Investment Market To-day

Evening Star, Issue 22896, 2 March 1938, Page 8

Investment Market To-day

EASIER TREND MORE ATTENTION TO BANKS WOOLWORTHS (N.Z. AND W.A.) MARKED UP The easier trend that appeared in the local market yesterday was confirmed this morning, and losses, although comparatively small, were restricted to transtasman stocks. An improvement in New York was counter-balanced by the uncertain trend in London, but in spite of these influences turnover in Dunedin was well maintained to-day. A feature of the call was the attention paid to chain stores. Government loans remained firm at recent rates. Business was reported in the ’43-46 and ’52-55 Bonds at £lO2 10s and £lO4 2s 6d. Banking issues revealed a- slight easing tendency, although the largest number of buyers for some time appeared. New South Wales lost recent gains to close 5s weaker at buyers £3l 17s 6d, final vendors finishing at £32 10s. New Zealands were quoted 3d easier between £2 2s 9d and £2 3s 3d, but yesterday’s firm undertone remained. Huddart, Parkers (ord.), cum div., 6 per cent., registered another advance to finish with unanswered buyers at £2 ss. Although New Zealand Refrigeratings (con.) closed fractionally _ better. Southland Prozens and Waitaki Farmers’ were marked down on a sellers’ market. Commonwealth industrials _ again slipped. Broken Hill Proprietaries had transactions at £3 Is 6d, a 3d loss on the last sale. British Tobaccos, cum div. 2 per cent., lost 9d on vendors’ quotations to close between £2 8s 6d and £2 9s 3d, but G. J. Coles held late rates. Woolworths (Sydney) ord. were wanted at £1 7s, but holders were not attracted. Woolworths (West Australia), which is quoted in the unlisted section, made a 5s advance (a 4s rise being recorded in the call room) to unsupplied buyers £4 14s. The bright spot among New Zealand industrials was provided by Woolworths, which gained 9d. Taranaki Oils declined to between 6s and 6s 6d. Milbnrn Limes wore on offer at £2, but buyers did' not answer. The announcement of the company’s interim dividend is due any day now. Australian mining issues eased. North Broken Hills changed hands after the call at buyers’ price of £2 10s 6d, while Mount Lyells. after dealings at £1 10s lOd, closed between £1 10s 9d and £1 11s. After selling at £1 13s 9d, Broken Hill Souths were don© at 3d on either side. SALES REPORTED. —Late Yesterday.— Woolworths (South Africa), 15s Id. —This Morning.— 4 per cent. Bonds, 1943-46, £lO2 10s. 4 per cent. Bonds, 1952-55, £lO4 2s 6d. Associated News (pref.), £1 ss. Mackintosh Caley Phoenix, Bs. SALES ON ’CHANGE. —This Morning.— Broken Hill Proprietary, £3 Is 6d. Broken Hill South, £1 13s 9d. Mount Lyell, £1 10s lOd (3). SALES AFTER CALL. —Late Yesterday.— Mount Lyell, £1 10s lOd. —This Morning.— Broken Hill Proprietary, £3 Is 6d. North Broken Hill, £2 10s 6d (3).

DIVIDENDS DUE. Weslport-Stockton—Pref., 6 per Yellow Cabs of Australia —Interim 4- per cent Mar. 3 George ■ Farmer, Sydney—Halfyearly pref. at 8 per cent, per annum Mar. 3 M. K. Millinery—Final, 8 per cent. Mar. 3 Standard Insurance—Half-yearly, Is 3d per share Mar, 7 Queensland Brewery half-yearly ord., 7 per cent.; pref., 5| per cent, per annum Mar. 11 W. R. Carpenter 10 per cent, per annum Mar. 15 Electrolytic Zinc yearly, 6 per cent., pref. and ord. Mar. 17 Apex Invest. Trust Final halfyearly at 6 per cent, per annum Mar. 17 Broken Hill South —Interim, 9d a share Mar. 18 Tongah Compound N.L.—ls per share , ... ... Mar. 19 Huddart, Parker —Final, pref., 3 per cent.; ord., 6 per cent. ... Mar. 19 Tongah Compound No. 2 N.L. — Is share and bonus of Is per share Mar. 25 Mackintosh Caloy Phoenix Ltd 3£ per cent, per annum Mar. 31 North Broken Hill—lnterim, 9d a share ... Mar. 25 CALLS DUE. Broken Hill Pty.—Now, 5s a share (making Gs 8d paid) Mar. 31 Castlemaine Perkins—ss a share (making 7s 6d paid) Mar. 31 Aust. Paper Manufacturers (prsf.) —ss (making 15s paid) May 31 DOLLAR AND FRANC Press Association—By Telegraph— Copyright LONDON, March 1. (Received March 2, at 11 a.m.) The dollar is quoted at 5.02. The franc is quoted at 153^. SHARE QUOTATIONS Press Association—By Telegraph—Copyright LONDON, March 1. (Received March 2, at 11 a.ni.) Share quotations: Clutha River, buyers Is Del, sellers 2s (cx div.). Molyncux River, buyers is l)d, sellers Is 7id.

