N.Z. SHARES ARE FIRMER

Southland Times, Issue 24106, 20 April 1940, Page 3

N.Z. SHARES ARE FIRMER

Sharp Rises In Some Lines

OVERSEAS TRADING PROHIBITED

By OUR COMMERCIAL EDITOR The recent emergency regulations on transactions in shares and stocks of overseas companies has seriously affected the turnover on the stock exchanges of the Dominion. New Zealand investors hold a considerable number of Australian banking and industrial companies’ scrip and are also interested largely in Australian mining concerns. Hardly a week would go by without there being transactions recorded in several banking shares, while leading industrials such as Broken Hill Proprietaries, Colonial Sugars, British Tobacco, G. J. Coles and Dunlops were regularly dealt in. Of mining shares there must be numerous holders in the Dominion of Mt. Lyells, Electrolytic Zincs and Mt. Morgans. Some time ago it was reported that there were as many holders of Mount Morgan Company’s shares in New Zealand as there were in Australia. The withdrawal of overseas shares from the market has forced investors to confine. their attention to New Zealand stocks, with the result that there have been sharp rises reported in a number of lines during the week.

Government stocks continue to move upwards, and there was a large turnover in several issues. The highest price obtained was for the 1958 line, on which a half-yearly interest payment is due at the end of May. Sales of this line were made up to £lO7. Both the 1952 and 1955 loans moved up to £lO6 2/6. The issue maturing in 1949 ex interest since Monday brought £lO3 to £lO3/15/-. Sales of the 3£ per cent, stock with currency to 1957 were reported at £99/10/- and £lOO/5/-. LOCAL BODY DEBENTURES Some transactions were reported in local body debentures. Invercargill Fire Board’s 3J per cent, due 1950 brought £lOO/10/-. Mount Eden Boroughs falling due in 1959 and bearing interest at 4J per cent, were disposed of at £lO5. A parcel of New Zealand Refrigerating Company’s debentures 4J per cent, maturing in 1945 changed hands at £lOl/10/-. Business in banking shares was confined to New Zealands and Nationals of New Zealand, these being the only two bank shares that could be quoted during the week. Bank of New Zealands had a large turnover and the market moved up sharply. The business done ranged from £2/3/3 to £2/4/-. Last week the market price was £2 j 1/9. Nationals of New Zealand were not active, but the price advanced to £2/6/6, at which figure a fair number of sales were reported. An all-round improvement took place in the price of insurance companies’ shares. Nationals brought 19/3, later advancing to £l. New Zealands went from £3/3/6 to £3/5/- and later to £3 6/-. South British had several sales put through at the higher figure of £2 10/6. New Zealand Refrigerating Company’s shares were the most active line in the frozen meat section. Steady business was done in the fully paid shares of this company at the higher figures of £l/0/3 to £l/0/11. The contributing shares were also firmer in price at 9/4 to 9/6. South Otago Freezing Company’s shares brought £5/5/-. Gear Meats had buyers at 14/6. Southland Frozen Meats were firmer, with buyers at £l/13/-. WOOLLEN COMPANIES Some woollen companies’ shares received attention. Kaiapoi ordinary (17/- paid) sold freely at the advanced price of 15/3. Oamarus were a little firmer at 18/6. Mosgiels had buyers at £ll. Timaru Woollens were steady at 9/-. The only business done in mining companies’ shares was in Grey River, which sold at 18/6 and 19/-. Business in the miscellaneous section was confined to a small range of companies’ shares. The market, however, is a firmer one. Woolworths (N.Z.) were done at 18/6. Christchurch Gas gained ground in selling at £l/7/3 and £l/7/9. Farmers’ Fertilizers sold at £l/1/- and £l/1/6. Wilson’s Cements were firmer and fairly active at £1 to £l/0/9. Milburn Limes advanced in price considerably, going from £2/1/to £2/5/- and £2/6/-. McKenzie’s "tores went from £2/5/- to £2/6/3. McDuff’s ordinary brought 8/- and the | preference shares 14/10. Brewery companies’ shares received a good deal of attention, on a firmer and rising market. New Zealands were very active, the sales reported being at £l/18/- to £l/19/6, showing a rise of nearly 3/- a share since last week. Dominion Breweries, while not so active, were quite 2/6 a share above the figure they sold at last week-end. DIVIDENDS DUE D.1.C., (preference) interim 6d May 1 Australian Iron and Steel, (preference) 2 >/ 2 years May I Mosgiel Woollen, interim 4 p.c. May 14 Mount Morgan, 6d a share May 15

FOREIGN EXCHANGES (Received April 19, 6.30 p.m.) LONDON, A -il 18. New York, dollar to £1 4.03 Paris, franc to £1 176% Montreal, dollar to £1 4.45 Amsterdam, florins to £1 75.55 Switzerland, franc to £1 17.90 Stockholm, kroner to£l 16.90 Athens, drachmae to £1 540 Lisbon, escudo to £1 16.80 Kobe, pence to yen 13 7-64 Hong Kong, pence to dollar 12 57-64 Shanghai, pence to dollar 4% Brussels, belgas to £1 23.925 Rome, tire to £1 24.175 Tokyo, pence to yen 20.37 Copenhagen, kroner to £1 18.56 Milan, lire to £1 68.75 Oslo, kroner to £1 17.70 Argentine, pesos to £1 17.175