Investment Market To-day

Evening Star, Issue 22975, 4 June 1938, Page 14

Investment Market To-day

MARKET STILL UNCERTAIN LOCAL GOLD MINING LIFELESS GOVERNMENT STOCKS IN GOOD DEMAND The general trend of the market this morning was uncertain, and quotations showed little variation from those listed yesterday. Bank' of New Zealand* continued firm, buyers standing at £2 4s 7d after a reported sale at £2 4s Bd. Union Steam Ships (plof.) had business reported at £1 Cs Gd, and buyers subsequently ottered 3d under this limit, while sellers were Od away. The meat preserving section was quiet. There was no change in the quotations for coal shares, although West-port-Stocktons, both ordinary and preference issues, were a little firmer. Sellers predominated in the miscellaneous group. Takanaki Oils were in at Os, with buyers 2d removed. Wool worths (Sydney, nrd.) improved to buyers at 21s, but without attracting a seller. Two sales of Now Zealand Breweries were reported at £2 2s, and later there was fairly strong support forthcoming at. this figure, hut sellers stood firm at £2 2s Od. In the Australian minings Mount M organs improved slightly, while Lyells and South Broken Hills remained unchanged. Klectrolytic Zincs and North Broken Hills were unsupported, and loeal gold mining was lifeless. Government stocks were in good demand at recent rates, ami the figures in unlisted stocks remained the same as before. REPORTED SALES. —Late Yesterday.—• Bank of New Zealand, £2 4s Bd. National Insurance, £0 I7s Bd. New Zealand Breweries, £2 2s (3). Taranaki Oil, £0 9s Od. Union Steam Ship (prof.), £1 6s Gd. SALES ON ’CHANGE. , —This Morning.— Taraui%i Oil, £0 9s Od.

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 Cold Dredge, 1.50d0l (Canadian) ... June 10 Wailu Grand Junction—ld a share, free of tax Juno 14 N.Z. Breweries—Final, 4J per cent., making per cent, per annum June 15 Broken Hill South—lnterim, 9d a share June IS Wilsons Cement—Final, 4Jd a share, or 7J per cent, per annum June IS Mount Lyell—lnterim, 6d a share June 20 Australian Glass—Pref., 4i per cent., ord., 4 per cent., plus 5 per cent June 20 North Broken Hill—6d a share ... June 28 Morris, Hcdstrom—3 per cent., making 6 per cent, per annum, plus bonus 20 per cent June 30 Kauri Timber—lnterim at 5 per cent, per annum June — National Mortgage and Agency Company—lnterim 2£ per cent. July I AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, June 3. With the overseas markets firm, industrial shares were fairly steady to firmer on the Stock Exchange to-day. The turnover was back to normal. Pastoral shares, however, continue dull.

DUNEDIN STOCK EXCHANGE THIS MORNING'S CALL LATEST QUOTATIONS

LONDON PRODUCE MARKET The Bank of New Zealand has received the following advice from its London office as at the close of business yesterday ; —The market for wethers is short of supplies, and prices are nominal There is a fair demand for lambs, and the market for ewes is quiet and unchanged. Wethers —-light 5d to s|d per lb, heavy 4jd to 4|d; ewes, 2:jd to 4d per ib; lambs—twos 7id to 7jd, eights 7gd to 7Jd, tours 7£d to 7jd, seconds to 7-}d.

