MONEY AND MARKETS

Southland Times, Issue 23182, 24 April 1937, Page 4

MONEY AND MARKETS

BUSINESS QUIET Dominion Exchanges IMPROVEMENT LATER IN WEEK Business on the stock exchanges of New Zealand was inclined to be quiet during the early part of the week, but an improvement was noticeable towards the end and the total amount of trading done was quite satisfactory. In Government securities the four per cent, issues commanded the most attention and the market for these lines has hardened in price, bonds and stocks due in 1946 selling up to £lO3. The line due in 1949, ex interest, sold at £lOl 15/- to £lO2, and the longer dated loan due in 1955 was transferred at £lO4. The Government loan issued early in the year with currency to 195357 and bearing interest at 3J per cent, was sold at £9B 10/-. There was more activity shown in the banking section this week, and business was spread over a wider range. Bank of New Zealands remain steady to firm at 45/- to 45/4. Bank of New Zealand’s long term D shares were transferred at 26/- and later were firmer at 26/8. Commercials of Australia continue to show steadiness, sales during the week being reported at 19/7 and 19/8. There was quite an active market for Bank of Australasia shares, several transactions being recorded at £l2 17/6. There was some business done in Nationals of Australasia, the contributing shares selling at £7 17/- and £7 18/- and the fully paids at £l5 17/6, both lines being cum dividend. Union Banks were fairly active on a slightly easier market, the business transacted during the week being at £ll 6/- and £ll 7/-. E. S. and A. Banks firmed in price to sell at £6 12/-, this figure being cum dividend payable next month. Bank of New South Wales shares were more active than usual, several transactions going through at £37 10/- to £37 12/6. A sale of Commercials of Sydney, the first for some time, was reported at £22 7/6. Insurance Section There is nothing outstanding to report in th; insurance section. Nationals eased .. trifle to sell at 17/11. New Zealands remain steady at 61/3 and the same applies to South British, which sold at 94/4 to 95/-. A parcel of Standards changed hands at 57/6. There was no change in the market for pastoral companies' shares, which continue to be quiet. A sale of Dalgety and Company’s shares was reported at £lO 18/6, showing an unchanged market. Goldsbrough Morts brought 36/11 and 37/3, and a sale of New Zealand Loan and Mercantile stock was reported at the unchanged price of £5O 15/-. • . The shipping section was quiet, the only business done being a sale of Union Steam Ship Company preference shares at 27/- and one of Burns Philp at 75/-.

Woollen companies’ shares were represented in the sales list by Kaiapoi Woollens. The contributing issue (7/paid) sold at 5/5 and the ordinary shares (17/- paid) brought 14/4. A parcel of Wellington Woodens (ora.) was reported sold at £5 12/-. The frozen meat section was very quiet, the only business done in this line being a parcel or two of New Zealand Refrigerating Company’s contributing shares, which were transferred. at 8/10 and a line of the fully paids, which brought 19/6. In the mining section there was a very large turnover in Mount Lyell shares, the market during the week ranging from 45/- to 46/6. Big business was also done in Mount Morgans, but at lower levels. Sales during the week were made at 16/9 down to 14/9. Electrolytic Zincs (ordinary shares) were traded in at prices ranging from 56/6 to 58/-, and the same company s preference shares brought 59/3 and 59/9. Sales of Broken Hill South were reported at 46/9 and North Broken Hill were done at 70/-. A parcel or two of Waimumu Sluicing Company’s shares were transferred at Ila. Nokomais brought 2/5 and later 2/2. A sale of Waihi Grand Junctions was reported at 3/10 and one of Gillespies at 1/7. • A Drop in Values .Business in the general section, while quite satisfactory, shows a considerable drop in volume compared with some weeks ago. Australian Glass at 91/are down in price about 1/6 to 1/9. Australian Iron and Steel shares (preference) brought 26/9. Broken Hill Proprietary, while more active than last week, remain practically unchanged in price, sales during the week beine made at 82/- and 82/6. The same company’s contributing shares brought 74/9 and 75/-. G. J. Coles Ltd. moved up sharply during the week from £5 1/to £5 10/-, later coming back to £5 3/6 and £5 5/-. British Tobaccos at 50/9 were very quiet and a shade below last week’s market. Selfridges old issue were transferred at 35/- and later 36/-. Hume Pipe (Australa) had a number or transactions at 20/1 and 20/2, showing an unchanged market. Dunlop Rubbers are a little below the market ruling last week-end, with sales at 20/10 and 20/11. Colonial Sugars at £44 17/6 and £45 are very steady. Shillings Ltd., while a little above last week’s market, are still weak at 16/4 and 16/6. Woolworths (N.Z.) were quiet, but very firm at £7 16/- to £B. Woolworths (Sydney), ex dividend, since last week-end, brought £7 to £7 7/6. Dominion Fertilizers were inquired after at 23/9, no sellers being below 24/3. Farmers’ Fertilizers moved up to 21/-. New Zealand Breweries have come back in price, latest sales being at 59/3 Sales of Dominion Breweries were reported at 42/6 to 44/6 for the old issue, and 39/6 was accepted for the new issue.

