Money And Markets THE STOCK EXCHANGES

Southland Times, Issue 23437, 18 February 1938, Page 9

Money And Markets THE STOCK EXCHANGES

Conditions Quiet At Yesterday’s

Call-Over

Conditions continued quiet on the Invercargill Stock Exchange yesterday. Buyers were still quoting fairly freely for Government securities. Support for banking shares was confined to one or two lines only. Breweries were unchanged and insurances in little demand. Meat preserving companies’ shares were quiet. Shipping had limited inquiry and woollens were dull outside of Mosgiels, which were firm at £9 10/- on buyers’ offers. Industrials remained steady, Woolworths (Sydney) being an exception. This company s shares advanced to 25/9, a rise of 2/- during the week. Metals were irregular with small advances in some lines and losses in others. A sale of Australian Foundation Trust at 5/10 was reported.

Quotations were as follows:— GOVERNMENT DEBENTURES

SYDNEY (Received February 17, 8.35 p.m.) SYDNEY, February 17. The Stock Exchange retains its generally firm tone with only minor price fluctuations. Mount Lyells responded to reports of an improved statistical position for copper.

MELBOURNE The market for bom industrials and investment shares is very steady with no definite trend. There is a continued demand for Commonwealth loans.

THE WOOL MARKET PROPOSAL TO FIX MINIMUM RESERVE PRICES (Received February 17, 6.30 p.m.) SYDNEY, February 17. The Australian Wool Growers’ Council has decided to ask all Dominion growers’ representatives, when they meet in London shortly, to consider a plan to fix minimum reserve prices for wool in future seasons. The proposal was inspired by the low prices during the current season. No similar action has yet been taken by the Dominions in conjunction, but in 1923 the Australian growers established a reserve price. The plan controlled a system of export licences but only certain crossbreds fell to the reserve price of Bd. The plan was abandoned after six months. “JITTERY” MARKETS IN LONDON ANXIETY OVER CENTRAL EUROPE (Received February 17, 6.30 p.m.) LONDON, February 16. The stock markets in London are “jittery” as a result of the news about Austria, but the Vienna Bourse is generally not affected. Austrian bonds were the heaviest sufferers in the markets. America’s gold “desterilization” move has fallen flat as far as market improvement is concerned, but it helped to unsettle the foreign exchanges. Fears of inflation are further depressing the dollar and French francs also are weaker, partly because of the Central European situation and partly because of a threat of labour troubles. WINTON STOCK SALE YESTERDAY’S YARDING At the Winton stock sale yesterday there was an entry of about 4000 sheep, comprising mostly store lambs. Fat lambs ranged in price from 21/6 to 26/-. Fat ewes made 15/9, 17/and 20/-, and fat wethers from 22/6 to 24/-. Extra forward store lambs sold from 18/- to 19/9, medium from 13/- to 16/6, and small from 9/- to 12/-. Good four, six and eight-tooth ewes realized 29/2, and two-tooth ewes made from 28/- to 32/-. Ewe lambs brought 18/- to 22/9. Old. brokenmouth ewes sold from 7/6 to 9/6, and “potters” from 2/- to 3/-. A yarding of 20 fat cattle, comprised mostly of fat cows, sold at prices ranging from £4 7/6 to £5 10/-. Boners made from £2 10/- to £3 15/-. Fat heifers sold from £4 7/6 to £7 15/-. Bulls realized from £2 to £4 10/-, a dairy cow £4 12/6 and two-year-old store heifeass down to £3.

