COMMERCIAL

Evening Post, Volume CXXXIV, Issue 100, 24 October 1942, Page 9

COMMERCIAL

DEMAND FOR INVESTMENTS

Buyers of Government loans and -leading semi-gilt edged and leading industrial investments continue to outnumber sellers. Turnover this week has been only fairly good, but well spread over the lists. Prices all round are high; and for Australian shares usually quoted in New Zealand they exceed the "ceiling" prices current in Sydney and Melbourne. Some appreciations on approximate prices in October of last year, as published in the Official Record of the New Zealand Stock Exchange, are shown in parentheses, following prices paid during this week tor certain New Zealand Investments. They indicate the relatively high values ruling today, taking into account reduced dividends in some eases and Increased taxation and overhead charges generally Bank of New Zealund shares changed hands this week at from 39s to 41s 6d (40s 3d) ; National' Bank of N.Z., 45s 3d (39s 3d) ; Bank of N.S.W., £29 15s (£2B 10s) ; Commercial of Australia, 14s lOd (15s) ; N.Z. Insurance, 725. 6d to 73s 3d (70s 6d) ; South British, 64s to 64s 6d (625); Standard Insurance, 67s 6d to 68s (625); Union S.S. (pref.), 28s. (275); Wellington Woollen (pref.), £7 15s (£7 7s 6d) ; Bruce .Woollen, 25s 3d (255); Kaiapoi, 17s paid, 18s 9d (17s 6d) ; Timaru Wool, 20s (19s); N.Z. Refrigerating (£1). 22s (21s 3d); Gear Meat, buyers at 17s 3d (15s 2d); Canterbury Frozen Meat, £12 15s (£11). Sales this week also included New Zealand Drug, new shares, 455; Kauri Timber,' 233 3d; Wellington Gas (ord.), 29s 6d, or 6d below highest price this year, and Westport-Stockton Coal (pref.), Bs, which is 3d under the high level for 1942. Store shares continue on a quiet market, sales being made this week at slightly under the peak prices for this year, and including D.I.C. pref. at 24s 6d, McKenzte's Department Stores 40s, and Woolworths i N.Z., at 14s lOd. Brewery shares, which are on a slow market, included N.Z. Breweries at 33s 9d and Dominion Breweries at 295, both under high levels for this year. . Inquiries for Australian shares (confined to New Zealand holdings) were good, with sales of Australian Consolidated Industries at 48s, Broken Hill Pty. 39s 9d, Colonial Sugar £52 10s, a rise of 4s on the week (£4B in Sydney), Huddart Parker 455, and 1.C.1, pref. 24s 6d. Store share sales included G. J. Coles, 565, Woolworths, Ltd., 15s 6d to 15s 9d, and Selfridges (Aust.), 17s 9d. Unofficially quoted in-' vestments sold included Christchurch Press,. Ltd., £8 10s, and Southern Cross Investment; 3S 6d< GOVERNMENT LOANS. Business in Government Loans, as notified j by the Wellington Stock Exchange, amounted lln value to £28,015. The market, however, was rather slow with some stocks being quitted at under par. Holders were indisposed to quote and buying interest remained keen^ Approximate prices at this time last year ; and for last week, with highest prices reported this week, are as follows: —

Interest was paid on 4 percent. (1949) on October 15, and is due on 4 per cent. (1949-52) on November 15, and on 4 per cent. (1348 and 1954-58) on November 30. Sales of local body debentures included 4*4 per cent. Auckland Harbour (1944), £102, and 6 per cent. Amalgamated Brick, Auckland (1944), £101 10s. '

(SHARE TRADING QUIET. (By Telegraph—Press Association—Copyright.) (Ree. 8.30 a.m.) SYDNEY, October 24. Trading was generally quiet oh the Sydney Stock Exchange yesterday. Sales: Burns, Philp, 535; Dalgetys, £5 9s; Australian Gas A, 94s 6d; Tooth's Brewery, 51s 6d; Wunderllch, 21s; Australian Consolidated Industries, 47s 6d; Dunlop Rubber, 1.9s 3d; Woolworths Ltd., 13s lid; Drug Houses, 295; New Occidental, 8s 9d; Mount Lyell, N.Z. delivery, 28s 4^d,

DOW JONES SHARE AVERAGES. NEW YORK, October 21. J Dow Jones (1926 equals 100) :^~ 20 30 Shares

