STOCK EXCHANGES

New Zealand Herald, Volume LXXVII, Issue 23773, 28 September 1940, Page 7

STOCK EXCHANGES

YESTERDAY'S SALES RETURN ON INVESTMENTS 3 In the following list of yesterday's , sales, yields allow for exchange and f British incomo tax where necessary, • and, in tho case of loans redemption s and brokerage:— S AUCKLAND EXCHANGE Sale Price Rise or Yield jC s d Fall £ s d - Stk„ 15/4/4610, -l .. 105 15 0 +ss 3 3 6 Do., 15/5/4052, I . . 1(1(1 ir, o +Gs 3 5 O ~ Com. Bk. Aus. 015 O +2d 411 5 Bank N.Z. (2) 22 6 ' N.Z. Insce. 3 0 6 i §South British 2 10 0 Ditto (2) 2 0 9 -3d 2 18 S §Dom. Brew. 1 11 O §N.Z. Brew. 1 14 3 -Od 4 10 3 Brit. Tobacco 2 • 0 5 +lssd 4 1 1 §Broken Hill 2 6 9 +6(l 3 4 2 §Claudo Neon (N.Z.) .. 13 6 +2s 6d Col. Sugar. 52 10 0 +4ss 3 4 9 N.Z. ißefrig. (£ I) .. 1 0 6 -5(1 5 7 4 Ditto . . 10 9 -3d 5 0 O Tar. Oil Dev. 0 3 3 +ld Wilsons Cem't 0 10 7 W'wths (N.Z.) O 16 if Also. —§Clutha Dredging, Is 9d: Wellington.—.Slock, 15/11/38-41, 3%, £101; ditto, 15/4/40-49, 4, £lO5 15s; Bank Australasia, .t'B 7s (id; SBank New Zealand, 42s 6d; New Zealand Refrigerating (con.), 9s (id; New Zealand Breweries, 34s (2); Farmers' Trading, 20s 3d (2); Macduffs (ord - .), lis; §dilto, lis; National Electric, 1.7s 6(1; Woolworths (Syd.), ISs (id; Woolworths (N.Z.), 16s lOd. Christchurch.—South British, 50sj New Zealand Refrigerating (£1), 20s lid; Christchurch Gas, 255; New Zealand Breweries, 3 Is; British Tobacco, 4i)s (id; Farmers' Trading, 20s (id; Dunlop Perdriau, 10s (id; McLeod, £27 10s. Unofficial list: Australian Motorists' Petrol, lis. Dunedin.—Stock, 31/5/54-58, 4, £108; Bank Australasia, £8; Bank New Zealand, 42s sd; National Insurance., li»s; Wright, Stephenson (pref.), 20s (id (2); New Zealand Refrigerating (con.), 9s 6d; National Electric, 17s 6d (2); New Zealand Breweries, 31s. SSales after hours on the previous day. AUSTRALIAN DEALINGS MARKET CONTINUES STRONG (Received Septembor 27, 9.20 p.m.) SYDNEY, Sept, 27 The lone of the sharemarket remains strong in spile of uncertainty in the overseas situation. Sales included:—Bank New South Wales, £27; British Tobacco, 49s 3d; Colonial Sugar, £l7 Iss; Felt and Textiles, . 335; Mount I,yell, 2Hs 3d; Loloma, 23s sd. Sales in Melbourne included:—Commercial Bank Australia, 1-ls 2d; A.C.1., 35s (id:; Drug Houses, 26k 9d; G. J. Coles, 665; Herald and Times, 47s 9d; Emperor, 10s 4d. STEADY SHARE DEALS ACTIVITY IN GILT-EDGED STOCKS AT STRONG LEVELS WAR LOAN REACTION Steady conditions ruled in the investment market during the past week, which, from a trading point of view, was curtailed by the holiday on Monday. Values were well maintained in all sections until the close, when some hesitancy became evident in the market for New Zealand shares. Government and local body loans were conspicuous in the turnover of the period. A good supply has come into the market recently and buyers have not been slow to take advantage of the opportunity. Offerings have now largely been cleared and yesterday sellers of this class of investment were again very scarce. Terms of Loan It is regarded as unfortunate that the terms of the war loan are such as to rob the market of its chance, as offered in other Dominions, to show its determination to get behind the war effort. At this early stage the degree of compulsion exercised is considered unnecessary, while overseas its inclusion can be interpreted only unfavourably. The conditions have dampened the enthusiasm that a voluntary appeal would have aroused. Meantime current loans continue to change hands at enhanced values. A comparison of rates is as follows: — Year Last This ago Week Week Bonds, 15/2/43-46, 4 . 