OUNEDIN STOCK EXCHANGE THIS MORNING S CALL LATEST QUOTATIONS Buyers. Sellers. £ s. d. £ s. d,

DEMAND FOR WOOL INFLUENCE OF PRICE FINDING FRESH OUTLETS Commenting that a reasonable price for wool should ultimately bring fresh demand and enlarged outlets, the London woolbroking firm of H. Dawson, Sons and Company, Limited, states that a time is rapidly approaching when raw material will once again prove to be a sound investment. Published figures for the first half of the season reveal several important factors; in Australia, 1,750,000 bales remain to be catalogued; in South Africa the quantity sold to the end of December is approximately one-third less than last season; in Uruguay and the Argentine only a very small proportion of the clip has yet been marketed. In addition, total world wool production' for the current season is estimated to be slightly in excess of previous years. The necessity for countries economically pressed, such as Germany, Italy and Japan, to utilise the raw material found within their own boundaries is stimulating the use of artificial fibres. This, coupled with the failure of the United States to take anjr interest in overseas markets is lessening competition. On the other hand, stocks of wool in Yorkshire are light, but consumption is down more than 10 per cent, compared with 1936. This is clearly reflected both in the machinery activity and the published figures of an additional 26,000 unemployed and short-time workers. In markets where there is free competition between the different textile materials, the abnormally low price of cotton presents a serious problem, particularly In face of a huge freak American crop, as yet unmarketed. The future of wool depends largely on outside developments of a general nature. GERMAN STOCK EXCHANGE n TO BE, OR NOT TO BE ? s The recent changes at the German Ministry of Economics have given rise to some discussion regarding the future of the Stock Exchange,- states the monthly review of Lloyds IBank Ltd. Under the present economic system there is still need for a capital market, to obtain new funds both for industrial enterprise and for Government consolidation loans. On the other hand, cash dividend payments are limited to 6 per cent., and under the new Capital Stock Law, any surplus dividends will be paid to shareholders in the form of Tax Redemption Certificates. These last can be realised in the bond market, but only, it is expected, at about 78 per cent, of their face value. The fact is that entirely free operations in the capital market and also the right to earn and distribute _ unlimited profits are hardly compatible with the new economic system of the country. p AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, March 1. The share market retains its firm tone, although there was a smaller volume of trading to-day. Tooths were traded at higher levels, as were John M'Graths.

MELBOURNE, March 1. The market is very quiet and inclined to he easier on the weaker tone of Wall Street. Fijian Gold stock, however, is active. £ s. d.

MARKETING OF MAIZE DIFFICULTIES ELIMINATED GOVERNMENT'S UNDERTAKING [Per United Press Association-! WELLINGTON, March 1. The Internal Marketing Division is giving an undertaking to maize growers tnat, in the event of growers experiencing any difficulty in making sales, the Government itself will purchase maize at a minimum price of 5s 3d s bushel, f.0.b., Gisborne. This statement was made by the Minister of Finance (Mr W. Nash) to-day. Mr Nash stated that the growers for some time had been concerned over the difficulty of making sales on account of the large amount of imported cereal in store in North Island towns, and also on account of the uncertainty regarding future importations. As a result, the Director of Internal Marketing (Mr F. R. Picot) had visited the Gisborne area and conducted, negotiations with the growers, who had now given an undertaking to the Government that they would make available for merchants supplies of maize in sufficient quantities at a minimum price of 5s 3d a bushel, f.0.b., Gisborne. Mr Nash added that the Growers’ Association had arranged to keep the demand supplied at that price, and that, so long as the market was adequately supplied, the importation of maize would not be permitted. It might, however, at _ a later date, be found necessary to import supplies to meet the market demands. “ It is pleasing,” added the Minister, “ to know, that the growers’ difficulties have been overcome and at the same time sufficient supplies of maize made available to the consumers at a reasonable figure.” DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice:— U.S.A. CANADA. (Per £1 N.Z.) (Per £1 N.Z.) - SELLING— T.T. (dol) ... 4.02 5-16 4.02 3-8 O.D. (dol) ... 4.02 11-16 4.02 3-4 BUYING— . O.D. (dol) ... 4.06 5-8 4.06 13-18

