MONEY AND MARKETS

Southland Times, Issue 24153, 15 June 1940, Page 3

MONEY AND MARKETS

SHARE MARKET DEPRESSED FURTHER SHRINKAGE IN VALUES GOVERNMENT STOCKS FIRM By OUR COMMERCIAL EDITOR The gravity of the war situation has further depressed the Stock Exchange markets. With the exception of Government stocks, which show little change from the previous week, the prices of all other lines show a further decline.

Some trading continues to be done in Government loans, the most active stock in this section being the longerdated issue maturing in 1955, which, cum interest payable today, sold at £lO4 and £lO4/5/-. Other 4 per cent, stocks were quiet and practically unchanged in price. In 3J per cent, stocks due in 1957 limited trading was done at £lOO/10/-. Another line to be traded in was the 3J per cent, issue with currency to 1941, which sold at par; one month’s accrued interest goes to the buyer at that price. There was some business done in local body and company debentures. The Auckland Harbour Board’s 4J per cent, issue, 1959, sold at £lO6. Wellington City debentures carrying the same rate of interest brought £lO4. Ashburton Electric Power Board 4.! per cents, due 1944, sold at £lO2. A sale of the Auckland Gas Company’s perpetual debentures bearing interest at 5 per cent, was reported at £lOO/5/-. After a sharp decline Bank of New Zealands appear to have steadied up a little. Quite a number of sales were reported of this bank’s shares at 39/6 to 39/-. A further drop has taken place in the price of Commercials of Australia, the latest sales being at 14/3. Nationals of New Zealand showed no improvement in price in selling at 37/4. A sale or two of Union Banks was reported at the lower price of £7. Nearly all the other banking lines were neglected. Permission has not yet been given to quote Bank of New South Wales shares; that is the reason for this bank’s stock being completely absent from the official call sheets.

INSURANCE SHARES A further fall has taken place in the price of insurance companies’ shares. Sellers of Nationals were prepared to accept 18/3, but no buyers were interested. New Zealands receded still further in price, selling at 56/9 and later at 56/-. South British failed to hold the price they sold at last week, the market falling back to 44/-. No quotations came for Standard Insurances. . , Inquiries for frozen meat companies shares were few and far between, and came chiefly from sellers. The New Zealand Refrigerating Company’s fully paid issue were procurable at 20/4 and the contributing shares at 9/-. No quotations came for Southland Frozen Meats. The South Otago Freezing Company’s shares had sellers at 110/-. Woollen companies’ shares failed to sustain the interest shown in them during the past few months. Only one sale, that of Kaiapoi ordinary shares, was reported, the price being 14/11. These shares are paid to TH-. Two sales of Union Steam Ship preference shares were reported at 26/6— the first sales for some time of shares in shipping companies. The market for mining shares, both those in the Commonwealth and those in New Zealand, could hardly be more depressed. Few quotations came for this class of shares, buyers being especially conspicuous by their absence. The only business reported in this section was in Electrolytic Zinc preference, a sale of this company’s shares being reported at the reduced price of 45/-.

EASIER MARKET The turnover in the miscellaneous section showed a further shrinkage, and the market all round generally was an easier one. Broken Hill Proprietaries were again the most active stock in this section. A further easing in price took place for this company’s shares, the latest sales being at 39/6 and 40/-. Another leading Australian line to further ease in price was Colonial Sugars, the market falling back from £49/5/- to £4B and £47/10/-. Woolworths suffered another reverse when sales were made at 15/5 and 15/-. Most of the New Zealand industrials showed a reduction in price compared with last week’s falling market. Drugs were transferred at 75/- compared with 76/- a week ago. Woolworths (N.Z.) were done at 13/3 and 12/6. Wilson’s Cement brought 15/9 and 16/1, the lowest price these shares have touched for some time. Consolidated Brick at 7/9 were down on last week’s figures. A sale, the first for some considerable time, was reported in D.I.C. preference shares at 23/-. A weaker market prevails for brewery companies’ shares. New Zealands dropped back to 30/9 and 30/6 on a quiet market. This company is paying a final dividend of 4£ per cent., making, with the interim payment, 8? per cent, for the year, an unchanged rate. The distribution will be made on June 19. The accounts of this company for the year ended March 31 show a net profit of £136,306 compared with £141,446 for the year ended March 31, 1939. Dominion Breweries show little change from last week’s market in selling at 29/6. This company is paying on July 7 a final dividend at the rate of 12 per cent, per annum, an unchanged rate. DIVIDENDS DUE Broken Hill South, interim 6d a share June 15 Mount Lyell, interim 9d a share June 17 Wilson’s Cement, final, 4’/ 2 d a share June 19 N.Z. Breweries, final 4’,4 p c. June .'.9 J. R. McKenzie’s Ltd., final 7 p.c. June 20 Bank of N.Z., final 1/- a share June 21 North Broken Hill, interim 6d a share June 27 British Tobacco, interim 2 p.c. quarterly June 29 Dominion Breweries, final 12 p.c. per annum July 7 Woolworths (N.Z.), interim 5 p.c. July 15 National Bank of N.Z., final 2’,4 p.c. July 16

STATE LOANS SUPPORTED * INVERCARGILL STOCK EXCHANGE DEMAND FOR AUSTRALIAN MINING SHARES Continued support came for Government loans on the Stock Exchange yesterday. For Bank of New Zealands there was a steady inquiry at £l/18/-. The miscellaneous section was quiet. For the first time this week buyers were operating for some of the leading Australian mining shares. Quotations were as follows:— GOVERNMENT DEBENTURES