97'%* 102%* 102% Stock, 15/1/53-57, 3% 90 100% 100% Ditto, 15/4/46-49, 4 . 97% 105%* 105% Ditto, 15/6/52-55, 4 . 95* 107 107 Ditto, 31/5/51-SS, 4 . 90%* 108 107% •Buyers. Banks and Insurance There was a good turnover in Bank of New Zealand shares, which remained firm around 42s 6d. Other banks were inactive, except Commercials of Australia, these shares gaining ground at the close of the week. The feature of the insurance section was the bonus announced by South British, but some benefit had been anticipated and the shares showed no great movement. Australian industrial and trading shares closed tlie week firmly, mostly at the expense of New Zealand issues, all of which showed a tendency to sag following publication of the new loan terms. Uncertainty has developed as to the effect those conditions will have upon the earning power of certain companies which will have to contribute heavily. It is felt that tho capacity to maintain present distributions to shareholders must be affected and buyers naturally have become a little more cautious. Recent levels compare as follows: — 1939 Last This High Low Week Week Bank N.Z. .. 4 1/9 37/- 42/4 42/6 Com. Bk. Aus. 16/10 11/2 14/10 15/Nnt. Bk. N.Z. 48/6 42/- 39/-* 40/-* Bank N.5.W... 630/- 570/- 530/-* 540/-* Union Bank .. 173/6 143/6 145/4 13!)/-* N.Z, Ins. . . 60/- 50/6 60/6* 60/6 South British 4S/- 4 1/- 50/- 49/9 Auckland Gas N.Z. Brew. .. 41/- 31/- 35/- 34/3 Dom. Brew. .. 35/- 28/9 31/6 31/A.O.T. .. 4 1/6 30/9 36/9* 37/6 Bkn. Hill Pty. B.vcroft . . 39/3 35/6 40/6* 40/6* Colonial Sugar 1090/- 910/- 1000/-*IOSO/-Farmers' Trad. 20/3 l(I/(i 20/3 20/-* G. J. Coles . . 86/- 70/3 65/6* 66/-* "Wilsons Cement 19/- 15/4 19/9 19/7 Martha .. 12/0 'Buyers. tSellers. BANK OF ENGLAND RETURN NOTE CIRCULATION FALLING LONDON, Sept, 26 The return of the Bank of England for the week ended September 25 shows a further decline in the note circulation. The issue totals .€604,700,000, against £606,000,000 in the previous week. Deposits have fallen from £209,000,000 to £199,500,000, while advances are £200,000 lower at £>'1.500.000. Coin and bullion have fallen by £IOO,OOO to £1.000,000. Tho proportion lias declined from 15.09 to 14.48. The discount rate remains at 2 per cent. CONSOLS AND DOMINION STOCKS The following gives quotations for consols and colonial inscribed stocks, variations since last week bciug shown in parentheses:—Consols, 2% per cent, £74 5s -(+I5s); Funding Loan, 4, 1960-90, £ll2, ex int. (-20s); War Loan, 3%, 1901, £lOl 17s (id (+37s 6(1); Conversion Loan, 3%, 1961, £lOl (+2os); Victory Bonds, 4, £llO 10s (4-10s); New Zealand, 1%, 1948-58, £lOl. 5s (+ss); Ne\t Zealand, 3, 1945, £9-t 2s (id (,same). SILVER AND TIN VALUES LONDON, Sept. 26 ~ Sil , ver is quoted unchanged at 2.'1 7-16(1 a standard ounce and 25 5-16 d a fine ounce. Tin has advanced further. Spot: Buyers. £257 a ton; sellers, £258. Forward: Buyers, £260; sellers, £260 ss.