BUSINESS ON 'CHANGE.

Sun (Christchurch), Volume VII, Issue 2030, 17 August 1920, Page 11

BUSINESS ON 'CHANGE.

LITTLE LIFE IN MARKET. There is hardly any movement in shares, the market apparently not having recovered from the effect o!" the holidays. The diversion of capital to take up preference Issues in connection with some of the attractive propositions recently put on the market is atilf going on, a tact that no doubt is adversely affecting transactions In ordinary shares. Christchurch brokers have now received copies of the prospectus Issued by Newton, King, Ltd. Reports arc that there has been a strong demand in Wellington and Auckland for the 6J per tent, preference issue, free from income tax, payable bv the company. As the business of the company is well established, it is anticipated that the issue of 125,000 preference shares of £1 each will be easily subscribed before August 31, which is the date when •subscriptions will be closed. On the Stock Exchange to-day, Government securities were practically neglected. Buyers of Bank of New Zcalands still offer £2(l 10/-, without sellers. Sellers of Bank of New SouthWales have advanced their quotations to £35, cum. div., wßich is the Dunedin level, but buyers are not attracted. There is a fairly close and Arm market for Union Banks. Christchurch buyers of National Insurances have advanced their quotations to £3 16/3. Sellers quoted National Mortgage rights for the first time, asking for £2 10/-. But the market basis has not yet been established. The Auckland quotations today for Huddart-Parkcrs are 56/- by buyers and 57/- by sellers, so that values are holding. A Christchurch seller quoted 57/-. Buyers of P. and O.'s advanced offers from £IOO to £4lO, but figures are higher In Dunedin. Meat shares are more or less neglected. There are buyers of Farmers' Cooperatives at £2 9 C, without attracting sellers. Waihls continue weak, buyers offering 35/- and sellers quoting 31i-3. Waihi Grand Junctions are firm.