BRIGHTER TONE ON MARKETS

Southland Times, Issue 23634, 8 October 1938, Page 4

BRIGHTER TONE ON MARKETS

STOCK EXCHANGES OF DOMINION MARKED CONTRAST TO PAST THREE WEEKS By OUR COMMERCIAL EDITOR Friday Evening. The stock exchanges closed this week showing much more confidence, in marked contrast to the tone which has been ruling during the past three weeks. The turnover showed great improvement and in nearly all cases the market recovered the ground lost while the European crisis was at its height. Government bonds and stocks received more attention, but no improvement is noticeable in the market prices. Four per cent, issues came in for the most inquiry, business being transacted in the line maturing in 1943-46 at £lOO. The issue falling due in 194649 brought £lOl, this price being cum interest, payable on 15. Several sales of the longer-dated loan were made at £lOO 2/6 to £lOO 10/-. Taxfree issues were unchanged and not active. A number of transactions were reported in the stock maturing in 195 jJ--57, bearing interest at 31 per cent, taxable, at £93. The interest on this line is payable in January and July. Banking shares attracted' better attention and more business was put through in this section than has been the case for some time. The market for Bank of New Zealands was a much firmer one and steady business was transacted at £2 2/6 to £2 3/-. Commercial of Australias hardened in price and the market was fairly active at 16/1 to 16/6. National of New Zealands advanced to £2 12/9 and £2 13/-, the market closing very steady. Both lines of National of Australasias were dealt in, the fully-paids selling at £l3 10/to £l3 12/-, and the contributing shares at £6 11/3 to £6 12/3. Bank of New South Wales’s shares have been very quiet of late. During the week buyers were on the market for this line and sales were made at £3l to £3l 5/-. Union Banks were placed at £8 8/and £8 10/-, buyers for further supplies offering £8 5/-. A sale of E. S. and A. Banks was reported at £5 4/-, showing a firmer market. INSURANCE SECTION . In the insurance section buyers were operating with more confidence. Sales of New Zealand Insurances were made at £2 14/- and £2 14/3. Nationals brought 16/3. South British were transferred at £2 5/3. The directors of the South British Insurance Company are recommending a final dividend of B|d a share,' payable on October 27. With the interim dividend paid last April, the total distribution for the year will be 1/5 a share. .. The market for pastoral: companies’ shares' continues to be fairly quiet. A sale of Goldsbrough - Mort and Company’s shares was reported at £1 7/6, showing an advance on last week’s price of almost 1/- a share. Dalgetys were transferred at £8 and more were wanted at the same figure. The shipping section remains inactive. Buyers for Union Steamship preference' shares quoted £1 5/9, sellers asking 1/- more. A sale of HuddartParkers ordinary shares was reported at £2 6/6.

Among shares' of frozen meat companies there was still a quiet tone in existence. A sale was reported of Gear Meats at 14/-. New Zealand Refrigerating contributing shares brought 8/- and a parcel of Southland Frozen Meats sold at £1 9/9. MINING SECTION NOT ACTIVE Although most of the shares dealt with in the mining section sold at higher prices, the market was not at all an active one. Mount Morgans advanced from 10/3 to 10/10 and 11/-, the market closing with buyers offering 10/9. A parcel of Mount Morgan’s preference shares changed hands at £1 1/-. Mount Lyells were quiet but firmer at £1 7/- and £1 7/3. Broken Hill South sold at £1 10/- but later in the week £1 9/6 was accepted for this company’s shares. A firmer tone came for North Broken Hills with sales at £2 5/9. Electrolytic Zincs made a good recovery from last week’s low prices, the ordinary shares selling at £2 0/11 to £2 1/3 and the preference shares at £2 6/- to £2 7/-. A sale of Martha Gold Mining was made at 11/-, this price being cum dividend of 9d a share, payable on November 1. The market for the lower-priced gold-mining shares was a very quiet one. There was an active market for Taranaki Oils and the price advanced from 11/- to 13/and 13/1 during the week. Wioturoa Oils were not so active but the price was steady at 5/-.

GENERAL SECTION A considerable amount of business was transacted in the general section but the trading was confined to a limited number of companies’ shares. Broken Hill Proprietaries recovered from the low figures of the previous week, there being a big turnover in this company’s shares at prices ranging from £2 15/9 to £2 16/6. G. J. Coles Ltd. were also in good demand, a number of sales of this company’s shares being reported at!£3 16/9 to £3 17/6. Woolworths (N.Z.)' were traded in at 19/5 to 19/9. Woolworths (Sydney) show a better market, selling at £1 1/- to £1 1/6. This company’s halfyearly dividend is payable on October 15. British Tobaccos came In for some attention, sales being made early in the week at £2 7/3 and £2 7/6, later easing a little to sell at £2 6/6 Dunlop Rubbers recovered some lost ground, with sales at £1 0/6 and £1 0/9, later the market was easier at £l. Australian Glass Company’s shares were quietly dealt in at £4 12/-. Colonial Sugars were not active but the price has improved to £46 12/6. New Zealand issues were very quiet and the business done confined to sales of Wilson’s Cements at 16/7 and 16/8. Brewery companies’ shares did not command a great deal of attention. New Zealands were transferred at £2 early in the week, but toward the end, the market firmed to £2 1/-. A sale of Tooth’s Brewery Company’s shares was reported at £2 13/6. DIVIDENDS DUE Woolworths (Syd.), half-yearly, ord., 6p.c. October IS Woolworths (N.Z.), half-yearly, pref., 4*,4p.c. October 15 N.Z. Guarantee Corporation, final 2d a share October 26 South British Insurance Co., final, B*/zd a share October 27 l Martha Gold Mining, interim, Sd a share November I DAIRY PRODUCE MARKET LONDON, October 6. The butter market is idle but unchanged. Cheese is slow. Quotations: New Zealand, white and coloured 72/-; Australian, 69/- to 70/-. THE PRICE OF GOLD LONDON, October 6. The price of gold is £7 4/5 an ounce.