SHARE MARKET

Timaru Herald, Volume CXXXVII, Issue 19834, 25 June 1934, Page 16

SHARE MARKET

WEEKLY REVIEW FEWER TRANSACTIONS The volume of business transacted on the stock exchanges during the past week showed a marked decline from the average that has prevailed for some months. Every section of the investment market was affected although all did not suffer to the same extent. The difficulties which many financial institutions find in obtaining suitable securities for their capital is curtailing their activities and thus reducing their profits. Money is obtained readily at 4 5 per cent, where formerly 6 per cent, was given. The instability of values due to the fluctuating prices of primary products prevents a free flow of money for advances to those industries engaged in primary production. The only business that is not suffering from lower values is gold mining and the risks that have been associated with investing in that industry in the past prevent many from joining those who are helping to place this important branch on a sure foundation. That it is being developed on much better lines than in the past is evident and success is not unlikely to crown the effort. Banking. Nearly all bank shares declined in price and the sales made during the week were in favour of the buyers. Australias kept their price up to £l2. Commercial of Australia showed a slight easing of 16/2 down to 16/-. The preference were transferred at £9 11s 6d, Commercial of Sydney fell to £l7 and later were quitted at £l6 15s. E.S.A. Banks changed hands at £5. a fall of 4/- from the price given in the previous week. National of New Zealand, cum dividend of 1/- per share, paid in English currency, fell to 70/-. National of Australasia, £5 paid up, were 2/- lower at £6. New South Wales were lower at £3O 10s, after sales at £3O 12s 6d. Bank of New Zealand, ex dividend, were down to 48/3, and the D Mortgage shares were dealt in at 33/6 and 33/9. Union Banks were easier at from £9 18s 8d to £9 17s.

Insurance. The scrip of the Dominion owned insurance companies is holding its price well although during the past week there was a decline from the peak values reached early in the month. South British brought 79/and 79/3. New Zealands are steady at 60/-. Nationals were lower at from 19/6 to 19/-. Standards are on the market 63/-. The financial year of this company ends on June 30. Loan and Agency. The state of the wool market has produced a weakening effect on the shares of the pastoral companies which are not nearly as buoyant as they were some months ago. Goldsbrough Morts, cum div., sold at from 31/3 to 30/5 closing firmer at 30/9. Dalgetys are about £9 15s with few inquiries. N.Z. Guarantee Corporation are a little j easier at 4/5. Wright Stephenson’s j prefs are wanted at 19/6. Frozen Meat. The season for most of the companies is drawing to a close. The steady rise in the price of meat during the last few weeks will enable fair profits to be made, but the by products will not produce the results of the previous year. N.Z. Refrig, contribs went up to 9/4 closing firm with sales at 9/3. The fully paids were sold at 19/4 and 19/6. Gears are weaker at buyers 25/6, sellers 27/9. Southland paids and prefs are wanted at 70/- without sellers. Breweries. New Zealand Breweries eased to sales at 42/3 after reaching 42/6. Tooths were lower at 41/10, declining | from 42/6. Timaru paids are wanted at 8/10, and the contribs at 6/4 but holders are asking 7/-. Coal. The market for some of the coal mining shares is better and demand keener. Westports sold at 17/6 and 17/9. the highest figure recorded since the reduction of capital. Stockton ordinary went up to 2/9, while the prefs were steady at 3/-. Pukemiro sellers advanced their limits to 26/-. Miscellaneous. Most of the shares in the industrial companies are holding their prices fairly well though in some instances the prevailing tendency to lower levels is in evidence. British Tobaccos slip- ' ped back to 36/9. Dunlop Rubbers fell j to 17/6, but recovered to 18/-. Colonial ] Sugars kept up to £65 10s. Dominion j Fertilisers were up a little at 18/9. N.Z. | Farmers’ Fertilisers sold at 20/3. N.Z. Drugs are firm at 77/6. The continuance of the subsidy from the Government if granted will help the output of superphosphate. D.I.C. prefs sold at 25/-. Beaths, one shilling paid, made 9/9. The fully paids brought 32/6. Wellington Woollen ordinary changed hands at £5 ss, and the prefs at £5 Bs. Kaiapoi, paid up to 17/-, sold at 10/4 and 10/9. N.Z. Farmers Co-op, 41 per cent, stock, 1940, changed hands at £Bl 10s. Bycrofts were slightly easier at 48/-. Kauri Timber went up to 17/-, with further sales at 16 9. N.Z. Paper Mills kept steady at 30/-, Wilson’s Cements were a little lower at 28/10. Government Stocks and Bonds. The strength of the market for those securities which were so prominent a feature of the operations on the stock exchanges during the last tw r o months was not maintained and some issues showed an easing tendency with sellers more inclined to accept buyers’ ideas of values. Three and a half per cent, 1939-43, sold at £lO6 10s. Four per cent inscribed stock, 1940. brought £lO5 10s to £lO6. Four per cent stock, 1946. sold up to £lO6 15s. The issue maturing in 1949 realised £lO6 12s 6d to £lO7, while the bonds brought £lO6 15s. Four per cent, stock, 1955, changed hands at £lO7. Debentures. There were fewer sales of local body debentures but the market showed firmness with a quiet but steady demand. Auckland Harbour Board, 51 per cent, 1959. sold at £lO7 10s, Rural Credit Bonds, 5 per cent, 1947. brought £lO3. Amalgamated Brick Works, 7-5 per cent, 1944, showed improvement at £94 10s. Booth Macdonald, 65 per cent, 1937, changed hands at £7O. Mining. While interest in the development of gold mining shows no sign of abatement there is a disposition on the part of investors to wait until results seem to justify the purchase of shares. The absence of any sensational returns retards speculation while the failure of a few of the earlier flotations damps the ardour of several who would have ventured further. Mean- , while steady progress is being made in prospecting suitable areas and only the lack of suitable appliances pre- , vents a more intensive search of many properties which have been offered to i British Australian and American syn- , dcates who are keen buyers of options. Further purchases have been concluded on behalf of these capitalists dur-

