STOCKS AND SHARES

Evening Post, Volume CXXIII, Issue 55, 6 March 1937, Page 12

STOCKS AND SHARES

ANOTHER BUSY WEEK

MARKETS FAIRLY STEADY

"Evening. Post," March 6.

Business" on the Stock Exchanges of the Dominion- has continued brisk all this week with special attention being paid to shares in base metals companies.

Improvement in business conditions here and in Australia has followed the general advance in prices for the main exports and for wool in . particular. It would be difficult to state with certainty that the confidence of the/investor has been fully restored in either Australia or New Zealand, but there is no doubt, whatever of the keen interest shown in the share markets of both'countries. But the question of Government finance is not being overlooked by investors, 'in making up their minds as to the ■/relative-values .-'■ of. shares in certain companies and of gilt edged investments. The share may represent an interest in something tangible, such as soft goods, iron and steel, buildings, shipping tonnage; the stock, or'bond, may be sold for banknotes. But the question thoughtful and inexpert investors will'usually ask themselves is how much will the bank-note of today be worth in : exchange for goods and services a year hence, will it then buy at today's prices a share, or interest, in, say, a glue factory or drapery store? The return to investors on current market prices of certain popular shares is not large (so keen is the demand) considering the nature of the companies issuing them and.comparing such investments with Government Stocks and Bonds and shares in conservative undertakings such as banks and insurance offices.

In New Zealand today the demand for Government loans continues good, but at low prices considering the returns on market quotations which have var- • ied- this week from £3 9s 6d to £3 36s 4d per cent, per annum for stock paying 4 per cent, per annum. - The prices of Government loans a year ago and those quoted yesterday compare as follows:— March G, March 3, Stock. . Tear. 1936. ■ 1937. £• • £ 4 p.c. *104G 102-% lOli.i -! p.c 1943 103% 102% 4 p.c 1953 103H 102% 314 p.c. .. 1033-37* —' 9fl 3Vi p.c. .. 1939-43 102% 102% •Converted 4 per cent, stock' maturing 1937-40, which at March 6 last year sold up to £102. The turnover on the Wellington 1 Stock Exchange amounted to 27,800 shares of a ,total value of approximately £60,000. The sales were as follows: — Xo. A'alue £. Government loans — 11633 Finance 2.535 '865 Mercantile : 850 1 419 Banks 2,159 0 747 Cas 400 603 Breweries .... 450 '1,193 Refrigerating ■ 250 • 107 Industries 2,230 6 95' f' ores 5,470 19,251 'Miscellaneous 1500 1771 Timber ; 100 ■ , ' 50 •™l»s • 11,550 9,504 . Totals 27,814 59,099 The business done . throughout the Dominion in Government Loans this week has been reported as follows:— 3i per cent. Government Bonds (1953-57), £99; 3£ per cent. .Stock (1939-43), £101 10s, £101 12s 6d; 4! per cent. Stock (1946), £101 12s 6d, • £101 15s, £101 17s 6d, £101 ss, £101 17s 6d; 4 per cent. Stock (1949), £103, £102 15s; and Bonds, £103; 4 per cent. Stock (1955)', £103 2s 6d ..£lO3, £102 15s, and Bonds, £103. 5 per cent. Rural Advances Bonds (1947), £102 10s, £102 2s 6d Inquiries for local body and company debentures were generally good sales being reported as follows:— 44 p.c. Christchurch Drainage (1938- ---■ ? 9)'^ t? 1?. 1 lOs-: -4i--P-c Auck- , land Harbour (1940}, £101 10s- - 4j,.f-, Waitemata Cty (1941), £102; 4J p.c. Auckland Harbour (1941), £102; 4i-p.c- Makerua .Dpge..a941),..£99; 4* .p.c, Mt. Eden (1942), £103; 4| p.c. Hamilton Borough (1943), £101 10s; 4J p.c. Auckland Transport-(-l^S)-, £102-4+ p.c. Hauraki, Plains <1959). £101;-4+ p.c. Franklin Power (1963), £105; 4*. p.c. Mt. Roskill (1971), £105. 44 p.c. N.Z. Refrigerating (1940-45), £101 12s 6d; 4i p-.c: N.Z. Farmers' Co-op (1940), £93; 6 p.c. Amalgamated Brick. Auckland (1944), £103 10s, £100 10s; 5 p.c. Booth Macdonald (1947), £75 10s. BANKS, INSURANCE, FINANCE. The reason ■ for the sharp upward movement of Bank of New Zealand shares last week, to as high as 45s has not yet been disclosed, but the market for them since weakened .to 425, improving to 42s 6d. Bank of Australia (cum div.) were in', demand at £12 17s 6d, with sellers • asking £13 10s. Bank of Adelaide had inquiry at £6 5s to £6 15s but there was. no response from the holders. The business i done in bank shares was reported as follows:—. ■ Bank of New Zealand, 43s lid 44s 2d. 44s Id, 445, 44s 3d, 44s 4d, 43s 6d,! 43s Bd, 43s 3d, 435, 42s 9d, ,42s 6d 42s lOd, 42s 9d, 42s 6d. 425, 42s 6d 42s 5d 43s 6d, and D long term, 26s Bd. Bank of Ne.w South Wales, £36 4s £36 ss, £36 10s; Commercial Bank of Australia, 19s 4d. 19s sd, -19s 4d, and (prel), £9 4s, £9 4s 6d; National Bank of New Zealand, 61s 9d, 625, \ 62s 3d, 625, 62s 3d; English. Scottish, and Australian Bank, £6 9s, £6 Bs. £6 8s 3d. £6 8s 6d; National Bank of Australasia (£spd.), £7 19s 6d: Union Bank of Australia, £11, £11 is, £11 2s, £11.

