SHARE MARKET

Timaru Herald, Volume CXLVIII, Issue 21558, 22 January 1940, Page 4

SHARE MARKET

WEEKLY REVIEW IMPROVED BUSINESS Business on the New Zealand Stock Exchanges during the last week showed a marked improvement and a steady advance in the values of many lines was recorded. Banks, insurance, woollens, fertilisers and meats were well patronised while several industrial companies of the Commopwealth as well as its leaders in the mining group kept their popularity and realised enhanced prices. Government securities advanced and only shortage of supplies prevented more business There appears to be plenty of money available for investment but there is still some hesitancy due to fears of further taxation. As, however, it is being realised that all classes of investment must necessarily suffer through the war and the disturbed financial position which must follow it is generally accepted philosophically and the share market is receiving good support. Gold is being steadily won by the new dredges and if the anticipations of success are realised there will be more business in this section than has been psual for some time past. Banking There was a little more animation in the bidding for bank shares which made a little headway. New Zealands had sales from 40/6 to 40/9. Nationals had several transfers up to 42,3. Commercial of Australia, cum div of fourpence per share sold at 16/3. Commercial of Sydney changed hands at £2O/10/-. Insurance The shares of the Dominion insurance companies are in keen demand and prices are gradually increasing. South British made 50/6. New Zealands brought 62/- and 62/6. Nationals sold at 18/3 and 18/6. Standards are steady at from 60/- to 62/-. Breweries Brewery shares are more than holding their own. They are inclined to firm. Tooths sold at 58/-. Dominions, old issue brought 33/6 while the new issue fully paid sold at 32/6. Ballins are now ex div and dropped a few pence with transfers at 10/9. New Zealands had several sales at up to 37/8. Coal Coal mining is now on a better footing and the companies are showing slightly higher profits. Taupiri ordinary brought 19/-. Westport Stockton balance sheet is due early next month. Ordinary shares brough 3/7 and the prefs are wanted at 8/6. Pukemiro made 16/- and Renown prefs 2/3. Kaitangata, 16/- paid, are sought at 30/- and Westports at 24/- without attracting a bid. Miscellaneous A very pronounced firming in many of the better class of industrial shares took place last week and prices were maintained and increased as buyers came forward. Australian Consolidated Industries, 4/- paid, sold at 19/9 to 19/5. The fully paids rose to 43/9. Dunlop Rubbers sold at 21/9. British Tobaccos increased to 54/-. Colonial Sugars kept their price from £56 to £57/15/-. A good market is in evidence for woollens. Kaiapoi ordinary made 13/1. Bruch ordinary changed hands at 16/-. Bonds are very firm at 22/-. Felt and Textiles sold at 42/6. Broken Hill Proprietary are now ex bonus issue of 64 new shares for every 100 of the old issue. The new issue realised up to 56/-. G. J. Coles brought 84/6. Woolworths (S. Africa) were quitted at 15/11. Woolworths (N.Z.) were a shade better at 17/-. A good market exists for fertilisers. N.Z. Farmers’ Fertilisers sold at 18/1 i while buyers afterwards advanced to 18/8 with sellers at 19/6.

Government Stocks and Bonds There is a good market for government loans and all issues are increasing in value. Holders are not inclined to meet buyers at present prices. 3A per cent, stock, 1953-57, brought £93. Four per cent, stock, 1943, sold at £lOO/18/9. Stock, 4 per cent. 1946, is asked for at £lOl while the bonds were transferred at £lOl/3/9. Stock, 4 per cent., 1948, brought £lOl/2/6 and the issue maturing 1958, realised £lOO/2/6. Debentures There is no slackening in the demand for local body debentures. Ellerslie Town Board, 1954, sold at £lOO. Newmarket Borough, 1951, changed hands at £lOl. Wellington City, 3A per cent., 1947, had sales at £95/14/3 and £96/16/1. Auckland City, 4 per cent, 1963, brought £99/15/-. Auckland Gas, 5 per cent., 1949, sold at £lOl/10/-. Mining The large dredges operating on the West Coast are attracting attention and the good returns are inducing speculation. Grey Rivers are firm at 18/-. Associated Gold Dredges, 7/paid up, realised 10/-. Austral Malay (N.Z.) will soon be working in Central Otago and is round about 30/-. Ngahere is steady between 29/- and 30/-. Kanieri brought 31/- in Sydney. Taranaki Oils were steady at 5/4 while Taranaki Oil Developments brought 2/4. Australian Mining The demand for the best of the Australian mining companies’ shares is so keen that some of them are bringing 12*- per cent, above Sydney prices. Broken Hill South sold at 34/and 34,3. Mount Lyells had sales from 33/- to 34/-. Electrolytic zinc ordinary are very popular and sold at 67/9 while the prefs brought 68/9 both being record price. Wellington Alluvials sold at 4/7. Loloma (Fiji) took a move forward and realised 37/6 while Emperor (Fiji) brought 16/6. Mount Morgan’s last return was disappointing and shares dropped to 9/6. FRIDAY’S CLOSING PRICES United Press Association—By Electric Telegraph—Copyright (Received January 21, 6.30 p.m.) LONDON, January 20 Friday’s closing prices were:— Cotton—Spot 8.75 d per lb, February 8.36 d. Rubber—Para 13d, Plantation smoked 12d. Linseed oil—£4o/10/- a ton. Turpentine—s 7- per cwt. scmfwyp 6