SHARE MARKET

Timaru Herald, Volume CXLII, Issue 20504, 24 August 1936, Page 14

SHARE MARKET

WEEKLY REVIEW LACK OF STABILITY Although a greater volume of business was transacted last week on the Exchanges than on the preceding week, yet there was a lack of stability in the market which showed itself in the irregularity of the prices at which many of the leading stocks were sold. A sudden chonge in the upward movement of the shares of chain store organisations, due to the news that inquiry would shortly be made into the character and effects of this class of business, caused a rush of sellers desirous to unload which brought a decline in values. The leading Australian industrials held their place well, due largely to the strength of the base metals. Government loans are very firm at rising prices. New Zealand industrials are neglected and will not be likely to increase until it is seen how far the results will be affected by the recent legislation. Meantime investors are adopting a waiting policy, buying and selling being left severely alone. A little brighter tone is noticeable n the gold mining market which only requires steady payable returns to make it a feature of the Exchange operations. Banking The number of sales in this section showed an increase but prices, on the whole, were not as satisfactory as sellers wished. Australian banks, with the exception of New South Wales, showed slight improvement. Commercial of Australia moved up to 18/6, buyers staying in at that figure. National

of Australasia, £5 paid up, went up to £7/0/6, and at the last call buyers offered £7/2/-, the best price for some weeks. New South Wales were quitted at £32/15/-. Union Banks were a little better at £9/8/-. New Zealand sold down to 39/-, the lowest price for years and closed at 39/1 to 39/6. National of New Zealand changed hands at up to 3/-, closing with buyers c.t 61/3, sellers a shilling higher. Insurance Insurance shares show little change on a comparatively dull market. South British changed hands at 89/- to 90/-. New Zealands are unaltered at 62/6. Nationals are weaker with sales at 18/3 and 18/4, buyers 18/3, without sellers. Standards are steady at 62/- cum. div. of 1/3. Loan and Agency The apparent strength of the market for wool has put a little more life into the demand for pastoral shares. Goldsbrough Morts brought from 31/4 to 31/6. New Zealand Guarantee Corporation are easier at 5/6 and 5/7. New Zealand Farmers’ Co-op., per cent, stock was turned over at £9l. Breweries The most interesting item in this section was the announcement of a new issue of shares in Dominion Breweries at 2/6 premium. This company is progressing rapidly and making good profits. Offers of 28/9 were met by sellers asking 30/3. For the new issue 5/- premium was paid with buyers

issue 5/- premium was paiu wivh uujllo unsupplied at 5/6. New Zealands brought 52/-. Tooths sold at 53/9. Sunshines 7/- paid, changed hands at 5/-. Coal The industrial troubles in the Waikato seem to have been settled. Shares are selling freely at an advance on recent rates. Pukemiros sold at 25/-.

Taupiri ordinary went up to 16 3. Renowns made 13 9, while the prefs brought 3/-. Westports were turned over at 23 3 and 23. -. I Miscellaneous I The outstanding feature in this section was the erratic course pursued by the chain store companies’ shares ' which have become so popular and risen to very high figures. G. J. Coles, r after the publication of an increase of capital, improved to 85/3 but fell ] towards the close of the week to between 79/- and 79/5 finishing at 80/- J and 80/3. The announcement that the Commonwealth Government intended to inquire into the effects of chain , stores probably accounts for the fall, j Woolworths (Sydney) dropped from j £5/17/- to £5/13/- and Woolworths (N.Z.) were easier with buyers at £5 5/-, sellers £5/10/-. Shillings Limited ' shared in the decline. Scrip, 15/- paid, was on offer at 15/11, but 14/1 was the best bid. The market had for some time anticipated a dividend in Dunlop ( Perdriau which has been declared at 5 per cent. Shares sold at 18/5 and 18/4 but closed firm at 18/6 to 18/9. The probability of some alteration in the duty on cement caused Wilson's Cements to recede to buyers at 34/-, sellers 38/3, with sales at 37/6. British Tobaccos firmed and made 41/-, Government Stocks and Bonds A strong tendency towards higher levels was exhibited by most of the issues of Government loans. The ease with which these securities can be readily converted into cash is a strong factor in favour of their purchase by those who are waiting for more favourable conditions to make permanent investments. Three and a half per cent, stock, 1939-43 brought £lO3/15/-. Four per cent, stock and bonds, 1937-40, sold up to £lOl/7/6. Four per cent, stock, 1943-46. ex interest, changed hands at up to £lO3/15/-. Four per cent stock and bonds 1946-49 went up to £lO5/17/6 and the same money was given for the stock maturing 1952-55. Debentures Few sales of debentures were completed. Prices were good and only paucity of supplies prevented sales. Eastbourne Borough, 41 per cent., 1940, brought £2 premium. Auckland Trotting Club, 6i per cent., 1944, brought £lOl/5/-. Amalgamated Bricks (Auckland) 6 per cent., 1944, brought £lO2. Booth Macdonald debentures rose to £7l/10/-. Mining There is a slightly better tone in the market for gold mining shares due to better returns from some of the dredging and sluicing claims which would be well worth the money now given for the shares if prospects of permanence could be guaranteed. It is the lack of steadiness in the weekly results which makes investors chary of risking substantial amounts in many companies. King Solomon’s I'eturn of 61oz was above recent average and 1/2 was given for the scrip. Gillespie s Beach had another good return and this caused the shares to rise to 1/45. Nokomai had a few transfers up to 2/1. Martha (Waihi) brought 17/9. The last 1 crushing was quite good but the ore ■ reserves do not seem to be receiving 1 great additions. Waihi Investments are a little better at 9/11 to 10/1. The 1 prospects of an international agreement : regarding outputs of tin seem to be im- ’ proving. < Australian Mining

