SHARE MARKET

Timaru Herald, Volume CXLV, Issue 21181, 31 October 1938, Page 16

SHARE MARKET

Weekly Review Business Disappointing The week’s business on the Stock Exchanges was disappointing, and far below the average. New Zealand stocks were neglected and several leading Australian industrials were erratic in their movements. A feature of the operations was the sharp fall in the price of insurance scrip. This has been a great favourite with investors, even in dull times, as they looked forward to benefits which seemed certain on account of the growing reserves. As an investment, these shares were probably highly valued and at present figures the return is not great. Government securities continue to fall a little and a fair amount of business is being done in Australian loans, which are at a fair premium. Shipping companies’ shares are coming into favour and small rises have been recorded in some of the leading lines. Base metals are keeping at a payable price for the Australian mining companies, but a fall in New York towards the end of the week tended to slightly depress the market. Banking The two Dominion banks weakened in share values during the week, while the Australian banks were irregular. Australasias were quitted at £lO/5/6 and £lO/6/-. Union Banks had sales from £B/10/6 to £B/15/9. E.S.A. Banks were transferred at from £5/7/. to £5/9/9. National of New Zealand sold at 50/- to 50/6. New Zealands were sold at from 40/9 to 41/3. New South Wales brought £3l/15/-. Commercial of Australia sold at 16/6 to 16/10. The prefs, realised from £9/13/- to £9/15/6. National of Australasia, fully paid, were quitted at £l4/9/-. Bank of Adelaide changed hands at £6/5/6. Insurance It is rare that the shares of the Dominion Insurance companies receive a set back, but last week witnessed a sharp decline in all of them, though results are considered very satisfactory. New Zealands dropped to 52/6 and 52/-. South British were released at 42/6 and 42/3. Nationals reached the lowest level they have known for a long time, with sales at 16/- and 15/6. Buyers of Standards offer 50/-, sellers ask 55/-. Breweries Brewery shares, like those of most sections of the investment market, have not regained the ground they lost the

previous week. New Zealands moved between 40/3 and 40/9, and closed at 40/4 to 40/8. Carlton was a little easier, with sales at 65/6 and 65/-. Tooths were done at 54/6. Tooheys had a sale at 30/9. Dominion prefs, brought 35/-. Queenslands sold at 25/7. Coal Some interest was displayed in coal, but prices were lower, stockton ordinary were bought at 4/3. Renown prefs, were lower at 2/3. Pukemiro went down to 16/6. The balance-sheet of Westport should be to hand in a week or two. Sales were made at 23/-. Miscellaneous Some of the New Zealand industrials lost more ground during the week, while some of the Australian companies’ shares made an advance. Colonial Sugars were sold at from £4B 5/- to £4B/13/6. Dunlop Rubber ordinary sold up to 20/8, while the 10 per cent prefs, reached 38/7. British Toobaccs moved up to 48/6. David Jones had sales at 34/10. Henry Jones Co-op. has had a good year and sales were made at 48/- and 48/3. 1.C.1. prefs, were sold freely up to 22/8. Huddart Parker’s ordinary sold at 49/6 and Burns Philp reached 53/6. Australian Glass moved between 96/9 and 99/6. Some benefit has long been looked for by shareholders in this successful company. Mackenzies showed no change at 58/6. G. J. Coles were quitted at 79/- to 80/-. Woolworths (N.Z.) sold down to 19/-. Woolworth’s Properties changed hands at from 14/6 to 14/4. N.Z. Drugs were weaker at 67/-. Wilson’s Cements sold at 16/9 and 16/6. Myers Emporium had sales at 36/- for prefs.

Government Stocks and Bonds An easing tendency in the price of Government securities is noticeable. Several issues that a few months ago were bringing a good premium are now obtainable under par. 34 per cent stock, 1953-57, sold at £93/12/6 and £93/10/-. Three and a-half per cent stock, 193852, changed hands at £lOO. Four per cent stock, 1943-46, and 1946-49, sold at £99/7/6 to £99/15/-. The issue maturing, 1952-55, sold at £99/10/- and £99/15/-. Debentures There were numerous sales of local body debentures. Prices are fairly good but the premiums are lower than they have been. Auckland City, 1944, brought £lOl/5/-. Dunedin City, 194750, sold at £lO2. Invercargill City, 1940, had a sale at £lO2. Wellington City. 1947, changed hands at £lO2. Mount Albert Borough, 1950, were disposed of at £lOl/10/-. Whangarei Borough, 1945-47, sold down to £9B. Mining There was not much interest displayed in the market for gold mining shares, though some good returns from the larger dredges have come to hand lately. Argos changed hands at 1/10. Martha had sales at 11/6 cum div of 9d sterling. Waihi Investments, owing to the rise in tin, realised 9/3 and 9/-. Grey Rivers brought 14/5. Taranaki Oils sold at 13/8 to 13/11. Moturoa Oils were lower at 4/10. Kaneiri fully paid sold at 22/6. Australian Mining The price of the base metals in London has kept up fairly well, though there was a slight fall towards the end of the week. Mount Lyells moved between 30/3 and 30/8. The amount of the final dividend should soon be known. It is expected to be 5 per cent or 74 per cent. Broken Hill South had sales at 32/3 and 32/5, closing at 31/9 to 32/3 cum div of 6d per share. North Broken Hill sold at 51/6 and finished a little weaker. Electrolytic Zinc prefs brought 48/- to 48/44, while the ordinary were sold at 45/6 and 45/4. Mount Morgans were transferred at 10/11 to 10/9. A change in the directorate was made at the annual meeting, three new directors being appointed. Broken Hill Proprietary had sales at from 58/3 to 57/6.