ing the last fortnight. The Mines Department is assisting the industry as far as it possibly can and is extremely anxious that only those claims which have a chance of being payable should be offered to the public for subscription. There is no reason why an alluvial claim should not be thoroughly tested and its value ascertained before a great amount of capital is spent on machinery. Waihis were sold at 32. 6. Before the end of the year it is hoped that the tin bearing areas belonging to the Company are revenue producing. Grand Junctions brought 4/1 J. Talisman Dubbo were better at 11/9. Alexanders fell back to 14/2 after sales at 15/-. King Solomons return of 48oz 6dwts was the smallest for many weeks. Late sales were made at 3/lli. Nokomais keep steady at 3/-. Makakipawa closed at lOd. Maerewhenua were transferred at 9d. Waitahus went down to 4/-. Okarito fell to 8/-. and are on offer at 7/9. Gillespie’s Beach keep up to near 1/10. Australian Mining. The boom in gold mining continues although it has received a check by the discontinuance of forward sales which the Exchanges refuse to recognise. Mount Morgans eased to 25/11. closing at 26/3. Mount Lyells output has been curtailed by drought. Sales were made at 21/-. closing weaker at 20/7. Electrolytic Zinc prefs were dealt with at 33/6 and 33/8. Broken Hill Propty. sold at 43/9. Other Broken Hill shares are steady at last week’s quotes.

CHRISTCHURCH STOCK EXCHANGE LATEST QUOTATIONS Special to '• The Herald " CHRISTCHURCH, June 23. The following quotations were ruling when the Stock Exchange closed for the day:—

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.

SATURDAY’S SALES. By Telegraph—Press Association AUCKLAND. June 23. Sales on ’Change—Farmers’ Trading "B” pref, 13/6; Kauri Timber, 17/-; New Zealand Insurance, 60/-. WELLINGTON, June 23. Sale Reported United Provisions, B'9; Consolidated Brick and Pipe, 7/3; National Bank of New Zealand, 76/6; Union Bank, £9/17/3; Mahakipawa, 1/05, lid. Sale on ’Change—Skipper’s, lOid. CHRISTCHURCH, June 23. Sales on 'Change—E. S. and A, Bank, £5; Bank of New South Wales, £3O/10/-; Bank of New Zealand, 48/3; Goldsbrough Mort (cum div), 30/9; New Zealand Refrigerating (10/- paidi, 9/2; Stockton Coal (pref), 3/-; Tooth's Brewery, 41/11; British Tobacco (cum div), 36/4; Dunlop Rubber, 18/-; Kauri Timber, 16/9; New Zealand, Farmers' Co-op. (45 per cent, stpck, 1940), £Bl/10/-; King Solomon, 3/114; Maerewher.ua, Bid; Mahakipawa, lOd (2); Mount Lyell, 20/7 (2); Nokomai, 3/(2); Skipper’s, lOd. Sales Reported—New Zealand Refrigerating (10/- paid), 9/3; Beath and Co. (1/- paid), 9/9; Beath and Co. !ord,, 32/9; Mahakipawa, lOd; Maerewhenua, 9d; Nokomai, 3/-. DUNEDIN, June 23. Sales Reported—Glenroy, 1/14; New Zealand Drug Co., 77/6. Sales on ’Change—Kildare, 3/-. After call —Golden Progress, 1/-.

METALS MARKET. (Jolted Press Association—By Electric Telegraph—Copyright (Received June 24, 6.30 p.m.) LONDON, June 23.

