INVESTMENT TREND

New Zealand Herald, Volume 79, Issue 24275, 16 May 1942, Page 5

INVESTMENT TREND

A DULL PERIOD VALUES FAIRLY STEADY The Stock Exchange week, which closed yesterday, proved very disappointing: for sliatCbrokers as the turnover was unusually small. The slackness is attributed to the combined influences Of the Liberty Loan and the new rates of taxation. Brokers report increased interest in the loan, which appears to be gathering momentum daily and substantial business in it is expected next week Meanwhile, existing loan issues maintain late values and the few parcels on offer have been reudijy. placed at recent quotations. Comparisons of Government Issues with thqse ruling last week and a year ago are .shown in the following table:— Year Last This ago week week > £ £ £ Stock. 1,5/1/53-57, 3% 101 % 103%* 103* D 0„ .15/4/46-49, 4 .103 102% 102%* .Do., 15/0752-50, -1 . 100% 107%* 107%* ■ D 0.,*81/5/64-38, 4 .107% 108* 108* War Loan 1/10/53 82% 00* 00% Do., 1/8/51-51, 3 Banking shares, although participating in the general dullness, were steady, with the exception of New Zealauds. which displayed a weakening tendency. In the insurance section the shares of the New Zealand Company made a special appeal and changed hands at (Ms, the highest level in the last three; months. Australian industrials were quoted at higher figures and the firmer trend was confirmed in sales of A.C.I, and G, J. Coles. Miscellaneous Dominion issues were generally quiet, with holders of the more popular shares disinclined to sell and buyers less ready with their offers. In breweries both Dominions and New. r Zcalandß had business ®t levels which re-: fleeted the uncertainty as to the effects the latest taxation and restrictive legislation will have upon their earning capacity. Wilsons Cement, which had been neglected for some time, had business yesterday at a rise of over a shilling. 1941 Last This High Low Week Week ■ Rank of N.Z. 41/9 35/9 38/9 38/Com. Bk. Aus. 15/7% 13/3 .13/11 14/Nat. Bk. N.Z. 40/- 32/6 37/3 37/-* Bank N.B.W. 500/- 550/- 550/-I 540/. Union Bank 140/- 123/9 132/6 132/-* (Nat,'' Ins. . 20/3 18/5 17/0* 18/3* N.Z. Ins. . 72/0 59/3 03/6 64/South British 65/- 48/6 54/6 54/0 " Ak. Gas, (1.0/) 7/0 5/0 7/- 6/10 iPukemiro • 18'6 10/- 17/3* 17/-* Bom. Brow. 31/- 28/* 26/6 20/3 N.Z. Brew. 37/3 29/9 31/0 .31/(5 A.C.I. . . 52/3 39/3 39/6* 40/Bkn. TTill Fty. 47/3 30/6 32/-* 33/-* Bycroft ..* 40/0 43/3 . 42/-* 42/-* Col. Sugar 1127/0 930/- 885/- 880/Farm. Trad. 22/2 18/9 20/9 20/6 G. J. Cole's OH/6, 01/- 40/- 47/'Wilsons Cem. 20/- 18/- 17/6 17/9 .W'ths (N.Z.) 15/3 12/11. 12/8* 12/8* 'Buyers. ISellers. §Ex dividend. STOCK SALES MORRINSVILLE QUOTATIONS FAT SHEEP IN, DEMAND (0.C.) .MORRINSVILLE, Friday A good yarding of fat sheep, comprising mostly fat lambs and a fair proportion of store sheep was offered at the Morrinsville stock .sale to-day. Keen competition and firm values resulted. . ; A smaller yarding of fat cattle sold freely,.] while another good entry of boner cows was freely competed for by export buyers at unchanged rates. The advertised yarding of 500 head of station-bred cattle came ■ forward in good order. A keen inquiry for steers from a large bench of buyers, resulted in satisfactory prices. Hereford in-«ilf cows met spirited bidding and realised advanced prices. Eighteen months and 2%-year empty heifers were not as keenly sought. A medium entry of dairy cattle comprised mostly second culvers, these coming forward in good condition, realised an average of just on £9. Heifers, close to profit, sold to £lO 10s. Poor and backward sorts were not wanted. There was a full yarding of pigs of all classes, with the demand very keen and values higher. Farmers' Auctioneering quote as follows:Medium fat wethers, 28s to 298 <3d; light, 27s to 27s fld; heavy prime lambs, 26s Od to 28s; medium fat, '22s 6d to 235., Od;. lighter, 20s to 21s 6d;' killable, 18s to 19s (id; best store lambs, 13s to 153 Id; medium, 10s to 12s; culls, 5s to 7s Od; breeding' ewes, 21s. Light fat