Commerce, Mining, Finance

Evening Star, Issue 23122, 23 November 1938, Page 8

Commerce, Mining, Finance

AUSTRALIANS WEAKEN leaders steady tq easier INVESTMENT INERTIA CONTINUES Dilatory condition;! continued to rule the investment market this mornins with a further contraction in buyins support. Australian issues closed appreciably easier, while business was again only fair. Although Government loans received comparatively good attention on ,bot'sides of the sheet, banking scrip failed to attract an inquiry. New Zealands were passed altogether, a reflection o' the sluggish trend. National Insurances weakened to unanswered vendors 16s.

The only conspicuous movement in shipping issues was in Huddart, Par ker’s ords., buyers of which offered up to £2 7s, but even at that price holders remained off. Loan and agency and meat preserving shares found a good market at late rates.

Industrial scrip was hesitant. Whip New Zealands reflected the general inertia, Australian _ leaders move* 1 within cautions limits. Broken HiU' had buyers at £2 17s, a drop of Is. ven dors offering at yesterday’s huyinc quote. 1.C.1. prefs. were uncertain while G. J. Coles lost 3d oh business. inactivity was again the predominant feature of the Australian mining section. Zincs were passed. South' were quoted on an uncertain vendor'-’ market, Lyells lost _ slight ground while Morgans finished definite!.' weaker.

SALES REPORTED. —This Morning.— Aust. Commonwealth Stock, 4J pc cent., 1941, £lOl 10s. New Zealand Farmers’ Co-op. Stock 4$ per cent., 1950. £9O. G. J. Coles, £3 19s 3d. Nokomai Gold, Is 3d. SALES ON ’CHANGE. —Late Yesterday.— New Zealand Breweries, £2 Os 3d. North Broken Hill. £2 10s.

DIVIDEND AND CALL LIST. DIVIDENDS DUE. Broken Hill Propty. —Half-yearly, E.S. and A. Bank Pinal, 3i per cent Nov. 24 Perpetual Trustees —Interim, Is a share Nov. 25 North Kalgurli (1912)—9d sterling, less U.K. income tax of 3s in £1 Nov. 25 Bank of New South Wales—Final quarterly, 6d a share Nov. 25 Younghusband Ltd., Wool Brokers —lnterim, 3 per cent Nov. 25 Wilsons Cementr—lnterim, 4£d ... Nov. 25 Jason Investment Trust, 5 per cent Nov. 28 National Bank of Australasia —Interim at 6 per cent, per annum Nov. 30 Swan Brewery—Ordinary and preference, 6d a share Nov. 30 Anthony Hordern—Preference, at 7£ per cent., and ordinary, at 5 per cent, per annum Nov. 30 Taringamutu - Tolara TimberFinal 4i per cent., making 7 per cent, per annum Dec. 1 Henry Jones Co.-op- Ltd., Melbourne—ls 6d a share Deo. 1 Dunedin Brewery—lnterim, 3 per cent Deo. 1 Victoria Nyanza Sugar cent, per annum Deo. 7 North Broken Hill Quarterly, 6d a share Dec. 8 Bank of NZ. share, ord., 3J per cent, on D long term mortgage shares Deo. 10 Woolworths (N.Z.) Ltd. Final, ord., at 11 per cent, per annum Dec. 13 Broken Hill South—6d a share ... , Dec. 15 Mount Lyell—F-nal, Is a share ... Deo. 19 Morris, Hedstrom, Fiji—lnterim, 3 per cent ••• Deo. 31

DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, November 22. (Received 1 November 23, at 11 a.m.) The dollar is quoted at 4.675. The franc is quoted at 178 11-16.

ANTWERP FUTURES

Press Association—By Telegraph—Coypriglu LONDON, November 22. (Received November 23, at 11 a.m.) Antwerp futures are steady December, 22Jd ; March, 23-|d; May, 23gd.

