Finance and Commerce

Timaru Herald, Volume CXLVIII, Issue 21624, 9 April 1940, Page 11

Finance and Commerce

SHARE MARKET WEEKLY RETURNS ENCOURAGING OUTLOOK Very satisfactory business was done on the Stock Exchange last week. Although the number of transactions was not great, nor the volume large, the tone of the market was good and the prospects of improvement more encouraging than for some months. Government securities are now at a higher level than they have been for a long time. Many industrial concerns are doing very well and orders on hand will keep them busy during the remainder of the year. Recent welcome rains in Australia have signified a revival in the pastoral industry and this has had a beneficial effect on several companies operating in New Zealand. It is now becoming plain that there is considerable capital awaiting investing in this country and as outlets overseas have been closed the local market is receiving the benefit. Several sections are showing a marked advance in the price levels of shares and signs are not wanting that the scrip of some companies will go higher. The gold mining industry is improving but the returns from some claims are irregular and this does not tend to induce speculation. Banking Bank shares were not active and sales were not numerous but values held fairly' well. New Zealands brought 41/9 and 42/-. Australasias had a. sale at £lO. Union Banks -were steady at £B/5/-. Commercial of Australia brought from 16/7 to 16/9, while the prefs sold at £9/17/6. E. S. A. Banks kept their price at £5. Insurance There was an upward movement in insurance shares which have for a long time past been rising gradually. Nationals were sold at 19/-. South British, ex dividend, brought 49/- which is higher than they were cum dividend. New Zealands had buyers at 63/3 but sellers were reticent. Standards are steady at 62/-. Loan and Agency In this section the values of the principal stocks show a decidedly firming tendency. Dalgetys have buyers at £7’3/6 but holders have receded to £B. Goldsbrough Morts are between 30/6 and 31/-. Newton King’s prefs have risen to 9 - and Wright Stephensons prefs brought 18/3. Traders Finance is steady at 3/2. Breweries Tlie price of brewery shares remains steady with minor fluctuations. New Zealands were sold at from 36/3 to 36/9. Ballins, 15/- paid up, realised 12/11 and 13/-. Dominions are firmly held and sold up to 33/3 while the prefs brought 35/-. Tooths are about 57/6 which is about ten per cent above the Australian price. Meat Freezing There is a very good market for meat companies’ scrip which for some weeks past has been steadily finning. South Otagos changed hands at £5. Gear Meats brought 14/3. N.Z. Refrigerating, fully paid, sold at 20/-, while the contribs closed at 9/- to 9/5. Canterbury Meat prefs are wanted at £6/14/- and the ordinary at £lO but none are offering’. Southland ordinary and prefs have risen to 32/6 but sellers are not quoting. Miscellaneous The leaders amongst the Australian industrials were not much in evidence last week. Business was well spread and many of the popular Dominion stocks changed hands at good prices. Chain stores showed a revival of interest. Macduffs ordinary made 8/6 and the prefs reached 15/-. Mackenzies were firm at 45/-. Woolworths (N.Z.) sold at 17/6. Woolworths (Sydney) were between 23/6 and 23/10. Woolworths (Westralla) sold at 85/-. G. J. Coles were turned over at 79/6. Selfridges (Australasia) made 14/6. 1.C.1. prefs brought 25/-. D.I.C. prefs sold at 25/-. A. C. Industries sold at 41/-. Bonds Hosiery were parted with at 25/-. Oamaru Woollens realised 18/3. Kaiapoi contribs, 7/- paid up, sold at 5/1. Manawatu Knitting Mills sold at 18/-. Silknit brought 5/10 and 6/-. Wilsons Cement advanced to 19/6. N.Z. Farmers’ Fertiliser, 54 per cent prefs, brought, 22/-. N.Z. Paper Mills were sought at 31/- but none were offering. Government Stocks and Bonds The demand for government securities is very keen and only shortage of supplies prevents a greater volume of business. All issues, more especially those with long terms to run before redemption, show substantial increase in values. Four per cent stock. 195458, had sales from £lO4/15/- to £105'5/-. Three and a half per cent stock. 195357. had sales up to £9B/5/-. Four per cent stock, 1952-55, realised £lO4/12/6. Debentures Local body debentures show the same features in the share market as are exhibited by the government loans. The demand exceeds the supply and values are steadily rising. Raglan County, 41 per cent. 1949, sold at £lO3. Auckland Harbour Board, 1957, brought £lO5/10/-. The debentures of this body, maturing in 1960, sold at £lO6 Takapuna Borough, 31 per cent, 1954, sold at £94/10/-. Mining A marked feature of the operations in this section was the run on Taranaki oil shares which sold at from 7/to 8/3. Taranaki Oil Development reached 4/6 after selling at 4/2. Austral iN.Z.) Mining brought 30/6. Martha’s reserves and profits are dwindling and sales were down to 8/4 and 8/5. Waihi Investments brought 7/1 1. Grey Rivers were slightly better at 18/2. Ngaheres slipped back to 25/11 but recovered to 26/6. Australian Mining There is comparatively little doing in Australian mining. Mount Lyells have eased to 34/9. Broken Hill South sold at 31/-. Mount Morgan’s latest return is encouraging and the increase in the price of copper is of great assistance to the company. Shares sold up to 11/8. Electrolytic Zinc ordinary reached 62/3 and the prefs rose to 63/6. Emperor (Fiji) had sales at from 16/8 to 16/104. Mount Morgan Ltd. Mount Morgan’s production report for the fours weeks ended April 3 states:—Ore mined, 84.852 tons; estimated production of gold, 5.444 ounces, including 237 ounces from clean up; and of copper, 338 tons, Including five tons from copper precipitates. During the period 390 tons of blister copper was produced from concentrates.

