TRADE AND FINANCE

Evening Post, Volume CXXVIII, Issue 103, 28 October 1939, Page 14

TRADE AND FINANCE

PRODUCE & MARKET REPORTS FROM DAY TO DAY

BUSINESS IMPROVES

ON STOGE EXCHANGE

SOME PRICES ADVANCE

"Evening Post," October 28. Some stock and share brokers report an improvement in business for this month compared with that of September. Markets generally were more active at the close of the month with investors' interest covering a wider field, When prices reported this week are compared with those current last week for certain shares, it would appear that the market is hardening or at least that values are maintained, and this will apply to hank and insurance shares. Demand for Government loans continues good and these, too, show appreciations on prices paid. last week for the earlier maturities. Australian shares, especially metals, show improvement on the week, and some New Zealand industrials are now claiming more attention. It is possible that the closing of the Australian markets may account for this, although the reported sales of investments domiciled in the Commonwealth continue an outstariding feature in the New Zealand Confidence of the New Zealand investor in domestic affairs needs a lot of coaxing to return. The issues that may come out of the war are sufficient in themselves to give ground for ai&iety, but they are not all. His state of mind was clearly indicated by Mr. W. R. Wilson, chairman of the South British Insurance Company, addressing shareholders in Auckland. Mr. Wilson said: "We can sympathise with the feeling that there is little point in extending activities and -increasing profits if-, the present shareholders are not to receive some share in those increased profits." It was admitted that something extra could have been distributed by the South British Company this year, but, taking into account the present troubled conditions, the directors deemed it advisable to adhere to the same distribution as last year, recommending that the resources of the company should be conserved until the sky is clearer. GOVERNMENT LOANS. Demand for Government loans \continues good and the trend of prices generally is upward. The prices paid for Government Stocks and Bonds,a year ago and those at which business was done last week, and closing prices this week, are ' as follows:—

' Half-yearly interest is due on 3J par cerit. Stock (1952), 4 per cent. (1948), 4 per cerit. (1949-52),■ and 4 per cent. (1954-58) on November 15, and on 4 per cent. (1955) on December 15. Reported sales of Government Stocks and Bonds this week were as follows:— 3 per cent. Stock (1939-41), 98 10s. 3J per cent. Stock (1953-57),, £92,.. "4 per cent. Stock (1940-43)y.£98-15s. 4 per cent-Stock (1946). £98 10s rt £93 12s 6d, £98 10s. £93 15s. . 4 per cent. Stock (1948). £100 12s 6d 4 per cent. Stock U949), £96 15s, £97 10s 4 per cent. Stock (1955), £96 15s. 4 per cent. Stock (1954-58), £97 12s 6d, £97 15s. Business was'reported -in 4 per cent. Rural Advances Bonds (1947) at £96 15s DEBENTURE MARKET. Local body debentures favoured are those issued by cities and main ports. Sales were reported of 4£ per cent. Auckland City (1944) at £100 17s 6d; (1944-46), £100 17s 6d; and (1944-62),, £100 10s. Other local loans sold were 4i per cent. Tauranga County (1957) £97 15s and Huntly Borough (1945) £97. ' . Australian local" loans in the lists included buyers of 4f per cent. City ot Brisbane (1952) at £100, sellers asking £109. The Sydney Water Board 4£ per cent. Loan (1953) was available in the Wellington market at £104. No business was reported in company debentures, although there were inquiries for 5 per cent. Booth, Mac Donald (1947) at £63; 41 per cent .NewZealand Refrigerating (1940-45) at £94, sellers £99, and 6 per cent. Dominion Fertiliser (1941) had inquiries at £100. with no declared sellers. BANKS, INSURANCE, FINANCE. Turnover in bank and insurance shares was light, but prices for such investments keep very steady. Bank of New Zealand shares j had very little business done at 39s 3d, the same price as last week. National of New Zealand were firm at 42s 6d. showing no change either way. Bank of New South Wales improved £1 on the week with sales at £29 10s Union' Banks sold at from £7 4s 9d to £7 ss, and were upon last week when business was reported at £7 6s 6d. . Bank of Australasia shares were jn demand at between £8 5s to £8 lus, but with no response from holders. ES and A. Bank shares had sales at 955; sellers' limits being £5. Commercial of Australia improved in price from 15s last week to sales at from* 15s- 6d to 15s Bd. y $ ■■ ■.' National Bank of Australasia shares, £5 paid, had sales at £6 7s 6d, an -advance of 2s 6d on the week, . • , In the insurance section South British sold at 445, showing no change. New Zealand Insurance shares were dealt in at 54s 9d to 555. Standards commanded 55s 3d, showing no,change. Nationals were wanted at 17s 3d to 17s 6d, but no sales were reported to noon yesterday. Financial shares were on a quiet market with business in N.Z. Guarantees at pastoral shares dealt in; included Goldsbrough Morts, rising from sales at 31s to 31s Bd. Dalgetys were bid for at £6 4s. with no sellers below £7. N Z Loan and Mercantile Stock had inquiry at £22, with no sellers. INDUSTRIAL AND OTHER. The only gas share business notified was Auckland at 15s 3d. No business in coals was reported. , Timbers had some business, with Kauris sold at 21s 9d,.Leyland-o'Bnens at Us, and Rotoiti at 3s 6d. A Union Steam Ship (pref.) made a reappearance m the sales at, 25s 6d, after a long absence. Adelaides were wanted at 32s 3d, and Huddart Parkers (ord.) at 625. Freezing Companies' shares had but one reported safe, that of Canterbury (oref) at £6. New Zealand Refrigerating (£D were want ? 4at 17si ld, and for the 10s paid 8s 3d was bid. The woollen industry is attracting more notice, than of late with buyers of Wellington pref. at £5 ss, but holders of the ordinaries quoted £5 10s, without interesting buyers. Felt and Textiles were wanted at 325, and Mana-