Insurance shares were in moderate demand, business being reported in shares of each of the local companies and sales were- as follows:—

National, 18s; New Zealand Insurance, 60s 9d. 61s, 61s 3d: South British, 975; Standard, 58s 4d, 57s 9d, 59s 7d, 56s 6d.

.Stock and station companies' shares wanted included Wright, Stephenson (pref.), at 19s, and (ord.) at 18s 6d to 18s 9d; National Mortgage (B) at 30s with sellers at 32s 3d. Finance Companies' shares inquired for were Equitable Building at 10s 9d; New "Zealand and River Plate, at 18s 6d. Sales in this section were reported as follows:— Dalgety and Co., £10 10s 6d, £10 9s 6d; Dennys Lascelles. 19s 4d; Dominion Investment, ]6s; Farmers' Auctioneering (£1 paid). 12s 6d and <A pref.) 22s 9d; Goldsbrough, Mort, 37s Bd, 37s 9d' New Zealand Guarantee Corporation, 5s 6d. 5s sd, os 6d; Newton King • (pref.), 9s 6d; New Zealand Loan and Mercantile. £45. £46,- £45, £44North Auckland Farmers (B. pref.), 12s and (A, pref.), 17s; United Build-

ing'(Christchurch), 20s 3d; Wellington .Investment, 9s 6d. .. ... ■..■/• ■ ■■- CHAIN AND OTHEK STORES. Sales of shares in Australian and New Zealand department stores were again heavy, but at prices lower than those ruling last week. Coles have announced their quarterly dividend on ordinary , shares at 9d per share, payable April 15. The sales of, shares 'in store companies' as reported were' as follows: — Anthony Hordern;' 20s 9d,' 21s, 20s ■ lid.- :■■•■■••' : 1 ■ Beath and Co., 22s 6d. ' D.I.C. (pref.), 245. Farmers' Trading (B, pref.), 22s 6d. • . . G. J. Coles, £5.10s 9d, £5 11s, £5 11s 3d, £5 10s, £5 11s Od, £5 11s 6d, £5 11s, £5 125,£5 Hs -6d, £5 10s 6d, £5 10s, £5 8s 6d, £5 Bs, £5 9s 6d, £5 9s, £5 8s 6d, £5 11s 3d, (cum div.) £5 8s 6d, £5 2s, £5 Is 6d, £5 3s 6d. Macduffs (pref.), 235. Woolworths (N.Z.), £7 Bs,- £7 8s 3d. £7 6s, £7 5s 6d, £7 5s 6d; Wool- •. worths; Ltd. (2nd pref.), 275. ; • Unlisted: ' Selfridges (N.Z.), 4s paid, 4s 6d;' Selfridges (A'asia), ord., 40s, 39s 9d, 395, 40s, and (new), 395. Woolworths (W.A.), £7 6s, £7 6s 6d; Woolworths. Ltd., £8 10s 6d. £8 11s, £8 9s 6d, £8 9s. £8 Bs, £8 2s 6d. £8 7s 6d, £8 5s 6d, £3 ss, £8 4s, £8 2s 6d, £8 2s, £8. . .. INDUSTRIES AND OTHEK. ; Business has been fairly quiet,: in shares in New Zealand- industrial companies, but some of them appear to 'be attracting a little more attention than during the past couple of months. Reported sales of woollen, shares were as follows: —• Kaiapoi Woollen (17s paid), 14s Id, 14s 2d, and (pref.) 17s; Mosgiel Woollen, £10; Wellington Woollen (ord.), £5 12s, £5 12s Gd; Yarra Falls, 41s 9d. 435. . . ■ Coal and gas shares continue in slow demand, the reported business done in them being as follows: — Kaitangata Coal, 23s 6d; Taupiri Coal 14s; Westport-Stockton, Is lid, 25. 