MORE LIFE IN BOND MARKET

Southland Times, Issue 23942, 7 October 1939, Page 3

MORE LIFE IN BOND MARKET

STOCK EXCHANGES OF DOMINION TURNOVER REASONABLY SATISFACTORY By OUR COMMERCIAL EDITOR Friday Evening. The turnover on the stock exchanges of the Dominion during the week could be considered reasonably satisfactory considering present-day conditions. In spite of the fact that some uncertainty exists about the borrowing policy of the Government, there was more life in the bond market this week. Four per cent, stock maturing in 1943 were in good demand and there was a big range of sales reported at £97/7/6 to £97/10/-. The 1946 line, while not so active, was steady at £9B. The issue maturing in 1949 brought the same figure and the one falling due in 1955 sold at £96.

Business in local body debentures was confined to Auckland City 4,< per cents, due 1942 at £lOO/10/- and Auckland Harbour Board 4| per cent, maturing in 1948 at £lOO/15/-. Trading in banking shares continued to be very restricted. Bank of New Zealands were again neglected, although the market showed signs of improvement. The limited business done was at £l/19/-. Commercials of Australia made some slight headway, selling at 14/11 and 15/-, but the business done was very small. Nationals of New Zealands weakened considerably when sales were made at £2/3/6 and later at £2/3/-. Another fall in the price of Australasias took place, sellers accepting £B/10/- and £B/12/6 for this bank’s shares. Bank of New South Wales were unchanged at £2B/10/-.| STEADY TONE A very steady tone existed for insurance companies’ shares. South British was the most active line and the market was a firmer one at £2/4/9 and £2/5/-. This company has announced its first dividend. The amount of 8J per cent, a share is unchanged, and, with the interim dividend paid last April, makes a total distribution for the year of 1/5 a share. New Zealands gained ninepence a share when sales were reported at £2/14/6. Nationals remained steady, with buyers at 16/6. Standards were unchanged at £2/14/-.

Some demand continued to come for shares in frozen meat companies. A sale of the contributing issue of New Zealand Refrigerating was reported at 8/2 and buyers for the fully paids were steady at 16/6. Southland Frozen Meats had buyers at £l/7/6, sellers asking £l/8/6. There was only a small amount of business done in shipping companies’ shares. A sale of Union Steam Ship Company’s preference shares at £l/5/and one of Huddart Parkers ordinary issue at £3/1/- were the only transactions reported. Two sales of Wellington Woollen Company’s shares at £5/5/- were the only business put through in the woollen section. Other woollen lines to be sought after were Bruce at 10/-, Mosgiels at the increased price of £9/5/and Oamaru Woollens at 15/-. Little interest was shown this week by investors in pastoral companies’ shares. Only one sale, that of Goldsbrough Mort at £l/8/6, was reported. Coal companies’ shares continued to show a steady market, although the amount of business done was rather small. Westports were unchanged at £l/1/-, while Westport Stockton ordinary were a shade firmer at 4/-.

Compared with the previous period, there was no improvement shown in the turnover in the mining section. Grey Rivers remained fairly stable at 15/6 to 15/9. Broken Hill Souths had two or three sales at £l/9/-. Mount Lyells showed little change, being placed at £l/10/9 and £l/11/-. Electrolytic Zincs (ord.), had sellers at £2/18/-. Mount Morgans were weak, being procurable at 9/6. Rawang Tin fields were placed at 9/-, the latest quotation showing sellers at 10/-. Oil companies were again neglected, only one sale, that of Taranaki Oil Fields Limited, being reported. The market was an easier one at 4/9. Business in the miscellaneous section was confined to a very few companies’ shares. QUIET MARKET Broken Hill Proprietaries remained steady in price, being placed at £3/12/to £3/12/6. The market was, however, extremely quiet. Little alteration was noticeable in the price of G. J. Coles Ltd., the sales reported being at £3/10/3 to £3/11/-. Woolworths Ltd. was the most active line in this section. The market for this company’s shares has hardened a little, latest sales being at £l/2/6. Colonial Sugars, while quiet, continued to show steadiness, the business reported in this company’s scrip being at £4B/10/-. Among New Zealand issues, an improvement has taken place in the market for Woolworths, which were placed at 17/- and 17/6. A sale of New Zealand Paper Mills was made at £l/5/-. sellers for further lots asking £l/6/-’ New Zealand Drugs remained very steady at £3/8/-. A sale of Christchurch Gas Company’s shares was reported at £l/4/- and one of Wellington Gas at £l/8/-. Brewery companies’ shares had a dull market. In selling at £l/14/-, New Zealands recovered some lost ground. Dominions were very quiet, but firmer, at £l/11/- and £l/11/6. ’ DIVIDENDS DUE Bank of Australasia, interim 3/6 a share yesterday Woolworths (N.Z.), half-yearly on pref. 9p.c. October 15 Woolworths Ltd., half-yearly ord. 6 p.c. October 15 South British Insurance, final 8 (id a share October 26