FIRM SHARE VALUES

New Zealand Herald, Volume LXXVII, Issue 23719, 27 July 1940, Page 7

FIRM SHARE VALUES

INVESTORS PLAY SAFE SCARCITY OF SELLERS DEMAND FOR DEBENTURES Although the past week on the Auckland Stock Exchange opened with satisfactory trading, the volume of sales dropped considerably in the last two days. The limited scope for investors and a general policy of playing safe at the present stage of international developments were factors in the restriction of business. Australian securities are still immobilised, but hopes are expressed in the market that dealings may again be permitted after the stocktaking on July 31, when returns from holders will have been collected. There appears to be no s valid reason why trading should not be resumed. Any difficulty in tracing changes in ownership, which would necessarily be within the Dominion, could easily be overcome by a system of monthly returns furnished by brokers. Besides freezing the assets of a large proportion of investors, the ban on those dealings must inevitably reduce State revenue, for which brokers aro a fruitful field.

Meantime, however, the ban remains, and investors have to be content with a limited market. The almost daily threat of an invasion of England has been a dampening influence, hut the manner in which the London market dismissed the huge Budget with a cheerful tone should he a source of encouragement, while the upward trend in New York and Sydney is a further heartening factor. The demand for Government loans was still strong, but buyers were not prepared to raise limits sufficiently to attract any number of sellers. Local body debentures came in for a great deal of attention, and a sale of Newmarket Borough, 19GL 41 per cent, at £lO6 lOs, was an indication of the strength of these issues.

Jul.v'2S Last This "Week Week Bonds, 15/2/13-10, 1 . OO 102 : %* 103' Stock, 15/1/53-57, 3v* 08%* OO Ditto, 15,'1/10-tO, 1 . 08 103/4 100/j Ditto, 15/0/52-55, '1 . 00 103%* J03% Ditto, 31/5/51-58, -1 . 00lit 103%* 10354* "Buyers. tSellers. There was a healthy inquiry for banks, and offers were lifted over a wide range. The overseas issues were particularly prominent. Insurances opened the week with active dealing, and the improvement over the previous fortnight was maintained. Other sections were fairly quiet, although <1 rise in Westport Coal was a feature. In the miscellaneous group there was marked interest in preference issues, but supplies were hard to locate. Practically all shares were well sought, with Wilsons Cement selling on a rising market. Brisk trading took .place in Heid Bubber .(rights) and Wnittome Stevenson. Becent levels compare as follows: 1030 Last This

High Low "Week "Week Xat. Bk. X.Z. -18/0 42/- 35/-* 3(1/3 Bank X.S.W.. . («»/• 57(1/- 525/- MO/-* Bank N.Z. .. -tl/!» 37/- -10/3 40/3 Union Bank.. 173/0 1 13/0 120/-* 130/-* Xat. Ins. .. 18/- 15/5 17/-* 17/0 X.Z. Ins. . . 00/- 50/0 50/0 58/(it South British.. 48/- 4 1/- 47/0 47/0 Auckland Gas - K'3* 8/-* X.Z. Brew. .. 11/- 31/- 33/0 33/0 DOlll. Brew. . . 35/- 28/0 20/3 20/3 Bycroft .. 30/3 35/0 40/0 30/-* Farmers' Trad., 20/3 10/0 10/3 10/0t Wilsons Cement 10/- 15/4 17/0 18/Martha . . 12/0 •Buyers. JSellers. tEx dividend. DAIRY ELECTION NEW ..ZEALAND COMPANY [from our own cohrkspoxdknt] . HAMILTON, Friday To fill vacancies on the directorate of the New Zealand Dairy Company caused by the death of the former chairman, iMr. IL H. McKen/.ie, and the retirement by rotation of three other directors, an election will be held on August 14, In two of the wards. Southwestern and Sou til-Eastern, the nominations of Mr. .i. T. Young and Mr. E. J). White were the only ones received, so that an election will not be necessary in these wards. . In the Hauraki Plains Ward the sitting member, Mr. \\. 10. Hale, who is chairman of the New Zealand Dairy Board, is opposed by Mr. J. W. Xeate, of Ngatea. Mr. Xeate was the Labour candidate for the A\aikato scat at the last general election. To fill the vacancy in the Northern Ward caused by Mr. McKenzie's death, the following four nominations have been received: —Messrs. B. P. Pane (Huapai), W. C. S. Hosking (Waiuku), W. D. Leslie (Taupaki), and P. G. Wynian (Papatoctoc).

