LITTLE CHANGE IN VALUES

Southland Times, Issue 23734, 4 February 1939, Page 11

LITTLE CHANGE IN VALUES

STOCK EXCHANGES OF DOMINION QUIET MARKET FOR BANK SHARES By OUR COMMERCIAL EDITOR

Friday evening.

There was a restricted turnover on the Stock Exchanges of the Dominion this week. Values showed little variation from those ruling during the previous period. ' . Government loans continued to be in strong demand. Market reports are that some big orders have been received, but sellers are standing oft to a certain extent. All four per cent, issues had buyers at £99, after sales at £99 5/- to £99 10/-. Some business was done in tax-free stocks at £99 10/- and there was also trading reported at £97 10/- in the 3 per cent taxable stock maturing in 1941. One or two sales of local body debentures were reported. Christchurch City, 4J per cent, 1940-41, sold at £lOl. Christchurch Tramway Board 4J per cent, debentures due 1954 brought £lOl 12/6 and Auckland City, 4| per cent. 1943 sold at £lOl. The market for banking shares was a quiet one throughout the week. New Zealands were slightly firmer, but were still at low figures, sales reported being at £1 18/6 and £1 18/7. Bank of New Zealand long-term “D” shares had a little better inquiry, resulting m sales at £1 6/-. Commercials of Australia were steady at 15/11 and 16/-. Commercials of Sydney, ex dividend, were transferred at £2O 10/-. Union Banks, also ex dividend, had a sale at £8 5/-. Insurance companies’ shares continued to show strength. New Zealands

moved up to £2 15/- and had a fairly active market. A- number of sales of South British was reported at the higher figure of £2 4/6. Nationals were in good demand and sold at the advanced price of 15/9 and 15/11. Standards did not show the same activity, but the market was a firmer one at £2 11/6. BUSINESS LIGHT The business done in meat freezing companies’ shares was very light, there being poor support for this class of shares during the week. Sales of New Zealand Refrigerating contributing shares were made at 7/10 and the fully paids brought 17/8 to 17/9. The shares of pastoral companies attracted very little attention. Goldsbrough Morts had sellers at £1 8/9.

Wright, Stephenson preference were offered at 19/9 and the ordinary issue at £1 1/6. A sale of National Mortgage and Agency Company’s scrip was reported at £2. Woollen companies’ shares were very quiet, with few buying quotations. There was no activity shown in the market for shipping companies shares. There was only a small amount of trading done in the mining section this week. The market for Electrolytic Zincs was a steady one, the ordinary shares selling at £2 11- and the preference at £2 9/-. Mount Morgans, while quiet, were fractionately firmer at 10/5. Broken Hill Souths were still at low levels, although there was improvement shown towards the week-end and sales were made at £1 7/-. Martha Gold Mining remained very steady at 11/6 and 11/7. The only business done in the lower-priced mining shares was in Maori Gully, which sold at 6|d. WEAK MARKET A weak market continued, to exist for oil companies’ shares. No quotations came for Moturoa, while Taranakis sold down to 7/2. No activity was shown in the general section, and prices showed little or no change. Woolworths Ltd. continued to hold their price and were the most active stock x in this section, the sales reported - being at £1 1/11 to £1 2/2. Broken Hill Proprietaries, gained some lost ground, latest sales being at £2 17/6 .to £2 17/11. Colonial Sugars were steady at £47 5/- to £47 10/-. British Tobacco fell below last week’s prices when sales were put through at £2 7/4 to £2 8/6. G. J. Coles, ex dividend, were quiet at £3 17/3 and £3 17/6. Morts Dock were very dull and easier at 14/-. Woolworths Properties Limited have been quiet for some time. During the week a sale of this company’s shares was made at £1 6/4. A little more interest was shown in New Zealand industrials, but the total amount of business done was very small. New Zealand Drugs sold several times at £3 5/- and £3 5/3. A parcel of Otago Daily Times changed hands at £2 1/6, more being procurable at £2 2/-. Wilson’s Cements eased a little in price, selling at 15/10 and later 15/6. Woolworths (N.Z.) lost a shilling a share when business went through at 17/-. A parcel of Milburn Lime Company’s shares was transferred at £ll4/-. Westport Coals were done at £1 1/-. Business in brewery companies’ shares was confined to New Zealands. The market was not quite so firm with latest sales at £2 0/9. Buyers quoted £2 0/3 for further supplies. DIVIDENDS DUE N.Z. Insurance Co., interim, 1/a share February 8 N.Z. Refrigerating, s>/a P-c. February 9 Commercial Bank of Australia, 4 p.c. per annum on pref.; 6 2-3 p.c. per annum on ord. February 10 Mount Morgan, pref., interim 8 p.c. February 15

Bank of New South Wales, interim, quarterly, 6/- a share February 23 Electrolytic Zinc, half-yearly, ord. and pref. 6 p.c. March 17 THE WOOL MARKET BRADFORD TOPS FIRMER (Received February 3, 6.30 p.m.) LONDON, February 2. The Bradford tops market is firmer and business is more encouraging. Following are today’s quotations and those of recent weeks:—

•Nominal. MINING QUOTATIONS IN LONDON (Received February 3, 6.30 p.m.) LONDON, February 2. Mining share quotations are as follows: — Clutha River Company Buyers 1/ Sellers 1/71 Molyneux River Company Buyers Sellers 7 1 THE PRICE OF GOLD LONDON, February 2. The price of gold is £7 8/71 an ounce.

Jan. 12 Jan. 19 Jan. 26 per lb. per lb. per lb. Feb. 2 per lb. d d d d Merinos— 70’s 26 26 26 26’,i 64’s 25 25 25 25 60’s 24 24 24 24 Crossbreds — 58's 21 21 21 21 56’s 19 19 19 19 SO’s 17 17 17 17 46’s *16 •16 *16 *16 44's •16 *16 •16 *16