SMALL TURNOVER THIS WEEK

Southland Times, Issue 23682, 3 December 1938, Page 4

SMALL TURNOVER THIS WEEK

DOMINION STOCK EXCHANGES

GENERAL WEAKENING IN PRICES By OUR COMMERCIAL EDITOR Friday Evening. There was a small turnover on the stock exchanges of the Dominion during the week. Weakness was noticable in nearly all classes of investments. Woollen, pastoral and meat freezing companies’ shares were almost neglected, and metal concerns suffered a severe set-back, although a slight recovery took place towards the end of the week. The business done in Government securities was somewhat restricted and the market all round a little weaker. Tax-free stocks with currency to 1939-43 were easier at £97 12/6 and £97 15/-. Four per cent, bonds and stocks maturing in 1943-46 were done at £99, the line falling due in 1949-52 sold at £97 5/-, and the longer-dated loan with currency to 1952-55. cum interest, payable on December 15, sold at the lower price of £9B 15/-. A parcel of the 1953-57 taxable stock, 3£ per cent., changed hands at £93. A quiet tone continued to exist in the banking section. Bank of New Zealands showed little change in price with sales at 40/9 to 40/11. This bank’s longterm D shares had a seller at 27/-, but no buyers were attracted. A parcel of Australasias was transferred at the lower figure of £9 17/6. Bank of New South Wales shares, ex dividend of 6/a share, were sold at £29 15/-. Nationals of New Zealand showed a further drop in price when business was reported at 47/9. Commercials of Sydney were also easier at £2O 6/6. There was little or no change in the insurance group. Nationals were a shade below last week’s figure at 15/9 and 15/10. New Zealands were unchanged at 52/3. South British were placed at 43/-. PASTORAL SHARES Wright, Stephenson’s preference shares were the only line to be dealt with in the pastoral section, a sale of this line being reported at 19/-. Goldsbrough Morts had sellers at 28/9. This company has just announced its interim dividend, the rate, 2 per cent., being unchanged. There was little doing in the shipping section. P. and O. deferred stock had sellers at 31/- and Union Steam Ship preference were offered at 26/-. Sales of Huddart Parkers were reported at 50/9 and 51/-, and a parcel of Burns Philp and Company’s shares was made at the lower figure of 51/-. The only business done in meat freezing companies’ shares was in the New Zealand Refrigerating contributing issue, which was placed at 8/-, compared with sales at 7/11 last week. Most of the shares in metal companies were at lower levels, although towards the end of the week a slight recovery was made. Mount Lyells fell from 29/- to 28/- and 28/4 and were lightly dealt in. Broken Hill South receded to 28/3 and 27/9, but later recovered some lost ground, the market yesterday being 29/- to 29/3. North Broken Hill had a sale at 47/3 compared with 49/6 last week-end. A slight improvement was noticeable in the market for this line during the last day or two.

In spite of the high price of gold, there has been no great increase in the price of leading gold companies’ shares. Marthas remain steady at 19/9. Morgans moved up to 9/7, but the market was a very quiet one. The ordinary issue of Electrolytic Zincs was traded in at 44/10 and the preference shares at 47/10 to 48/3.

A sharp fall took place in Taranaki Oil shares. The market dropped back to 11/6 and then to 9/6 and 9/-, recovering a little later to sell at 10/— and 10/1. AUSTRALIAN INDUSTRIALS There was a general weakness among Australian industrials. Broken Hill Proprietary fell from 57/3 to 56/3 and later to 55/9. Colonial Sugars were done at £47 10/-. and £47 15/- and after the dividend of 15/- a share was paid on Wednesday, business in this company’s shares was put through at £47. G. J. Coles were quiet and easier at 79/-. One sale of Australian Glass Company’s shares was reported at £5 1/-. British Tobaccos were fairly steady at 48/-. Woolworths Ltd. had a number of transactions put through at 20/10, showing an unchanged market. A sale of Imperial Chemical Industries Ltd. was reported at 22/11. Dunlop Rubbers failed to hold the price they sold at a week ago, the business done being at 20/4,

New Zealand industrials remain very quiet. Two parcels of New Zealand Drugs were reported sold at the lower price of 65/-. Wilson’s Cements were lightly traded in at 16/-. Sales of Westport Stockton preference shares were made at 7/-. Dominion Fertilizers had a sale at 23/3, the market closing with buyers at 23/- and sellers at 24/-. Woolworths (N.Z.) were at low levels, the market coming back to 18/10. This price was cum dividend, payable on December 15. Some trading was done in McDuffs Ltd. at from 4/6 to 5/-. Trading in brewety companies’ shares was confined chiefly to New Zealands. The market for this line is a little weaker, the sales reported being at 39/6 down to 38/6. Some business was done in Dominion Breweries at 32/6 and 32/7. The directors of this company have declared an interim dividend at the rate of 11 per cent, per annum, to be paid on December 16. DIVIDENDS DUE North Broken HIU, interim, 6d a share December 8 Bank of 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 Dominion Breweries, interim, 11 p.c. per annum December 16 Mount Lyell, final, 1/- a share December 19 McKenzies Ltd., interim, 7 p.c. per annum December 20 Goldsbrough Mort, interim, 2 p.c. December DAIRY PRODUCE MARKET

(Received December 2, 6.30 p.m.) LONDON, December 1. The cheese market is firm. Quotations:— BUTTER Nov. 24 Dec. 1 Danish— Salted 138/- ■ 1 ■» Unsalted New Zealand— 140/- — Choicest salted 103/- to 104/- 103/- to 105/Unsalted Australian— 105/Choicest salted 100/- to 101/- 102/- to 103/Unsalted 101/- to 104/CHEESE New Zealand— White 67/6 68/Coloured 68/White ( 64/Coloured .1 65/65/-