INVESTMENT REVIEW

Evening Star, Issue 25849, 20 July 1946, Page 12

INVESTMENT REVIEW

QUIET TRADING WEEK ||| SMALL GAINS AND SOME FALL#^ Although the undertone remained firm there was no distinct general movement of prices on the Dunedin Exchange durin» the week ended last night. It was a fairly quiet period, willh a few falls helping to balance a few gains, but on balance the rises outnumbered the falls. Profit taking in a few |eaders that have advanced rapidly served as a warming note to eager buyers, who are holding off until such time as they are satisfied that the declines are restricted to a limited number of shares That the undertone remains good was evidenced by the readiness" of some issues to advance rapidly on extended buying support, and most gains recorded during the week were held at the close. Business was marked over a wide range, willh Government loans commanding better attention. Many vendors found difficulty in disposing of parcels at their limits, and regu ar sellers appeared for some lines in every section at margins of up to 10 per cent. Most buyers appeared content to sit on late rates, and only occasionally was there a mark-up of any size. INTEREST RATES. The better attention to Government loans is reflected in >a fall in the yields. Prices and returns of selected issues are shown below, where brokerage and accrued interest have been provided for:—

PRICE CHANGES. Banks experienced an uneventful week. Commercials made Id to 22s 6d (their best price this year), while Australasias gained & 6d to £lO 17s 6d. South British Insurances lost 3d, but New Zealands gained an equivalent amount in the only movements of that section. Shipping leaders, were inactive. Both issues of New Zealand Refrigerating showed a tendency to ease, but a Id loss in the contribs was the only actual movement recorded. Waitakis made ground to £8 10s, a 2s 6d improvement. The ordinary issue of Wright, Stephensons continued to advance and a Is rise to 34s was recorded. Dalgetys lost 2s 6d, but both the A and B issues of National Mortgage closed unchanged. Dominion Breweries provided a feature of the week by a sudden spurt to make 2s to the high level of 675. New Zealands were carried up another 6d to 58s 6d, with good buying support forthcoming near that level. Miscellaneous shar& presented a confused picture. A.C.I.s lost 6d, and Macduffs ords. slipped 9d to 245. Tlhe slow-moving D.I.C. ords., parcels of which seldom come on to the market, were marked up to 27s on trading. Felt and Textiles recovered to 535, while N.Z. Paper Mills, Coles, Sydney Woolworths, and Wilson's Cements all made fractional improvements. Australian mining was quiet but firm. Zinc ords. and Lyells gained slight ground, with Souths and Noriln retaining recent strong levels without difficulty. MARKET VALUATIONS. Market valuations of selected issues as at the close of business this week, compared with prices ruling approximately a month ago, are as follows: — Banking.—Australasia, £lO 17s 6d (£lO 16s 6d); New South Wales, £39 (£39 ss); Commercial, £1 2s 6d (£1 2s 3d); ,E.S. and A., £6 (£6); National of New Zealand £3 3s 6d (£3 3s); Union, £9 10s (£9 17s 6d). Insurance.—National, £1 9s (£1 8s 9d); Now Zealand, £5 5s 9d (£5 5s 6d); South British, £4 9s 9d (£4 10s 6d); Standard, £4 8s 6d (£4 8s 6d). Shipping.—Huddart Parker (ord.), £3 lis 9d (£3 Us 9d); P. and O. Stock, £3

8s 6d (£3 10s 9d); U.S.S. Co. (pref.), £1 13s 6d (£1 14s). Meat Preserving.—<Jear, £1 10s 3d (£1 10s 3d); N.Z. Refrigerating (paid), £1 15s (£1 14s 6d); cont., 17s 6d (17s 7d); Southland Frozen (ord.), £3 3s 6d (£3 3s); South Otago, £6 12s 6d (£6 12s 6d) ; Waitaki. £8 10s (£8 2s 6d). Loan and Agency.—Dalgety, £9 10s (£9 12s 6d); National Mortgage "A," £4 3s (£3 19s); " B," £2 4s (£2 3s); N.Z. Guarantee Corp.', 5s 3d (ss); Wright, Stephenson (ord.), £1 14s (£1 10s); pref., £1 8s (£1 8s). Breweries.—New Zealand, £2 18s 6d (£2 15s) ; Dominion, £3 7s (£3 6s) ; Dunedin. £1 13s 6d (£1 13s 6d). Coal—Kaitangata, £1 5s (£1 ss); Wescport, £1 5s (£1 4s 9d). Woollen.—Bruce (ord.), £2 5s 6d (£2 Is); Kaiapoi (ord.), £1 7s (£1 6s, 6d); Mosgiel, £ls 5s (£ls ss); Oamaru, £1 14s (£1 12s 6d) . Wellington (ord.), £lO 12s 6d (£lO 12s 6d); pref., £lO 5s (£lO 15s). Miscellaneous. —Anthony Hordern, £1 4s 6d (£1 4s)«; Australian Consol. Industries. £3 3s (£3 3s 6d); British Tobacco, £2 16s 9d (£2 18s); 8.H.P., £2 lis 9d (£2 12s 9d); Colonial Sugar, £59 15s (£60); Consolidated Brick, 12s 6d (12s 3d); D. 1.0. (ord.), £1 7s (£1 6s 3d); pref., £1 9s (£1 9s); Dominion Fertiliser, £1 8s 9d (£1 7s); Donaghys Rope, £3 lis 6d - (£3 Us); Dunlop Rubber, £1 14s 6d (£1 12s 6d); Felt and Text., N.Z., £2 13s (£2 lis 9d); Fletcher Holdings (ord.), £1 19s (£1 18s 9d), G. J. Coles, £4 10s (£4 6s 9(1); Macduffs (ord.), £1 4s (£1 Is 6d); pref., £1 9s (£1 8s); Milburn Lime, £1 15s 6d (£1 15s 3d); McKenzie Bept. Stores. £3 6s (£3 6s); National Electrical, £2 Is (£2); N.Z Drug Co., £5 12s (£5 12s); N.Z. Newspapers, £2 7s (£2 7s); N.Z. Paper Mills, £2 2s (£2 Is); ' Otago Daily Times,' £2 14s (£2 14s); Regent Theatre, £1 Is 6d (£1 2s); Wilsons Cement, 19s 4d (18s 9d); Woolworths, N.Z., £1 9s Id (£1 9s); Woolworths, Svd., £1 9s 6d (£1 9s 7d). - _ Australian Mining.—Broken Hill South, £1 17s (£1 15s); El. Zinc (ord.), £3 9s (£3 8s 6d); pref., £3 10s (£3 9s); Mount Lyell £1 4s 9d (£1 4s 6d); Mount Morgan, 8s 4d (8s); North Broken Hill, £3 3s (£3 ss).

Stock. Price. Yield. £ s. d. £ s. d. 2i p.c. : , 15/6/194749 ... 99 5 0 2 13 6 3 p.c, 1/8/1951-54 ... 101 0 0 2 19 9 3 p.c, 15/9/1952-55 ... 100 10 0 3 0 1 3 p.c, ., 15/12/1953-56 100 0 0 2 19 7 3 p.c, 15/2/1955-58 ... 100 12 6 2 19 9