STOCKS AND SHARES

Evening Post, Volume CXVII, Issue 52, 2 March 1934, Page 10

STOCKS AND SHARES

THE WEEK'S BUSINESS

THE RESERVE BANK

"Evening Post," March 2: The most interesting featur^- of the week's business is the early dealing in Reserve Bank of New Zealand shares. Several parcels changed hands at Christchurch at premiums ranging from 10s to 17s. The shares are at present at £1 paid, and the highest figure paid was 375, giving holders a profitable return on "their original investment. The Act under •which .the bank was constituted does not encourage speculation in shares, and the prospectus made it clear that the bank is to decline to accept any transfer of shares which would increase the holding of any person • beyond 500. shares. Now that the allotment of shares has been, made "there should be a release of capital lor other.investments, and the Stock Exchange should be more active in the. near future. \ ' . ■ Business' on the Stock Exchange this week has been fairly steady, and sales have taken place at prices a fraction easier than those of last week. Inquiries for gilt-edged securities have been fully maintained, ail classes of Government stock being keenly sought. Holders showed no great anxiety to unload certain classes, but sales took place as follows:— 3% p.c. stock (1938-52), £101 17s 6d, £102; 4 p.c. stock .(1940), £101 12s 6d; 4 p.c. stock (1940). £101 10s, £101 las, and'bonds, £101' 12s 6d; 4 p.e: stock (1919), £102 14s, £192, and-bonds,'£lo2 12s 6d; 4 p.c. stock (1055), £101 17s'6d, £101 7s 6d, and bonds £101 17s 6d. Local body and company .'■ debentures were again in fairly brisk demand. There were'-'buyers of -Wellington City 4% per tents..'(l9l3) at £101 10s and £101 ss, but holders refrained from • quoting. There were sellers of Eastbourne Borough 4% per cents. (1943) at £101 and £101 10s, but buyers did not respond. Wellington Gas Company debentures were inquired for at £103 10s, and Wellington Racing Club debentures were in- demand at £98 5s and £9S; lo's',"h.olders" not quoting. Sales in this section were as follows :— ■'SVi. p.e. lit. 'Albert Borough (1959), £100;- 5% p.c 'Auckland City (1969), £102 12s 6d; '4%. : p.c. New Zealand Farmers' Co-op.- (1940), £83; 6% p.e. Westport-Stockton.,Coal (1938), £95; 7i4""-p.c. Amalgamated Brick, Auckland (19.44),. £93 ss. ....". BANKS, INSURACE, FINANCE. Business done in-bank shares was about the* Average,' with prices a shade easier thar£last;week. As mentioned above, Reserveißank of New Zealand shares (£1 paid)rwvere-.listed, for the first time, and sales«took place at substantial premiums. Advice from .Dunedin-states that buyers there were offering'a"premium of 7s 6d, but there were no sellers under a premium of 15s. Bank shares sold during the week as follows: — . .'; , , . • Commercial Bank of Australia, 17s 4%d," 17s sd; 17s 5%d, 17s 4d, 17s sd, 17s 6d, 17s 4d," 17s 3d; Eng. Scot., and Aust. Bank,.£s 14s 6d; Bank of New Zealand, 49s 3d, 49s 4d, 49s Id, 49s 3d. 49s 2d, 495, 4Ss 10% d, 49s 3d, and D Long Term 32s 3d, 32s 6d; Bank of New South Wales, £34 2s Gd, £34; National Bank of New Zealand, 84s, S4s 3d; Eng., Scot., and Aust. Bank, £5 16s, £5 14s 6d, £5 14s 3d; Commercial Banking Co. of Sydney, £17 ss; Bank of Australasia (cum. div.), £13, £13 3s; National Bank of Australasia (£5), £6 11s; Reserve Bank of New Zealand (£1 paid), 30s, 355, 365i"375; Union Bank, £10 Is, £10, £10 05,.;.: J • ,; :.. , There was a slight easing in the insurance section. There were ' buyers of Queensland Insurance.at £3 3s and £3 ss, but holders were'" not prepared to meet the market at that figure and asked £3 Ss.' -The sales of the .week were:— _ Aust". Prov. Assurance, ,11s; National; ISs 6d, 38s si; New-Zealand, 565, 56s 3d; South British, .745>'735~6d,'.735;5d; Standard (cum- div.); 61s ;9d.