THE TIN QUOTA FIXED FDR THIRD QUARTER BUFFER POOL DISCUSSED IN COMMONS (British Official Wireless.) Press Association —By Telegraph—Copyright RUGBY, June 2. A Paris message states that the International Tin Committee fixed the tin quota for the third quarter of the year at 45 per cent, of the standard tonnages. ' , The Secretary for the Colonies (Mr Malcolm MacDonald), in answer to a question in the House of Commons, said the Malayan delegation was submitting a claim for a revision of the standard tonnages allocated to Malaya at the meeting at Paris. He observed that, as the standard tonnages were fixed by international agreement for five years from January, 1937, no revision could be effected, except by agreement between all parties to tbe agreement. In another reply Mr MacDonald said he did not think that an inquiry into the facts regarding the tin industry pools was necessary. Tin producers in Malaya had voted in favour of the buffer tpool by a majority of approximately two to one. Other British departments concerned, for example, Nigeria, were in favour of the buffer pool. In the circumstances he had decided that the principle of a buffer pool might be accepted so far as Malaya and Nigeria were concerned, if agreement otVa satisfactory detailed scheme were reached by the International Tin Commit tec. DOLLAR AND FRANC Press Association—By Telegraph—Copyrighi LONDON, June 3. (Received June 4, at 11 a.m.) The dollar is quoted at 4.94jJ. The franc is quoted at 178 L PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, June 3. (Received June 4, at 11 a.m.) Fine gold is quoted,at £7 Os 9d. FOREIGN EXCHANGES OH 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 —

MINING NEWS REPORTS AND RETURNS MAORI GULLY The Maori Gully dredge obtained a return of 10-loz 7i»wt for 133 hours’ work. SHARE QUOTATIONS Pipss Association—By Telegraph—Copj-ighl LONDON, June 3. (Received June 4, at 1 p.m.) Share quotations; Clutha River—buyers Is 7Jd, sellers Is 10£d; Molyueux—buyers Is 3d, sellers Is (sd. CANTERBURY MARKETS POTATOES REMAIN DULL ACTIVITY IN SEED WHEAT, AND ONIONS [Per United Press Association.) ' CHRISTCHURCH, June 3. The only bright feature in the grain and produce markets is the activity in seed wheat and onions. Seed wheat has been going out this week as fast as at any time this season. .Farmers have responded -well to the appeal to grow wheat, and it now seems certain that the acreage sown will be substantial. The Government’s decision not to allow the importation of onions before October 5 has had an immediate effect on the local market, which has been firm.The price is £9 10s on trucks, but the crop this season has been smaller than usual, and supplies are not sufficient to meet the demand. Potatoes remain as dull as they have been in the last few weeks. The nominal price is still £3, on trucks, but

little business has been done even afc this figure. A few orders are being received for best quality chaff, which remains firm at £4 10s, on trucks. The seed trade is showing its usual seasonal quietness, 'there being practically no business in any lines.

£ s. d. Bank of New South Wales 32 0 0 Colonial Sugar ... 47 15 0 Associated News 1 0 74 Howard Smith ... 1 1 6 Burns, Philp 2 13 3 Australian Gas (A) British Tobacco 7 8 G 2 8 9. Tooth’s > ... ... 2 15 9 Australian Glass ... ... 4 13 6 Kandos ... 1 6 3 Felt and Textiles 1 11 6 Gordon and Gotch o 15 0 Mauri Bros ;s 9 0 Victoria Nyanza 0 14 9 C. Neon ... ... 2 8 6 Meggitts 1 12 0 Hackshalls ... 0 14 0 Permanent Trustee 0 18 0 Woolworths 1 1 44 Winchcombe, Carson 1 7 C Henry Jones 2 7 6 Mount Lyell 1 3 14 Broken Hill Proprietary ... ;! 1 0 North Broken Hill 1 1!) 9 Kuala Kampar 0 16 G Rawaug . 0 8 5 f.olorna 1 1 44 Placer Development 3 14 0 MELBOURNE, June 3. Industrial shares are steady. Barriers are dull, and Zinc Corporation shares are weak. Sales:— Commercial Bank of Aus- £ s. d. tralia ... 0 15 9 National Bank (£5 paid) ... 6 8 0 G. J. Coles4 2 3 Drug Houses Australian Iron and Steel 1 4 G tpref.) 1 8 0 Australian Glass 4 13 3 Dunlop Perdriau 1 1 2 Dunlop Perdriau (pref.) ... ‘ Herald and Times ’ ] 18 0 2 16 6 Mount Morgan 0 9 0 Mount Lvell 1 3 3 Broken Hill Proprietary ... 3 1 0 North Broken Hill 1 19 9 South Broken Hill 1 8 6 Zinc Corporation 3 n 3 Emperor ... 0 12 3 Loloniu 1 i G