DALGETY & CO. (United Press Association) WELLINGTON, April 23. The New Zealand Superintendent of Dalgety and Company has received advice that the directors have declared an interim dividend of 3/9 a share, being at the rate of 7J per cent, a year, less British income tax, making a net return of 3/- a share sterling. The dividend is payable on May 19. SHARLAND & CO. (United Press Association) WELLINGTON, April 23. Sharland and Company has advised the Stock Exchange Association of an interim dividend on all shares of per cent., payable on May 10. THE WHEAT MARKET

(Received April 23, 6.30 p.m.)

LONDON, April 22. Wheat:— Cargoes are firmer, while parcels are quiet. Futures. —London: May, <t7/7 1 ,2; July, 47/4. Liverpool: May, 9/9%; July, 9/6%; October, 8/10>/ 2 . Chicago: May, 132% cents a bushel; July, 118%; September. 116%.

SHARE MARKET INVERCARGILL STOCK EXCHANGE GOVERNMENT STOCK IN DEMAND At the call-over on the Invercargill Stock Exchange yesterday the firm tone for Government securities continued. Buyers had increased their limits, but sellers were scarce. Quotations were as follows:— Government Debentures Buyers Sellers £sd £ s d Stock 3| p.c., 1938- 101 10- 0 Stock 3| p.c., 1939- 101 10 0 Stock, 4 p.c., 1946 102 10 0 Bonds, 4 p.c.j 1946 102 10 0 Stock, 4 p.c., 1949 101 10 0 Bonds, 4 p.c., 1949 101 10 0 Stock, 4 p.c., 1955 103 15 0 Bonds, 4 p.c., 1955 103 15 0 Banks Commercial 019 6 - Commercial, pref. 4 p.c. (cum.) 9 6 0 E. S. and A. Bank — 6 12 b National of n New Zealand g “ n New South Wales 38 0 U New Zealand 2 4 9 ——- New Zealand Long “D” issue 1 7 6 Union of Australia 11 6 0 11 9 0 Breweries New Zealand Breweries ■-—2 19 9 Staples Brewery o o Tooth’s Brewery — J d Coal Kaitangata 1 3 3 Westport Coal 13 6 Insurance National 017 6 018 0 Loan and Agency Goldsbrough. Mort and Co. 1 17 3 National Mortgage 2 lb u Wright, Stephenson (ord.) 0 18 9 - (pref.) 019 6 10 0 Meat Companies Gear Meat Co. 0 17 3 N.Z. Refrigerating (20/- paid) 0 19 9 (10/- paid) 0 9 0 Shipping Howard Smith 1 3 9 Hudaart-Parkei 2 0 0 Union Steam Ship Co. (pref.) 16 6 Woollen Mills Bruce 013 0 Kaiapoi (cont.) 0 5 6 Mosgiel 10 0 0 Miscellaneous Australian Glass 4 11 9 Australian Iron and Steel 1' 6 0 Broken Hill Pty. 4 16 - - British Tobacco (Aust.) 2 11 0 G. J. Coles 5 4 0 D.I.C. (ord.) 0 16 9 D.I.C. (pref.) 1 3 9 Dominion Fertilizers J- ’ “ Hume Pipe (Aust.) 10 3 Milburn Lime and Cement 1 18 9 „ N.Z. Drug . 3 16 3 N.Z. Farmers’ Fertilizers 1-0 6 ———— N.Z. Guarantee Corporation J 0 0 N.Z. Paper Mills 1 ° 6 Otago Daily Times 2 6 0 Woolworths (N.Z.) — 8 5 0 Shillings, Ltd. 0 16 0 Mining Broken Hill South 2 5 0 Big River 0 2 0 Electrolytic Zinc (ord.) 2 17 6 ——-—- (pref.) 3 0 0 Gillespie’s Beach 016 0 18 Mount Lyell 2 5 8 ■■■■——- Mount Morgans 0 15 0 Nokomai 0 2 0 0 2 3 Okarito 0 3 4 — -—- Skippers 0 0 4 Waitahu 0 2 1 Waimumu 0 0 9 —— —— Waipapa 0 0 8 0 0 10 2 Unlisted Woolworths (Sydney) 7 10 0 NORTHERN EXCHANGES SALES ON ’CHANGE AUCKLAND £ s d Stock 1953-57 3>/a p.c. 98 10 0 Amalgamated Brick (Auck.) 1944 6 p.c. 99 10 4 0 Bank of N.Z. (2) 2 4 6 do. 2 4 9 do. (D mort.) 16 0 Union Bank 11 6 3 Farmers Auctioneer (B pref.) 116 Loan and Mercantile 50 0 0 Taupiri Coal (2) 17 0 Dominion Breweries (2) 2 3 0 Broken Hill Propty. 4 2 3 Donaghy’s Rope 2 14 0 Electrolytic Zine 2 18 6 do. (pref.) 2 19 3 do. 2 19 0 G. J. Coles (2) 5 5 6 Wilson’s Cement (2) 1 13 6 Martha 19 3 Waihi Investments 13 0 Unofficial Woolworths (Syd.) (3) 7 0 0 British Neon 11 0 WELLINGTON £ s d 4 p.c. Stock 1946 (Thurs.) 102 15 0 4 p.c. Stock 1949 (Thurs.) (2) 102 0 0 4 p.c. Stock 1955 (Thurs.) 104 0 0 Bank of N.Z. (D long term) (Thurs.) 16 6 Farmers Co-op. Auctioneering. (B pref.) (Thurs.) 116 Tooth and Co. (Thurs.) (2) 2 17 0 Donaghy Rope (Thurs.) 2 14 0 4 p.c. Stock 1946 103 0 0 Union Bank (3) 11 7 0 Farmer and Co. 6 p.c. Pref. 1 4 lO’/j Broken Hill Propty 4 2 9 do. 4 2 5 Electrolytic Zinc (pref.) (3) 2 19 6 Milburn Lime 1 17 6 North Broken Hill 3 12 8 Mount Lyell 2 7 0 do. 2 7 3 Mount Morgan 15 9 Unofficial John Fuller and Son (Debs.) 65 0 0 Woolworths Ltd. (2) 7 0 0 CHRISTCHURCH £ s d Government 4 p.c. Inscribed 1946-49 102 10 0 Bank of N.Z. (cum. div.) (2) 2 4 6 N.Z. Guarantee Corporation 4 9 Westport Stockton Coal (pref.) 4 0 Christchurch Gas 19 0 Anthony Hordern (2) 19 7 Broken Hill Propty. 4 2 7 do. (4) 4 2 9 Dunlop Rubber (2) 110

