SHARE MARKET

Timaru Herald, Volume CXXXVII, Issue 19669, 11 December 1933, Page 14

SHARE MARKET

WEEKLY REVIEW SMALLER VOLUME OF BUSINESS (Special to “The Herald") A decrease in the amount of business recorded on the New Zealand Stock Exchanges was evident during the last week. The approach of the holiday season and a desire to wait until the results of the sales of wool and meat will justify the hopes that new and profitable levels will be maintained by these and other staple products, are no doubt factors that make for delay in choosing suitable investments. As far as the season has gone everything has been favourable. The reports of two of the leading freezing companies published during the week show that some of the losses have been wiped out and additional reserves provided while unrealised stocks are considerable and likely to be profitable. That butter keeps very low is a matter for regret but it is probable that some arrangement with Britain may be made by which better prices for cheese and butter will be obtained. Several of the industrial companies report better business although competition is fairly keen. The depression has been of value in that it has made plain that sound financial methods will enable businesses to stand a severe strain.

Banking. Bank shares are still in good demand though the market is far from favourable to the majority of holders. Prices recently do not show much variation and profit taking is almost impossible with so steady a market. Commercial of Australia showed a little improvement with sales from 16/11 to 17/3, with buyers at 17/8 sellers 17/11. The prefs brought £B/17/6. English, Scottish and Australian Banks were firm at £5/12/6 ex div. National of Australasia, ten pounds paid up, sold at £l3 6/6. New South Wales ex div. fluctuated between £32 7 6 and £33/2/6. National of New Zealand, cum. interim div. of 2 per cent., fell to buyers 80/-, sellers 82/-. New Zealands cum. div., realised 47/10 to 48 3. The D Mortgage shares -were firm at 32/9. Union Banks were little altered at from £9/15/- to £9/16/-. Insurance. A steadily rising market for all insurance scrip is one of the features of the market. The local companies have nearly all reached levels that they have not previously attained. The fact that almost alone of all sections, they have maintained their dividend rates and added to their reserves weighs heavily with investors and increases the demand. South British are up to 77/3. New Zealands realised 57/3. Nationals brought 19/2. Standards are sought at 61/-, with sellers at 64/6. Queens - lands rose to sales at 62/6. Loan and Agency. As wool and meat are at comparatively high figures and are apparently reaching profitable prices the shares of pastoral companies are keenly competed for and are moving gradually upward. Goldsbrough Morts opened at 31/2 and closed with sales at 33/3. National Mortgages sold at 61/- and buyers were waiting at 63/-. Wright, Stephensons 5 per cent, perpetual debentures brought £BS. For the ordinary 17/6 was offered but 20/- was required. An offer of 17/- for the prefs failed to tempt sellers. Frozen Meat. The balance sheets of three of the companies disclose satisfactory results. As the stocks on hand are considerable it is likely that further profit may be obtained when these are sold. Gears, w T hich has been in the past, the most successful of the New Zealand companies, was able to wipe out last year's losses, pay 74 per cent, and return half the capital in stock. Canterbury Meats raised their div. one per cent, and placed a little to the reserves which have been seriously depleted of late years. Sellers raised their limits to £ll/7/6 cum. div. New’ Zealand Refrigerating paids are steady about 20/- and the contribs closed at 9/8. Breweries. A slight improvement in brew’eries is noticeable. New Zealands, ex. div. brought 36/6; cum. div. they sold at 37/-. Carltons rose to 42/9. Timaru contribs sold down to 4/11 but rose to buyers at 5/4. The paids had buyers at 7/6, sellers 10/3. Tooths eased to 42/3. Coal. A little brighter tone is shown in the market for coal shares. Stockton prefs w r ere sold at 2/9 and buyers stayed in at that price, no sellers. Pukemiros changed hands at 22/-. Westports are firm at 13/9. Kaitangatas are wanted at 22/-, sellers 25/-. Miscellaneous. The demand for the best of the Australian and New’ Zealand industrial shares is keen and as a result prices are kept at a fairly high level. British

