COMMERCIAL REVIEW

Evening Star, Issue 25494, 26 May 1945, Page 9

COMMERCIAL REVIEW

FIRM INVESTMENT MARKET TURNOVER GOOD, BUT VENDORS SCARCE With the first inactions to the i-ews of vietoiy in ' Europe now more or less over, one may distinguish with some certainty the appreciably, firmer undertone marking investment operations. The trend was confirmed during the week ended yesterday, when business generally was well maintained on the preceding period's higher level, while buyers were prepared to advance limits for popular issues. Vendors remain comparatively scarce, however, and despite attractive oilers in some sections holders will not respond. The turnover during the week with the previous week's comparative figures in parentheses, was as follows:—Loans, £13,560 worth (£21,455); investments, 3,789 (2,451); mining, 1,000 shares (—). The lower turnover in loans was due not so much to the present prices as the marked scarcity -of declared holders. Persistent buyers, especially for the 3 per cents., failed to unearth a vendor, and a fair part of this week's business in the stock and bonds section was marked in the 1948 and 1949 Wool Bonds". Interest in Bank of New Zealands was not maintained on the Exchange, and the market eased fractionally on the dividend payment. The shares are still subject to speculative influences, however, and present more than an ordinary headache to trustees and other estate administrators. Australasias changed hands at £9 10s, the first transaction for a long time in this stock, while Unions made 2s 6d to a final market of £8 12s 6d.

Insurances retained their strong tone, and further gains were made by Nationals, South British, and Standards.

The feature of the week was provided by the ordinary issue of Southland Frozen Meats, which climbed to sales on the local Exchange at 54s 6d, the highest point touched for many years, if not a record. The market finished fiVm>between?64s-565. The dividend distribution is 6 2-3 per cent., which shows a return on investment of £2 8s lid per cent. Oth'er meat preserving issues were quiet and steady. Details released by the chairman of Kaitangata Coal at the annua! meeting did not' help the market, and after an odd 6ale at 255, vendors quickly appeared at that valuation. The company's future as forecast by investors is reflected in the sharp fall experienced by the scrip during the past five weeks, which is the more pronounced when considering the large volume of sales that was effected at about 28s 6d. Westports eased up to 6d in sympathy with the decline in Ka.itangatas. The general absence of sellers again robbed the miscellaneous section of interest, and only a few scattered stocks commanded more than passing attention. Both issues of N.Z. Drugs appeared on the sales list, the £2 paid scrip changing hands at £5 2s 6d in Dunedin and at £5 3s in the north, while the £1 shares were transferred on ' the local Exchange at £3 Is. The ordinary shares of Fletcher Holdings have shown little change since the announcement of the proposal to increase the capital, while publication of the company's annual accounts had no effect on the market, which apparently anticipated both items. Australian mining leaders were quiet, although a large parcel of Morgans changed hands on an. easing market at 7s 9d. MARKET VALUATIONS. | Market valuations of selected issues as at the close of business this week, compared with prices ruling approximately four weeks ago in parentheses, are as follows:

Banking.-N.S.W., £34 15s (£34); Australasia, £9 10s (£9 8s); New Zealand, £2 7s 2d ex div. (£2 7s 9d>; National of N.Z.. £2 18s 9d (£2 17s); Comm., 17s lOd (17s 8d) ; E.B. and A., £4 13s 6d (£4 14s); Union. £8 12s 6d (£8 7s). Insurance.—National, £1 5s 6d (£1 5s 3d); New Zealand, £4 17s 6d (£4 14s 6d); South Britih, £4 5s (£4 Is 6d); Standard. £4 3s 6d (£4 0s 6d) . " Shipping.—Huddart, Parker ' (ord.), £3 2s 2d (£3 2s 6d); P. and 0. Stock, £2 12s 6d (£2 12s 6d); U.S.S. Co. (pref.). £1 lis ex div. (£l'lls 6d). Meat Preserving.—Gear, £1 6s (£1 5s 94); N.Z. Refrigerating (paid), £1 9s 5d (£1 9s 6d) ; cont, 14s (14s Id); Southland Frozen (ord.), £2 14s 6d (£2 12s 6d); South Otago, £6 10s (£6 10s); Waitaki Freezing, £7 5s 6d (£7 5s 6d). Loan and Agency.—N.Z. . Guarantee Corp., 4s 3£d (4s 2d); National Mortgage " A," £3 10s (—); " B," £1 19s (—); Loan and Mercantile (ord.), £6B (£67); Dalgety and Co., £8 15s 6d (£8 17s ,6d) ; Wright, Stephenson (ord.), £1 7s 9d (£1 8s); pref., £1 5s 6d (£1 5s 6d). Breweries.—New Zealand, £2 3s lOd (£2 4s 3d); Dominion, £2 9s (£2 8s); Dunedin. £1 9s 6d (£1 9s 6d).

