BRISK BUSINESS

New Zealand Herald, Volume LXXVI, Issue 23489, 28 October 1939, Page 7

BRISK BUSINESS

HEALTHY SHARE DEMAND STRENGTH OF AUSTRALIANS GOVERNMENT. LOANS WANTED There were"no signs of any diminution in turnover/ on the Auckland Stock Exchange during the past week, and in spito of prevailing conditions business was brisk. The advance in prices was maintained, with a slight steadying at the closo. Australian industrials again wepo in the forefront ,in an active and rapidly rising market. In many cases levels are approaching the year's highest point; indeed, so strong was the riso that it was inclined to lead to the danger of a false market being created. However, a pause in the upward swing occurred in the middle of the w.eek, and investors were inclined to mark time toward the close. The slight reaction, rather than showing signs of weakness, was due more to the fact that such a high premium was being shown over Australian levels, but with a. further rise in the Commonwealth, this trend was. being corrected at the closo of business. •, . London Loan Market Substantial dealing was done in Government loans. The market in London has reacted most favourably to the expectations, of, satisfactory produce prices, and the trend was also shown on the local market. Following is a comparison of the levels ruling a year ago for a selected number of Government loans, compared with those of tho last two weeks: — Oct. 28 Last This 1(,13S Week Week Stock, 15/1/53-57, 3% !>:}% 1)2 or/a* Ditto, 35/4/40-49, 4 . 99% t)(iYA* 97>/ a Ditto, 35/6/52-55, 4 . Of) 1 /, 96% OTVit •Buyers. JSellers. §Ex interest. While there wcro'no transfers to test tlio market, Bank of New Zcalands attracted stronger support. Nationals of New Zealand, on the other hand, were weak. Overseas issues firmed steadily. Insurances again were a strong point, and in spito of offers being raised, holders were not keen to -enter the market. ' The classified sections generally were irregular, practically the only feature being greater activity in timber scrip. Although completely overshadowed by the activity in Australian issues, New Zealand industrials held their ground, but the scattered inquiry was in marked contrast to the almost insatiable demand for Australians. Fiji gold shares were strong, but metals yielded some ground later in the week. Comparison o! Values Tho following comparative table shows levels during the past two weeks compared with the highest and lowest prices since the opening of the year:— This Year ' Last This High Low Week Week Com. Bk. Aus. 16/10 14/2 15/0 35/8 Nat. Bk. N.Z. 48/0 42/6 -12/0 42/0 E., S. and A. lOC/- 00/- 1)0/-* 02/0' Bank N.5.W... 630/- 57t>/-- 500/-* 500/-* Bank N.Z. .. 41/0 37/- 30/1 30/3* Union Bank .. 173/0 143/0 145/- 145/Nat. Ins. .. 10/11 15/5 17/-* 17/0* N.Z. Ins. .. 55/- 50/0 54/9 54/11 South British.v 45/3 41/- 44/- 44/-Golds.-Mort .. 30/4 27/- 30/0* 31/3* Pukemiro .17/- 1(5/3 lfl/4 10/-t Auckland Gas 10/6 !«">/- 15/3 15/3 N.Z. Breweries 41/- 31/- 34/-* 35/-* Dorn. Brew. ...'35/- 28/0 33/3 33/3 A.C.I. .. 41/- 30/0 40/- 41/Broken Hill ... 83/- 50/- 70/3 78/0 British Tob. .. 52/3 45/- 50/- 52/Bycroft *.. 30/3 35/0 35/0 35/0 Col. Sutrar . . 1025/- 040/- 1005/-* 1020/-* Dunlop Pcrdriau 22/- 18/2 21/- 21/3 El. Zinc (pf.) 63/3 40/6 62/-- 62/0 Farmers' Trad. 20/3 10/7 10/3* 10/0 G. J. Coles . . 80/- 70/3 75/- 70/6 Wilsons Cement 18/1 15/4 17/3* 17/0 Martha .. 12/0 0/0 7/0* 8/0 Mt. Lyell .. 35/3 26/0 33/3 32/•Buyers. LAND COMPANY'S YEAR LOSS ON OPERATIONS NO ORDINARY DIVIDEND (Received October 27, 5.5 p.m.) LONDON, Oct. 20 The accounts of the New Zealand and Australian Land Company, Limited, for the year ended March 31 show a loss of £247. The amount brought in was £14,718 and £30,000 was transferred from the * contingency fund, leaving a balance of £44,470. A dividend of 4 per cent on preference shares requires £33.000, leaving a carry forward of £11,470. The loss of £247 compares with profits of £56,522 in the previous year and £127,038 in 1937. Ordinary dividend in 1937 was 4 per cent, and 14 per cent last year, while this year payment has been passed. The company has sheep and cattle stations in New South Wales, Queensland and Western Australia, and also holds land in Otago. DOMINION PICTURES & LOSS OF £417 SHOWN ORDINARY PAYMENT PASSED The accounts of the Dominion Picture Theatres Company, Limited, for the year ended September 30 show a loss of £417, compared with net profits of £214 in tho previous year and £lßls in 1937. After deducting the loss there is £IBO9 at the credit of tho profit and loss account. From the amount available the directors recommend the payment of one and a-half year's dividend on the preference shares of G per cent. No recommendation is made for ordinary shares. The preference payment absorbs £332, leaving £1536 to be carried forward. In tho previous year a payment of 4Jcl a share was made on ordinary The directors state it to be their considered opinion that no dividend Bhould be paid on tho ordinary shares until the company's indebtedness is substantially reduced. The company',* application for relief from the existing graduated rates of land tax was unsuccessful and the liability in this connection was £915 a year. The modernising of the theatre and shops had cost considerably .more than estimated and the work had to he financed by increasing the mortgage and obtaining bank accommodation. The retiring directors, Messrs. Thorn'ton Jackson and S. Rcid, offer themselves for re-election. HENRY JONES, LIMITED HIGHER YEAR'S DISTRIBUTION A final dividend of Js 9d a share has been declared by Henry .tones, Cooperative, Limited, Melbourne, making 2-s 3d for tho year ending October 31. The total payment is equal to 11£ per cent per annum, compared with 2s n share,, or 10 per cent, in tho previous year.