SHARE MARKET

Timaru Herald, Volume CXXXVIII, Issue 19986, 19 December 1934, Page 2

SHARE MARKET

WEEKLY REVIEW A SMALLER TURNOVER The experience of previous years is evidently to be repeated and the closing weeks are showing a decrease on the business usually transacted on the Stock Exchanges. There are few variations of note worthy of record. The market is fairly steady with a strong tendency to greater stability. Had the butter and wool prices been twenty-five per cent, better than those at present being given the difference in the figures given for many classes of scrip would have been considerable. But all classes of investments have held their values remarkably well and although those who gave the high prices ruling five years are not likely to be equalled for many a long day yet there is a much sounder position established by many companies than there was in 1929. Some of the best are even at higher figures to-day than they were at that date. With ample money for investment there is room for new enterprises which given reasonable promises of success if they are on a sound basis and efficiently managed. Banking Bank shares were a trifle firmer and the demand seemed to be stronger. Australasias went up to £ll 8s 9d after selling at £ll ss. Commercial of Australia were stronger at 16/1, after opening at 15/10. The prefs remain in the vicinity of £lO. Commercial of Sydney improved to £l7 16s 6d, but eased later in the week to £l7 12s 6d. National of New Zealand cum div, remained firm at 73/-. National of Australasia contribs were easier at £6. Bank of New Zealand, ex div, firmed up to 49/-, after sales were made at 48/-. Bank of New South Wales sold at up to £3l 17s 6d, but were inclined to weaken. Reserve Banks sold at £G 11s 6d to £6 10s 6d. Union Banks recovered some of the ground they lost and were transferred at £8 19s and £8 19s 6d. i Insurance [ The demand for insurance scrip i seems to become keener as prices go higher. Fresh records were made by South British with sales up to 97/-. New'Zealand’s improved on the previous week and were sold up to 68/9. Queensland, which has had a very good year, changed hands at 74/6. Nationals sold freely between 21/5 and 21/7. Standards are steady about 75/-. A.P.A., cum div, are wanted at 10/10. Loan and Agency All the shares in the pastoral companies are weak. Goldsbrough Morts, cum div of 4 per cent., made 30/1 and 30/3. Dalgety’s were easier at £8 17s 6d. National Mortgage A’s at 45/- and B’s at 30/- are wanted but sellers are not quoting. N.Z. Guarantee Corporations are firm at 5/10, with sellers at 6/1. Wright Stephenson’s prefs. are offered at a guinea without buyers. Perpetual Trustees are wanted at 61/-, but none are on the market. Frozen Meat There were hot many sales in this section, which is characterised by greater steadiness than it has shown for some time. N.Z. Refrigerating contribs. at 10/1 and 10/2. The paids are from 20/4 to 20/6. Gears are about 26/-. Southland and South Otago are inclined to rise with few sellers. Waitaki Farmers’ are up to £4, but holders are inclined to wait for par values. N. Canterbury are asked for at 16/-, without sellers. Breweries The market for breweries displayed some remarkable features. New Zealand’s cum div were between 48/10 and 49/3; ex div they rose to 52/6 and finished at 50/4 to 50/6. Dunedin’s advanced to 29/-. Timaru contribs were better at 8/-. Tooths dropped to 50/6 and are steady about that figure. Carlton’s realised 52/6. Dominions are at 11/-.

The feature of the week’s operations was the rise of the Waikato companies’ shares. There is every prospect of the price war being settled. Taupiri’s were at 14/-, but rose to 16/-. Pukemiros sold at ZZ/- and jumped to 22/6. Renowns rose to 4/9. Westports are firm at 20/6. Miscellaneous The shares in several of the largest Australian industrial companies have not all been able to hold the advances they recently made. Australian Glass went up to C ./-, but slipped back to 58/-. Australian Iron and Steel prefs. brought 23/3. British Tobaccos, cum div, eased to 41/-. Bycrofts receded to 51/-. Dunlop Rubbers were a shade lower at 19/8 and 19/9. Kauri Timbers were better at 18/9, cum div. Colonial Sugars kept advancing and reached £43 2s 6d. Milburn Limes fell to 40/-, but afterwards rose to 42/-. Mosgiel Woollens kept their price at £ll. Kaiapoi Woollens were better at 15/7 and 15/7id. N.Z. Malay prefs. had a sale at 24/6. As these shares are cumulative prefs. there ought to be a fair sum coming to them. Northern Roller Mills sold between 32/- and 33/-. N.Z. Farmers’ Co-op. stock, 4i per cent., sold at £BS, at which sum more are available, but buyers are silent. Sun Newspapers are down to 3/3. N.Z. Paper Mills brought 34/- and 34/3. N.Z. Newspapers realised 33/3 and 33/-. Government Stock and Bonds The prices paid for these securities continues to follow the weakening tendency which has been a feature of the last few weeks’ operations. Three and a-half per cent., 1939-52, sold at £lO6. Stock terminating 1938-52 brought £lO6 and £lO5 17s 6d. Four per cent, stock and bonds, 1940, were transferred at £lO3 ss. Stock, 4 per cent., 1946, brought £lO5 ss, and the bonds of this issue sold for a similar amount. Stock, 4 per cent., 1949, yielded £lO6 15s and £lO7. The issue maturing 1955, sold at £ll2, and the bonds at five shillings higher. Debentures The number of sales seems to be on the increase. Rural Bonds, 1947, sold at £lO4. Amalgamated Brick Works, 7 h per cent., 1944, were weaker at £lO2 10s. Auckland Transport Board, 4J per cent., 1944, changed hands at £lO3 ios. Waimakiriri River Board, 41 per cent., 1966, brought £lO5 10s. Auckland Power Board, 41 per cent., 1944, realised £lO5 10s. The same money was given for Ashburton Power Board, 41 per cent., 1951. Gisborne Sheepfarmers, 6h per cent., 1941, are up a little at £lO2. \ Mining , The number of transactions in this ! section was comparatively small, and

was almost wholly confined to lowpriced scrip in claims whose value has yet to be ascertained by experience. A number of companies will be working early in the coming year, and as some of them have been long highly thought of, it is probable that results may justify the expectations that their supporters have formed. Britain and America as well as Australia are still buying options on favourable terms, but all are in favour of testing thoroughly before the properties are eventually taken. Kildare Sluicing Company has lately come to terms with a syndicate for the purchase of that property, but as a considerable time in which the right to test has been granted shareholders will not know whether the deal will be finalised for many months. Waihi has been comparatively quiescent for many days but came to light towards the end of the week when sales at 37/3 to 37/6 were made. Grand Junctions were very firm and made from 4/9 to 5/-. Blackwater’s price is largely dependent on London buying, which remains unchanged. King Solomon’s return of 103 oz. was the highest for weeks. Shares are firm at 3/8 and 3/9. It will be more than a month ere we get another return. Worksop Extd., cum the second div. of one penny, realised 2/10. Gillespie’s Beach is weaker at 1/5 to l/55d. Mossy Creek, from which a return is looked for, brought 1/9. Waitahu is weak at 2/- to 2/4. Australian Mining There is not nearly so much animation in the market for gold shares as there was some months ago. The payment of calls in many of the new companies, several of which have been formed without sufficient tests has necessitated the parting with of much sound scrip. Mount Morgan’s brought 35/6. Mount Lyell’s brought 17/9 to 18/-. The drought and the low price in London of electrolytic copper have heavily handicapped this company. Electrolytic Zinc ordinary fluctuated between 24/6 and 22/9, and the prefs. between 34/6 and 33/9. Broken Hill Proprietary sold at 51/11.