STOCKS AND SHARES

Evening Post, Volume CXIV, Issue 1, 1 July 1932, Page 10

STOCKS AND SHARES

GILT-EDGED WANTED

INVESTMENT. PRICES

"Evening Post," Ist July.

Not only in London,: but also in Australia and New Zealand, there is a decided improvement in the market prices for gilt-edged securities, meaning first Government debentures, and next local body loans, and with them bank and insurance company and similar shares. Prices paid for British Government conversion loans in London, as advised by radiogram yesterday, compared with those paid a year ago, were as follows: —

24th June. 29th June. Conversion Loan. . £ s. d. £ s. d. 3% p.o. .......... 84 10 0 94 10 0 i% p.c. (1940-44) ..102 10 0 105 13 5 p.c. (1941-64) .... , 107 0 0 109 12 6

The expected announcement of terms of conversion of the great £2000 million 5 per .cent, war loan, and the low price of money in London at, the present time must be taken into account in comparing the values o£ above securities. The rising in prices of British Government stocks foreshadowed the-reduction in the bank rate-yesterday to 2 per cent. The position in New Zealand is that certain Government loans show a decline, notably the 4% per cent, issues maturing 1938 and 1939, which were issued as free of income tax on their interest, but other Government loans are above par. Prices at which Government loans were sold at the beginning of this year are compared with prices* realised during this week as follows:— ■ .

, Jan., 1932. June, 1932. Stock. ' " £ s.- d. £ s. d. 4% p.c. (1938) .... 96 10 0 94 0 0 4V4 P.C.. 1939) ..... 80. 0 0 94 0 0 5^ p.c. (1941) .... 96 0 0 9o 0 0 5^ P.c. 1933) .... 98 5 0 100 7 G 5% PC. 1933 .... 99 5 0 100 7 0 s^l p.c. (1937) ;.... 100 0 0 .100.10 0 There were bids for 4% p.c. bonds (1939 and 1938) at £93 10si and for 5% p.c. bonds (1937) at par. Salesof Government loans reported during the week were as ° °4% p.c. Stock (1938), £93 ss, £93 10s, £93 12s 6d, £94; 4% p.c. Stock (1939), £94; 5% p.c. Stock (1941), £95; 8%,p.c, Stock (1933), £100 7s: 6d to £98 15s; 5% p.c. Stock (1933), £99 11s 3d, £100^ 6d; 5% p.c: Stock (1937, Feb.), £100 7s 6d, £100 ss, £100 10s, £100 7s 6d, £100 10s; 5% p.c. Stock (1937, Sept.), £100 10s. '

' Local body loans, for which there were buyers included 5% p.c. Auckland City (1944) at £97 10s and 5% p.c. Christchurch and. Dunedin (1944) at £97 Wellington City 5%.p,c.-.(1940) was in.demand at £97 10s, and 5% p.c. Wellington Harbour Board (1940) at. £98: There were sellers of other similar investments prepared to take par and under. Sales were notified as follows:— 5% p.c. Auckland Harbour Board (1961), £98 10s'. ' Company debentures having buyers included 6% p.c. Wellington Gas. (1941), at £99. • : ■ ' -'■ '.■ :. banks/insurance, finance. Bank shares inquired for included Australasia at £9, E.S. and A." at 775, Bank of New Zealand D long-term shares at 25s 3d. National of Australasia (£a and £10) at £5: and-£lO 2s 6d: respectively, and Commercial of Sydndy at, £13 os. Sales were noted as under,:— Bank of • New : Zealand, 41s 6d, 41s 9d, •42s 6d, 435,-425; ,42s;J)d, ,435, 425. Cd, 42s 9d, 435,'42s 9d,:42s 6d, 42s 3d, 425 ; 42s 3d, 42s 6di 425, 42s 7%d, 42a 9d, 42s .4d, 423 7d, 42s Bd, 42s 6d, 42s 7d, 42s Bd, and D long-term mortgage 25s 6d; National ißank-'ofrNew Zealand (cum;vdiv.) 61s, 61s 6d,"-625,; 635, 61s 6d, 625, Gls 6d, 625; Union Bank, £7 ls,i£7; Bank of NewSouth Wales, £25 10s; Commercial Bank of Australia, 14s, 13s lid; 14s, 14s Id, 14s 3d, 14s Id, 14s l%d. -In the insurance market there were un : satisfied buyersof Standards at 39s to 303 6d. The sales recorded were as follows:— New Zealand Insurance, 38s; National, 11s sd, 11s 6d; South British Insurance, 51s.' : ... • ;.■ ■ : .; -.;' Financial and pastoral companies' shares were generally neglected, but Dalgetys had buyers at £6 ss, sellers quoting £6 16s to £6 18s 6d; N.Z. and River Plates were wanted at 21s. Sales were as follows:— •Goldsbrough.Mort., 2Qs, 20s 3d, 20s 4d; United Building, Christchurch, 14s 3d; New Zealand Guarantee Corporation, 4s ■ 3d. ■■•■■■ '. ■ ■ ..■■ ■:'■.■■ • COAL, SHIPPING, AND OTHER. There was not much inquiry for coalmine shares, which is ,hardly to be expected until present differences between owners and miners are settled. Westports had buyers at 10s to 10s 6d, but with no declared sellers. Westport-Stockton ordinary were wanted at. sd, isellers quoting 9d. Shipping shares:had an improved-in-quiry, with buyers' of P. and 0. deferred offering 16s- Od to 18s, the lowest price quoted by sellers being £t. Huddart, Parker ordinary were in demand at 21s 9d to 225, without drawing quotations from holders. ■ Gas shares were rather quiet; with buyers of Wellington ordinary at 27s 3d, but no sellers. Brewery shares showed, advances during the week, with offers of 25s for Carltons met by 28s 9d from sellers. Meat companies wanted included Canterbury Freezing at 755, but no sellers. Gears were inquired for at 27s 6d to 28s, but there were no declared sellers. Shares in the woollen section were mainly quoted by sellers, but there were orders in the market. for Mosgiels at £6 5s and for Wellington .Woollens ordinary and preference, at 84s, but there were no declared sellers of shares in either : company. Sales in the above sections of the list and in the miscellaneous section. wer« leported as follows:— ••■••' . : • Pukemiro, Coal, 22s 6d. Unicn Steam Ship preference, 19s 4d. Auckland Gas, 21s; Christchurch Gas, 25s lOd. ... . . ■." . New Zealand ■ Breweries (cum. div.), '- 24s 6d, 25s 3d, 25s lid, 265, 25s 6d, 25s lid; Tooths, 25s fid, 265, 26s 3d. New Zealand Refrigerating Company (£1), 10s lid, and (10s) 4s, 4s 'Id, 4s o%d. Miscellaneous:— British Tobacco (cum. div.), 27s Bd, 27s Od, 27s 7d, 28s, 27s lOd; Colonial Sugar, £41 10s; Electrolytic Zinc, 20s; Henry Jones Co-op., 28s, 28s 3d; Wilson's Cement, 26s 3d; Woolworth (pref.); 255, 24s 7%d, 24s 9d, 24s 6d.