SHARE MARKET

Evening Star, Issue 22685, 26 June 1937, Page 12

SHARE MARKET

DUNEDIN STOCK EXCHANGE SOUTHLAND MEATS MOVE UP Following tbo announcement that it is proposed to increase the capital of the Southland Frozen Meat Company Ltd. from £150,000 to £450,000 by a new share issue, the shares rose sharply on the local market this morning to sellers at £4 12s 6d, with no declared buyers. Inquiries were made yesterday at £3 17s, but sellers did not come forward until to-day. The market generally was much firmer. Bank of New Zealands improved to a sale and buyers at £2 4s, sellers being 6d away. Unions were wanted at the slightly better price of £lO 14s. National Insurance shares firmed further to buyers 17s sd, but sellers were not attracted. Broken Hill Proprietarys were fractionally easier, as also were G. J. Coles at £5" and £5 4s. Shillings Ltd. were again inquired for at 17s 9d, but holders remained silent. Wilson’s Cement, with business at £l, had closing quotations Is on either side of that price. New Zealand Breweries (rights) were again active, and after business at £1 2s, erased with the wide market of £1 Is fid and £1 2s 9d. Staples were on offer at £2 12s fid, but buyers were not interested. Australian mining had another forward move. Mount Lyells firmed to business at £2 Is 9d, buyers at £2 le 3d being answered at £2 2s 3d at the close. Mount Morgans were fractionally better at 12s 4d and 12s lOd, while Barrier companies improved in sympathy. Local gold mining was steady, Big Rivers changing hands at Is fid, with buyers remaining at Is 4d. There was a good inquiry for Government Loans, and all issues remained very firm. SALES REPORTED. —This Morning.— Bank of New Zealand, £2 4s. Wilson’s (N.Z.) Cement, £l. New Zealand Breweries (rights), £1 2s. Big River, Is fid. Mount Lyell, £2 Is 9d. Vi

DIVIDENDS DUE Manawatu Knitting—interim halfyear, 4 per cent June 26 Morris Hedstrom final, 3i per cent., making 5J per cent, per annum June 30 British Tobacco interim, quarterly, 2 per oent., at 8 per cent, per annum June 30 J. C. Williamson—half-yearly pref. at 6 per cent, per annum ... June 30 Blackwater—interim, Is, and Consolidated Goldfields, fid (sterling and tax free) ... ... ... June 30 Zinc Corporation, participating 3s fid, pref. and ord. (less English income tax), making 6s per annum; also half fixed cum. div., 2s on pref., for year ended December, 1937 (less English income tax) ... July 1 National Mortgage and Agency—interim, at 5 per cent, per annum July 1 James Stedman, Henderson’s Sweets first pref., halfyearly, 10 per cent. Jnly 1 Goodyear Tyre (Aust’asia) Ltd. — half-yearly pref. at 8 per cent. per annum July 1 National Bank of New Zealand—at 4 per cent, (sterling) per annum July 3 Dominion Breweries (old)—final 5 per cent., making 9 per cent, per annum; new at 9 per cent. per annum July 3 Mount Morgan—44d (Australian) July 10 Hume Pipe (Far East) Ltd.—lo per cent, per annum July 12 Woolworths (N.Z.)—interim, ord., 5 per cent July 15 Woolworths Ltd.—interim, ord., 2 per cent. July 15

AUSTRALIAN STOCK EXCHANGES Press Association —By Telegraph—Copyright SYDNEY, June 25. The Stock Exchange was steady today, with a restricted turnover in all

MELBOURNE EXCHANGE. MELBOURNE, June 25. Industrial leaders show a further improvement, with Broken Hill Proprietary and Electrolytic ,Zinc shares marked up sharply. Barriers were strong to-day on a further rise in London prices. Gold shares were quiet but

THE SEARCH FOR COLD MURCHISON-MATAKI [Per United Press Association.] WELLINGTON, June 25. The Murchison - Mataki 'Junction Company reports that for the four weeks ended June 17, 2380 z were recovered for 424 hours’ work and 69,000 yards dredged. The value of the gold is £1,785, and the working costs £1,153. WAIMUMU [Per United Press Association.] GORE, June 25. Waimumu Sluicing Company’s return was 21 oz Isdwt for 115 hours’ work. GILLESPIE'S BEACH The Gillespie’s Beach Gold Dredging Company Ltd. reports that, as the dredge stopped work for two days as a mark of respect to one of the dredge crew who died suddenly at the claim, there was no wash-up this week. NORTH KALWBLI (1912) LTD. North Kalgurli (1912) Ltd. reports that during the month of May, 1937, 11,287 net tons were treated, 10,412 tons from sloping and 875 tons from development. Revenue from ore treatment, including estimated gold premium, was £38,422. Expenditure on revenue account, £16,235. Expenditure on capital account: Surface equipment £7l, development £3,331. Development footage for the month was 610 ft. kelburh and karors tramway COMPANY [Per United Press Association.] WELLINGTON, June 25. The Kelbum and Karori Tramway Company has declared an interim dividend of 2J per cent, on both classes of shares, payable on July 1,