Tobaccos, cum. div. kept up to 37/-. Colonial Sugars had transfers from £6O 17 6 to £6l 15/-. A run on Dominion Fertilisers sent the scrip up from 16 7i to 18 3 after which it eased to 17/11, with buyers at a penny less. New Zealand Farmers’ Fertilisers had buyers at 17 6. sellers 20/-. New’ Zealand Drugs increased to 73 6, buyers staying in at that figure. Wool worths (N.Z.) ordinary changed hands from £5 5/- to £5 8 6. The prefs were firm at 35 9. Wilson's Cements were lower at 26 -. Henry Jones Co-op. declined to 33 -. Deaths were a little lower at 29 -. Dunlop Rubbers moved up to 19/8. Union Soap improved to 27/-. Kaiapoi Woollen prefs eased to 16 3. Anthony Horderns ordinary were a little stronger with sales up to 16 6. Mosgiel Woollens are firmly held and buyers at £9 cannot get a selling quotation. Government Stocks and Bonds. Although the number of sales of these securities is not great, there are investors whose orders are filled when prices are near the level of those ruling. The four per cents, get more attention than is paid to the 3 h per cents. Four per cent, stock. 1940, brought up to £lO2/10 -. The issue maturing in 1946 sold at £lOl/15/- to £lO2. Four per cents, 1949. realised £IOO 12 6 to £lOl. Four per cents., 1955, changed hands at up to £lO2/5/-. Four per cent, bonds. 1940, and 1946, brought £lO2 and £lO2 5/-. Debentures. The business in local body debentures is rapidly increasing and seems likely to grow’ still more. Franklin County, 5i per cent., 1954. were turned over at 10 - discount. Auckland Harbour Board. 5* per cent., 1948. and 5i per cent.. 1962. brought £lO3 10 -. Mount Albert Borough, 51 per cent., 1963, yielded £94. Christchurch Drainage Board. 5i per cent., 1963, sold at £lO2/10 -. Mining. The bulk of the business done in this section was in low T price gold mining shares of a speculative nature. The well established dividend paying concerns are holding their prices although the premium on gold shows a tendency to ease. Until the recent flotations showsome tangible results commensurate w’ith the money invested in them there will not be any pronounced demand for the scrip. The times are not suitable for any propositions save those which will return a fair interest on the capital used in working them. Alexander Reefs returns during the last three months were not so satisfactory as those of the earlier periods. Prices have fallen and the contrihs changed hands at 16/-. Blackw-aters, cum. div. are between 30 6 and 33/-. The prospects in Waihi mines seem brighter and shares went up to 26 11 at which figure they are steady. Grand Junctions w’ere quitted at up to 4/4 at w’hich i figure they closed firm. King Solomon's ’ return of 12920 z keeps up the reputation of this claim for steadiness. ; Sales were made at up to 3/2 ex div. , News of the initial operations of Waitahu are waited for with interest. Shares fell to 4/11 but buyers are offering 5/2. Nothing has come to hand regarding Gillespie’s Beach, which declined to 1/10. Nokomai does not make headway and the scrip has been transferred at 2/6. Talisman Dubbo has declared a div. of 3d, which raised the price to 3/-. Maerewhenua is getting well forward with its work. Shares are about lOd. Okarito’s returns keep low and its price has fallen to between 9/3 and 9/9. Australian Mining. Copper still keeps at an unpayable price for Australian mines, but the 25 per cent, exchange is a considerable help to this industry. Mount Lyell sold at from 22/6 to 22'7i and the shares are steady near those prices. Electrolytic Zinc prefs are inclined to ease at between 31/6 and 33/-. The ordinary are from 25/5 to 26/-. Broken Hill Proprietary are steady at 40/-. Sales w r ere made from 39/- to 40/-. Gear Meat Company. The report of the directors for the year ending November 30th, states that after discharging the debit balance to profit and loss account, shown in last year's annual statement, there remains a sum of £39,872 for distribution. It was resolved some months ago to return to shareholders half the capital of £460,000 but this has been purposely delayed so that a dividend may be paid on the full capital. The distribution of £230,000 Government Stock, face value, is in progress. The whole of the freehold properties and plant are in the balance sheet at £57,693. It has been decided to separate the shop and offices from the works and treat the values of each separately. The shops and offices valued by the directors at £35,000 are to be carried to reserve account and the remaining freehold and plant are then valued at £57.693. A dividend of 7i per cent., 1/6 per share, is recommended. This absorbs £34,500. Liability for taxes in Great Britain and New Zealand is allotted £2OOO. The carry forward is thus £3372. The dividend last year was 2i per cent. CHRISTCHURCH STOCK EXCHANGE LATEST QUOTATIONS. By Telegraph—Press Association CHRISTCHURCH. December 9. The following quotations were current when the Stock Exchange closed for the day:— Buyers. Sellers. £ s. d. £ s. d.

