THE SHARE MARKET

Otago Daily Times, Issue 25851, 23 May 1945, Page 2

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE

New Zealand Government 21 per cent. Stock, 1940, was wanted on the Dunedin Stock Exchange yesterday at £99 2s 6d, with sellers offering to quit at £99 15s. There was a buyer of the 2J per cent. Stock, 1947, at £9B 12s 6d, and a seller of the 1947-49 issue at £9B 15s. Bank of Australasias were offered at £9 12s 6d, and Union Banks had sellers at £8 12s 6d, but no buyers quoted. Bank of New Zealands were quoted at £2 7s 9d (buyer) and £2 8s 3d (seller). An offer cf £1 6s Id for National Insurances failed to attract a seller, and Standards were offered at £4 4s, with buyers quoting at £4 3s 3d. New Zealand Breweries had sellers at £2 4s 3d, and Dunedin Breweries at £1 10s. but no buyers quoted. Kaitangata Coals were quoted at £1 2s and £1 6s; Macduffs (ord4 at 16s and 17s; and Wilsons Cement at 18s 9d and 19s 3d —buyers and sellers. There were buyers of Bruce Woollens (ord.) at £1 14s 3d, of Mosglel Woollens at £l4, and of National Electric at £1 12s, but no sellers came forward; Yesterday’s Sales

Dunedin.—Sale on ’Change: Union Bank (50), £8 12s 6d—Sales reported: Government 2J per cent. Stcck, 1947-49 (£3700), £9B ss; Government 3 per cent. Stock, 1952-55 (£1000), £97 15s; Government 3 per cent. Stock, May, 1953-56 (£200), £97 ss; Government 3 per cent. Stock, December, 1953-56 (£600), £9B 2s Gd; Union Steam Ship (pref., 200), £1 11s (ex div.); Macduffs (pref., 200), £1 6s; Woolworths (N.Z., 100), £1 3s 3d; Woolworths (Sydney, 250), £1 3s 3d. Auckland.—Sales on 'Change: Liberty Loan, 1947-49, 2J p.c. (£1000), £9B ss; 3 p.c Stock, 1951-54 (£500), £9B ss; 4 p.c. Stock, 1946-49 (£750), £IOO 15s; Auckland Hospital Board, 1946, 41 p.c. (£200), £lO2 15s; Mount Eden Borough, 1952-57, 41 p.c. (£200), £105; Auckland Gas Perpetual Deb. (£3lo'), £B7 15s (2); Commercial Bank of Australia (100), 17s 9d; National Bank of New Zealand (450), £2 18s 6d; Traders’ Finance (con., 200), 6s 3d; Wright, Stephenson (pref., 215), £1 5s 6d; New Zealand Breweries (127), £2 3s lOd; Dominion Breweries (46L £2 9s; British Tobacco (100), £2 10s 6d; Booth Macdonald (pref., 300), 8s lid; Broken Hill Proprietary (350), £2 6s (2); Broken Hill Proprietary (325), £2 6s 3d; Colonial Sugar (10), £59 10s; Farmers’ Trading (250), £1 7s 6d (2); Hadfield’s Steel (100), 12s 6d; Morts’ Dock (100), £1 5s 6d; Union Oil (350), £1 9s Gd (2); Woolworths (N.Z., 200), £1 3s 3d; Waihi Investments (550). 5s 3d; Mount Morgan (300), 7s 8d; Mount Morgan (pref., 100), £1 2s; North Broken Hill (100), £2 12s 6d. Wellington.—Sales on ’Change (late Monday): 3 p.c. Stock, Dee., 1953-56 (£2500), £9B 10s; 2 p.c. Stock, 1955-58 (£1200), £9B; 3 p.c. Stock (£300), £9B 2s Gd; 31 p.c. Stock, 1956-59 (£1800), £IOO 15s (2); New Zealand Breweries (184), £2 3s lOd; Woolworths (N.Z., cum. 200), £1 3s 3d. Sales yesterday: 2J p.c. Stock, 1947 (£300), £9B 12s 6d; 2J p:c. Stock, 1948 (£1000), £97 12s 6d; 3 p.c. Stock, 1952-55 (£2000), £97 15s; 3 p.c. Stock, Dec., 1953-56 (£300), £9B 10s; 3 p.c. Stock, May, 1953-56 (£2000), £97 ss; 3 p.c. Stock, 1955-58 (£500,), £9B 2s 6d (2); National Bank of New Zealand (568), £2 18s 6d (3); Union Bank (50), £8 12s 6d; Woolworths (N.Z., cum, 400), £1 3s 3d (2); Macduffs (pref., 206), £1 6s. Unofficial list: Paparpa Coal (760), ss. Christchurch.—Sales on 'Change: New Zealand Government 3 p.c. Victory Loan, 1955-58 (£300), £9B 2s 6d; Broken Hill Proprietary (200), £2 6s; Woolworths (N.Z., cum div., ord., 100), £1 3s 3d. Sales reported: ■ Bank of New Zealand (cum. div., 150), £2 7s lOd; Macduffs (ord., 260), 16s 3d; New Zealand Drug Co. (fully paid, 70), £5 3s; Selfridges (Australasia, ex div., 400), £1 8s 6d.

LORNEVILLE STOCK SALE

INCREASED PRICE FOR BEEF (P.A.) INVERCARGILL, May 22.

