COMMERCIAL

Evening Post, Volume CXXXVI, Issue 33, 7 August 1943, Page 9

COMMERCIAL

THE INVESTMENT MARKET

Notified business done on ;tbe Stock- Exchanges this week, taking them as a whole, indicated .a: hopeful view of the "market taken by investors. Prices remain very steady and particular attention was i>aid to bank shares. The market for Government loans was quiet and prices showed little, If any, variation. Approximate prices for Government loans at this time last year, for last week, and highest prices paid this: week were as follows : —■ ']■"■ August. ,: Last This I'er 1942. week. week. i cut. Year. £ £ • £ '2% IB4T — 98 : 98 3 1931-54 — »S% t»VA 3 ■■.1952-55 — 98% . SS^i :! ■ 1953-56. — ■■ 95»4 -98 :'K .■...■,i 1956-59 *100% 100% 100"/4 'iVi .... 1953-57 102 >/• 102 102 4 .... 1943-18 100% ]01% 101% •1 .... 191(5-49 *104% 103 102% 4 ....1949-52*106 104>,4 104% 4 .... 1954-58 .•107% 101% 107' A War Loan, 19j3 91% _ . _ Liberty Bonds, 1949 — *19/- 19/3 ♦Buyers. tEx Interest. Interest was paid on 2Vi p.e. (1946) and 3 P.O. (I!)."i!-fi'l) on August 1; interest is due on 4 p.c. (1943-46) on August 15, and also due on 2Vs P.c. (1947), 3 ]).(!.• (1946-48), 3: p.C. (1952-55), and 314 p.c. (1957-00) on September in. , . In tlie above table of prices the 2Va per cent. (1940) and 3 per cent. (1951-54) arc war loans mid tits 2V4 par cent. (1947-48) and 3 per cent. (1902-55 ami 1953-56) are the first and second Liberty Loans respectively. The War Loan (1953) Is the Compulsory Loan which Is nonInttiest bearing up 10 October 1, 1943, Interest thereafter being 2V{. iior cent, per annum. There were no declared buyers of this loan tills week hut sellers were quoting £94 as. 11l Ihe local hotly debentures section 4*4 per cent. Xaplcr Borough sold (1959) £108 and (19GS) £110 Ids. Bank shares attracted some attention. Highest prices paid for these Investments wllli peak prices puid to July 28, as shown In the Official Record of the New Zenhind Stock Exchanges, Included Bank of New Zealand 42s (42s 4d) : Bank New South Wales, £34 (£33 15s); Commercial Bank, cum dividend, 16s 9it (17s Id) ; Union, £7 13s Gd (£7 15s) ; E.S. and A. Bank, 79s Gd (82s (3d) ; South Britisli Insurance, 72s 6d (725) ; National Insurance, 23s Id (235). N.Z. Loan and Mercantile commanded £35 (£35), and Newton King (pref.), 20s (19s). Gas shares were dealt In with.sales of Auckland, Gs 9d to 7s (7s 9(1); Cliristclturch, 24s 5(1 to 24s 6d (265); Wellington (pref.), ex dlv., 31s Gd. Among sales of leading industrials were Bruce Woollen, 30s (30s) and Tlmaru Woollen, 20a 3d (20s 3d). N.Z. Kefrlgeratlng, 10s, improved to 12s '1%& (12s s>.id). N.Z. Drug, 90s (89s 3d); Alloy Steel, 45a (4. ris) ; Bycroft, 51s 9d (51s 3d) ; Wilson's Cement, 19s Gd (19s 6d) ; Mllbnrn Lime, Ms (36s l%d) ; New Zealand Newspapers, 3!ls to 39s 3d (39s fid) ; Dental and .Medical, 20s 6d (20s fid). Other sales included Cnion S.S. Co. (pref.), 31s, and Devonport Ferry, 295. Store shares had fair business with MoKenzies - Departments, 47s (46s 3d), Woolworths, N.Z.,. 15s. lOd (16s 6d), and Macduffs (ord.), 10a 7d (10s 6d). Breweries were quiet, sales notified being Dominions at 38s 3d (395) and N.Z. Breweries, 3Gs 6d to 37« (38s 2d). Dealings In Australian investments were comparatively few. Broken Hills rose from 14s (id to 44s 8d; British Tobacco'kept at 47s 3d, Electrolytic Zincs improved 'from 5Ss 9d to s!>s. Rare appearances in the sales were made by Howard Smiths at 255, W. It. Carpenter 40s' (id. lionei-al'lndustries 225, United Provisions 13s 9(1, and Tooths Brewery 55s 9d. Store shares in the sales were Self ridges (Aust.). 22s 3d: Woolworths, Ltd., 17s Cd, a rise of fid on the week, with business in the 2nd pref. at 28s Gd and Woolworths Holdings (South Africa) making 26s 3d. BRITISH BONDS DULL. (By Telegraph—Press Association—Copyright.) LONDON, August 5. Tho market for Government bonds is dull. Prices, with those quoted last week, are as follows ;— July 29. Aug. 5. Consols, 3 1/. p.c 80% 80 Fund. Loan, GO-90 114 1-16 114% War Loan, 4% p.c 103% 103% Cony. Loan, 61, V£ p.c 105% 105% Victory Bonds, 4 p.c. .. fH2 13-16 112 13-16 N.Z., 49-53, 4'A I.c •• 104 15-16 flO3 7-16 N.K., 1953, 3 p.c 99% 99% tHx Interest. Consols at July 22 were 80%, 4% p.c. War Loan 103%, 4 % p.c. N.Z. 105, and 3 p.c. N.Z. 100. BANK OF ENGLAND NOTES RISING. (By Telegraph—l'reas Association—Copyright.) LONDON, August 5. Tho Bank of England return for the week ended August 5, with that for July 29,' Is given In millions of pounds, as follows: — July 29. Aug. 5. £ £ (millions) (millions) Issue Department— Notes in circulation 965.1 978.1 Notes in Banking Dept. 32.1 22.1 Govt. debt 11.0 11.0 I'ovt. securities 988.3 988.2 Oilier securities 0.7 0.8 Fiduciary issue 1000.0 1000.0 Gold coin and bullion .. 0.2 0.2 itnnking Department— Capital 14.5 14.5 Hest 3.4 3.4 Public; deposits G.G 5.4 Bankers' deposits 1G9.9 148.G Other accounts 54.6 53.6 Covt. securities 180.4 173.2 Advances and securities . 7.2 1.2 Other securities 25.0 17.7 Notes and coin 33.4 33.4 Proportion, p.c 11.46 11.28 Bank rate, 2 per cent, since October 20, 1939. Note circulation, August 6, 1941, waa £607,000,000: August 5, 1942. £833,300,000; fiduciary, August 5, 1942, £580,000,000. Note circulation July 22, 1943, was £956,000,000.