SHARE MARKET

Timaru Herald, Volume CXXXVIII, Issue 19942, 29 October 1934, Page 16

SHARE MARKET

WEEKLY REVIEW A SMALLER TURNOVER The break in the week's business caused by the holiday was not altogether responsible for a much smaller number of transactions which was well below the average. Although in many sections of the investment market prices moved irregularly there were no striking fluctuations while the steady rise in values of the best industrials was one of the features of the week’s operations. A much better tone was noticeable in the market for gold mining shares which was probably due to the improved returns of a few of the claims which have lately started working and which are beginning to overcome their initial difficulties. Should these continue to yield similar amounts there is little doubt that capital will be readily available for the development of this very necessary industry. The return for capital need not be extravagant, but if gold mining is to flourish the return should be steady and there should be a reasonable guarantee for the security of the capital. Risks must be taken but there is no need, now that scientific mining is coming into its own. why recklessness should supplant caution. Banking. Bank shares remain steady in price with a moderate amount of business passing. Commercial of Australia kept at 16/1 to 16/2. maintaining those figures to the close. The prefs. show no change at £lO, the record attained in the previous week. National of Australasia, fully paid, receded from £l2/17/- to £l2/12/6, at which latter figure sellers stayed in, buyers half a crown less. The partly paids were transferred at £6/3/6. National of New Zealand were quitted at 70/- with buyers willing to continue but sellers are wanting 72/6. New South Wales declined from £32/10/- to £3l/17/6, buyers now offering £3l/10/- with holders asking £32/2/6. E.S.A. Banks are offered at £5/6/6 but buyers are reticent. New Zealands are firmer at 48/6 to 49/3. Reserve Banks sold between £6/10/6 and £6/11/-. Union Banks show little change at £9/7/3 and £9/7/6. Insurance. The demand for insurance scrip is not quite so keen as it was but prices have remained fairly firm at near those ruling during the previous week. Nationals made a record with a sale at 21/9 but eased a little to 21/- to 21/6. The balance sheet is due next month. Standards had a sale at 71/- the best price yet given. South British are offered at 93/- ex div. New Zealands , were sold at 69/- and 68/- and are on the market at those figures. Loan and Agency. The spurt in Goldsbrough Morts was not maintained and buyers filled their requirements at from 31/1 to 30/3 but the market recovered to 30/6 buyer with holders firm at 30/9. Dalgetys are wanted at £9/4/- but none are available. N.Z. Guarantee Corporation are stronger at 5/5 to 5/6. N.Z. Loan and Mercantile ordinary stock is from £4O to £SO. National Mortgage, A issue, are on the market at 55/-. Wright Stephenson’s prefs are wanted at 20/6. Frozen Meat. There is a fairly strong inquiry for frozen meat shares which are inclined to move upward. Canterbury Meat ordinary are sought at ten guineas, but none are on the market. The prefs are asked for at £5/16/- but holders are not interested. Southland paids reached a new level at 75/- and the contribs followed suit with sales at 37/6. N.Z. Refrigerating contribs made up to 9/7 with buyers at 9/8. The fully paids were transferred at 19/9. Breweries. A very good market for all brewery shares exists at present. New Zealands fell from 51/3 to 49/- but rapidly