Buyers. Sellers. £ . d £ 3. d. N Z.. GOVERNMENT LOANS34 p.c. Stock, Nov., 1938-52 101 15 0 _ p.c. Stock, May, 1939-52 101 0 0 Ji p.c. Stock, Mav, 1941-52 101 0 0 mmm 34 p:c. Stock, Nov., 1941-52 101 0 0 mmm 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 0 0 34 p.c. Stock, 1953-57 98 0 0 — BANKING— New Soutl) Wales (£20) — 32 0 0 New Zealand (£1) ... 2 4 7 — Commercial (10s) — 0 15 9 National of New Zealand (£2 10s) ... — 2 12 6 National of Australasia (emit., £5) ... 6 0 0 — Union of Australia Ltd. (£2) 8 2 0 — INSURANCE— National (7s) 0 17 6 0 37 10 New Zealand (£1) ... 2 17 9 2 18 3 SHIPPING--Howard Smith (£1) — 1 1 9 Uuddart Parkct (ord., £3) — 2 6 0 Huddart. Parker (pref., £1) 1 8 0 — P. and O Deferred Stock (£1) 1 3 6 — U.S.S. Co. (pref., £1) 1 6 3 1 7 0 MEAT PRESERVING— N Z. Refrigerating (paid, £11 ... .0 — 0 19 0 N.Z. Refrigerating (cont., 10s) 0 8 3 0 8 5 Southland Frozen (paid, £1) 1 9 0 — South Otago Freezing (£5) “ 5 12 0 LOAN AND AGENCYGoldsbrougb, Mort (£1) ... — 1 9 6 N.Z. Loan and Mercantile (ord.,' £1C0) — 39 0 0 N.Z. Guarantee Corporation (3s) ... ... 0 4 3 — Trustee*. Kxecutors, and Agency (£2) 3 18 0 — Wright, Stephenson (pref., £1) 1 0 0 1 1 3 COALKaitangata (16s) 1 7 0 1 9 0 Westport (10s) 1 4 0 Westport-Stock ton (ord., 10s) 0 3 0 0 3 3 Westport-Stockton (prof., 10s) 0 6 1 WOOLLEN COMPANIESBruce (ord., £1) 0 5 0 — Mosgiel (£4) — y u 6 Wellington (ord., £5) 0 9 0 MISCELLANEOUS— ; Australian Foundation Trust 0 4 0 0 5 0 Broken Hill Proprietary (£1) — 3 1 0 Colonial Sugar Co. (£20) — 48 0 0 D.I.C. (ord., 10s) 0 14 3 — U.l.C. (pref., £1) ... 1 3 i Dominion Fertiliser (£1) 1 5* 0 1 5 9 Duiiaghvtp Rope and Twine (£1) . ; . ... 8 6 0 Dunedin Stock F.xchange Prop. (£1) — 2 6 0 Dunlop Perdnau Rubber (£1) ... X 0 6 — Felt and Textiles (£1) — 111 6 Hume Pipe (£1) ... — 0 19 6 Mil burn Lime and Cement (£1) — 1 if 6 M’Kenzies Dept. Stores (£1) — 3 7 0 Mort's Dock (£1) ... — U 10 6 National Electric (£1) — 0 14 6 N.Z. Farmers’ Fertiliser (£1) , 0 18 6 — N.Z Paper Mills (£1) — 1 1 6 • Otago Daily Times (£1) ... — 2 7 6 Regent Theatre (£1) 1 0 0 •— Smith and Smith (pref., £1) ... 1 0 0 Taranaki Oil (£1 4s 7d) 0 8 9 —- Woolworths (Sydney, ord., 5s) 1 1 0 ** BREWERIES— New Zealand (£1) ... 2 2 0 2 2 6 Dunedin (rights) 0 3 6 OVERSEAS LIST— Woolworths (South Africa) 0 15 11 0 16 2 OVERSEAS MINING— Broken Hill South (5s) ... 1 7 6 1 7 9 Bulolo Dredging (5dol) ... —* 2 2 0 Electrolytic Zinc (pref., £1) — 2 0 Electrolytic Zinc i (ord., £1) — i 17 0 Mount Lyell (£1) ... 1 2 9 1 3 0 Mount Morgan (2s 6d) ... 0 8 11 0 9 1 North Broken Hill (5s) — 2 0 0 Eawang Tin (10s) ... 0 8 2 0 8 7 GOLD MINING— Big River (Is) — 0 1 2 Clutha River (2s) ... 0 2 0 0 2 7 Gillespie's (Is) — 0 0 11 Goldfields Dredging (Is) 0 0 24 0 0 3) Martha (5s) — 0 12 6 Mulyueux River (2s) 0 1 6 0 2 6 Nokomai (5s) 0 1 9 — Paddy’s Point (5s) 0 0 4 — Sandhills (Is) .. 0 0 21 0 n 3 Waipapa Beach (Is) — 0 0 1 Waitahu (5s) . 0 0 9 0 1 3 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 Phoenix (£1) — 0 7 6 A. and 1 Buns (pref., £1) 0 12 0 0 12 9 Hogg and Co. (ord.) 0 2 6 0 5 0 VVoolworths Properties Ltd. (rights) — 0 4 0 Blackball Creek 0 1 2 — Security Finance — 0 11 0 F.A.M.B. Insurance — 1 0 6

