Investment Market To-day

Evening Star, Issue 22973, 2 June 1938, Page 9

Investment Market To-day

BARRIERS EASIER RAWANG TINS IN DEMAND TARANAKI OILS WANTED AT 8/7 Although the uncertain trend that has marked operations generally in transtasman issues since the beginning of the week was again in evidence this morning -Barrier companies were an exception, and finished easier. Interest in other sections was lacking, banks slipping back into the doldrums. Business was fair. Government loans were again in firm demand, but interest in banking stocks fell away, only four quotations being recorded. Slightly better attention was paid to insurances, but values were quiet. Trustees, Executors, and Agency had a strong inquiry at the improved price of £3 18s, but even at that advance holders held off. Commonwealth industrials continued uncertain. Broken Hill Proprietaries had higher sellers, but buyers were once again absent. G. J. Coles changed hands 3d below yesterday’s sale price of £4 Is 9d, while Sydney Woolworths sold at vendors’ limits of £1 Os 9d, final buyers offering Id away. Woolworths Properties Ltd. (rights) again reached the sales list with three transactions at 3s lid. Dominion issues were quiet. Regent Theatres continued in firm demand at £l, while Taranaki Oils advanced to between 8s 7d and 9s. Fertilisers had steady buyers, but New Zealand Breweries "were easy, while Dnnedins, now ex rights, came on to a sellers’ market at £1 10s. • In the Australian mining section Barrier companies slid fractionally, but losses were restricted, the most severe being in Norths, which finished 6d down. Mount Lyells remained unchanged, while Morgans moved to a wider market. Raw'ang Tins had their first quotation for some time, buyers offering up to Bs, but vendors were not to be drawn. SALES REPORTED. —Late Yesterday.— Woolworths Properties Ltd. (rights), 3s lid. —This Morning.— New Zealand Refrigerating (oont.), 8s ,4d SALES ON ’CHANGE. —Late Yesterday.— Mount Lyell, £1 2s 6d. Mount Morgan, 8s 9d. —This Morning.— Woolworths Properties Ltd. (rights), 8s lid (3). Woolworths (Sydney, ord.), £1 Os 9d. SALES AFTER CALL. —Late Yesterday.— G. J. Coles, £4 Is 9d. —This Morning.— G. J. Coles, £4 Is 6d.

STOCK EXCHANGE INDICATOR Government Loans Firm Banks Quiet insurance Dull Shipping Unchanged Meat Preserving Quiet Coal Good inquiry Woollen Little interest Aust. Industrials Uncertain N.Z. Industrials Little change Breweries Inactive Aust. Mining Some weaker WWA%W.VAW.W/.

DIVIDENDS DUE. National Reliance Invest. Trust, Melbourne —6 per cent June 6 M'Kenzies Department Stores— At 18 per cent, per annum ... June 7 Dominion Fertiliser Co. —6 per cent, per annum June 7 Bank of N.Z.—Final, Is a share, or 10 per cent, per annum ... June 10 Placer Development (Canadian) and Bulolo Gold Dredge, l.SOdol (Canadian) ... June 10 tVaihi Grand Junction— id a share, free of tax June 14 N.Z. Breweries —Final, 4g per cent., making 8£ per cent, per annum June 15 Broken Hill South—lnterim, 9d a share June 15 Wilsons Cement —Final, 4|d a share, or 7J per cent, per annum June 15 Mount Lyell—lnterim, 6d a share June 20 Australian Glass —Pref., 4$ per cent., ord., 4 per cent., plus 5 per cent June 20 North Broken Hill—6d a share ... June 28 Morris, Hedstrom—3 per cent., making 6 per cent, per annum, plus bonus 2i per cent ... June 30 Kauri Timber—lnterim at 5 per cent, per annum Juno National Mortgage and Agency Company—lnterim 2£ per cent. July 1 NEW CAPITAL ISSUES (British Official Wireless.) Drew Association—By Telegraph —Copyright RUGBY. May 31. New capital issues in May amounted to £27,397,880, against £5,038,715 in April, and £11.410,592 in May, 1937. The total for the first five months of the year is £67,541,677. PRICE OF GOLD Pres* Association—By Telegraph—Copyright LONDON, June 1. (Received June 2, at 11 a.m.) fine gold is quoted at £7 0s 7-|d.

DUNEDIN STOCK EXCHANGE THIS MORNING’S GALL LATEST QUOTATIONS

DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, June 1. (Received June 2, at 11 a.m.) The dollar is quoted at 4.94 J. The franc is quoted at 178 J-. Commonwealth activity in the motor vehicle and associated industries is being well maintained. Australian sales for the nine months to March 31 aggregated 61,257 new vehicles, as compared with 51,962 for the corresponding period of 1936-37. In April 2,180 sales were made, against 1,922 in April last year. As usual, a large percentage ot the business is being facilitated by finance companies, which report that payments are being kept up very well, repossessions being estimated at only 4 per cent, of the vehicles financed.