SATURDAY’S SALES. By Telegraph—Press Association AUCKLAND. December 9 Sales on 'Change.—Commercial Bank of Australia. 17 6: Bank of New Zealand (cum div.i. 48 3; South British. 77 3; Farmers' Co-op. Auct. <B pref>. 19 6; King Solomon. 3 2; Waihi Junction, 4 4. Unofficial list.—Skippers <6d paid'. 2; New Zealand Perpetual Forests (paid*. 48 -. CHRISTCHURCH. December 9. Sales on ’Change.—Qoldsbrough Mort, 33 -. 33 2. 33 3; British Tobacco (cum div.i, 37 4 (2*: Dominion Fertiliser, 18 2. 18 -. 17 11: Charleston Sluicing. 1 9; New Cornish Poult (1 - paid), lid (2); Maerewhenua (1 - paid', lOd (21; New Zealand Refrigerating’ (10 - paid'. 9 8. , DUNEDIN. December 9 Sales on 'Change: Waitahu, 4 11; Nokomai. 2 6. METAL MARKETS. United Press Association- By Electric Teletrraph—Copyright (.Received December 10. 6 30 p m > LONDON, December 9. Copper— Spot £3O 26, forward £3O Electrolytic—Spot £33 5 - to £33 Wire bars— £33 15 -; American 8 cents per lb. Lead-Spot £ll 8 9. forward £ll '^Spelter—Spot £l4 12 6. forward £ls 2 (1. Tin—Spot £227 8 9. forward £227 8 9 Silver —Standard 18 9-16 d, fine 20d an oz. Pig iron— Home trade 62 6. export 55,'-. Antimony—British £39 10 -. foreign £2l 15/-. Molybdenite—4l/-. Wolfram—27/-. PRICE OF GOLD. United Pres" Association Bv Electric '“elegraph—Copyright (Received December 10. 6.30 pm 1 LONDON. December 9. Gold 1 t £1 KAURI TIMBER COMPANY. A PROFITABLE YEAR United Press Association— B*‘ Electric Telegraph—Copyright MELBOURNE Deeembe: 8 The Kauri Timber Company* aci count* for tli year ended August 31 show a cnn-sirierabl Improvement Tile net profit was £10.821 Fifteen thousand pounds from the dividend eqtial- , isation fund, with £25 327 profit earned 1 extinguishes the previous debit of ] £36 149 in the p. fit and loss aecount. 1 A dividend of 2 per cent, was paid.