2s Id, Is Hid, 2s Auckland Gas (con.), 16s 9d. and (paid), 22s 6d. 22s Id; Christchurch Gas UOs paid), 13s 6d; Wellington Gas (ord.), 38s. Meat companies' shares continue to have but poor inquiry. Gears were wanted at 16s 9d. with sellers quoting 17s 3d. South Otagos had buyers at £7 12s 6d and no sellers. Caaterbury (pref.) were wanted at tb as. saies were reported as follows:— N.Z. Refrigerating (10s paid), 8s 7d 8s 6d, 8s 7d, and (£1 paid) 18s 9d, Southland Meat (pref.), 795. Shipping shares had but a moderate inquiry, -with buyers of Huddait, Parkers (ord.) at. 38s 9d, sellers 40s Northern Steamship s wer| al^p e r d p ?* 4s 9d. with sellers at ss. Sales were. a* follows: — Devonport Steam, 20s 9d; P. and O (def.), 42s 3d. 41s; Union Steam (pref.), 26s 6d. Timber shares- generally were neesfll^ aW hT a adup bo UyT ro^LJE^e wanted at 8s 9d. and sellers were quoting 9s 3d to 9s 5d for ordinary. Sales were reported as follows:— Kauri Timber, 23s 3d. 23s 4d; National Timber, 10s. BREWERIES. "investors who continue to favour brewery shares were wanting fawans and offered £7 15s for them, sellers a-sking £8 15s lOd, a rise of 5s on both prices ■■ between morning _ and . afteinoon. The new.issue (las paid) of Dominion Breweries, Auckland, were in request at 245, but sellers were absent from the market. White Star (in liquidation) had inquiries at 2s 6d and sellers wanting 5s 6d. Buyers of Shamrocks offered 40s, but there were no sellers. Ward and Co. (m liquidation) had buyers at 9d and sellers at Is Id. Sales of brewery shares were reported as follows: — Dominion Breweries, 38s 6d, 39s 6d; New Zealand Breweries, 59s 3d, 60s 59s lOd, 59s 6d, 60s, 59s 7d. 59s 9d, 60s, 59s 9d, 60s; J. Staples and Co., 34s 4id; Tooth and Co., 57s 2d, 57s 3d, 575, 56s lid, 56s 9d; Tooheys, 37s 6d, 37s Bd, 37s 4d. MISCELLANEOUS. . Sales of shares in the miscellaneous section were reported as follows:— Australian Iron and Steel (pref.), 27s 9d, 28s; Associated News (pref.), 23s 9d; Australian Glass, 93s 6d, 935, 92s 6d, 935. British Tobacco, 52s Id, 53s 3d, 53s 4d,' 53s lid, 53s Id, 53s 2d. 53s 3d, 53s 6d, 53s 3d, 535; Burns, Philp, 80s 6d; Booth Macdonald (pref.), 14s; Bycroft, Ltd., 40s 6d. Consolidated Brick, 10s Id, 10s, 10s 2d; Colonial Sugar. £43, £42 15s, £43; Claude Neon (N.Z.), 32s 6d; Cox Bros., 76s 3d. Dominion Fertiliser, 23s 9d, 23s lOd, 23s lid; . Dunlop-Perdriau Rubber, 19s, 18s lid, 19s Id, 20s, 20s^ sd, 20s 6d, 20s 7d, 20s 4d, 20s 3d, 20S 9d, 20s lOd, 20s Bd, 20s 6d, 20s 3d, 20s 2d. 20s Id. 20s sd, 20s Id,. 