SALES ELSEWHERE

DUNEDIN Sales.—4 p.c. Stock 1940-43 (2) £lOO/15/-; 4 p.c. Stock 1943-46 £lO2/10/-: Electrolytic Zinc (pref.) £2/6/-. CHRISTCHURCH Sales on Change.—Broken Hill Propty. £2/1/-. Sales Reported.—4 p.c. Stock 1940-43 £lOO/15/-; 4 p.c. Stock 1949-52 £lO2/15/-; N.Z. Breweries (2) £l/10/10’4; Broken Hill Propty. (3) £2/1/3; Mount Lyell £l/4/-. WELLINGTON Sale Late Thursday.—4 p.c. Stock 1943 £lOO/15/-. Sales Yesterday.—4 p.c. Stock 1946 £lO2 10/-; 4 p.c. Stock 1952 £103; Commercial Bank 14/1. AUCKLAND Sales on CBBBBxzfifl xzfifl vbgk vbgk vbgk Sales on Change.—Bank of New South ’Wales £26/15/-; N.Z. Insurance £2/16/-; do. £2/15/9; South British £2/4/3; A.C.I. £l/12/5; Broken Hill Propty. £2/2/-; do. £2/l/4’,4; Burns Philp £2/10/-; 1.C.1. (pref ) £l/2/9. SYDNEY (Received June 14, 9.45 p.m.) SYDNEY, June 14. The share market today was subdued as a result of the disquieting war events. Quotations were.—British Tobacco £2/1/-; Horderns 10/4; Colonial Sugar £45/5/-; Woolworths 15/3; Carpenter £l/16/-; Mount Lyell £l/2/9. MELBOURNE At Melbourne quotations were.—G. J. Coles £2/16/-; Loloma £l/2/9; Emperor 10/2. FOREIGN EXCHANGES (Received June 14, 6.30 p.m.) LONDON, June 13. Paris, franc to £1 176% Amsterdam, florins to £1 — Montreal, dollar to £1 4.45 Switzerland, franc to £1 16.90 Stockholm, kroner to £1 540 Athens, drachmae to £1 75.55 Lisbon, escudo to £1 16.80 Kobe, pence to yen 15 15-16 Hon-; Kong, pence to dollar 16 31-32 Shanghai, pence to dollar 3 27-32 Brussels, belgas to £1 — Rome, lire to £1 24.175 Tokyo, pence to yen 24.37 Copenhagen, kroner to £1 . — Oslo, kroner to £1 — Milan, lire to £1 72.50 Argentine, pesos to £1 68.00 New York, dollar to £1 3.70’,4 "■ LT 1 ' ' I

Buyer Seller (Esc £ s d Stock, 4 p.c., 1943-46 101 15 0 — Bonds, 4 p.c., 1943-46 101 15 0 Stock, 4 p.c., 1946-49 102 0 0 ■ ■ ■— Bonds, 4 p.c., 1946-49 102 0 0 Stock, 4 p.c., 1949-52 102 0 0 103 0 0 Stock, 4 p.c., 1952-55 104 0 0 — Bonds, 4 p.c., 1952-55 104 0 0 — Stock, 3>/ 2 p.c., 1953-57 -- '99 15 0 Stock, 4 p.c., 1954-58 102 5 0 — BANKS Commercial — 0 14 9 New Zealand 1 18 0 1 19 3 New Zealand Long “D” issue 1 6 6 2 o BREWERIES Union of Australia 7 2 0 N.Z. Breweries 1 10 6 1 11 6 COAL Kaitangata — 1 11 6 Westport Coal — 1 3 0 Westport Stockton (pref.) 0 3 9 — INSURANCE National — 0 18 3 New Zealand —; 2 17 0 South British — 2 4 6 LOAN AND AGENCY National Mortgage — 2 0 0 trustees Executors (Dunedin) 4 1 0 Wright, Stephenson (pref.) 0 18 6 MEAT COMPANIES N.Z. Refrigerating (20/- paid) 1 0 9 (10/- paid) — — 0 9 0 South Otago Freezing Co. — 5 10 0 SHIPPING Union Steam Ship Co. (pref.) 1 6 3 1 P. and 0. Stock — 1 7 0 WOOLLEN MILLS Bruce 0 17 6 —— Kaiapoi (ord.) — 0 15 1 MISCELLANEOUS Australian Iron and Steel — 1 8 0 Broken Hill Pty. 2 1 0 -—-'■■I D.l.C. (pref.) 1 2 9 Dominion Fertilizer 1 6 3 Dominion Rubber Co. 1 3 0 McDuffs Ltd. — —- 0 7 6 Milburn Lime and Cement — 2 2 0 New Zealanad Drug 4 0 0 N.Z. Guarantee Corporation - — 0 4 0 Otago Daily Times 2 1 0 Permanent Building Society 5 15 0 ■ ■ Wilson's (N.Z.) Cement • 0 19 0 Woolworths Ltd. 0 15 0 0 16 0 MINING North Broken Hill 1 10 0 — Big River 0 0 □ —— Electrolytic Zince (ord.) 2 1 0 —— Gillespie's Beach 0 0 4 Mount Lyell — 1 7 0 Mount Morgans - ■ 0 8 9 Nokomai ■ III—— 0 I 10 Okarito 1 — 0 1 0 Taranaki Oil Fields 0 7 0 Austral (N.Z.) — 1 5 0