SHARE MARKETS.

Timaru Herald, Volume CXXV, Issue 18352, 24 August 1929, Page 21

SHARE MARKETS.

CHRISTCHURCH STOCK EXCHANGE. FRIDAY'S TRANSACTIONS. (Special to the 1 ‘Herald.’’) CHRISTCHURCH, August 23. Sales on ’Change to-day were as follows:—New Zealand Government 51 per cent. Inscribed, 1941, £100; Australian Bank of Commerce 36/-, 36/6; Union Bank of Australia £ls/1/6; New Zealand Guarantee Corporation 9/7; New Zealand Refrigerating (10/- paid) 6/11 (3 parcels); Kaiapoi Woollens (17/- paid) 14/2 (2 parcels); Timaru Brewery (5/- paid) 8/9; British Tobacco 47/10; Electro-Zinc (ord., cum. div.) 39/5; Mahaklpawa 4d (5 parSales reported: Union Bank of Australia £ls/2/6; Goldsbrough Mort 47/9; Kaiapoi Woollen (7/- paid) 5/3; Electro-Zinc (ord., cum. div.) 39/6.

! THE SHAREMARKET. liy Taltgraph—Prv. A*«ocUtloa AUCKLAND, August 23. ' Sales on ’Change.—War Loan. 1938. jsi per cent* £lOl/12/6; New Zealand

Breweries (debentures), 28/-; Bank of New Zealand, 63/6 (3); New Zealand Insurance, 48/-; Auckland Oas, 24/2; Devonport Steam, 21/3; New Zealand Fanners’ Fertiliser, 22/-; Ohlnemuri Mining, 10/6; Mount Lyell, 44/6. WELLINGTON, August 23.

Sales Reported.—Bank of Australasia, £l4/9/6; New Zealand Refrigerating Co. (10/- paid), 6/11; New Zealand Breweries, shares, £4/4/6; British Tobacco Co. (Aust.), £2/8/-; New Zealand Drug Co., £3/16/9; Staples and Co., £2/14/6; Waihi Gold Mining, 12/3; Ohinemuri Gold and Silver, £lO/6/-. DUNEDIN, August 23. Sales on ’Change. Goldsbrough Mort, 48/- (two); Gear Meat, 44/-. Sales Reported.—Kaiapoi Woollen (ord.), 14/1; Kildare, 4/10; Westport Coal, 33/7 (2). THE SHARE MARKET. Markets show more activity this week, although there is a slackening of interest in gilt-edged stocks, with the exception of Government issues, which remain firm. In the meantime, investors appear to be looking for a better interest return than is obtainable from bank and insurance stocks at the present level of prices. More attention is being given to sound industrials which yield about six per cent, or over, and this month has seen a strong upward movement in several high-grade industrials, notably Mount Lyells, Electrolytic Zincs, Broken Hill Proprietary, and Dunlop Perdriaus. Normally, this is a quiet period of the year on the Stock Exchange, and an easing tendency is not unexpected; but the immediate outlook is uncertain. There are indications from overseas that interest rates will rise in the near future, and the depletion of the Bank of England’s gold reserve points to a financial stringency, which must have repercussions in Australia and New Zealand. Also, during the next few months the tone of the market will be strongly influenced by the overseas prices for our pirmary products, and although Australia shows a favourable trade balance of £1,200,000 at 30th. June, compared with an adverse balance of £4,700,000 for 1927-28, the New Zealand figures for July show a heavy increase in imports, and a substantial decrease in exports. For the seven-monthly period ended July, 1929, exports totalled £40,491,376, in place of £41,071,193 at July, 1928; and imports £26,997,095, show the marked increase of approximately 2b million pounds. It is satisfactory to note that there has been a record production of dairy produce for the season, but the significance of the overseas trade figures, coupled with the indefinite outlook for wool and wheat, should not be overlooked by investors. The economic and financial outlook is not as favourable as it was twelve months ago, and there may be an easing in prices of Stock Exchange securities, particularly in gilt-edged stocks. Business throughout New Zealand this month has been restricted to banks and breweries, a few selected industrials, and odd sales of miscellaneous stocks. The turnover this week shows more activity, but there is no sign of steady buying in any section of Ihe market, with the exception, perhaps, of New Zealand Breweries, Staples and Mount Lyells. Stock and Bond Section:—Government issues are firm at recent prices. There is no lack of buyers, but there are very few selling quotations. Fivo per cent. 1937 had a sale at £9B; 51 per cent. 1933 at £99/15/-; 5b per cent. 1933 at £lOl/12/6 and £lOl/7/6. New Zealand. Refrigerating Sir.per -cent .due 1935 are available at £lOl, buyers Offering £IOO. There is an unsupported seller of Sluggish River 5b per cent, due 1944 at £lOl. New Zealand Brewery debentures sold at 28/3.

