THE SHARE MARKET.

Otago Daily Times, Issue 19198, 14 June 1924, Page 11

THE SHARE MARKET.

DUNEDIN STOCK EXCHANGE. During the past week the Dunedin Stock Exchange has been quiet and not a gren'deal ot business was done, and Monday was tho only day when a fair number of ealca took place. On Saturday National Bank (rights) wore in demand at 35s 3d. but sellers asked 35s 9d, and the margin proved too wide to permit of business being done. On Monday the buymg price was advanced to 35s 6d, but tho sellers’ figure remained unaltered, and so sales were effected. sale of this stock was reported at 35s 9d, and the following day another lot was reported sold at 35s 3d. No further bustness took place in National Batiks during the week, and yesterday this stock was not quoted. Yesterday tho current issue of National Bank (rights) was withdrawn from the market, and will bo replaced by another one at a later date. During tho week New .Zealand Rofrigoratinga (cent.) were reported sold at 9s on Saturday, and at 9s 2d on Tuesday, but no further business was done. There is an inquiry for Dunedin Stock Exchange shares at 495, but there is not a current selling quotation. On Tuesday VVeslport-Stoektons were reported sold at 5s lid, and tho following day a parcel changed hands at 5s Id during the call B..W.R.A.’s were not quoted during the week. There has been a keen demand for Government stock of various descriptions during the week, but sellers wore scarp®, and yesterday they also remained silent. A parcel of Golcbbrugh Morts was reported sold at 51s 7d yesterday, buyers offering 51s fid on ’ohange without attracting any selling price. Preference shares in Messrs A. and T. Burt’s made their appearance on tho market yesterday, sellers quoting at 20s 6d without eliciting an offer. Sales reported: Goldsburgh Moris. 51s 7d. Tho following ore yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage; BANKING. ' Bank of New South Wales—Buy £4O, Bank of New Zealand —Buy £53, ael 53s fid, P and 0. Bank —Buy £l2 10s, scl £l3 10s.' Union Bank —Buy £l4 12s 6d. INSURANCE. National Insurance Co.—Sol 725. N.Z. Insurance Co. —Buy 28s 9d, ael 29s 9d. Standard Insurance Co.—Sel 41s 6d. SHIPPING. Huddart, Parker (ord.)— Buy 425, sel 42s 9d. U.S.S. Co. (pref.) -Buy 20s, scl 2Cs 6d. COAL. Westport Coal Co.—Buy 35s 3d. sel 365. Westport-Stockton (ord.) —Scl 6s. LOAN AND AGENCY. Dalgety and Co. —Buy £l3. Goldsbrough, Mort —Iluv 51s 6d. National Mortgage—Sel 80s. Perpetual Trustees —Buy 40s. Wright. Stephenson (pref.)—Buy 17s. MEAT PRESERVING. Canterbury Meat—Buy £l3 17s 6d N.Z. Refrigerating (pd.)—Buy 19s 6d, sol 20s 6d. N.Z. Refrigerating (cont.)—Buy 8s lOd, eel 9s 3d. South Otago Freezing—Buy £3 5s MISCELLANEOUS. Brown, Ewing (ord.) —Buy 28s. Brown, Ewing (prof.)—Buy 20s 6d D.I.C. (ord.)—Bqy 4s 6d prem D.I.C. (prof.)—Buy 20s 9d. sol 21s 2d. Dominion Rubber' —Sel 14s. Dunedin Stock Exchange ProprietaryBuy 495, Kaiapoi Woollen (pref.)—Se! 20s __ Mi I burn Lime and Cement —Buy 365. Moagicl Woollen Co.—Buy BP J2s 6d, sel £6 17s fid M'Leod Bros. Scan—Buy £l4 10a National Electric—Sel 19s fid N.Z. Breweries, Ltd. —Bay ?.5s fid. N.Z. Breweries, Ltd. Debentures —Buy 21s, sel 225. N.Z. Drug Co.—Sel 67s fid. N.Z. Express Co. (ord.)—Buy 16s 9d. N.Z. Express Co. (prof.)—Buy Ifis 9d N.Z. Hardware (prof.)—Sel 19s. N.Z. Paper Mills (ord.)—Sel 22s 3d. Otago Daily limes —Buy 655. Smith and Smith (pref.)—Sel 19s Ward and Co. (Brewers) —Buy 4i s 6d Wilson’s (N.Z.) Cement —Sel 295, A. and T. Burt (pref.)—Sel 20s fid. MINING. Waihi—Bny 30= Bd. sol 30s lid. Electrolytic Zinc (dof. ord.) —Buy £2. Mount Lyell—Buy 20» 9d. sel 21» Id. WAR BONDS. 4j per cent. Bonds, 1930 —Buy £96 15s. 4i per cont. Bonds. 1938—Buy £97. 4£ per cent. Bonds, 1959 —Buy £97. 5* per cent. Soldiers’ Bonds, 1933—-Buy £lo*l 12s fid. 41 per cent. Inscribed, 1938—Buy £97, 4j per cent. Inscribed, 1939—8uy £97. b'i per cent. Soldiers’ Inscribed, 1933 Buy £lOl 10s. 5 per cent. Postal Bonds, 1927—8uy £9B. 5 per cent. Postal Inscribed, 1927—8uy £97 17s fid. 5 per cent. Postal Inscribed. 1929 —Buy £97 17s fid. 5i per cent. Inscribed, 1927-41—-Buy £97 10s. NORTHERN EXCHANGES. (Pek United Press Association.) Tho following business was done on ’Changes yesterday: Auckland.—Milne and Choyce Debentures, £9B; National Bank Rights, 35h; Waipa Coal, 17s fid; Waipa Gas, 25s 9d, (contrib.) 3s 9d; Milne and Choyce Debenture Stock, 23s 3d; Waihi, 30s 9d. Christchurch.—New Zealand Refrigerating (cont), 9s Id (two parcels); WestportStockton (ord.), 4s lid; Burin,, Phiip, 32a 9d. Wellington.—National Bank of Now Zealand, £1 15s. Side reported: Wellington Gas, £l3 15s. SHAREBROKERS’ CHARGES. TO THE EDITOR. Sir, —Being a small shareholder in tho National Bank 1 became entitled to take up. and pay for, five additional shares but, not being in n position to do so, I sold the rights for 35s 3d each and was charged 2s for brokerage on each. The buyer paid Is 7d brokerage on each (minimum charge 10tO which in tho final analysis also comes off tho sale price—total. 10 per cont. It is beside the point for tho broker* to argue that the buyer puiohnaeu anything but what the seller sold —viz., the rights foi the transferring of which tho bank provides facilities. The brokers would no doubt he loud in condemnation of trad© unions seeking remuneration or. this scale, yet are nql averse to using thoir association for making rules whereby ttiey "put the acid” on tho small investor who must sell his rights. As a “quid pro quo” for making rights transferable, companies should in shareholders’ interests, insjst upon reasonable rates of brokerage being provided for. —I om. etc.. Small Investor. Dunedin, June 12.