Investment Market To-day

Evening Star, Issue 22956, 13 May 1938, Page 6

Investment Market To-day

CAUTIOUS POLICY MOVEMENTS RESTRICTED REGENT THEATRES HARKED UP AGAIN The cautious policy observed by market operators throughout the week was still in evidence this morning, when movements were restricted and business limited to one (reported transaction. Australian industrial leaders registered a slight improvement, but mining issues finished uncertain, with poor attention. Banks received scant attention, only three quotations coming forward. Insurances remained firm, South British having strong buyers up to £2 6s 3d. Southland Frozens had buyers 6d up at £1 Bs, but other meat preserving issues were quiet. Kaitangata Coals, quoted ex div. 2s 6d a share, fell back to a steady market between £1 7s and £1 9s. Westports remained in demand at £1 4s. Transtasman industrials closed fractionally better, some leaders registering healthy gains. Broken Hill Proprietaries, for instance, advanced Is to buyers £3 Is 6d, 6d below vendors’ limits, while G. J. Coles finished firmer at an unanswered inquiry at £4 Is 3d. Other stocks showed little change. Dominion shares were generally inactive. New Zealand Paper Mills (rights), after reported business late yesterday at Is 9d, came on offer this morning at Is 6d, but buyers were not attracted. Regent Theatres gained another 3d to finish firm on a buyers’ market at 19s 6d, while Duncdin-Kaikorai Trams had their first inquiry in several months at £1 ss. . Commonwealth mining was uncertain, with a comparatively poor inquiry. Morgans and Lyells displayed fractional losses, but buying support was firm at lower levels. SALES REPORTED. —Late Yesterday.— Broken Hill Proprietary (cont.), £1 17s. New Zealand Paper Mills (rights), Is 9d. New Zealand Breweries, £2 ss. Electrolytic Zinc (pref.), £2 6s 6d. —This Morning.— Consolidated Brick, 8s lOd. SALE ON ’CHANGE. —Late Yesterday.— Mount Morgan, 8s 9d.

DIVIDENDS DUE. Mosgiel Woollen —Interim, 4 per cent ... May 13 Kaitangata Coal—2s 6d a share ... May 13 E.S. and A. Baiffc—lnterim, 3i per cent, (less English income tax) May 16 Dental and Medical —5 per cent. per annum ... May 16 Nemona Dredge—2d (free of income tax) May 16 National Insurance Company— Interim, 4d a share May 17 Bycroft Ltd. —Final, 4 per cent. May 17 Vounghusband and Co. —Final, 5 per cent., making 10 per cent. per annum May 17 Donaghy’s Rope. and Twine — Final, Is a share May 18 N.Z. Paper Mills —Final, 4 per cent., making 7 per cent, per annum May 19 Dalgety and Co. —Interim, 3s a share at rate of 6 per cent. per annum May 20 Tui Brewery—lnterim, 5 per cent. May 21 Dunedin Brewery and Wilson Malt Extract—Final, 4 per cent., making 7£ per cent, per annum May 24 P. and O. Deferred—lnterim, 2£ per cent. May 24 Bank of New South Wales— Quarterly, at 6 per cent, per annum May 26 Equitable Building and Investment—Final, 2 per cent., making 4 4-5 per cent, per annum May 26 I.oloiiih (Fiji) Gold Mines —Is per share May 27 Wesln-rt Coal—lnterim, 6d per share May 27 Farmers’ Trading Co., Auckland— Finals A and B pref. 5 3-5 per cent, per annum, C pref. 5 per cent, per annum May 31 Union Steam Ship—Pref., interim, 2| per cent. ... May 31 Imperial Chemicals Ltd.—Final 5J per cent., making per cent. per annum 1 une 1 Henry Jones Co-op.—lnterim, 6d a share ... June 1 Broken Hill Pty—Half-yearly, Is 3d and on new shares 2£d per share, Australian currency.... June 1. Taringamutu Timber—2J per cent ;• June J Swan Brewery. Western Australia —Ord 6d and bonus 3d a share; pref June 1 Dominion Fertiliser Co. —6 per cent per annum June 7 Bank of N.Z—Final Is a share, or 10 r.er cent per annum June 10 Broken Hill South—lnterim, 9d a share June 15 Mount Lyell—lnterim, 6d a share June 20 ARGENTINE WHEAT FINAL ESTIMATE OF CROP Press Association —By Telegraph—Copyright , BUENOS AIRES, May U. The final official estimate of the wheat crop is 184,000,000 bushels, a decrease of 25.8 per cent, on last year. PRICE OF GOLD Press Association —By Telegraph—Copyright LONDON, May 12. (Received March 13, at 11 a.m.) Fine gold is quoted at £G 19s iO^d.