Banking:—Australian Bank of Commerce rose suddenly to 36/6, compared with sales at 34/- two weeks ago. Prom time to time rumours of an amalgamation with one of the larger banks have caused fluctuations in this bank stock, and prices have moved between 32/- and 40/-. The interest yield at 36/6 is less than 44 per cent., but the market looks to the future, and expects an increase in the dividend rate, or a merger with one of the larger banking institutions. Australasia sold in Christchurch at £l4/9/6 and £l4/8/6, and there were odd sales of Commercials at 29/6 and 29/7. E.S. and A. had a sale in Auckland at £B/8/-; National of Australasia paids changed hands at £l9/15/- and £l9/13/- on a weaker market. National of New Zealand were taken at £6/19/- and £6/19/6; Auckland reported two sales of Bank of New South Wales at £52; and New Zealands sold in all the centres at 63/- and 63/3 on a firm market. Unions found buyers at £ls/2/6 and £ls/1/6.

Loan and Agency, Frozen Meat and Woollens: —The share.? the companies connected with the pastoral industry are depressed, and the market is generally weaker. Goldsbroughs improved a little earlier in the week to 48/6, but the market at closing is weak, at about 48/-. Three months ago these : shares were selling at over 54/-, but the recessions in the overseas prices of wool and wheat depressed the market to 46/3, ex. dividend. This is a sharp fall considering the company’s strong financial position and steadilyincreasing earnings over a long period of years. However, Goldsbroughs are heavily interested in various" station properties throughout New South Wales and Queensland, and fluctuations in the prices of produce tend to have a double incidence. New Zealand Refrigeratings are easier, and the contributing shares sold from 7/1 down to 6/11 on a weak market. Gear Meats had business at 44/- and 43/9, and Canterburys are dull at £B, £B/15/-. Woollen Companies are neglected. Breweries:—New Zealand Breweries had steady business on all Exchanges at 84/6; Staples sold freely from 54/to 54/6. Carlton Brewery had a sale at 48/-; and Tooths at 56/3. Timaru Breweries were firm buyers, offering 16/- for the paids, and sellers asking 17/-. Quotations for the contributing shares moved up to 8/7 and 8/11, Mining:—Mount Lyells reached the new high level of 45/- during the week, but sales were made down to 44/4 at closing. Less than two months ago they were available at 41/6, but steady buying in Australia and New Zealand during the past few weeks has been responsible for the rise. Mount Lyell accounts are made up to September 30 (submitted in December), and the result of the year’s operations will be awaited with interest. There is no doubt that the gross earnings should be increased considerably on account I of the very much higher prices obtained for copper during the twelve months, and recent reports from the mine state that operations are proceeding very satisfactorily. Electrolytic Zincs appear easier, and sold- from 40/3 to 39/6. Quotations for the ordinary shares are now on a par with the preference shares, although for some years there has been a difference of about 1/- in the respective quotations. The preference shares have ! priority as regards capital and fixed dividend over all other shares, but no right to participate In surplus assets. I It has been officially announced that j the plant at Risdon, Tasmania, is ! to be extended to increase the capacity by 30 per cent., but the increase in • production will not become effective } for about 13 months, and In the mean-

tiino the programme of expenditure will not necessitate the raising of additional capital. Wailils showed some activity in Auckland, and there were several sales at 12/2. Broken Hill proprietary had a sale at 31/-; Taupiri Coai3 at 29/10 and 29/8; Mahakl-