20s, 20s 2d, 20s 4d, 20s 3d, 20s sd; Denhard Bread j .iprei.), 20s 3d. Fax-mers' Fertiliser, 20s 6d. General Industries, 19s Bd, 19s 9d, 20s 4d, 20s 6d, 21s 6d, 21s lid; Grey i and Menzies, 11s 6d. Henry Jones Co-op., 46s 6d; Hume Pipe, 21s 2d, 21s Id, 21s 3d, 21s, 21s 2d. 21s Id. M.K. Millinery (ex div.), 47s 3d; Mort's Dock, 15s; Morris Hedstrom, 30s Id, 30s, 30s 3d, 30s 4d, 30s sd, 30s 6d, 30s 5Jd, 30s 6d. National Electric, 13s; N.Z. Drug., 775; New Auckland Laundry, 20s 6d. Procera Bread, 245, 23s 9d, 245, 24s 3d. Simpson and Williams, 325; San-, ford, 5s 4d, 5s 9d, 6s, 6s IJd, and pref. 16s 6d. Wilcox Mofflin, 12s 7d. Unlisted.—British Neon, 14s; E. Recce, Ltd. (pref.), 2s, 2s 3d, 2s 2d: 6i p.c. John Fuller Debs. (1949), £72 lps; Metters (N.Z.), 12s, 12s 2d; National Tobacco, 57s 6d; Silknit, 565, 57s 6d. TARANAKI OILFIELDS. Taranaki Oils had their "ups" this week, rising to 6s 2d, but they fell away to 3s yesterday. Sales were reported as follows:— Taranaki Oil, 3s Bd. 3s lOd, 3s 4d, 3s 6d, 4s 6d, 4s lid, 4s 4d, 4s 3d, 4s lOd, ss, 5s 6d, 5s 9d. 5s Id, 5s 4d, 5s Bd. 5s 7d, 5s 9d, 5s Bd, 6s, 6s Id, 6s 2d, 5s lid, 4s 6d, 6s, ss, 4s 2d, 4s 4Jd, 3s 9d, 3s. AUSTRALIAN MINING. Business done in Australian mining shares continued active all through the week on a somewhat erratic market, as a glance at the prices realised will show. Broken Hill shares are included in the group for, although steel production is a highly important branch of the business of this company, it is, nevertheless, deeply interested in the course of the base metals market by reason of its production at the Broken Hill' mines. Sales were reported as follows:— Broken Hill Proprietary. 88s. 88s 2d. 88s 6d, 87s 6d, 88s, 83s 6d, 88s 4d, 88s 9d, 89s, 88s 6d, 88s 4d, 83s 4-Jd, 88s ■9d, 89s, 89s 3d. 88s lOd, 89s, 89s 3d. and contributing 83s, 81s 9d; Broken Hill South, 56s 4d, 555. 55s 9d. Electrolytic Zinc (ord.), 635, 63s 6d, 62s 9d, 63s 9d, 63s 6d, 63s 3d, 63s 2d. 635, 62s Id, 62s 6d, 62s 3d. 62s Bd, 62s 9d, 63s 3d, 63s sd, 63s 4d, 63s 3d. 63s 4Jd, and (pref.) 63s Bd, 63s 6d, 645. 63s 7d, 63s 6d, 63s sd. 63s 6d. 62s 6d, 63s 6d, 63s 9d, 63s lOd, 63s 3d, 645, 64s Id, 645. Mount Lyell, 53s 9d. 545, 53s lid. 53s 9d, 535, 53s IJd. 53s 6d, 535, 53s 3d, 52s 9d, 52s lid, 53s Id, 53s 7d, 53s Bd, 53s lOd, 53s 9d, 53s lid, 545, 53s 7d, 53s 6d, 53s 10d,'53s 6d, 53s 9d, 53s 3d. 53s 2d, 545, 535, 525, 52s 9d, 52s 6d, 53s sd, 52s Id, 52s 3d, 52s Bd, 535, 53s Id. 53s 3d, 53s 7d, 53s sd. 53s 7-Jd, 53s 7d'. 53s 6d; Mount Morgan, 18s 7d, 13s 4d, 18s sd, 18s 6d, 18s 3d. 18s 2d; 18s sd, 18s 4d. 18s 7d, 18s 9d. 18s Bd. 19s, 18s lid. 18s lOd. 19s Id, 13s 9£d. 18s lOd, 18s Bd. 18s 6d. 18s 7d. 18s 6id, 18s 9}d, 18s lOd, 18s 9d, 18s 7£d.