FROZEN MEAT

SMITHFIELD QUOTATIONS United Press Association—By Electric Telegraph—Copyright (Received December 10. 6.30 p.m.) LONDON. December 9. Following are the latest quotations for frozen and chilled meat. (The weekly quotations are based on actual sales of wholesale quantities of carcases of mutton or lamb, or of quarters of beef delivered to Smithfield market and or London stores. They are compiled by the Quotations Committee. Smithfield. To arrive at the equivalent ex ship values one farthing per pound should be deducted from the prices quoted below. Quotations given represent the average for the week, and are not selected lines, but for parcels fairly representative of the bulk of shipments now on offer):— New Zealand sheep— Canterbury and North Island selected crossbred wethers and maiden ewes. 481 b to 561 b, 4 7-8 d; 571 b to 641 b. 4 3-8 d; 651 b to 721 b, 4d; North Island. 481 b to 561 b. 4 7-8 d: 571 b to 641 b. 4Jd: 651 b to 721 b. 4d. Ewes, under 481 b, 4 id; 481 b to 641 b, 3 3-8 d; 651 b to 721 b, 3 3-Bd. Australian sheep—First quality crossbred and or merino wethers, 401 b to 651 b. 4 l-8d; second quality, 301 b to 551 b. 4 ld. Ewes. 301 b to 551 b, 3 7-Bd. Argentine sheep—First quality crossbred wethers, 481 b to 641 b, 4id; 651 b to 721 b, 4d. No Patagonian sheep were offering. New Zealand lambs— Canterbury. 36 lb and under. 6 7-8 d; 371 bto 421 b, 6 5-8 d; 431 b to 501 b. none offering. Second quality, average about 321 b. 6d; other South Island. 361 b and under, 7d; 371 b to 421 b, 63d. No other New Zealand lambs offering. Australian lambs—Victorian. first quality. 361 b and under, 63d; 371 b to 421 b, 6 5-Sd; other States, first quality, 361 b and under. 6!d: 371 b to 421 b, 61d. Victorian, second quality. 361 b and under, 53d; other States, second quality, 361 b and under, 53d. All States, third quality, average about 361 b, sid. Argentine lambs—First quality, 361 b and under. 6}d; 371 b to 421 b. 6id; second quality, average about 281 b. 6d. There were no Patagonian lambs offering. New Zealand frozen beef—Ox fores, 1601 b to 2201 b, 21d; ox hinds, 1601 b to 2201 b. 2 7-£d. Australian frozen beef— Ox crops. 100 lb and under. 2id; over 1001 b. 23-8 d; ox hinds. 1601 b and under, 3ld; over 1601 b, 3 l-Bd. Argentine chilled beef — Ox fores, 1601 b to 2201 b. 3 3-8 d; ox hinds. 1601 b to 2201 b. 5 3-Bd. New Zealand pigs—First quality. 60 lb to 801 b. 7d; 811 b to 1001 b, 6d; 1011 b to 1201 b. sid. Australian pigs—Frst qualty. 601 b to 1001 b. average about 801 b, 6 3-8 d; 1011 b to 1201 b, sid. LONDON MARKETS. United Press Association—By Electric Telegraph —Copyright (Received December 10. 6.30 pm.) LONDON. December 9. Friday’s closing prices were:— Cotton—Spot 5.25 d. January delivery 5.02 d per lb. Rubber—Para 4 3-8 d; plantation smoked 4 l-16d. Jute — December-January shipment £l4 2 6. Hemp— December-February shipment, £ls. Copra— December- January shipment. South Sea £8 76, plantation Rabau £8 2 6. Linseed oil —£19 10 - a ton. Turpentine—43/- per cwt. GOVERNMENT SECURITIES. United Press Assoc ation—By Electric Telegraph—Copyright LONDON. December 7. fnllrm'ino' are the latest. OUOta-

BANK OF ENGLAND. Onlted Press Association—By Electric Tel ograpb—Copyright -ONDON, December 7. The Bank of England returns have been issued as follow: ISSUE DEPARTMENT Notes Issued— £ In circulation 374.881.145 In banking department . 75.757.228 £450.638.373 £ Government debt 11,015.000 Other Gov'ment securities 242.376.650 Other securities 2.965.817 Silver coin 3.642.433 Fiduciary Issue 260.000.000 Gold coin and bullion .. 190.638.373 £450.638.373 BANKING DEPARTMENT. £ Proprietors' capital .. .. 14.553 000 Rest 3.327.147 Pul 6.896.465 Other deposits— Bankers 115.873.179 Other accounts 36.414.031 Seven-day and ither bills 929 £177.064.757 £ Government unties .. 78.016.692 Other securities - Discount and advances . B 495.644 Securities 13.658.108 Notes 75.757.228 Gold and silver coin .. .. 1,137.079 £177.064,757

