Investment Market To-day

Evening Star, Issue 22990, 22 June 1938, Page 6

Investment Market To-day

VALUES ADVANCE AGAIN TARANAKI OILS WANTED AT 13/POOR ATTENTION TO AUSTRALIAN INDUSTRIALS Maintaining the recovering trend begun yesterday, the investment market recorded further substantial advances to-day on the best morning’s turnover for some time. Business was well spread, and for most sections interest was not lacking. Banks proved an exception to the general trend, and remained in the doldrums New Zenlands had a reported transaction at the steady price of £2 3s fid, but the section received but passing attention. Insurance stocks remained unchanged, although they received slightly better support. The feature of coal shares was the further rise in Westport-Stocktons (pref.), buyers touching the 7s mark. Even at that advance, however, sellers remained off. Westports came in for business at £1 4s 9d, the market closing quietly steady.' Although issues quoted generally had a firmer undertone, many Commonwealth industrial leaders were passed. Broken Hills had buyers on at yesterday’s selling price of £2 17s, vendors to-day being absent. The issue by the company or figures for the last fourweekly production period of the financial year ended May 31 show that the concern has achieved a considerable increase' in output for the full year compared with that of the 1936-37 period. The company usually issues a preliminary statement of profits toward the end of July. G. J. Coles were marked up Is, while Sydney Woolworths gained fractional ground. Taranaki Oils came into the market, spotlight again, buyers recovering Is 4d to the 13s mark. Holders remained off, despite the rise, indicating that the tightness of scrip evident recently has not been relieved to any marked extent. Moturoas (ord.) were stable between 5s fid and 6s. Australian mining stocks moved up again. Lyells were dealt in freely at £1 4s fid, while Morgans recovered 2d to buyers 8s fid. Operations in Barriers were more restricted, but gains were recorded up to Is 9d. SALES REPORTED. —Late Yesterday.— Electrolytic Zinc (ord.), £1 15s fid. —This Morning.— Bank of New Zealand, £2 3s fid. Southland Frozen Meat (paid), £1 9s 9d. Westport Coal, £1 4s 9d. New Zealand Farmers’ Fertiliser, 19s (2). N New Zealand Breweries, £2 Is. SALES ON ’CHANGE. —This Morning.— Mount Lyell, £1 4s fid (3).

STOCK EXCHANGE INDICATOR

Government Loans Steady Banks Dull Insurance i... Stable Shipping Unchanged Meat Preserving Quiet Coal Firmer Woollen Neglected Aust. Industrials Improved N.Z. Industrials Inactive Breweries Steady Aust. Mining Mostly higher

DOLLAR AND FRANC Press Association —By Telegraph—Copyniftn LONDON, June 21. (Received June 22,-at 11 a.m.) The dollar is quoted at 4.96 3-16. The franc is quoted at 177 13-16.

£293,338. The entire income of the company came from rents and interest. The fall in profits is largely due to an increase in expenses, gross income at £5,479 comparing' with £5,521 last year. The dividend of 1* per cent, requires £3.375, and, with £BO4 brought forward, £917 is carried forward. BULOLO DREDGING Bulolo Gold Dredging Ltd. submits the following report for the month of May;— The total gross production amounted to 22,461 ounces of bullion containing 15,499 ounces of fine gold from 1,248,000 cubic yards. The estimated working profit was 11,433 ounces of fine gold. This production is equivalent to £135,616, and working profit to £100,038, on the basis of £8 15s (Australian) a line ounce of gold. PLACER DEVELOPMENT PROGRESS OF DREDGES. For the three mouths to June 1 Pato Consolidated Gold Dredging Ltd. dredged 1,756,000 cubic yards for a recovery of 5.156 ounces of fine’gold, and treated with its four hydraulic units 216,000 cubic yards, which yielded 1,996 ounces of fine gold, the value of the total production being 250,320 dollars. Dredges four and five are now completed, and after digging flotation for several weeks, number four has readied dredging ground. Number live has crossed the river and is now digging to bedrock. During the same period Asnazu Gold Dredging Ltd., in which Placer Development owns 615,000 shares, handled 405.400 cubic yards, recovering 4,330 ounces of fine gold, equivalent to 151.550 dollars, and on April 23 paid a dividend of 10 cents per share. Putherglen Gold Dumps Ltd., in which Placer Development owns 32,000 shares, paid a dividend of 2s (Australian) per share on February 28, and a further dividend of 5s (Australian) per share on Juno 10 Gold Dumps Ltd., in which Placer Development owns 50.000 shares, paid on June 10 an initial dividend of Is (Australian) per share.

DUNEDIN STOCK EXCHANGE THIS MORNING'S CALL LATEST QUOTATIONS

ANTWERP FUTURES Press Association—Uy Telecrapb—Copynsht LONDON, Juno 21 (Received June 22, at 11.5 a.m.) Antwerp futures; July. 22Jd; October, 23d; December, 23d.

