FAIR TURNOVER FOR WEEK

Southland Times, Issue 23544, 25 June 1938, Page 4

FAIR TURNOVER FOR WEEK

STOCK EXCHANGES OF DOMINION QUIET TONE IN SECTIONS OF MARKET BY OUR COMMERCIAL EDITOR Friday Evening. There was a fair turnover on the stock exchanges of the Dominion during the week. A quiet tone continued in some sections of the investment market. Prices for some of the leading Commonwealth industrial concerns fell away badly during the early part of the week, as did most of the metal companies’ shares. During the last day or two a recovery took place and the bulk of the metal companies, especially, gained more ground than they lost. The gilt-edged section met with only a fair demand. Some business was done in the stock maturing in 1953-57, bearing interest at 31- per cent, taxable, at the price of £97 5/-. This figure was cum. interest payable on July 15. Tax-free stocks, 1939-43, brought £lOO 2/6, compared with £lOO last week. Some of the tax-free issues become 4 per cents, taxable toward the end of this year. Four per cents, were quiet, the longer-dated loan selling at £lO2 to £lO2 10/- and receiving the most attention. The lines maturing in 1946 and 1949 were dealt in at £lO2 10/- to £lO2 15/-. A slightly better turnover was shown in the banking section and business was spread over more lines than last week, but this group was still quiet. Allowing for the recent dividend payment, Bank of New Zealands were steady at £2 3/3 to £2 3/6. Commercials (ordinary) were quiet and a little easier at 15/8. Some business was done in Commercials (pref.) at £9 4/-. Bank of New South Wales were placed at £3l 10/-, more being procurable at £32. A sale of E.S. and A. Bank, the first for a fortnight, was made at £4 17/-. Unions were transferred at £8 5/-, and later £8 5/9 was given for this bank’s shares. Support for Nationals of New Zealands caused values to rise and sales were reported of. this bank’s shares at £2 15/-. National Bank’s final dividend will be paid on July 9. INSURANCE SECTION QUIET. The insurance section was quiet. South British eased 3d to sell at £2 6/9. New Zealands also showed a lower market, selling at £2 16/9 and £2 16/6. Standards were offered at £2 17/6 and sellers of Nationals asked 17/10. Among shipping companies’. shares there was a good inquiry for Union Steam (pref.) at £1 6/-, and Huddart Parkers preference issue was also asked for at £1 8/-. Sales of Burns Philp was the only business reported in this section, trading being done in this line at £2 10/3 and £2 10/6. The pastoral group was very quiet and although sellers were quoting, no buyers came forward. Dalgetys had sellers at £B, Goldsbrough Morts at £1 8/-. and Wright, Stephenson preference at £1 1/-. The Frozen Meat section was not an active one, the only business transacted being a sale of New Zealand Refrigerating contributing shares at 8/4 and of Southland Frozen Meats at the advanced price of £1 9/9. Early in the week, there was a further slump in most of the stocks in the mining section, but later in the week prices hardened sharply and the turnover also improved.. A number of transactions in Mount Lyells wire put through, the market falling to £1 2/5, but recovering later to £1 4/-, £1 4/9 and £1 5/-, these prices all being ex dividend. Broken Hill South eased from £1 5/6 down to £1 4/6, but moved up smartly later’in the week to sell at £1 7/9 to £1 8/7. Electrolytic Zincs also shared in the rise, the preference issue of this company’s shares advancing’ to £2 3/-. North Broken Hill, with a dividend of 6d a share payable next Tuesday, moved up to £2. Mount Morgans firmed a little during the week, selling, at 8/5 to 8/10 and later going at 8/11 to 9/6. There was practically no movement among the lower-priced mining shares, one sale of Maori Gully at 5Jd being reported. ATTENTION FOR OIL SHARES Shares in oil companies again attracted a good deal of attention Taranakis had a large turnover with sales ranging from 12/- up to 15/-. The smaller Moturoa Company’s shares were not so active and the market price during the week was 5/8 to 6/-. There was more activity in the miscellaneous section, but values apart from one or two Austrlaian companies were unchanged. Broken Hill Proprietaries were fairly active and the market recovered somewhat from the setback early in the week, latest sales being made at £2 18/6 to £2 19/-. Chain store companies’ shares were responsible for a number of sales. G. J. Coles improved, the price advancing from £4 0/3 to £4 2/-. Woolworths were not so firm and sold down to £1 5/-. British Tobaccos came back to the low figure of £2 5/9, but made some gains later to sell at £2 6/3 and £2 6/6. Dunlop Rubbers fell below par, the market price during the week being 19/5 to 19/11. Australian Glass showed no change in price up to Wednesday, when sales were made at £4 12/6. From that day this company’s shares were quoted ex dividend, and business was done at £4 10/6 to £4 11/-. Colonial sugars came in for some attention, sales being reported in this line at £46 12/6 to £46 15/-. Business in Woolworths Properties, Ltd. (rights), was confined to a few sales at 3/6 to 3/8. As all applications for shares and completed renunciation forms must reach the registered office of the company on or before June 30, dealings in rights by New Zealand brokers would cease after last Thursday. There was a dull market for New Zealand industrials with no movement in prices. Wilson’s cements at 16/4 were quiet and unchanged. New Zealand Guarantees moved up Id a share to sell at 4/6. Buyers for Dominion Fertilizers advanced their offers to £1 4/6, no sellers quoting. Farmers’ Fertilizers were placed at 18/6 and 19/-, showing an unchanged market. New Zealand Drugs brought £3 7/9 and buyers were on the market for more at £3 7/6. Paper Mills were placed at £1 0/6. Westport Coals were firmer at £1 4/9 and Westport Stockton preference were firmer at 6/9 and 7/-. Business in brewery companies’ shares was confined to New Zealands and Dominions. New Zealands were unchanged at £2 0/9 to £2 1/-, but Dominions have eased to £1 16/- and £1 16/3. DIVIDENDS DUE North Broken Hill quarterly 6d a share June 28 Goldsborough Mort (final) 5 p.c. making 7 p.c. for year June 29 British Tobacco quarterly 2 p.c. June 30 National Mortgage and Agency Company, interim 214 p.c. July 1 National Banking N.Z. (final) 5 p.c. ■ July 9 Mount Morgan interim 3d a share July 20 Dominion Breweries (final) 10 p.c. per annum July