STATE LOANS IN DEMAND

Southland Times, Issue 24211, 22 August 1940, Page 3

STATE LOANS IN DEMAND

FREEZING SECTION ACTIVE BANK SHARES QUIET ON STOCK EXCHANGE Strong support continued to come for State loans on the Invercargill Stock Exchange yesterday, the market bemg very firm. Banks were quiet, all lines with the exception of Unions being steady. There was a better demand for some lines in the meat freezing section. A good all round inquiry came for most of the leading lines m the industrial section. A sale of 1943-46 4 per cent. Government Stock at was reported. Quotations were as follows: Government p.c. Stock 1940-43, b £lOl/15/-: 4 p.c. Stock 1943-46, b £lo2’ 4 P-C. Bonds, 1943-46 b £102; 4 p.c. Stock 1946-49, b £104; 4 p.c. Bonds 1946-49, b £104; 4 p.c. Stock 1949-52, b £lO4 4 p.c. Stock 1952-55. b £104; 4 p.c. Bonds 1952-55, b £104; 3*2 pc. Stock 1953-57, b £99/15/-, 4 p.c. Stock 1954-58, b £lO4. Banks.—Commercial b 12/9; National of New Zealand b £l/17/-; New Zealand b £2/0/6; New Zealand Long 4 D issue, s £l/7/6; Union of Australia, b Breweries.—Dominion Brewery b £l/9/6, New Zealand Breweries, b £l/12/9, s £1 13/3. Coal.— Kaitangata, s £l/11/6; Westport Coal, b £l/2/-, s £l/2/8; Westport StockInsurance.—National, b 17/9; South British, b £2/6/-. . Loan and Agency. —-National Mortgage, s £2; Trustees’ Executors (Dunedin), b £4 2/6; Wright, Stephenson (ord.), s £l/0/3; (pref.), b £l. Meat Companies.—Gear Meat Co. b 13/6, New Zealand Refrigerating (20/- paid), b 19/3, s 19/9; (10/- paid), b 8/6. s 8/10; Southland Frozen Meat, b £l/13/6, s £1 14/6; South Otago Freezing Co., b £4/18/-; Waitaki Farmers, b £4/12/6. Woollen Mills.—Bruce, b 17/6; Kaiapoi (ord.), b 14/6, s 15/-; Mosgiel, b £9/10/-. Miscellaneous.—Australian Iron and Steel, b £l/6/-; Broken Hill Proprietary, b £2 1/-, s £2/2/-; British Tobacco (Aust.), b £2 4/-, s £2/6/-; G. J. Coles, b £2/19/6, s £3/2/6; D.I.C. (pref.), b £l/2/9; Dominion Fertilizer, b £l/5/6; Dominion Rubber Co., s £l/1/6; Donaghy’s Rope and Twine, b £2/12/-; McDuffs Ltd., b 7/6, s 8/3; Milburn Lime and Cement, b £2/0/6; New Zealand Drug, b £4/0/6; New Zealand Farmers’ Fertilizers (pref.), b £1 1/9; New Zealand Guarantee Corporation, b 3/2, s 3/6; New Zealand Paper Mills, b £1 9/3; Otago Daily Times, s £2; Permanent Building Society, b £5/15/-; Wilson’s (N.Z.) Cement, s 18/6; Woolworths Ltd., s 16/6; Woolworths (N.Z.), b 15/-.

Mining.—Big River, s 9d; Electrolytic Zinc, (ord.), b £2/5/-; (pref.), b £2/7/-; Gillespie’s Beach, s 6d; Mount Morgans, b 7/9, s 8/-; Nokomai, s 1/6; Okarito, b 6d; Waihi Investments, s 5/6. DUNEDIN Sale on ’Change.—National Electric 17/6. Sales Reported.—4 p.c. Stock 1943-46 £102; Australian Iron and Steel (pref.) £l/6/-; Donaghy’s Rope £2/12/6 (odd lot); Milburn Lime £2/1/-; New Zealand Breweries £1 13/6, £l/13/3; N.Z. Farmers’ Fertilizers £1; New Zealand Refrigerating (paid) 19/7 (late Tuesday); National Electric 18/- (late Tuesday); Woolworths (Sydney) 16/3 (2). CHRISTCHURCH Sale on ’Changed—Mount Lyell £l/6/-. Sales Reported.—New Zeaalnd Breweries £l/13/6: Broken Hill Proprietary £2/2/9. WELLINGTON Sale (late Tuesday).—New Zealand Breweries £l/13/3. Sales (yesterday).—Waitomo County 4.8 p.c. 1961 £lO3/10/-; New Zealand Breweries £l/13/6. AUCKLAND Sales on ’Change.—Stock 1954-58 4 p.c. £lO5/10/-; Devonport Borough 1964 H't p.c. £108; Northcote Borough 1967 4>,4 p.c. £lOB 10/-; Newmarket Borough 1956 4’,!i p.c. £108; Bank of New Zealand £2/1/-; Auckland Gas (paid) 8/6; Broken Hill Proprietary £2/1/9 (late sale), £2/1/9, £2/2/-, £2/2/6; Farmers’ Trading 19/-; Farmers’ Fertilizer £1; New Zealand Newspapers £l/9/6; Woolworths (Sydney) 16/2; Martha 7/6; Rawang Tin 7/-. SYDNEY (Received August 21, 9.40 p.m.) SYDNEY, August 21. Mr Winston Churchill's speech injected fresh confidence into the share market today, resulting in the biggest turnover since pre-war days, with a corresponding advance in price levels. Sales.—Bank of New South Wales £25 10/-; Commercial Banking Company of Sydney £lB/2/6; National Bank (£5 paid) £5 15/-; Bank of Australasia £7; Colonial Sugar £47; Woolworths 16/7; Consolidated Industries £l/14/7; do. (cont.) 16/3; Morts Dock 15/6; Winchcombe Carson £l/5/-; Fairymead Sugar £l/14/-; Electrolytic Zinc (pref.) £l/11/-.

MELBOURNE Sales.—Coles £3; Mount Lyell £l/7/-; Loloma £l/2/9; South Broken Hill £l/4/10. MANUFACTURE OF FIBRE BOARD N.Z. FOREST PRODUCTS LTD. (Special to The Times) AUCKLAND, August 21. The initial output of 4000 tons of fibre board is contemplated by the directors of New Zealand Forest Products, Ltd., from the new mill which they are having erected on a site of 13 acres at Penrose. The' work has already started. At the same time the company is establishing new saw mills, a box-making plant, and a creosoting plant in forests near Putaruru. All these buildings are expected to be in operation early next year. There are at present two saw mills working in the forests where the company has 180,000 acres under trees. An expenditure of £350,000 is involved in this new building programme. It was explained by the chairman of the company, Mr D." Henry, that with the establishment of the extensive forests owned by the company, the provision of plant for the utilization of the products was a natural second stage. It had been decided to embark on the scheme with plant designed on a modest scale, the idea being to cater at first for the New Zealand demand for interior fibre board. It was hoped they would later develop an export trade. The aim of the company : he said, was to find out some of the basic costs involved in such an industry before proceeding with the fuller development that would embrace the manufacture of pulp and paper.