Coal.—Kaitangata, £1 4s 6d approx. (£1 8s 6d) ; Westport, £1 8s 6d (£1 9s 6d). Woollen.—Bruce (ord.), £1 14s 6d (£1 14s); Kaiapoi (ord.), £1 3s 6d (£1 3s); Mosgiel, £l4 2s (£l4 ss); Oamaru,' £1 8s ex div. (£1 8s);' Wellington (ord.). £8 5s (£8 ss). Miscellaneous.—A.C.l., £2 16s (£2 16s 3d) ; British Tobacco, £2 10s 6d (£2 10s); 8.H.P., £2 6s (£2 5s 3d); Colonial Sugar, £59 10s (£57); -Consolidated Brick, 10s Id (10s 4d); Dominion Fertiliser. £1 53 ex div. (£1 5s 6d); Donaghy's Rope and Twine, £3 7s (£3 7s 6d); Dunlop Rubber, £1 6s (£1 5s 3d) ; Fletcher Holdings (ord.), £1 9s 6d (£1 8s 6d); G. J. Coles, £3 10a 6d (£3 10s 6d); Macduffs (ord.), 16s 3d (16s 7d); pref., £1 6s (£1 6s); McKenzie's Dept. Stores. £3 4s (£3 2s &A) ; N.Z. Drug (£2 paid). £5 2s 6d (£5 Is); £1 paid, £3 's (£3); N.Z. Paper Mills, £2 Os 4d (£2 Os 6d); N.Z Newspapers, £2 4s 6d (£2 4s); ' 0.D.T.,' £2 lis (£2 lis); Regent Theatre. £1 Os 6d (£1 Os 6d); Reid Rubber, £1 12s (£1 12s) ; Wilsons Cement. 18s 9d (19s Id); Woolworths N.Z. (ord.), £1 3s 3d £1 2s 9d); Woolworths Ltd. (ord.). £1 3s 3d £1 2s 7d). Australian Mining.—Broken Hill South, £1 8s (£1 8? 6d); El. Zinc (ord.), £2 16s 6d (£2 16s 6d); pref.. £2 17s 3d (£2 17s 3d) ; Mount Lyell, £1 7s 3d (£1 8s) ; Mount Morgan, 7s 6d (7s 6d) : North Broken Hill. £2 12s 6d (£2 13s). DIVIDENDS DUE. Dalßety—nit., 2J p.c. less U.K. tax May 29. Nat Bank A'asia—int., halfyearly. 2,i p.c May 30 Broken Hill Pty.—final, 21 p.c. May 30 Bank N.S.W.—int., quarterly, 6s a share „.., ~, ... ... t ., May 31

Farmers' Trad.—A and B , pref., half-yearly, 5 3-5 p.c. p.a.; C pref., 5 p.c. p.a. ... ... May 31 E. S and A. Bank-int., 2i p.c, less U.K. tax • fay 31 Henry Jones—int., 2£ p.c, ... June 1 Tui Brewery—int., 24 p.c June l Dom. Fert.-3 p.c p.a. .« ... June 6 Dental and Medical—s p.c. ... ... June I Bank N.Z.-fmal, ord.. 4 p.c; D mort., 3J. less tax ... ... ... June 15 Placer Dev.—int.. half-yearly, 25 cents (Canadian) a share, less 15 p.c. absentee tax June 15 Kauri Timber—int., 2 p.c. ... '... June 15 NZ. Breweries—final, 4 p.c. ... June Broken Hill Sth.—final, 6d a share June 22. Wilsons Cement—4d a share ... June II Taringamutu-Totara Sawmills—int., 2 p.c. .;. June 29 I C.I. (Ld.)—final. 5 p.c July 2