PRODUCE & MARKET REPORTS FROM DAY TO DAY

Evening Post, Volume CXXV, Issue 48, 26 February 1938, Page 12

PRODUCE & MARKET REPORTS FROM DAY TO DAY

MARKET IMPROVES

EEFLE.CTING LONDON

BANK SHARES STEADY

METALS FLUCTUATE

"Evening Post, February 26. What' London described as "a sinister shadow," the result of conversations between Herr Hitler _nd Dr. Schuschnigg was cast over the Stock Exchange at the 11 -.J of last week. Immediately afterwards came the announcement that Mr. Anthony Eden.- British Foreign Minister, and Lord Cranborne. Under-Secretary for Foreign Affairs, had resigned, creating a Cabinet crisis. The investment markets in London were" at.once affected by this event but they subsequently recovered, and then, as the week drew to its close, there was a slight recession. Influences of these disturbances on the London Stock Exchange were fe,t at once in the Melbourne, Sydney, and New Zealand investment markets. Advances in the prices of Australian metal shares and those of Broken Hill Proprietary followed. Reference to movements in this section of the share market ar. made hereunder. me demand for New Zealand f.overnment loans continues active and sellers appear to have withdrawn from the market. Ine position occupied by Government loans a year ago and as "is today, based on the highest prices reported, compares as follows:— . . . Feb. 8. Feb. 15. Feb. 26. Tear. 1937. .1938. 1938. 3%' ... 1939-43 IoT% 102 }o*i Si? iq*lS-52 101% 193 103 It. :::■ 939-3- 101% ■•102% i»^ _*_ 1941 '101 »100 * 00 4 ii. 1946 101% 102$ }02£ 4 ... 1949 . 103%. "IVi 01V8 4 ..;. 1955 *=■ 102% . 104 M, 10478 - ' »Bujer3. Hali-yearly interest is due on the 3i per cent. Stock (1943) on March Id This week the 3 per cent. Stock (1941) hid buyers-at £97 and there were sales of the Z\ per cent. Stock (1957> at £98 58. Other business m interest in local bodies" loans is mafntained and the business reported Kdessale a s of the following 41 per r_mr ■ debentures:— Wellington yuy 0956) £105 15s; Wellington Harbour: Board (1940). £103 ss; Auckland City (1944-56 and 1944-48 both a £103. Blenheim Borough (1955). i.iv. os. B Thet*e has been a fa ir mquiry.tor company debenture, but the business rented .was.of small dimensions. BANKS, INSURANCE, FINANCE. The Bank of Australasia announces a dividend at the rate of 9 per cent per arnium or. 4s 6d Pf fid s f n ar t e he le ! s British income, tax of 3s 6d in tne «.. The dividend will be payable at the curren rate of exchange on London Rank shares- continue on a marKei. showing buflittle animation and con> nared with business done a year ago alf show a'decline in prices current today*™h&;position -as it was a year wm&Sm Vis 'disclosed m the following :t_ble:—" - - ■ ,; - y> ■■.-■; Feb. .26, - Feb..25., : ..),■■[ :..i-: '■ ■• -1937. was. - , -vv.':... .:,•• s 3. d- £ 8 - a A ..--'i"-»,--_ ,: ". • 2 4 6 2 S 0 Bank-of .Australasia; ... « | 2 6 Bank-N.S.W.- .'..•:•••. f J .10.0 . "jj J „ Union,; ..;...... • i 3 - 1 9 2 13 6 National of N.Z. .... ? „ 5 0 16 8 Commercial-of Aust. -. 0 19 5 «« Commercial . t of Sydney .28 -d 0 - W 0 Kat. of Aust'asla (£10) 15 « « ■ * 5 4 „ E.S. and A 6 sb ; Tn=;iirance shares, as those, ot tne banks continue o n a dull market, with business in South British at • 46s and New Zealand at 60s. Queenslands were queued by sellers at 565, hardening to S s to-k d and station. and financial comuanies' shares received but little attpntlon this week. There were sales ofmTgelfand Co. at £8 6.rand -Goldsbrough Morts were wanted at 30s -d, with sellers quoting 31s. Buyers of Wellington Trust and Loan offered £5, but sellers stood out for £5 6s. .Equitable Buildings advanced to "buyers at 10s lOd, and were met with quotations by holders of lis 6d. Wright, Stephensons (pref.) were wanted at 20s 9d, but there were no declared sellers. BASE METAL. SHARES. The demand for" Australian metal shares began in the middle of the week, and all companies' shares participated in the rise. The metal markets, however, were erratic in London, me lowest prices shown at the end of last week are shown, with the highest and that-reported for business to noon yesterday as follows:— Lowest. Highest. Close. £ s. d. £ s. d. £ s. d. Broken Hill Pty. 3 10 32732 5 Broken Hill S. .. 