CHRISTCHURCH STOCK EXCHANGE YESTERDAY’S QUOTATIONS Special to the “ Timaru Herald “ CHRISTCHURCH. April 8 The following quotations were ruling for the morning call on the Stock Exchange:— Buyers. Sellers.

STOCKS AND SHARES YESTERDAY’S BUSINESS CHRISTCHURCH

MINING NEWS The Clutha Dredge obtained a return of 108 oz of gold for 108 hours’ work.

£ N.Z. Govt. Debs.— s. d. £ 105 s. d. 4 per cent. Inscr.. 15/5/49-52 . . . 104 5 0 15 0 Company Debs— Booth Mac. 5 per cent. 1/6/47 . . 69 0 0 — Banks— Comm, of Aust. . 0 16 j 0 16 10 Comm, of Sydney — 20 10 0 Nat. of A’asia (£10) 4 17 0 — New South Wales 29 10 0 30 10 0 New Zealand . . . 2 1 3 2 2 0 Union 8 4 0 — ■S? Insurance— New Zealand . . . 3 3 0 — Loan & Agency— Dalgety .... i 5 6 8 0 0 Mutual Benefit . . 13 0 0 — N.Z. Guarantee Corpn 0 3 6 0 3 11 Goldsbrough, Mort. 1 10 6 1 11 3 United Building . 1 0 7 — Frozen Meat— Canterbury . . . 10 0 0 — N.Z. Refrigerating (£1 paid) . . . 0 19 9 1 0 0 (10/- paid) . . 0 9 0 0 9 3 Woollens — Bonds 1 5 0 — Felt and Textiles 2 1 0 — Kaiapoi (17 - pd.) 0 14 0 0 14 3 Kaiapoi <7/- pd.) — 0 5 3 Kaiapoi (Pref.) 0 17 0 Tirnaru .... 0 9 0 0 9 9 Coal— Westport 1 4 0 — Westport Stockton 0 2 5 0 2 9 Gas — Auckland .... — 0 17 3 Christchurch .... 1 5 9 — (10/- paid) . . 0 12 0 — Breweries— Ballins (15/- pd.) 0 13 0 0 13 1 Dominion .... 1 13 3 — New Zealand . . . 1 16 6 1 17 5 Tooths 2 16 6 2 18 0 Miscellaneous — Aust. C.I 2 0 3 — Aust. Iron & Steel (pref.) .... 1 11 9 — Beath and Co. . . 0 15 9 — Booth, Macdonald (pref.) .... 0 2 10 0 3 2 Broken Hill Pty. . ■ ■ 14 0 2 14 9 Colonial Sugar . . 56 0 0 — Donaghy’s Rope . 2 13 0 — Dunlop Rubber . . 1 1 5 1 1 10 Electrolytic Zinc (ord.) 3 3 0 — (pref.) .... 3 3 () 3 4 0 G. J. Coles . . . 3 19 () 4 1 0 Gordon and Gotch 2 4 6 2 6 6 Hay's Ltd 0 13 0 0 17 0 Hume Pipe (Aust.) 0 18 2 Kauri Timber . . . 1 3 9 Morts Dock . . . — 1 0 0 Moturoa Oil . . . 0 4 0 0 5 0 Macdufls Ltd. . . . — () 5 4 Taranaki Oil . . . 0 7 6 0 8 6 Wilson's Cement . — 0 19 0 Wool worths, Ltd. (ord.) — 1 3 6 (N.Z.) (ord.) . 0 17 8 0 18 0 (W. Aust.) . . 4 2 6 — Aust. Mining— Broken Hill South 1 11 4 1 12 3 Mount Lyell . . . 1 15 0 1 15 6 Mount Morgan . . 0 11 6 0 11 9 North Broken Hill 2 9 0 — Mining— Alexander .... — 0 10 0 (15/- paid) . . — 0 7 0 Barry town .... — 1 9 0 Big River .... 0 0 3 — Clutha River . . 0 1 3 0 2 0 Golden Sands . . 0 0 10 0 1 4 Grey River .... 0 18 1 0 18 3 Maori Gully . . . — 0 0 8 Mossy Creek . . . 0 0 10 0 1 6 New River .... 0 0 6 0 0 9 Ngahere 1 6 6 —