£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. 4.4414 3.9669 O.D. 4.0114 3.9709 Montreal— Dollars to £1 N.Z. • . T.T. 4.0469 4.0134 O.D. 4.0579 4.0174 Belgium— Belgas to £1 N.Z .. T.T. 23.685 25.375 O.D. 23.760 23.386 Czechoslovakia— Korunas to £1 N.Z . T.T. . 113.46 O.D. — 113.51 Denmark— Kroner to £1 N.Z. ... .. T.T. 18.203 17.893 O.D. 18.263 17,899 Finland— 145.48 139.68 N.Z. .. T.T. O.D. 145.58 139.78 France— Francs to £1 141.47 N.Z .. T.T. — O.D. — 141.51 Germany— £1 Reichraarks to 9.823 N.Z .. T.T. —— O.D. — ,9.828 Greece— Drachmae to £1 429.54 N.Z. .. T.T. — O.D. — 429.81 Holland — Florins to £1 7.154 N.Z. .. T.T. 7.304 O.D. 7.244 7.158 Italy— 75.31 N.Z. .. T.T. — O.D. — 75.36 Java— Florins to £1 7.283 7.133 N.Z. ... T.T. O.D. 7.323 7.137 Norway— N.Z. ... T.T. 16.182 15.892 O.D. 16.242 15.898 Noumea— Francs to £1 .. T.T. 140.22 N.Z. — O.D. — 140.26 Papeete— Francs to £1 N.Z. .. T.T. — 140.27 O.D. — 140.31 Sweden— Kroner to £1 15.785 N.Z. ... T.T. 15.490 O.D. 15.845 15.496 Switzerland— Francs to £1 N.Z. .. T.T 17.633 17.363 O.D. 17,738 17.368 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 Cevlon— N Z. pence to 1 rupee .. T.T 21 31-32 22 1-4 OD. 21 15-16 22 1-4 Japan— 1 N.Z. pence to 17 1-2 yen ... .. T.T, O.D. — 17 1-2 Manila— N Z. pence to 1 • peso .. T.T. 29 49-64 30 17-64 O.D. 29 43-64 30 17-64 Singapore— N.Z. pence to 1 54 47-64 dollar .. TT. 54 1-4 O.D 34 5-32 34 47-64 DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the iol lowing dollar rates to-dav oh a New Zea land currei.ey basis. They ar© subject U alteration without notice U.S.A. CANADA. (Per £3 N Z.) (P«r£l N Z.i SELLING— T.T. (dol) ... 3.96 3-4 4.01 5-16 O.D. (dol) ... 3.97 1-8 4.01 1M6 BUYINGO.D. (dol) ... 4.01 4.05 3-4