STRONG DEMAND FOR DOLLARS due to international situation LONDON STOCK MARKETS DULL Press Association—By Telegraph—Coypright LONDON, November 22. (Received November 23, at II a.m.) The gold price affected a sharp fall in sterling due to the strong demand for dollars owing to the uncertainty of the international situation, including the reported recalling of Dr von Dirksen (German Ambassador) and the tension existing between America and Germany. The dollar rose to 4.67£, the highest sterling value since 1933, except on September 28. before Mr Chamberlain’s announcement that he intended visiting Herr Hitler. The dollar later became steady. There are no signs that the British exchange control is operating. The stock markets are dull. SHARE QUOTATIONS Press Association—By Telegraph—Copyright LONDON, November 22. (Deceived November 23, tit 1 p.m.) Share quotations : —Clutha River—buvers Is (3d. sellers Is 9d; Molyneux—buyers 7id, sellers IOJd.

CONVERSION LOAN SUPPORT IN AUSTRALIA GOOD RESPONSE FORTHCOMING ITS INVESTMENT MERITS Although application lists for the new Government loan of £72,000,000 opened only a fortnight ago, a very satisfactory portion has already been subscribed in the form of conversions and cash. It is the usual experience \yith Government loan flotations that many investors wait until near the closing date to lodge their applications, but the authorities are hoping that on this occasion there will be a steady flow of subscriptions throughout the five weeks of the compaign in order that such a large financial operation may be completed without a last-minute rush. The large subscriptions already lodged prove that the loan has made a general appeal on its merits as an investment, apart altogether from the patriotic aspect of response to the. Government’s call for money with which to ensure that adequate measures are taken- for the defence of the Commonwealth. The interest rate of £3 17s 6d per cent., coupled with the taxation advantages- over other forms of investment, renders the loan attractive to large and small investors alike. The security for the capital is the best that Australia can offer, and the certainty of prompt payment of halfyearly interest on June 15 and December 15 every year is an important consideration, especially to those who depend upon their savings to provide a regular income. On the third test of an investment’s value—namely, that of marketability, Government securities rank higher than any other stocks. Either the bonds or the stock can be sold at any time on the Stock Exchange. There is always a steady stream of buying orders for gilt-edged stocks from the public, and, in addition, regular purchases are made by the controllers of the sinking fund into which the various Governments pay compulsory contributions totalling several millions every year. A new supporting factor will enter the gilt-edged market next year, when the National Insurance Commission begins to accumulate funds, most of which, because of the restricted outlets, will be placed in existing Government securities. They cannot be invested in new loans. . With such a consistent demand m prospect for Government stocks, it is most likely that interest rates will hold at their present level, or possibly lower. Hence, it follows that securities in the present loan should always he saleable at par (£100) or higher. On the question of interest rates, it is also important to remember that the Commonwealth Bank is adhering to a cheap money policy, and, in the national interest, is likely to continue to do so. THE WHEAT MARKET Press Association—By Telegraph—Copyright LONDON, November 21. Wheat cargoes are dull and parcels easier. Futures: London—November 22s 9d,'March 22s 7d; Liverpool—old contract, December 4s sd, March 4s 5Jd, May 4s 6£d, new contract, March 4s 31(1, ‘May 4s 4id. As the result of the removal of the import duty from January 1, Liverpool is quoting new contracts. Chicago : December 62 5-8 cents per bushel, May 65J, July 65|d. SYDNEY WOOL SALES Press Association—By Telegraph—Copyright SYDNEY, November 22. At the wool''sales 12,056 hales were offered, and ll.dOO sold, while 302 wore privately disposed of. The Japanese operated helpfully on come-backs. Cross-bred greasy made 22j(di.

