EXCESS OF MONEY

New Zealand Herald, Volume LXXI, Issue 21948, 3 November 1934, Page 9

EXCESS OF MONEY

LONDON MARKET SIGNS LARGE CAPITAL ISSUES (Received November 2, 6.5 p.m.) British Wireless RUGBY, Nov. 1 Tho remarkable advance in quotations for British Government stocks has continued to be tho most impressive feature of business on the London Stock Exchange during the week. War loan gained 7-16tbs. This is the more remarkable, in view of tho fact that stock was quoted ex interest last Friday at £lOl ss, but closed yesterday at £lO5 3s 9d. This excess of money, of which the high price of gilt-edged stocks is a symptom, has led to a revival in the ! activities of the new capital market. This is revealed in the monthly statistics of new capital issues compiled by the Midland Bank. The statistics exclude conversion issues, short-dated bills, ayd other forms of issues which do not indicate tho real increase in capital resources. The amount of now capital issued in October was £23,416,000. This was tho I largest monthly total for four years. | Tho aggregate for the current year i amounts to £124,092,000, compared with £113.729,000 for the corresponding period of 1933. Most of the recent new issues were very heavily oversubscribed. In tho case of the £500,000 Brentford Corporation 3 per cent loan, offered at 98 the subscriptions exceeded £10,500,000. BRADFORD TOPS FIRMNESS OF MARKET LONDON, Nov. 1 The Bradford tops market is firm. Following are to-day's quotations and those for recent weeks:— Oct. 4 Oct. 11 Oct. 18 Nov. 1 Per lb. Per lb. Per lb. Per lb. ci d d d Seventies .. 27'/ 3 27' 3 28'3 Sixty-fours . . 26 26 26 26'u Sixties . . 24 24 24 25 Fifty-sixes .. 10'/ 3 19V a JUV 3 19Va Fifties .. 11 14 It ) t Forty-sixes .. 11 11 11 II Forties .. o'/ 2 OV 2 9% 0 1 / AUSTRALIAN EXCHANGES YESTERDAY'S BUSINESS (Received November 2, 8.45 p.m.) SYDNEY, Nov. 2 On tho Sydney Stock Exchange toj day most of the principal industrial concerns showed strength. Pastoral shares were firmer and banks were more active. Gold share dealings were restricted. This morning's sales included:—Commonwealth 4 per cent bonds: 1944, £lO7 15s; 1957, £ll2 8s 9d; 1959, £lll 2s Gd. Toohcy's Brewery, 295; Anthony Hordern, 16s Gd; Associated News, 25s 3d; Colonial Sugar, £77 ss; 31cggitts, 21s 9d; Wilcox Mofflin, 10s '2d. Later sales included:—Bank of New South Wales, £32 15s; Commercial Bank of Sydney, £l7 7s; New Zealand Insurance, 70s 9d; South British Insurance, 89s 6d; Mercantile Mutual Insurance, 24s 9d; Australian Provincial Insurance, 10s 9d; Associated Newspapers, 25s 4'd; ditto, preference, 25s 7Jd; Newcastle Gas, C shores, 14s; Amalgamated Textiles, lis lOd; Adelaide Steam, 31s; British Tobacco, 425; Tooth's Brewery, 525; Toohcy's Brewery, 295; Colonial Sugar, £77 ss; Dunlop Pcrdriau, 20s; Winchombe Carson, 29s 3d; Wilcox Mofflin, 10s; Henry Jones, 36s 41(1; Millnquin Sugar, 365; Fairy-

