THE INVESTMENT MARKET

Southland Times, Issue 23374, 4 December 1937, Page 4

THE INVESTMENT MARKET

New Zealand Stock Exchanges

EFFECT OF OVERSEAS’ INFLUENCES

Influences from overseas continue to dominate the investment market. The bulk of the business transacted this week has been in industrial companies shares, but metal companies’ scrip also came in for a good deal of attention. .

The market for Government securities remains steady, but there is not now the demand for this class of security. Limited business only was done in the four per cent, issues at prices on a par with those ruling last week. Sales of the bonds and stocks, due 1943-46, were made at £lO3, and the line maturing in 1946-49 brought the same price. There was inquiry without business for the longer dated loan at £lO5. In the tax free group the market was inactive with only a few sales of the line due in 1938-52 at £lOl 2/6 to £lOl 5/-. . , „ , , Outside of the shares of the Bank of New Zealand there was very little business done in the banking section. Bank of New Zealands, although a little below last week’s' market, are fairly steady at 44/4 to 44/6. Bank of New Zealand long term D shares improved in price to 30/3; buyers staying in at 30/-. Commercials of Australia fell back a point or two, with sales going through at 16/9 to 16/10. Bank of New South Wales, ex dividend of 6/- a share, were placed at £32 and £32 2/6. A sale of Union Banks was made at £9 5/- and National Banks were placed at the lower price of 56/-. Insurance companies’ shares are one of the few lines which continue to show a firm front. South British, while quiet, were firm at 98/6. New Zealands are very steady at 64/6. Standards brought 60/-, with buyers offering 59/3 for further lots. Nationals were procurable at 17/6. PASTORAL SECTION The unfavourable outlook for wool has not improved the prices of Pastoral Companies’ shares. The business done in the shares of this group was very light, only a few sales of Goldsbrough Morts being reported at 30/10 to 31/6. For Wright Stephenson’s preference shares there were buyers at 20/6. Business was very quiet among frozen meat companies’ shares. A few sales of Southland Frozen Meats were reported at 28/-. New Zealand refrigerating company’s shares seldom go throughout the week without being dealt in, but this week they have been particularly quiet. A sale of this company’s debentures bearing interest at 4| per cent, with currency to 1940-45, was made at £lO3. There was nothing of importance to report in the shipping section. Woollen companies* shares had little or no inquiry. The business done in this group comprised sales of Oamaru Woollens at 18/- and a parcel of Wellington Woollen Company’s shares at £5 7/6. Although metal companies’ shares did not fluctuate in price like last week the market is still very unsteady. There --was heavy trading in Mount Lyells at prices ranging from 33/3 down to 32/9. This company’s final dividend for the year ended September 30 of 2/- a share is payable on December 20. North Broken Hill sold during the week at 50/- to 52/6, showing only a slight change in price from the previous period. Broken Hill South are firmer, the market advancing to 37/3 and later 38/- and 38/3. There was a fair turnover in Electrolytic Zinc, both ordinary and preference shares. The former sold from 45/3 to 47/6 and the preference brought 49/6 to 50/2. Mount Morgans show a slightly firmer tone, latest sales being at 11/9 and 11/10. Rawang Tinfields Ltd. were quiet with little change in price, business being reported at 10/4 and 10/9. Martha Gold Mining have come back to lower levels, sales during the week, being reported at 12/3. Waihi Investments were quiet and easier at 9/5. Nokomai, the only line in the lower priced shares to be dealt in, were placed at 2/1. GENERAL SECTION There was a good turnover in the general section. Broken Hill Proprietary were active on a firm market, the shares advancing from 59/9 to 61/3 and later to 62/6. The new issue of shares, now 5/- paid, were dealt in at 33/8 to 33/10. Woolworths (N.Z.) remain steady at £5. Wool worths (Sydney) eased in price to 23/-, after selling last week at 24/9 to 26/-. Later the market improved, with business at 25/10 to 27/6. There was a good turnover in this company’s shares. British Tobaccos brought 49/3 and 49/4, showing a slightly firmer tone. G. J. Coles and Company’s shares fell from 82/6 to 80/early in the week. Later a recovery took place with business going through at 82/6 and 82/9. No business was reported in New Zealand Guarantee Corporation shares, for which sellers were asking 4/11. New Zealand Paper Mills were placed at 26/6, buyers for further lots offering 26/-. Wilson’s Cements sold several times at 18/- and 18/3, later easing to 17/6. Taranaki Oils sold at unchanged prices with sales reported at 6/3 to 6/8. Dunlop Rubbers are a little easier at 21/10 and 22/-.

Some sales were reported in Australian Glass Company’s shares at 84/6, 84/9 and 86/-. Colonial Sugars ex dividend were placed at £45 10/-. Hume Pipe were quiet and not in great demand at 20/4. A parcel of the Otago Daily Times Company’s shares were transferred at 47/-, more being wanted at 46/6. A sale of D.I.C. preference shares was reported at 24/-. Among brewery companies’ shares the market for New Zealands was an active one on a weaker market. Sales were made at 45/-, 45/3 and 45/6. DIVIDENDS DUE Wilson's Cements 4>/ 2 dashare Dec. 8 (interim) North Broken Hill 1/3 a share Dec. 8 (quarterly) Golden Sands Id a share Dec. 10 N.Z. Breweries 4 p.c. Dec. 10 (interim) Bank of N.Z. 1/-a share on ord. Dec. 11 (half-yearly) and 3% p.c. on D long term shares Broken Hill South 1/3 a share Dec. 17 (quarterly) Mount Lyell 2/- a share mak- Dec. 20 (final) ing 3/6 for year Woolworths (N.Z.) 2/- a share Dec. 15 (final) Oamaru Woollen 3‘/ 2 p.c. mak- Dec. 7 Mills ing 6 p.c. for year THE PRICE OF GOLD LONDON, December 2. The price of gold is £7 an ounce.