SHARE MARKET

Timaru Herald, Volume CXLV, Issue 21085, 11 July 1938, Page 14

SHARE MARKET

WEEKLY REVIEW BRIGHTER TONE The improvement which was noticed a fortnight ago was continued last week and business on the stock exchanges was much brighter than it has been for some time. New York continues to show an upward tendency and London is less cautious with the result that both Australia and New Zealand have responded and exhibited greater confidence than has characterised dealings for months past. Towards the end of the week there was a slight weakening but that was probably due to profit taking but so far there is no sign of a fall overseas. Base meta. 3 have been better than for a long time and one of the most encouraging signs has been the gradual rise in the value of bank shares which have for a long time been neglected. A slight rise in the price of gold has directed the attention of investors to the best of the gold mining shares which have been gathering strength for some time past. The reports of several of the Dominion companies which have lately been issued disclose higher profits and bigger

turnover with satisfactory prospects for the future, while some which have been struggling to overcome the losses during the depression are now almost free from anxiety.

DEBENTURES Auckland is the centre which does the most business in local body debentures. Sales show a very firm market. Mount Roskill Borough, 41 per cent., 1963, sold at £lO4/10/-. Auckland Harbour Board, 1959, were turned over at £lO6. Mount Albert, 1963 and 1967, made £lO3/10/-. MINING The rush to buy shares in the oil companies has slackened and until boring has produced sufficient dat . to estimate values it is unlikely that t -e I will be an active market for tl.cse I shares. Taranaki Oils moved between I 13/11 and 14/2 closing at 14/-. Moturoa Oils moved between 5 4 and 5/8. The rise in tin sent Waihi Investments up to 91. As gold has now reached I £7/1/14, Martha's brought up to 11/10. ) Grey River rose to 13.'-. Maori Gully j is improving its return and sales were made at 6d while its neighbour Mossy Creek brought I,'-, Austral (New Icaland) Mining brought 21/6. This dredge is expected to be working at an early date. AUSTRALIAN MINING The steady improvement in. the overseas prices of the base metals together with the brighter tone of the market made this section the most animated I on the exchanges. Prices held well ' although at the close there was a slight weakness, which was not likely to cause any apprehension. Mount Morgan was the most active of these stocks. The price of copper will be most helpful to this concern and although the grade of ore is not high in gold increased tonnages should help pr'f.ts. Shares reached 10/9. Mount Lyell ranged between 30/- and 29/-. Broken Hill South moved between 34/- and 32/11. North Broken Hill fluctuated between 52/3 and 48/- closing at 49/to 50 2. Electrolytic Zinc ordinary were up to 44'- and closed at 42 6 to 42/9. The prefs sold at up to 47/3. Wellington Alluvials changed hands at up to s'-. MINING NEWS By Telegraph I‘rese Assnclaflon GREYMOUTH, July 9. The Argo dredge return was 104ozs , for 128 hours’ work. The Murchison-Mataki Junction return for the weed ended July 7 was 40oz of smelted gold for 131 hours’ work. IMPERIAL CHEMICALS, LTD. Imperial Chemical Industries of Aus- j tralia and New Zealand Ltd. is plan- ' ning a public issue of £1,000.000 pre- j ference shares. The company is a sub- , sidiary of Imperial Chemical Indus- I tries Ltd., of London. The proceeds of : the proposed million pounds prefer- I once share issue will be used in developing the Walkall plant, near Port Adelaide, plans for which were an- ' nounced late in 1936. It is understood ; also that the company, will use its resources for defence purposes. It is be- I lieved that the dividend rate on the preference issue will not exceed 7 per cent.

BOOTS DRUG COMPANY At the fiftieth annual general meeting of Boots Pure Drug Company the chairman, Lord Trent, said:—“With regard to New Zealand, your directors are quite satisfied that the steady progress which our two pioneer branches in Wellington and Auckland have made in all sections. We have not yet been able to open further branches in New Zealand, owing to the Government’s conservative policy in regard to the pharmaceutical industry, but with public opinion on our side we have every hope that restrictions on our progress in the Dominion will gradually be removed." After payment of all preference and deferred ordinary dividends and of four quarterly dividends of 6 per cent less tax on ordinary shares, the company has a balance of £281.895 together with the balance brought forward, the total making the amount available £598,862, compared with £617.238. The directors recommend the payment of a bonus of 3d per share, free of income tax on ordinary shares. This will absorb £BO,OOO. Last March the company’s staff numbered 21,784. an increase of 900 during the year. The company’s medical and scientific research work had been carried on in close collaboration with distinguished research workers in universities and hospitals. HERD testing fees The New Zealand Herd Testing Cooperative Associatipn has decided not to increase herd testing fees, in spite of the fact that considerably heavier costs will have to be faced by the association next season. The manager. Mr I. S. Sheaf, stated that costs had mounted in all directions, particularly in the matter of wages, but the association, in its endeavour to assist the farmer to the greatest possible extent, had decided not to burden him with increased testing fees. The association hoped that the farmers would show their appreciation of the association’s action by actively co-operating with it during the season. LONDON METAL MARKET United P'-pcc Association —Bv Electric Tcleeranh —ronvrlpht (Received July 10. 6.30 p.m.l

LONDON, July 8. Copper— £ s. d. Stapdard, spot 38 9 4 Forward .. .. 38 13 15 Electrolytic .. •. 43 0 0 4" 15 0 Wire Bars .. . 43 15 0 Tin— Spot 189 2 6 Forward .. . 19C 7 6 Lead — 14 16 101 Forwa rd .. . 15 0 71 Spelter — Spot 13 15 7 Forward .. . 14 0 0 L 9 0 Antimony— British .. .. 7 10 0 Foreign .. . 40 15 0 Molybdenite .. 2 3 0 Wolfram 2 9 6