BREWERY SHARES A PROFITABLE YEAR FURTHER MERCERS MENTIONED Investors who . acquired brewery shares a year ago have good reason to feel satisfied with their bargains. At the moment this section is one of the most active in the market, 10,500 shares changing hands in Christchurch, last week. All issues showed a substantial capital appreciation in the 12 months. Persistent rumours have kept the market upon its toes for many months past and the spate of new issues andl purchases has by no means exhausted the possibility of further developments. The balance sheets of the two leading New Zealand! concerns, which have appeared recently, reflected the benefit to the industry arising from the greater purchasing power of the public. Both New Zealand Breweries and Dominion Breweries showed considerably improved earnings, with correspondingly higher dividends. In addition to higher dividends and enhanced market values, shareholders in the chief New Zealand concerns have reaped substantial additional gains. Dominion Breweries mad© two capital issues which were over-subsorihed by shareholders at premiums of 2s 6d and 7s 6d, respectively, while the Staples company distributed a cash bonus of 4s a share from reserves. The New Zealand company has re‘cenily completed negotiations to purchase the Staples company’s hotel properties and for this purpose is issuing new capital on -the basis of one share for two at a premium of ss, the rights to which stand in the market at 22s Gd. It has sine© been reported that the New Zealand company may be absorbing two other North Island concerns in the near future, the Sunshine (Napier) and_ Tui (Mangatainoka) companies having been mentioned. SBtiTHLAHD MEAT COMPANY INCREASE OF CAPITAL PROPOSED [Per United Press Association.] INVERCARGILL, June 25. A proposal that the capital of the Southland Frozen Meat Company Ltd. should be increased > from £150,000 to £450,000 by a new issue of shares will bo put before shareholders shortly at the general meeting. The company intends to issue the shares to its present shareholders in the proportion of two ordinary shares to every preference or ordinary share held. An interim dividend will probably be declared next month, but it has not yet been decided whether it will be paid on the old or the new share list.

Quotations as under Buyers. Sellers. £ s. d. £ a. d. BANKING— New Zealand (£1) ... 2 4 0 2 4 6 New Zealand, Long “ D ” (£1) ... 1 6 0 — E.S. and A. (£3) ... — 6 8 0 National of Australasia, cont. (£5) ... 7 2 6 — Union of Australia Ltd. .(£5) 10 14 0 INSURANCE— National (7s) 0 17 5 Standard (£1) — 3 0 0 SHIPPING— Howard Smith (£1) — 1 2 0 Huddart, Parker, ord. (£1) — 2 0 0 P. and 0. Deferred Stock (£1) 1 18 0 — U.S.S. Co., pref. .(SI). ... 1 6 3 — MEAT PRESERVING— N.Z. Refrigerating, paid (£1) 0 18 10 — N.Z. Refrigerating, 9 0 9 coht. (10s) ...■ ... 0 8 0 Southland Frozen, paid (£1) — 4 12 6 South Otago Freezing (£5) 7 15 0 ““ LOAN AND AGENCYGoldsbrough, Morfc ' (£D ■— 1 16 3 National Mortgage (£2) ' — 2 13 0 National Mortgage, “ B " issue (£1) ... 1 9 0 1 11 0 N.Z. Loan and Mercantile, ord. (£100) ... 45 0 0 47 0 0 N.Z. Guarantee Corporation (3s) 0 4 10 0 5 0 Otago Farmers’ Co-op. (3s 4d) — 0 4 4 Perpetual Trustees (18s) — 3 4 0 Wright, Stephenson, ord. (£1) 1 1 3 — Wright, Stephenson, 6 pref. (£1). — 1 2 COALKaitangata. (16s)' ... 1 1 9 — Westport (10s) ... ... 1 3 3 — WOOLLEN COMPANIES— Bruce, ord. (£1) ... 0 10 6 0 11 6 Bruce, pref. (£1) ... . 1 i 6 1 3 6 Kaiapoi, pref. (17s) ... 0 16 6 — Mosgiel (£4) 10 2 0 — Timaru (£1) — 0 19 0 MISCELLANEOUS— British Tobacco (£1) 2 9 3 — Broken Hill Proprietary (£1) 3 17 6 4 0 6 Broken Hill Proprietary, cont. (15s) ... 3 13 0 — Brown, Ewing, ord. (£1) 1 0 0 — Consolidated Brick (£1) 0 7 3 — D.I.C., pref. (£1) ... 1 3 9 — Dominion Fertiliser (£1) 1 3 0 — Dominion Fertiliser Debs 104 0 0 — Dominion Rubber (£1) — 1 15 0 Dunedin Stock Exchange 0 Proprietary (£1) ... Dunlop Perdriau Rubber (£1) 2 0 ” 1 2 0 1 2 6 General Industries (12s 6d) — 1 0 0 6. J. Coles (£1) .., S' 0 0 5 4 0 Milburn Lime and Cement (£1) ... ... 2 0 0 — Moturoa Oil, pref. (5s) ....... , 0 2 6 0 5 0 ‘ Otago Daily Times ’ (£1) 2 5 0 2 7 0 ■ Regent Theatre (£1) 1 0 0 — Shillings Ltd. (£1) ... 0 17 9 — Smith and Smith, pref. (£1) Wilson’s (N.Z.) 1 1 6 — Cement (10s) 0 19 0 1 1 0 BREWERIES— New Zealand (£1) 2 7 0 7 6 New Zealand (ex rights) Staples’ (£1) 1 1 6 1 2 9 — 2 12 6 Dominion (£1) — 2 4 0 Dunedin (£1) 1 8 6 — OVERSEAS MINING— Broken Hill South (5s) ... ... ... ... 2 8 0 2 9 6 Electrolytic Zinc (pref., £1) ...■ ... 2 16 6 2 18 3 Electrolytic Zinc 6 (ord., £1) ... 2 15 6 2 17 Mount Lyell (£1) ... 2 1 3 2 2 9 Mount Morgan (2s 6d) 0 12 4 0 12 10 North Broken Hill (5s) .......... ... 3 11 6 — Rawang Tm (10s) ... 0 11 0 — GOLD MINING—. Bier River (Is) ... ... 0 1 4 — s Consolidated Goldfields (4s) . — 0 14 0 Gillespie’s (Is) 0 1 5 Goldfields Dredging 0 0 (Is) ... - 4 King Solomon (Is) — 0 0 7 Maori Gully (Is) ... — 0 0 7 Nokomai (5s) 0 2 8 Okarito (5s) 0 2 0 — Skippers (Is) — 0 0 4 Waihi Investments (5s) ... .... , 0 3 0 Waimumu Sluicing 0 (Is) „ ... Waipapa Beach (Is) 0 6 0 1 0 0 1 0 0 1 4 N.Z. GOVERNMENT LOANS31 p.c. Stock, Nov., 102 1938-52 ... 0 0 — 31 p.c. Stock, March, 1939-43 101 10 0 — 31 p.c. Stock, Sept., 0 1939-43 101 10 — 31 p.c. Stock, May, 102 1939-52 0 0 — 31 p.c. Stock, March, 1941-43 ioi io 0 _ 31 p.c. Stock, Sept., 1941-43 101 10 0 —