N.Z. Govt. Stock31 p.c. Inscr., 193843 100 0 0 — 4 p.c. Inscr.. 1940 102 0 0 — 4 p.c. Inscr., 1949 100 10 0 — 4 p.c. Bonds, 1940 102 5 0 — 4 p.c. Bonds. 1949 100 15 0 — 4 p.c. Bonds. 1955 102 0 0 — Other Debentures— Lyttelton Harbour, 51 p.c., 11 43 .. 101 0 0 101 10 0 Wellington, 51 p.c., 1 5 40 101 0 0 101 10 0 Ashburton Electric 5i p.c , 1 2 35 . . 100 10 0 101 10 0 Sluggish River, 51 p.c., 1 7 44 . . . . — 101 10 0 Glaxo. 61 p.c. 1945 90 0 0 — N.Z Refrigerating 6i p.c , 1935 . 101 0 0 — West port-Stockton Coal 61 p.c.. 1933 65 0 0 90 0 0 Booth Macdonald 6i p.c., 1937 45 0 0 50 0 0 Banks— Australasia .. .. — 12 7 6 Comm, of Aust. .. 0 17 3 0 17 11 Ditto (pref > .. .. 3 16 0 — Comm, of Sydney 17 6 0 17 8 6 E . S. and A 5 10 6 5 12 0 National of A asia (£10 paid) — 13 9 0 National of N.Z. (cum. div.) . . .. 4 0 0 4 2 0 New South Wales 32 2 6 32 10 0 New Zealand <ex. div.» 2 6 9 2 7 6 New Zealand «‘'D" Mort., ex. div.) . 1 11 0 1 12 6 Union of Aust. .. — 9 17 0 Insurance— A PA — 0 11 6 National 0 19 0 0 19 2 Standard 3 1 0 — I,<ian and Ajp^ncy — Dalgcty and Co. .. 9 15 0 10 b 6