DIRECTORS APPOINTED At the annual meeting of the Maungatapero Dairy Company, Messrs. R. Feaver, W. H. Cunson and F. G. Watson were elected to the directorate. These were the only nominations to fill the three vacancies. The two lastnamed were retiring directors, and Mr. Feaver was elected to lill the vacancy caused bv the resignation ol Captain D, (J. Morrison, who is awav on active service. . At the annual meeting of the Lamhridge Co-operative Dairy Company, Limited, Messrs. Mervyn Wells and W. F. Duncan were re-elected to the directorate. Messrs. W. N. Perry and J. C. Wallace were re-elected to the directorate at the annual meeting of the Bruntwood Co-operative Dairy Company, Limited. TIIE CITY MARKETS LOWER PRICES RULING Values for hothouse grapes cased slightly at the City Markets yesterday. In the vegetable section, cabbage and cauliflower prices were low as the result of heavy supplies. Very low values were realised for potatoes, extensive supplies being offered. Kgg prices fell Id a dozen for hen, and 3d -a dozen for duck. Prices were: — Fruit.—Apples. Delicious. Os to Ss a case; McLiver's Winesap. (is to Ss; Salome, Os lo 7s; Ballarat. ."is; Stunners. Ss: Granny Smith. Os to Ss; pears. Winter Xelis. lis lo 17s; Peter Harry. Os; tomatoes, hothouse, (id 10 Is 1 Vail per lb; tree tomatoes, new black, Os Od to Ills a case; yellow, (is lo Ss (id; (irapermit Os to Os; small, -Is to ris; lemons, (is (ill to I.">s Od bananas. a case; grapes, hothouse, lis to *ls JOd per lb; passions, "ins to 18s a case; oranges. Cook Island, ISs Od to '23s fid. Field Produce.—-Beetroot, Od to Is a dozen; eelerv cooking, (id to Is a bundle; dessert. Is .Mil to ils; carrots. '2s to Is Hd a bair; or 011 to Is a dozen; cauliflowers, as Od to r.s Mil a sack; on benches. Is Od to '2s lid a dozen; cabbaires, Is Od lo 'ls Oil a sack; on benches. Is Od to '2s a dozen; cucumbers, (is to Os; hothouse .beans, Is to '2s per lb; green peas. Is 0(1 to Is lid; kumaras. Island, -IMid to (I; Taurunjjn. lis to 1 '2s (id a bait; leeks, 2d to Id a bundle; let luce, '2s to 7s Od a case; marrows, '2s Od to Os i)d a sack; onions, choice. Os to 7s a liatr; medium, -Is to ss; potatoes. Southern. 5s Od to (is :M a cwt; Ohakune. !ts (Id to •!« Od a ba-r; new'. '2(l lo 4(1 per lb; pumpkins, choice crown or Triumble, Os to lis n sack; medium, Os io r>s Oil; parsnips, Os to 7s a bag; or, nd to Is Od a dozen; radish. Od to 1s; rhubarb, 4s to 7s; spinach'* Od to Is Od; spring onions,. Od to Is Od a bundle; swedes. '2s Oil to Os Od a ban; turnips, Od to :1s a dozen; brnssels sprouts, 7(1 to 8d per lb.

Poultry.—Cockerels, heavy breeds, prime, 7s to lOs each; not prime, 5s to Os; light, prime, 5s to 7s; not, prime, 4s loss; fat liens, heavy, 5s to 7s; light, Is to ss; drakes, young, prime, Os Od loss. Butter and Errs. —F.gcs: Hen, large. Is OVid per dozen; medium, Is 7%d; small. Is JP.-ad. Duck, large, Is S'/ad; medium, Is 7Vad; small, Is ,V/ a (J. Farmers' butter, ls-4.d to Is 7d per lb.