COMMERCIAL

Evening Star, Issue 21260, 15 November 1932, Page 5

COMMERCIAL

THE SHARE MARKET DUNEDIN STOCK EXCHANGE. There were sales reported this morning on the Dunedin Stock Exchange in Waitahus at Id premium, VVailii Grand Junctions at 3s Bd, and Mount Lyells at £1 Os 6d. Bank of New Zealands cased to £2 6s, but buyers were still one shilling below. The Bong “ D ” issue was being inqured for at £1 8s 6d, and a seller came on the market at £1 10s. E.S. and A. shares were offered at £4 13s, and Nationals of New Zealand at £4 without inquiry. Contributing Nationals of Australasia were on the market at £5 10s again, and a buyer offered £5 6s for them.

Buyers of Westport Coals improved slightly, offering 12s 6d, with sellers asking 6d more. Goldsbrough, Morts were for sale at £1 3s 3d, but the only other quotation in this section was from a seller of National Mortgages, who asked £2. The paid-up issue of New Zealand Refrigerating shares was offered at 10s 3d, and the best buyer offered 8s Cd for them. Twopence separated buyers and sellers of the contributing issue, 3s being offered, with no seller willing to take less than 3s 2d. Australian Glass shares were wanted at £2 cum dividend, but there were no sellers. Milburn I.ime and Cements eased to £1 7s, but there was no demand for them. New Zealand Drugs were for sale at £3 Os 6d without a buyer quoting. Farmers' Fertilisers were wanted at. 14s 9d, but the shares were not obtainable. There was a wider market for New Zealand Paper Mills, buyers offering £1 Os 6d, with sellers at £1 2s. Buyers of Regent Theatres improved lo 33s Gd, and a seller came on the market at 16s.

There was inquiry for New Zealand Breweries at £1 6s, while Ihe seller asked £1 7s 6d for them. Sellers of Staples’s cased to £1 4? without attracting buyers. Waihis were sought for at 19s, and a seller came on the mavket at 19s sd, Electrolytic Zincs (ord.) had a Is market, buyers offering 15s 6d, with sellers asking 16s 6d.

In the Government Bond section, 1938 4] per cent. Bonds and Stock were (incited cx interest, and had buyers at £96 5s without a seller quoting. Sales reported.—Waitahn, Id prem.; Waihi Grand Junction, 3s 8d; Mount Lyell, £1 Os 6d.

DIVIDENDS DUE.