FRIDAY’S CLOSING PRICES. Doited Press Association—By Electric Telegraph—Copyright (Received June 24, 6.30 p.m.) LONDON, June 23. Friday's closing prices were:— Cotton. —Spot 6.69 d per lb; July shipment 6.46 d per lb. Rubber. —Para. £5/4/- a ton; Plantation smoker, £6/12/6 a ton. Jute. —June-July shipments, £l4/15/a ton. Copra. —July-August shipment. South Sea, £B/2/6 a ton; smoked. £6/12/6 a ton; Plantation Rabau, £B/17,6 a ton. Linseed Oil—£23/10/- a ton. Turpentine—44/- per cwt. BRADFORD TOrS. United Press Association—By Electric Telegraph—Copyright LONDON. June 21. Bradford is quiet; 70’s 33id, 64's 313 d, 60s 29id, 56's 23d, 50’s 16id, 56’s 12d, 40's 103 d. CHICAGO WHEAT QUOTATIONS Doited Press Association—By Electrlo Telegraph—Copyrlßht (Received June 24, 6.30 p.m.) NEW YORK, June 23. Chicago wheat quotations:—July, 921 cents September. 921 cents; December, 94i cents. New York, cash, 103; cents.

Buyers Sellers £ s. d. £ s. d. N.Z. Govt. Debs— 3* p.c. Inscr., 1939i 1952 105 10 0 — 4 p.c. Inscr.. 1949 105 15 0 — 4 p.c. Inscr., 1949 106 12 6 106 17 6 4 p.c. Inscr.. 1955 106 15 0 107 0 0 4 p.c. Inscr., 1946 106 10 0 — 4 p.c. Bonds, 1946 and 1949 ... 106 10 0 — 4 p.c. Bonds, 1955 106 15 0 — Other Debentures— Makerua Drainage, 6 p.c., 1-8-46 . . — 102 0 0 Sluggish River, 5i p.c., 1-7-44 . . — 103 0 0 Booth, Macdonald, 6i p.c., 1937 . . 70 0 0 71 10 0 Banks— Comm, of Aust. 0 15 11 0 16 1 Comm, of Aust. (pref.) .... 9 11 0 — Comm, of Sydney 16 15 0 17 2 6 E., S. and A. . . . National of A’asia 5 0 0 5 1 1 (£5 paid) . . . 6 2 0 6 4 6 National of N.Z. (cum. div.) . . — 3 18 0 New South Wales 30 10 0 30 12 6 New Zealand . . . 2 8 0 2 8 6 Insurance — National .... 0 18 9 0 19 3 New Zealand . . . — 3 2 0 Loan and AgencyDalgety and Co. . Goldsbrough Mort. — 10 0 0 (cum. div.) . . 1 10 9 1 10 1 N.Z Guarantee Corporation . . 0 4 3 0 4 4 N.Z. Loan & Merc. (ord. stock) . . 51 0 0 57 15 0 United Building Society .... 1 1 6 1 2 0 Shipping— New Zealand (pf.) P. and O. Deferred 9 0 0 - Stock .... — 1 2 0 Frozen Meat— Gear (ex div.) . . N.Z. Refrigerating - 1 8 3 (£1 paid) . . . N.Z. Refrigerating 0 19 3 0 19 5 (10/- paid) . . 0 9 2 0 9 3 North Canterbury 0 12 6 0 18 0 Woollens — Kaiapoi (17/- pd.) 0 10 6 0 11 3 Kaiapoi (7/- paid) 0 3 6 0 3 9 Coal— Taupiri 0 10 0 0 14 0 Westport .... 0 17 0 — Stockton (pref.) . 0 3 0 0 3 1 Gas— Christchurch . . . Christchurch (10/1 11 4 1 11 9 paid) 0 14 9 0 15 9 Breweries— Carlton (c. div.) . 2 2 1 2 2 11 Timaru (7/6 paid) 0 6 4 0 6 11 Tooths ...... 2 1 11 2 2 ° Miscellaneous — Amalg’td. Wireless (contr.) .... 1 6 0 — Anthony Hordern Australian Glass 0 13 9 0 14 1 (cum. div.) . . Aust. Iron & Steel 2 10 0 (pref.) .... 0 19 6 — Beath and Co. . . Beath and Co. 1 12 6 1 12 9 (1/- paid) . . British Tobacco 0 9 6 0 10 0 (cum. div.) . . 1 16 4 1 16 8 Broken Hill Proprietary .... 2 3 3 2 4 0 Burns, Philp . . . 2 12 3 Colonial Sugar . . 65 15 0 65 15 0 D.I.C. (pref.) . . . Dominion Builders’ 1 4 0 1 5 6 Supplies .... 0 4 11 — Dominion Fertiliser . . . 0 18 9 — Dunlop Rubber . . Electrolytic Zinc 0 17 11 0 18 2 (ord.) 1 3 0 1 5 0 Electrolytic Zinc (pref.) .... 1 12 9 1 13 6 Kauri Timber . . 0 16 8 0 16 11 N.Z. Drug Co. . . 3 16 6 — N.Z. Malay Rubber N.Z. Malay Rubber 0 7 0 ~ (pref.) .... 1 2 6 — 6 Evans Atlas Flour N.Z. F a r m e r s’ 2 2 0 2 4 1st pref . . . 1 16 0 — N.Z. F a r m e r s’ Co-op. (“A” pf.) N.Z. Farmers’ 0 12 6 1 0 0 Co-op. (4i p.c.. Stock, 1940 and 1945) 81 10 0 — N.Z. Newspapers . 1 9 9 1 10 6 Vic. Nyanza Sugar Woolworths (N.Z.) 0 2 6 (pref.) .... 1 19 0 — Woolworths (Syd0 ney) (2nd pf.) . 1 17 0 2 0 Gordon & Gotch . Quill Morris (in 2 3 0 liquidation) . . 0 1 0 Mining— Alexander (13s 6d 0 15 paid) 0 14 3 3 Aotearoa . . . • Bell Hooper (1/paid) 0 0 5 1 0 Birmarck .... — Bell Kilgour .... Bendigo Goldlights 0 0 3 0 0 4 8* (9d paid) . . . 0 0 7 0 0 Big River .... 0 0 I0h 0 0 in Brian Boru . . . . 0 1 7 0 1 71