ASSOCIATED GOLD DREDGES. Directors of Associated Gold Dredges (N.Z.), Ltd., report a ' satisfactory settlement of the company's indebtedness to contract creditors. In terms of the agreement for settlement reached between all parties, approxiniately £20,000 has been paid to the dredge contract creditors by the receiver in deduction of their accounts. The petition to wind up the company will not now be proceeded with in view of the settlement made with the dredge builders. MINING. (P.A.) GREYMOUTH, This Day. The Snowy River dredge return this week was 141%0z for 120 hours' working and 24,000 yards dredged. FEILDING CATTLE MARKET. (P.A.) PEILDING, October 23. The supplementary cattle fair was held today with a fair offering. Prices for grown-cattle remained at about the level of the spring fair, but young cattle were slightly easier, probably because of the somewhat dry spell. A very good clearance was reported. There was a smaller yarding of fat sheep, with prices still easier than previously. Shorn sheep sold at 10s to 12s below the prices of woolled sheep, There was a very small entry of dairy cattle, with a listless sale. Fat cattle prices were easy, with no first-class beef offered. Fat wethers, prime woolly, 35s Id to 38s 7d; shorn, 26s lOd to 28s; hoggets, prime woolled, 34s to 35s lOd; shorn, 23s 7d to 25s lOd; ewes, prime woolly, 23s lOd to .24s Id; shorn, 12s lOd to 16s. Dairy springing heifers, to £8 10s; springing cows, to £7 10s. Run cattle: P.A. bullocks, best condition lines, £11 to £12 16s; other pens, £8 16s to £10 10s; steers, forward lines, to £9 10s; others, from £6 15s to £8 16s; cows, £6 16s to £7; heifers and calves, £8 10s; empty heifers, £7 18s; yearling steers, £5 7s 6d to £8 2s; heifers, £5 5s to £6 2s; Hereford bullocks, £9 2s 6d to £9 12s 6d; yearling steers, £5 Is to £5 ss; yearling heifers, £4 Bs. Fat cattle: Shorthorn bullocks, £11 10s; P.A. light prime heifers, £9 6s to £9 10s; cows, prime heavy, £9 7s 6d to £9 12s 6d; light cows, £5 17s 6d to £7 17s 6d; Hereford cows; £6 7s 6d; ex dairy cows, £4 10s to £6. A GOLD MINE IN NEW GUINEA. Less than three months before Japan entered the war eight Italians sold a New Guinea gold mine to an Australian company for £17,668. The mine is near Wav and is now occupied by Japanese. The purchasers, Sandy Creek Gold Sluicing, Ltd., paid over £10,000 cash, the balance being payable by instalments under terms of a mortgage and lien. In the Sydney District Court the company applied for relief under National Security (Contracts Adjustment) Regulations. The Judge adjourned the application. ' BUSINESS IN BRIEF. Clothes rationing in Australia had resulted in reduced turnover, said the chairman, Sir Robert Gillespie, at the annual meeting of. Ball and Welch, Ltd., department stores, Melbourne. The effects of rationing would be felt to an even greater extent in the coming year. Speaking of the company's improved finances, he said In place of the previous bank overdrafts of £19,206 there was now a credit balance of £4889 in addition to funds in London, £4197. Sir Arthur Robinson, chairman Modern Permanent Building Society, Melbourne, said at the annual meeting that war conditions and the taxation levied by reason of those conditions were influencing operations of the society and rendered it impossible to mainiain the rate of dividend paid before the outbreak of hostilities. Under the National Security Regulations the fate of interest payable on loans granted by the society during lie year had been reduced to a rate substanially l»vver than that payable in pre-war Jays. _____ _ mmmm

Per Nov. cent. Year. 1941. £ - 2V 3 .... 1946 98 ■' 3 1951-54 98% 3 .... 1952-55 — 314 .... 1956-59 101 314 .... 1957-60 100% 3V 2 .... 1953-57 103 4' .... 1943-46 102% 4 1946-49 103% 4 1949-52 105 4 1952-55 107 War Loan, 1953 88% Liberty Bonds, 1949 — ♦Buyers. Last week. £ ♦98% ♦99% . 99% 101% *100% *103% 100% 103% 106% *107 93 *17/9 This week. £ 98% 99% 99% *ioi% 101% 104 ♦100% 103 106% 107% *92% *17/9

LONDON SHARE INDICES. (By Telegraph—Press Association —Copyright. LONDON, October 21. "Financial Times" indices (1926 equali 100) :— Govt. Home Indus- Goldsees, rails, trials, mines. October 1 .. 114.1 61.0 109.5 149.6 October 17 '.. 114.1 62.2 111.9 149.6 October 19 ,. 114.1 62.5 111.9 150.3 October 20 .. 114.0 63.0 111.9 150.2

Rails. October 1 28.25 October 16 28.58 October 17 .... 28.59 October 21 ..... 28.49 Indus. 109.65 113.55 113.40 115.09 sold. 556,000 505,000 245,000 701,000