meau ougar. 4L's oa; auic 31s 10Jd; Anthony Hordern, 16s Gd; Lustre Hosiery, 25s Gd; Standarc Cement, 18s Gd; Victoria Nyanza, 8s; Broken Hill Proprietary, 51s 3d; Xortl Broken Hill, 98s; Rawang Tin, 8s 2d; Euratba Cold, 9s 7d. Commonwealth 4 per cent bonds: 1938, £lO6 12s Gd; 1941 and 1914, £lO7 15s; 1917, £lO9 12s 6d; 1953, £112; 1955, £ll2 ss; 1957, £ll2 Ss 9d; 1959, £lll 2s Gd; 1961, £lll ss. Melbourne sales included: Commercial Bank of Australia, 16s 2d; Bank of Australasia, £l2 IPs; Australian Glass, 55s 9d; Australian Iron and Steel, preference, 22s 9d; South Broken Hill, 795. COMPANY AFFAIRS SOUTHERN REGISTRATIONS The registration of the following private companies in southern centres is announced in tho Mercantile Gazette: — Mayfair Department Stores, Limited. Greymouth. Capital: £6OOO in shares of £1 each. Subscribers: Wellington— W. T. Richards. 331: M. B. Bovd. 333: L. 0. Boyd, 333; E. A. Batt, 1000. Greymouth—P. F. Thorpy, 4000. Stores and chain stores, drapers and incidental. Nelson Creek Sawmill, Limited, Hokitika. Capital: £3999, in shares of £1 each. Subscribers: Kaiata—D. A. Anderson, 1333; G. Anderson. 1333: F. Faulkner, 1333. Sawmilling and incidental. Currie Brothers, Limited, Ashhurst. Capital:' £2500, in shares of £1 each. Subscribers: Ashhurst—C. F. Currie, 1250: R. M. Currie. 1250. Carriers and incidental. _ WHEAT IN AMERICA CHICAGO AND NEW YORK CHICAGO, Nov. 1 Wheat. —December, 97 -J cents a bushel: May, 96 cents; July 89 cents. The New York price for cash is 1 dollar 5 cents. ADVANCES AT WINNIPEG WINNIPEG. Nov. 1 Wheat futures advanced 1} cents within a few minutes after the opening of the Winnipeg Grain Exchange to-day, as the result of pegged prices. December opened at 76£ cents a bushel. May opened at SIJ- cents. MELBOURNE PRODUCE MELBOURNE, Nov. 1 Following are to-day's quotations on the Melbourne produce market: Wheat, 2s 8d to 2s Bkl. Flour, £7 10s. llran, £4 15s. Pollard, £5. Oats, 2s 2d to 2s 3d. Maize, 3s 7d. Barley, English, 2s lOd to 3s 2d. Potatoes- —Red soils, £8 to £9; grey soils, £7 to £7 10s. Onions —Brown Spanish, £5 to £5 10s; silver skins, bagged, £5. CALL AND DIVIDEND LIST Dividends— Due Colonial Sugar—half-yearly, 20s a share and bonus 5s a share Nov. 7 Dominion Pictures —f'.nal, ord., 3! p.c.; pref.. 3 p.c. .. .. Nov. 7 Claude Neon (N.Z.)—final, ord. 6 p.c. . . . . . . . Nov. 7 Sharland and Co.—final, 2i p.c. a ord and prof. . . . . .. Nov. 8 Union Oil—final, 9d a share . . Nov. 9 N.Z. Paper Mills—int., 3 p.c. . . Nov. 9 Burns-Philp—int.. Is a share .. Nov. 15 Tattersfield —6 p.c. .. .. Nov. 15 Bycroft—int., lid a share .. Nov. 10 National Insurance—final, 5d a share Nov. 19 Broken Hill Pty.— half-yearly, is a share . . . . Nov. 21 Nat. Bank A'asia—int., £5 and £lO paid, 2i p.c. . . Nov. 28 Dalgety and Co.—final. 25 p.c. (sterling) . . . . . . Nov. 28 Aust. Glass—int., pref.. 41 p.c,; ord., 5 p.c. . . . . . ■ Dec. 1 Henry Jones Co-op.—final, Is a share • • • ■ • • • • Dec. 1 ] Broken Hill South—ls Gd a share Dec. 15 Call— Golconda—eighth. Id a share .. Deo. 11! i