BUSINESS ON 'CHANGE.

Sun (Christchurch), Volume VI, Issue 1785, 3 November 1919, Page 11

BUSINESS ON 'CHANGE.

A P. & 0. STOCK ISSUE. It has been confidently anticipated By investors in P. and O. stock that some form of distribution of profits was likely, and values for some time have been fluctuating, but with a rising tendency. An announcement has now been made that, instead of the usual 6 per cent, bonus given in addition to the dividend, the amount of th<s bonus will be distributed by way of additional stock. Thus every holder of stock, the par value of which is £IOO, will receive an addition which will make the nominal holding £lO6. The actual market value, of course, is much more. The announcement was followed by buyers to-day increasing their offers from £615 to £630. On this market price the equivalent market value of the £6 additional stock is £3B. However, there arc no sellers either in Christchurch or Dunedin, holders obviously reserving quotations until the market price is established. It was anticipated that an improvement would occur in Union Banks once shares were reduced from £75, paid up to £25, into five shares of £ls each, £5 paid. This forecast has been more than justified, for a seller to-day quotes £l3 5/- for the new issue, whilst a buver in Wellington offers business at £l3. On Friday a buyer offered £63 for the old issue, so that the present rise for the new denomination is considerable. Buyers of Adelaide Steamships have advanced offers by 3/-, as a distribution of reserves, although not atmouneed, is expected. CHRISTCHURCH STOCK EXCHANGE. TO-DAY’S QUOTATIONS. >

OTHER EXCHANGES. AUCKLAND. Sales on ’Change—Waihl, 31) '-, 52/6; N.Z. Insurance, 30/11; Talisman, 11/0,11/7. DUNEDIN. Sale on ’Change—Mount Lyell. 27/9. Sale Deported—Talisman Consolidated, IV-. _________

' Buyers. Sellers. BANKS— £ S. d. £ s. d. Australasia 131 0 0 14 — N.Z. (£3 0/8 paid) .. — 19 0 Union of Australia .. •— 13 5 0 INSURANCE— 0 it 3 New Zealand .. .. 1 10 1 Standard 2 18 fi — LOAN & AGENCY— Goldsbrough, Mort 8 (Melbourne) .. •• — 2 3 SHIPPING— Adelaide Steamship 0 (cum. div.) .. 2 12 — Huddart-Parker 2 i) 0 2 6 9 P. & 0. deferred stork t) (cum. div.) FROZEN MEAT— fi3l) 0 —• 13 I) Canterbury 7 — N.Z. Refrigerating 0 (20 paid I .. ■ • — 2 North Canterbury 3 10 0 Freezing — WOOLLENS— 9 ii 6 Kaiapoi 5 ) i « GAS— 0 Christchurch .. .. c 8 — BREWERIES— ii n Crown 1 10 0 i Manning (e\ div.) .. — 4 0 0 MISCELLANEOUS0 Heath and Co 1 11 — Colonial Sugar (cum. 20 0 0 div.) .. . i — Ditto (Fiji & N.Z., (t'/c cum. div.) .. .. 21 0 0 — N.Z. Sugar of Milk ,. — 2 1 0 Papuan Products 0 2 3 — MINING— Talisman — .0 11 8