DUNEDIN STOCK EXCHANGE THIS MORNING'S GALL LATEST QUOTATIONS Buyers. Sellers. £ s. d. £ s. d. N.Z. GOVERNMENT LOANS— 4 p.c. Slock, Nov., 19+9-52 — 97 15 0 54 p.c. Stock, Sep., 1939-43 — 98 0 0 3 p.c. Ronds, 1939-41 95 0 0 — 3 p.c. Stock, 1939-41 95 0 0 — 4 p.c. Stock, 1943-46 — 99 0 0 4 p.c. Stock, 1946-49 — 98 15 0 4 p.c., Bonds, 1952-55 99 0 0 — 4 p.c. Slock, 1952-55 — 99 7 6 3J p.c. Stock, Nov., 1941 — 98 0 0 BANKING— Australasia (£5) — 10 1 0 Commercial (10s) ... — 0 16 9 National of N.Z. (£2 10s) — 2 10 6 Union of Australia Ltd. (£5) — 8 10 6 INSURANCENational (7s) — 0 16 0 Standard (£1) 2 10 0 — SHIPPING— Hnddart, Parker (ord., £1) 2 7 0 — P. and 0. Deferred Stock (£1) — 1 11 6 U.S.S. Co. (pref., £1) ’••• — 1 6 0 MEAT PRESERVING— N.Z. Refrigerating (cont,, 10s) 0 7 11 0 8 4 Southland Frozen (paid, £1) — 1 10 0 South Otago Freezing (£5) 5 1 0 LOAN AND AGENCY — Dalgety (£5) ... ... — 7 15 0 Goldsbrough, Mort (£1) — 1 9 0 National Mortgage (£2> 2 0 0 — N.Z. Guarantee Corp. (3s) 0 4 0 0 4 i Otago Farmers’ Co-op. (3s 4d) 0 2 9 0 3 6 Otago Farmers’ Co-op. (A pref., £1) — 1 1 0 Wright, Stephenson (pref., £1) 0 19 0 1 0 0 COAL— Westport-Stockton (ord.. 10s) — 0 4 9 Westport-Stockton (pref., 10s) 0 6 3 0 7 6 OIL— Taranaki (£1 4a 7d) 0 12 0 0 12 6 WOOLLEN COMPANIES— Bruce (ord., £1) 0 5 6 — Bruce tpref., £1) — 1 1 0 MISCELLANEOUS— Associated News (pref., £1) ... ... — 1 3 9 Broken Hill Pty. (£1) 2 17 0 2 18 0 Crystal Ice Co. (£1) 1 17 0 1 18 0 D.I.C. (ord., 10s) ... — 0 14 6 D.I.C. (pref., £1) ... 1 2 9 1 3 6 Dominion Fertiliser (£1) — 1 4 to Dominion Fertiliser Debs 101 10 0 106 0 0 G. J. Coles (£1) ... — 3 19 8 I.C.I. (pref., £1) ... 1 2 9 1 3 0 Macduffs Ltd. (ord., £1) 0 6 6 — Milburn Lime and Cement (£1) — X 15 6 M'Leod Bros. (£10) ... — 27 0 0 N.Z. Drug Co. (£2) ... 3 8 0 N.Z. Paper Mills (£1) ••• — 1 1 6 ‘ Otago Daily Times (£1) - - . — 2 3 0 Smith and Smith (pref., £1) — 1 2 0 Wilsons Cement (10s) — U 17 0 Woolworths (Sydney, ord., 5s) — 1 1 3 BREWERIES— New Zealand (£1) ... — 2 0 9 OVERSEAS LIST— Woolworths (South Africa) U 15 0 OVERSEAS MINING— Broken Hill South (5s) — 1 11 0 Mount Lyell (£i) — — 1 9 9 Mount Morgan (2s 6d) 0 9 0 0 9 4 Mount Morgan (pref., £l) 1 1 0 Rawang Tin (10s) ... 0 8 0 0 9 0 GOLD MINING— Argo Dredging (Is) — 0 2 ,0 Austral N.Z (£1) ... — 1 1 6 Clutha River (2s) ... — 0 2 6 ' Gillespie’s (Is) 0 0 y£ 0 1 0 Nemoua (Is) — Nokomai (5s) 0 1 3 0 1 6 Sandhills (Is) 0 0 1 0 Waitahu (5s) 0 0 9 0 1 Worksop (Is) 0 X UNLISTED STOCKS— All stocks in this section are not quoted on flie official list, anc transactions are subiect to a different rate of brokerage — A. and T Burt s (pref., £1) 0 11 0 U I'd 6 Dunedin Ice Cream ... — 1 10 0 Woolworths Properties (£1) ... ... X 5 0 — Whakatane Paper Mills 0 o