IMPROVEMENT IN TURNOVER

Southland Times, Issue 23828, 27 May 1939, Page 4

IMPROVEMENT IN TURNOVER

STOCK EXCHANGES OF DOMINION ACTIVITY IN BANKING SECTION By OUR COMMERCIAL EDITOR Friday evening. There was an improved turnover on the stock exchanges of the Dominion during the week and the tone of the market was quite good. The price for Government securities has remained steady, but the business done in this section of the investment market was not great. The trading reported was confined to one or two lines and no change of any note has been recorded. Local body debentures were quiet, the only trading done being in Lyttelton Harbour Debentures, 4-J per cent, maturing in 1941, which sold at £99. There was more activity shown in the market for banking shares. New Zealands were the most active line and the price was firmer at 40/8 to 41/6 —the highest figure this bank’s shares have touched this year. Bank of New Zealand long-term “D” shares were firm, with buyers at . 26/9. Commercial of Australias were steady and unchanged at 16/1 to 16/3. E. S. and A. Banks brought £5/5/-, but later in the week a parcel of this bank’s shares changed hands at £5/3/9. National of New Zealands were inclined to harden in price being placed at 44/6 to 46/-, buyers offering 45/- for further supplies. There was a better market for Bank of New South Wales shares, sales gojng through at £3l/10/-. This price was cum. dividend of 6/- a share. Union Banks moved up to £B/5/-, fair business being done, at that figure. Australasias were quiet and unchanged in price at £9/15/-.

Chief interest in insurance companies’ shares was shown in South British and Nationals. South British are not quite so firm, selling at 43/3 and 44/-. Nationals brought 15/- and 16/1, showing a stronger market. Standards had buyers at 50/6.

LITTLE BUSINESS DONE Business in meat freezing companies’ shares was very quiet the only business reported during the week being in New Zealand Refrigerating 1 Company’s shares, 10/- paid, at 6/11. Shipping companies’ shares came in for a little more attention this week, Huddart-Par-ker ordinary shares selling at 55/- and Bums, Philp and Company’s shares bringing 55/9. There was more activity among woollen companies’ shares especially during the latter end of the week. Kaiapoi (ord.) 17/- paid, sold at 13/- and the same company’s preference shares brought 14/3 and 14/9. Oamaru Woollens were disposed of at 15/- and 15/3, more being offered at 15/6. Sales of Bruce (ord.) at 10/6 wefe also reported. Shares in pastoral companies were in poor demand, the only business done ii. this section being in Wright, Stephenson’s (pref.) shares which brought 19/6 and later 19/-. Business in the mining section was confined to la small range of shares. Commonwealth lines received the most attention. Electrolytic Zincs were firm, 51/6 being paid for the ordinary shares and up to 55/6 for the preference issue. Mount Morgans gained ground, the last return no doubt being the reason; latest sales have been at 11/2 to 11/4. Some business was done in Mount Lyells at 28/1 to 28/8 but the market for this company’s shares was not an active one. Broken Hill Souths were quite,up to last week’s market. North Broken Hills were transferred at 48/6. This company is paying a dividend quarterly of 6d a share on June 28. Z.mong New Zealand mining shares there was business reported in Grey Rivers at 17/11 and 18/- and in Austral (N.Z.) at 24/- and 24/3. Taranaki Oil Fields were the only oil companies’ shares to receive any attention. The market for this line was quiet and the' price for the shares lower than that ruling during the previous week. Sales were made at 5/6 to 5/9.

GENERAL SECTION Outstanding items of interest in the general section were the advance in the price of two of the leading Commonwealth industrial companies’ scrip, Broken Hill Proprietaries and Australian Consolidated Industries, and the turnover in the rights to G. J. Coles new issue. Although not particularly active the market for the shares in Australian Consolidated Industries jumped up sharply to 40/-. Broken Hill Proprietaries moved up from 66/6 to 68/- and.69/-, later sharply advancing to 69/6 and 70/3. G. J. Coles (ex rights) sold at 78/6 to 80/- and the rights to this company’s new issue of shares were heavily dealt in, at 52/6 to 53/6. Colonial Sugars at £5l/15/- show a firmer market. Woolworths, Ltd., were fairly active but the market is unchanged at 23/8 to 23/10. British Tobaccos were asked for during the week but the absence of sellers was most marked. Imperial Chemical Industries brought 24/6, showing a steady tone. New Zealand stocks came in for a little more attention. Farmers’ Fertilizers sold at 16/3 and 16/4, the same price as the previous week. Westport Coals (cum. dividend of 6d a share payable yesterday) had several transactions at 20/6. Some trading was done in Westport Stockton (ord.) shares at 3/8. Wilson’s Cements, at 18/-, show no change from sales reported last week-end. A parcel of McKenzies brought 47/3. Brewery companies shares were quiet, but steady to firm in price. New Zealands were done at 38/9, more being asked for at 38/6. Dominions had a sale at 34/-. DIVIDENDS DUE Westport Coal, 6d a share, interim, yesterday Broken Hill Proprietary, interim 1/3 a share May 31 E.S. and A. Bank, interim 3>,4 p.c. May 31 National Bank, of Australasia, half ' yearly 3 p.c. May 31 J. R. McKenzies Ltd., 7 p.c. final June 9_ Broken Hill South, quarterly 6d a share June 15 Bank of N.Z., final 1/- a share June 16 Mount Lyell, interim 6d a share June 19 Wilson’s Cement, final 4>/ 2 d a share June 22 North Broken Hill, interim 6d a share June 28

THE WOOL MARKET

BRADFORD TOPS FIRM LONDON, May 25. The Bradford tops market is firm, although the turnover is restricted by the approaching holidays. Quotations: —

•Nominal. THE PRICE - OF GOLD LONDON, May 25. The price of gold is £7/8/5 J per oz.

Merinos— 70’s 64 's 60’s May 4 May 11 May 18 May 25 per lb. per lb. per lb. per lb. d 26 2412 23 1 ' 2 d 26 241'2 23>/2 d 26 24 \' 2 231/2 d 26 241'2 2314 Crossbreds— 58's 21 21 2II2 2114 56's 19 19 20 20 50's 17 17 17 17 46's •1614 ’I61/2 *161'2 *161'2 44’s *1614 *1614 ”16’,'2 *161'2