BUSINESS IS LIMITED

Evening Post, Volume CXXXVI, Issue 147, 18 December 1943, Page 9

BUSINESS IS LIMITED

With buyers still finding it difficult to do business^ on! *' a apateely-aupplle'd; '•: market, the position so far "as stocks1' and shares are concerned* remains -fairly''Stable. - -Turnover 1 again this week- was on a limited scale, and the mafKetsirelnalnji steady!^ Prices^of Government stocks showed very little change, and actual sales' We very few,' for thd;-mdstI'rtart being confined- =>to one or two r transactions in the wantedlssues. " ' ' '"" " " ?" ' The approximate prices 'for■■■ Government loans at' this-time last year, for last week, and the highest prices paid f this, week wore-:— ~-i-i December. 'Last This Pet * ""' 1942. week. week. cent.- Tenr. '-'£■•■ ■ £!* '*> 2% ...."tUT- 95% *oi% '97% 2% ...Yf 1947-49 — "9?% "97% 2y 2 .... 1953 93. 94% 94% 3 .... '-WteWy 89% • 9SVa 3 .... 1953-56 — 95%. 98% 3 .... t1953-56 '-^- '99V4 "99% 3 .... 1951-34 '-99% 99 uMi M 3%- .... 1957-GO 'lOii/o 101% *101% 3% mSI-Sl 103% • '■—»: ;103% 4 '1943-46 — 101% 1017s 4 ..... 1946^*9 'li.u.j;. 102% '!1'0'2% 4 , „..1954-58 ;,*106&.„ .-...•10G&... *106 ♦Buyers. tThird Liberty Loan., - ''Trading in banks was'fiiueli' about'the same volume as it-waa the previous 'weekj With Unions 'Showing 'lip most prominently at £ 7 13s. '"'E.Si'fand | A>> shades "were' Health ml' at £4, the price" which ruled a month ago, ;and New Zealand had limited business at- the"lhiproved price of 42s 9d. National of N.Z. had dealings at £2 14s, £2 14s _6d, and £2 15s 3d. Operations in insurance were practically non-existent, the only reported sales being a small parcel of National at 24s 9d and one of New Zealand at £4 10s. The chain stores were a little more active, with Woolworths (Sydney) maintaining the improved figure of 19s 6d established last week, and Woolworths (N.Z.), ex dlv., doing business at prices that ranged from 18s Id to 18s 3d. In the brewery section. Tooths remained steady with sales at £2 16s and £2 16s Cd. A parcel of New Zealand was bought at 38s 6d, and 39s 3d was paid for one of Dominion. Business in the general section was spread over a variety of shares, none of which was the subject of extensive dealings. Farmers' Trading was fairly active at improved rates, sales being recorded at 24s ajid at 25s 3d for the B preference shares. Farmers' Fertiliser, pref., had business at 24s 3d and 24s 6d, and the ordinary at ' 235. There were sales of Union Steam (pref;) at 30s to 30s sd. The only business in textiles was In Bruce at 325, which is an, Improved figure, and there were a few lots of Westport Coal that changed hands at 25s 6d. Other transactions Included Milburn Lime at 365, N.Z. Paper Mills at 38s 6d, and Forest Products at Bs. Australian issues were sparingly dealt In. Broken Hill Pty. maintained its last week's price of 44s 6d, and Mount Lyell improved a little to sales at 30s. PRICE DISPARITY. An explanation as to the low figure for the 2% per cent, loan maturing off October 1, 1953—even though interest began to accrue over two months ago—was given by the chairman of tho Wellington Stock Exchange (Mr. Andrew Hamilton) at the annual meeting yesterday. He said that when this loan was imposed in 1940 on those who had already contributed over £50 by way of income tax, no interest was allowed until October 1 just past. From then on the short term rate of 2% per cent, was applied, but the period to maturity was not a ehort term but fixed as a long term one, namely, ten years. On the lines of other finance in this country the two conditions did not run well together, and as something had to break under the strain the price had to give way. Consequently there was a difference between the market price of this loan and the 2% per cent. 1947 loan of some £3 15s, although the accrued interests were Within 2s of each other.