WEEK ON THE EXCHANGES: BRIGHTER MARKET SEES SOME HIGH PRICES

Evening Star, Issue 26139, 28 June 1947, Page 12

WEEK ON THE EXCHANGES: BRIGHTER MARKET SEES SOME HIGH PRICES

The New Zealand investment market brightened considerably during the week ended yesterday. Although business was not much greater than the volume recorded in the preceding period, several leaders were marked up to new record levels, while other prominent issues received stronger 6upport. Banks alone failed to hold recent- values, and most issues quoted in the section eased. The opening of Parliament has created the usual interest in the prospects of taxation . relief. Experience has shown that-taxation reductions are quickly reflected in company earnings, and are a major factor in combating high costs. Greater interest is being taken in rub-ber-shares. Dunlop New Zealand s preference issue is showing an attractive yield, and the net return on the shares at .the present, premium of Is, if they were fully paid (£1), would be £3 19s 3d. With the payment of the first dividend, they might be given more attention. The next caff is due on September 30. The ordinary issue dropped during the week to parity at 10s. Kaitangata Coals came into the limelight- i with a strong buyer forcing the price Up to 29s 6d. The best response attracted in Dunedin yesterday was. 355. Prospects for forestry shares generally have attracted investors’ interest, and large. buying orders have been in.the market from all quarters. The capital reorgnisation scheme for Whakatane Paper Mills has given a fillip to the shares, whil New Zealand Forest Products have also received attention Surprise item of the week was undoubtedly the further jump taken by the ordinary issue of Macduffs Ltd. The shares closed at 46s last week, but northern transactions between 48s and 49s 9d on one day this week show the quick rise. Other Dominion issues to improve included New Zealand Bfeweries (595) and New Zealand Woolworths (32s 6d). PRICE COMPARISONS. " Approximate market prices ,of selected Issues are compared with prices ruling approximately a month ago in the first two columns of the table below. The last column shows the yield on the-investment at the current price:—

The yield Is worked out on the annual rate for the preceding year. No cognizance,? is taken of victory or peace bonuses, exchange gains on overseas dividend payments, or British income tax deductions.

Approx. Price a Market Month Price. Ago. Yield. £ s. d. C ; s. d. £ 8. d. Banking— Australasia .... 13 0 0 13 10 4 0 3 5 5 N.S.W. .... .... 39 17 6 40 12 6 3 1 5 Commercial 1 2 10 1 3 0 3 5 9 E.S. and A. .... 8 7 0 8 8 0 3 5 11 National N.Z. 3 15 0 3 18 0 2 13 4 Union 12 15 0 13 10 0 3 a . 8 Insurance8 National 1 9 0 1 9 0 2 11 New Zealand .... 5 5 0 5 4 0 2 7 7 South British 4 14 9 4 14 3 2 2 3 Standard .... .... 4 17 0 4 18 0 2 16 8 Shipping— H't Parker, ord. 3 7 6 3 8 0 3 n 1 P. and 0. U.S.S. Co., pref. 4 10 1 13 0 6 4 12 1 13 6 6 3 13 5 4 8 Meat — Gear 1 11 6 1 12 0 3 19 4 N.Z. Befrig., pd 1 19 6 1 19 0 3 16 11 N.Z. Refrig., cont. — .... 1 0 0 0 19 9 3 15 0 Southland Froz., 3 8 6 3 8 0 2 3 9 Waitaki 8 5 0 8 7 6 3 11 8 Agency—' 10 0 10 Dalgety * Nat. Mort. "A” Nat. Mart. "B” 12 0 2 10 0 0 0 12 5 2 4 4 100 0 0 3 10 2 9 2 10 1.. and M.. ord 147 0 0 138 0 0 4 1 4 13 8 Guar. Corp W.S., ord 0 5 1 18 8 0 0 1 5. 18 6 0 3 1 S W.S., pref. .... 1 7 6 1 7 6 3 12 9 Breweries— New Zealand .... 2 19 0 2 19 6 3 7 9 Dominion .... u 3 15 6 3 15 3 3 8 10 Dunedin 1 19 0 1 18 6 3 16 11 Woollen— Bruce, ord 2 8 0 2 8 3 3 13 4 Kaiupoi, ord Mosgiel Wgtn., ord. 1 9 15 7 10 5 3 6 0 1 15 10 10 5 0 0 6 3 3 1 18 9 8 0 Wgtn., pref 10 12 6 10 6 0 3 15 3 Miscellaneous— A. Hordern .... 1 10 0 1 10 0 4 0 0 A.C.l 3 0 0 3 1 0 2 6 8 British Tobacco 2 13 4 2 15 0 3 7 6 8 2 6 B.H.P Colonial Sugar 2 12 56 0 0 0 57 12 0 0 0 2 17 17 8 Consol. Brick ( 0 16 6 0 1U 6 2 D.I.C., ord 1 10 0 1 10 0 2 10 0 D.I.C., pref 1 10 6 1 10 6 3 5 7 Dorn. Fertiliser 1 '8 9 1 8 6 2 15 8 Donaghy’s 3 8 0 3 8 0 2 18 9 Dunlop, N.Z. ord. 0 10 0 0 10 5 Dunlop, N.Z., . pref •••» 0 11 0 0 11 6 4 1 9 Felt; Text., N.Z. 3 2 6 3 2 0 2 11 4 Fletcher's, ord. 1 18 6 1 17 0 3 2 G. J. Coles 4 11 6 4 12 9 2 11 11 Kaltangata Coal 1 9 6 1 4 6 ‘ Macduffs, ord. 2 9 9 2 1 6 - 1 0 Macduff’s, pref. 1 9 0 1 8 6 4 2 9 Miiburn lime 1 17 6 1 17 6 2 13 4 McKenzies 3 8 0 3 9 0 2 18 10 Nat. Electric .... 2 12 6 2 12 6 3 16 ** N:Z. Drug 5 14 0 6 0 0 2 16 2 N.Z. Newspapers 2 12 6 2 12 0 3 U 11 N.Z. Paper Mills ' O.D.T.' 2 6 6 2 l 0 3 0 * 2 18. 0 2 17 6 2 17 5 Regent Theatre Wilson’s Cement 1 3 0 1 3 0 4 6 11 0 18 6 0 18 6 2 o u Woolworffts N.Z. 1 12 6 1 11 6 2 3 1 Woolworths Syd. Mining— 1 5 5 1 5 6 2 7 10 B.H. South .... 1 16 3 1 16 6 5 0 111. Zinc, pref. F.l Zinc, ord. 3 8 0 3 7 9 3 4 8 3 7 6 3 7 6 3 5 2 Mt. lycll 1 9 0 1 9 0 Mt. Morgan .... 0 10 0 0 9 9 North B.H. 3 12 0 3 17 0 4 ID 3