SHARE MARKET

Timaru Herald, Volume CXXXVII, Issue 19758, 27 March 1934, Page 14

SHARE MARKET

WEEKLY REVIEW FEWER TRANSACTIONS RECORDED Although the number of sales recorded on the Stock Exchange last week was not equal to that of the preceding week, more than a good average resulted. There were very slight variations in values, the only outstanding feature of the operations being the very sharp rise registered in Waihi scrip which were higher than they have been since 1926. The developments in this mine, the most valuable in the Dominion, will be watched with the greatest interest. Should the high grade ore recently found be proved to exist for a long distance it will give a great spurt to gold mining and reestablish the reputation of this company with British investors who hold a great proportion of the shares. A London syndicate has taken up a long stretch of the Molyneux river and floated a company to work the area with suitable dredges which will be capable of reaching a depth not attained by those hitherto working on that river. It is to be hoped that success will attend these efforts as rich finds of gold will help to lift the depression more rapidly than any other industry. Banking. The dividend in Australasias was paid on the 23rd when the shares eased and the demand slackened. Offers to sell at £l3/4/0 met with no response from buyers. Commercial of Australia weakened to 16/11, with further buyers at that money, sellers 17/1. Prefs. kept to their record figure of nine guineas. E.S.A. Banks were lower at £5/13/6 and £5/14/0. National of New Zealand are sought at 81/- but sellers are firm at 84/-. Bank of New South Wales went up to £34/5/0 but closed on a lower level with sales at £33/15/0 and buyers at half-a-crown more. Bank of New Zealand had several transfers between 47/10 and 48/3. The D Mortgage shares are wanted at 33/- but none are available. Union of Australia exhibited a weakening tendency with sales from £lO/5/6 down to £lO/3/0 and unsupported sellers at £lO/3/0. Insurance. All insurance shares were in keener demand and buyers had to extend their limits to meet sellers’ values. Nationals rose a few pence and were quitted at 18/11. South British gained a little with sales up to 76/7, New Zealand’s improved and were transferred at 58/3. Standards were turned over at 60/6 and 60/9. Loan and Agency. There was a firmer tone and a better market for the shares of the pastoral companies which advanced silghtly. Dalgetty’s had sales up to £lO/11/0 and are steady near that figure. Goldsbrough Morts moved between 33/3 and 33/5. Wright Stephenson’s prefs had several sales between 18/- and 18/2, while the ordinary were better at 19/4. N.Z. Guarantee Corporation sold at 4/to 4/5 cum. div. of twopence per share. Abraham Williams prefs. changed hands at £4. Frozen Meat. The season as far as it has gone has not favoured many of the meat freezing companies but a rise in prices in Britain may help to solve ftieir difficulties. The competition they have to meet makes it hard for them to show profits. Canterbury Meat prefs. brought £5/10/-. N.Z. Refrigerating fully paids sold at from 17/4 to 17/6. The contribs showed litle change at 8/1 and 8/2. Southland paids are between 63/3 and 64/-. Other lines are unchanged. Breweries. There were several transfers of brewery shares which have retained their popularity all through the depression. New Zealands were strong at up to 40/3. Timaru paids realised 7/6. Tcoheys were transferred at 27/-. Tooths fluctuated between 42/6 and 41/9. Coal. More interest is being taken in coal mining than for some time. Several of the companies are increasing their output especially on the West Coast. Westport Stockton prefs sold up to 3/7 with buyers at 3/6. The ordinary sold at 1/7. Renown new prefs brought 1/-, Westports are about 14/8. Miscellaneous. There was little change in the prices given for the scrip of industrial companies, which retains its hold upon certain investors. Australian Iron and Steel prefs remain firm at up to 21/6. British Tob&ccos were turned over at 38/- and 38/3. Colonial Sugars were a little lower at £64/5/- and £64/10/-. Dunlop Rubbers are selling at up to 19/4 with buyers at 19/3. Kauri Timbers were stronger at 17/6. New Zealand Newspapers gained a little ground they had lost and brought 29/-. Whitcombe Tombs are rising and sold at 71/6. Howard Smith’s improved earning capacity caused the price to rise to 15/8. Dominion Fertilisers have buyers at 17/9, but none are offering. For N.Z. Drugs 76/6 is offered without attracting sellers. Kaiapoi Woollen prefs were higher at 17/4, as were the ordinary at 11/- and 11/6. Wilson's Cements had several sales from 26/1 to 26/10. Woolworth’s (N.Z.) prefs were steady at 39/-. Willcox Mofflin had sales at 12/7. Napier Woollens were bought at 14/9. Government Stocks and Bonds. The difficulty of obtaining supplies is making it hard for buyers to fill their orders. Although an advance on lately ruling prices has been offered this is not sufficient to tempt holders to part with their securities. Three and a half per cents 1938-52 changed hands at £lO2/5/-. The same price was given for 4 per cent, stock, 1940, which later rose to £lO2/10/-. Four per cent, stock 1946, realised up to £lO2/5/-, Highest figures were obtained for stock due In 1949, which advanced to £lO3/5/-. Stock maturing in 1955 was sold at £lO2/10/-. Debentures. The sales of local body debentures keep increasing, especially in the North Island. Auckland City 51 per cent, 1955, brought £lO2/10/-, while the issue maturing in 1937 and bearing the same interest, sold at £2 premium. Auckland Harbour Board, 4 per cent., 1936, realised par. Devonport Borough 41 per cent., 1937, changed hands at £1 premium. Henderson Borough, 6 per cent., 1960, sold at £95. Rural Bonds, 5 per cent., 1941, were disposed of at £2 discount. Mining. Gold mining shares produced a fair proportion of the money which changed hands on the exchanges during the week. This was largely due to the great number of transfers which took place in Waihis. The reserves of ore in the mine will greatly benefit as a result of the finding of good grade ore during the development of No. 5 level. Shares went up to 37/-, but receded to 35/-. These are the highest recorded values for the scrip since the shares were doubled and reduced to 5/- capital

value. If further developments show as good prospects it is likely that, with the present price of gold, advances in the market price of shares will follow. Waihi Grand Junction, which is worked by the Waihi Company, for the benefit of both rose in sympathy and reached 4/10. Talisman Dubbo is crushing a small quantity of ore, but it is very rich, enabling dividends to be paid. Shares sold up to 8/5. Alexander and Blackwater have industrial troubles and transactions are few. Brian Boru dredge, which has been doing well lately, improved to sales from 31/6 to 34/10, finishing with buyers at 35/-, sellers 35/8. Okaritos sold at 9/6 to 9/4 and remain about the last-named figure. Gillespie's Beach are steady at 2/3. Nokomai’s were sold at from 1/8 to 2/-. King Solomon’s return of 105ozs was not big enough to move the shares which are selling at from 4/- to 4/3. Waitahus are not much changed at 5/-. Addison's Flat had sales at 2/6. Australian Mining. Few changes in the prices of Australian mining companies’ scrip are noticeable. There are minor variations of a few pence but the only shares showing an upward tendency are those of the tin mining companies. Rawang Tin went from 7/4 to 8/-. Kuala Kampar improved from 14/9 to 15/11. Mount Morgan has paid its second dividend of 6d on 5/- shares and expects to be able to continue at the same rate. Shares are about 21/-. Broken Hill Proprietary sold at 46/-, with sellers at 45/6. Mount Lyells are steady at 24/4 to 24/2. Electrolytic Zinc ordinary sold at 26/6 to 26/10 and the prefs at 34/- and 34/3.