STOCKS AND SHARES

Evening Post, Volume CXXIV, Issue 27, 31 July 1937, Page 12

STOCKS AND SHARES

A FAIR TURNOVER

GOVERNMENT LOANS WANTED;

"Evening Post," July 31,

Markets were generally linn over in but moderate usmdiiu, and were tne week, aitnougn Utim» ciic^cs \v^±fc lower in price v.nere any outiiiebb in tneiii \va^ lo^ori-eUi i»ic v—.-.id lvi' Lrovci'niiieni otOUiva ana uuil^ i, u iiuiia& active, .some issues tnu.wmg .-. tmsni appreciations uu prkxo lep^xtea woi \v ccii. " ... .■"'., i ius international situation, especially in me x'ar jjusc; is sun cUsquieung, Decausc ii. wouiu stem mat luaay a eontixct Dtiween any wu nations may m-vo-ive omers, cringing in its train a general cu&Lurban^ oi. me course ox u-aae m almost every .inner countrj. having commercial cuiinecuons. In addition to tins occasion for anxiety, mere still persists an uneasy feeling as to the lUiure value ox goici, notwiuistanciing.assurances oi tne ±snti=h cnancenor oi me je-xciiequer mat no change in the monetary policy ox tne Government is contemplated, and that the tripartite arrangement .is working to me satisfaction ox me Governmems who are party to^it. ihe price of -fine gold, in London, however has shown some weaKness during the past tew clays, selling down to as low as 139s 6ia per ounce, against lizb 2id per ounce m March last But this movement may be attributed to ordinary market fluctuations, and not necessarily to any general weakening of the value of the metal in its relation to sterling. . Market conditions m New Zealand suggest uncertainty in the minds ol investors as to the intentions ol the 'Government. Bank, insurance, and; similar shares in well-estab-lished and well-managed companies are held by many people of moderate means as representing, savings, quite as much as deposits for terms in the trading Danks, savings banks deposits, friendly society contributions, and life insurance.payments, in =hort provision made for a rainy day independent of State or other assistance from taxes or rates. ro such investors .speculation has but few attractions,''-and' the itinerant share salesman, makes little or no impression upon ■them. This class of investor is in a state of uncertainty as to the future of his savings represented by holdings in what may be described as sound New Zealand industrial'and. other 'ventures, some of which may be expending a relatively large.amount on their income .on laoour. Mortgages have now lost much of their 'former popularity as investments, and. recourse is had to the share market for selected "safe" investments in order to employ small sayings to the best advantage. It is this numerous class of investors which is at present uncertain—not necessarily anxious—as to their position, and how their savings m the form of shareholdings may be affpeted by legislation and taxation, pre-. cent and future. .This condition of mind is not good for the investor, nor, indirectly for the country. It undoubtedly exists, and the sooner it is proved to be exaggerated the better it will be. for small investors in particular, and the Dominion, in general. WELLINGTON BUSINESS.

