Investment Market To-day

Evening Star, Issue 23110, 9 November 1938, Page 8

Investment Market To-day

LITTLE CHANGE

BANK OF NEW ZEALANDS ADVANCE WIDE MARGIN FOR MAGDUFFS LTD. Minor (inning movements on a lethargic market characterised investment operations this morning. Business fell away sharply, but buying support, if anything, was slightly better. Bank of New Zealands were marked up by stronger buyers, inquiries being recorded up to £2 Is without attracting a response. New Zealand Breweries made 3d on S. buyers’ market, while Woolworths (N.Z.) closed practically unchanged. Macduffs Ltd. commanded attention. The first local quotations since the announcement of the appointment of a receiver-manager by the bank were made with a very wide margin, the £1 ordinary shares finishing at 4s 6d-14s 6d. Australian industrial issues were quiet, two preference shares being the only stocks to reach the sales list, while both transactions were recorded at late rates. Mount Lyells had slightly brighter buyers on following the final dividend announcement, the best offer of £1 9s closing the market. Morgans were fractionally easier, while Barriers, with the exception of Zincs, were hesitant. SALES REPORTED. —Late Yesterday.— 4 per cent. Stock, 1946-49, £99. National Insurance, 16s. Broken Hill Pty., £2 17s 6d. —This Morning.— Associated News (pref.), £1 4s. 1.0.1. (pref.), £1 3s. ■l* 4* 4* •E*l* 4* 4* 4 1 -*l*4* 4* 4*4* 4*

DIVIDEND AND CALL LIST. DIVIDENDS DUE. Emperor Gold Mines—ls a share Nov. 10 N.Z. Paper Mills—lnterim, half* yearly, 3 per cent Nov. 16 Sharland and Co. Ltd.—Final, per cent., making 5 per cent, per annum Nov. 10 Burns, Philp—lnterim, at 10 per cent, per annum Nov. 15 Bycroft Ltd., Auckland—lnterim, 4 per cent Nov. 15 Australian Glass—lnterim, pref., 4i per cent.; ord., 7 per cent. Nov. 16 National Insurance—Final, 5d a share Nov. 17 Broken Hill Propty.—Half-yearly, Is 3d a share ... .. Nov. 23 North Kalgurli (1912)—9d sterling, less U.K. income tax of 3s in £1 N° v - 25 National Bank of AustralasiaInterim, at 6 per cent, per annum Not - 30 Taringamutu Totara TimberFinal 4i per cent., making 7 per cent, per annum ... ... Deo. 1 Henry Jones Co-op. Ltd., Melbourne—ls 6d a share Dec. 1 Victoria Nyanza Sugar 6 per cent, per annum Dec. I North Broken Hill Quarterly, 6d a share Dec. 8 Bank of N.Z.—lnterim, Is a share; ord., 3j per cent, on D long term mortgage shares ... Dec. 10 Broken Hill South—6d a share. Dec. 15 CALLS DDE. Broken Hill Pty.—Con., 5s a share, making 15s 4d paid ... Nov. 30 John M'Grath Ltd.—ls a share, making 16s paid Nov. 1 Felt and Textiles Ltd.—ss a share, making £1 paid Dec. 1 William Adams—Ord., 3s 6d a share, making 10s Rd paid ... Deo. 1 N.Z. Paper Mills New, 5s a share, making £1 paid Dec. 31 AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, November B._ The rise in the Now York industrial index to the highest point of the year stimulated the inquiry for industrial shares on the local exchange, and prices were appreciably firmer. £ s. a.

MELBOURNE, November 8. There was a firmer tone in leading industrials, but bonds were less active. £ s. d Commercial Bank of Australia 0 16 10 National Bank (£5 paid), ... . 6 10 0

DUNEDIN STOCK EXCHANGE

UNLISTED STOCK— All stocks in this section are not quoted on the official list, and transactions are subject to a different rate of brokerage:— Woolworths Properties (£1) 14 6 - SHARE QUOTATIONS Press Association—By Telegraph—Copy rig i LONDON, November B.' (Received November 9, at 1 p.m.) Share quotations: Clutha River—buyers Is 74d, sellers Is 10id; Molyneux —buyers 74d, sellers lOjd.

FOREIGN EXCHANGES

ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, quoted the following rates to-day for purchase and sales of foreign exchanges (all rates subject to alteration without notice): — „ ... Buying. Selling.

