SHARE PRICES

Manawatu Standard, Volume L, Issue 117, 14 April 1930, Page 7

SHARE PRICES

RECEDE IN SYDNEY. QUEENSLAND BANK’S ACTION. CONSERVING OF RESOURCES. (United Press Association—By Electric Telegraph—Copyright.) Received April 15, 9.20 a.m. SYDNEY, April 14. Share prices receded sharply on ihe Stock Exchange during the week, and the market suffered further by declarations of reduced dividends, the most surprising of which was tho Queensland National Bank’s announcement that the quarterly distributions had been lowered from the rate of ten per cent per annum to eight per cent. The shires immediately dropped 25s to £O. Inis makes the fourth bank to adopt such action within a few months, and many trading and industrial concerns, taking their cue doubtless from the banks, have similarly told shareholders that resources must be conserved. Pastoral stocks generally have not been greatly in request. The drastic action of the Federal Government in restricting imports has not had any -appreciable direct effect on the shares of public retail drapery organisations, for instance, though in view of the prevailing depression and lessened popular purchasing power investors are inclined to hold off. Movie shares are losing favour owing to reduced earnings and the announcement of a lower dividend by one of the larger companies. The problem facing the market in all cases is what future dividends are likely. Capital security, of course, also has to be considered. Loans remain firm, partly as the i«sult of the success of the recent Commonwealth conversion issue. Only £18.000,000 is left to be covered this ■' calendar year, and the task is not -regarded as likely to iilvolve any difficulty.