12s fid, £98 7s 6d, £98 15s, £93 12s 6d; 3J per cent. Stock (1939-52), £103 ss; 34 per cent. Stock (1938-52), £103 ss; 3i per cent. Stock (1939-43), £102 15s; 3 per cent. Stock (1939-41), £93 15s; 4 per cent. Stock (1946), £104 10s; and Bonds, £104 10s; 4 per cent. Stock (1940), £104 ss. £104 15s, and Bonds, £104 10s; 4 per cent. Stock (1955), £104 15s. : Rural Bonds (1947) had inquiry at £102 ss. but no sales were notified. Local body debentures wanted included 41 per cent. Auckland Harbour Board (1940) at £101 10s. Company debentures wanted include.';: | 6J per cent. Gisborne Sheepfarmers | (1941) at £100 to £102, 7J per cent. Amalgamated Brick (Auckland) fit £93 10s, sellers quoting £102; and 41 I per cent. New Zealand Farmers' Co-op. I (1940). at £91, sellers .£95. Sales of debentures as reported this week were as. follows:— .-, 4} per. cent. Lyttelton Harbour (1940), £103; 4} per cent. Raetihi Borough (I960), £100; ii per cent. Auckland Drainage'(l94B-60), £104; 4} per cent. Waitemata Power Board ~ (1964),, £108.BANKS, INSURANCE, FINANCE. Bank shares have been neglected but interest in Bank of New Zealand revived midweek and these shares appreciated a full Is per share at the close. Buyers of Bank of Adelaide offered £6, but sellers quoted £6 10s. No interest .vas shown in Union Banks. E.S. and A. Bank shares quoted at £6 to £6 Is, but did not interest buyers at those, prices. Bank of Australasias were wanted at £12 —-sellers asking to £12 9s 6d. Sales of bank shares were reported as follows:— Bank of New Zealand, 43s 7d, 445, 44s 3d, 44s Bd, 44s 6d, 44s 7d, 44s 9d. 44s 6d, and D Long Term, 30s; Bank of New South Wales, £34 10s, £34 15s; Commercial Bank of Australia, 18s 6d, 18s 3d, 13s Id. IBs, 18s 2d, 18s Id; National Bank of New Zealand. 60s, 60s 3d. Among the insurance shares in request were Uniteds at £10 12s and Standards at 57s 6d. Sales of shares were reported as follows:— •National insurance, ISs; New Zealand Insurance, 655, 66s Id; South British, 98s. Stock and station company shares inquired for , but of which no sales were reported included Abraham and Williams preference at £4 10s and ordinary at 57s 6d: Dalgetys. £9 10s, with sellers at £10 7s 6d; Newton King preference at 8s 6d to 9s; Wright, Stephenson, 225. New Zealand Loan and Mercantile were to be bought for £48. Financial companies' shares had -slack inquiry; Sales were as I follows:— • - ■Farmers' Auctioneering (£5 paid), ■■■ 89s; (£2 paid), 30s 6d, and A pref., . 23s 6d; Goldsbrough Mort, 36s 2d. 365, 35s lid; Dominion Investment ' and Banking (Auckland), 18s; North Auckland Fanners' Co-op. (B pref.) 10s 6d; New Zealand Guarantee Corporation, ss; Permanent Investment (Christchureh), £9 18s 9d; Traders' Finance (con.), 4s 4d; Wellington Trust and Loan. £5 10s. BASE METAL SHARES. Labour unrest in the New South Wales coalfields is believed to, be responsible for the weakening in market confidence in Broken Hill Proprietary shares, which reached 35s 3d during the week and closed yesterday at 825.