BANK OF N.Z. SALE

Evening Post, Volume CXL, Issue 150, 22 December 1945, Page 9

BANK OF N.Z. SALE

The announcement that a large block of shares in the Bank of New Zealand had been converted into 3 per cent, taxable stock at £99 10s will answer a number of questions which have been .concerning holders of these shares. In the first place^t Indicates ths price, when it will be possible to deal in it, and it does give an idea of what holders should do. If present prices .hold this stock should ;bq worth another 5s In accrued interest by the end of January. Business this woek has been flavoured with tho usual close of the year feeling, and during the final two days was not very extensive. A few parcels of Government stocks have been changing hands at steady prices, but the flow of business has not been widespread. Of interest was the announcement about the conversion loan. It m opportune to note that on the occasion of the previous conversion, in 1943 the new stock was Issued at a discount of £3 per cent.; this time- It is being issued at par. The approximate prices for Government loans at this time last year, for last week, and tho highest prices paid this week, were:—

In the banking section, Commercial of Sydney has been stronger and National of New Zealand have pulled up a little, with sales at 54s 3d and 54s 6d. ; Insurance shares have been a littls more active than usual, and prices have remained steady. South British had a sale at £4. 10s, and New Zealand at £4 19s 9d, while National maintained its firmer price of 26s 3d. Breweries are in their usual sound position, and there is a firmer tone about the timber shares, with more buyers about. .There was a sale of Bonds Hosiery during the week at 51a' for the £1 shares. These shares, which carry a 10 per cent, dividend, are scarce, and this price is a record. ' In the Australian section, Colonial Sugars havo been showing some activity, on a basis of £57 las to £58. Broken Hill improved to 465, and-there was a sale of Electro Zinc at GOs. -.'■'.

In the unofficial list, Felt and Textiles have been moving, the new issue changing hands at 38s 6d to 3!ts. Wellington Publishing had some sales at £5 9s.

rer a year cent. Year. ago. 2% .... 1947-49 — 2% ...» 1049-50 — 2% .... 1953 — 3 .... 1852-55 '— 3f .... 1953-56 —. 3' ....■ 1955-58 — 3 «... 1900-63 . — 31/a ...»; 1953-57 — 4 .... 1946-49 — 4 .... 1949-52 — •Buyers. tVi r jjasi week. . 100\& 99 100% 10 iy 4 101 ■ 100% , 103% lOO'/j 103. Ictory Loan. • :xaw, week. .99 89% 97% 100% 99% 101 100 ♦103% 100%