pawas 31d; Winding Creeks 1/81 to! 1/10; and Klldares 4/11. Grey Valley ' Collieries recorded a sale at 26/41; and f Westports appear firmer on quotations of 33/3 and 33/8. Miscellaneous: —British Tobaccos | appear easier, and sold at from 48/6 down to 47/11. Dunlop Perdriaus had a sale at 29/3 (a rise of 1/6), but! eased to 29/- at closing. Heath and Coy. 1/- paid sold at 9/6; Farmers’ Trading at 9/4; New Zealand Paper Mills at 20/41; Bycrofts at 34/-. Henry Jones Co-op. eased to 33/9; and Farmers' Fertilisers to 22/3. A sale of Canterbury Farmers’ Co-op. ordinary was reported from Wellington at 7/6. New Issues:—The Australian Whaling Coy., Ltd., has been registered in Sydney, with a capital of £750,000 (£1 shares); 415,000 shares are being offered to the public, 70,000 shares | with deferred rights are to be issued, fully paid up, to the vendors. The • ; objects of the company are to engage

!in whaling in the Antarctic and South- I | ern waters. A second company has H f been registered in Sydney, as the | : Pacific and Boss Sea Coy., Ltd., with | i a capital of £500,000 to engage in whai- fi ! ing in the Ross Sea Dependency and I | other parts of the world. The Empire g I Tobacco Corporation, Ltd., registered | j in Auckland, has Issued a prospectus I for the first issue of 3,000 freehold j | bonds of £3O each. The Dominion Fertiliser f*oy., Ltd. | (Dunedin), capital £300,00Q«. r*roposes ! 1 to build at Ravensbourne, Lmnedln, a 11 fertiliser manufacturing works, and to i develop the fertiliser industry on a | very extensive scale.

