SHARE MARKET

Timaru Herald, Volume CXXXVII, Issue 19804, 21 May 1934, Page 16

SHARE MARKET

WEEKLY REVIEW VOLUME NOT SO HEAVY Although there was a slight falling off in the amount of business transacted on the Stock Exchanges during last week, a good average was maintained. The interest in gold mining continues to increase and promises to be a leading feature of the operations of the exchanges. The entrance of British capitalists and engineers into this industry in New Zealand is not a new thing, but the connection already formed is becoming much stronger and will make for far greater efficiency in the development of the mineral resources of the Dominion. The conservatism and caution of the overseas capitalists combined with enterprise, has been frequently lacking in the exploitation of gold mining claims in the past, but it has become a necessity to-day. Government securities keep rising and seem to have reached a point that will cause buyers to pause. Sellers are few and with an abundance of money available and comparatively few outlets there will always be a steady market for those investments which are comparatively free from risk and which can be readily turned into money. Banking. The amount nvolved in the transfer #f bank scrip was greater than that which was paid for shares in any section of the investment market. The demand was fairly good and prices, on the whole, were steady. Commercial of Australia were about level with the previous week’s sales at 16/9 and 16/10. Commercial of Sydney were quitted at £l7. E. S. and A. Banks had several sales at £5/8/-. National of New Zealand moved between 81/6 and 83/6. Bank of New South Wales dropped to £32 but recovered to £32 12/6, closing weaker with buyers at £3l/10/-, sellers £32/7/6 cum div. Bank of New Zealand was very active, fluctuating between 51/3 and 52/9. The D Mortgage shares were steady * t 34/6. Union of Australia made from £lO to £lO/1/-. Australasias weakened from £l2/6/- to £l2/2/6 Insurance. The high levels reached by the shares of the local insurance companies were passed and another record was established during the past week. All shares in this section were keenly competed for and the improvement was general. South British made 80/and held that figure. Nationals, ex div went up to 20/4. Standards are wanted at 62/6 but sellers ask 63/-. New Zealands are at 62/-. A.P.A. were lower at 10/6. Loan and Agency. The lower values given for wool at the recent sales doubtless had the effect of depressing the market for pastoral companies’ shares. Goldsbrough Morts opened at 33/6 and closed weak with a sale at 32/-. National Mortgage sold at 61/-. Dalgetys are wanted at £lO but sellers ask £lO 8/-. Wright Stephensons prefs consequent on the good trading year are wanted at 21/-, but none are offering. New Zealand Loan and Mercantile ordinary stock was turned ever at £55 10/-. Frozen Meat. Although few sales in refrigerating companies’ shares were recorded the market was fairly steady and prices, on the whole were firm. New Zealand Refrigerating fully paids were sold at 18/3 with sellers at that figure, buyers two pence less. The cuntribs were from 8/6 to 8/8, buyers 8/6, sellers 8/7. Southland paids were turned over at 66/- and are firm at that price. Canterbury Meat prefs are wanted at £5/6/- holders ask £5/12/-. Breweries. Not much business was transacted in breweries. New Zealands moved in the neighbourhood of 42/-. Timaru contribs rose quickly to 6/-. looths varied between 44/3 and 44/9. Staples were a little lower at 27/10. Coal. A better tone is noticeable in the market for coal shares. The output this winter so far is better than that of last year. Westports are sought at 16/6 but are not available. This is the highest figure since the ''eduction of capital. Taupiri sold at 16/- and 16/2. The finances were strong enough to stand the loss of £12,248 for the year It is hoped that price cutting is finished with. Stockton ordinary made 2/3. Kaitangata sold at 21/3. Miscellaneous. The demand for shares in the industrial companies with stable finance continues to be brisk and prices keep to the high levels recently attained. Colonial Sugars were dealt in at £64. Bycrofts changed hands :-,t 47/-. Dunlop Rubbers were little changed at 18/9. Dominion Rubbers are steady at 25/6. Dominion Fertilisers, cum div., reached 18/-. New Zealand Farmers’

