BRIGHTER TONE THIS WEEK

Southland Times, Issue 23816, 13 May 1939, Page 4

BRIGHTER TONE THIS WEEK

DOMINION STOCK EXCHANGES METAL COMPANIES’ SHARES IMPROVE By OUR COMMERCIAL EDITOR Friday Evening. There was a brighter tone on the stock exchanges of the Dominion this week. Business opened quietly, but as the' week progressed the market for some industrial lines improved and metal companies’ shares moved up in price. Government loans did not make any headway, prices being steady. The market is still awaiting some announcement about the terms of the proposed internal loan. The turnover in Government 4 per cent, issues was on the small side, but prices showed no change from those which have ruled lately. Some business was done in 3J per cent, taxable stock with currency to 1953-57 at £9l/7/6 to £9l/10/-. Some trading was done in debentures of local bodies situated in the Auckland province. Auckland Transport Board 4} per cent, due 1943 sold at £99. Auckland City debentures with currency to 1944-63, bearing interest at 4| per cent., brought £lOl/5/-. Mount Eden Boroughs, 4| per cent., due 1946-51, changed hands at £lOO. There was more life in the banking section this week. Bank of New Zealands showed further improvement, the market touching 40/- and the latest sales being at 39/6 to 39/7. Commercials of Australia remain steady at 16/7 to 16/9. The same bank’s preference shares were done at £9/10/-. E.S. and A. Banks were a shade firmer at £5/8/6. Nationals of New Zealand have weakened in price, business being done in this bank’s shares at 44/- to 45/-. A parcel of Nationals of Australasia were transferred at £6/15/6, showing a slightly better market. A sale of Australasias was reported at £9/15/-.

INSURANCE SHARES Business in insurance companies’ shares was confined principally to Nationals, a good range of sales being reported in this company’s shares at 15/5 and 15/6. This price is cum dividend of 4d a share payable next Tuesday. New Zealand Insurances changed hands at 53/-, showing a fairly steady market. Standards were procurable at 51/6. Pastoral companies’ shares continue in poor demand, the business done in this group being confined to sales of Wright, Stephenson’s preference shares at 18/9. Woollen companies’ shares came in for a little more attention. Kaiapoi (contributing), 7/- paid, sold at 3/6, and the ordinary' issue, 17/- paid, brought 11/6. Wellington Woollens (preference) were placed at £5/10/-, more being asked for at £5. Bruce Woollens changed hands at 10/6. Very little trading was done in frozen meat companies’ scrip, but the market was more active than that ruling during the previous week. New Zealand Refrigerating Company’s shares were a little firmer, but the market was still a weak one. Sales of the contributing shares were made at 7/- to 7/2 and the fully paids brought 15/6. Southland Frozen Meats were placed at 27/6, more being procurable at 28/-. The market for metal companies’ shares brightened towards the‘weekend, but the turnover was not big. Mount Lyells, cum dividend of 6d a share payable in Melbourne on June 19, were disposed'of at from 28/- to 28/6. Broken Hill South have been quiet, but gained ground during the last few days, when sales were made at 28/9 and 29/-. North Broken Hills also improved with business at 47/- and 47/3. Mount Morgans were quiet and showed little change in price at 10/8. Electrolytic Zincs commanded a firm market, the ordinary issue of this company’s shares selling at 49/6. Waihi Investments sold at 7/6 and 8/-. Martha Gold Mining were quiet. Business in the lowerpriced mining shares was very poor and consisted of sales of Nokomais at 1/10.

Very little interest was taken in oil companies’ shares, sales of Taranaki Oil Fields at the reduced price of 5/6 being the only business done. AUSTRALIAN INDUSTRIALS In the general section Australian industrial companies’ scrip met with better support. Broken Hill Proprietary shares made substantial gains and there was a good turnover in this company’s shares at 65/6 to 66/9. G. J. Coles Ltd. were very firm and a number of transactions was put through at 85/6 to 86/-. Colonial Sugars continue to show a firm front with sales at £5l to £5l 7/6. Imperial Chemical Industries, while quiet, were very steady at 24/11 and 25/-. Australian Consolidated Industries at 38/- were quite up to last week’s market. Woolworths Ltd were active and very steady in price, a number of transactions being reported at 24/- and 24/1. British Tobaccos at 51/9 have moved up in price; buyers yesterday were offering the same figure for further lots. Dunlop Rubbers continue to improve, the latest sales being at 22/-. Although the turnover in New Zealand industrials was not big the market was fairly steady. Christchurch Gas brought 23/6. Farmers’ Fertilizers had sales at 16/- and Wilson’s Cements were firmer at 17/3. Woolworths (N.Z.) improved to 18/6 and 18/7. A sale of New Zealand Guarantees was reported at 3/11. Dominion Fertilizers were firm with buyers at 23/9. This company is paying a dividend for the year ended March 31,1939, at the rate of 6 per cent., the same rate as last year. A firmer tone prevailed for New Zealand Drugs, a sale being put through at 66/-. West-port-Stockton preference shares brought the unchanged price of 7/1. A sale of Paper Mills, the first for some time, was reported at 23/-. A buyer for McKenzies’ Department Stores Ltd. was on the market at 45/6 without business resulting. This company has just announced its final dividend, the rate being 7 per cent., making with the interim payment made last November 14 per cent, for the year. This compares with 18. per cent, for the previous period.

DIVIDENDS DUE National Insurance Co., interim 4d a share May 16 N.Z. Paper Mills, final 4 p.c. making 7 p.c. for year May 20 Mosgiel Woollen Co., interim 4 p.c. May 23 Bank of New South Wales, interim quarterly 6/- a share May 25 Westport Coal, interim 6d a share May 2G Broken Hill Propty., interim 1/3 a share May 31 E.S. and A. Bank, interim 3‘/ 2 p.c. May 31 National Bank of Australasia, halfyearly 3 p.c. May 31 Broken Hill South, quarterly interim 6d a share June 15 Bank of N.Z.. final 1/- a share June 16 Mount Lyell, interim 6d a share June 19 Dominion Fertilizers, 6 p.c. per year June

Unsalted 113/- to 114/CHEESE 111/- to 112/New Zealand— White 54/Coloured 60/55/- to 56/Australian— White 54/- to 55/52/- to 53/Coloured 56/- to 57/54/-