RULING QUOTATIONS. N.Z. Government Debentures — 44 p.c. Inscr., 1938 99 17 6 — 4J p.e. Inscr., 1939 99 17 6 — 44 p.c. Bonds, 1930 99 7 6 — 44 p.c. Bonds, 15)38 99 17 6 — 44 p.c. Bonds, 1939 99 17 6 — 4J p.c. Bonds, 1941 99 17 6 — 54 p.c. Inscr., 1941 100 0 0 — 54 p.c. Inscr., 1933 101 10 0 — 54 p jc. Bonds, 1933 101 10 0 — 54 p.c. Inscr., 1936 101 15 0 — 54 p.c. Bonds, 1936 101 15 0 — 54 p.c. Bonds, 1930 — 100 0 0 54 p.c. Inscr., 1937 — 99 10 0 Other Debentures— Ch-ch. Trams, 64 p.c., 1934 . . . 102 0 0 104 0 0 Ch-ch. Trams, 44 p.c., 1934 . . . New Brighton — 66 10 0 Borough, 52 p.c. 1958 105 0 0 N.Z. Breweries inscr.) .... 1 8 0 1 8 4 Do. (Bonds) .... 1 8 0 1 8 5 Banks— Aust. of Comm. . 1 16 6 1 16 7 Adelaide .... — 10 2 0 Australasia . . . 14 7 6 14 9 6 Comm, of Aust. . 1 9 6 1 9 7 Do. (pref.) .... 7 7 6 7 8 6 Do. (new, contr.) . — 0 19 0 E.S. and A. . . . Natl, of Aust. • 8 7 0 8 8 9 (£10 paid) . . 19 13 0 19 13 9 Do. (£5 paid) . . 9 12 6 9 13 6 Natl, of N.Z. . . — 6 18 6 New South Wales (cum. dlv.) . . 51 15 0 52 0 0 New Zealand . . . 3 3 4 — Queensland Natl. . 9 12 0 9 16 0 Union of Aust. . . Comm, of Aust. 15 1 0 15 2 0 (new, fully pd.) 1 8 7 i 0 2 Insurance— A.P.A 0 12 9 0 14 0 Merc. Mutual . . 1 12 0 — National .... * 0 16 4 0 16 7 New Zealand . . . 2 8 0 — Queensland . . . 3 3 6 3 5 0 South British . . 3 6 0 3 V 3 Loan and AgencyDalgety and Co. . 15 2 0 15 4 0 Goldstorough Mort 2 7 9 2 7 10 N.Z. Guar. Corpn. United Building 0 9 6 0 9 7 Society .... 0 15 5 0 15 11 Shipping— Devonport Perry . 1 2 0 Adelaide Steamsh. Huddart, Parker — 1 1 6 (pref.) .... 1 0 0 1 2 9 P. and O. def. stk . 2 15 3 — Union (pref.) . . i i 0 — Frozen Meat— Canterbury (pref.) N.Z. Refrig. (10/- . — 5 2 0 paid) .... 0 6 10 0 6 ii North Canterbury Freezing . . . 0 17 0 — Wellington .... — 0 12 0 Woollens— Kaiapoi (17/- pd.) 0 14 2 0 14 3 Do. (7/- paid) . . 0 5 i 0 5 4 Coal— Tauoiri 1 9 0 Stockton (ord.) . 0 2 0 0 3 1 Do. (pref.) .... — 0 4 9 Westport .... 1 13 8 1 14 6 Grey Valley . . . 1 6 0 1 6 3 Gas — Auckland .... 1 3 n 1 4 4 Christchurch . . 1 6 1 1 6 5 Do. (10/- paid) . . 0 13 0 — Timaru 1 5 0 — Breweries— Carlton ..... 2 8 0 2 8 3 Foster’s ..... — 4 0 0 Monteith's .... 1 0 0 — New Zealand . . . 4 4 3 4 4 6 Staples ..... 2 14 6 2 14 8 Swan 4 13 0 4 18 0 Timaru 0 16 0 0 17 0 Do. (5/- paid) . . 0 8 9 0 8 10 Tooth’s 2 14 9 2 16 3 Ward 1 9 6 1 12 9 White Star .... 0 6 0 0 11 10 Miscellaneous— Aust. Distilleries . 1 0 10 1 1 L0 Allied Motors . . — 0 2 9 Aust. Iron and Steel (pref.) 1 2 0 1 2 9 Beath and Co. . . 1 12 0 1 12 2 Do. (1/- pd) . . . 0 9 3 0 9 6 British Tobacco . 2 7 8 2 7 10 Burns Fhilp . . . Gan. Fanners’ Co2 7 6 2 8 0 op., Timaru (pref.) 1 5 0 5 0 0 Colonial Sugar . . 57 4 0 57 12 6 East African Coffee — 2 1 6 Electro Zinc (ord cum. dlv.) . . 1 19 3 1 19 5 Glenmore Brick <Sc Tile 1 8 0 1 10 3 Greater Crystal Palace .... Henry Jones Coi i 6 i 7 0 op 1 13 7 1 13 9 Holden’s Motors (cum. div.) . . 1 8 0 1 8 9 Howard Smith . . 1 2 6 1 4 0 Kauri Timber . . 0 17 0 0 18 6 Mount Lyell . . . 2 4 3 2 4 6 N.Z. Drug Co. . . N.Z. Farmers’ Co3 18 0 op., 10/- paid) 0 3 3 — Do. (1st. pref.) . — 4 16 0 Do. ("A" pref.) . 3 9 0 3 11 0 Do. (“B” pref.) Do. (64 p.c. stk, 3 0 0 3 3 0 k 1940) 92 0 0 Do. (6a p.c. stk, • 1946) N.Z. Farmers’ 92 5 0 93 0 0 - Fertiliser . . . 1 1 6 1 2 3 N.Z. Paper Mills . N.Z. Sugar of Milk 1 0 2 1 0 6 t (pref.) Quill Morris (cum. — 0 19 0 r div.) Victoria Nyanza 0 17 4 i 0 0 i Sugar (cum. d.) Taranaki Oil . . . 2 7 0 3 7 9 2 8 0 Wilson’s Cement . 2 4 3 2 4 0 Gordcn and Gotch 1 17 6 — * Mining— feawarau . . * * » 0 0 4 0 0 0 Siahakipawa . » . 0 0 4 0 0 4 r, .Oidnetnuri .... 0 10 0 0 11 0 Ckarito (prem.) . —. 0 1 11 Wflihi — 0 12 4 Waihi Gr. June. . Winding Creek (Gd 1 1 6 — paid) 0 1 8 0 1 9 Do. (1/- paid) . . 0 1 8 0 1 94