STOCKS AND SHARES

Evening Post, Volume CXII, Issue 3, 3 July 1931, Page 10

STOCKS AND SHARES

HESITANT INVESTORS

"THE LURE OF GOLD

(tJnlted Pres3 Association—By Electric Tele■graph—Copyright.) SYDNEY, 2nd July. An atmosphere of restraint prevails in the investment market clue to the approaching conversion loan campaign and the larger political issues depending upon its results. The general weakness of Commonwealth loans continues. A leading firm of sharebrokers in their -weekly letter declare that the Premiers' plan should not be in the hands of the present Federal Government. The plan lacks entirely a basis of sound government." "We fear that in the years to come the plan will be regarded as the greatest delusion. So far from restoring confidence as its advocates glibly claim, the plan has utterly destroyed confidence in (jovernment securities. The Loan Conversion Bill now before Parliament is simply, an embodiment of default and repudiation. It is the charter of Australia's degradation. Unless by some other means conhtlence can be restored, ive cannot view the prospects before Australia without grave misgivings." . Colonial Sugnv shaves rose sharply today, buyers offering £40 los ami ■ sellers quoting £41 10s. Bank shares generally Jvere steady to firm.

"Evening Post," 3rd .July. "An atmosphere o£ restraint" prevails also in the New Zealand mar- ' jket, and latest Government taxation proposals cannot fail to. intensify it. jThere has been a considerable amount of selling of gilt-edged and Beini-gilt-edged investments. True, they nnd fcuyers at a price, but. the course ot the market shows pressure to sell-deben-tures and shares of a non speculative character. Government debentures are in good demand, but their prices have.a slight tendency to sag. Local body loans are being disposed of, but,they appear to find ready buyers at a discount. The business done in Government debentures' during jthe week has been reported as follows:— 4% p.c. Stock (1938), £08, "£9B 2s 6d; 4% p.c. Bonds (1938), £98, £97 17s 6d; 4% p.o. Stock (1039), £97 17s Cd; PA p.c. Bonds (1939), £98; 4% p.c. Stock (1941), £93; 5 l& p.c. Stock (193b), £99 7s 6d. Local body debentures inquired for included 5% p.c. City of Wellington (1940) at £97 ss; other quotations were those oi sellers. The sales recorded were as iollows:— SVi p.c. Auckland Power Board "(1945), £97 10s; 5M p.c. Wellington Hospital Board (1933), £98 ss; 5% p.c. New Plymouth Harbour Board (1946), £97 10s;"5% p.c. Auckland City (1944), £97 7s 6d; 5% p.e. Moiint Roskill Road Board (1960), £98; 5% p.c. Mount Eden , Borough (1967), £99. Company debentures were in but modcrate" demand. 5% per cent. Auckland Transport Board (1049) were wanted at £92, sellers £95; 6% p.e. and 5 p.c. Auckland Gas (1935 and 1932) had buyers at, £100 and £97 respectively. Other company debentures quoted were mainly by sellers. The following sales were reported:— . . ' GV> p.c. New Zealand Farmers' Co-op-erative Christchurch (1040), £53 10s. BANKS", INSURANCE, FINANCE. Interest in bank shares was keen, and the market showed a- tendency to harden. It is felt that with only the glimmering of confidence in the Australian political outlook that bank shares will immediately respond. There arc inquiries for tlie Bank of Australasia at £9 8s to £9 10s, with sellers at £0 17s <5d to £10. Anstralian Bank of Commerce have buyers at . 14s Bd, sellers 15s fid. Buyers of the D. Long Term mortgage issue of the Bank of New Zealand oiVer from 25s 6d to 26s 3d, with no disclosed sellers. Commercial of Sydney are quoted by sellers at £14 10s to £15. Transactions in bank shares have been recorded as follows:— Bank of New Zealand, 46s 6d, 4Cs Od, 47s 3d, 47s 4%d, 47s 9d, 475, 40s: National Bank of New Zealand, 90s; Union Bank, £7 17s 6d, Bank of New South Wales £25 17s 6d, £25 11?, £25, £25 ' 10s, £25 Us, £24 17s. 6d, £25, £25 10s, £24 17b 6d;' National Bank of Australasia (£5), £4 15s; ■ E.S. and A. Bank, 87s 6d; Commercial Bank of Australia, 34s 3d, '14s 4d, Ms sd, 14s 6d, 14s Od, Ms lOd, 15s. -" - •■ Insurance company/ shares were .quiet, but with improving inquiry for local companies. Standards were quoted by sellers at 4.8s to 50s but no business in them was reported. Sales were published as follows:-— ' . . New Zealand Insurance, 40s 9d, 41s, 41s 9d; South British Insurance, 51s, 51s 3d, 50s 9d, 51s 3d, 51s 4d, 51s Gd; Na ; tional, 13s. Financial and stock and _ station company investments were inquired for but at low prices. For New Zealand and River Plates there were buyers at 20s, no disclosed sellers. Sales were as follows:— New Zealand Loan nnd ■ Mercantile (ord.), £50;Dalgety and Co., £6 7s 6d, £6 11s; Goldsbrqugh, Mort (ex div.), 20s; United Building, Christchurch,' 13s; Reliance Loan (pref.), 17s 6d; Dominion Investment and Banking, Auckland, 18s; New Zealand Guarantee Corporation (8s), ss, and (pref.), 20s 3d. COAL, GAS, AND OTHER SHARES. Interest in coal mining shares was .almost non-existent. Westports were wanted at 21s; sellers 24s'6d. Sales .were as follows:— ~ Taupifi, 20s 6d. . . Gas shares were quid;, but Wellingtons were wanted at 26s 9d, with no disclosed eellers. Sales of gas company shares were as follows: — Auckland, 235; and contributing, 17s; Christchurch, 255, and (10s), 11s lid. Shipping shares were neglected, but buyers of Huddart Parker ordinary at 20s to 20s Od were unsatisfied. P. and 0. deferreds had buyers at 26s to 20s 3d, but sellers did not quote. Meat companies' sharps w;uitcd included Gears at 25s 3d, sellers 20s Od; New New Zealand Refrigerating £1 paid were •wanted at 10s Od; sellers asking 11s 2d. Sales of meat shares were as follows:— Southland Frozen Meat contributing, 16s 3d; New Zealand Refrigerating (10s), 3s 6d, 3s Bd, 3s 7d. Breweries attracted but little attenfion, tmt the shares in the big New Zealand concern have risen on the week. Beer consumption, as the excise returns continue to show, is steadily falling, Carltens were wanted at 20s, holders asking 24s Od. There were sellers of Wards (in voluntary liquidation) at 10s. Tooth's had buyers at 16s 8d to 17s, sellers quoting 18s. Sales of brewery shares during the week were as follows:— New Zealand Breweries, Sis1 Sd, 'Ms 9d, 34s 6d, 35s 2d, 35s 3d, 34s Od. 34s . lOd, 355, 35s Id; Timaru (ss), 0s IVid, 6s 3d. ■ INDUSTRIAL AND GENERAL. Industrial shares arc out of favour, and quotations are generally those of sellers. Those inquired for with bids made by buyers included Wunderlich, Sydney. 2s 6d; Amalgamated Wireless, 10s Gd; Australian Glass, 20s 6d to 21s Cd; Woolworth preference, 22s 6d; Electrolytic Zinc, 14s 6d; New Zealand JJrtjg, 4Ss 6d; National Pictures, fls; United Pictures, 14s. For all these there were no sellers quoting. Kauri Timber, 6s to 7s od, sellers Ok: Leyland O'Brien Timber, 20s (id, sellers 245. Sales in the miscellaneous section were bs under:— British Tobacco (cum div.), 24s fid, 24s Bd, 24s 6d, 255, 25s Id, 255: Colonial Sugar, £34 10s, £34 15s; D.I.C. (10s), 15s 3d; Milburn Lime and Cement,

