TRADING QUIET ON MARKETS

Southland Times, Issue 23840, 10 June 1939, Page 4

TRADING QUIET ON MARKETS

STOCK EXCHANGES OF

DOMINION SMALL TURNOVER IN MOST SECTIONS BY OUR COMMERCIAL EDITOR Friday Evening. Trading was very quiet on the stock exchanges of the Dominion during the week. As Monday was a holiday there was one day less for trading, but in spite of this the turnover was very small. Some sections of the investment market were completely neglected. Seilers predominated in the market for Government securities. The amount of business put through was very light, sales of 1943 stock bearing interest at 4 per cent, being made at £99. The line maturing in 1949 brought £9B/2/6. Banking shares were moderately traded in. New Zealands showed an unchanged market, selling at £2 to £2/3/-. Bank of New Zealand, long term “D” shares remained firm with buyers at £l/6/9. Bank of New Zealand’s final dividend will be paid towards the end of next week. Commercials remained very quiet with small Trading at 16/2. E.S. and A. Banks fell back in price to £4/19/9 and £5. National Banks continued to improve the market during the week being at £2/4/6 to £2/7/-. Union Banks at £8 showed little or no change in price compared with the previous week. During the last few days there were sellers of Bank of New South Wales at £3l/10/-, and National of Australasias at £6/17/6. , , , Insurance companies shares continued to attract some attention from investors. New Zealands remained steady at £2/12/9 to £2/13/-. South British were unchanged at £2/3/6. Nationals brought 16/4, with buyers offering 16/2 for further lots. Standards were asked for at £2/11/-. , . Pastoral companies’ shares continued to show a dull market. A sale of Dalgety and Company’s shares was reported at the low figure of £6/5/-. Goldsbrough Morts had sellers at £l/9/- but no buyers came forward. The directors of Goldsbrough Mort and Company are recommending a final dividend for the year ended March 31, of 2| per cent.; an interim dividend of 2 per cent, was paid last December. The total distribution for the year will therefore be per cent. Last year the company paid a final dividend of 5 per cent, and an interim of 2 per cent., making 7 per cent, for the year. Sellers of Wright, Stephensons preference shares were on the market at 19/6 during the week but no buyers came forward. Woollen companies’ shares had a quiet week. A sale of Kaiapoi contributing shares (7/— paid) was reported at 4/-. This was the only business done in this section. A parcel of Union Steam Ship preference shares was transferred at £l/5/-, more being wanted at the same figure. The market for other shipping companies’ shares was a dull one. Little interest was taken in meat freezing companies’ shares, the only business done being in Southland Frozen Meats, which sold at £l/7/6. SMALL TURNOVER The turnover in the mining section was a small one. Several prominent lines were absent from the sales list this week. Electrolytic Zincs (pref.) were quiet and easier at £2/15/-. No business was done in Broken Hill Souths, the market for which was an easier one. Mount Morgans had a sale at 11/5 but the market was far from active. Mount Lyells came in for some attention from buyers, one or two sales being reported at £l/8/8. A sale of Martha Gold Mining was reported at the lower figure of 9/9. Among New Zealand mining companies there was business put through in Austral (N.Z.) at £l/4/6 and in Maori Gully at Bd. There was not the same interest taken in oil companies’ shares this week. Nevertheless fair business was done in Taranaki Oil Fields at 7/11 down to 6/6. Several sales were also reported in Taranaki Oil Developments at 2/5 to 2/7.

Trading in industrial companies’ shares was inclined to be on the quiet side. Broken Hill Proprietaries showed no change from the market ruling last week-end, the business done being at £3/8/6 to £3/9/-. This company’s stock was the most active one in this section. Colonial Sugars, (ex div.) were lightly traded in at £5O/7/6 to £5O/10/-. G. J. Coles, though quiet were slightly firmer at £3/17/6. The rights to Coles new issue were placed at £2/12/3. Australian Consolidated Industries continued to show a quiet and slightly easier tone at £l/19/6. British Tobacco, cum interim dividend payable at the end of this month were quietly dealt in at £2/11/5 and £2/11/6. Woolworths Ltd. were a little firmer at £l/3/10, buyers inquiring for more at £l/3/8. Sales of Woolworths Properties Ltd. were reported at £l/5/2 and £l/5/3. Morts Dock at 16/3 were down in price 3d a share compared with last week’s sales. Business in New Zealand industrials continued to be confined .to a very few lines. Sales of Farmers Trading Company’s shares were reported at 19/8 and 19/9. Wilsons Cements, at 17/10 to 18/-, showed a firm mark, this price being cum dividend of 4Jd a share payable on June 22. Woolworths (N.Z.) were quiet and inactive at 18/9. Paper Mills improved to £l/3/9, the market closing firm. In coal companies’ scrip there was business done in Westport Stockton ordinary shares at 3/9 and Westport Coals at £l/0/6. Brewery companies’ shares were on the quiet side, the only business done being in New Zealands which brought £l/18/6, and Dominions which sold at £l/3/6. DIVIDENDS DUE McKenzies Stores, final 7 p.c. 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 Cements, final 4 (fed a share June 22 North Broken Hill, quarterly 6d a share June 28 British Tobacco, Interim quarterly 2 p.c. June 30 National Bank of N.Z., final 2(fe p.c. July 4 THE WOOL MARKET BRADFORD TOPS FIRMER (Received June 9, G. 30 p.m.) LONDON, June 8. The Bradford tops market is firmer, with fair business, mostly in Government orders. Quotations:— May 18 May 25 June 1 June 8

THE PRICE OF GOLD LONDON, June 8. The price of gold is £7/8/5 an ounce.

per lb. per lb. per lb. per lb. d d d d Merinos — 70's 26 26 26 26 64’s 241/2 241/2 241/2 25 60's 231/a 231/2 23>/ 2 24 Crossbreds — 58’s 211/2 211/2 211/2 22 56's 20 20 20 20 50’s 17 17 17 18 46’s *16>/2 ‘I6I/2 *161/2 *17 44’S •161/2 *161/2 *161/2 *17 ’Nominal.