QUIET WEEK FOR SHARE MARKET

Southland Times, Issue 23438, 19 February 1938, Page 4

QUIET WEEK FOR SHARE MARKET

MODERATE BUSINESS TRANSACTED GOVERNMENT SECURITIES IN DEMAND Quiet conditions continued on the stock exchanges of the Dominion during the week. Trading was not active and only a moderate amount of business was transacted. _ , Buyers are still quoting freely ioi Government securities, but not a great amount of business was put through. Four per cent, bonds and stock with currency to 1943-46 sold at £lO4 12/6 and later, ex interest, this line brought £lO2 10/- to £lO2 15/-. A small amount of business was transacted in the other two 4 per cent, issues at prices slightly in excess of those ruling last week. Very little business was done in the tax free issues, the market for which was very firm. There was a wider range of business transacted in the banking section this week, but the market was still very quiet. Bank of New Zealands showed a further easing tendency with sales at 42/6 and 42/9. Sellers of Bank of New Zealand long term “D” shares reduced their limits without attracting buyers. Commercials of Australia, ex dividend, were in small demand, an odd sale or two only being reported at 16/6. Bank of New South Wales brought £32 5/-, this price being cum dividend of 6/- a share payable towards the end of this month. Some inquiry continued to come for Nationals of Australasia, sales of this banks shares being reported at £l4 10/—. An easier tone was noticeable for Nationals of New Zealand, business being done in this line at 53/11 and 54/-. Other banking lines dealt with were Australasias at £lO 7/6 and Commercials of Sydney at £2O. In the insurance group there was only a small turnover. Nationals were done at 16/10 and 17/- and South British brought 46/3 and later 45/9, showing an easier market. Buyers for Standard Insurances advanced their bids to 58/9, sellers asking 60/-. Business in the pastoral section was dull and the market lifeless. One sale in this group was reported, a line of Goldsbrough Morts changing hands at the lower price of 30/9. Frozen meat companies’ shares were not in demand. Business in this group was confined to a parcel of Southland Frozen Meats, which were transferred at 29/-, and one of New Zealand Refrigerating contributing shares, which brought 8/5, ex dividend. ■ MINING SHARES LOWER The market, for woollen companies’ shares was dull and for shipping concerns there was very little inquiry. Almost all the lines traded with in the mining section sold at lower figures. Mount Lyells had a fair range of sales at 29/9 down to 29/3. Mount Morgans came back to 8/9 and 9/-, showing a very weak market. Broken Hill South and North Broken Hill were both transferred at lower levels, Souths selling at 32/9 and 33/-, and Norths at 49/6 and 50/-. . Electrolytic Zincs were inactive, a parcel or two of the ordinary shares changing hands at 46/6. Waihi investments were steady and unchanged at 9/5 and -9/7. Martha Goldmining are also holding their price, being placed at 15/2 and 15/3. _ The market for lower-priced gold mining shares was very dull. The turnover in the miscellaneous section was a restricted one. Nearly all the lines dealt with were at lower prices, the exception being Woolworths (Sydney), which advanced more than 2/- a share since the beginning of the week. The latest sales were at 25/9. Woolworths (N.Z.) did not follow its sister company, the market here being a little easier at 19/4 to 20/-. There was a fair amount of business done in Broken Hill Proprietary; the market was a little below that of the previous week with sales down to 60/3. G. J. Coles, Ltd., also showed an easier tone. Sales during this week were made at 77/-, the shares later recovering a little to sell at 77/6. Dunlop Rubbers were quiet and easier at 22/10 and 22/11. Colonial Sugars are below last week’s figures, sales being reported at £46 5/- and £46 7/6. There was an easier market for British Tobaccos which were sold at 49/3 to 49/6. Wilson’s Cements were placed at 18/5, a slight drop on last week’s price. Hume Pipe (Australia) had a sale at 20/10, showing a slightly easier tone. New Guarantee Corporation were transferred at 4/7, more being asked for at 4/6. Taranaki oils made a move upwards towards the end of the week, the market advancing from 5/10 to 6/2 and 6/3. . , Business in brewery companies shares was confined chiefly to New Zealands, which sold at 45/9. A parcel or two of Dominion/ Breweries were placed at 37/6. Tooths were quiet but steady at 55/-. DIVIDENDS DUE Bank of New South 6/-a share Feb. 24 Wales (interim, quarterly) Clutha River Gold l%dashare Feb. 23 Dredging Co. (interim) Australian Guarantee 10 p.c. per March 1 Corporation annum (half-yearly) Big River Id a share Mar. 1 Standard Insurance 1/3 a share Mar. 7 (half-yearly) Electrolytic Zinc 6 p.c. on ord Mar. 17 (interim) and pref. Broken Hill South 9d a share Mar. 18 (interim) THE WOOL MARKET BRADFORD TOPS DULL ■ (Received February 18, 6.30 p.m.) LONDON, February 17. The Bradford tops market is dull, topmakers generally holding out against low bids.