AUSTRALIAN STOCK EXCHANGES. Press Association—By Telegraph—Copyright SYDNEY, November 14. The Slock Exchange turnover was below normal, hut Commonwealth Bonds were firm, while two leading local hanks improved. Colonial Sugars were distinctly weaker, and there was only restricted business in loading industrials, which are holding their own. The fallowing sales were made : Bank of New South Wales, £3l ; Commercial Bank of Sydney, £l6 10s; National Bank (£5 paid New Zealand delivery), £6 2s 6d; Colonial Sugar, £53 15s: Millaquin Sugar, 28s 104 d; British Tobacco, 35s 7Jd; Australian Glass, 465; Goldsbrough, 265; do., New Zealand delivery, 265; Australian Gas (A), £6 18s; Tooth’s, 35s 10id; Toohey’s, 21s 4Jd; Gordon and Gotch, 30s 9d; Mount Lyell (New Zealand delivery), 23s lid; Taranaki Oil, 2s 4d; Broken Hill Proprietary, 28s 4Jd; North Broken Hill, 75s Cd; Commonwealth Bonds, 4 per cents.—l93B, £lO2 17s 6d; 1941. £103; 1944, £lOl 16s 3d; 1947, £lOl 17s Gd; 1950. £lO2 2s 6d; 1953, £lO2 ss; 1955, £lO2 15s; 1957, £103; 1961, £lOl ss. MELBOURNE. November 14. Goldsbrough, 26s Ifd; Dunlop Rcrdrian, 17s lOd ; ‘ Horald-Timos,’ 595; South Broken Hill, 50s 9d. STOCK EXCHANGE CORPORATION. REVIEW OE POSSIBILITIES. “ At long last the affairs of the Stock Exchange Corporation of New Zealand appear to he taking practical shape,” states the ‘ New Zealand Financial Times.’ “ The Stock Exchange proper in the various towns will vigorously oppose and resent this financial intrusion. It is difficult enough for the members of one exchange to be prosperous in times like these, hut if the business is to bo split by two exchanges operating in each centre competition will mean extra costs, and may mean loss. “ Moreover, there is as yet no indication of the policy of the new Stock Exchange. The Stock Exchange in New Zealand has a tradition of conservatism, and has played little or no part in providing investment funds for the start of speculative new industries in New Zealand. Like the London Stock Exchange its members do not advertise. “ The bilock Exchange Corporation of New Zealand Ltd. appears to ho going to adopt a more tolerant attitude, indications are not lacking that, like the London Stock Exchange, it intends to put investment trusts on the map in Now Zealand. On the other hand, like the New York Stock Exchange, it intends to allow members to advertise to their hearts’ content. _ “ In the meantime it is to he hoped that good and not evil will come from the stir-np. “ Several times in the past popple have writhed in impotence at the difficulty of getting an issue on a Stock Exchange.. More than once rival exchanges have been formed, oiten of Stock Exchange members themselves. Christchurch had two exchanges going. However, peace and order have always been restored, and the legitimate Stock Exchange has pursued the even tenor of its calm, unruffled way.

“ The onlv bright spot is that the duplication ‘of the Stock Exchange would mean more business for everybody, and it is possible, though not at all probable, flint this would mean more prosperity for everybody. The new blood might rouse investors from their lethargy" and get them to take action. The new Stock Exchange, however, niav not bo above cutting commission, while no Stock Exchange member would demean the dignity of His profession by cutting prices. It will certainly be disastrous it competition takes the form of cut-rate business, as commission rates might fall to London Stock Exchange rates, at which lew members in New Zealand would have sufficient turnover to make a living. ’ AFFORESTATION LTD. ANNU AL M EETIN G. The annual meeting of Afforestation Ltd. was held at Auckland on Wednesday, when the directors’ report and balance-sheet were adopted by shareholders. The report of the forestry administrator, with the latest photographs of the plantations, were also made available, and gratification was expressed at the development of the trees and tbo sound financial position of the company. The directors wore congratulated upon being able to keep maintenance costs below the estimated figure. The retiring directors. Messrs J. A. Duncan and J. \V. T. Macklow. were re-elected, and Mr H. F. O. Twigden was appointed as auditor lor the ensuing year.

