THE SHARE MARKET.

Otago Daily Times, Issue 19529, 11 July 1925, Page 13

THE SHARE MARKET.

DUNEDIN STOCK EXCHANGE Business has been fairly brisk on the Dunedin Stock Exchange during the past week, and especially so during the last two or throe days. Numerous sales wore effected on Saturday last. Monday and Tuesday were comparatively quiet., while ou the two following days the market was again brisk, Yeetorday the Exchange was quiet. Tho principal interest has been maintained in bonking and mining shares. There was also- a steady demand for Now Zealand Breweries Ltd. Debentures. On Saturday Bunk of New Zealands wore disposed of at 675, the hammer falling with buyers at 57s and sellers at 57s 3d. On tlio" two following days they remained quiet, but on Wednesday two sales wore reported at 675, with buyers quoting 56s 6d and sellers 575, while tho following day two further sales wore reported at, tho same figure, tho hammer falling with a ninepenny margin. Tho market closed yesterday with buyers at 56s 6d, and sellers at 57s 3d, without result. During the past fortnight quotations for these shares have remained much about the same. Bank of New South Wales remained comparatively quiet, the only business being on Wednesday, when a sale was effected at £4l 10s, tho hammer falling with buyers at £4l 5s and sellers at £4l 15s. Yesterday they were in demand at £4l, but sellers did not respond. On Wednesday two sales of Bank of Australasias were reported sold at £l4 10s, but no business was effected at the call-overs during tho week. Tho market closed yesterday with these shares available at £l4 15s, but buyers failed to quote. Although there was a fairly steady inquiry for insurances during tho past week the market was quieter than was tho case during the previous weekly period. On Saturday a sale of Standards vyas reported at 455, the market closing with a buyer at 44s 6d. without response. The hammer fell yesterday with an inquiry at 44s 6d, hut sellers would not quit at less than 475, and no business resulted. On Monday a sale of National Insurances was reported at 795, The hammer falling with buyers at TPs 6d and sellers at 795. For several days prices remained practically unchanged, and yesterday buyers offered 78s, but sellers would not quit at loss than 78s 9d, and no business resulted. Interest was fairly well maintained in mining shares during' the period under review, the principal activity being in Electrolytic Zincs (Profs.) and Mt. Lyells. On Saturday a parcel of tho former was turned over at 295, the hammer falling with buyers at 28s 9d and sellers at 295. For several days those shares showed a rising tendency, and on Thursday a sale was effected at 30s fid, with buyers at 30s 6d and sellers at 50s 9d. Yesterday buyers offered 30s 3d, but sellers asked 30s Bd, and no business resulted. A parcel of Mt. Lyolls was turned over on Saturday at 20s sd, with a twopenny margin. They remained fairly wide for several days, but came closer yesterday, when two sales wore effected at 20s 7d, buyers quoting 20s fid and sellers 20s 9d. Nokomuis remained fairly quiet, although sales were effected during the previous week. On Friday of last week buyers quoted 5s and sellers 5s fid. Yesterday buyers quoted 5s 3d, but sellers asked 6s, and no business resulted. Kawaraus have not boon active during tho week. Interest has been fairly well sustained in Goldsbrough, Morts, and a sale was effected in the rights on Thursday at 10s premium, with buyers at 9s and sellers at 10s 6d. Yesterday these shares wore available at 9s