SHARE MARKET

Timaru Herald, Volume CXXXVIII, Issue 19906, 17 September 1934, Page 14

SHARE MARKET

WEEKLY REVIEW DEMAND AND VALUES GOOD Last week’s business on the Exchanges was very good and prices were better than many px-ophesied. The Australian elections had caused fears that a hange in government might be productive of unrest in many of the financial institutions of the Commonwealth, but investors seem to have convinced themselves that nothing serious would happen and operated freely. The spurt that was given to business raised prices of many stocks to higher levels and several fresh records were established. The difficulty of finding. investments that will return what two years ago was considered a remunerative rate of interest for capital is becoming more acute and threatens to increase in intensity. It seems easy for good local body debentures to be floated at 31 per cent, and first-class mortgages on land are being renewed as low as 4 per cent. An era of cheap money is at hand and it remains to be seen whether this will have the effect of stimulating trade and causing fresh erlerprises to start to absorb capital and employ labour. Banking. Much greater activity was apparent on the part of investors to obtain bank scrip than has been in evidence for many weeks. The most noticeable feature of the operations in this section was the transfer of thousands of Commercial of Australia which made up to 17/9 after opening at 16/-. Tl\e prefs. reached the highest figure for years at £9/19/-. Australasias were sold at £ll/16/-. E.S.A. Banks rose sharply and touched £5/8/-. National of New Zealand kept moving upward and after advancing to 74/-, closed firm at 76/-. National of Australasia fully paid, went up to £l2/18 -, and the contribs. were firm at £6/8/-. Reserve Banks were steady between £6/8/6 and and £6/9/3. New South Wales firmed from £3l/17/6 to £32/2/6. New Zealands were better at 48/1, buyers staying in at that figure, sellers 48/2. Union

