THE SHARE MARKET

Evening Post, Volume CXXXIV, Issue 106, 31 October 1942, Page 9

THE SHARE MARKET

Notwithstanding a public holiday and race week, business on the Stock Exchanges or the Dominion as a whole has been moderate to good this week, and that mainly in New Zealand investments. Prices paid for bank ami insurance shares were, if anything, rather lower than they were last week, but the demand continued good. Bank of New Zealand held at 40s, Bank of New South Wales £29 15s. National Bank of New Zealand at 45s were a shade easier at the weekend, bnion Bank maintained £7 ss; Commercial Bank of Australia sold at 14s lid. New Zealand Insurance shares realised 73s 9d, an advance of 6d on the peak price last week, and South British dropped from 64s 6d to 63s 3d. Standards had business at GSs, as last week, and Nationals at 21s 3d. Quecnslands were wanted at 51s. Industrials, especially textiles, received favourable attention, with sales of Kaiapoi Woollen at 18s Od and Bruce at 25s 3d (no change on the week). Wellington Woollen (pref.) commanded £7 15s. Coal and gas had very little business, but there were sales of Westports at 25s 3d, rising to 25s 6d. In the miscellaneous section sales included Wilson's Cement up to 17s Sd and Dominion Fertiliser to 21s and Farmers' Fertiliser 16s 3d. New Zealand Taper Mills realised 34s 9d. Retail stores in the sales included Woolworths (N.Z.), 14s lOd, and pref. at 37s 6d; Macduffs (pref.), 17s !)d, and Selfridges' (N.Z.), 7s. Breweries were on a better market. New Zealand Breweries had business at 33s 9d to 345, and Dominion Breweries sold at 295. Ballins (15s paid) were in the sales at 12s Id.

Australian investments were on a quiet market. Included in the business done were Colonial Sugar, £52 10s; Broken Hill at 39s 9d, later 39s 3d: Australian Consolidated Industries at 48s, showing no change on the week. G. J. Coles were dealt in at 565, and Woolworths, Ltd. at 15s 9d. Goldsbrough Morts had sales at 27s and 1.C.1, (pref.) at 24s 6d. Other business included Cox Bros. (Aust.) 5s 7d, Howard Smith 21s 10% d, Mount Lyell 28s, Electro. Zinc 455, with 48s 6d paid for preference issue. GOVERNMENT LOANS. Daily quotations of Government loans on all Exchanges during the week indicated that buyers continue exceedingly keen, far outnumbering declared sellers. Approximate prices at this time last year and for last week, with highest prices reported this week, are as follows: —

-*Buyers. Interest is due on 4 per cent. (1949-52) on November 15, and on 4 per cent. (ITI4S and 1954-58) on November 30. Debenture business included 4Vt per cent. Auckland City (1944-07), £101 15.s and (1903) £108 15s: 4% per cent. New Zealand Farmers Co-op., Christchurch (1949), £95; 3% per cent. Auckland Gas (perpet.), £S7 10s; and Abraham and Williams (perpet.), £70. DOW JONES SHARE AVERAGES. (By Telegraph—Press Association—Copyright.) NEW YORK, October 29.

MINING RETURN. (I\A.) GREYMOUTH. This Day. The Snowy River dredge return this week was 1270z for 106 hours' working from 17,670 yards dredged. BUSINESS IN BRIEF. Henry Jones Co-op., Ltd., has declared dividend Is 6d per share, payable December 10. Broken Hill Proprietary as from October 12 increased the price of pig iron by 25s and marketable steel products by HOs a ton. These increases were made after exhaustive examination of costs and profits for the parent company and its subsidarles. according to Professor Copland, Prices Commissioner. Increases were attributable solely to heavy increases in costs over the last 18 months and could not be onset by higher turnover or further improvements in efficiency. There had been no advance in iron and steel prices in Australia since war began. and no other steel-producing country had such a record. Australian pig iron price is now £5 15s a ton, about £2 12s 6d lower than the British price. Respective prices for merchant steel bars were £12 12s 8d and £21 2s lid a ton, a margin of £8 10s 3d in favour of Australia. Australia's wool production since the war, plus the current season's clip, could be estimated to provide £260.000.000 for the Commonwealth, said Mr. H. Bell, chairman Winchcombe, Carson, Ltd., Sydney. It was essential in the national interest that the post-war position of the wool industry should be assured. The extension of the present contract with the British Government would be imperative to provide adequate time for overcoming post-war manufacturing and trading difficulties. GUARANTEE CORPORATION, LTD. The nineteenth annual general meeting of shareholders of the New Zealand Guarantee Corporation, Ltd., was held yesterday, Mr. W. Thorpe presiding. The directors' proposals as to dividends were carried unanimously. The retiring directors, Messrs. Godfrey Magnus and Ken Duncan, were re-elected, and the auditors, Messrs. Watkins, Hull, Wheeler, and Johnston, were reappointed. The chairman announced that the board had decided to invest £1000 in the Second Liberty Loan. This brought the War Loan investments of the corporation up to £13,430. WELLINGTON WOOL APPRAISALS. The Wellington Wool Brokers' Association announces that the following Wellington appraisal dates have been fixed for the 1942----43 season:—November 6, November 27, December 18. Subsequent dates will be announced later. CANADIAN WOOL DEMANDS. The Canadian Pacific Railway survey of agricultural and industrial progress reports Canadian wool production as about one-auarter of its industrial requirements. Wartime needs absorb at least 85 per cent, of imports of wool, which are mainly from Australia and New Zealand. Canadian sheep population at the end of December last was 2,844,500. For 1942 a million more sheep is the objective. The Canadian Wool Board based 1.942 prices for wool on 8 to 10 per cent, advance on 1941 prices. Maori Gold return was 230z lodwt for 107 hours from 12,000 yards.

Per Nov. cent. Year. 1941. £ 2% 1946 98 3 Ji.\ 1951-54 98% 3 .,'.. 1952-55 — 3VL .... 1956-59 101 3% .... 1957-60 100% 3% .<».. 1953-57 103 1 " .... 1943.-46 102% 4 1946-49 103% 4 1949-52 105 | 1952-55 107 4 1954-58 108% War Loan, 1953 88*4 Liberty Bonds, 1949 — Last week. £ 9814 90% 99% *WVA 101% 104 *100i4 103 100% 107% ♦107% •92% *17/9 THIS week. £ *98*4 99% 99% 10114 101% 104 100 y. 103 10G% 107% 107% 927k •18/-

Dow Jones (19! ictober 1 Ictober 2H .... ictober 27 ictober 28 I2( ] !u equals 20 Rails. 28.25 28.84 2S.T0 28.6-1 1U0) :— 30 Indus. 100.65 115.2!) 113.8P. 113.11 Share. 1-, sold. 550,000 620,000 62il,00ii 400,000