Fertilisers are on the up grade and made from 18/2 to 18 7. New Zealand Drugs made another advance and sold at 77/9, the highest pries for many months. New Zealand Paper Mills changed hands at 31/- and 30/9. Kaiapoi Woollen prefs improved to 18/3, while the contribs, 7/- paid up, sold at 2/10 and 3/-. New Zealand Newspapere were unchanged at 29/6. Kauri Timbers kept steady at 17/-. Wilson’s Cements are on the move. Starting at 27/8 they finished at 28/5. Union Soap and Candle were up a little at 27/6. Australian Paper and Pulp sold at 35/3. Beaths ordinary are higher at 32/6 as are Anthony Hordern at 16/6. Government Stocks and Bonds. The strength of the market for these securities was shown by a further advancement in prices and increased difficulty in filling orders from buyers. Four per cent, stock, 1955, brought from £lO7 to £IOB. The bonds of this issue realised £lO7. Four per cent stock, 1940, sold at £lO5/10/- to £lO6 5/-. The bonds yielded from £lO5 to £lO5/10/-. Stock, maturing 1949, was transferred at £lO5/10/- to £lO6/5/while the bonds brought the first named price. Three and a half per cent stock, 1938-43, was turned over at £lO5. Three and a half per cent stock, 1938-52, ex interest, brought £lO3/5/to £lO4. Debentures. The same scarcity that is noticeable in the supply of stock and bonds, prevails in the market for local body debentures. Auckland seems to be the town in which most interest is taken in these investments. Auckland Harbour Board, 55 per cent., 1947, sold at up to £IOB, while the debentures maturing in 1961, sold at £IOB/10/-. Auckland City, 41 per cent., 1937. changed hands at £IOB. Auckland City, 55 per cent., 1944, sold at £lO5. Hikurangi Coal, 7 per cent, 1946, are down to £6O. Booth Macdonald. 61 per cent., 1937, realised £66 to £66/10, -. New Zealand Farmers Co-op. 45 per cent, stock went up to £B2. Mining. The gold mining section of the exchanges continues to exhibi* the same animation that has been in evidence for the previous fortnight. The returns from several of the claims while not so high as in some previous, justify the anticipation that they will enable dividends to be paid. In addition to these hopeful signs British capitalists are beginning to take a more active interest in those areas that have started work with money raised locally. Nokomai has been submitted for consideration to an English syndicate at a price which will return shareholders the amount they have put into it. Another group of English mining speculators have been making inquiries about the cement deposits at Wetherstones. As showing their conservatism they have to be assured that there are available four hundred million yards having a gold bearing content worth one shilling per yard. On obtaining a reasonable assurance on these points this group is prepared o negotiate for the property. Waihis were steady with sales between 35/and 35/4. Grand Junctions improved a little and were turned over at 4/10. The dividend of 4d and the extra money earned during the past financial year helped the market. Alexanders are between 14/- and 14//11. Labour troubles in that district are hindering developments. Talisman Dubbo were better at 15/6. Mahakipawas suffered a heavy fall. Last week they reached 15d. This week they closed at 9d with buyers offering 8-id. King Solomons return of 72 ozs did not move the shares much. They sold at 4/45 down to 4/-, buyers closing at 4/1. Waitahu improved to 4/11 and 5/-. Australian Mining. The rush for gold mining shares though still keen is not as great as it was. Mount Morgan sold up to 23/with buyers staying in at that figure. The London forward buying is partly responsible for the rise. non payment of an interim dividend and the continued low price of copper are responsible for pushing Mount Lyeil down to 21/3. Broken Hill North was sold at 94/-. Rawang Tin reached 9/2. Imperial Chemical Industries. This company’s results for 1933 constitute a record. The gross income amounted to £7,663,945 .which compares with £6,415,423 for 1932. The sum of £1,000,000 is devoted to obsolence and depreciation and £662,340 to income tax leaving a net figure cf £6,001,605. A final dividend of 5 per cent, on the ordinary shares makes a total of 7* per cent, for the year. A dividend of 1 per cent, has been declared on the deferred shares which have not participated since 1929. Over £1,000,000 has been placed to the reserve fund compared with half a million for the previous year.

