COMMERCE AND FINANCE

Otago Daily Times, Issue 23436, 26 February 1938, Page 11

COMMERCE AND FINANCE

LOCAL AND OVERSEAS MARKETS

CHRISTCHURCH STOCK EXCHANGE THE WEEK’S ACTIVITIES (Special to Daily Times) CHRISTCHURCH, Feb. 25. The share markets have had one of the most active weeks for some time and have displayed a strength that has been noticeably absent since the casing months of last year. The activity was mainly confined to base metals, the shares following the improvement of metals on the overseas markets, but the rise in this section influenced most of the other sections also. The spurt showed conclusively that there is no real feeling of depression among investors, as the encouragement provided overseas was immediately reflected on the market here and in Australia. The week was one of the events which might have heen expected seriously to disturb the British markets, but after a hesitant day or so immediately following the Cabinet crisis the markets settled down to freer bidding and rising prices. All along the line there are indications that _ the rearmament programme which is in prospect in the United States has already had the effect of restoring a degree of confidence there, and as the New York Exchange rallied, markets all over the world followed. At the end of the week there was a writing back in values which was fairly general, but this was probably no more than a natural reaction to the somewhat excited markets earlier. The turnover on the Christchurch Exchange was £39,299, against £42,123 for last week. Government issues remained very firm, with the usual strong chorus of buyers and no sellers. Rates were inclined to harden further and only one transaction was made, a sal 2 of 3i per cent. 1953-57 at £97 15s, a rise of 10s on the month. Banks were quiet and about steady to slightly weaker. Commercials were fairly steady, trading at 16s 7d till the end, when there was h loss of a penny. National Bank of New Zealand had some transactions at £2 13s 6d, about 6d lower than recent values, and New Zealands, after rising to a sale at £2 3s, were weaker at the finish. Unions remained steady at £9, but there was not a great deal of interest in the section as a whole. Loans were scantily supported. There was a sale of Dalgetys at £8 6s, an improvement of Is on recent rates, but the Gauarantee Corporation was definitely weaker, with business at 4s 4d. Refrigeraticn shares were dull and inclined to be weaker. Coals were not well supported. New Zealand Breweries and Ballins were the only stocks to show any activity in this section. Both were about steady, New Zealands losing a penny at the close. Metals and cjiain stores provided the bulk of the business in the miscellaneous section. Both were exceedingly active from Tuesday till Thursday. Prices m general rose sharply, but fell at the close, but not so much, however, as to dissipate all the earlier gain. Broken Hill Proprietaries, which were done on Tuesday at £3 Is 3d, rose sharply to sales at £3 2s 7d, but lost a few pence at the end. Contributing finished firmer than they began. Electrolytic Zincs, which were more active than for some weeks, rose about Is 6d, and held all but 4d of the rise. The preference rose more sharply and came back eventually to the opening level. The chief interest among chain stores was in Woolworths, which had a rush of buyers after the dividend and bonus announcement. The price went from £1 5s 9d to £1 8s 6d In sales, but came back to round £1 6s 9d. The New Zealand issue showed a sympathetic, but much less marked, rise and fall. G. J. Coles had active trading and showed a gain on the week of 2s 9d to £4 2s. British Tobacco showed encouraging firmness, improving steadily throughout the week. Dunlops, which were quiet, Improved fractionally on the finishing price of last week. Taranaki Oils rose at the opening to sales at 6s lid, but declined steadily to lose 7d by the end. In the mining section, shares concerned with base meteils were particularly active and all registered good gains. Despite some loss at the close, Broken Hill North, which were, done at just under £2 9s at. the beginning of the week, rose to sales at £2 13s and finished a little better than £2 11s. Norths rose from sales at £1 12s to sales at £1 15s, and finished at £1 14s 6d. Mount Lyells were very active and finished with a net gain of about Is 3d, with sales at £1 11s 3d—the best price since the beginning of the month. Mount Morgans-, after rising to 10s 4d, finished at 9s lid to gain better than lOd on the week and the highest price for the month. Rawang Tins had some business, and there was also more interest than usual in Dominion gold shares. AUSTRALIAN STOCK EXCHANGES I United Press Association) (By Electric Telegraph— Copy right > SYDNEY, Feb. 25. (Received Feb. 25, at 10 p.m.) The Stock Exhangc maintains its bright tone, with prices generally at about yesterday’s levels. THE MORNING SALES

MELBOURNE. Feb. 25 Tlie market to-day was inclined to react on the easier tone oyersoas. Don--Ibps rose on the expectation of an increase in the dividend. £ s d

MOUNT MORGAN, LTD. DETAILS OF PRODUCTION (Per United Press Association) WELLINGTON, Feb. 25. The New Zealand Stock Exchange Association has received advice from Mount Morgan, Ltd., that for the four weeks ended February 23 the ore mined totalled 58.723 tons. Ore treated:: Sulphide, 32,700 tons; oxidised, 27,803 tons. Estimated production: Gold, 6026 ounces; copper, 204 tons.