Banks eased to £9/10/-, closing with a seller at £9/7/6. Insurance. The continued rise in the price of insurance shares has for weeks been one of the most arresting features of the stock exchange operations. The premium income of the companies is less but the profits are greater, due to a more rigid selection of risks. South British broke fresh ground at 86/6. New Zealands had a similar experience with Sales £,t 65/3, and buyers at 65/9. Standards were very firm at 67/-. Nationals are up to 20/3 and Queenslands to 71/-. A.P.A. were fractionally stronger at 10/4. Loan and Agency. The position of wool still causes anxiety as the prices of that product are not what was anticipated. Goldsbrough Morts moved between 30/6 and 30/8. Dalgetys are easy at £9/4/6. with sellers at £9/4/-, buyers one shilling less. Wright Stephenson's ordinary are offered at 18/6. Perpetual Trustees have buyers at 60 -, but none is available. New Zealand Guarantee Corporation firmed up from 4/8 to 5/-, and closed stronger with a buyer at 5/1, seller 6/-. Frozen Meal. All meat shares have a tendency to harden. New Zealand Refrigerating fully paids are very firm at 19/6. The contribs. are up to 9/5 after opening at 9/-. The closing price was 9/5 to 9/7. Southland prefs. were stronger at 72/-. Gears were steady at 27/-. North Canterbury, 60/- paid, had a buyer at 17 6 and a seller at 20/-. Other lines are unchanged, but sellers are few. Breweries. The Australian breweries have firmed. Tooths were selling at 45/9, but rose sharply to 47/-. New ZeaI lands were active and made up to 47/7, I after selling at 47/3. Timaru contribs were better at 7/1. The fully paids are sought at 9/1, without sellers. Coal. | The severity of the losses of the Waikato companies has told heavily on their finances and they have much leeI way to make up before they can pay j the dividends they formerly distributed. I Some of them are reducing their capital. Westports are still selling freely at 19/-. Renowns sold at 4/6. The prefs. brought 1/6. Kaitangatas are sought without result at 21/-. Taupiri are about 13/6. Miscellaneous. Several of the best Australian industrial companies’ shares made record prices. It would almost appear that anxiety to get in before the election had displaced the fear that caused a wish to get out soon enough. British Tobaccos took a smart rise and made up to 39/- with buyers at 38/9. Colonial Sugars were up to £66/15/-. Henry Jones Co-op. made a jump to 34/6. Dunlop Rubbers were firm at 20/2 to 20/4. Woolworths (Sydney) made a record at 75/- The second prefs. of this company brought 27/3. Kaiapoi ordinary declined from 13/3 to 12/10. Bruce Woollens were firm at 13/3. Wellington ordinary sold at £5/8/9 and £5/9/6. Australian Iron and Steel prefs. were very strong at 23/6. Beath’s balance sheet is due shortly and fair results anticipated; sales, full)’ paids at up to 31/10. D.I.C. prefs. reached 25/-. New Zealand Farmers’ Fertilisers made 20/IS. Dominion Fertilisers were quitted at 20/3. New Zealand Newspapers were transferred at 32/9. Wilson’s Cements sold at 30/3. Bycrofts sold at up to 53/6, the highest price they have attained. Kauri Timbers were better at 18/3. Government Stock and Bonds. There was heavy trading in these securities, which were offered with greater freedom than has been usual for some time past. Fresh records were made by one or two issues. Three and a half per cents, seem to be tightly held as few are available at present prices. Inscribed stock 1939-52 is wanted at £lO9/10/-, but none is on the market. Four per cent, stock, 1940. brought £IOB and the bonds sold at 2/6 more. Four per cent, stock, 1946, realise! £lO7/12/6 to £IOB. Four per cents, maturing 1949, changed hands at £llO. The issue due 1955 went up to £lll/5/and £lll/10/-. Debentures. Local body debentures are still keenly sought after and as fresh issues are bringing only 35 and 38 per cent, these former issues bearing 41 per cent, are at a good premium. Auckland City. 1955. realised £lO5. Auckland Harbour, 1940, brought the same money. Mount Eden Borough, 41 per cent,. 1956, sold at £lO5/5/-. Waitemata County, 1950, were turned over at £lO5. Gisborne Sheepfarmers, 65 per cent., 1941, changed hands at par. Mining. This section continues to display the activity which has been its outstanding feature for many months. Although results seem to be somewhat late in coming, developments are proceeding with caution. Mistakes are being made but these do not deter enterprising pioneers from trying other methods to obtain their ends. As long as gold keeps near its present figure we may be assured that efforts to win the metal from proved areas will be pursued with persistence. Recent reports and the last return from Waihi are quite satisfactory. Shares sold up to 33/-. Grand Junctions have been changing hands frequently at up to 4/4. Alexander Reefs contribs. have been called up to 14/-, and are selling at 15/3. New Big Rivers were in steady demand after news of another reef being discovered on the claim was published, : and the shares rose to 1/3. King S lomon’s div. of 3d was payable on . September 15. The return of 420 z 3dwts was the smallest reported for a long time. The scrip was transferred cum div. at 4/3. Nokomais had several deals at 4/- and 4/1. Okaritos - were inclined to rise and closed at 8/4 to 8/10. Matakls kept firming and sold at 2/8. Worksop Extended’s return was sufficient to send the shares to 2/-. Gillespie’s Beach kept falling ■ and were quitted at 1/105 and 1/95. Maerewhenua has not produced the re- : suits that were anticipated and the : finances require strengthening. Sales • from 5/d to sd. Waitahus are at 4/6. Nevis Diesel were done at s!d. 1 i Australian Mining. There was a brisk market for all good 1 mining shares and in many instances shares reached record prices. Especially is this true of all proved gold propositions. Broken Hill Proprietary closed very strong at 51/-. Mount : Morgans were up to 34/3 and looked likely to see more money. Rawang : Tin keeps about 9/2. Mount Lyell, despite the very low price of copper, keeps just over a pound. Its reserves, invested largely in fertiliser companies, enable it to have a chance of paying a dividend. ■ Clandeboye Dairy Company. The twenty-fourth report submitted to the annual meeting states that the season’s output totalled 2541 tons being : 27 tons more than the previous year The London agents were entrusted with the make to February 11 on open consignments, the balance of 82 tons being purchased by them at 5d per lb f.o.b. Manufacturing and overhead costs show a reduction on previous years, enabling a payout to be made to ’ suppliers. A final payout of 7-8 d per lb will be made making the season’s total : equal to 9d per lb of butter fat. Both 1 building's and plant had been maintained in full working order. The 1 cream stage had been enlarged and a new set of scales installed ensuring speed and efficiency in dealing with cream received from suppliers. Ar- ■ rangements had been made for the marketing of pigs and bobby calves.