fid premium, but buyers did not respond. A sale of Huddarts —tho first for a considerable period—-was effected on Thursday at 44s 9d, buyers quoting 44s 9d and sellers 45s 3d. A safe was also reported on that day at 44s 9d. Yesterday buyers quoted 44s fid and sellers 45s 3d, without result. There has been a considerable demand for New Zealand Breweries Ltd. (Dobs.) during tho week, and a number of parcels was disposed of at 225. A sale was also reported’ yesterday at that figure, the market closing with buyers at 21s lOd and sellers at 225. A parcel of Ward and Company’s changed hands on Tuesday at 58s 6cl, and yesterday they were available at 595, without response. Dominion Rubbers have not been so active during the past week as was tho case a week ago. A sale was effected on Wednesday at 555, the hammer falling with buyers at 34s fid and sellers at 355. Tho following day the quotations were:—Buyer 35s and sellers sfis. Yesterday, however, there was a sharp rise, buyers quoting 58s fid, but sellers would not quit at less than 4fis, and no business was effected. No business was done in New Zealand Refrigerating Company’s shares during the week. Yesterday tho fully-paids were available at „19s fid, without response. Tho conts. were in demand at 9s, but sellers asked 9s fid, without, result. Interest was not very active in Government script during tho period under review, and even when buyers quoted at good prices, sellers were reluctant to quote. Ba!os. —Mount Lyell, 20s 7d (two). Balos Reported —Now Zealand Breweries, Ltd. (debentures), 225; Kauri Timber, 32s 3d. Tlie following are yesterday afternoon’s buying and .-ell’ng quotations, which aro subject io the usual brokerage:

National Bank of Australasia^—Buy £l6 9s National Bank of Australasia (contrib.) — Buy £8 ?s. Union Bank—Buy £7O 17s. BREWERIES. Crown Brewery—Buy Sss. N.Z, Breweries, Ltd (debentures) —Buy 21a 10d, eel 225. Ward and Co.—Sel 59a. INSURANCE. National Insurance Co.—Buy 78s. sel 78s 9d N.Z. Insurance Co.—Buy 354 s fid. Standard Insurance—Buy 44s 6d, sel 475. SHIPPING. Howard Smith —Buy 345. Huddarfc, Parker (ord.) —Buy 44s 6d, sel 45s 3d. Huddart, Parker (pref.)—Buy 20s 9d, I*, and 0. Deferred Stock —Sel £265. U. 8.&. Co. (pref)—Buy 19s 6d, sel 20s 6d. COAL. Westport Coal Co —Buy 31s sd, sel 325. Westport Stockton (ord.) —Sol 3s. Westport Stockton (prof.)—Sol sa, LOAN AND AGENCY. Dalgety and Co.—Sel £l4 Bs. Goldsbrough, Mort (Rights)—Sol 9s 6d prem. N.Z. Loan and Mercantile (ord.) —Sel £96. Perpetual Trustees—Buy 425. Trustees, Executors, and Agency—Buy S7a 6d. Wright, Stephenson (ord.) —Buy 16s 9d. MEAT PRESERVING. N.Z, Refrigerating (paid)—Sel 19s 6d. N.Z. Refrigerating (contrib.) —Buy 9s, sel 9s 6d. MISCELLANEOUS. Brown, Ewing (ord.) —Buy 28s sd. Brown, Ewing (pref.)—Buy 20s 6d. Bruce Woollen (Jo.—Buy 225. Colonial Sugar—Buy £52, sel £54. D. 1.0. (ord.) —Buy 5s 6d prem D.I.C. (pref.)—Buy 20s 7<L Dominion Rubber—Buy 38s 6d, sel 40s, Kaiapoi Woollen (ord.) —Sel 12a 9d. Kaiapoi Woollen (contrib.) —Sel ss. Milburn Lame and Cement—Buy 33s 9d. Mosgiol Woollen Co.—Sel £6 0s 6d. National Electric —Buy 18s, sel 19s, N.Z. Drug Co. (contrib.)— Buy 8s prem. N.Z. Express Co. (ord.)— Buy 21s. N.Z. Hardware (ord.) —Buy 5s 6d, sel 7a. N.Z. Hardware (prof.)—Buy 14s fid. N.Z. Malay Rubber—Buy 245. N.Z. Malay Rubber (pref.)—Buy 28s. N.Z. Paper Mills (ord.)— Buy 20s 6d, se. 21s. Smith and Smith (pref.)—Day 18s 3d. Wilsons (N.Z.) Cement —Buy 33a 3d, so] 34s MINING. Nobomai Hydraulic—Buy 5s 3d, eel 6s. Electrolytic Zinc (pref.)