CHRISTCHURCH STOCK EXCHANGE

LATEST QUOTATIONS Special to “ The Herald ” CHRISTCHURCH, May 19. The following quotations were ruling when the Stock Exchange closed for the day:— Buyers. Sellers. £ s. d. £ s. d.

Unlisted Stocks. All transactions in stocks quoted in this section are subject to a different rate of brokerage from Listed Stocks, and are not quoted on the official list. Buyers. Sellers. £ s. d. £ s. d.

FROZEN MEAT

SMITHFIELD QUOTATIONS. United Pre<s*» Association —Bv Electric Telegraph —Copyright (Received May 20. 6.30 p.m.) „ . LONDON. May 19. Following are the approximate ave age prices realised for the week base on actual transactions of wholesa quantities of the description of me mentioned, and are for representati parcels on the basis of delivered Smithfield market and or ex Lond( stores:— New Zealand Sheep—Canterbu and North Island selected crossbr wethers and maiden ewes, 481 b to 561 8 l-8d; 571 b to 641 b. 4 3-8 d; 651 b 721 b. 4 l-8d; North Island ditto, 48 to 561 b, 5 l-8d; 571 b to 641 b, 4id; 65 to 721 b, 4 l-8d: ewes under 481 b. 4 ditto. 481 b to 641 b, 3id; 651 b to 721 unchanged. Australian sheep. Argentine shee and Patagonian sheep unchanged. New Zealand Lambs—Canterbur 361 b and under, 65d; 371 bto 421 6 3-8 d; 431 b to 501 b, 7 l-8d; oth South Island brands. 361 b and unde 7!d; 371 b to 421 b, 62d; 431 b to 501 6 3-8 d; selected North Island, inclu ing Downs, 361 b and under. 7 5-8 371 b to 421 b. 6 7-8 d; 431 b to 501 b. 6 3-8 second quality average about 321 b, 71 other North Island brands, first qu** ity. 361 b and under. 7 3-8 d; 371 b 421 b, 62d; second quality, avera about 321 b, 7 l-Bd. Australian Lambs—Victorian fir quality. 361 b and under, 62d; 371 b 421 b, 61 d; other States, first qualit 361 b and under, 6?d; 371 b to 421 b, 61 Victorian, second quality, 361 b and un der, 63d; other States, second qua ity, 361 b and under, 63d; third qualil average about 261 b, 62d. Argentine Lambs—First quality, 36 and under. 63d; 371 b to 421 b, 61 d; cond quality, average about 281 b, 63 Patagonian Lambs —First qualil 361 b and under. 6 5-8 d; 371 b to 421 61 d; second quality, average about 301 6 5-Bd. New Zealand Frozen Beef—Ox for and ox hinds, unchanged. Australian Frozen Beef—Ox crop unchanged; ox hinds 1601 b and unde 3id; over 1601 b. 3 3-Bd. Argentine Chilled Beef—Ox fore 1601 b to 2201 b. 27-8 d; ox hinds, 160 to 2201 b. 5 7-Bd. New Zealand Pigs—First qualit 601 b to 801 b. 6d: 811 b to 1001 b, 6d; 101 to 1201 b. 5 5-Bd. Australian Pigs—First quality, 601 b 1001 b. average about 801 b, 5 7-8 d; 101 to 1201 b, 5 5-Bd. SATURDAY’S SAI ES. By Telegraph—Press Association CHRISTCHURCH, May 19. Sales on ’Change.—Goldsbrough Mo 32/-; Christchurch Gas (10/- paic 11/-; New Zealand Breweries 42/ Tooth’s Brewery 45/- (2); New Zealan Farmers’ Co-op., 45 per cent stock, 194 £B2; Goldfields Dredging 75d (2 Mahakipawa 9d; Okarito 8/5 (2); Ski pers Ltd. (1/- paid) lid (2). Sales Reported.—Mining House Co cessions »6d paid) sd. AUCKLAND. May 19. Sales in 'Change.—Mataki 2/1; North ern Steam 6/4; Farmers* Fertiliser 18/ South British £4; Bonds. 1946£lO6/5/-; Stock, 33 per cent, 194 £lOl/10/-; Harbour, 1941-6, £lO7/10/-. WELLINGTON. May 19. Sales on ’Change.—Four per cen stock, 1955. £108; Commercial Bank Sydney £l7; New Zealand Guarant Co-operation 4/3; Taranaki Oil 2/-. DUNEDIN. May 19. Sales Reported.—New Zealand Re frigerating 18/3; New Zealand Pape Mills 30/9; New Zealand Brewerie 42/3; Moonlight Nelson Bd. ■% NEW ZEALAND BREWERIES. By Telegraph—Press Association WELLINGTON, May 20. The directors of New Zealan Breweries, Ltd., will recommend to tt annual meeting in July a dividend < 35 per cent, for the six months ende March 31, making 7 per cent, for tl year. MINING RETURNS. By Telegraph—Press Association CHRISTCHURCH. May 20. The Bell-Hooper Cromwell retui for the week was 12 ozs 17 dwt 22 gr The Mahakipawa return for tl week was 37 ounces. CURRENCY QUOTATIONS. United Press Association—By EH trie Telegraph Copyright LONDON, May 18. The current price of the dollar 5.1 D to the pound. The price of the franc is 77 3-16 ( the pound.