-.Broken.Hill-South and North Broken Hill were fairly steady. Mount Lyells, showed unimportant fluctuations and they were liberally dealt in Mount Morgans slipped back but subsequently recovered. Business in metal shares, including Broken Hill, which■•'is now chiefly concerned with steel, was reported as follows:— Broken Hill Proprietary, 84s 6d, 80s 3d, 85s, -84s lOd. 84s 9d, 85s S4s, 85s 3d, 84s 3d,, 84s 9d, 85s 84= od, 84s, 84s 6d, 84s 2d, 83s 9d, 82= ' 6d, 83s lOd, 82s 7d, 82s 6d, 82s. " Broken Hill South, 48s, 4fis Id 47 S QW1 il S y,d) fi 5 M' 48S' 47S 8d 47s' 9d Bd, 47s lOd, 47s .Electrolytic Zinc (pref.), 58s lOd. %o h dlc?? s' o3s 9d> 53s 8d> 53s 7d, 58s sd, 58s. 6d, 58s lOd; and lord.) 58s 58s 3d, 58s 4id, 58s, 57s Sd. 58s' Mount Lyell. 42s lOd, 43s 3d 43*' 42s ..lid, 42s 10d, 42s Gd 435. 42s 10d' 42s 9d 42s Bd, 42s 7d. 42s 9d. 42= 10d, 42s 7d. 42s Bd, 42s 9d- Mount Morgan. 11s 4cl llsid, 11s 2d, lls Id 11? oh iV 3 l/f ,iUs ld- I]s 2d, ?t \$ ils 3id- Us sd, lls 4id. _North Broken Hill, 74s 9d," 755, { OS lv, Rawang Tin, 12s 6d DEPARTMENT STORES. Department and other store shares were _ under the close observation of nvestors, but business done was mainiy in Coles and Woolworths, with increasing attention paid to McKenzie's ' Department Stores. Macduffs (pref) had buyers at 25s and no ' sellers, in i , ai?, d Co- were wanted at 21s 30d, and the Is paid shares had buyers at Is od, sellers, -2s. Macky Logans were in demand at 235, sellers quoting «sos ud. Sales of store shares have been reported as follows:— Anthony Hordern. 18s lid. Brown, Ewing (ord.), 21s D.I.C. (ord.), 17s Farmers' Trading, 20s lid, 21s, 20s G. J. Coles, £5 9s 9d,- £5 10s, £5 Ss 6d, £5 lls 3d, £5 lls, £5 10s £5 lls 9d, £5 9s 9d, £5 10s. Milne and Choyce (deb.), 17s. Shillings, Ltd., 18s 3d, 13s. Woolworths (N.Z.), (rights), S7s 86s 6d, 86s, 85s; Woolworths (N.Z.) (pref.), 395; Woolworths (Vie.) (pref.). 28s. ;■ ■ . Unlisted— McKenzie's Department Stores, 82s 3d, 82s 6d. 82s 7id, 32s lOd, 82s 3d, 82s 9d, 83s. Selfridffe's (A'asia), 30s 6d. WoolwQrths (South Africa), 17s 9d; Woolworths Holdings (South Africa), 13s 6d, 13s 9d, 18s, 18s ld, 13s 3d . 17s 9d; Woolworths. Ltd., £6 14s, £6 14s 3d. £6 14s 6d, £6 13s 9d. £6 13s, £6 14s 3d, £6 145,. £6.13s fld, £6 13s 6d, £6 13s. £6 12s 9d. £6 13s 3d. ■ BREWERIES, Interest in brewery shares has somewhat abated, but among those having good inquiry this week were Tuis at 54s 6d, with holders quoting 58s 6d. Staples and Co. were wanted at 50s 9d, sellers wanting 51s 6d. Carltons will pay an interim dividend at the rate of 15 per cent. 23er annum. Sales of brewery shares were reported as follows:— C. L. Innes (pref.), 24s 6d. Dominion Breweries, 45s 9d, 45s 3d. 44s 9d. New Zealand Breweries. 50s lid, 49s lOd, 50s, 50s 3d, 50s 2d, 50s 6d. and (con.) 34s 6d. . • Tooth and Co., 54s Gd, 54s 7£d, 54s 9d, 54s 6d. TEXTILES. A little more attention than has been usual of late is being paid by investors to woollen and other textile manufacturing companies. Tattersfields, Auckland, had inquiry at ,28s, but there were no "sellers. The Auckland firm M.K.- Millinery has declared an interim dividend of 10 per cent, and reports an increased turnover and necessity for enlargement to meet increased demand for its goods. Among the sellers of shares in companies in this category may be mentioned Prestige (New Zealand) pref. at 245, Manawatu Knitting at 35s 6d, and Timaru Woollen at 18s 6d. Sales were reported as- follows:— Felt and Textiles, 33s 4d, 38s lOd; Kaiapoi Woollen, 14s 4d; Mosgiel Woollen, £10 ss; Oamaru Woollen, 19s; Wellington Woollen (ord.), £5 18s. INDUSTRIAL AND VARIOUS.

