FIRM AT CLOSE

Evening Post, Volume CXXX, Issue 150, 21 December 1940, Page 14

FIRM AT CLOSE

RISE IN GOVERNMENT LOANS

"Evening Post," December 21

The Stock Exchange closed for the Christmas and New Year holidays yesterday to reopen on January 7. It has been a year of great difficulty for investors and stockbrokers. Taxation imposed on investors, indirectly through companies in which they are interested and direct taxation on income derived from interest and dividends, has been exceedingly heavy and no let-up is in sight. The president of the Stock Exchange Association of New Zealand (Mr. A. Hamilton) made particular reference to this taxation and to the compulsory subscription to Government loans, in his annual review. He made it quite clear that but little complaint would have been heard from the many investors who have been so seriously affected if they were able to feel that the extra taxation had been really due to the present war. On the contrary, the general opinion is that by far the greater part of the recent forms of taxation is the result of the unsound and unhealthy condition of finance that New Zealand has reached after a period of wild expenditure." This summary of the Dominion s present circumstances was subsequently confirmed by speeches of the chairmen of the Auckland, Christchurch, and Dunedin Exchanges. The year has been a gut-edged one, as reference to the comparative prices of Government Stocks a year ago and prices current today as set out hereunder will show. Equities show much less variation, for company accounts have already felt and will _ feel stUl more the increases that will have to be made in provision for taxation, to say nothing of compulsory subscription to. war loan. GOVERNMENT LOANS. Demand for Government Stocks and Bonds continued active up to the end of last week, but the market this week showed signs of the usual holiday indifference. Approximate prices for New Zealand Stocks last year and prices paid last week and this week are as follows:— Kate Dec. Last This - p er 1939. week. week. ! ent\. "mi &S io Soy ß nok 3% .. 1953-57 92% 102 102 3% .. 1941 97 *99^4 *100% 4 .. 1940-43 99% 101% 101% 4 .. 1943-46 99 104 104 4 ~ 1946-49 99 104 V 2 104 4 .. 194S 99 *102% *102% I .. 1949-52 97% 105% 105 i .. 1952-55 99 107% 107% 4 .. 1954-58 96% 106% 106% War Stock, 1953 — 80% 81 ♦Buyers. Interest on 4 per cent. (1955) was paid on December 15 and is due on 3* per cent. (1953-57) on January 15. War Loan is free of interest for three years and afterwards 2$ per cent, per annum until maturity in October, 1953. Reported sales of Government Stocks and Bonds this week were as follows:— War Loan, £80 12s 6d, £80 10s, £80 15s, £81. , f 3 per cent. (1941), £100 2s 6d; 3£ per cent. (1953-57), £101 15s, £101 10s, £102; 4 per cent. (1940-43), £101 12s 6d, £101 ss; 4 per cent. (1943-46), £iO3 10s, £104. £103 10s, £103 15s, £103 10s. and Bonds, £104; 4 per cent. (1946-49), £104, £103 17s 6d, £104, £103 10s; 4 per cent. (1949-52), £104 15s; 4 per cent. (1952-55), Bonds, £107 ss; 4 per cent. (1954-58), £106 ss. DEBENTURES AND SHARES. Sales of 4J per cent, local loans were fewer this week than last and included City of Auckland (1944-51), £103 ss; Central Waikato Power Board (1946), £103 15s; Auckland Electric Power Board (1944), £102 iOs. Company debenture sales included 6 per cent. Amalgamated Brick, Auckland (1940-43), £102 10s, and 5 per cent. Auckland Gas (perpetual), ex interest, £98 15s. Highest prices realised for New Zealand shares this week (including banks trading in the Dominion) are compared with those paid or with buyers' offers of last week, as follows: —

•Buyers. Other sales included United Building, Auckland, 16s 9d; Farmers' Auctioneering (A, pref.), 22s 3d; Newton King (pref.), 9s; WestportStockton Coal (pref.), 6s; Southland Ice Cream, 23s 6d. The above quotation for Bank of New South Wales, £29 ss, was for an odd lot. There were also sales of New Zealand Theatres, Ltd. (unofficial), A pref., at 5s and B pref., Is, and Selfridges (N.Z.), 5s 9d. AUSTRALIAN SHARES. Highest prices or buyers' bids in New Zealand last week'and those paid - this week are as follows: —

GOLD SHARES. Business in gold mining and dredging included sales of Martha Mine. 7s; Mikonui (unofficial), ss; Big River, Is 3d; Waitahu, 6d; Moonlight, 4d; Emperor Mines, Fiji, 11s 6d.

SHEEP AND CATTLE

Last week, This week. £ s. d. £ s. d. Bank of N.Z 2 10 2 10 Bank of N.S.W. ...... 30 0 0 29 5 0 Union Bank *7 1 0 7 2 0 N.Z. Insurance ...... 3 2 6 3 2 0 Sth. British 2 9 4 2 9 0 National Insurance 0 18 2 0 18 2 United Bldg. (Chch.) *1 0 0 10 3 Perpetual Trustees .. *2 10 6 2 11 0 Westport Coal 129 130 Taupiri Coal *1 0 9 1 1 0 Wellington Gas *l 12 0 1 12 6 Auckland Gas 0 T 7 0 7 6 Auckland Gas (con.) .. *0 2 10 0 2 10 Gear Meat *0 14 0 0 14 3 Manawatu Knit — 10 6 M.K. Manufac *0 6 3 0 67 Dominion Breweries .. 1 10 0 1 9 10 N.Z. Breweries 1 11 6 1 11 9 Ballins Brewery *0 10 3 0 10 9 Farmers' Trading Co. 0 19 3 0 19 5 Wairarapa Farmers, pf. 0 5 0 0 5 ,0 Booth Macdonald, pf. 0 5 0 0 5 0 MacDuffs (ord.) — 0 10 6 MacDuffs, pf. 10 0 10 0 Northern Roll. Mills .. *1 0 6 116 Bycroft, Ltd *2 3 0 2 3 6 Dominion Fert 176 180 Farm. Fertiliser 1 2 0 1 «3 0 National Electric .... *0 17 0 0 18 0 N.Z. Drug 3 17 6 3 17 6 N.Z. Newspapers .... 1 12 0 1 12 0 Beid Rubber 130 130 Wilson's Cement 0 18 8 0 19 0

Last week. . £ s. d. This week. £ s. d. tfat. Bank Aust'asia, £10 ..* 12 0 0 iust. Consol. Indust. .. 1 19 3 British Tobacco 2 8 9 Broken Hill 2 5 3 Colonial Sugar 52 0 0 Dunlop-Perdrlau ....* 1 0 3 Felt and Textiles 1 19 3 Imp. Chem. Indust. pf. — Woolworths Prop 1 4 9 tfoolworths, Ltd 0 17 6 selfridges (Aust.) * 0 18 0 Electro. Zinc (ord.) * 2 13 3 Hount Morgan * 0 10 11 lawang Tin — ♦Buyers. 12 2 6 1 19 3 2 8 3 2 5 3 52 10 0 10 6 1 19 6 14 0 15 0 0 17 G 0 18 6 2 14 0 0 11 3 0 8 6