MARKET SHOWS WEAKNESS

Southland Times, Issue 23308, 18 September 1937, Page 4

MARKET SHOWS WEAKNESS

Industrial Firms In Australia STOCK EXCHANGES OF NEW ZEALAND Conditions on the stock exchanges of New Zealand have been somewhat depressed during the week. The turnover has been quite up to that of the Previous period, but the market especially among some of the Australian industrial concerns, has shown a weakening tendency. Government securities continue to attract considerable attention from investors. Business was done in nearly all the lines in this group, but particular attention was paid to the 4 per cent, issue of bonds and stocks falling due in 1955. Quite a number of transactions was reported in this line at £lO5 5/-. The issue due in 1949 was not heavily dealt in, but the market is firm at £lO4 15/-. For the line maturing in 1946 buyers gave £lO3 5/-. A few transactions went through at that figure. The only line dealt with in the tax free stock was that which falls due in 1939-52, this being placed at £lO4 5/- and £lO4 10/-. . . The banking section remains rather dull, especially the market for Australian banking companies’ _ shares. Commercials of Australia, which are one of the most popular stocks in .he banking group with investors, fell below last week’s low figure, the business done during the week being at 17/4. Commercials of Australia were quiet and show no change in price. They are selling at £9 5/-. Bank of New South Wales shares came back to lower and sales were reported at £32 and £3l 17/6. Union’s eased 4/- a share to sell at £9 12/-. There was a drop of over 8/- a share in the market for Nationals of Australasia, a sale going through at £6 15/-. Commercials of Sydney brought £2O, which is a drop of 20/since last week. A sale of Australasias was reported at £ll 12/6. Nationals of New Zealand were quiet, but steady at 58/-. Bank of New Zealands were the most active stock in this section ana several sales were reported of this bank’s shares at 44/9 and 45/-. INSURANCE COMPANIES There was more business done in insurance companies’ shares this, week, but the market is a little easier all round. New Zealands came back to 63/6 and 63/3 and there was an easier tone for South British with sales at 96/6 and 97/-. Nationals are not quite up to last week’s figures and were transferred at 18/2 and 18/3. The market for financial and pastoral companies’ scrip was very quiet. No business was done in this section until near the end of the week when a sale of Dalgetys was put through at the unchanged price of £lO 1/-. Goldsbrough Morts are much easier at 33/3 to 33/8. A brighter market exists for the contributing shares of the New Zealand Refrigerating Company, several parcels changing hands at 9/10 to 9/11 a share. The shipping section was quiet and the only business done in the woollen section was in Kaiapois. The ordinary issue of this company’s shares is selling at 14/- and the contributing issue is bringing 5/2. . In mining companies’ shares there was an easier tone noticeable among some of the leading lines. Mount Lyells were fairly heavily traded in at ■ slightly lower figures. The market during the week was 42/2 to. 42/6. Mount Morgans show no alteration in price, although several sales of this company’s shares are reported at 11/— to 11/1. Broken Hill South were done at 48/-, but after the dividend distribution was made sales were reported at 46/6 to 47/-. North Broken Hill are slightly below the market that was ruling last week and the latest sales are at 73/6. Electrolytic Zincs (ord.) sold at 54/- to 55/-, and the preference issue at 55/9 to 56/3. A sale of Martha Goldmining, which was the first for some time, was made at 15/3. The only business reported in the lower priced mining scrip was a sale of Nokomai Gold Mining at 2/3. DROP IN PRICE The market for some of the industrial companies’ scrip shows a falling away in price. The total turnover in this section also showed a considerable drop. There was a considerable amount of trading in Broken Hill Proprietary Company’s shares and sales were reported at 76/9 to 77/3. A number of transactions was reported in the shares of G. J. Coles, Ltd. The market for this company’s shares was steady early in the week, but later the price eased down to 94/6, recovering later to 95/3 and 96/-. Australian Glass show a much easier tone, kvith sales at 91/6 to 92/-. Colonial Sugars show little change in price as compared with last week, and were turned over during the last day or two at £47 and £47 2/6. Hume Pipe are slightly weaker and sales of this company’s shares were reported at 20/2 down to 20/-. Dunlop Rubbers show an easier market to sell during the week at 22/3 and 22/4. British Tobaccos fell back to 49/6 and later sales were made of this company’s shares at 49/3. Shillings, Ltd., were quiet and easier in price at 19/9 down to 19/6. Wilson’s Cements were inactive and the market was easier at 20/9. A sale was reported of New Zealand Farmers’ Fertilizers at 20/9 and more were procurable at 21/-. Woolworths (Sydney) failed to hold the price they sold at last week. The market was fairly steady for a few days of the present period, but later there was an easier tone with sales from £6 11/6 down to £6 9/-. McKenzie’s Department Stores are not quite up to last week’s market, sales during the week being made at 87/6 and later at 86/6. Taranaki Oils were again fairly active with sales at 6/3 to 6/9. In brewery companies’ shares there was only a small demand. New Zealands were offered at 50/6 and Dominions at 40/9 and 41/-. Tooths are easier at 54/3. DIVIDENDS DUE <• Rate Date N.Z. Drug Company 3>/ 2 p.c. Sept. 20 (interim) Hume Pipe (Aust.) 3> 2 p.c. per Sept. 27 (final) annum British Tobacco 4 4-5 d a share Sept. 30 (Aust.) (quarterly) Dunlop Perdriau 4 p.c. ord., mak- Sept. 30 Rubber Company ing 7 p.c. for year North Broken Hill 1/6 a share Sept. 30 (final) and bonus of 6d Selfridges (Aust.) 4 p.c. per Sept. 30 (interim) annum , Bank of Australasia 3/6 a share Oct. 1 (interim) less Brit, income tax Howard Smith 4‘/ 2 dashare Oct. 6 Mount Morgan Oct. 11 (interim)