SECURITIES MARKET.

Unite*-’ Press Association—By Electric Telegraph—Copyright LONDON. May 17. The following are the latest quot tions for Government securities:— £ s.

N.Z. Govt. Debs.3i p.c. Inscr., 193843 and 1939-43 104 15 0 — 3i p.c. Inscr., 193852 104 10 0 — 3S p.c. Inscr., 193952 104 0 0 — 4 p.c. Inscr., 1940 105 5 0 105 17 6 4 p.c Inscr., 1946 106 2 6 108 0 0 4 p.c. Inscr., 1949 106 2 6 — 4 p.c. Inscr.. 1955 108 2 6 110 0 0 4 p.c. Bonds, 1940 105 10 0 — 4 p.c. Bonds, 1946 106 7 6 — 4 p.c. Bonds, 1949 106 5 0 — 4 p.c. Bonds, 1955 109 0 0 112 10 0 Other Debs. — Tolaga Bay, 6 p.c. 16/3/44 .... — 102 0 0 Booth. Macdonald, 6h p.c., 1937 . . 66 10 0 — N.Z. Refrigerating, 61 p.c., 1935 . . 101 0 0 — N.Z. Refrigerating, 61 p.c., 1/8/34 . 100 0 0 101 5 0 N.Z. Refrigerating, 5} p.c., 1935 . . 100 0 0 — Banks — Australasia .... — 12 10 0 Comm, of Aust. 0 16 8 0 16 10 Comm, of Aust. (pref.) 9 12 0 9 17 o Comm, of Sydney 16 0 0 17 2 6 National of A’asia (£10 paid cum. div.) 13 2 0 13 7 0 National of A’asia. (£5 paid, cum div.) 6 9 9 6 11 0 E.. S. and A — 5 9 0 National of N.Z. . 4 2 0 4 4 0 New South Wales (cum div.) . . . 31 10 0 32 7 6 New Zealand (cum. div.) 2 10 9 2 11 3 Union of Aust. . . — 10 0 0 Insurance— National 1 0 0 Standard 3 2 6 — Loan and Agency _ Ch.Ch. Building Society .... 13 12 6 15 0 0 Dalgety and Co. . 10 0 0 10 8 0 Goldsbrough Mort. i 12 0 1 12 Mutual Benefit . . 10 0 0 —