Australian Mining The base metal market is still very good though prices are not quite as good as they were. Copper is now at a figure that enables Mount Lyell to work at a good profit, which is added to by satisfactory returns from fertilisers. Sales were made up to 29/75, closing at 29/3 and 29/2. Electrolytic Zinc, cum div., changed hands at 41/7 for ordinary and 43/10 for prefs. Broken Hill Proprietary is still one of the most popular stocks. The fully paids brought up to 74/10 and 75/3 and the contribs realised up to 55/-. Mount Morgan moved gradually down from 14/- to 13/6. Fears that the low grade ore now being mined and the delay in getting the new plant ready to operate will cause a fall in dividends are contributing reasons for the lower values.

Timaru Woollen Company Registration of the following companies is notified by the Mercantile Gazette. Timaru Worsted and Woollen Co., Ltd., registered August 12. Office, Bank Street, Timaru; capital £125,000 in 125,000 shares of £1 each. Subscribers, Timaru: W. H. Walton 1200, H. Elworthy 400. Otaio, H. B. S. Johnstone 4000. Palmerston North: W. E. Winks 500, T. A. Daley 500, J. Hughes 500. G. I. McGregor 200. Auckland: E. A. Frethey 500. Objects: Manufacturers of worsted, woollen and textile goods and incidentals. CHRISTCHURCH STOCK EXCHANGE LATEST QUOTATIONS Special to "The Timaru Herald" CHRISTCHURCH, August 22. The following quotations were ruling when the Stock Exchange closed for

MINING NEWS By Telegraph—lres nssoc’.attoD GREYMOUTH, August 22. The Maori Gully return was 15oz 3dwt for 134 hours’ work. The Argo dredge return was 650 z for 131 hours’ work. WESTPORT, August 23. The Addison’s Flat return was 260 z 6dwt for a month’s operations. In consequence of opening out on the eastern lead, sluicing was intermittent. The Nemona dredge return was 83oz 17 dwt for 121 hours work. The dredge is now working down stream in the vicinity of the dam. There was no wash-up at the Worksop dredge. The Mossy Creek dredge return was 44 oz 10 dwt for 121 hours work.

the day:— £ s. d. £ s. d Buyers. Solers. N.Z. Govt. Stock — 3i p.c. Inscr., 193852 103 0 0 — 3i p.c. Inscr., 193952 103 2 6 — 4 p.c. Inscr., 193740 101 7 6 —