Sales Reported

Unlisted Ballins Breweries (15/- paid) 10 9 Woolworths (Syd., ord.) 7 0 0 do. 7 2 6

SYDNEY STOCK EXCHANGE METAL SHARES IMPROVE (Received April 23, 10.10 p.m.) SYDNEY, April 23. At the Sydney Stock Exchange, Broken Hills and Electrolytic Zinc recovered some of their lost ground today. Industrial shares presented a firm front.

Melbourne Sales Bonds met a good de-.iand. Great Barriers and Mount Lyells were better on more favourable news from London. Gold shares

Sulphide Corporation 15 0 GOVERNMENTSECURITIES (Received April 23, 5.5 p.m.) LONDON, April 22. Following are the latest quotations for Government securities compared with the prices ruling recently:— April 15 April 22.

THE WOOL MARKET BRADFORD MARKET VERY FIRM (Received April 23, 6.30 p.m.) LONDON, April 22. The Bradford markei is very firm and topmakers are disinclined to make concessions In view of the light offerings at the wool sale opening on April 27. The consumption of yarns has been well maintained. Quotations: April 2 April 8 April 15 April 22 70's 39 40 40>/ 2 41

DAIRY PRODUCE BUTTER QUIET AND CHEESE STEADY (Received April 23, 6.30 p.m.) LONDON. April 22. The butter market is quiet and cheese is steady. Quotations: Butter April 15 April 22. Danish 113/- 110/- to 112/New Zealand— Choicest salted 106/- 107/Unsalted 108/- 108/A stralian— Choicest salted 105/- to 106/- 108/Unsalted 108/- 108/Chccsc New Zealand— White 68/6 68/6 Coloured ,68/6 69/Australian— Vhite C 7- 67/Coloured 67/- 67/METAL MARKET LONDON. April 22.

do. (2) 1 0 11 Electrolytic Zinc (pref.) 2 19 8 do. 3 0 0 do. 3 0 2 do. (3) 3 0 3 G. J. Coles 5 5 6 do. (3) 5 5 9 Wi.cox Moulin 14 0 Broken Hill South 2 9 2 Mount Lyell (2) 2 6 6 do. (3) 2 6 5 do. (6) 2 7 0 Mount Morgan 15 5 do. (2) 15 6 ■ do. 15 9

Government 4 n.c. Inscribed 1952-55 5 0 (3) 104 N.Z. Guarantee Corporation 4 9 Broken Hill Propty. 4 2 6 Electrolytic Zinc (pref.) 2 19 6 do. 2 19 9 Amalgamated Wireless (cont.) 2 7 0 Mount Lyell 2 6 4 Mount Morgan 15 5 do. 15 9

