank of Commerce were wanted at:'l4s." sellers 14s 9d; Commercial of Australia (pref.) were in demand at £5 10s, sellers asking £5 18s'. For National of Australasia (£10), £9 5s was offered, sellers being silent. The So paid shares in this bank were wanted at £4 10s, but sellers stood out for £5. Shares of the Commercial Banking Company of Sydney; were to be had for £15, but there were no declared buyers. Sales of bank shares were as follows:— • Bank of New Zealand, ex div;, 46s 7%d, 46s 3d, 46s 6d, 46s sd, 46s 4%d, 46s sd, 46s Gd; National Bank of New Zealand, £4 15s, £4 15s tid; Bank of New South Wales, £24 15s, £24 11s 6d, £24 12s 6d, £24 15s, £24 17s 6d; Union Bank, £7 12s, £7 10s, £7 12s; • Bank of Australasia, £9 ss, £9 7s 6d, £9 7s; E. S. and A. Bank, 78s, 78s 6d, 795; Commercial Bank of Australia, 14s Id, 13s lid, 14s Id, 14s 3d.
Insurance shares were not in keen demand. But there were buyers of-Nationals at 12s 6d to 12s ■10d, sellers 13s 4d. Standards were quoted by sellers at 50s. Sales of insurance shares were as follows:—
'New Zealand Insurance, 40s, 40s 3d; South British Insurance, 50s, '50s Od, 50s 6d.
Financial and stock and station companies' shares were somewhat neglected. National Mortgage, cum. dividend, had bids up ■to 40s, with no sellers. For Loan and Mercantile, ordinary, bids of £45 failed to elicit a price from holders. Wellington Deposit and Mortgage were asked for at 9s Od. Shares quoted most in 'financial' companies were at sellei's' prices. Sales were as follows:— Dalgety and Co., £6; Goldsbrough, Mort (com. div.), 18s 2d, 19s 4d, 19s lOd.
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Bibliographic details
Evening Post, Volume CXI, Issue 149, 26 June 1931, Page 12
Word Count
793STOCKS AND SHARES Evening Post, Volume CXI, Issue 149, 26 June 1931, Page 12
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