LITTLE CHANGE IN MARKET

Southland Times, Issue 23782, 1 April 1939, Page 4

LITTLE CHANGE IN MARKET

STOCK EXCHANGES OF THE DOMINION GOVERNMENT STOCKS ACTIVE By OUR COMMERCIAL EDITOR Friday Evening. The stock exchange market was quiet with prices' showing little change from , those obtained during the previous week. The turnover was about on a par with that which has been ruling for some time now. A certain amount or attention was paid by investors to Government stocks and local body debentures. Four per cent, issues continned to be the most popular, there being business done in 1943-46 s at 10/- to £9B 15/-, 1946-49’s brought £99 10/-, 1949-52’s sold at £99 and 1952-55’s at £9B 15/-. Taxable 3J per cents maturing 1953-57 were a shade easier at £9l 5/-. The business done in local body debentures comprised sales of Wellington City, 1943, 4J per cents at £lOO ’/-; Sumner Boroughs, 4} per cents, 1953,

at £lOl and New Brighton Borough debentures, 4J per cent, 1952, at the same price. The banking section contihued to show a quiet tone. Bank of New Zealands were the most active line in their group, the market being not quite so firm at 38/4 to 38/6. Bank of New Zealand long term “D” shares, while not active, were steady in price at 26/6. Commercials of Australia showed an unchanged market with sales at 16/and 16/1. Bank of New South Wales shares brought £29 15/-, the same price as last week. Nationals of New Zealand had buyers- steady at 46/-. E. S. and A Banks were fractionally firmer at £5 3/9 A parcel of National of Australasias (fully paid) changed hands at £l3 8/-. • A , Insurance companies’ shares have maintained a very steady market during the „ast few months. There, was a fair turnover in this section during the week and some improvement was shown in the prices for one or two lines. New Zealands were done at 52/compared with 51/6 a week ago. South British gained a few points when business was put through at 44/3. Nationals were very steady at 15/9. Standards were firm at 52/-. No in-' quiry came for pastoral companies’ shares, the market for this, class of . investment being a neglected one at present.

POOR DEMAND Shipping conlpanies’ scrip was in poor demand, the only business done being in Burns Philp and Company’s shares which sold at 54/9. A weak market continued for 1 meat freezing companies’ shares. Southland Frozen Meats continued fairly steady with buyers at 27/6. New Zealand Refrigerating Company’s scrip was at low levels, sales of the contributing issue being .reported at 6/6 to 6/8. The fully-paid shares of this company were procurable at 15/-. The bulk of the quotations in the woollen sectioi. came from sellers. Bruce (ord.) were procurable at 11/and Kaiapoi (pref.), 17/- paid, at 16/6. Mosgiel Woollens were offered at £9" 7/6 and Oamarus at 16/3. IMPROVED TONE For some of the Australian mining stocks there was an improved tone, but the market was still on. the quiet side. Electrolytic Zincs (ord.) were higher in price at 46/6 to 47/-, the preference shares also moving up a little to sell at 50/-. Mount Lyells were almost neglected but showed slight improvement at 27/-. Mount Morgans were fractionally firmer at 10/8 to 10/11. Martha Gold Mining brought 11/9 and later 11/7. This company usually pays its final dividend for the year early in May. Austral (N.Z.) brought 23/6 compared with 22/6 and 23/- last weekend. Grej River were quiet but fairly steady in price at 18/4. GENERAL SECTION

There was a reduced turnover and a small range of shares dealt with in the general section. The market for the majority of the lines showed no change. Slight setbacks were recorded in G. J. Coles shares which lost 6d a share in selling at 78/-. British Tobacco was fractionally easier at 49/6. Australian Consolidated Industries were placed at 31/- and 31/3, showing a steady tone Broken Hill Proprietaries at 58/9 to 58/11 were one of the most active stocks in this section. Colonial Sugars, for a high-priced stock, were fairly active at £4B 7/6 to £4B 12/6. Dunlop Rubbers were inactive,' but fairly stable, at 21/6. Woolworths, Ltd., attracted some support and the price for this company’s shares was a little firmer at 23/-. Hume Pipe (Aust.) cum. div., paid yesterday, brought 20/5. New Zealand industrials were almost neglected. Woolworths (N.Z.) were very quiet but a shade stronger at 17/3 to 17/4. New Zealand Breweries had a number of sales at 38/-, showing a steady market. Dominion Breweries were a little below last week’s figures, sales being reported at 29/6 and 29/9.

DIVIDENDS DUE Bank of Australasia. 4/6 per share final yesterday Uunlop Rubber, Interim half-yearly 31/2 p.c. yesterday British Tobacco, interim quarterly 2 p.c. yesterday Hume Pipe (Aust.), half-yearly 71/2 p.c. yesterday Kerr.pthome Prosser, 4'/ 2 p.c. final making 8 p.c. for year April 6 Woolworths (Syd.), final 11 ',4 p.c. April 15 South British Insurance, interim B’/ 2 d a share April 27