DUNEDIN £ s d Bank of N.Z. (2) 2 4 6 National Bank of N.Z. (3) 3 2 3 N.Z. Refrigerating (paid) 19 5 Wright Stephenson (pref.) 1 0 0 Dunlop Rubber 1 1 0 Electrolytic Zinc (ord.) 2 18 6 Regent Theatre * 1 0 0 Mount Lyell 2 6 5 do. 2 7 0 Okarito 3 4

Sales were:— £ s d Bank of New South Wales 38 2 6 Commercial Banking Sydney 22 17 6 Associated Newspapers 1 3 9 Australian Gas (A) 7 5 6 Berlei 1 19 0 Tooth’s Brewery 2 17 9 G. J. Coles 5 8 0 Morris Hedstrom 1 9 6 Electrolytic Zinc 2 19 9 Anthony Hordern (N.Z. delivery) 1 0 3 J. Fielding 3 19 3 Goodyear (pref.) 1 12 0 Sargents ; 12 4‘/a Waldas Shoes 1 1 3 Wunderlich (ex div.) 1 3 0 Woolworths (ord.) — Sale 7 5 0 Seller 7 5 0 Selfridges— Sales 1 16 0 Seller 1 16 0 Woolworths (N.Zi.) — Buyer 7 '7 6 Seller 7 15 0 Mount Morgan IS 7>,i Mount Lyell 2 7 6 Bulolo Gold 7 0 0 Emperor 17 6 Rawang Tin 11 1 Broken Hill Propty. 4 3 6 South Broken Hill 2 10 0

were stronger. Sales were:— £ s d Commercial Bank of Australia 19 9 National Bank (£5 paid) 7 18 0 Howard Smith 1 3 7 G. J. Coles 5 8 0 Dunlop Perdriau Rubber 1 1 6 Goldsbrough Mort 1 18 0 Electrolytic Zinc 2 19 6 do. (pref.) 3 0 6 Kauri Timber 1 4 3 Mount Lyell .2 7 3 North Broken Hill 3 15 6 r-mperor 17 6 Satupulo 1 17 9

£ s d £ s d British— Consols 76 10 0 77 10 0 ■Funding Loan, 4 per cent. 110 15 0 111 10 0 War Loan, 3 p.c. 103 0 0 104 0 0 Con. Loan, 3>/ 2 p.c. 101 15 0 102 10 0 Victory Bonds, 4 ' per cent. 109 10 0 110 5 0 Commonwealth— 3 p.c., 1945-75 109 0 0 109 0 0 3 p.c., 1955-58 100 5 0 100 5 0 4 p.c., 1943-48 102 15 0 102 10 0 3% p.c., 1945-53 101 7 6 101 10 0 3V 2 p.c., 1936-37 96 0 0 95 7 6 3% p.c., 1958-60 90 15 0 90 12 6 New South Wales— 4'/ 2 px., 1935-43 100 0 0 100 0 0 Victoria — 3 p.c., 1929-40 96 3 9 96 10 0 4% p.c., 1940-60 104 5 0 103 17 6 4 p.c., 1945-75 109 0 0 108 17 6 Queensland — 3 p.c., 1932-47 96 10 0 96 10 0 5 p.c., 1940-60 105 2 6 105 0 0 South Australia — 4 p.c., 1942-62 109 0 0 108 15 0 3 p.c., 1945-75 82 0 0 82 5 0 Western Australia— 4 p.c., 1942-64 102 1 3 102 1 3 Tasmania— 3>/ 2 p.c., 1929-40 101 12 6 101 10 0 4 p.c., 1940-50 101 15 0 102 2 6 New Zealand— 4 1 ,z p.c., 1948-50 103 2 6 100 15 0 3>/ 2 p.c., 1940 101 2 6 100 0 0 4 p.c., 1945 96 0 0 94 15 0

64’s 36>/ 2 38>/ 2 39 39 60's 36>, 2 37>/ 2 38 37 58’n 33 34 34 34 56's 29',2 32 32 32 50’: 26 27 r.7 27

Metals are quoted as follows:— April 21 April 22. i d £ s d Copper— Standard, Spot 61 0 0 59 17 6 Forward 57 10 0 57 6 3 Electrolytic 63 0 0 64 0 0 to 65 0 0 66 0 0 Wire bars 65 0 0 66 0 0 Lead — Spot 24 11 3 26 2 6 Forward 24 8 9 26 0 0 Spelter— Spot 23 13 9 25 15 0 Forward 23 13 9 25 15 0 Tin— Spot 261 5 0 269 7 6 Forward 256 17 6 264 15 0 Silver— Fine, per oz 20>/ a 20 5-16d Standard, per oz 22 lad 21 15 -16a