NEW YORK SHARE INDEX

DOW JONES AVERAGE

EASIER METALS MARKET COPPER LOSES GROUND TIN DROPS £1 5/Press Association—By Telegraph—Copyright

FOREIGN EXCHANGES

DOLLAR BATES. 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£lN.Z.) SELLING— T.T. (dol) ... 3.96 9-16 4.00 13-16 O.D. (dol) ... 3.97 4.01 3-16 BUYING— O.D. (del). ... 4.00 7-8 4.05 1-4

COMPANY NEWS GORDON AND GOTCH ORDINARY DIVIDEND UP INTERIM DISTRIBUTION OF 6 PER GENT. The directors of Gordon and Gotch (Australasia) Ltd. have decided to recommend the payment of a dividend of 8 per cent, per annum on preference shares, and of 12 per cent, per annum on ordinary shares, plus a bonus of 1 per cent, on ordinary shares, for the half-year ended March 31. The dividend is payable on June 14, and books closed on May 30. The two previous half-yearly ordinary payments were each of 6 per cent. UNION THEATRES DIVIDEND DOWN 2 PER CENT. Union Theatres (Victoria) Ltd. earned a profit of £8,126 for the year ended March 31, as against £8,336 in the preceding year. The directors recommend in their report payment of a dividend of 2 per cent, on the 8 per cent. non - cumulative preference shares, compared with 3 per cent, in tlie previous year. The dividend will absorb £5,000. AUSTRALIAN ALLOY STEEL NEW BOARD'S INVESTIGATIONS Directors of Australian Alloy Steel Ltd. report that since the annual meeting in February the investigations car-' ried out by the new board into the finances of the company for the period ended December 31, 1937, disclosed a loss of £10,152, after writing off £1,903 for depreciation and making provision of £2,000 for unsaleable stock and £550 for bad debts. A loss was also revealed for the subsidiaries associated vvith the company. Complete reorganisation of the company’s affairs has been made, and unnecessary expenditure drastically cut out. „ The directors also report that confidence among financial and commercial institutions is being rapidly regained. It is obvious, they state, from the various rearmament schemes under consideration that there must be a very greatly increased demand for steel fabrications, and there is now every reason to suggest that the future holds every prospect of the company’s rehabilitaTlie company’s financial year ends on June 30. Application has been made for listing the shares on the Stock Exchanges. AMALGAMATED ZING WINDING-UP PROPOSALS Shareholders in Amalgamated Zinc (de Bavays) Ltd. will be asked at special general meetings to pass resolutions for the voluntary winding-up of the company. It is proposed that Mr H. G. Brain be appointed liquidator, and that he proceed forthwith with liquidation and distribution of the company’s assets. The position, according to a memorandum issued to shareholders, is that when the liquidation of Amalgamated Zinc is completed it is expected that its shareholders will have received two and a-half fully paid shares of 4s each in Zinc Investments Ltd. for each Amalgamated Zinc share of 8s denomination now held, and also cash approximating Is a share. Zinc Investments Ltd. will hold the shares in other companies former] v held by Amalgamated Zinc (de Bavays) Ltd., as well os 150,000 fully paid ordinary shares of £1 each in Associated Pulp and Paper Mills Ltd., about £IO,OOO in cash or liquid securities, and a debit of £2.250 against Tasmanian Paper Pty. Ltd. SETTLEMENTS BANK SHARE DISTRIBUTION GERMANY LARGEST HOLDER The German Eeichsbank is now the largest shareholder in the Bank for International Settlements. This was explained by Sir Otto Niemeyer_ when he opened a recent board meeting of the Bank for International Settlements, reports the Basle correspondent of the ‘ Financial Times.’ The Austrian National Bank, be said, had been taken over by the German Reichsbank. Hence the latter was the legal owner of the Austrian National Bank’s 4,000 Bank for international Settlements shares. The German Reichsbank has thus become the biggest shareholder of the Bank for International Settlements, with 20,000 shares, against 16,000 _ shares each owned by England, Belgium, France, Italy, Japan, and the United States. It was announced that the net profit of the bank for the year ended March 31 would be about the same as last year—namely, Swiss gold Fr 5.9,000,000 (about £600,000). The dividend will be repeated at 6 per cent., and will be paid on a gold basis.

