YESTERDAY'S SALES

New Zealand Herald, Volume LXVII, Issue 20620, 19 July 1930, Page 7

YESTERDAY'S SALES

BUSINESS ON EXCHANGES. RETURN ON INVESTMENTS. Following is a list of yesterday's transactions on New Zealand Stock Exchanges. In the second column is given the return, based 011 tho last dividend, from investment at the quoted price. In Iho chse of Government and other redeemable securities the return includes redemption The first column gives the figures at which the sales w;to made:— AUCKLAND EXCHANGE. Return on Snlo Price. Investment. £ s. d. £ s. d. Com. Bank Auh. (2) I 1 1 7 2 3 Smith British . . 210 0 4 7 7 N.Z. Guar. Corp. . . 0 710 810 0 Renown Col. (ord.) . 015 fi * Waihi G.M. .. 014 0 14 5 8 The following sale also took place:—Mount Lyell (rights), 2s 6d. CIIRISTCHURCH EXCHANGE. Com. Bank Ann. (2) 1 1 0 7 2 10 Ditto .. ..112 710 Union Bank . 11 7 0 5 0 10 Nat. Bank A' aaia (£5 paid) . . ..610 0 7 31 Ditto . . . 619 6 7 3 4 N.Z. Guar. Corp. !4) 0 710 810 0 N.Z. Breweries . . 2 0 7 6 10 Ditto . . .2 0 5 0 1 5 The following pales alpn look place:— Commercial Bank of Australia, 21s Id; New Zealand Breweries, 49s 6d ; Mount Lyell. 245, 23s lid. '.Ms; Mah;ikipawa, 2{d '4l; Okarito. 6s Bd. No return is given on Mount Lyell shares, owing to tho reduction in the rate of the interim dividend and the uncertainty of the final distribution. WELLINGTON EXCHANGE. ' Bank of N.Z. , 210 0 5 1 0 N.Z. Breweries . . 2 9 6 0 1 2 Wellington Gas .. 1 10 3 5 511 DUNEDIN EXCHANGE. Nat. Insurance . . 014 0 5 7 2 Westport Coal . . 112 10 6 19 Milburn Lime . . 1 13 0 5 18 fi Tho following sales alßo took placo:—Okarito, 7s fid, 7a 3d, 7s 2d, 7s (2). REVIEW OF THE WEEK. BUSINESS BELOW NORMAL. DEMAND FOR GILT-EDGED. Unfavourable influences continue to operato against any material improvement on the Stock Exchange. Business on the Auckland Exchange during the current week has been much below normal, and the market, reacting to influences from across the Tasman, has been most erratic in tone. The most important development has been the effective check placed upon the "bears" in Sydney, which had an immediate lesult in an improvement in prices there through the rush to cover. That movement was no doubt partly responsible for the sudden appreciation on the New Zealand market early in the week of certain shares which have figured largely among those in which the "bears" have been most active.

Government investments appeared most attractive to investors, but requirements remained unfulfilled, although the market closed considerably firmer in several instances. Offers for 1939 41> per cent. War Bonds were 10s firmer, and an advance of 5s was made in buyers' limits for 1938 and 1941 per cents. Tho 4J, per cent, issues of Inscribed Stock were also 5s firmer, but in all cases the stocks were firmly held. Business in the whole section was limited to a single sale of Government 5,i per cent, bonds, redeemable in 1933, 10s dearer at £9B 10s, and a transaction in Auckland Harbour Board 1937 5J- per cent, debentures, which appreciated 15s to £96 15s. In the banks section values were generally on the down grade. The announcement. of the maintenance of the usual rate of dividend by the directors of tho Commercial Bank of Australia, which came simultaneously with the curbing of the activities of the "bears," saw these shares fluctuate in a remarkable way. Values roso from 20s 10d to 21s 2d in one movement last Saturday, and on Monday business opened at 225. Prices fell during the day with several transactions, tho final deal being put through at 21s 3d. On Tuesday trailing was done, at 21s sd, and the prices of subsequent deals declined from 21s 3d to 21s Id, at which level they are fairly steady after a week's extensive trading. Practically all other hank issues have steadily lost, ground. New South Wales, which were done last week at £,37 15s, had sale at £37 7s 6d. At the close of business yesterday buyers offered £35 5s for more, and sellers were prepared to accept £35 15s. New Zealands were wanted Is 3d easier at 565, and Unions 2s 6d lower at £ll 2s 6d. Business in the section, apart from the dealing in Commercials, was light. Insurance shares were fairly steady, although weaker tendencies became apparent yesterday. In other sections of the market trading was very quiet. On the whole quotations showed little fluctuation owing, no doubt, to the fact that in the bulk of cases sellers were not prepared to make the big concessions that buyers were seeking. Most Australian stocks remained weak as a result of the Commonwealth taxation measures, and Budget influences appear to have resulted in a weakness in New Zealand Breweries, which during the last few days have declined in Auckland to 49s 3d, compared with the previous sale earlior in the month of 51s 6d.

Consistent interest in genera] investments lifis been lacking, and trading has been light. Tho expectation thai the dividend rato for the current year will he only 10 per cent, has induced investors to place a more conservative valuation on Australian Glass, which are now sought at 33s 3d, compared with 36s earlier in the week. Sellers aro asking 355. Electrolytic Zincs remained depressed, par being offered for tho ordinaries and 23s 6d for the preference issue. Taranaki Oils have commanded more support, and there have been two transactions at 2s 4|d and 2s 4d. Moro attention has been given (o mining and good business has been done in Waihis at 14s. Grand Junctions advanced and were done up to 2s 4d, an improvement of 4d. Mount Lyells have also gained strength slightly; being taken several times 3d better at 245. Rights to the new issue firmed from 2s Id to 2s sd. FREEZING WORKS SEASON. SOUTH OTAGO OPERATIONS. [BY TELEGRAPH.—OWN CORRESPONDENT. ] DUN ED] N, Friday. Tho South Otago Freezing Works are still working well, and up to last weekend had put through 266,700 head of stock, an increase of 100,700 on tho total fin' last. year. Some of the butchers have, been discharged, but as slock is still offering in odd lots it, is not expected that the works will lie closed until the end of the present month. Jt is anticipated thatthe total killed will reach 270,0 CX) head. CALL AND DIVIDEND LIST. Dividends— Due. Nat. Hunk of New Zealand—final, 12 p.c. i>.a. ~ .. To-day. Union Hunk —final, half-yearly. 12} p.c. p.a July. British Tobacco—prof., quarterly (>■} p.c. p. ft. fuly 31. N.Z. Insurance—final, 1r a share Aug. 6. Farmers' Fertiliser Co.--8 p.c. Aus 15. Com. Bank Ana. -final, pref., 4 p.c. p.a.; ord., 15 p.c. p.a. .. Aug. Electrolytic Zinc- —ord. and pref., filial. '1 p.c. .. .. .. Sept 1. Calls Moanntniari (3.M. Co. (2s (id paid)—2d a share .. •• Now. Ueliance Loan Co. pref., 2s 6d a. allure ..