DUNEDIN STOCK EXCHANGE THIS MORNING S CALL LATEST QUOTATIONS

AMALGAMATED WIRELESS (A’SIA.) CALL ON UNPAID CAPITAL The directors of Amalgamated Wireless (A’sia) Ltd. have resolved that a call of 4s be made in respect of the amount unpaid on the shares. The cajl will be made at Is on June 15, July 15, August 15, and September 15. SHARE QUOTATIONS Press Association—By Telegraph— Copyright LONDON, May 12. (Received May 13, at 11 a.m.) Share quotations :—Clutha (River — buyers Is 7j-d, sellers Is lOJd; Molyneux River—buyers Is, sellers Is od.

AUSTRALIAN STOCK EXCHANGES Press- Association —By Telegraph—Copyright SYDNEY, May 12. Industrial shares were less active on the Stock Exchange to-day. Price movements were irregular, but the undertone of the market was firm. Some disappointment was expressed upon the announcement that Australian Glass was not raising its rate of dividend. The interim half-yearly dividend by Tooths is at the rate of 11 per cent, per annum.

MELBOURNE, May 12. Quiet conditions prevail on. the Exchange. There is a good demand for Coles, and other prices are steady.

THE RESERVE BANK ASSETS. AND LIABILITIES [Per United Press Association.] WELLINGTON, May 12. The ‘ Gazette ’ issued to-night contains the following statement of liabilities and assets of the Reserve Bank of New Zealand as at the close of business on May 9. The figures at the close of the previous week are given for purposes of comparison, shillings and pence being omitted: — LIABILITIES.

DOLLAR AND FRANG Press Association—By Telegraph—Copyright LONDON. May 12 (Received May 13, at 11 a.m.) The dollar is quoted at 4.975- The franc is quoted at 177|.

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted . the following rates for purchase and sales of foreign exchanges (all rates subject to alteration without notice)

DOLLAR RATES. The Associated Banks (other than th« Bank of New South Wales) quoted tin following dollar rates to-day on a Nev Zealand currency basis. They are lubjecr to alteration without notice:— D.S.A. CANADA. (Per £1 N.Z.) (Per £1 N.Z. SELLING— T.T. (dol) ... 3.98 11-16 4.01 7-18 O.D. (dol) ... 3.99 1-8 4.01 15-16 BUYING— O.D. (dol) ... 4.03 4.05 13-18 METAL MARKET Press Association —By Telegraph—Copyright LONDON. May 12. (Received May 13, at 1 p.m.) Copper.—Standard, £3B 15s; fop ward, £3B 19s 4sd. Electrolytic.—Spot, £42 15s; forward* £43 15s. Wire bars, £43 16s. Tin.—Spot, £169 7s 6d; forward, £169 12s 6d. Lead.—Spot. £l4 10s 7Jd: forward. £l4 14s '4Jd. Spelter.—Spot, £l2 I9s 4Jd; forward. £l3 3s lid. Silver.—Spot, 18 11-16 d an ounce, forward. 20 3-16 d.

Quotations as under:— Buyers. Sellers. £ s. d £ 8. d. N.Z. GOVERNMENT LOANS— ! 3i p.c. Stock, Nov., 1938-52 103 5 0 —~ 3i p.c. Stock, May, 1939-52 ... 102 10 0 •— p.c. Stock. May, 0 1941-52 102 10 —» p.c. Stock, Nov., 1941-52 102 10 0 — 4 p.c. Bonds, 1943-46 102 5 0 — 4 p.c. Stock, 1943-46 102 5 0 — 4 p.c. Bonds, 194649 102 10 0 — 4 p.c. Stock. 1946-49 102 10 0 —- 4 p.c. Bonds, 1952-55 104 5 0 — 4 p.c. Stock. 1952-55 104 5 0 3i p.c. Bonds, 1953-57 98 0 0 — 3J p.c. Stock, 1953-57 98 0 0 — BANKING— New Zealand (£1) ... 2 4 0 — Commercial (10s) — 0 16 5 National of New Zea^ land (£2 10s) ... — 2 14 0 INSURANCE— National (7s) 0 17 7 0 18 0 South British (£1) ... 2 6 3 — Standard (£1) — 2 18 6 SHIPPING— Howard Smith (£1) 1 2 0 Huddart, Parker (pref., £1) 1 8 0 — P. and O. Deferred Stock (£1) 1 6 0 — U.S.S. Co. (pref.. £1) 1 7 0 — MEAT PRESERVING— N.Z. Refrigerating 6 (paid, £1) 0 18 •— N.Z. Refrigerating 8 (cont., 10s) Southland Frozen 0 8 3 0 7 (paid, £1) 1 8 0 — South Otago Freezing (£5) ... 5 7 0 LOAN AND AGENCYNational Mortgage <“ B ” Issue, £1) 1 12 0 N.Z. Loan and Mercantile (ord., £100) — 37 15 0 N.Z. Guarantee Corp. (3s) 0 4 3 Otago Farmers’ . Co-op. (3s 4d) — 0 ,3 3 Trustees Executors and ■ Agency (£2) 3 15 0 — Wright, Stephenson (pref., £1) 1 i 0 — COAL— Kaitangata , (16s) ... 1 7 0 1 9 0 Westport (10s) 1 4 0 — Westport-Stockton (ord., 10s) Westport-Stockton 0 2 8 0 3 3 (pref., 10s) 0 5 8 — WOOLLEN COMPANIES— Bruce (ord., £1) 0 5 0 Wellington (ord., £5) — 5 a 0