Buyers. Sellers. £ s. d. £ S. d. N.Z. GOVERNMENT LOANS— 34 p.c. Stock, Nov., 1938-52 101 15 o’ — 34 p.c. Stock, May, 1939-52 101 0 0 — 34 p.c. Stock, May, 1941-52 101 0 0 — 34 p.c. Stock, Nov., 1941-52 101 0 0 — 4 p.c. Bonds, 1943-46 102 10 0 — 4 p.c. Stock, 1943-46 102 10 0 — 4 p.c. Bonds, 1946-49 102 10 0 — 4 p.c. Stock, 1946-49 102 10 0 — 4‘ p.c. Bonds, 1952-55 104 0 0 — 4 p.c. Stock, 1952-55 104 0 0 — 34 p.c. Bonds, 1953-57 98 5 0 — 34 p.c. Stock, 1953-57 98 5 0 BANKING— New South Wales (£20) — 32 0 0 New Zealand (£1) ... 2 4 3 —- Commercial (lOs) — 0 16 0 National of New Zealand (£2 10s) ... — 2 13 0 INSURANCE— National (7s) 0 17 6 — New Zealand (£1) ... 2 17 6 2 18 6 SHIPPINGHuddart, Parker (ord., £1) — 2 5 9 Huddart, Parker (pref., £1) 1 8 0 — U.S.S. Co. (pref., £1) 1 6 0 — MEAT PRESERVING— N.Z. Refrigerating (paid, £1) — 0 19 0 N.Z. Refrigerating (cont., 10 s) 0 8 3 0 8 c Southland Frozen (paid, £1) — 1 *9 6 South Otago Freezing (£5) — 5 12 0 LOAN AND AGENCYTrustees, Executors, and Agency (£2) 3 18 0 — Wright, Stephenson (pref., £1) — 1 1 5 COAL— Kaitangata (16s) 1 7 0 1 9 0 Westport (10s) 1 4 0> — Westport-Stock ton (ord., 10s) 0 2 10 0 3 3 Westport-Stockton (pref., 10s) 0 6 0 — WOOLLEN COMPANIESBruce (ord., £1) ... 0 5 0 Mosgiel (£4) — 9 19 0 MISCELL AN EOUSAssociated News (pref., £1) — 1 4 0 Australian Foundation Trust 0 4 0 0 5 0 Bond’s Hosiery — 0 17 0 Broken Hill Proprietary (£1) — 3 1 0 Brown, Ewing (pref., £1) X 0 9 — Crystal Ice Co. (£1) — 2 2 0 D.I.C. (pref., £1) ... 1 3 3 — Dominion Fertiliser (£1) 1 5 6 — Dominion Fertiliser (Debs) 102 0 0 ... Donagby’s Rope and Twine (£1) — 2 6 0 Dunedin Stock Exchange Prop. (£1) 2 2 0 — G. J. Coles (£1) ... 4 1 0 4 2 0 Milburn Lima and Cement (£1) 1 17 0 1 17 6 Mort’s Dock (£1) ... — 0 10 6 National Electric (£1) — 0 14 6 N.Z. Farmers’ Fertiliser (£1) 0 18 6 0 19 6 N.Z. Paper Mills (£1) — 1 2 0 * Otago Daily Times ’ (£1) — 2 7 0 Regent TJheatre (£1) 1 0 0 — Taranaki Oil (£1 4s 7d) 0 8 7 0 9 0 Woohvorths (ord., 5s) — 1 1 0 Woolworths (Sydney, ord., 5s) 1 0 8 1 0 9 BREWERIES— New Zealand (£1) ... 2 1 9 2 2 6 Dunedin (£1) .... ... 1 10 0 Dunedin (rights) ... — 0 4 0 OVERSEAS LIST— Woolworths (South Africa) ... 0 15 10 — OVERSEAS MINING— Broken Hill South (5s) 1 7 4 1 7 7 Electrolytic Zino (pref., £1) 2 0 0 2 1 6 Electrolytic Zino (ord., £1) 1 15 9 1 16 8 Mount Lyell (£1) ... 1 2 5 1 3 0 Mount Morgan (2s 6d) 0 8 8 0 9 1 North Broken Hill (5s) — 1 19 6 Placer Development 3 11 6 Rawang Tin (10s) ... 0 8 0 — GOLD MINING— Argo Dredging (cont.) 0 1 6 Big River (Is) 0 1 0 0 I 2 Clutha River (2s) ... — 0 2 7 Gillespie’s (Is) — 0 0 11 Goldfields Dredging (Is) 0 0 2i 0 0 4 Martha (5s) — 0 12 3 Nokomai (5s) — 0 2 2 Paddy’s Point (Ss) 0 0 1 . Sandhills (Is) 0 0 2 0 0 3 Waitahu (5s) ... ... 0 0 8 — UNLISTED STOCKS— All stocks in this section are not quoted on the official list, and transactions are subject to a different rate of brokerage — A. and T. Burts (pref., £1) 0 12 0 0 12 8 Woolworths Properties Ltd. (rights) 0 3 11 0 4 0 F.A.M.E, Insurance (prof.) — 0 16 0 Blackball Creek 0 1 2 —