watus at 225. There were sales of Kaiapois at lis 3d. Mosgiels were wanted at £9 ss. Other New Zealand industrials in the sales included New Zealand Drug at 695, up ls on the week; Wilson's Cement at 17s 6d, an advance of 3d. New Zealand Paper Mills sold at 24s 9d. Consolidated Brick had business at 7s piOd. Brewery shares were quiet. New Zealand Breweries sold at 365, a fall of 9d on the week. Dominion Breweries were dealt in at 33s 3d, as last week. STORE SHARES. Woolworths, Ltd., showed advances from 24s 6d to 25s 7d, closing at 255.Woolworths (New Zealand) also improved, rising from 16s 9d to 17s 6d. G. J. Coles moved up from 72s last week, opening at 755, and closing at 79s 6d. Woolworths Holdings (S.A.) advanced from 13s lOd to 14s 7d. MacDuffs (ord.) at 2s 3d, showed an improvement of 3d per share. MeKenzie's Department Stores had buyers at 40s, but sellers wanted 43s AUSTRALIAN SHARES. Notwithstanding obstacles to transfers of Australian investments, good business was reported in Broken Hills and Australian Consolidated Industries. Broken Hills began with sales at 76s and advanced to close the week at 79s 6d.* Consolidated Industries rose from 40s to 41s 6d, but. closed at 40s. Morts Dock touched 18s. Much activity was seen in the Australian metals section, especially for Electrolytic Zincs, ord. and pref. The former advanced from 60s to sales at 62s 6d and the latter from 61s 6d to 63s 3d. Mount Lyells were steady at between 32s 6d and 33s 3d. Broken Hill South sold at from 32s 9d to 335. Mount Morgans also improved. They were down to 9s 9d, but closed at 10s 4d; * The annual meeting of this company will be held this week, and the principal and possibly interesting business will be the election of directors. •Taranaki Oil had sales at ss. Business in gold shares showed a (little improvement this week.

«>uv. Per Year. 1938. :ent. & .. 1939-41 96 ;% .. 1953-57 93 1% .. 1941 97% .. 1940-43 — .. 1940 99 .. 1948 ' — ' .. 1949 99% ... 1949-52 97% .. 1952-55 99% ., 1954-5S ;.-.: — ,. ' '■ ; . ' b*Buyers. JJUbL week. £ 98% 91 *99% 98% 9S% 99% 98% 97% 97% 96% week. £ ■ 9S% 92 *99% 98% 98% 100% 97% *97% 96% 97%