[ CHRISTCHURCH STOCK EXCHANGE

LATEST QUOTATIONS Special to " The Timaru Herald ” CHRISTCHURCH, September 15. 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 no; quoted on the Official List Buyers. Sellers.

SATURDAY’S SALES By rplegraph— Press Association [) AUCKLAND. September 15. Sales on ’Change Renown Collieries. 46; Farmers’ Trading, 65; 3 Consolidated Brick. 9 11; Mt/ Lyell, 20 2; Auckland Gas (con). 21/-;’ Waihi. 32 6: Bank of New Zealand 48 12. 48/-; Broken Hill. 51/-; Queens--3 land Insurance. 71/-; National Bank, 7 76 Wellington Woollen. £5/8/9; Waitemata Harbour. 4i per cent., £105; Stock. 4 per cent., 1955, £lll/10/-. J WELLINGTON. September 15. Sales on ’Change-i-Big River. 1/6; Queensland Insurance. 71/-; Woolworths Ltd., 75 Commercial Bank , of Australia, 17/7; Wellington Wnol- | i len, £5 9 6. ? CHRISTCHURCH. September 15. Sales on Change—Commercial Bank ! of Australia, 17/7 (3), 17/6; Reserve ’ Bank, £6/9/- (2); New Zealand Insurance, 65/6; Australian Iron and Steel (pref), 23 6: British Tobacco (cum div), 38/10 (2); Dunlop Perdriau Rubber tcum div), 20/3; Electro Zinc [ (pref), 35/3; Gillespie’s Beach, 1/95; Glenroy. 1/2 (2); Lawson's Flat. 4d; Maerewhenua. sd; Mahakipawa. ’ 105 d (2); Mt. Lyell, 20/1; Rawang Tin, 9/2, (2). [ Sales Reported—Bank of New Zea- > land (late sales, Sept. 14), 48,3 (2); Dalgety and Co.. £9/4/6 (2); Big River 1 1/6 (2); Worksop Extended. 2/-; Waitahu, 4/6; Goldsbrough, 30/6. DUNEDIN. September 15. Sales Reported—Bank of New Zealand. 48 3; Goldfields. 1/- (late yes--1 | terday); Gillespie's Beach, 1/10; Nevis Diesel, 52d. MINING NEWS By Telegraph—Press Association GREYMOUTH. September 16. The Brian Boru dredge return last | week Was 17oz lOdwt for 106 hours’ work. CHRISTCHURCH. September 16. The Bell-Hooper return for the week was 31oz 6dwt. METALS MARKET. United Press Association—By Electric Tel egraph—Copyright (Received September 16, 6.30 p.m.) LONDON, September 15. Quotations: — Copper— £ s. d. Standard, spot 27 6 10} Forward 27 11 lOi Electrolytic 30 5 0 to 30 15 0 Wire Bars 30 15 0 American Electrolytic: 9 cents pei ib. Lead— Spot 10 5 0 Forward 10 10 0 Spelter— Spot 12 11 3 Forward 12 13 9 TinSpot 229 7 6 Forward 227 3 9 Silver— Standard, per oz 21 11-16 Fine 233 CURRENCY QUOTATIONS. United Press Association—By Electric Telegraph—Copyright (Received September 16, 6.30 pan.) LONDON. September 15. The dollar is quoted at 5.00 15-16 to the pound. The current quotation of the franc is 75 1-16 to the pound. FRIDAY’S CLOSING PRICES United Press Association—By Electric Telegraph—Copyright (Received September 16. 6.30 p.m.) LONDON. September 15. Friday’s closing prices were:— Cotton.—Spot 7.10 d per lb, October shipment 6.83 d. Rubber—Para sn,d5 n ,d per lb, plantation smoked 7 2d. ite—September -October shipment, £l4/5- a ton. Copra—September-October shipment, South Sea. £7/5/- a ton; smoked, £6,17/6; Plantation Rabaul, £B'l7 6. Linseed Oil. —£21 a ton. Turpentine —41/3 per cwt. CHICAGO WHEAT QUOTATIONS United Press Association—By Electric Telegraph—Copyright (Received September 16. 6-30 p.m.) NEW YORK, September 15. Chicago wheat quotations: September. 103 i cents; December. 1032 cents; May 1045! cents. New York cash, 109$ r "its. LONDON MARKETS United Press Association—By Electric Telegraph—Copyright LONDON, September 13. Wheat cargoes are easier. Parcels are lower. London Futures.—September 22 3, December 24 45. February 25 6, April 25/11. Liverpool Futures.—October 5 8 1-8, December 5/11, March 6 Ih, May 6 22. Spot trade is slow and prices are occasionally irregular; Australian ex ship 30/- to 31/-. Flour is steady. Australian ex store 21/- to 22/-. Oats are firm. Peas and beans are steady. (Continued on Page 2).