MISCELLANEOUS— Anthony Hordern (£1) ... 0 18 7 Australian Foundation < Trust . ... .... ... 0 4 ■6 - British Tobacco (£1) 2 8; 0 ___ .Bro.ken. Hill Prop. I* ' (£1) ' . ... 3 1 6 3 2 . 0 Broken Hill Prop. (cont.) ... ... ... 1 16 6 _ Brown', Ewing (pref., £1) 1 0 9 Colonial Sugar Co. (£20) ... •... ... 49 0 0 Crystal Ice Co. (£1) — 2 6 6 D.I.C. (ord., 10s) ... — 0 14 9 D.I.C. (pref., £1) ... 1 3 3 — Dominion Fertiliser (£1) 1 5 0 Dominion Fertiliser Debs. 102 0 0 Donaghy’s Hope and Twine (£1) 2 7 0 Dunedin-Kaikorai Trams (£1) 1 5 0 Dunedin Stock Exchange Pty. (£1) 2 2 0 ■_ G. J. Coles (£1) ... 4 1 3 _ Milburn Lime and Cement (£1) 1 18 0 M'Kenzies Dept. Stores (£1) _ 3 10 0 Mort’s Dock (£1) ... — 0 10 9 N.Z. Paper Mills (£1) 1 5 0 N.Z Paper Mills (rights) 0 1 6 Regent Theatre (£1) 0 19 6 — Smith and Smith (pref., £1) 1 0 0 Taranaki Oil (£1 4s 6d) 0 7 0 0 7 5 Woolworths (ord., 5s) 1 2 0 Woolworths (Sydney, ord., 5s) 1 2 1 1 2 4 BREWERIES— New Zealand (£1) ... 2 4 9 2 5 6 Dominion (£1) — 1 17 9 . Dunedin (£1) “ 1 12 0 OVERSEAS MINING— Broken Hill South (5s) 1 10 0 1 11 0 Electro. Zinc (ord., £l) - 2 1 6 2 2 3 Mount Lyell (£1) ... 1 6 0 1 6 3 Mount Morgan (2s 6d) 0 8 7 0 8 11 GOLD MINING— Clutha River (2s) ... 0 2 8 0 3 0 Gillespie's (Is) 0 0 9 — Martha (5s) — 0 13 3 Nokomai (5s) 0 1 6 0 2 0 Okarito (5s) — 0 2 3 Paddy’s Point (5s) — 0 1 0 Sandhills- (Is) 0 0 li 0 0 3 Skippers (Is) 0 0 0i — Waitahu (5s) — 0 0 10 UNLISTED STOCKS— All stocks in this section are not quoted on the official list, and transactions are subject to a different rate of brokerage:— Mackintosh Caley Phoanix (£1) ... ••• 0 5 0 0 8 6 Mackintosh Caley Phoenix (15s) 0 6 0 Snowhite Laundries — 0 17 6 Security Finance ... — 0 13 9

. . V • • £ 8. d. Com. Bank of Australia ... 0 16 6 Colonial Sugar 49 10 0 Mercantile Mutual Insurance 1 10. 3 Australian Gas (A) 7 9 0 Tooths 2 17 6 Tooheys 1 12 6 Coles 4 2 9 Dunlop Perdriau ... ... 1 2 4i Mort’s Dock ... 0 10 1 Claude Neon ... 2 8 0 Amalgamated! Wireless 2 17 0 Standard Waygood (ex div) 0 5 11 Felt and Textiles 1 13 6 W. R. Carnenter 2 6 0 Victoria Nyanza 0 16 9 Millaquin Sugar 1 17 3 (loldsbrough, Mort ... 1 11 0 Mount Morgan ... 0 9 0 Mount Lyell ... ... ;... 1 2 6 Broken Hill Pty. .... : 3 2 Ji' Rawang ■ ... ••• 0 9 . 0 Taranaki Oil 0 7 6

