POLITICS AFFECT MARKETS

Southland Times, Issue 23852, 24 June 1939, Page 4

POLITICS AFFECT MARKETS

STOCK EXCHANGES OF DOMINION

LIMITED TURNOVER IN INVESTMENTS

By OUR COMMERCIAL EDITOR Friday Evening.

There was a very limited turnover on the stock exchanges of the Dominion during the week no doubt because of the international situation which is affecting the markets for investments in all countries. A little more attention was paid this week to Government securities. The amount of business done, however, was not large and the market was inclined to be easier. Four , per cent, bonds and stocks, due in 1946, sold at £9B; the line maturing in 1949 was placed at £97/10/-. The longer-dated loan with currency to 1955 sold at £95/10/-. Sales of the new Government loan, 1954-58, bearing interest at 4 per cent., were reported at the price of issue, £96. Among local body debentures sales of Gisborne Sheep Farmers, due 1941, bearing interest at 61 per cent., were reported at £lOl/12/6. Banking shares were in poor demand. New Zealands, ex dividend, were done at 39/-, the market closing with buyers offering 38/6. Bank of New Zealand long-term “D” shares were inquired for at 26/-, but. no sellers came forward. Commercial of Australias were fractionally easier at 15/11, the market for this bank’s shares being a very quiet one. National of New Zealands brought 46/6, the price showing little change from that ruling a week ago. A sale of E.S. and A. Banks was reported at 101/-, showing a slight improvement over the market ruling lately. Union Banks had sellers at £B/5/- and Bank of New South Wales shares were procurable at £3l/10/-. Insurance companies’ shares have commanded a fairly steady market for some time. This week, however, there was a slight setback, New Zealand easing slightly in price to 52/-. South British also showed an easier market, being done at 42/3. Nationals were quietly done at 16/10. Standards had buyers at 52/-. NO INTEREST SHOWN No interest was shown by investors in pastoral companies’ shares, buyers being extremely scarce. A seller of Wright, Stephensons preference shares was on the market at 19/6 but no buying offers were received. Since the announcement of the final dividend rate, sellers of Goldsbrough Morts have reduced their limits considerably. The company’s net profit for the year ended March 31 was over £70,000 below that of the previous year. Quietness prevailed in the woollen section, the only business done being In Bonds Hosiery shares which were placed at 20/6. There was no life in the frozen meat section, the trading done being confined to fully-paid shares of the New Zealand Refrigerating Company which were transferred at 15/6. Shipping companies’ shares were neglected there being only one buying quotation, for Union Steam Ship preference shares at 25/-. There was a dull week for overseas mining scrip. Electrolytic Zincs were quiet and easier in price, the ordinary shares selling at 49/9 and the preference shares at 54/3. Mount Morgans showed a further decline in price, the sales made being at 10/4 to 10/6. Mount Lyells ex dividend • were' offered at 28/-. North Broken Hills were transferred at 48/9. Martha Gold Mining showed no change in price, sales being reported at 9/8 and 9/9. The market for the lower-priced gold-mining companies’ shares remained a very dull one. Oil companies shares were almost neglected this week, the only business done being in Taranaki Oilfields which sold at 7/-.

GENERAL SECTION . Compared with the previous period the turnover in the general section fell away considerably. Broken Hill Proprietaries showed an easier market, selling early Un the week at 64/3 to 64/9, later improving to 66/6. Colonial Sugars lost further ground when a sale was reported at £4B. G. J. Coles were quiet and below last week’s market at 77/9. The rights to G. J. Coles new issue had a fairly active market but the price was an easier one at 50/6 to 50/9. Australian Consolidated Industries lost a few points in selling at 38/-. British Tobaccos sold at 51/3, 51/6 and 51/7, being one of the most active lines in this section. Woolsworths Ltd. had a quiet time, small business being done at 23/9. Hume Pipe (Australia) had business at 21/- and 21/1, sellers for further lots asking 21/6. A further decline took place in the market for Morts Dock Ltd., a sale being made at 15/9. Business in New Zealand issues was confined to a very small range of shares. Woolworths (N.Z.) were transferred at 17/10 and 18/- Farmers Trading Company brpught 19/6 and 19/7, showing a steady tone. New Zealand Paper Mills remained very firm at 24/3. There was a stronger market for Dominion Brewery Company’s shares at 33/8 to 34/6. This company has just declared its final dividend rate, which will make the total distribution for the year ended March 31, 1939, 12 per cent. The dividend last year was 10 per cent, and the year before the rate was 9 per cent. New Zealand Breweries (cum div) were transferred at 38/6. Tooths Breweries were done at 57/3.

DIVIDENDS DUE North Broken Hill, quarterly 6d a share June 28 Goldsbrough Mort, final 2’/ 2 p.c. June 29 British Tobacco, interim quarterly 6d a share June 30 National Bank of N.Z., final 2>/ 2 p.c. July 4 Woolworths (N.Z.), interim 5 p.c. July 15 THE WOOL MARKET PRICES TENDING AGAINST BUYERS . LONDON, June 22. The Bradford tops market is quiet, but firm and the full output is being readily absorbed. Prices are firm, tending against buyers. Following are today’s quotations and those of recent weeks:— June 1 June 8 June 16 June 22

THE WHEAT MARKET CARGOES DULL AND PARCELS LOWER LONDON, June 22. Wheat cargoes are dull and parcels lower. Futures: London—July, 21/6; August, 21/8a- Liverpool.—July, 3/10:1; October, 4/lg; December, 4/3.3. Spot trade is dull; Australian 23/-. The flour market is quiet and lower. Australian, ex store 18/9, 20/-. Chicago futures: July 683; September, 69g; December, 70£.

per lb. per lb. per lb. per lb. d d d d Merinos— 70's 26 26 26’/ z 261/j 64's 241/2 25 251/2 25'i 60's 231/2 24 241/2 241/2 Crossbreds— 58’S 211/2 22 221/2 221/2 56’s 20 20 201/a 201/2 50's 17 18 19 19 46’s *16i/ 2 *17 *171/2 *171/2 44's *16‘/ 2 *17 •Nominal. *171/2 *171/2