Buyers £ s d Sellers £ s d Stock, 3| p.c., 1938-52 102 0 0 — Stock, 3J p.c., 1939-52 102 0 0 — Stock, 4 p.c., 1946 102 10 0 — — Bonds, 4 p.c., 1946 102 10 0 — Stock, 4 p.c., 1949 104 0 0 — Bonds, 4 p.c., 1949 104 0 0 — Stock, 4 p.c., 1955 103 10 0 — Bonds, 4 p.c., 1955 103 10 0 — — BANKS Commercial 0 16 5 0 16 8 Commercial of Sydney — 20 10 0 New South Wales — 32 10 0 New Zealand 2 2 3 — New Zealand long • “D” issue — 1 10 0 Union of Australia — 9 6 0 BREWERIES N.Z. Breweries 2 5 3 2 6 0 COAL. Kaitangata 1 7 0 1 10 0 Westport Coal 1 3 0 — — INSURANCE National - 0 17 1 Standard 2 18 9 3 0 0 LO/LN AND AGENCY Dalgety and Co. - 8 10 0 Goldsbrough, Mort and Co. 1 10 6 1 11 6 National Mortgage - 2 8 0 Wright, Stephenson (ord.) 1 2 0 — (pref.) 1 0 9 — — MEAT COMPANIES N.Z. Refrigerating (20/- paid) — 1 0 0 Southland Frozen Meat - 1 9 3 South Otago Freezing Co. 5 10 0 — — SHIPPING Huddart-Parker 2 2 9 — — Union Steam Ship Co. (pref.) 1 6 6 — — WOOLLEN MILLS Kaiapoi (pref.) — - 0 16 6 Mosgiel 9 10 0 — — MISCELLANEOUS Australian Glass 4 13 0 — — Broken Hill Pty. - 3 0 10 British Tobacco (Aust.) — - 2 10 0 Colonial Sugar Co. 46 0 0 — — G. J. Coles - 3 18 0 Dominion Fertilizer - 1 4 3 Dominion Invest'ments 1 19 0 — Dominion Rubber Co. - 1 8 0 Dunlop Rubber (Aust.) — 1 3 3 Milburn Lime and Cement — 2 0 0 N.Z. Drug - 3 10 0 N.Z. Guarantee Corporation 0 4 6 — Woolworthfi (N.Z.) — 1 0 0 Woolworths: Ltd. 1 5 9 — — MINING Broken Hill South - 1 13 0 Big River 0 1 0 — — —— Electrolytic Zinc (ord.) — 2 6 9 (pref.) — 2 9 0 Gillespie’s Beach — 0 1 1 Goldfields Dredging — .0 0 3 Martha Gold Mining 0 15 0 — Mount Lyell — — 1 10 0 Mount Morgans — 0 9 0 Nokomai — 0 2 2 Okarito — 0 3 0 North Broken Hill 2 9 0 — — AUCKLANI ) £ 8 d Amalgamated Brick (Auck.) 1944 6 p.c. S3 10 0 National Bank of N.Z. 2 14 0 Bank of N.Z. 2 2 10 N.Z. Insurance 3 0 9 South British (2) 2 5 9 N.Z. Guarantee Corporation 4 6 Australian Glass 4 13 6 British Tobacco 2 9 6 Broken Hill Propty. 3 0 6 do. (2) 3 1 0 N.Z. Drug 3 8 0 N.Z. Newspapers 1 19 0 Woolworths (N.Z.) 1 0 0 Woolworths (Syd.) 1 5 8 do. 1 5 7>,i do. (3) 1 5 8 Martha 15 2 Broken Hill South 1 12 3 Mount Lyell 1 9 8 do. 1 9 9 Mount Morgan 9 1 Overseas List Woolworth’s Holdings (S.A.) 14 9 WELLINGTON £ 6 d National Bank of Australasia (£10 paid) (Wed.) .4 10 0 Broken Hill Propty. (Wed.) 3 0 4 G. J. Coles (Wed.) 3 17 6 Woolworths Ltd. (Wed.) I 5 10 Martha Gold (Wed.) 15 2 Bank of Australasia 10 5 0 Bank of N.Z. 2 2 9 Commercial Bank of Australia 16 7 Standard Insurance 2 19 9 Broken Hill Propty. 3 0 7 Farmers’ Trading 1 0 0 Woolworths Ltd. (ord.) 1 5 9 do. 1 5 8 do. 1 5 10 Woolworths (N.Z.) 1 0 0 Overseas List Woolworth’s Holdings 14 9 Unofficial N.Z. Perpetual Forests A/- paid) (2) 17 7 CHRISTCHURCH £ 8 d E.S. and A. Bank 5 1 6 N.Z. Refrigerating (10/- paid) (2) 8 4 Westport Stockton Coal 3 0 Anthony Hordern 18 5 Broken Hill Propty. 3 0 11 do. (2) 3 1 0 Broken Hill Propty. (cont.) 1 12 3 Dunlop Rubber 1 2 11 Electrolytic Zinc (ord., cum. div.) 2 6 0 G. J. Coles (2) 3 18 0 do. (2) 3 18 2 Hume Pipe (Aust.) 1 1 0 Taranaki Oilfields (2) 6 2 do. (2) 6 3 Woolworths (N.Z., ord.) 19 10 do. 1 0 0 do. (3) 19 11 Woolworths (Syd., ord.) (3) 1 5 10 Mount Lyell (6) 1 9 8 Mount Morgan 8 11 1 /2 do. (7) 9 0 do. (7) 9 do. (2) 9 2 do. (2) 9