4 p.c. Inscr., 194346 4 p.c. Inscr., 194649 4 p.c. Inscr., 195255 103 105 105 5 5 0 105 15 0 105 10 0 0 4 p.c. Bonds, 1946 103 10 0 — 4 p.c. Bonds, 1949 105 7 6 — 4 p.c. Bonds, 1955 105 6 — Rural Bonds 5 p.c., 15/9/47 .... 103 0 0 — Other Debentures Eastbourne Boro.. 4A p.c., 15/12/37 — 101 0 0 Quill, Morris, 1946, 4 p.c .... — 100 0 0 Banks— Australasia . . . . 11 17 6 12 0 i Comm.of Aust. 0 18 6 0 18 Comm. of Aust. (pref.) — 9 3 0 National ol A’asia (£10 paid) . . . 14 0 — National of A’asia (£5 paid) . . . ( 0 7 4 0 National of N.Z. 3 1 3 3 New South Wales 312 10 0 32 15 0 Now Zealand . . . 1 19 I 1 ' 1 ■ ■ New Zealand Mort shares 1 9 — Insurance— National . 0 18 3

New Zealand . . . — 3 2 3 South British . . . 4 0 Loan and Agency— Goldsbrough, Mort 1 11 s 1 11 7 N.Z. & River Plate N. Z. Guarantee 0 14 0 Corporation . - 0 5 6 0 5 7 Shipping— P. and O. Deferred Stock 1 10 0 1 11 6 Union (pref.) . . 1 6 0 1 0 Frozen Meat — Canterbury .... N.Z. — 9 4 0 (£1 paid) . - . N.Z. Refrigerating 0 19 GO/- paid* . . 0 9 6 0 9 8 North Canterbury Freezing .... 1 8 6 — Southland .... — 3 15 0 Woollens— Bonds Hosiery . . 1 1 6 Kaiapoi <17 - pd.) 0 15 0 0 16 0 Kaiapoi (7/- paid) 0 6 1 0 6 5 Kaiapoi (pref.) . . 0 18 3 — Coal— Westport Stockton Westport Stockton — 0 1 9 (pref.) — 0 3 Gas— Christchurch . . . 1 9 0 — Breweries — Dominion (ex rt.s) 1 9 9 1 10 3 Dominion (rights) 0 5 0 — Dunedin 1 9 6 1 12 6 New Zealand . . . Timaru (in liqdn., 2 12 0 2 13 0 ex distrib.) . . . 0 2 6 0 U Tooths 2 13 1 2 13 9 Miscellaneous — Amalg. Wirleess (contr.) .... 1 17 0 1 19 9 Anthony Hordern 0 18 8 0 18 11 Australian Glass 4 11 3 4 11 9 Aust. Iron & Steel 1 5 0 — Beath and Co. . . Booth Macdonald 1 2 3 1 4 0 (pref.) 0 1 9 — British Tobacco Broken Hill Pro2 0 11 prietary) . . • 3 14 0 3 14 3 Broken Hill Proprietary (15/paid) 2 14 9 2 14 11 Cl. Neon (N.Z.) . — 2 Colonial Sugar . . 42 17 6 Consolidated Brick 0 9 9 9 9 D.I.C. <10/- paid) — 0 16 0 Domn Fertiliser . 1 3 0 — Dunlop Rubber (c. div.) Electrolytic Zinc 0 18 6 0 18 9