Business reported in other industrial companies include the following sales: FreezingI.—New Zealand Refrigerating (10s paid), 9s 3d, 9s 4d, 9s 6d, Ds 7d, 9s Bd, 9s 9d, 9s 6d. and (£1 paid) 19s lOd, 19s 9d, 19s lOd. Coal.—Westport Coal. 24s 3d; Grey Valley, 8s 3d. Gas.—Auckland, 2ts 9d, 21s 7d, 21s Bd; Christchurch, 28s 3d. Shipping.—Howard Smith, 21s 6d. • " 'MISCELLANEOUS. • ' Sales in the miscellaneous section were reported as follows: —

Australian .Glass, 92s Gd, 92s 9d, 03s Bd, 955. 945. 94s 6d, 94s 3d, 95s 6d. 95s 2d; Australian Paper and.Pulp, 33s 4£d. British Tobacco, 50s, 49s lid, 49s 6d. 49s sd, 49s 6d. Colonial Sugar, £47 12s 6d, £47 7s 6d; Consolidated Brick, 9s 3d, 9s 4d. 9s 2d, 9s sd, 9s 2d, 9s Id, 9s 4d. Dental and Medical Supplies, 12s; Dunlop-Perdriau Rubber. 23s Bd, 23s 7d, 23s lOd. 23s 9d.

General Industries,. 20s. Hume Pipe (Aust.), 20s 6d, 20s lOd, 20s sd. X.D.V. Boxes.(conO, 4s 6d. N.Z. Paper Mills, 26s 7d, 275, 26s 10|d; N.Z. Drug, 74s 3d. 745; N.Z. Newspapers. 36s 6d, 36s 9d. Peters Ice (N.Z.), 295. Radio (1936), 255. Sharland, 19s. United Provisions, 9s 7d. Victoria Nyanza Sugar, 18s 6d. Wilson's Cement, 20s. Id, 20s. Unlisted. —Associated Motorists' Petrol, 29s 6d; Ballins Brewery (15s ppid), 13s 9d; National Tobacco, 57s 6d; Silknit, Ltd., 49s 6d, 50s, 50s 3d. , OIL. Moturoa Oil (ord.), 3s, 3s 3d, 3s Id; Taranaki Oil, 4s lOd, 4s 9d, 4s lid. GOLD MINING. Sales of gold dredging and mining shares were as follows:—Argo Gold, Is lOd; Alexander (15s paid), 13s; Gillespie's Beach, Is 4d. Is 4£d; Mataki. 7d; Martha, 15s 2d; Nemona. U 7d; Waihi Investments, 12s; "Wellington. Alluvials, 5s sd, 5s 2d, 5s 6d; Waihi Grand Junction, 3?. I

Business on the Wellington Stock Exchange this week to yesterday at noon was reported as follows: ... A'iilue. Government loans — * '.n0(> Local body debeittures .. ■ — - 3u0 Banks 4!lf) S16 1'inance -."39 045 Coal Hfi J-S Gas 400 431 Breweries ....-. ■ 43j> 66j Industries 2.2"" ?W Stores '. 1.250 4.S2. Miscellaneous "2.1)70 3,190 Mining 3,933 2.581 13,546 29,025 "GOVERNMENT LOANS. Government Stocks and Bonds show some appreciation over values of last week and they continue in active demand. The direction of the market this week is shown in average prices realised for last month, last week, and this week in the table herewith. Last This Stock. June 30. week. week, p.c. Year. ' £ £ £ 3 .. -1941 BOTH B9S B9S 3U ./- 1343 1021/i: 102% 102=4 314 .. 1952 102U 103% 103% 3V, .. 1957 100% 9SV2 9S% 3% .. 1941 -100% Blfll BlU0% 4 .. 1946 104Va 104U 104^ 4 .. 1949 104 104% 104% 4 .. '1953 103V2 10"i 101% B.—Buj-ers. Interest on the SV 2 per cent. Stock .1943 and 1352, is free of income tax. Half-yearly interest is due on 4 per cent. Stuck and Bonds (1946! on August 15, The business reported in Government Stocks and Bonds for tho week was as follows: — 3J per cent. Stock (1953-57), £98