DOLLAR BATES, The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates to-day bn a New Zealand currency basis. They are subject to alteration without notice:— U.S.A. CANADA. (Per £1 N.Z.) (Per £1 N.Z.)

SYDNEY WOOL SALES

Press Association— By Telegiaph—Copyrighi SYDNEY, November 8. At the wool sales satisfactory clearances were effected under brisk competition from the Continent, Yorkshire, and J.apan. All good wools were taken in sellers’ favour. Greasy merino made to 20Jd. A total of 13,142 bales was offered, 12,540 being sold, while 885 were disposed of privately.

COMPANY NEWS

TRUSTEES EXECUTORS INTERIM DIVIDEND CHANGED DISTRIBUTION OF 3 PER CENT. The Trustees, Executors, and Agency Company of New Zealand Ltd. has declared an interim dividend of 3 per cent., payable on November 10. [The distribution compares with last year’s corresponding payment of 4 per cent., the 1938 distribution totalling 8 per cent., but since then the shares have been written up £1 by the declaration of a bonus dividend declared out of reserves.] MELBOURNE ‘HERALD' PROFIT RISE Of £34.000 RECORDED DIVIDEND AND BONUS DECLARED Press Association—By Telegraph—Copyright MELBOURNE, November 9. (Received November 9, at 10.10 a.m.) The profit of the ‘ Herald and Weekly Times ’ Limited for the year amounted to £252,000, compared with £218,000 the previous year, and £185,550 in 1935-36. Ordinary shareholders will receive a 12 per cent, dividend and a 2 per cent, bonus, compared with a 12 per cent, dividend last year. SUGAR GAME FIBRE REFINING COMPANY'S FACTORY The Colonial Sugar Refining Company Ltd. has now completed plans for the erection of a building in which will be made insulating and building boards from sugar cane fibre. The site of the new factory is at Pyrmont, and it has a water frontage of 600 ft. Excavation work, which has been proceeding for some months, has now been completed, 'and foundations of the_ building will be laid shortly. The design and erection of the factory will be supervised by the company’s engineering staff. The company proposes in addition to manufacturing and marketing insulating building boards and_ materials to study developments arising from the special process applied, but for the moment no information as to what the eventual outcome will be is forthcoming. The representative of a firm of Swedish consulting engineers is at present, in Sydney, and his services are to be utilised in the development of certain highly specialised processes to be incorporated in the equipment of the factory. The new factory will be of a most modern type, and it is estimated it will be able to turn out 30,000,000 square feet of fibre board each year. For some months past the company has been importing and supplying the building trade, high quality insulating board of 100 per cent, cane fibre bavin cr the same characteristics as the board to be produced in the new factory now to be erected.

RABBITSKIN SALE

FAIR-SIZED CATALOGUES SATISFACTORY RATES RECORDED The Dunedin Stock Agents and Woolbrokers’ Association reports aa follows: — ' Fair-sized catalogues were submitted at yesterday’s auction, and considering the quality of the skins now coming forward satisfactory rates were recorded.- _ - As compared with last sale s quotations, bucks were lower by 4d to fid, while does were par to a snade firmer. Hatters were in demand, and sold about par. The following is the official range of prices;— . . Small, 3d to 4Jd; runners, BJd to 13d; racks, lOd to 15d; heavy racks, 13£d to lofd; summer broken, 13d to 13Jd; first broken, 17d to 20Jd; blacks, lOd to 18d; fawns, 12d to 16d; summers 8.5., F.S., 13d to 13|d; ’first 8.5., F.S., 22d to 30d; milky, 13Jd to 15d; first milky, 17Jd to 18|d; winter bucks, 36Jd to 50d; winter does, 271 d to 39Jd; outgoing bucks, f4d to 39d; outgoing does, 25id to 34d; spring bucks, 15d to 19id; spring -does, 19d to 22jd; stained does, 18d to 29fd. Hareskins, 8d to 12Jd, weevilly, fid t<K 10|d. First ferrets, 9d to 2s fid. Horsehair, 14d to lßd. The next sale is scheduled for December 6.

MATURING DEBT

OVER £17,000,000 TO BE CONVERTED [Feb United Press Association.! WELLINGTON, November 8. Next year £17,173,191 of New Zea» land’s public debt will mature in London. When asked this evening if it was proposed to send a Minister of th« Crown to England To seek conversion of the loan, the Prime Minister (Mr Savage) said: “We will have to convert most of it in any case. 1 do not know if it will be necessary for a Minister to go Home or not. We will have to make a preliminary investigation and see what the position is. and then deal with the situation at the appropriate time.”