do. (2) 9 1 Sales Reported 4 p.c. Inscribed 1943-46 102 15 0 do. (2) 102 12 6 National Bank of Australasia (£5 paid) 7 2 6 South British Insurance (Wed.) 2 5 9 Westport Stockton Coal 3 0 N.Z. Breweries 2 5 9 British Tobacco 2 9 3 G. J. Coles 3 18 0 N.Z. Newspapers 1 19 0 Taranaki Oilfields 6 4 Woolworths (N.Z.) 1 0 0 Woolworths (Syd., ord.) 1 5 10 do. 1 5 11 do. 1 6 0 do. 1 5 11 Mount Lyell 1 9 7 Mount Morgan ■ 103 9 0 3‘,2 p.c. Stock 1938-52 0 0 Grey River (8/9 paid) 11 6 DUNEDIN £ 6 d Woolworths (N.Z.) 19 9 Sales Reported Huddart Parker (ord.) (Wed.) 2 3 9 Colonial Sugar (2) (Wed.) 46 5 0 Martha (Wed. ) 15 2 Waihi Investments (Wed.) 9 5 Waihi Grand Junction (Wed.) 2 9 Broken Hill South 1 13 0 Commercial Bank 16 8 National Insurance 17 0 N.Z. Drug 3 9 0 Woolworths (Syd., ord.) 1 6 0 Spencers Pictures 2 7 Zinc Corporation 4 19 0 Mount Morgan (3) 9 0 Unlisted A. and T. Burts (pref.) 12 0

Sales were: £ s d Bank of New South Wales 32 7 6 Commercial Banking of Sydney 20 3 0 Associated Newspapers 1 2 4>/z do. (pref.) 1 5 0 Tooth's Brewery 2 15 0 British Tobacco 2 9 9 Dunlop Perdriau Rubber 1 3 3 Australian Glass 4 14 6 Farmers 1 13 3 Anthony Hordern 18 10,2 General Industries 19 6 do. (pref.) 1 5 0 Hume Pipe 1 1 3 Winchcombe Carson 1 11 0 Goldsbrough Mort 1 11 Hi Meggits 1 11 0 Woolworths 1 6 3 Henry Jones 2 9 3 Electrolytic Zinc 2 6 6 Mount Lyell 1 10 4>,i Larut " 13 9

Sales were: £ s d National Bank (£5 paid) 7 5 0 British Tobacco 2 10 0 G. J. Coles 3 19 3 Drug Houses 1 6 6 Australian Glass 4 14 3 Dunlop Perdriau Rubber 1 3 2 do. (pref.) 1 19 0 Goldsbrough Mort 1 11 3 Mount Lyell 1 10 3 Broken Hill Propty. 3 1 9 North Broken Hill 2 10 6 South Broken Hill 1 13 3 Zinc Corporation 4 18 0 Emperor 11 7 Loloma 19 3