RIVERSDALE STOCK SALE FAIR INQUIRY FOR LAMBS There was a fair entry forward at the monthly Riversdale stock sale yesterday. In the sheep section up to 20/- was paid for prime ewes and 26/3 for wethers. There was a fair inquiry for lambs and up to 24/- was paid for ewes. Wethers realized 17/-. Sales were: — J. E. Watson and Co., Ltd., —Sixtytwo ewes at 11/8, 63 small lambs at 9/-, 9 fat ewes at 20/-, 1 fat.wether at 26/3, 1 fat heifer at £5 7/6, 1 fat cow at £6 5/-, 3 fat cows at £5 5/-. New Zealand Loan and Mercantile

Agency Co., Ltd.— Eighty-three ewe lambs at 18/8, 113 wether lambs at 17/6, 150 m.s. lambs at 17/-, 50 wether lambs at 10/-, 13 do. (small) at 6/-,40 2-tooth wethers at 19/-, 85 wether lambs at 15/-. Passed in: One hundred and fifty ewes. Dalgety and Co., Ltd.-Two hundred and forty-one wether lambs at 12/6, 376 do. at 12/6, 42 small mixed-sex lambs at 7/-, 135 do. at 10/1, 480 2tooth wethers at 17/-, 279 2-tooth ewes at 24/6, 255 ewe lambs at 24/-, 60 mixed-sex lambs at 16/1. DAIRY PRODUCE MARKETS BUTTER AND CHEESE QUIET IN LONDON (Received February 18, 6.30 p.m.) LONDON, February 17. The butter market is quietly steady and cheese is quiet. Quotations: — BUTTER Feb. 10 Feb. 17 Danish 126/- 127/New Zealand— Choicest salted 111/- to 112/- 113/Unsalted 114/- 115/- to 116/Australian— Choicest salted 111/- 113/Unsalted 112/-to 113/- 115/CHEESE New ZealandWhite 68/- 67/Coloured 68/6 67/6 AustralianWhite 65/6 to 66/- 65/Coloured 66/- to 67/- 65/6 to 66/GOVERNMENT SECURITIES (Received February 18, 6.30 p.tn.) LONDON, February 17. Following are the latest quotations for Government securities compared with the prices ruling recently:— Feb. 10 Feb. 17 £sd £ s d