£ 8. d. Com. Bank of Australia ... 0 16 5 National Bank (£5 paid) ... 7 0 6 National Bank (£10 paid) 14 0 0 Cox Bros 0 16 3 Huddart; Parker 2 6 0 Carlton Brewery '3 6 6 Coles 4 2 9 Drug Houses 1 5 6 Australian Iron and Steel (pref.) 1 8 U Australian Glass ... ... 4 14 3 ‘ Herald ’ and' ‘ Times ' 2 18 9 Electrolytic Zinc 2 2 6 Electrolytic Zinc (pref.) ... 2 7 0 Victoria Nyanza U 1(5 6 Mount By ell 1 (5 6 Broken Hill Pty.. 3 2 3 North Broken Hill 2 8 6 South Broken Hill ... ... 1 11 0

Last week. £ This week. £ 1,600,000 1,600.000 2. Bank notes • 14,107,561 14,069,006 4,321,764 4,391,823 (a) State (b) Banks — (c) Other 6,967,762 6,264,716 277,700 321,195 4. Time Deposits • *" 6. Liabilities in currencies other chan New Zea* G. Other liabilities 295,611 294,127 Total £27,470,400 £26,840,868 7. ASSETS. !i es oo V ,r 2,801,791 2,801,791 '(b) Sterling exchange 17,627,443 17,461,182 (c> Gold exchange 8. Subsidiary com 228,240 227,265 a. Discounts— (a) Commercial and agricultural bills (b) Treasury and local body bills — to. Advances — (a) To Slate or State undei takings (I Primary Products Marketing Department 4,230,951 3.632,864 (2) To* other purpose (b) To other public authorities- ... ... — (c) Othc 11. Investments ... 2,532,079 2.650,67b 13. Other -isset? ... ... 69,884 67,088 Total £27,470,400 £20,840,868 Proportion of ,reserve (No. 7 less No. 5/ to notes and olhei demand liabilities 79.569% 80.9%

Buying. Selling* London— . £100 stg. N.Z T.T, £124 £124 10/ O.D. £123 10/ £124 8/3 Australia— £A to £100 N.Z. ... ... T.T. £101 £100 10/, Fiji— £F to £100 N.Z. T.T. £90 7/6 £89 New York— Dollars to £1 N.Z. ... ., ,. T.T. 4.0210 3.9865 O.D. 4.0310 3.9985 Montreal —i :■ Dollars to £1 . N.Z. ... .. T.T. . .. 4.0478 4,0153 O.D. 4,0598 4.0195 Belgium— Belgas to £1 N.Z. T.T. 23.822 - 25.5132 O.D. 23.897 . 23.323 Czechoslovakia— Korunas to £1 N.Z . T.T. 113.91! O.D, — 113.93 Denmark— Kroner to £1 N.Z. ... .. :. T.T. 18.203 17.893 : O.D. - J8.263 cl7.839 .'Finland— 1 j: -■ - - -,r; - -. .r.f . V" Marks to £1 : 179.15 N.Z. .. ... ... . T.T. 184.55 O.D, . ,185.35 179.25 France—' Francs, to £1 N.Z. ' ... .. . T.T. ’. — 141.01 O.D. ■ —. ■ 141.05 Germany—;■ Beichmarks to £1 . 9.872 N.Z. . T.T. . — . O.D. , , . 9.877, Greece— Drachmae to £1 N.Z . T.T. — 429.54 O.D. — ~ 429.84 Holland— Florins to £1 N.Z . T.T. 7.316 .7.166 O.D. 7.356 7.170 Italy— Lire to £1 N.Z . T.T. 75.80 O.D. — . 75.85 Java— Florins to £1 N.Z. . T.T. 7.295 7.145 O.D. 7.335 7.149 Norway— Kroner to £1 N.Z. . T.T. 16.182 15.892 O.D. 16.242 15.893 Noumea— Francs to £1 N.Z , T.T. 139.73 O.D. _ — 139.80 Papeete— Francs to £1 N.Z . T.T. 139.81 O.D. — , 139.85 Sweden — Kroner to £1 N.Z ... ;. . T.T, 15.789 ‘ 15.494 O.D. 15.849 15.500 Switzerland — Francs to £1 N.Z . T.T. 17.689 17.419 O.D. 17.794 17.424 Hongkong— N.Z. pence to 1 dollar . T.T. 18:21-54 18 45-64 O.D. 18 19-64 18 43-64 India and Ceylon— N.Z. pence to 1 rupee ... .. . T.T. 22 7-64 22'25-64 O.D. 22 5-64 22 25-64 Japan— N.Z. pence to 1 . T.T. 17 1-2 yen . — . O.D. — 17 1-2 Manila— N.Z. pence to 1 30 3-64 peso . T.T. 29 35-64 O.D. 29 29-64 30 '3-64 Singapore— N.Z. pence to 1 34 19-64 34 25-32 dollar . T.T. O.D. 34 13-64 34 25-32