Buyers. Sellers. £ s. d. £ s. d. N.Z. Govt. Debs.35 p.c. Inscr.. 193852 10! 10 0 — 31 p.c. Inscr., 193943 (ex interest) 31 p.c. Inscr., 1939107 0 0 - 52 109 10 0 — 4 p.c. Inscr., 1940 107 15 0 101 5 0 4 p.c. Inscr.. 1946 107 5 0 108 10 0 4 p.c. Inscr.. 1949 108 10 0 — 4 p.c. Inscr., 1955 IK 0 0 li: 12 6 4 p.c. Bonds, 1940 — 108 5 0 4 p.c. Bonds. 1949 110 0 0 — 4 p.c. Bonds, 1955 111 0 0 — Other Debentures Napier Borough. 45 p.c., 1/4/57 . . Westport-Stockton - 104 0 0 Coal, 65 p.c., 1938 — 101 0 0 Banks— Australasia (cum. div.) . . . 11 10 0 11 17 6 Comm. of Aust. Comm, of Aust. 0 17 4 0 17 7 (pref.) .... 9 16 0 — Comm, of Sydney 1" 10 0 18 0 0 E., S. and A. . . . National of A'asia — 5 9 0 (£10 paid) . . . 12 17 0 13 0 0 National of A’asia. (£5 paid) . . . 6 7 6 ’6 9 6 National of N.Z. . 3 14 6 3 16 6 New Zealand . . . 2 8 1 2 8 2 Queensland Natl. . 5 2 6 5 10 0 Reserve 6 8 9 6 9 3 Union of Aust. . . — 9 17 6 Insurance— A.P.A 0 10 2 0 10 8 Mercantile Mutual 1 3 0 — National 1 0 2 1 0 4 New Zealand . . . 3 5 6 — South British . . . 4 5 0 — Loan & Agency— Dalgety and Co. . 9 3 0 9 4 0 Goldsbrough Mort. N.Z. Guarantee 1 10 3 1 10 6 Corporation . . United Building 0 5 1 0 6 0 Society .... 1 1 5 1 1 8 Shipping— P. and O. Deferred Stock 0 18 0 1 2 0 Union (pref.) . . . 1 6 0 — Frozen Meat— N.Z. Refrigerating (£1 paid) . . . N.Z. Refrigerating 0 19 6 - <10/- paid) . . North Canterbury 0 9 5 0 9 7 Freezing .... 0 17 6 1 0 0 Southland .... 3 11 0 — Coal— Grey Valley . . . 1 0 0 Stockton (ord.) . . 0 3 3 0 3 6 Stockton (pref.) . — 0 5 0 Gas— Christchurch (10/paid) 0 15 3 — Gisborne . , . • . — 0 15 6 Timaru ...... 1 2 0 — Breweries— Carlton 2 5 0 New Zealand . . . 2 7 3 2 7 5 Timaru 0 9 1 — Timaru (7 6 paid) 0 6 10 0 7 6 Tooheys 9 6 — Tooths 2 6 6 Miscellaneous— Amalg. Wireless (contr.) .... 1 9 0 — Anthony Hordern . Aust. Iron & Steel 0 14 11 0 15 2 (pref.) .... 1 3 6 1 4 6 Beath and Co. . . Beath and Co. 1 10 6 1 12 0 (1/- paid) . . . — 0 9 6 British Tobacco (c. div.) 1 18 9 1 19 0 Broken Hill Proprietary .... 2 11 1 2 12 0 Burns Philp . . . — 2 17 6 Colonial Sugar . . 