N.Z. GOVERNMENT LOANS— p.c. Slock, Nov., 1938-52 102 10 0 3i p.c. Stock, March, 1939-43 , — 102 5 0 3£ p.c. Stock, Sept., 1939-43 — 102 5 0 3i p.c. Stock, May, 1939-52 101 15 0 — 3£ p.c. Stock, March, 1941-43 101 15 0 3£ p.c. Stock, Sept., 194143 101 15 0 3i p.c. Stock, May, 1941-52 101 15 0 p.c. Stock, Nov., 1941-52 101 15 0 — 4 p.c. Bonds, 1943-46 102 10 0 — 4 p.c. Stock. 1943-46 102 10 0 4 p.c. Bonds, 1946-49 104 5 0 4 p.c. Stock, 1946-49 — 104 10 0 ' 4 p.c. Bonds, 1952-55 104 2 6 p.c. Bonds, 1953-57 97 10 0 — BANKING— Australasia (£5) ... _ 10 9 0t New South Wales (£20 31 17 6 32 10 0 New Zealand (£1) ... 2 2 9 2 3 3 New 1 Zealand, Long “D” .(£1) 1 9 0 1 10 0 Commercial (10s) ... 0 16 6 0 16 10 Commercial (pref.. £10) 9 0 0 Commercial of Sydney (£12 10s) 20 5 0 National of New Zealand (£2 10s) ... 2 13 0 National of Australasia (£10) 14 11 0 •— National of Australasia (eont., £5) 7 1 6 — INSURANCE— National (7s) 0 17 0 0 17 6 South British (£1) ... 2 6 0 Standard (£1) 2 19 6t “ SHIPPING— Huddart, Parker (ord., £1) 2 5 ot Huddart, Parker (pref., £1) 1 7 3t P. and O. Deferred Stock (£1) 1 8 6 U.S.S. Co. (pref.. £1) 1 6 9 1 7 6 MEAT PRESERVING— N.Z. Refrigerating (cont., 10s) 0 8 2 0 8 4 Southland Frozen (paid, £1) — 1 8 9* Waitaki Farmers’ Freezing (£5) ,., — 4 5 0 LOAN AND AGENCYDalgety (£5) 8 13 0 Goldsbrough, Mort (£1) _ 1 11 0 National Mortgage (£2) — 2 9 0 N.Z. Loan and Mercan tile (ord., £100) ... — 49 0 0 N.Z. Guarantee Corporation (3s) ... Otago Farmers’ 0 4 S 0 4 8 Co-op. (3s' 4d) I., 0 2 9 0 3 2 Wright, Stephenson (pref., £1) 1 ,0 9 “ COAL— Westport (10s) 1 3 9 W estport-Stockton (ord., 10s) 0 2 10 0 3 0 Westport-Stockton (pref., 10s) — 0 6 6* WOOLLEN COMPANIESBruce (ord., £1) 0 7 0 0 10 0 MISCELLANEOUS— Anthony Hordern (£1) — 0 18 9 Associated News (£1) — 1 2 9 Associated News (pref., £1) 1 4 9 — Australian Foundation Trust — 0 6 0 Australian Glass (£1) — 4 13 6 •British Tobacco (£1) 2 8 6 . 2 9 3 Broken Hill Pty. 3 (£1) 3 1 3 1 7 Broken Hill Pty; (cont.) — 1 13 0 Brown, Ewing (ord., £1) - — 1 0 6 Brown, Ewing (pref., £1) — 1 3 0 Consolidated Brick (£1) 0 7 6 — Colonial Sugar Co. (£20) — 46 10 0 D.I.O. (ord., 10s) ... 0 15 0 D.I.C. (pref., £1) ... 1 3 9 — Dominion Fertiliser (£1) 1 3 4 Dominion Fertiliser Debs. 102 0 0 Dunedin Stock Exchange Pty. (£1) ... 2 2 0 — Dunlop Perdriau Rubber (£1) ... ... — 1 3 6t Felt and Textiles (£1) — 1 17 0 G. J. Coles (£1) ... 4 1 6 4 2 3 Hume Pipe (£1) 1 0 6 1 1 6 Kauri Timber (£1 5s) 1 2 6 Milburn Lime and Cement (£1) — 2 0 0 M’Leod Bros. (£10) ... — 29 10 0 Mort’s Dock (£1) ... — 0 10 9 National Electric (£1) — 0 15 0 N.Z. Paper Mills (£1) — 0‘ 1 6 0 Regent Theatre (£1) 0 19 — Smith and Smith (pref., £1) ... ; ... 1 1 6 Taranaki Oil (£1 4s 7d) ... 0 6 0 0 6 6 Woolworths (pref.. £1) 1 17 3 — Woolworths (ord., 5s) 1 i 9 — Woolworths (Sydney, ord., 5s) ... ... 1 7 Of — BREWERIES— New_ Zealand (£1) ... 2 5 6 2 6 0 Dominion (£1) 1 16 9 — Dunedin (£1) 1 9 6 — Tooth’s (£1) ... ... 2 15 0 — OVERSEAS LIST— Woolworths (South Africa) 0 15 4 — OVERSEAS MINING— Broken Hill South (5s) 1 13 6 1 14 0+ Electro. Zinc (pref., £1) ... 2 8 3 2 8 8f Electro. Zinc (ord.. £1) 2 6 0 2 7 Of Mount Lyell (£1) ... 1 10 9 1 11 0 Mount Morgan (2s 6d) — 0 9 9 North Broken Hill (5s) 2 10 6 2 11 Of Placer Development ... 3 15 0 GOLD MINING— Big River (Is) 0 1 1 0 1 6* Clutha River (2s) — 0 5 Gilliespie’s (Is) — 0 1 1 Grey River 0 12 0 0 J.S 6 Goldfields Dredging (Is) 0 0 2 Martha (5s) — 0 15 6 Molyneux River (2s) — 0 u z 1 Mossy Creek (Is) ... 0 1 Nokomai (5s) 0 111 0 2 4 (1 Okarito (5s) — 0 3 Paddy’s Point (5s) ... 0 t or Sandhills (Is) ... “ 0 0 U 0 0 Waipapa Beach (Is)

