MARKET REMAINS STEADY

Southland Times, Issue 23740, 11 February 1939, Page 4

MARKET REMAINS STEADY

STOCK EXCHANGES OF ■ DOMINION TRANSACTIONS ON SMALL SCALE By OUR COMMERCIAL EDITOR Friday Evening. Although business was not brisk ana the number of transactions recorded during the week was on the small side, the market on the stock exchanges of the Dominion remained steady. Government issues continued to attract attention and prices were quite up to and in some cases above those ruling during the previous period. Four per cent issues sold at £99 10/- to £99 15/-, buyers quoting freely during the week, but sellers were scarce. £99 10/- was the price paid for 3| per cent tax-free issues, but the number of sales reported was few. Government stock, taxable and bearing interest at 3i per cent, and maturing 1953-57, was sold at £93. ~ The business done in banking shares was confined to a small range. Some attention was paid to Bank of New Zealands, resulting in a number of sales at £1 18/6 to £1 18/9. Commercials of Australia, cum dividend, paid yesterday were steady and unchanged in price at 15/11 and 16/-. Bank of New South Wales shares changed hands at £3O 15/-, the market closing with a hardening tendency. Commercials of Sydney while quiet, were a little firmer at £2O 15/-. FIRM MARKET A feature of . the trading during the past few weeks has been the firm market for leading insurance companies shares. During the week New Zealands brought £2 14/9 and later, ex dividend sales were put through at tz 13/9. South British were fractionally firmer at £2 4/6 and £2 4/7. Nationals were very steady at 15/10 to 16/-. Standards had buyers at £2 U/-. Poor demand came for meat freezing companies’ shares. Southland Frozen Meats were offered at £1 10/without attracting a. buyer. N.Z. Refrigerating contributing shares were very dull, one sale being reported at 8/-, this price being cum dividend. Gear Meats were sold at 12/8, showing a slight rise in price. Pastoral companies’ scrip was neglected, quotations coming solely from sellers. Wright, Stephenson’s ordinary shares were offered >at £1 1/6 ana the preference issue at 19/9. National Mortgage and Agency Company s B shares had sellers at £1 7/-. Quotations came fairly regularly tor woollen companies’ shares, but the only business done was in Oamaru Woollens which sold at 12/6. Buyers for the ordinary issue of Bruce Woollens 'were at 7/6, Kaipoi ordinary shares, 17/paid, had buyers at 11/6. An inquiry came during the last few days for Bond’s Hosiery shares at the advanced price of 19/-. SMALL TURNOVER There was a very small turnover in the mining section. Electrolytic Zincs showed steadiness, the ordinary shares of file company selling at £2 7/- and later at £2 7/9. Mount Morgans made a move upwards, with sales at 10/10 to 11/6, North and South Broken Hills were very quiet, the only business done being a sale ©f the latter at £1 7/3. Mount Lyell had a sale at £1 7/4. Waihi Grand Junction had a sale at 3/4. A parcel of Austral N.Z. mining was transferred at £1 3/6. The market for Taranaki Oils, while showing a slight improvement, over that of the previous week, was still a very weak one, sales during the last few days being reported at 7/9 and general section had a lifeless market. Broken Hill proprietaries were lightly dealt in at £2 17/6 to £2 18/-, showing very little change in price compared with the previous week. G. J. Coles was one of the active lines in this section and the market was a firmer one at £3 18/- to £3 18/4. Woolworths Ltd., continue to gain ground, the market going from £1 2/- to £1 3/and later to £1 3/7. British Tobaccos were a little firmer at £2 8/9 and £2 9/-. Business was transacted in Imperial Chemical Industries Ltd. at £1 3/3. A parcel of Hume Pipe (Australia) changed hands at 19/4. New Zealand Industrials were not in demand, buyers evidently waiting to see the effect of the recent legislation. Some trading was done in Woolworths (N.Z.) at 17/6 to 17/10, but the market was a quiet one. N.Z. Drugs remained fairly steady at £3 5/-, more being procurable at £3 5/6. Westport Coals had buyers at £1 0/3, with sellers asking £1 1/-. Sales of Westport Stocktons (ordinary) were made at 3/10. There were buyers for Donaghy’s Rope and Twine Company’s shares at £2 2/-, with no sellers below £2 4/-. Dominion Fertilizers were offered at £1 2/6. New Zealand Breweries were the only line dealt with in their section. The market for this line was not quite so firm at £2. Dominion Breweries had buyers at £1 11/-. Dunedin Breweries were procurable at £1 6/-.

4 dividends due Mount Morgan, pref., half-yearly 8 p.c. per annum February 15 Queensland National Bank, interim, 4i/ 2 p.c. per annum February 16 Bank of New South Wales, z interim, quarterly, 6/- a share • February 23 Silverton Trams, 1/- a share February 28 Broken Hill South, 6d a share March 15 Electrolytic Zinc, half-yearly, ord. and pref. 6 p.c. March 17 GOVERNMENT SECURITIES (Received February 10, 6.30 p.m.) LONDON, February 9. The following are the latest quotations for Government securities compared with the prices ruling last week:—

British— Feb. 2 Feb. 9 £ a d £ s d Consols, 21,4 p.c. 70 8 9 70 5 0 Funding Loan. 4 p.c., 1960-90 107 13 9 107 18 9 War Loan, 3‘,'a p.c. 1952 97 16 3 97 12 6 Con. Loan, 3‘,'a p.c ■ 1961 98 3 9 97 10 0 Victory Bonds, 4 p.c. 107 1 3 102 13 9 Commonwealth— 5 p.c., 1945-75 102 5 0 100 7 6 4 p.c., 1943-48 99 17 6 94 13 9 3% p.c., 1948-53 94 2 6 94 13 9 3>/4 p.c., 1956-61 83 16 3 83 8 9 3 p.c., 1955-58 82 13 9 82 3 9 New South Wales— 3‘,'a p.c., 1930-50 91 15 0 90 7 6 Victoria— 3 p.c., 1929-40 90 15 0 90 7 6 3% p.C., 1940-60 99 17 6 99 7 6 4 p.c., 1945-75 102 0 0 102 12 6 Queensland— 3 p.c., 1922-47 91 5 0 91 5 0 5 p.c., 1940-60 101 13 9 102 5 0 South Australia— 4 p.c., 1945-75 102 2 6 102 10 0 Western Australia— 3 p.c., 1945-75 * 0 4 p.c., 1942-62 97 2 6 97 7 6 Tasmania— 3‘,'a p.c., 1920-40 100 7 6 100 7 6 4 p.c., 1940-50 97 13 9 98 0 0 New Zealand— 4 ‘,'a p.c., 1948-58 92 10 0 93 10 0 3 p.c., 1940 98 17 6 99 11 3 3 p.c., 1945 89 2 6 89 5 0 •Not received,