FOREIGN EXCHANGES (British Official Wireless) (Received February 18, 6.30 p.m.) RUGBY, February 17. The following mean closing rates of foreign exchanges were quoted today compared with par:— Par Today Paris, fr. to £ 124.21 152 27-64 New York, dol. to £ 4.886 5.03 1-16 Montreal, dol. to £ 4.886 5.02% Milan, lira to £ 20.43 95% Copenhagen, kr. to £ 18.159 22.40 Oslo, fr. to £ 19.159 19.90 Vienna, schgs. to £ 34.585 26% Berlin, rmk. to £ 20.42 12.40% Prague, kr. to £ 34.585 142% Helsingfors, m. to £ 103.23 226% Madrid, pesetas to £ 25.15 — Lisbon, escudos to £ 110 110 3-16 Athens, dr. to £ 875 547% Bucharest, lei to £ 318.6 677% Belgrade, dinars 275.3 216 Rio de Janeiro, p. to milreis 8.895 2 13-16 Buenos Aires, p. to dol. 45.577 — Montevideo, p. to dol. 57 21% Bombay, p. to rupee 10 18% NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, announces the following rates of foreign exchange on a New Zealand currency basis: on Buying Selling London—£N.Z. to £stglOO T.T. 124 124/10/O.D. 123/10/- 124/18/9 Australia — £A to £lOO N.Z. T.T. 101 100/10/O.D. 101 Fiji—£F to £lOO N.Z. T.T. 90/7/6 89 O.D. 90/7/6 89 New York— Dollars to £1 N.Z. T.T. 4.0674 4.0327 O.D. 4.0774 4.0367 Montreal— Dollars to Cl N.Z. T.T. 4.0639 4.0314 O.D. 4.0759 4.0354 Austria— Schillings to £1 N.Z. T.T. — 20.99 O.D. — 21.00 Belgium— Belgas to £1 N.Z. T.T. 23.945 23.635 O.D. 24.020 23.646 Czechoslovakia — Korunas to £1 N.Z. T.T. — 113.87 O.D. — 113.92 Denmark— Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.899 Finland — Marks to £1 N.Z. T.T. 184.95 179.15 O.D. 185.35 179.25 France — Francs to £1 N.Z. T.T. 124.26 121.76 O.D. — 121.80 Germany— Reichsmarks to £1 N.Z. T.T. — 9.894 O.D. — 9.899 Greece— Drachmae to £1 N.Z. T.T. — 429.54 O.D. — 429.84 Holland— Florins to £1 N.Z. T.T. 7.308 7.158 O.D. 7.348 7.162 Italy— Lire to £1 N.Z. T.T. — 76.64 O.D. — 76.69 JavaFlorins to £1 N.Z. T.T. 7.279 7.129 O.D. 7.319 7.133 Norway— Kroner to £1 N.Z. T.T. 16.182 15.892 O.D. 16.242 15.898 Noumea — Francs to £1 N.Z. T.T. 125.51 120.51 OD. — 120.55 Papeete— Francs to £1 N.Z. T.T. 125.36 120.56 OD. — 120.55 Sweden — Kroner to £1 N.Z. TT. 15.791 15.496 OD. 15.581 15.502 Switzerland — Francs to £1 N.Z. TT. 17.541 17.271 OD. 17.646 17.276 Chefoo— N.Z. pence to 1 dollar TT. — 18% OD. — 18 7-64 Hong Kong— N.Z. pence to 1 dollar TT. 18 29-64 18 53-64 OD. 18 27-64 18 53-64 India and Ceylon— N.Z. pence to 1 rupee T.T. 22% 22 21-32 C ; D. 22 11-32 22 21-32 Japan— N.Z. pence to 1 yen t.T. — 17% C.D. — 17% Manila— N.Z. pence to 1 peso T.T. 29 17-64 29 49-64 O.D. — 29 49-64 Shanghai— N.Z. pence to 1 dollar T.T. — 18 9-64 - O.D. — 18 9-64 Singapore— N.Z. pence to 1 dollar T.T. 34 11-64 35 11-64 O.D. 34 19-32 35 11-64 THE PRIcToF GOLD (Received Febrinry 18, 6.30 p.m.) LONDON, February 17. The price of gdd is £6 19/10 an mince.

Quotations: — Feb. 3 Feb. 10 Feb. 17 Jan. 27 70’s 28 >/z 28 >/ 2 28 i/z 28 64's 27 27 27 26>/z 60's 26 26 26 251/z 58's 23 23 23 22>,'z 56's 22 22 22 201/a 50’s 17 Vz 17>/ 2 17*/z 17

British— Consols 79 0 0 77 15 0 Funding Loan, 4 per cent. 114 10 0 114 0 0 War Loan, 3 p.c. 102 10 0 103 0 0 Con. Loan, 3’,4 p.c. 104 10 0 103 15 0 Victory Bonds, 4 per cent. 112 10 0 112 10 0 Commonwealth— 3 p.c., 1945-75 108 7 6 108 7 6 3 p.c., 1955-58 103 7 6 103 12 6 4 p.c., 1943-48 101 0 0 101 0 0 3% p.c., 1945-53 93 0 0 93 5 0 3‘/ 4 p.c., 1958-60 89 17 6 90 0 0 New South Wales— 4’/ z p.c., 1935-45 98 2 6 98 7 6 Victoria— 3 p.c., 1929-40 95 0 0 95 1 3 4% p.c., 1940-60 104 11 3 104 7 6 4 p.c., 1945-75 108 0 0 102 2 6 Queensland— 3 p.c., 1932-47 91 5 0 96 2 6 5 p.c., 1940-60 107 5 0 107 0 0 South Australia— 4 p.c., 1942-62 108 2 6 108 7 6 3 p.c., 1945-75 70 10 0 79 5 0 Western Australia— 4 p.c., 1942-64 101 2 6 101 3 9 Tasmania— 3>/ 2 p.c., 1929-40 101 15 0 102 0 0 4 p.c., 1940-50 101 12 6 101 7 6 New Zealand — 41/2 p.c., 1948-50 • 103 12 6 103 8 9 3i/ 2 p.c., 1940 101 11 3 101 7 6 4 p.c., 1945 97 10 0 91 15 0 —I..I