Railroads. Industrials. Turnover, June i ... 20.60 110.61 550,000 Mav 31 ... 20.31 107.74 400,000 May 28 ... 20.58 108.90 220,000 May 27 ... 20.26 107.98 760,000 May 26 ... 20.35 108.28 780,000 May 25 ... 20.98 110.60 560,000 May 24 ... 21.43 112.35 420,000 May 23 ... 21.81 113.97 330,000 May 21 ... 21.73 113.25 290,000 May 20 ... 21.90 114.99 440,000 May 19 ... 22.26 115.28 490,000 May 18 ... 22.54 117.02 400,000 May 17 ... 22.54 116.36 410,000 May 16 ... 22.57 115.38 400,000 May 14 ... 22.96 117.21 230,000 May 13 ... 23.15 116.87 600,000 May 12 ... 23.48 118.35 600,000 May 11 ... 23.48 118.52 980,000 May 10 ... 23.19 117.93 1,040,000 1938. Highest ... 32.33 134.35 Lowest ... 19.00 08.95 1937. Highest ... 64.86 194.40 Lowest ... 28.01 113.64

LONDON, June 1. (Received June 2, at 1 p.m.) Following are to-day’s quotations on the London metal market, compared with those of May 31:— May 31. June 1. CopperStandard. spot Forward Electrolytic, spot Forward Wire bars £ s. d. 33 16 3 34 1 3 38 0 0 39 0 0 39 0 0 £ s. d. . 32 19 41 33 4 4i 37 5 0 38 0 0 58 0 0 Lead — Spot Forward ... 13 14 H 13 16 10i 13 6 10i 13 9 44 Spelter— . Spot Forward 12 7 6 12 8 li 11 18 9 12 3 1J TinSpot Forward 164 7 6 164 17 6 163 2 6 163 17 6 SilverFine, per oz ... Standard, per oz 18 15-16d 20 7-16d 18 15-16d 20 7-16d

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): — Buying. Selling. London— £100 stg. N.Z T.T. £124 £124 10/ O.D. £123 10/ £124 8/9 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. 3.9999 3.9654 O.D. 4.0099 3.9694 Montreal— Dollars to £1 N.Z ... T.T. 4.0420 4.0095 O.D. 4.0540 4.0135 Belgium— N.Z ... T.T. 23.689 23.379 O.D. 23.764 23.390 Czechoslovakia — Korunas to £1 N.Z .. T.T. — 113.57 O.D. — 113.62 Denmark— Kroner to £1 N.Z ... T.T. 18.203 17.893 O.D. 18.263 17.899 Finland— • Marks to £1 N.Z ... T.T. 185.15 179.35 O.D. 185.55 179.45 France— Francs to £1 N.Z .. T.T. _ 141.53 O.D. — 141.57 Germany— Reichmarks to £1 N.Z .. T.T. — 9.828 O.D. — 9.833 Greece— Drachmae to £1 N.Z .. T.T. 429.54 O.D. — 429.84 Holland— Florins to £1 N.Z. ... T.T. 7.307 7.157 O.D. 7.347 7.161 Italy— Lire to £1 N.Z .. T.T. — 75.35 O.D. — 75.40 Java — Florins to £1 N.Z ... T.T. 7.287 7.137 O.D. 7.327 7.143 Norway— Kroner to £1 N.Z ... T.T. 16.182 35.892 O.D. 16.242 15.898 Noumea— Francs to £1 N.Z .. T.T. — 140.28 O.D. — 140.32 Papeete— Francs to £1 N.Z .. T.T. — 140.33 O.D. — 140.37 Sweden— Kroner to £1 N.Z. ... T.T, 15.785 15.490 O.D. 15.845 15.496 Switzerland— Francs to £1 N.Z. ... T.T. 17.631 17.361 O.D. 17.736 17.366 Hongkong— N.Z. pence to 1 dollar ... T.T. 18 3-8 18 3-4 O.D. 18 11-32 18 3-4 India and Ceylon— N.Z. pence to 1 rupee ... T.T. 21 31-32 22 1-4 O.D. 21 15-16 22 1-4 Japan— N.Z. pence to 1 yen ... , ,.. T.T. — 17 1-2 O.D. —* 17 1-2 Manila— N.Z. pence to 1 peso ... T.T. 29 11-18 30 3-16 O.D. 29 19-32 30 3-16 Singapore— N.Z. pence to 1 dollar ... T.T. 34 1-4 34 47-64 O.D. 34 5-32 34 47-64