Morning Call Sales on ’Change— £ s. d. 100 BalUns Breweries (15/paid) 0 13 1 50 G. J. Coles 4 0 0 Sales Reported— 100 British Tobacco 2 11 6 100 Electro. Zinc (pref.) 3 3 6 Afternoon Call Sales on ’Change— £ S. d. 200 Electro. Zinc (pref.) (2) 3 3 9 • 2) 3 3 10 200 Woolworths (N.Z.) 12) 0 17 9 Sales Reported— £ s. d 27 E. 8. and A. Bank 4 17 0 50 Broken Hill Ppty. 2 13 9 AUCKLAND Sales on 'Change— £ s. d. Northcote Borough, 1/8/67, 4 . p.c 104 10 0 Bank of New Zealand 2 1 9 Comm. Bank of Aust. .. 0 16 9 National Insurance 0 19 0 South British 2 9 0 F.A.C. (A pref.) .. .. 1 1 3 Auckland Gas 0 17 0 Kauri Timber 1 4 6 Leyland O’Brien .. 0 13 3 Dominion Breweries .. (2) 1 13 6 N.Z. Breweries 1 16 3 Oamaru Wool 0 18 3 British Tobacco .. .. 1 0 !) Broken Hill Ppty •> 14 6 • > 14 9 G. J. Coles 4 0 (I New Auckland Laundry 0 18 Radio (1.936i .. .. 0 13 i, Woolworths (N.Z.) .. 0 17 9 Grey River 18 ] Golden Crown 0 0 9 Emperor 0 16 11 0 17 0 Mount Morgan 0 11 7 Unofficial List— Selfridges (Aust.) .. (2) 0 14 6 WELLINGTON Sales on ’Change— £ 3 d. Consolidated Industries 2 1 0 Stock, 1958, 4 p.c (2) 105 7 6 Stock, 1949. 4 p.c. .. 105 (I () South British insurance 2 9 0 Leyland O’Brien Timber . 0 13 3 Taupo Totara Timber 0 5 0 Broken Hill Ppty. .. 2 14 0 Woolw'orths Proper. .. (2) 1 0 Woolworths (Syd.) .. (2) 1 3 6 Imp. Chemicals 1 5 0 Unofficial List— Self ridges (Aust.) .. .. 0 14 6 DUNEDIN Sales on 'Change— £ S. d National Insurance 0 19 0 N.Z. Refrigerating (contr.) 0 9 1 Mount Lyell 1 15 1 Mount Morgan .. 0 11 8 Dominion Fertiliser 1 7 4