MINING NEWS NEMONA RETURN (Per United Press Association) GREYMOUTH, Feb. 25. The Nemona return- was 340 z for 97 hours’ work and 9600 yards treated. GOLDEN DAWN REPORT For the 20 working days ended on February 19, a total of 658 tons of ore was treated at the Golden Dawn Mine for an approximate realisation of £1352 (gold being quoted on the basis of £7 2s per oz). HOWARD SMITH LTD. (United Press Association) (By Electric Telegraph—Copyright) SYDNEY, Feb. 25. (Received Feb. 25, at 5.5 p.m.) The directors of Howard Smith, Ltd., recommended a dividend of 3 per cent for the half year, making 5 per cent, for the year. CANTERBURY MARKETS FEW LARGE ORDERS (Per United Press Association) CHRISTCHURCH, Feb. 25. There has been a steady trade In small seeds with the North Island, but few big orders are in the market. Wheat deliveries continue heavy and cocksfoot is offering freely, otherwise the markets are quiet. The wheat harvest, assisted by excellent weather with very few breaks and with the increased use of mechanical means, proceeded more rapidly than usual. This week there has been a distinct slackening off in the amounts delivered as the main part of the early harvest has been completed. All wheat offering is of good quality, and this week fewer samples with a high moisture content have been received. Cocksfoot has been offered very freely this week. The market remains steady at 8d to Did for this season’s perennial ryegrass, which is extremely scarce, little having offered. There is a fair demand for the seed and the price remains firm. A few samples of white clover were received, but the harvest of this crop is not yet general. Some early offerings show a dark colour, but it is reported that the crop is generally good. The crop is not expected to be a large one, but there were fair stocks carried over last season. The price at present is 8d to 9d per lb. Apart from the reports of blight, which are discussed freely, there Is little interest in potatoes forward. The market was quiet. Blight has been reported m practically every district in Canterbury but, so far. the trouble appears to be considerably less, serious than some reports would indicate. So far, the disease is little more serious than in a good year, but it is not likely as yet to affect the yields very materially. BANK OF AUSTRALASIA FINAL DIVIDEND DECLARED (United Press Association) (By Electric Telegraph—Copyright) LONDON, Feb. 24. (Received Feb. 25, at 11.55 p.m.) The Bank of Australasia has declared a final dividend of 4s 6d. The reserve fund remains at £2,475.000. with a currency reserve of £2,000,000. The amount carried forward is £205,829.

£ s. d. Commonwealth Bondi — 102 0 0 4 p.c., 1938 .. 4 p r 1957 .. . . 104 17 5 Bank of New South Wales 32 10 0 Australian Gas (A. e; div.) 7 9 0 Broken Hill Pty. .. 3 2 6 Fairymead Sugar . . 1 14 9 General Industries 0 19 4J Coles 4 3, ' 3 Goldsbrough .. .. 1 11 0 2 Meggitts .. •• •• i 11 0 ADDITIONAL SALES £ s. d. Bank of New South Wales .. 32 lb 0 Colonial Sugar .. Associated News .. 46 1 1 12 6 3 3 (pref.) 2 5 British Tobacco .. 2 9 9 2 15 6 i ii 44 4 0 Australian Iron and Steel i 8 4} i 13 0 Anthony Hordern Mart’s Dock .. .. 0 0 18 10 74 6 Warburton Frank (ex div.) 1 1 6 Goodyear (pref.) 1 1 12 3 Wool worths .. .. 7 Taubmans . • • • 3 0 Newbould Brick .. 1 13 6 10J United Provisions 0 3 Goldsbrough. Mort . . . . 1 1 1 0 1 11 17 14 9 11 0 Millaquin Sugar .. 9 10 0 Fairymead Sugar Mount Morgan Mount Lyell .. ..

Comm. Bank of Australia.. 0 16 9 0 National Bank (£5 paidJ .. 7 3 G. J. Coles 4 1 1 0 1 3 2 0 6 0 Drug Houses Dunlop Perdriau .. •• 3 9 11 2 10 12 0 11 It Mount Morgan Mount Lyell Broken Hill Pty. •• •• North Broken Hill .. .. 0 9 Emperor 9 Loloma