Buyers. Sellers. £ s. d £ s. d. N.Z. GOVERNMENT LOANS3A p.c. Stock, Nov., 1938-52 — 102 0 0 3A p.c Stick, May, 1939-52 102 0 0 3A p.c. Stock, May, 1911-52 101 0 0 — 31 p.c. Stock, Nov., 1911-52 101 0 0 — 1 p.c Bonds, 1943-46 102 10 0 — 4 p.c. Stock, 1943-46 103 0 0 4 p.c Bonds. 1946-49 102 10 0 — 4 p.c Stock, 1946-49 103 0 0 4 u.c, Bonds, 1952-55 102 0 0 — 4 p.c. Stock, 1952-55 102 10 0 3j p.c. Bonds, 1953-57 97 10 0 — bankingnew South Wales (£20) — 32 0 0 New Zealand (£1) ... 2 3 0 2 5 9 Commercial (10s) — 0 15 11 National of New Zealand (£2 10s) 2 14 0 — INSURANCE— National (7s) — 0 17 9 New Zealand (£1) ... — 2 17 3 South British (£1) ... 2 6 8 — Standard (£1) — 2 17 3 SHIPPING— Huddart, Parker (pref., £1) 1 8 0 — P. and 0 Deferred Stock (£1) ... ... 1 4 0 — U.S.S. Co. (pref., £1) 1 6 0 • 1 7 0 MEAT ■ PRESERVING— N.Z. Refrigerating (paid, £1) — 0 19 0 N.Z. Refrigerating (cont., 10s) ... .I. 0 8 3 —• Southland Frozen (paid, £1) ... ... — 1 10 0 South Otago Freezing (£5) — 5 11 0 LOAN AND AGENCYN.Z. Loan and Mercantile (ord., £100) — 57 0 0 Wright, Stephenson (pref., £1) 1 0 0 1 1 0 COAL— Westport (10s) 1 4 3 1 5 0 Westport-Stockton (pref., 10s) .. 0 7 0 — WOOLLEN COMPANIES— Bruce (ord., £1) 0 5 0 — Bruce (pref., £1) — I 1 0 MISCELLANEOUS— Australian Foundation Trust 0 4 0 — Broken Hill Proprietary (£1) 2 17 0 — Brown, Ewing (ord., £1) — 1 0 0 D.I.C. (ord., 10s) ... 0 14 5 — D.I.C. (pref., £1) ... 1 3 3 — Dominion Fertiliser (£1) 1 4 3 — Dominion Fertiliser Debs 102 0 0 —- Donaghy’s Rope and Twine (£1) — 2 5 5 Dunedin Stock Exchange Pty. (£1) ... — r 2 5 0 G. J. Coles (£1) ... 4 1 0 Hays Ltd 0 16 9 — Kauri Timber (£1 5s) 1 0 9 — Milburn Lime and Cement (£1) — 1 17 3 M’Kenzies Dept. Stores (£1) 2 19 0 3 4 0 Mort’s Dock (£1) ... — 0 10 9 Moturoa Oil (ord., 5s) 0 5 6 0 6 0 National Electric (£1) — 0 14 0 N.Z. Drug Co. (£2) 3 7 6 — N.Z. Farmers’ Fertiliser (£1) 0 18 10 — N.Z. Paper Mills (£1) 1 0 5 — ‘ Otago Daily Times ’ (£1) 2 5 0 — Regent Theatre (£1) 1 0 0 — Taranaki Oil (£1 4s > 7d) 0 13 0 — Wilsons (N.Z.) Cement (10s) 0 15 9 — Woolworths (ord., 5s) — 1 1 0 Woolworths (Sydney, ord., 5s) :— 1 0 6

BREWERIES— New Zealand (£1) 2 0 6 2 2 0 Dunedin (rights) — 0 0 6 OVERSEAS MININGBroken Hill South (5s) 1 6 0 1 8 0 Electro. Zinc (pref.. £1) 2 0 0 — Mount Lyell (£1) 14 6 1 4 9 Mount Morgan (2s 6d) 0 8 6 — North Broken Hill (5s) 1 18 3 2 1 0 Placer Development 3 13 0 — . Rawang Tin (10sl .. — 0 9 0 GOLD MININGBig River (Is) ■ ... 0 1 0 Central Shot-over (Isl — 0 0 ‘6 Gillespie’s (Is) — 0 0 10 Nokomai (5sl 0 13 0 1 9 Okarito (5s) — 0 3 3 Sandhills (Is) 0 0 1 — UNLISTED STOCKSAll stocks in this section are not i quoted on the official list, and transactions are subject to a different rate of brokerage. A. and T. Burt (pref,, £1) 0 11 6 0 13 Dunedin Ice Cream — 1 15 C Woolworths Properties Ltd. (rights) — 0 3 6 Southland Ice Cream 12 6 1 5 0 DIVIDENDS DUE. Australian Glass — Pref. .. 44 pei cent., ord.. 4 per cent., plus 5 per cent June 22 North Broken Hill—6d a share ... June 2b Goldsbrough, Mort— final. 5 per cent, per annum June 29 British Tobacco —Quarterly, 2 per cent. June 30 Farmers’ Trading — Ord 7 per cent. June 30 Morris, Hedstrom — 3 per cent.. making 6 per cent. per annum, plus bonus 24 per cent June 30 Kauri Timber—Interim at 5 per cent, per annum June — National Mortgage and Agency Co.—Interim 24 per cent. ... July 1 Cash Orders (Amalgamated) — Quarterly pref. at 10 per cent. per annum July 1 Zinc Corporation Ltd. —Final, participating for 1937, ordinary and preference, 4s 6d sterling; preference, for first half of 1938, 2s sterling per i share July 1 Woolworths Holdings (South Africa), 5 per cent July 1