1 12 4 1 14 5 1 14 9 N. Broken Hill .. 2 8 9 2 12 11 2 13 0 Electro. Zinc (ord.) 2 6 1 2 7 10 2 7 11 Electro. Zinc (pref.) 2 8 0 2 9 6 i 10 0 Mt I.vpll 1 9 9 1 11/10- 1 11 9 m. Mo«.n .:.:: 0 0 0 010 0 010 4 The approximate prices of the above shares shown early in thiymmthi were: Broken Hill 625; Broken Hill South, 34s 9d: North Broken Hill, 53s sd; Electrolytic Zinc (ordi), 47s ,sd, and' (pre.f.), 50s 3d; Mount Lyell, 31s; and Mount Morgan. 9s ,10d. RETAIL, STORES. Increased attention was paid to multiple retail store shares, Coles and Woolworths Ltd. attracting favourable notice. The former during the week sold at 78s 7£d and then rose smartly to 80s, improving to business done at 82s. Woolworths Ltd. announced on Thursday the' payment of a final dividend of 9 per cent., and the distribution of one bonus share for every five held, subject to approval of tne annual meeting to be held on Marcn 22. Profits (subject to audit) were returned at £217,717 against £147,550 for last year. The local markets value of these shares before the announcement was around 265. The price advanced during the week to 29s 6d, cum div., but receded to sales yesterday at 26s 9d. Woolworths (N.Z.) improved from 20s to 21s 9d. Brewery shares are attracting but little attention, but from aU. reports the trade should be doing well. New Zealand Breweries were sold this week down to 45s 7Jd, compared with 58s to 59s a year ago. , Dominion Breweries were also easy, with buyers at 36s 9d and sellers at 37s 3d, compared with business done at 44s to 44s 6d a year ago. Tooheys (Sydney) had business at 31s 3d, whereas sales were made at this time last year at 37s 6d.Carltons had inquiry at 675, but no declared sellers. INDUSTRIAL AND OTHERS. Coal and gas shares figured in the sales this week with inquiries for Pukemiros at up to 18s, sellers wanting 19s. Taupiris were wanted at 16s 6d, but holders demanded Is. over that price. Westports were sold at 23s 7d, but weakened to business at 23s 3d. Westport-Stocktons (ord.) commanded 3s. Gas shares were on a dull market, with buyers of Christchurch at 28s, sellers quoting 29s 9d. Sales were:—

Auckland 20s 5d down to 20s 3d, aud Wellington.(ord.) at 37s 3d. Shipping shares were neglected, but some business was reported in Howard Smiths at 20s Bd. P. and O. deferred were wanted at from 26s to 295, with no "sellers, and Union Steam ipret) at 26s 9d.

Freezing companies' shares hung fire, New Zealand Refrigerating (£1) selling at 18s 6d and (10s) at 8s 3d. Gears were to be bought early in the wee_ at 17s, but later the quotation was reduced to 16s 9d, but no business was notified. Southlands sold at 295.

Textiles had but a poor inquiry. Wellington Woollens preference were wanted at £5 6s and ordinaries changed hands at £5 3s to £5 4s. and Kaiapois < 17s paid) sold at 12s. - There is but little to report in the timber section beyond sales of Kauris at 22s to 22s 2d and the Taringamutus at 15s. ■ . In the miscellaneous section, Colonial Sugars had business at £46 ss. Inquiry for Dunlop-Perdriau was slack, with sales at 22s lOd. Wilson's Cements were quiet at 18s sd. British Tobaccos varied between 49s and 49s 4d. Business was very slow in the New Zealand gold mining and dredging market.