~ / '; : '.-• In the finance and pastoral section'there was also a slight-, easingin -most- shares, the exception-; being'Kew 'Zealand Guarantee Corporation," which advanced Id to 24' over last week's rates. Abraham and Williams-- (ord.)- wei-e sought at £2 ss, but holders remained silent. New Zealand Investment, Mortgage,' and Deposit were inquired for. at ss, but there was no response.. Sales took place as follows:— Dalgety and Co., £10 6s; Farmers' Auctioneering (B pref.), ISs 6d; Goldsbrdugh, Mort, 32s 7%d, 32s 9d, 32s Bd, 335,'32s 9d; New Zealand Farmers' Coop.- (Ist.-pref.), -30s;-New- Zealand Guarantee'CoFporation,' '45;1d,.4s 2d. INDUSTRIALS AND OTHERS^ There- was; little'- demand for-coalmine share/;-. /-S.ales. were recorded as followsr-r----'Pukehiirb 225; Keriowii Collieries (pref.), Is;! Taupiri- Coal, ' 15s; Westport-Stoekton, Is '■ 3d. v >.-^-i..v.Wellington Gas (ord.) were in demand at £1 16s 9d and (pref.) £1 3s 6d. Holders of the first-named were asking £1 17s lid. The .only sales were:— Auckland Gas, 24s 6d, 24s 9d; Ghr.istehurch Gas (10s pd:), 13s 9d, and (ord;>, Meat..shares_were not in any "demand, sales.rtaking-.place as follows:— Canterbury Frozen Meat (ord.), £10- ---■ Gear Meat, 27s 6d, 2Ss, 27s 10% d, 27s 6dJf ew j Zealand Refrigerating (10s), Ss sd', 8s 3d,-Bs, 7s lid, and (£1), BREWERIES AND GENERAL. Carl ton Breweries were sought a,t'. £2 4s 6d,-b,ut there^was- no response', from holders. Tui shares were' asked-for: at £2 2s, .£2 4s, and ;£2 6s Bd, but sellers were not forthcoming afc those figures! fcales_ took place as follows:— :•• • New- Zealand Breweries*, 39s '6d, 39s 7d, .36s :4d, ,39s 6d, 39s 7%d, 39s 3d; 2d; .Staples;. 275; Tooth's, 445. '. :, ... There.was- business offering, in. timber Ehare?,'biit;there;were sales in only one class. ..They Tvere':— Kauri "Timber, 17s VM, Ha Id; 17s 6d,,175^9d., . . ' There.was"ltttle doing in the transport section. Pi and'o deferred was sought at £1 2s,: but holders refrained from, quoting. Huddart,. Parker, (pref.) were in demand at £1 os. The only sale of tho week was as- follows:— Union Steam .(pref.), 253 6d. . MISCELLANEOUS. Sales of miscellaneous.shares took place as follows :-^- AUied Motors, 3s; Anthony Hordern, los Sd; Associated Newspapers, 21s 6d;. Broken Hill Proprietary, 475; British Tobacco, 37s 6d, 389, 38s 3d, 395, 39 a Id, 38s Bd, 38s 6d; Burns, Philp, 54s 6d; Colonial Sugar, £63 7s 6d, £63 2s. 6d, £63 7s 6d, £63 12s 6d, £63' 10s, £63 Jss; Consolidated Brick, 7s 6d; Dominion Fertiliser, 16s 6d, 16s 7d, 16s 9d; Dunlop-Perdrian Rubber, 19s lid, 208 Id' 20s, 20s 3d, 20s sd, 20s 4d, 20s 2d; Electrolytic Zinc .(ord.), 275." 6d, 27s 3d, 27s 2d; Farmers' Trading, 4s 6d and (A pref.), 16s, and (B pref.) lls, 11s VAd; Henry Jones Co-op., 32s 9d, 333; Mount Lyell, 255, 24s lid, 24s lOd, 24s 9d, 24s Bd, 24s 6d, 24s sd, 21s 4d; N.Z. Drug Co., 76s 6d, 765; Kegent Theatre (Dunedin), 19s; Wilson's Cement, 25s 6d. 26s 1%d,'26d 3d. - . • Unlisted.—Auckland . Farmers' Freezing, 16s 6d; Claude" Neon" Lights, 47s 3d; Invest. Exec. Trust (B <3ebs.), £101 los, £101 17s 6d; Perpetual Forests, 495, 50s; Williams Eotary Engine, 9d; Woolworths (ord.), £5 ss.