DISAPPOINTING TURNOVER

Southland Times, Issue 23676, 26 November 1938, Page 4

DISAPPOINTING TURNOVER

STOCK EXCHANGES OF DOMINION BETTER BUSINESS DONE IN GOVERNMENT LOANS l — »l By OUR COMMERCIAL EDITOR Friday Evening. The turnover on the stock exchange? of the Dominion during the week was a very disappointing one. The market generally was below that ruling last week-end. Some ■ lines of the investment market remained very dull, notably pastorals, woollens and meat freezing companies’ shares. . Better business was done in Government loans, but the market showed no change in price. Tax-free issues maturing in 1939-43 sold at £97 17/6 and £9B. The taxable line with interest at 34 per cent. 6nd maturing in 1953-57 was transferred at £93 . 5/-. There was steady business done in 4 per cent, bonds and stock due 1946 and 1955, both lines being unchanged in price at £99. Since the middle of last week the tax-free condition attached to the 1938-52 stock expired and same has been changed to four per cent, taxable stock maturing 1949-52. Business was done in this line at £97 5/- and £97 10/-. Business in banking shares was very quiet and prices for most of the lines dealt in were at lower levels. New Zealands failed to hold last week’s rates, the market receding from £2 1/9 to £2 0/10 and £2 1/3. A sale of Bank of New Zealand long-term D shares was reported at the lower figure of £1 6/6. Commercials of Australia were very quiet, and easier in price at 16/3. Nationals of New Zealand came back to the very low figure of £2 8/9. Unions were trade in at £8 10/- and New South Wales (cum dividend of 6/- a share) were done at £3l. A sale of Commercials of Sydney was reported at £2O 15/-. There was a quieter tone in the insurance section, with values not quite so stable. Nationals (ex dividend) brought 16/-. New Zealands at 52/6 and 53/- were down 1/6 a share since last week. Some business was done in Standards at £2 12/- and £2 12/3. South British were quiet. The Queensland Insurance Company’s final dividend was announced recently, the rate being 5 per cent, and making with the interim payments, 9 per cent, for the year. The previous rate was 8| per cent, and in 1936 this company paid 10 per cent., included in which was a special jubilee bonus of 2 per cent. Pastoral companies’ shares continued to be almost neglected. A sale during the week was reported of Dalgetys at the lower price of £7 10/9. A parcel of Goldsbrough Mort and Company’s shares was disposed of at £1 8/1. There was very little inquiry for frozen meat companies’ shares, and few transactions were recorded. A buyer for New Zealand Refrigerating contributing shares came on the market at 7/11, a sale being made later at 8/1. Southland Frozen Meats were offered at £1 10/3 without attracting a buyer. The quotations received for South Otago Freezing Company’s scrip showed sellers at £5 1/-. j The market for shipping companies shares was a very dull one and the same remark applied to shares in woollen companies. There was a lifeless tone existing in the mining section and with one exception the stocks dealt' in were at lower figures. North Broken Hill sold at £2 9/6, showing a fall in price since last week-end of over a l/- a share. Mount Morgans lost more ground in selling at 9/4, 9/- and 8/11. Mount Lyells were a little easier at £1 9/-. Few quotations came for Broken Hill South. A parcel of Waihi Investments changed hands at 8/1 a share. Martha Gold Mining made advances—the high price of gold no doubt was the cause—the market going from 10/6- to 10/9. Maori Gully and Nokomais were the only lines dealt with among the lowerprice mining shares, the former, selling at 7Jd and the latter at 1/3. Business in oil companies’ shares was confined to a few sales of Taranaki Oils at 12/6 down to 12/2, showing an easier market.

There was moderate business transacted in the general section. The slackening in the demand for Australian issups, which was in vogue last week, became a little more pronounced. Broken Hill proprietaries sold at £2 18/- and later, ex dividend sales were made at £2 17/3 and £2 17/-. Woolworths Ltd. failed to hold the prices they sold at during the previous period Early in the week the market was £1 1/- for this company’s shares, later sales being made down to £1 0/9. British Tobaccos were not quite so firm, latest sales being at £2 8/4. Dunlop Rubbers were very quiet and the price unchanged at £1 0/8. G. J. Coles were slightly easier, the sales made ranging from £3 19/6 to £3 19/-. Imperial Chemical Industries Ltd. were fractionally easier at £2 2/11. Colonial Sugars at £4B were quiet and lower in price. Among New Zealand issues, trading was very light. A sale of New Zealand Guarantees was reported at 4/1. D.I.C. preference were placed at £1 3/2. This issue of shares was fairly firmly held. McKenzie’s Department Stores were represented in the sales list at £2 17/-, showing a decline in price. A parcel of Westport Stockton preference shares was sold at 6/9.

Steady business was done in New Zealand Brewery Company’s shares. The price eased a little, sales early in the week being at £2 0/6, with business later at £2 and £1 19/10, This' company has recently announced its interim dividend, the rate being 4 per cent. Last year the company paid the same interim dividend .and a final payment of 4J per cent., making 84 pet cent for the year. Tooth’s Breweries changed hands at £1 4/9, showing a fall of 1/- a share since last week. A sale of Carlton Breweries was reported at £3 6/6, and one of Tooheys at £1 11/4. A parcel of Babins Breweries, 15/- paid, changed hands at 10/4.

DIVIDENDS DUE National Bank of Australasia, interim, 6 p.c. per annum November 30 Colonial Sugar, half-yearly, 15/a share November 39 Henry Jones Co-op., final 1/6 a share December 1 Dunedin Brewery, interim, 3 p.c. December 1 North Broken Hill, interim, 6d a share December 8 Bank cf N.Z., Interim 1/- a share on ord., 3% p.c. on D shares December 10 Woolworths (N.Z.), final, 11 p.c. December 15 Broken Hill South, quarterly 6d a share December 15 Mount Lyell, final, 1/- a share December 19 WYNDHAM STOCK SALE Wi’ight, Stephenson and Co., Ltd., report having sold at last Wyndham stock sale 12 fat ewes at 14/6, 26 fat wethers at 24/9, one fat cow at £ll 15/-, one at £lO 10/-, one at £lO 5/-, one at £9 2/6, one at £9, two at £B, one at £5 10/-; two store cows at £5, one at £4 12/6, one fat heifer at £9, one at £8 10/-, one at £B, one at £6 15/-, one at £6 10/-, one at £6, one Jersey bull at £B, two Ayrshire bulls at £l5 15/-, one at £lO 10/-/one at £8 8/-.