Quotations as under:Buyers. Sellers. £ S. d. £ s. d. BANKING— Bank of New Zealand (emu div.) ... 2 Bank of Now Zealand. 5 0 2 6 0 Long “ D ” (cum div.) 1 8 6 1 10 0 K.S. and A. Bank ... — 4 13 0 National Bank of New Zealand 4 0 0 National Bank of Australasia (cont.) 5 6 0 5 10 0 INSURANCE— Natimal Insurance Co. (cum div.) ... 0 14 10 — N.Z. Insurance Co. 2 3 3 — Standard Insurance Co, — 2 10 0 SHIPPING— Huddart, Parker (pref.) 0 18 0 — P. and 0. Dcf. Stock 1 0 0 —- U.S.S. Co. (prof.) ... 1 0 7 — COALKaitangata pa — 0 Westport Coal Co. ... 0 12 6 0 13 LOAN AND AGENCY— Goldshrough, Mort National Mortgage ... — 1 3 3 — 2 0 0 MEAT PRESERVING— N.Z. Refrigerating (paid) 0 8 6 0 10 3 N.Z. Refrigerating (cont.) 0 3 0 0 3 2 South Olago Lreezi"g ~ 4 15 0 MISCELLANEOUS— Australian Glass (cum div.) 2 0 0 — Brown, Ewing (prof.) — 0 19 6 Bruce Woollen Co. (ord.) — 0 10 0 n.i.r. (ord.) 0 9 0 — D.l.C. (pref.) Donaghy’s Rope and Twino — 0 19 6 1 10 0 Kaiapoi Woollen (ord I 0 5 3 — Kaiapoi Woollen (pref-) , Milhurn Lime and 0 7 6 rVniont — 1 7 0 Mosgiel Woollen Co. 6 13 0 — M’Leod Bros •• 22 0 0 — N.Z. Drug Co. __ 3 0 6 N.Z. Fanners’ Fertiliser 0 14 9 — N.Z. Paper Wills ... * Otago Daily Times ‘ 1 0 6 1 2 0 1 19 0 0 — 0 Regent Theatre Wilson’s (N.Z.) 0 15 6 16 Cement — 1 13 0 BREWERIES— N.Z. Breweries Ltd. 1 6 0 1 7 6 N.Z Breweries Debs. 1 0 3 — Staples's Brewerv ... — 1 4 0 Dunedin Brewery 1 1 3 OIL— Moturoa (ord.) 0 3 6 0 4 6 MINING— Kawarau 0 0 6 — Waitii 0 19 0 0 19 5 Waihi Gd. Junction 0 3 7 — Electrolytic Zinc (dcf. ord.) 0 15 6 0 16 6 Mount Lvell 1 0 3 1 1 0 North Broken Hill (cum div.l 5 5 0 — Mahakipawa 0 0 3i u 0 5 Kildare 0 ■ 1 6 0 1 10 Okarito 0 8 7 0 8 11 Paddv’s Point 0 5 i 0 5 4 Golden Progress 0 1 4 0 I 9 King Solomon Golden Point 0 2 0 0 2 2 0 0 4 0 0 5 Rlackwatcr 4 — 1 1 0 Consol. Goldfields ... 0 8 6 0 9 6 Gillespie's Beach ... 0 0 2p 0 0 3p Alexander Mine? 1 0 9 — Waitalm pa i 0 0 Ip Golden Sands 0 1 10 Big River 0 1 I — Mount David — 0 3 9 Nokomai 0 6 1 0 6 3 >VAR BONDS(Bonds quoted arc £100 Bonds.) 1933 4* p.c. Bonds (ex interest I 96 $ 0 — 1939 4£ p.c. Bonds 96 5 0 — 1941 44, p.c. Bonds... 96 0 0 — 1938 p.c. Inscribed (ex interest) 96 5 0 — 1939 p.c. Insc. ... 96 5 0 — 1936 p.c. Bonds ... 100 0 0 — 1935 5J p.c. Inso. ... 100 0 0 — 1937 5i p.c. Bonds (February) 100 2 6 — 1937 p.c. Bonds (September) 1937 5j p.c. Inscribed 100 2 6 (February) 100 0 0 — 1937 51 p.c. Inscribed (September) 100 0 0 ICO 7 6

Slock. Amount. Period. Date. Australian Glass .. . 7 l-5d interim Nov. 15 Sums, Philp Broken Hill Prop. Is interim Nov. 15 *ls interim Nov. 16 Alexander Mines Is fifth Nov. IV National Insurance 5d final Nov. 19 Dalgetv and Co. 2: ! final Nov. 24 (: approx.) Wilson's Cement Is interim Nov, 28 Nat. Bank Aust. 5s interim Nov. 30 Nat. Bank Aust (coni.) 2s Cd interim, Nov. 30 Bank of N.S.W. final Nov. 30 Westport Coal .id final Nov. — Bank of N.Z. Bank of N.Z. (Lon" Is 3d interim Dec, 10 “ D ”) 9d interim Dec. 10 North Broken Hill Is —, Dec. 14 currency. f Includes bonus of 9s per share.