recovered and went to 50/6 at the close. Staples moved up to 30/6 buyers but sellers asked two shillings more. Timaru contribs sold at par and buyers are still offering that price. Tooths are firmer at between 51/- and 52/-. Coal. The transfer of coal mining shares keeps fairly steady. Westports brought 19/1 and remain near that price. Kaitangatas made 21/6 and 21/9 and are firm. Renown were a little lower at 2/5. Westport Stockton prefs show no change at 5/-. Miscellaneous. Prices of the best industrial scrip made another advance and is difficult to obtain except in small parcels. The most notable feature in this section was the phenomenal rise of Colonial Sugars which soared to £BO but this advance was checked after advice from Sydney which sent the scrip back to £75/10/- closing at £76 to £7B. British Tobaccos reached 42/6 but were offered at the end of the week at 41/5 without being taken. Australian Iron and Steel made progress and were quitted at 24/3 for the prefs. Hays Ltd., 15/- paid up, sold at 17/6 ex div. New Zealand Drugs reached a new level and changed hands at 80/-. Dominion Fertilisers were better at 20/9. Wilson’s Cements are now at 34/-. Milburn Lime and Cements made a record with a sale at 42/-. Northern Roller Mills were steady at 32/-. Although £ll was offered for Mosgiels holders were not tempted. Kauri Timbers were transferred at 19,6. Woolworths (Sydney) made 75/- for the ordinary issue. N.Z. Newspapers were sold at up to 32/9. Crystal Ice was turned over at 42/-. Government Stock and Bonds. The number of sales of these securities showed a slight decline though prices, on the whole, were on a par with those of the previous week. Three and a half per cent., 1938-52, changed hands at £llO/10/-. Four per cent stock, 1946, made £lO9 and £lO9/10/-. Four per cent stock, 1949, ex interest, realised £lO7/7/6 and £lO7/10/-. Four per cent stock, 1955, was turned over at £ll3/2 6 and £ll3/10/-. The bonds of this issue were sold at £ll3/10/-. Debentures. Local body debentures still retain their popularity as investments, but the anxiety regarding the rates of interest payable in the future restrains many would be purchasers. Auckland Electric Power Board. 41 per cent., 1950, realised £lO6. North Canterbury Hospital Board. 1952. five and a quarter per cent are offered at £lO6 but buyers are at £lO2.

Mining.

The mining section exhibited more animation than most of those dealing with other investments. Several new ventures gave promising returns and this materially assisted the market. If these are continued we may look for greater activity which will be further increased when dividends are declared. The fall in the price of gold which was evident in mid-week was arrested and a portion of the loss was recovered towards the close. Te reports from three reefing companies which seem emerging from their troubles are very encouraging and may turn out to be consistent gold producers. Waihi, cum div., under steady buying from London sold up to 39/- the highest price for some years but relapsed to buyers 36/1, sellers 38/6 at the end of the w'eek. Blackwater’s prospects of maintaining its dividends are good and sales were made at 33/3 at which figure buyers stayed in. Big River is developing satisfactorily. Several sales were made from 1/8 to 1/10. Macetown Developments Ltd. report that a new reef 5 feet wide has been struck in the Homeward Bound mine. Shares are from 1/to 1/6. Waihi Grand Junction is better at 4/5 and 4/6. Alexander contribs have steady demand at 15/- and the paids at 18/-. Worksop Extended’s latest return of lOOoz following on a previous yield of 90oz sent the shares up to buyers at 2/8 after opening at 2/oi. Mataki was up to 2/9. Nokomais are better at 3/6 to 3/8. Goldfields Dredging return of 650 z is the best yet. Shares are steady about ninepence after selling at Kildare’s last wash-up showed a good profit and the scrip moved up to 2/3. Talisman Dubbo was better at 11/- and 11/7. Australian Mining. The demand for the best of Australia’s mining shares continues good. All Broken Hill stocks are very steady as the result of a successful year’s trading. Broken Hill Proprietary, cum div., brought 52/3 to 52/7. Mount Lyell sold at 18/6 to 18 'B. Electrolytic Zinc brought 35/11. Mount Morgan is steady about 36/-. Mount Coolon sold at 6/6. North Kalgoorli are in demand at 25/3. Dividends Payable. Waihi Gold Mining Coy, 17/- Nov. 1 D.I.C. prefs., final 6d Nov. 1 D.I.C. ordinary, final 6. .. Nov. 1 Bruce Woollen prefs, final 1/1 11-25 Nov. 12 Bruce Woollen ord., final 7 l-5d Nov. 12 National Bank of Australia paids, int. 5/- Nov. 28 National Bank of Australia contrib., int. 2/6 Nov. 28