MORNING SALES. Commonwealth bonds — £ s. d. 5 p.c., 1941 104 6 3 4 p.c., 1944 105 8 9 4 p.c., 1961 ... 105 7 6 Comm. Bank of Australia 0 17 0 Comm. Bank of Sydney ... 1 1 0 Tooths ... 2 16 3 Australian Gas (A) ... ... 7 8 0 Australian Glass 4 14 0 British Tobacco (prof.) .., 1 11 6 General Industries ... ... 1 0 0 Goldsbrough, Mort 1 10 10J

AFTERNOON SALES. Comm. iBank of Sydney ... 21 0 0 Comm. Bank of Australia 0 17 0 Colonial Sugar 46 12 6 Associated News ... ... ... 1 2 1$ Adelaide Steam 1 14 0 Howard Smith ...i 1 1 9 Burns, Philip 2 13 0 British Tobacco ■ 2 9 9 Tooths o 16 3 Tooths (N.Z. delivery) 2 16 3 G. J. Coles 4 3 0 Australian vT';-s 4 13 9 Dunlop Perdriau 1 3 9 Farmers ••• 1 13 0 Anthony Hordern 0 18 6 John MTJrath ... 2 2 0 J. Fielding (ex div.) 4 1 0 Standard Cement ... ... 0 IS 6 Wool worths 1 i 4* Woolworths (prompt) 1 7 6 United Provisions ... ... 0 6 4 Goldsbrough, Mprt >..■ ... 1 10 10* Henry Jones . . •••! ... y 0 Mount Lyell ... ••• ••• 1 11 1* Broken Hill Pty. ••• ••• 8 2 6 Broken Hill Pty. (cont.; N.Z. delivery) ... 1 13 6 North Broken Hill .... ... 2 11 0 Rawang ... ••• 0 9 6 Larut U 1 £ 2 Emperor ... ... ••• 0 13 3

Comm. Bank of Australia ’ 0 16 11 Huddart, Parker 2 6 3 G. J. Coles 4 2 9 Drug Houses ... 1 6 6 Aust. Iron and Steel (pref.) 1 8 6 Dunlop Perdriau 1 3 7 Dunlop Perdriau (pref.) ... Broken Hill Pty. (new 1 19 0 issue) . . ••• 1 13 3 Broken Hill Pty. ... >.. 3 2 6 North Broken Hill 2 11 0 Electrolytic Zinc ... ... 2 7 3 Emperor Loloma •••• 0 13 1 2 3 44

UNLISTED STOCKSAll stocks in this section are not quoted on the official list, and transactions are subiect to a different rate of brokerage i:— Mackintosh Caley Phcenis (£1) ... 0 7 Of — Woohvorths (West. Aust., £1) 4 14 0 — A. and T. Burt (prof., £1) 0 11 0 0 13 9 Dunedin Ico Cream ... 10 0 17 0 A. and T. Inglis ... — 0 9 3 /iealandia Soap 0 7.0 0 10 6 f ruin div. * os div.