COMMERCIAL

Evening Post, Volume CXXXVI, Issue 51, 28 August 1943, Page 9

COMMERCIAL

GILT-EDGED FIRM Prices for leading shares, including australian, held'in New Zealand, continue'ten; Turnover this week was . comparatively .good. The market for 3'per cent. Governm6nt '-lOAns has hardened and their yield at current prices at short dates is roughly 3 1-8 to 3% per cent. Tlio third Wberty Loan made its first appearjuico on the market on Wednesday last, with buyers in Wellington offering £97 10s. ; Sales were made in Auckland at £98, a discount of 2 per cent. The Stock Exchange Association lias advised members that owing to the fact that the same maturity years in the 3 per cent, long-term issues have been fixed for. this lean as for the' second Liberty . Loan it will be necessary to add the maturity month, viz., 3 per cent. May, 53-56, or 3 per cent. December, 53-50, as the case may be, in order to-distin-guish the second Liberty Loan from the third, the years of maturity being the same. Tho Interest payments on the 3 per cent, second Liberty Loan are May 15 and No\ rember 15; on the 3 per cent, third Liberty Loan they are December 15 and June 15, the first interest payment being due December 15 next. Approximate prices for Government loans at this time last year, for "last week'; a"nß "highest prices paid this week, 'wore as follows;: — ; September. Last This Per . 1942. week. week, rent. Year. £ ■£ £ 2V 2 .... I!M7 — 98 98^ 3 1951-54 99 97«j 93 3 .... 1952-55 —. 95% 98% 3 1953-56 —- 98% 98% !! f 1953-56 — — 98 \ .... 1943-46 101% 10014 100V 4 4 .... 1946-49 *104% 103 103% 4 .... 1955 *107V 3 10Gi/ 8 106 4 1954-58 *108 107% 107% War Loan, 1953 92Vj — 93% Liberty Bonds, 1949 — *19/- 19/3 'Buyers. fThird Liberty Loan. . Interest is due September 15 on 2% per cent. (1947), 3 per cent. (1946-48), 3 per cent. (1952----55), and-3 J,4 per cent. (1957-60),-Loans raised in 'Now Zealand sinco the war began now approximate £95,250,000. The amounts subscribed aro as follows: — Loan Matures. Int. . Subscrd. War 1953 —- *9,285,000 Development .. 1945 3 2,146,000 Development .." 1050-50 3% f6,274,000 2nd War 1916 2% 2nd War 1951-34 3 10,231,000 Ist Liberty 1947 21/----Ist Liberty 1052-55 3 17,000,000 2nd Liberty .... 1948 2}& 2nd Liberty 1053-50 3 10,400,000 3rd Liberty ...k 1947-49 2Vj 3rd Liberty 1953-50 3 89,278,000 £95,214,000 ♦Compulsory and free of interest'up to October l, 1943, interest thereafter at 2% per cent, per annum. ...... tLong-term Issued at £07 5s per £100. Applications vvero also called for conversion of three loans maturing between 1941 and 1943 und aggregating £21,200,000, and £20,500,000 was convorted. , : Debenture sales this week included 4'A por cent. Napier Borough (1959) £108, and (1060) £108 10s; sy 3 per cent. Waltenlata County (1970) £100 55,, and 4V a por 'cent. New Zea land Farmers' Co-op. (1955) £98. Bank shares kept steady throughout the' week, with no marked change in prices on those current last week, and business was done in Bank of Now Zealand up to 42s 3d; National of New Zealand, 49s 6d; Union Bank, £7 14s; Bank of Now South Wacls, £33 15s, and Commercials, rising from Ills 6d to 16s lOd, and £10 5s paid for preference. Australian bank sharos in the sales wero B.S. and A. at from 79h 3d to 79s Od, and National of Australia (£10) £12 2s 6d, unchanged. New Zealand Insurance improved from 83s to Sss 6d, and South British from 72s lOd to 73s 3d. Standards Bold to 745. Moat shares received particular attcn tion, with business dono in New Zealand Ilofrigorating (£1) at 25s 6d to 25s 9d, and (10s) at 12s 2tl, and Gears changed hands at 22b 3d Among tho industrials in the sales were Timaru Woollen, unchanged at 20s 6d; Prestige (N.Z.) (pref.), at 27s (id, and Bond's Hosiery at 38s Cd Wilson's Ceraont held at 19s. Forest Products advanced by M to 7s. Store shares kept steady. McKenzies Departments at 473 and WoohvortUs (N. 55.) rising to ICS 6d. Breweries continued quiet, with Now Zealand Breweries steady at 36s Gd. Australian investments generally hardened in price. Aust. Consol. Industries advanced by 3d to 555. 9d. Colonial Sugars held at £58. British Tobaccos were steady at 47s 3d. Broken Hills were up to 45s 3d. Burna, Philp had sales at 60s 3d. Tooth's Brewery wore dealt in at Ooa Od. Storo shares were quiet, Woolworths Ltd. keeping at 18a Id and tho Holdings (S.A.) realising 27s 6d. Morris lledstrom (Kji) wero dealt in at 32s 6d. Among the metals and mines sold woro Martha Mine, 9s 4(1; Electro Zinc, 57.s to 58s; Mt. Lyell, 30s 6d; Alt, Morgan, 9s 7d.