20s Od; "Otago Daily Times." 50s; Wilson's Cement, 35s 6rl; Taranaki Oil, !)d; MINING. There was considerable activity and a. heavy turnover in gold shares, but particularly in dredging companies' shares, and the business notified showed that speculative interest continues keen., Sales were as follow:—' ■ . Waihi, 15s id, 15s 3d, 13s 6dj Mount Lyell (ex div.), 18s 3d, ISs od, ISs 6d, 18s Od, ISs 6d, 18s, 3d, 18s Od, HJs, 18s lid, 19s, 18s Cd. 18s 7d; Waihi ' Grand Junction, 3s 4d, 3s 2d, 3s, 2s lid; lung Solomon, 3s Sd, 3s 7d, 3s B%d, 3s 6d; ' 3s. VAd, 3s Bd, 3s 7d, 3s 8.%d, 3s 7Vkl, 3s 4d, 3s iVzd, 3s. 4d, 3s 3d, 3s 2d, 3s 3d, 3s 2d, 3s 2%d, 3s 3d, 3s 2d, 3s l%d, 3s 2%d', 3s Id, 3s O&d, 3s Id, 3s 3d, 3s' 2d. 3s l%d, 3s 2d; Cornish Point, B<l, B%d, Sd: Mahakipawa, Bd, 7%d, Okarito; 9s 2d, 9s 3d, 0s 9d, 10s, 10s 7d, 10s Bd, 10s 4d, 10s 3d, 11s, 10s 9d, 10s, 10s 6d, 10s Bd, 10s lid, 11s, lls Id, 11s 3d; Paddys' Point, 3s sd; Golden Point (10s), loa, los sd, los, 15s 3d; Golden Point (Is), Is Sd, Is lOd, Is lid.