Bank of New South Wales 31 2 6 Commercial Banking of Sydney 20 9 0 Bank of Australasia 10 4 0 Colonial Sugar 48 17 6 United Insurance 10 6 0 Howard Smith 0 19 4* British Tobacco 2 9 6 Tooths 2 15 9 Coles _ 4 10 0 Australian Glass 5 3 0 Farmers 1 10 4 David Jones 1 15 6 Horderns 0 16 1 Lustre 1 0 3 Mort’s Dock 0 12 3 Australian Gypsum 1 0 6 Australian Guarantee Corporation 1 3 0 Adams 0 15 4i Atkins . ... 1 2 6 Claude Neon 1 11 3 Meggitts 1 8 10 Standard Cement 1 1 3 Wool worths 1 0 0 Wunderlich 1 0 6 Peters 2 11 0 Victoria Nyanza 0 14 3 Goldsbrough, Mort 1 8 9 Morris Hedstrom 1 7 0 Henry Jones 2 9 6 Mount Morgan 0 10 0 Mount Lyell 1 9 1 llawang 0 8 7 Larut 0 12 6 Emperor 0 12 1 Taranaki Oil 0 13 0 Oil Search 0 6 7

Australian Paper Manufacturers (pref.) 1 5 9 British Tobacco 2 9 0 Coles 4 0 6 Drug Houses 1 3 3 Australian Glass 5 3 0 Dunlop Perdriau I 0 7 Dunlop Perdriau (pref.) ... 1 18 6 Felt and Textiles 1 11 6 Goldsbrough, Mort 1 8 6 Imperial Chemicals (pref.) 1 3 1 Jason Investment Trust ... 0 7 0 Australian Foundation Investment Trust 0 4 10 Mount Morgan 0 9 11 Mount Lyell 1 9 0 Broken Hill Propy 2 17 9 North Broken Hill 2 11 9 Emperor 0 12 2 Loloma I 2 a

* THIS MORNING'S CALL LATEST QUOTATIONS Buyers. Sellers. £ s. d. £ s. d. N.Z. GOVERNMENT LOANS— 34 p.c. Stock, Nov., 1938-52 — 100 0 0 34 p c. Stock, Sept.. 1939-45 — 98 5 0 34 p.c. Stock, May, 1939-52 — 100 0 0 4 p.c. Bonds, 1943-46 99 0 0 — 4 p.c. Slock, 1946-49 — 99 b 0 BANKINGAustralasia (£5) — 10 4 0 New South Wales (£20) — 31 5 0 Now Zealand (£1) ... 2 1 0 -— Commercial (10s) ... 0 16 8 0 17 0 Union of Australia Ltd. (£5) — 8 15 0 INSURANCE— National (7s) 0 15 9 — Standard (£1) — 2 14 0 SHIPPING— P. and O Deferred Stock (£1) 1 7 0 — U.S.S. Co. (pref.. £1) 1 5 9 — MEAT PRESERVING— N.Z. Refrigerating (paid; £1) 0 17 0 0 18 0 Southland Frozen (paid, £1) 1 8 6 1 10 0 South Otago Freezing (£5) — 5 0 0 LOAN AND AGENCY— Dalgety (£5) — 7 18 0 Goldsbrougb, Mort (£1) —- 1 9 0 National Mortgage (£2) — 2 2 0 Otago Farmers’ Co-op (3s 4d) 0 2 9 — Otago Farmers’ Co-op. (A pref., £1) — i i 0 Wright, Stephenson (ord., £1) — i 3 6 Wright, Stephenson (pref., £1) — i 0 6 COAL — f Westport (10s) — i 3 6 Westport-Stockton (ord., 10s) — 0 4 9 Westport-Stockton (pref., 10s) 0 6 0 OIL— Taranaki (£1 4s 7d) 0 12 9 — MISCELLANEOUS— Associated News (£1) 1 2 0 Associated News (pref., £1) ... ... 1 4 0 — Australian Foundation Trust ... 0 4 9 — Broken Hill Proprietary (£1) — 2 13 6 Broken Hill Pty. (cont., 10s) ... ... — 2 0 0 Capel Court Trust ... 0 6 9 Crystal Ice Co. (£1) — 118 0 D.l.C. (ord., 10s) — 0 14 6 Dominion Fertiliser ,(£1) — 1 4 0 Dominion Fertiliser Debs ... 101 0 0 — G. J. Coles (£1) ... 3 19 6 — I.C.I. (pref., £1) ... 1 2 9 1 3 2 Macduffs Ltd. (ord.. £1) 0 4 6 0 14 6 Milburn Lime and Cement (£1) — 1 16 0 N.Z. Drug Co. (£2) —- 3 8 6 N.Z. Paper Mills (£1) — 1 2 9 ‘ Otago Daily Times (£1) — 2 3 0 Smith and Smith (pref., £1) — 1 2 0 Wilsons Cement (10s) — 0 16 9 Woolworths (ord., 5s) 0 19 3 — BREWERIESNew Zealand (£1) ... 2 0 9 — Tooths (£1) 2 15 0 — Carlton (£1) 3 5 0 — OVERSEAS LIST— Woolworths (South Africa) 0 15 0 OVERSEAS MINING— Broken Hill South (5s) 1 11 6 — Electro, Zinc (pref.. £1) 2 8 0 — Electro. Zinc. (ord.. £1) — 2 6 0 Mount Lyell (£1) 1 s 0 — Mount Morgan (2s 6d) 0 9 8 0 10 0 North Broken Hill (5s) 2 11 9 2 12 3 Rawang Tin (10s) ... 0 8 3 “ GOLD MINING— Argo Dredging (Is) — 0 2 0 Austral N.Z. (£1) ... — 1 1 3 Big River (Is) 0 0 11 — Clutha River (2s) .. 0 2 0 0 2 9 Gillespie’s (Is) — 0 1 0 Goldfields Dredging (Is) — 0 0 31 Molyneux River (2s) 0 0 10 — Nokomai (5s) — 0 1 6 Okarito (5s) ... ... 0 2 0 Sandhills (Is) 0 0 21 Waitahu (5s) 0 0 9 0 1 0