There was an increase of £1 a head for fat cattle at the Lorneville stock sale to-day. Wethers were easier by Is 6d, and ewes remained unchanged. Fat Sheep.—Of the yarding of 1125 fat sheep only a small proportion consisted of wethers, the balance being ewes. About half of those were good quality, and the remainder were freezing sorts. Wethers generally were easier by about Is 6d a head, while ewes of all classes remained unchanged. Prime quality wethers sold from 43s to 455, medium-weights 39s to 41s. light-weights 33s 6d to 35s 6d. good quality maiden ewes 26s 6d to 28s 3d, good quality butchers' ewes 24s 6d to 265, medium 22s 6d t0.23s 6d, freezing ewes 16s to 21s 6d, according to weight. Fat Lambs.—The yarding was a small one, the majority being light and unfinished sorts. Export buyers secured the bulk of the yarding at values in keeping with the export schedule rates. Fat Cattle. —The entry of 115 near) was Just a medium one, and only a third of it was of good quality: The demand was good and prices compared with the previous week were about £1 a head better. The following range of prices may be quoted:—Good quality heavy-weight bullocks. £l6 10s to £lB, medium £l3 15s to £l4 10s, light-weights £ll 10s to £l2 10s, small sorts £lO to £lO 15s, prime heavyweight cows to £ll 7s 6d, good quality £9 to £lO medium sorts £7 10s to £8 10s, aged and inferior £5 to £6 ss, good quality medium-weight heifers £lO 10s to £ll 10s, light-weights £9 5s to £lO, small sorts £8 to £8 15s.

WAIAREKA SALE

NO CHANGE IN PRICES (Special) OAMARU, May 22. There were medium yardings in all sections at the Waiareka sale to-day, and prices were on a par with those ruling at last week’s sale. Quotations: — Fat Cattle. —Best steers, £l3 to £ls ss; medium, £lO 2s 6d to £l2 ss; medium heifers, £8 10s to £9 10s; best cows, £9 to £lO 10s; medium, £6 10s to £7 7s 6d. ■ Store Cattle.—Calves, £3 12s 6d to £5 10s; heifer calves, £4 12s 6d. Fat Sheep.—Best wethers, 35s to 37s 6d; medium, 32s to 33s 4d; light, up to 30s; best ewes, 23s 6d to 25s 6d; medium, 21s to 22s 6d.

Store Sheep.—Ewe hoggets, 25s to 30s; wether lambs, 18s 9d.

FLETCHER HOLDINGS, LTD.

. INCREASE IN NET PROFIT

(Spl.) AUCKLAND, May 22. A net profit of £27,455, compared with £20,929 in the previous year. Is reported by Fletcher Holdings, Ltd., for the year ended March 31. These amounts are less provision for taxation amounting to £IB2O in the past year and £1420 in the 1944 year. The sum of £749 over the provision made for taxation is returned to the appropriation account, and alter payment of the usual 6 per cent, preference and ordinary dividends, absorbing £27,808, the sum of £9805 is carried forward, against £9408 brought in. The net profit of the subsidiary companies after adequate depreciation and establishing a reserve for taxation of £137,556 was £52,437, against £50,556. Dividends amounting to £27,155 were received by Fletcher Holdings from the subsidiaries' compared with £22,500 in the previous year. , . The report states that trading conditions were difficult, owing to labour and material shortages. The asbestos division of Dominion Industries had operated at a loss. The directors had, decided that any future industrial development should take place through Dominion Industries, and its capital had been increased from £60,000 to £3OO 000, for which the parent company had subscribed and paid to 7s 6d a share. Approval was being sought to issue a further 250,000 ordinary shares of £1 by the parent company to parties other than the existing shareholders. The directors’ proposals in connection with these shares are referable to confidential negotiations at present in progress, the report states. It is also proposed to increase the number of directors.

KAITANGATA COAL COMPANY

A loss of £57 is reported by the Kaitangata Coal Company, Ltd., for the year ended February 28, compared with net profits of £4873 (after providing for taxation charges) last year and £6386 in 1943. No dividend has been declared this year, but Is 6d a share was paid in 1944. Mining revenue is stated at £13,267 (£30,187 last year), while interest, rents, dividends, and surplus on shares sold returned £2921 (£1358). The sum of £2BOO (£582) was transferred from the employees’ accident reserve fund. Depreciation is unchanged at £3OOO. Fixed, assets, including property, plant, rolling stock, and the Castle Hill farm and plantation, are stated at £33,067, compared with £35,992 in 1944. Stocks on hand amount to £IOB7 (£1485), sundry debtors £11,243 (£14,350), and investments 1 at cost £28,434 (£31,312). Capital Is unchanged, but provision for income tax of £499 compares with the 1944 item of provision for income, social and national security taxes of £8551. The balance sheet is balanced at £73,950, compared with £83,263 last year.

FISH MARKET

There was a considerably improved supply offering at yesterday morning’s fish auction, particularly of soles arid flounders, for which the prices were much easier but values remained firm for round fish. With the exception of a small quantity of flounders and red cod. all varieties were cleared. Prices ranged as follows; Lemon soles, Bid to 7d per lb; English soles, 43d per lb; flounders, 6d to Old per lb; ling, 5d to 5Jd per lb; Gurnet, 33d per lb; blue cod, BJd per lb; groper, 9Jd to lOd per lb; red cod. 20s to 24s per large case.