STATE LOANS FIRMER

Southland Times, Issue 23948, 14 October 1939, Page 3

STATE LOANS FIRMER

DEALINGS ON STOCK EXCHANGE RECOVERY IN BREWERY SHARES By OUR COMMERCIAL EDITOR Friday Evening. Chief items of interest on the stock exchanges during the week were the strengthening of the market for Government loans, the firm tone existing for insurance companies’ scrip and the recovery made by brewery companies’ shares. Dealings in State securities were fairly steady with buyers rather active. Four per cents, due 1943, were firmer at £97/15/- to £97/17/6. The line maturing in 1949, cum interest, was placed at £9B/2/6. Several transactions in the latest loan issued, with currencies to 1954-58, were reported at £97/10/-. In local body debentures there was business done in Auckland Harbour Board 4| per cents, due 1940, at £lOl. A sale was also reported of Hamilton Boroughs, repayable in 1952, bearing 4| per cent interest, at £lOO. There was a wider range of banking shares dealt with this week, but the market is still a quiet one. Bank of New Zealands showed a firmer tone with sales at 39/-. 40/- and 40/3. Buyers for Bank of New Zealand long-term D shares were inquired for at 25/6. Commercials showed little change at 14/11 to 15/1. Nationals of New Zealands were done at 42/9 to 43/3, showing a weak market. Sales of E.S. and A. Banks were reported at 90/-. This compares with 96/6 which was the price ruling at the end of September. Other banking shares traded in were Unions at £7/7/6 to £7/10/- and Nationals of Australasia at £l3/2/6. INSURANCE SHARES FIRM Insurance companies’ shares continue to show a firm front. New Zealands were transferred at 54/- and 54/6, Nationals brought 16/8; South British were sold at 44/3, and Standards moved up to 54/9. Buyers continue to quote for several lines in the frozen meat section, but the trading done was small. Southland Frozen Meats had sales at 27/10 and 28/l|, more being asked for at 27/9. New Zealand Refrigerating contributing shares brought 8/2, showing an unchanged market. Among shipping companies’ shares there was a firm price for Huddart Parkers, the latest sale being at 62/-. The only other inquiry in this section came for Union Steam Ship preference, which were wanted at 24/9.

Pastoral companies’ shares continue to attract little attention. Goldsbrough Morts were quiet, but a shade firmer at 29/-. A parcel of National Mortgage and Agency Company’s A shares changed hands at 35/-. The only business done in woollen companies’ shares was a sale of Wellington Woollens at £5/5/-. The prices for most of the leading lines remain unchanged. For the greater part of the week overseas mining stocks were very quiet; towards the week-end, however, a little better tone prevailed. Mount Lyells came in for some attention and were sold at 30/9 to 32/-. Mount Morgans were done at 9/6, showing no improvement. Electrolytic Zinc ordinary shares were placed at 57/3 and 57/6 Two or three sales were, reported in Grey Rivers at 16/- and 16/3. GENERAL SECTION The turnover in the gene; 1 section was not a large one and was confined almost solely to Commonwealth issues. A stronger market came for Broken Hill Proprietaries and the business done, while small, was at the higher figures of 73/3 to 74/-. Woolworths Ltd. had a range of sales and were by far the most active stock in this group. The market has firmed somewhat, the trading done being at 22/7 up to 22/9. Sales were reported in Australian Consolidated Industries at 36/6 and 36/9, buyers remaining in at the former figure. The market for Hume Pipe (Australia) Ltd. is not a strong one, business being reported in this line at 17/3. G. J. Coles Ltd. remain steady in price and fairly active at 71/-. Business was reported in Morts Dock at 16/3 and 16/4. A parcel of Australian Iron and Steel preference was placed at 28/3. The directors of this company have declared arrears of dividends on these shares for two years and a-half to November 1, 1937. The dividend rate is 7J per cent, per annum less reduction of 22/ per cent, under the Interest Reduction Act 1931. Colonial Sugars made slight gains when business was done at £4B/17/6 and £49/5/While the market for some of the Dominion stocks remains firm, very little business was transacted. New Zealand Drugs had buyers at 67/9, showing steadiness. Milburn Limes at 35/ — were unchanged. Dominion Fertilizeis were placed at 24/3 and more could have been disposed of at the same price but sellers were asking 24/9. A sale of Wellington Gas Company’s shares was reported at 28/-. Brewery companies’ shares made a rapid rise. New Zealands showed activity on a firmer market, the sales reported being at 35/6 to 37/6. Dominions moved up to 33/6 and later 34/- was paid for this company’s shares A sale of Tooths Breweries was reported at 52/3. DIVIDENDS DUE Woolworths Ltd., half-yearly ord. 6p.c. October 16 Woolworths (N.Z.). half-yearly on pref. 9 p.c. p.a. October 16 South British Insurance, final Btid a share October 26 WYNDHAMSTOCK SALE STORE SHEEP PRICES SHOW RISE ON LAST SALE There was a small yarding of sheep and a fair yarding of cattle forward for the Wyndham stock sale. A few pens of medium quality wethers sold at rates equal to last sale. The store yarding consisted mostly of small lines of ewes and lambs all counted with a few pens of medium ewe and wether hoggets. There was a fair demand for all classes of store sheep, and the yarding was quitted at auction at prices in advance of last sale. There was a fair number of prime fat cattle yarded. These met with a ready sale at equal to last sale’s rates. Store cattle were also in demand and sold up to late rates. Good dairy cows at profit were wanted and made prices equal to late sales. Henderson and Co., Ltd., sold.—One fat cow at £lO/12/6. 1 at £9/12/6, 1 at £B/15/-, 1 at £B/17/6, 1 at £B/15/-, 1 at £7/7/6. 1 at £7,. 1 at £6/17/6, 1 at £6/10/-, 3 store cows at £5, 1 fat heifer at £ll/15/- 2 at £ll/10/-, 2 at £ll/5/-, 1 dairy cow at £lO, 1 at £7, 1 bullock at £l4/5/-.