N.Z. Guarantee Corporation . . — 0 4 3 New Zealand Loan and Mercantile (ord. stock) . . 52 0 0 United Building Society .... 1 0 8 Wright, Stephenson and Co. (pref.) 1 1 0 — Frozen Meat— Canterbury (pref.) 5 6 0 5 12 0 N.Z. Refrigerating (£1 paid > . . 0 18 1 0 18 3 N.Z. Refrigerating (10/- paid) . . 0 8 6 0 8 7 Shipping— Huddart Parker 1 12 0 P. and O. Deferred Stock 1 3 Union (pref.) . . 1 5 6 Woollens— Kaiapoi (17/- pd.) 0 9 9 0 10 ;* Kaiapoi (7/- paid) 0 3 0 0 4 0 Coal— Grey Valley . . . 0 10 0 Pukemiro 1 5 6 Westport (c. div.) 0 16 0 0 18 0 Stockton (ord.) . . 0 2 3 Stockton (pref.). . 0 3 1 0 3 3 Gas— Christchurch . . . 1 13 0 1 15 0 Christchurch (10/paid) 0 16 9 0 IT i Timaru 1 0 0 — Breweries— New Zealand . . . 2 2 2 2 2 6 Staples 1 7 5 1 9 J Timaru 0 8 6 0 10 0 Timaru (7/6 paid) 0 6 0 0 7 6 Tooths ..... 2 5 0 2 5 2 Miscellaneous— Associated Newspapers 1 3 0 — Anthony Hordern 0 15 7 0 16 1 Australasian Paper and Pulp . . . 1 15 0 1 15 6 Aust. Distillery . . — 1 4 0 Aust. Iron & ~teel (pref.) 1 2 0 Beath and Co. . . 1 12 0 — Beath and Co. (1/- paid) . . . 0 8 0 British Tobacco 1 17 2 1 17 4 British Tobacco (pref.) .... 1 5 0 Colonial Sugar . . 63 15 0 64 10 0 D.I.C. (10/- paid) 0 14 0 — Dominion Builders Supplies . . . 0 4 0 0 4 6 Dominion Fertiliser (cum. div.) 0 17 0 0 18 0 Electrolytic Zinc (ord.) 1 6 0 1 6 9 Electrolytic Zinc (pref.) 1 13 6 1 13 9 Greater Crystal Palace .... — 1 2 U Henry Jones Co-op. (cum div.) 1 12 0 1 12 9 New Colosseum — 2 0 0 N.Z. Malay Rubber 0 7 0 Evans Atlas Flour 2 0 3 2 4 0 N.Z. Farmers’ Co-op. ("A” pref.) 0 10 0 — N.Z Farmers’ Co-op. 45 p.c. Stock. 1939 . . 81 15 0 83 10 0 N.Z. Farmers’ Co-op. (45 p.c. Stock. 1940 . . — 82 0 0 N.Z. Farmers’ Co-op. (45 p.c. Stock, 1944) . . — 83 10 0 N.Z. Newspapers . 1 9 3 1 10 0 Northern Roller Milling .... 1 10 0 North Canterbury Co-op. Flour 0 15 0 Wilson’s Cement (cum div.) . . 1 7 11 Woolworths (N.Z.) (ord.) 5 15 0 Wool worth (N.Z.) (pref.) 1 19 0 2 2 0 Woolworths (Sydney) (second pref.) 1 5 6 Mining— Alexander 0 16 0 Alexander (13s 6d paid) 0 14 6 0 14 9 Aotearoa 0 0 4 0 0 9 Bell Hill 0 1 4 0 2 3 Bell Hooper (1/paid> 0 0 10* Bell Kilgour .. .. 0 0 25 0 0 8 Big River — 0 0 10 Brian Boru (1/paid) 0 1 8 0 1 9 Deep Lead (1/- pd) 0 1 10 0 2 3 Central Shotover (9d paid) .. .. 0 0 7 0 0 9 Consolidated .. .. 0 16 0 0 18 0 Glenroy (9d pd) . 0 0 7 0 0 9 Golconda (9d pd) 0 0 2 — Golden Dawn 0 1 0 0 2 6 Golden Point .. . . 0 0 3 0 0 32 Goldfields Dredging 0 0 7 0 0 8 Hatter's Flat (1/paid) — 0 0 7 King Solomon 0 3 4 0 4 3 Kuala Kampar .. 0 15 0 0 17 0 Lawson’s Flat 0 0 5 0 0 5 k Maerewhenua 0 0 7 0 0 10 Mahakipawa 0 0 85 0 0 9 Mahakipawa (pf) 0 1 0 0 1 4 Mataki — 0 2 6 Mining House Concessions (6d pd) 0 0 43 0 0 5 Mount Lyell 1 1 0 1 1 3 Mount Morgan 1 2 7 1 3 3 Moonlight Nelson Creek .... 0 0 75 0 0 9 Nevis Diesel Electrie 0 0 45 0 0 42 New Cornish Point (6d paid) .. .. 0 0 41 0 0 7 Nokomai 0 2 ii 0 3 0 Okarito 0 8 4S 0 8 6 C :enbridge Shotover (1 - pd) . 0 0 10 i — Rawang Tin . . . 0 8 LI i 0 9 0 Upper Shotover (9d paid) — 0 1 4 Waihi — 1 15 0 W a i h i Grand Junction (c div) — 0 4 LI Waitahu — 0 4 9 Wetherstones . .. 0 0 6 0 2 0 Skippers Ltd. (1/paid) 0 0 11 0 o in