Central Shotover . Deep Lead (1/0 0 101 0 1 0 paid) Freshford (in 0 1 7 0 2 3 liquidation) . . 0 0 0 0 2 Gillespie’s Beach . 0 1 81 0 1 101 Glenroy (1/- paid) 0 1 1 0 1 2 Golconda <9d pd.) 0 0 1 Golden Dawn . . 0 1 4 Golden Point . . 0 0 2 0 0 21 Goldfields Dredgmg 0 0 81 0 0 91 Golden Sands . . 0 2 6 King Solomon . . 0 3 11 0 3 111 Lawson's Plat . . 0 0 4 0 0 5 Maerewhenua . . . 0 0 8 Mahakipawa . . . Mahakipawa (pf.) 0 0 91 0 0 10 1929 issue . . . Mahakipa) ; (pf.) 0 1 2 0 1 8 1930 issue . . . 0 1 2 0 1 3Mataki Mining House Con0 2 3 0 2 5 cessions 0 0 41 0 0 6 Mount Lyell . . . 1 0 6 1 0 7 Mount Morgan . . 1 6 3 1 6 4i Murray Creek . . . Moonlignt Nelson 0 2 6 — Creek Nevis Diesel Elec0 0 3 0 0 6 trie New Cornish Point 0 0 33 0 0 5 (1/- paid) . . . — 0 1 0 New Cornish Point (6d paid) . . . 0 0 21 0 0 5 Nokomai 0 3 0 0 3 1 Okarito Oxenbridee Shot0 8 0 over (1/- paid) 0 0 7 0 1 1 Rawang Tin . . . 0 8 71 0 8 81 Upper Shotover (9d paid) 0 0 6 — Waihi W a i h i Grand 1 10 3 — Junction .... 0 4 0 0 4 3 Waitahu Worksop Extended — 0 4 5 (1/- paid) . . . 0 1 6 0 1 Skippers 0 0 9 0 0 10 Stafford Sluicing Mossy Creek (1/0 1 4 0 1 0 paid) Peninsula Tin (22s 0 1 51 0 1 8 paid) — 1 5 0 Euratha (5/- paid) 0 10 0 0 11 3

Buyers. Sellers. £ s. d. £ S. d. Coulls, Somerville and Wilkie . . . Golconda Holdings - i 0 0 Cl/- paid! . . . 0 1 6* 0 1 7 Invest. Ex. Trust ("B” debs.) . . — 94 10 0 National Tobacco . N.Z. Perpetual For3 4 0 3 5 a ests (cum. div.) Sun Newspapers 2 1 0 — (10/- paid) . . 0 4 0 0 4 3

Quotations Copper— £ s. d. Standard, spot .. .. 13 n Forward .. 31 1 3 Electrolytic 15 0 to 5 0 Wire Bars .. 35 5 0 American Electrolytic: 9 cents per lb. Lead— Spot 0 0 Forward 2 6 Spelter — Spot 13 9 Forward .. 13 17 6 Tin — Spot 7 6 Forward 8 9 Silver— Standard, per oz. .. 20 : L-16 Fine, per oz .. .. S-8