Dalgety and Co., Ltd., sold.—Nineteen wethers at 36/3 8 at 37/6, 7 at 36/9, 7 at 20/-, 2 B.L. rams at 10/-, 51 ewes and lambs at 11/11, 70 at 10/1, 3 ewes and lambs at 10/3, 12 m.s. hoggets at 16/-, 59 ewe hoggets at 30/6, 25 at 26/6, 1 steer at £l5/5/-, 1 at £lO/10/-, 1 cow at £B, 1 at £B/5/-, 1 at £6/7/6, 1 at £4/15/-, 3 at £13,il at £5/15/-, 1 sow and weaner at £9/5/-, 1 cow at £9/5/-,

1 at £9/10/-, 1 at $5/15/-, 1 at £7/15/-, 1 dairy cow at £l2/5/-, 1 at £6/17/6, 1 at £7/10/-, 1 at £l2, 1 at £6/15/-, 1 at £ll, 1 at £lO/2/6, 1 at £ll/5/-, 1 at £ll/15/-, 1 at £l4, 1 at £l3/15/-. 1 at £ll/10/-, 1 at £B, 1 at £l4/10/-, 1 at £l3/15/-, 1 at £9/15/-, 1 at £lO/17/6, 1 at £ll/10/-, 1 at £ll, 1 at £7, 1 at £B/5/-, 1 at £9, 1 at £5, 1 at £l6/2/6, 1 at £ll/10/-, 1 at £9/10/-, 1 at £ll, 1 at £ll, 1 at £lO, 1 weaner at 28/6, 1 at 27/-, 1 at 27/National Mortgage and Agency Co., Ltd., sold.--Fourteen fat wethers at 34/6, pen ewes and lambs at 11/6, pen m.s. hoggets 18/-. 2 fat bullocks at £l3/7/6,' 2 fat heifers at £lO/2/6, 1 at £ll/15/-. 1 at £ll, fat cows at £B. £B/10/-. £9/5/-. £9/10/-. £lO/5/-. 18 l.i year steers at £5/10/-, 20 heifers at £4/4/-. 11 m.s. yardings at £3/6/-, dairy cows from £l5 to £9/10/-; pigs, 1 at 23/-, 5 at 25/-. The New Zealand Loan and Mercantile Agency Co., Ltd., sold. —Three fat bullocks at £l5/15/-, 3 at $l4, 1 at £l2/2/6, 2 fat heifers at £l2/2/6, 4 pigs at 23/-. , . , Wright, Stephenson and Co. Ltd., sold: -Fat cows at £5/17/6, £5/15 z —, £5/5/ , £4/15/-. £5; store cows at £4/5/-, £3/5/- and £3/15/-. FAT CATTLE IN DEMAND AT OTAUTAU The monthly stock sale at Otautau was held yesterday in ideal weather and there was a good attendance of farmers representative of the surrounding district. . „ , A small yarding of cattle was offered, including one or two pens of steels, dairy cows and cull cows. There was a keen demand, and all lots were cleared at prices which must have been satisfactory to vendors. The entry of sheep included several pens of ewes and lambs, ewe hoggets and wether hoggets. Several pens of pigs met with a ready sale at usual market rates. Romney ewe hoggets made from 28/b to 31/3, Romney hoggets to 17/1, aged ewes and lambs 10/1 to 11/-, and better sorts to 14/-. Cattle.—Two-year-old steers realized up to £6/4/-, yearling steers to £4/11/-, dairy cows to £8 and empty cows £4 to £6. Following were some of the sales:— The Southland Farmers’ Co-operative Association.—B7 ewe hoggets at 30/3, 1 cow at £4/17/-, 1 at £5/12/6, 1 heifer at £B, 1 at £4/15/-, and 3 pigs at .35/each. , Wright, Stephenson and Co. Ltd.— 83 hoggets at .17/-, 31 at 17,8, 50 ewes and 54 lambs at 14/-, 15 ewe hoggets at 22/-, 20 wethers at 29/9, 1 dog at £l/11/-, and a drill was passed at £3l. J. R. Mills and Son.—9 wethers at 30/-, 32 ewe hoggets at 28/4, and two troughs at 17/- and 14/-. J. E. Watson.—s 4 ewes and 61 iambs at 11/10. The National Mortgage and Agency Co. Ltd.—B wethers at 29/10. 91 ewe hoggets at 30/4, 2 bags grass seed at 30/- and 35/-, and 90 posts at £l/10,Dalgcty and Co. Ltd.—22 ewes and 22 lambs at 10/-, 22 ewes and lambs at 10/-, 1 cow at £3/10/-, 1 at £4/17/6, 7 yearlings at £4/12/-, 5 2-year-o:d steers at £6/4/-, 3 cows at £5/18/-, 1 cow and runner at £3/7/6, 1 pig at 28/-, 1 at 27/-, 2 pups at 14/- each, 2 bags grass seed at 15/-, 5 strainers at

11/-. 2 at 8/- each, 45 stakes at £2/3/-, 150 posts at £l3/10/-, 65 at £3/11/and 51 at £2/17/6. COMPANY NEWS NATIONAL BANK OF AUSTRALASIA (United Press Association) WELLINGTON, October 13. The board of directors of the National Bank of Australasia has decided to pay an interim dividend on both classes of shares at the rate of 6 per cent, per annum for the half-year ended September 30.