3i p.c. Stock, May, , 1941-52 ... 101 10 0 *c 3£ p.c. Stock, Nov., 1941-52 ... 101 10 0 — 4 p.c. Bonds, 1943-46 103 10 0 — 4 p.c. Stock, 1943-46 103 10 0 •— 4 p.c. Bonds, 1946-49 103 10 0 — 4 p.c. Stock, 1946-49 103 10 0 — 4 p.c. Bonds, 1952-55 102 15 0 — 4 p.c. Stock, 1952-55 102 15 0 — 3£ p.c. bonds, 1953-57 99 0 0 — 3£ p.c. Stock, 1953-57 99 0 0 —

departments. £ S. d. Commercial Banking of Sydney 22 i 0 Bank of Australasia .12 ii 3 Queensland National Bank 5 10 0 Colonial Sugar ... ... ... 47 7 6 Associated News ... •...: ... 1 2 9 Howard Smith .... >.., >.., 1 1 9 Tooth’s .... ... ... ... >•• 2 16 0 Toohey’s .... .... ... .... 1 13 7i G. J. Coles ... ... 5 4 0 Australian Glass 4 12 0 Goldsbrough, Mort (ex div.) 1 15 3' Morris Hedstrom t, 1 10 3 W. H. Soul (New; Zealand delivery) .... ... 4 4 3 Edwards, Dunlop ... 2 9 9 Sargents ... -...: .... >.., 1 12 6 Victoria Nyanza .... .... 0 18 0 Electrolytic Zinc 2 17 0 Electrolytic Zinc (pref.) ... 2 18 3 General Industries ... .... 1 0 0 Mount Morgan .... ... ... 0 12 7 Mount Lyell .... •...: ... 2 2 6 Rawang Tin ... 0 11 9 Placer Development ... ... 4 1 6 Emperor .... 0 15 4* Taranaki Oil ...; 0 4 2

irregular. Sales: — £ s. d. National Bank (£3 paid) ... 7 4 6' National Bank (£10 paid) 14 8 0 Bank of Australasia ... 12 10 0 G. J. Coles ., ... ... 5 8 6 Australian Glass ...; 4 12 6 Dunlop Perdriau ... ... 1 2 9 General Motors .... ... : .... 1 4 0 Hume Pipe ..._ •••. ... ••• 0 19 3 Felt and Textiles ... ... 1 15 0 Yarra Falls (rights) ... ... 0 7 5 Electrolytic Zinc 2 17 0 Electrolytic Zinc (pref.) ... 2 18 0 Mount Morgan ... ... ... 0 12 8 Mount Lyell - 2 2 3 Broken Hill Proprietary ... 4 1 0 North Broken Hill .... ... 3 12 6 South Broken Hill 2 9 3 Emperor ... .1 0 15 3