Auckland Farmers' Freezing (£1 pd) 0 17 3 — Ben Ledi (6d pd) — 0 0 6?Brunner Collieries — 0 6 0 Dominion Life — 0 2 3 Jones Nevis (9d pd) Industries Ltd. (12s 0 0 8 — 6d paid) .. Mossy Creek (1/0 1 3 0 5 0 paid) Mineral and Mer0 1 8 — cantile Trust . 0 8 0 — National Tobacco . National Tobacco 3 2 0 3 4 0 (pref) N.Z. Mining In1 11 6 2 1 0 vestment (1 /— paid) 0 0 8 0 1 0 N.Z. Redwood Forests (£35), 1950 Para Rubber (15/- - 20 0 0 paid) — 0 16 0 Procera Bread (10/paid) 0 12 0 1 0 0 Oswald Smith 0 1 0 0 4 3 Smith, Wylie ,. .. — 0 12 3 Snowy River .. .. 0 0 n — Sun Newspapers . 0 3 8 0 3 10 Vigilant Fire Alarm Wool worths (Vic0 1 3 toria) (pref.) Woolworths, (Syd1 5 9 1 7 0 ney), (ord.) 5 11 0 ' 5 17 6 Worksop Extended 0 1 9 0 1 10 Sales—200 Sun Newspapers (10 - pd) 3/9; 550 Mossy Creek (i/pd) 1/3 (2).

£ s. British— Consols 25 p.c . 78 12 Funded. 4 p.c.. 1960 . 113 10 War, 35 p.c.. 1927-47 .. . 102 12 Conversion, 35 p.c. .. . . 103 5 Victoria bonds. 4 p.c. . Ill 10 Commonwealth — 5 p.c., 1945-75 . 110 13 6 p.c., 1931-41 . 101 0 35 p.c.. 1936-37 12 New Zealand — 45 p.c., 1948-59 2 35 p.c.. 1930 17 3 p.c., 1945 17 6 p.c., 1936-51 12 Victoria— 3 p.c., 1932-49 13 35 p.c'., 1929-49 13 43 p.c., 1940-60 17 New South Wales— 3 p.c., 1935 . 101 8 35 p.c.. 1930-50 12 Queensland— 5 p.c., 1940-60 8 3 p.c., 1922-47 7 South Australia— C5 p.c., 1939 . 102 0 3 p.c.. 1916 or after .. . . 86 0 Tasmania— 35 p.c., 1920-40 . 101 12 3 p.c., 1920-40 8 Western Australia— 35 p.c., 1920-25 . 101 5 3 p.c., 1915-35 15