steers, to £0 12s; heavy fat cows, £7 to £8 10s; fat Jersey cows and heifers. £5 15s to C 7; light killable Jersey cows, £4 5s 'to £5 7s Od; heavy boners, £4 .5s to £4 15s; medium, £3 to £3 1,75; store cows, 30s to £2 ,10s; bulls, 8s t-o 13s. Forward-conditioned 2%-year Polled Angus steers, i'S Ms to £9 is; 2%-year store steers, £7 I.Bb to £8 7s; 18 months Polled Anguscross steers, £7 to £7 13s;. others, £0 10s to £0 14s; best quality Hereford cows, incalf, £6 to £d 13s; other Hereford coWs, incalf, £5 2s to £5 17s Od; 2%-year empty Polled Angus heifers, £0 15s; 18 months Polled Angus heifers, £4 10s to £5 SS; mixed coloured heifers, £3 7s Od. Choice second calvers. £!.) 15s to £lO 15s; medium, £8 to £9; more backward, £6 to £7 ,10s; choice Jersey heifers, close .to profit, £lO to £lO 10s; good'quality,"£B!to £9; medium, £0 to £7 10s; poor and backward, to £5. Choppers, 10s to £3 sa; prime heavy baconers, £4 5s to £4 8s; medium, £3 12s to £3 18s; light, £3 .5s to £3 10s; heavy porkers, £2 14s to £3 38; medium. £2 OS to £2 12s; light and' unfinished' porkers, 20s to £2 4s; store pigs, 10s to 24s Od; slips, 8s to 14s; weaners. Is to 7s; sows to farrow, 30s to 355. OTOROHANGA VALUES Loan and Mercantile Agency Company reports as follows on their Otorohanga sale:Store lambs and wethers comprised the bulk of the sheep yarding, also several lines of breeding ewes were penned. Competition for fat cattle was good, while boner cows sold at schedule rates. Fat t>igs sold well, and; th« demand for store pigs also good. Quotations: Fat Shorthorn heifers, £O-5s to £7; heavy fat cows, £5 5s to £6 12s Od; medium, £4 12s Od to £5 4s; heavy boners, £3 15s to £1 10s; medium, £3 3s to £3 4s; light, £2 5s to £3; potter bulls, 10s to 19s; store cows, £3 5s to £3 19s; medium fat wethers, 20s to 28s 6d; store 2-tootll, 22s to 24s Od; store lambs, 8s to 12s (id; forward conditioned, 14s to 10s; aged breeding ewes, 12s 2d to 13s (id. Good porkers, £2 5s to £2 158; medium, £1 15s to £2 Is; light, £1 4s to £1 14s; good store, 15s to 2.1s (id; medium, 9s to 12s; weaners. 3s to 5s (id. BYCROFT'S YEAR Addressing shareholders at the annual meeting of Bycroft, Limited, yesterday, the chairman of directors, Mr. G. R. Hutchinson, said the year ended March 31 had been the most extraordinary in the firm's history. The factory had been working threo shifts 24 hours a day.' on Government orders, and a fresh contract had been made to cover the period up to December next. The bulk of the output was going to the Army, and this had restricted the firm's ability to supply the regular trade. The company was now manufacturing only five or six varieties of plain biscuits, compared with a normal peace-time output of 56 different types. The quantities made were larger than those of any other firm in the Dominion. Resolutions of thanks and confidence in the directors, management and staff were passed, and an additional £2OO in fees was voted to the directors. The retiring director, Mr. Josiah Lawry, was re-elected, DONAGIIY'S ROPE PROFITS The accounts of Donaghy's Rope and Twine Company (Dunedin) for the year ended March 31 show a net profit of £10,828, compared with £lo,si I last year. and £10,127 in 1910. The sum available for distribution iff 114,710, and the directors recommend a final dividend of is 3d a share, absorbing £5375, on old shares, making with the interim dividend of Od a share, a total of 2s for the year, unchanged, and Od a share on the new shares, requiring £975. The carry-forward is £8390, against £7137 brought in, COMPANY REGISTRATIONS The following private companies have been registered in Auckland:— S. T. Cooper and Company, Limited, furnishing auctioneers. Capital: £2OOO in £1 shares. Shareholders: Stephen Thomas Cooper. 1400 shares; Ethel May Cooper, <3OO. Tatua Timber Company, Limited, sawmillers, Capital: £2OOO in £1 shares. Shareholders': William John Parsons, 1875 shares; Stanley Paul Parsons, Alice Par,sons, Charles Thomas Parsons, William Henare Werahiko. Alice Burson Lee, each 25.