COMMERCIAL

Evening Post, Volume CXXXI, Issue 103, 3 May 1941, Page 11

COMMERCIAL

SHARE BUSINESS

A WEAK MARKET

"Evening Post," May 3,

The investment market has been quiet this week, attributable in large part to the trend of events in the Middle East—Australian exchanges were no better; but in neither case was there any . pronounced selling pressure. Recessions since Easter closing have been noticeable in several leading shares in New Zealand. Bank shares generally are lower and those of the Bank of New Zealand in particular since the announcement' of the reduction of the final half-yearly dividend from 5 per cent, to 3 per cent., making 8 per cent, instead of 10 per cent, per annum, as maintained for some years past. During 1940 Bank of New Zealand ordinary shares ranged from 38s to 445; but this week, including dividend, they have changed hands at 36s 6d. Bank of New South Wales (sold in New Zealand) ranged from £25-to £30 12s 6d last year, but business was reported this, week at £28. Shares in New Zealand insurance companies have also declined on 1940 highest price levels. Some Australian shares quoted in New Zealand have likewise slipped back from 1940 levels this week, including Colonial Sugar from £'56 10s, highest, to ,£52. Gilt-edged investments, however, especially long-dated Government loans, continue in good demand. Industrials, breweries, and stores are generally easier. in price than they were before Easter. GOVERNMENT LOANS. Approximate prices lor New Zealand Government Stocks this time last year and for April 26 and this week were as follows:— Haltper " April, Last This cent. Year. 1940. week. week. ] £ -i. ■ *• i 3 .. 1941 100^ *99% *99%! 3% .. 1953-57 100% 100% 100% 4 .. 1940-43 102 101 101 4 .. 1943-46 103 102% 102% 4 «.. 1946-49 103% *102% 102% 4 .. 1948 • 106 10414 104 V* 4 .. 1949-52 105% 105% 105% 4 .. 1952-55 106, 105% 105% 4 .. 1954-58 106% *106% *106 1 / 4 War Loan. 1953 — 82 82 . "Buyers. Interest Is due on 3%, per- cent. (1941) on May 15 Sales reported this week were as follows:—War Loan, £82, £81 17s 6d, £82; 3* per cent. (1953-57), £100 10s, £100; 4 per cent. (1940-43), £101; (1943-46). £102 10s, £102 ss, £102 7s 6d; 4 per cent! (1946-49), Bonds, £102' JOs; 4 per cent. (1948), £104 ss; 4 if>er cent. (1949-52), £105 10s, £105 15s; 4 per cent. (1952-55), £105 15s, £105 10s, £105 15s. Sales of 4^ per cent, local body loans included Auckland Hospital Board (1947), £103 ss; Mount Eden Boro. (1945-61), £105 15s; Manurewa Boro. (1959), £103; Auckland Harbour Board (1947) £103, (1955) £105 ss, (1961) £106 15s; 3£ per cent. Manurewa Boro. (1957), £95. ■■-.■■ Company debentures reported sold were ?i per cent. Williamson Pictures (1949), £90; 4£ per cent. New Zealand Refrigerating (1945), £101; 5 per cent. Auckland Gas (perpetual), £97. , . NEW ZEALAND SHARES. Highest prices bid,or paid for New Zealand shares last week and this week, including banks trading in New Zealand, were as follows:— Last week. This week.. • £ s. d. £ s. d. Bank of N.Z 1 18 0 1 17 0 Bank of N.Z., D ... 1 10 0 19 9 Bank N.S.W. *27 0 0 28 0 0 N.Z, Insurance ...1... 3 0 0 3 0 0 Sth. British S 2 9 3 2 8 9 National Insurance . 0 19 0 0 18 9 Standard Insurance .. 3 0 0 3 0 0 Westport Coal 13 3 1 33 Dominion Breweries . *1 8 0 18 0 N.Z. Breweries 1 11 6 1\ 10 3 Farmers' Trading ... 019 3 019 1 N.Z. Drug . . 317 0 317 0 Northern R. Mills .. 1 1 6 1 1 6 Wilson's Cement- . ... 0 19 .0 0. 18 6 ' *Buyers. ■ ■ •• . c Other sales reported were: Adair Bros., 12s 6d; National Electric, 19s 6d; Evans Flour Mills, 255; M.K. Manufacturers, ss; Kaiapoi Woollen (7s), 4s lOd; Bond's Hosiery,.26s;,Reid Rubber 28s; Sandford (ord.),4s and (pref.) 14s; Denhard Bread (pref.), 21s; Union Oil and Soap, 255; "Wellington .Gas (pref.), 22s 6d; Leyland O'Brien Timber, 15s. Unofficial: Auckland Meat, 295; Associated Motorists Petrol, 245. AUSTRALIAN SHARES. Highest prices -paid or bids for Australian- shares .in. New Zealand last week and' this week were as foliows:— ■ :'■■..•-. ;'■•'"■.:. Last week. This week. '. ... £ s. d. £ s. <L Aust. Consol. • Indust. •118-3, 2 1.0 Broken. Hill Ety. V... '.'.' 2 1 6 '■;:'. 2 19 Goldsbrpugh Mort ... »1 4 0 ,14 0/ Colonial Sugar ....... *50 0 0 52 0 0 Dunlop Perdriau ... 10 6 106 Felt-Textiles .... *1 18 9 118 6 Imp. Chemicals (pref.) 14 0 1/4 0 Woolworths Ltd. .... 0 16 8 0 16 3 Mount Morgan ...... *0 9 7 0 8 9 ■■■..;..•• •';;.: ■ 'Buyers. .'. : Sales were also reported of G. J. Coles at 625; Selfridges (Aust.),: 18s; Australian Alloy Steel, Bs. The only business reported in gold shares was Martha Mine, ,7s 6d. LONDON EXCHANGE RATES. LONDON, May 1. Foreign exchange rates are:-New sfqrk, (dollar), 4.03; Montreal (dol-lar), 4.45;' Switzerland (fr.), 17.35; India (rupee). Is 5 l-82d; Hong Kong (dollar), Isd; Kobe (yen), 4 21-32 d; Shanghai (dollar). 3 3-16 d; Argentina (nesos), 17.043; Stockholm (kr.), 16.90. —U.P.A.