—Buy 30s 3d, sel 50s Bd. , , Electrolytic Zinc (ord.) —Buy 20s 6d, sel 20s 9d. Mount Lyell—Buy 30s 6d, sel 20s 9d. Kawarau—Sol 15s 6d. WAR BONDS. 41 per cent. Bonds, 1930—Buy £97. 41 per cent. Bonds, 1928—Buy £97. 44 per cent. Bonds. 1939 —Buy £97. &4 per cent. Soldiers’ Bonds, 1938—Buy £lOl ss. „ , 44 per cent. Inscribed, 1953—8uy £97. 44 per cent. Inscribed, 1939 —Buy £97. 5 per cent. Postal Bonds, 1927—8uy £9B. 54 per cent. Inscribed Bonds, 1927-41 Buy £9B 7s 6d. VALUE OF STOCK EXCHANGE There is very little room for argument that the “listing” of a security upon the Stock Exchange adds to its attractiveness from the investor’s viewpoint (says the Melbourne Stock List). This being admitted, it may be accepted that the majority of the securities or shares offered to the public by share canvassers, or through the medium of boardcasted circulars, for which the advantage ot the free Quotation upon the Stock Exchange has either been refused or has not boon sought, are unworthy of the investor’s serious attention. The free daily quotation, widely published, the over-present willingness on the part of men trained in the knowledge of the values of stocks and shares to buy when prices drop too low, and a similar roadinass to sell when prices rise too high, form an effective assurance that the open market usually determines the intrinsic value of a stoeK. This is recognised _by bankers, who base their advances against securities upon f hoir Stock Exchange quotations, and by Governments, which determine values for probate and other purposes from the same authority. . It is interesting to see, in an article published recently in the Economist, strong support for the principle coming from such an authoritative source. Extracts from the article referred to aro:—“Another danger . . is the disposition to buy stocks and shares for which there is no free market. It is often asked what difference it makes to the average investor whether a Ptoek Exchange market e.xists in the stock or not. If ho is satisfied that ho bolds a sound security, which pays a good rate of interest, why should the matter of marketability he considered? Those who have to deal with stocks and shares are too familiar with the dangers which attach to such issues. In the open markets of the Stock Exchange the whole of the public compete for, or offer, slocks and shares in a manner which gives more or less flexibility to thousands of bonds, debentures, shares, and such like. But if an investor buys stock from a house which is itself the only market, it stands to reason that ho cannot depend upon being able to realise when ho wants to do so, nor has ho any prospect of getting out should things go wrong with the company. Therefore the danger should be avoided at ail costs of replacing shares which aro sold, by other securities which no Stock Exchange market exists.” NORTHERN EXCHANGES. (Peb United Press Association! The following business was dono on ’Changes yesterday:— . Wellington. —Reported sales; kew Zealand breweries (bonds), £1 2s; Bang of Aust!ralasia, £l4 10s. ' .. Christchurch. —Sales reported. Bank ot New Zealand, 56s 9d; Standard Insurance, 45s 6d (three parcels); Goldsbrough, Mort (cum rights), 4Gs 3d; Kauri Timber, 32a 3d; Now Zealand Refrigerating (cont., cum div.>, 9s 2d (two parcels). Sales on Change; Goldsbrough, Mort (cum rights), 4Gs 6d (two Pa Auckland— Sales: Breweries (debentures), oog - Hank of New Zealand, sis; Taupiri* Coal 18s; Auckland Gas (ord.), 23a sd, 23s 6d- new issue, 6s Sd. Ga 6d; Kauri Timber. 32s' 3d; Wilsons Cement, 33s 6d; Waihi, 2Ga 3d. ' v .