Goldsbrough Mort. 1 13 2 1 13 5 N.Z. Guarantee Corporation . .. 0 8 3 — N.Z. Loan and Merc. (ord. stk) 58 10 0 SO 15 0 United Building Society 0 17 9 — Shipping— P. and O. Deferred Stock 1 0 0 1 4 0 Frozen Meat— Canterbury (cum. div.) 10 10 0 11 7 6 Canterbury (pref. cum. div.) .. .. 5 13 0 — N.Z. Refrigerating (£1 paid) .. .. 0 19 LI 1 0 2 N.Z. Refrigerating (10. - paid) .. .. 0 9 8 0 9 9 Woollens— Kaiapoi (17 - pd.) 0 7 L0 0 8 1 Kaiapoi (7 - pd.> 0 1 3 — Kaiapoi (pref.) .. 0 15 6 0 17 3 Mosgiel 9 0 0 — Wellington <ord.> — 5 14 6 Bruce (pref.) . .. 0 19 0 — Coal— Grey Valley .. .. — 0 14 0 Westport 0 13 9 — Stockton (pref.) .. 0 2 9 — Kaitangata (£1 paid) — 1 5 0 Gas— Auckland 1 3 6 — Christchurch .. .. 1 8 0 — Christchurch GO - paid) 0 13 6 0 14 0 Breweries — Carlton — 2 2 10 Monteiths — 0 19 0 New Zealand .. .. 1 16 4 1 17 0 Timaru 0 7 6 0 10 3 Timaru (7 6 paid) 0 5 4 0 5 10 Miscellaneous — Amalg. Wireless (contr.) 1 1 0 1 1 9 Anthony Hordern 0 13 4 0 13 6 Australian Glass . 2 7 4 — Beath and Co. .. 1 8 6 1 10 0 Beath and Co. «1 - paid) 0 6 3 0 7 0 British Tobacco (cum. div.) .. .. 1 17 3 1 17 5 British Tobacco (pref.) 1 6 3 — Broken Hill Prty. 1 19 9 — Bums. Philp .. .. — 2 14 6 Domin. Fertiliser 0 17 10 0 17 11 Donaghy Rope . .. 2 5 0 2 8 0 Dunlop Rubber .. 0 19 8 0 19 9 Electrolytic Zinc (ord.) 1 5 5 1 6 0 Electrolytic Zinc (pref.) 1 11 6 1 13 0 Mount Lyell (cum. div.' 1 2 5 1 2 6 N.Z. Drue Co. .. 3 13 6 — N.Z. Farmers' Co-op. (41 p.c. Stock. 1940) .... 67 0 0 76 0 0 Sharland and Co. — 1 5 0 Mining — Addison's Flat (1 - paid) 0 2 6 0 3 1 Alexander (13 6 paid) 0 15 0 0 16 6 Aotearoa (ex. div.) 0 0 9 0 1 3 Bell Hill 0 1 6 0 2 6 Bell Hooper (9d paid) 0 0 10) 0 1 i Bell Hooper (1 - paid) 0 0 11 0 1 1 Bell Kllgour .. .. 0 0 m 0 1 0 Bendigo Goldlights 0 0 4 0 0 5) Big River 0 0 in 0 1 1 Charleston Sluicing 0 1 8 0 1 101 Consolidated (cum div.) — 0 17 6 Freshford 0 0 2 0 0 21 Gillespie's Beach . 0 1 10 0 2 0 Golden Dawn . .. 0 1 1 0 1 Golden Point .. .. 0 0 21 0 0 3 Mount Morgan .. 2 17 0 3 0 0 Kildare 0 1 6 0 2 0 King Solomon . .. 0 3 0 0 3 3 Lawson's Fla% . .. 0 0 4) 0 0 61 Mahakipawa .. .. 0 0 1 0 0 n Ditto (pref.) .. .. 0 0 1 — Mining House Con. (6d paid' .- .. 0 0 3 0 0 Nevis Diesel Elec. 0 1 01 0 1 2 New Cornish Point (1/- paid) .. .. 0 0 11 0 0 id Ditto (6d paid) .. 0 0 6 0 0 61 Nokomai 0 1 7) 0 2 6 Maerewhenua (1/paid) 0 0 9) 0 0 10) Okarito 0 9 3 0 9 9 Oxenbridge Shotover (9d paid) .. — 0 Waihi 1 6 8 1 Waitahu 0 5 2 0 5 Waihi G. Junction 0 4 3 0 Wetherstone’s 0 3 1

The following are the iat4 *st c uot tions of Government securities:- £ s. d. Consols 73 12 6 Funding Loan, 4 p.c., 1960-90 no 10 0 Assented War Loan 100 7 6 Conversion Loan. 31 p.c. .. 100 12 6 Victory Bonds, 4 p.c 105 7 6 C'wealth, 5 p.c.. 1945-47 .. 108 0 0 C'wcalth. 6 p.c., 1945-47 .. 101 5 0 Victoria 3 p.c . 1929-40 .. 92 0 0 Victoria, 3S p.c., 1929-40 .. 97 0 0 Victoria, 5i p.c.. 1930-40 .. 101 17 6 Victoria, 5 pc.. 1932-42 .. 101 15 0 Victoria. 41 p.c.. 1940-60 . 103 10 0 N S W. 3 p.c.. 1935 100 12 6 NS W 3i p.c., 1930-40 .. 95 15 0 Queensland. 5 p.c. Stock, redeemable 1940-60 .... 107 1 3 Queensland 3 p.c.. 1922-47 91 0 0 New Zealand. 41 p.c . 1945-47 107 5 0 New Zealand. 31 p.c., 1940 99 15 0 New Zealand. 3 p.c . 1945 . 95 1 3 New Zealand. 6 p.c . 1936-51 107 0 0 S. Aus., 3! p.c.. 1939 . . 100 0 0 S Aus.. 3 p.c.. 1916 or after 78 0 0 Tasmania. 31 p.c.. 1930-40 99 15 0 Tasmania 3 p.c.. 1910-40 96 17 6 W. AUS. 3! p.c., 1926-36 .. 101 0 0 W. Aus.. 3 p.c., 1915-35 .. 100 5 0