66 15 0 68 0 0 Dom. Fertiliser . . — 1 0 5 Dunlop Rubber . . Electrolytic Zinc 1 0 2 1 0 4 ! (pref.) .... Greater Crystal 1 15 2 1 15 6 0 Palace — 1 Kauri Timber . . Mason Strothers 0 18 10 0 18 LI (£1 paid) . . . Mason Strothers 0 17 (10/- paid) . . 0 7 0 — New Colosseum . . N.Z. Far m e r s’ 1 8 0 1 Co-op. (1st pf.) 2 2 0 N.Z. Farmers 0 Co-op. (B pref.) 1 5 N.Z. F a r m e r s’ Co-op. (45 p.c. Stock. 1940 and 1945) 84 0 0 -3.Z. Newspapers . Northern Roller 1 12 3 1 13 6 Milling .... Quill Morris (in 1 15 0 liquidation) . . 0 2 9 0 3 3 Sun Newspapers . Whitcombe and 0 3 6 0 3 Ll Tombs 3 16 0 — Wilson’s Cement . 1 10 4 — United Provisions 0 9 L0 Mining— Addison’s Flat 0 2 7 Alexander .... Alexander (14/0 18 8 — paid) 0 15 2 0 15 9 Bell Hill — 0 0 5 Bell Kilgour . . . 0 0 1} 0 0 3 Bendigo Goldlights 0 0 11 0 1 05 Big River .... 0 1 4 0 1 6 Blackwater .... 1 L2 6 1 13 5 Brian Boru . . . 0 1 5 0 1 Deep Lead .... 0 1 7$ 0 1 9 Gillespie's Beach . 0 1 95 0 1 10 Glenroy 0 1 2 0 1 3 Golden Point . . . 0 0 2\ 0 0 3 Golden Sands . . 0 2 81 — lo'dlields Dredging 0 0 11 0 1 )5 Hatter’s Flat . . . 0 0 15 — Kildare 0 1 11 — Lawson’s Flat . . 0 0 35 0 0 4 Maerewhenua . . 0 0 Mahakipawa . . . 0 0 10 0 0 105 Mahakipawa (pf.) 1929 issue . . . 0 1 45 Mahakipawa (pf.) 1930 issue . . . 0 1 0 Mataki Moonlight Nelson 0 2 65 .0 2 9 Creek ..... Mining House 0 0 0 Concessions . . 0 15 Mossy Creek . . . 0 1 65 0 1 Mount Lyell . . . 1 0 1 1 0 3 Mount Morgan . . Nevis Diesel Elec1 14 0 1 16 trie 0 0 5i 0 0 6 Nokomai 0 4 0 0 4 1 North Broken Hill 5 0 0 Okarito Oxenbridge Shot0 8 4 0 8 0 over 0 1 0 Paddy’s Point . . 0 2 o Rawang Tin . . . 0 9 1 0 9 2 Sandhills Gold 0 0 55 Skippers Ltd. . . 0 0 7 0 0 75 Stafford Sluicing . Upper Shotover 0 1 0 0 1 3 (9d paid) . . . 0 0 05 W a i h l Grand Junction .... 0 4 35 0 4 6 Waitahu 0 4 4 0 4 6 Worksop Extended 0 2 0

£ s. d. £ s. d Andersons, Ltd. (pref.) . . 0 6 8 — Argo Gold (3d paid) . . . 0 0 41 0 0 4i Ben Ledi (1/pd) 0 1 0 0 1 01 Industries Ltd (12/6 paid) . . . 0 1 6 Maori Gully (9d paid) . . . 0 0 9 0 o io: Macetown <i/paid) . . . 0 1 25 0 i 4 National Tobacco "B" pref. . 2 0 0 N.Z. Mining Investment . 0 li 0 Opitonui Development . . 0 5 3 Froeera Bread (10s paid) . . 0 10 6 0 13 9 Fmith, Wvllie 0 9 6 Woolwortbs cSyd.) ord 3 14 10 3 16 5