(ord., cum div.) — 2 1 > Electrolytic Zinc (pref, cum div.) 2 3 1 2 3 Gen. Industries 0 9 0 19 8 G. J. Coles . . . 4 0 0 4 0 Hay’s, Ltd. (15/paid) 0 15 3 Hume Pipe (Aust.) 1 0 4 1 0 Kauri Timber . . Mason, Struthers 1 4 2 1 4 3 (10/- paid) . . 0 8 Morris Hedstrom . — 1 6 Milburn Lime . . 9 2 0 — 3 Morts Dock . . ■ 0 0 1 0 10 National Electric . N.Z. F a r m e r s’ 0 12 0 0 15 Co-op. (£2 10s paid) 0 19 0 N.Z. Farmers Co-op (1st pf.> 3 18 0 N.Z. F a r m e r s’ Co-op. (A pf.) N.Z. F a r m e r s’ 2 11 6 Co-op. (B pf.) 2 3 0 N.Z. F a r m e r s’ Co-op. <41 p.c. Stock, 1940) . . 90 0 0 — N.Z. Far m e r s’ Co-op. <41 p.c. Stock. 1945) . - 91 0 0 91 10 0 N.Z. Newspapers . 2 0 6 2 1 6 Procera Bread . . Quill, Morris ' 1936, 1 5 18 6 1 10 cum div.) . . • Taupo Totara 0 6 Timber . . . • Whitcombe and — 0 11 0 Timbs .... 3 0 0 3 4 0 Wilcox Mofflin - . 0 12 7 0 12 11 Wilson’s Cement . Woolworths (N.Z., 1 14 0 1 18 3 ord.) 5 5 0 5 10 0 Woolworths (N.Z., pref.) Wool worths (Syd., — 1 18 2nd pref) . . - 1 5 0 1 6 Woolworths (Vic., pref.) — Mining— Addison’s Flat . . — 0 1 8 Antonio’s Hyd. . . — 0 0 61 Aotearoa 0 0 1 0 0 Argo 0 1 7 0 2 Big River . . 0 2 0 Blackwater .... 1 13 6 Brian Boru .... 0 0 33 0 0 4 Deep Lead .... — 0 0 Gillespie’s Beach (cum div.) . . 0 1 4 0 1 Golden Dawn . . 0 0 3 Golden Sands . . 0 0 0 2 King Solomon . . Maerewhenua . . 0 0 0 0 21 0 0 2£ Mahakipawa (i n liquidation) . . — 71 Maori Gully . . ■ 0 0 Martha 0 17 3 Nevis Diesel . . . Nokomai Okarito .... 0 2 9 0 1 10 Nemona Skippers 0 0 33 0 0 4* Waihi Invest. . . . Waimumu Sluicing Worksop (c. div.) 0 0 0 10 0 1 91 10 0 0 0 2 101 0 Australian Mining Mount Lyell . • 1 Mount Morgan . . < Rawang Tin ... 0 9 13 9 5 5 1 1 9 0 13 0 9 5 Unlisted Stocks. All transactions n stocks quoted .n this section are subject to a diiieieuu rate of brokerage from Listed Stocks and are not quoted on the Official List. Buyers. Sellers. £ s. d. £ s d. Assoc. Motorists Petrol (pref.) • 4 Ben Ledi <1/- P clJ — Canty Roller Flour Jones Nevis . - • . Macetown . • ■ - New River . • • ■ 0 0 2 8 0 0 31 9 N.Z. Mining Inn 8

vestment . . • • n A 0 0 8 N.Z. Perp. Forests 2 14 u Mount Cook Tours 0 4 0 Self ridges (Aasia) old 1 t>£> u 1 6 0 Selfridges (A’asia) 5 new 1 Shillings, Ltd. (15s paid) . - • _ • • 01 White’s Electric . 0 0 8 0 0 15 0 11 to Woolworths (Syd., ord.) 5 12 0 5 13 0 Woolworths (West Aust.) 5 13 0 — AUCKLAND Sales on ’Change. £ Stock, 15/2/46. 4 p.c. .. .. 103 10 0 Booth. Macdonald, 1. 6.37, 10 3 Bank of New Zealand 19 South British Insurance .. 4 10 N A Farmers’ Co-op Devonport Ferry Northern Steam Dunlop Perdriau 0 18 Mt. Lyell Mt. Morgan 0 13 0 WELLINGTON Sales on ’Change. Bank of Australasia (2) 11 18 0 Bank of New Zealand .. 1 19 Goldsbrough Mort 8 New Zealand Insurance .. 3 6 Colonial Sugar 43 43 4 6 3 0 Waihl Grand Junction .. .. 0 3 i I Union Bank 9 8

British Tobacco >2> 2 1 0 Consolidated Brick 0 9 10 Regcr-t Theatre. Dunedin .. 1 0 6 CHRISTCHURCH Sales on ’Change. Bonds, 1946, 4 p.c 103 10 0 103 12 6 Broken Hill Proprietary 2 14 9 Electrolytic Zinc (pref.) 2 2 3 G. C. Coles 4 0 0 (2) 4 0 3 Kauri Timber 1 4 3 Gillespie’s 'cum div.) .. • - 0 1 Mount Morgan (3) 0 13 6 Sales Reported. Stock, 1949, 4 p.c 105 5 0 Hume Pipe (Aust.) 1 0 6 Bank of New Zealand .. .. 1 19 3 DUNEDIN Sales on ’Change. Westport Coal 1 3 0 Mt. Lyell 1 9 0 1 9 •» Regent Theatre 1 0 6 Waipapa Beach 0 0 95