London — £100 stg. N.Z. T.T. O.D. £124 10/ £124 1/3 £125 £124 19/6 Australia — £A to £100 N.Z. T.T. £100 10/ £100 Fiji— £F to £100 N.Z. T.T. £90 £88 12/6 New York — Dollar to £1 N.Z T.T. O.D. 3.8320 3.6370.. 3.7968 3.7978 Montreal— Dollar to £1 N.Z T.T. O.D. 3.8561 3.8648 3.8216 3.8226 Belgium— Belgas to £1 N.Z T.T. O.D. 22.717 22.792 22.407 22.412 Czechoslovakia — Korunas to £1 N.Z T.T. O.D. - 109.70 109.72 Denmark— Kroner to £1 N.Z T.T. O.D. 18.131 18.191 17.821 17.923 Finland— Marks to £1 N.Z T.T, o.p. 184.69 185.09 178.89 178.99 France— Francs to £1 N.Z. T.T. O.D. 144.50 142 142.02 Germany— Reichsmarks to £1 N.Z. ... T.T. O.D. 9.437 9.439 Greece— Drachmae to £1 N.Z. ... T.T. O.D, - 428.98 429.13 Holland— Florins to £1 N.Z T.T. O.D. 7.105 7.145 6.955 6.957 Italy— Lire to £1 N.Z T.T. O.D. - 72.195 72.220 JavaFlorins to £1 N.Z T.T. O.D. /.082 7.122 6.932 6.934 Norway— Kroner to £1 N.Z T.T. O.D. 16.119 16.179 15.829 15.832 Noumea — Francs to £1 N.Z T.T. O.D. 147. 140.25 140.29 Papeete— Francs to £1 N.Z T.T. O.D. 146.40 140.40 140.44 Sweden — Kroner to £1 N.Z T.T. O.D. 15.738 15.798 15.443 15.446 Switzerland— Francs to £1 N.Z T.T. O.D. 16.964 17.069 16.694 16.696 Hongkong— N.Z. pence to I dollar ... T.T. O.D. 18 29.64 18 27-64 18 53-64 18 53-64 India and Ceylon— N.Z. pence to T.T. 1 rupee ... O.D. 22 7-32 22 3-16 22 1-2 22 1-2 Japan— N.Z. pence to 1 yen T.T, O.D. - 17 19-32 17 19-32 Singapore — N.Z. pence to 1 dollar ... T.T. O.D. 54 19-32 34 1-2 35 6-64 35 5-64

SELLING— T.T. (do!) 3.78 1-4 3.80 11-16 O.D. (dol) . .. 3.78 1-2 3.81 SUVINGO.D. (dol) .. .. 3.83 3-4 3.86 3-8