BUSINESS and FINANCE

Star (Christchurch), Volume LXVI, Issue 20340, 25 June 1934, Page 9

BUSINESS and FINANCE

REVrEW OF COMMERCIAL AFFAIRS

ON ’CHANGE.

Quiet Opening to New Week. MONDAY MORNING FEELING. As is usual for the first call .of the week business on the Christchurch Stock Exchange was quiet this morning, and only a few sales were put through. Although price changes were not numerous there was little strength in the market. In Government stocks there were few sellers, but buyers held rigidly to their reserves. In the banking sections buyers for New Zealands dropped their limits to £2 7s 9d, while holders moved up 2d to £2 8s Sd. Commercials were steady with buyers at 16s. N.Z. Refrigerating were very steady with fresh business in the contributing issue at 9s 2d, after which there were more sellers at that figure. There were no special features in mining except the wide margin between buyers and sellers of Waihis at £1 10s and £1 14s respectively. x SALES COMPLETED. MONDAY MORNING CALL. SALES ON ’CHANGE. 300 N.Z. Refrig:. (10s paid), 9s 2d (2). £0 Comm. Bank of Sydney, £l7. 400 Big River, is. 100 Nokomai, 3s. SALES REPORTED. *OO Tooths Brewery, 425. 200 "Waihi Grand Junction, 4s Id. TO-DAY’S QUOTATIONS. Following: are to-day's quotations:—

All transactions in .stocks quoted in this section are subject to a different rate of brokerage from listed stocks and are not quoted on the official list.

CALL AND DIVIDEND LIST. DIVIDENDS. Goldsbrough Mort—6 p.c June C *27 Australian Glass—Final, pref., _ P.c.: ord., 5 p.c June 27 North Broken Hill—l/6 a share June 29 Morris, Hedstrom—Final, 2 p.c. June oO British Tobacco Quarterly, ord.. 1* p.c. June 30 Blackwater —Final, 1/6 a share June 3u Consolidated Gold—lnterim, 9d a share June 30 Queensland Insurance—lnterim, 5 p.c July 2 Smith and Smith—Pre., 5 p.c. July 31 National Mortgage—lnterim, 2* p.c., tax free July 2 N.Z. Breweries—Final, 3J p.c. . July CALLS. Glenroy Gold—3d per share, marking shares payable to Is July 9 Interest Rates. The return to the investor on his outlay, based upon the latest dividends, works out as follows on the latest sales. Where Government stocks are included the calculation provides for redemption at maturity. In the case of local body issues allowance is also made for 20 per cent interest reduction: PER CENT PER ANNUM.

AUCKLAND REVIEW. • QUIETEST WEEK FOR A LONG TIME. (Special to the ** Star.”) AUCKLAND, June 23. Auckland brokers have had their quietest week for a long time. Except tor a moderate turnover of business on Monday, and again yesterday morning, it was an unusually dull period and the Investment market was obviously suffering from weakness which is liable to develop after many weeks of rising values. There comes a time when buyers are no longer willing to follow the upward trend, and it depends upon the attitude of sellers whether business falls off. If, as has happened this week, buyers and sellers stand apart with a wide range between them the market experiences a lull as well as an easing in values. In fact, the lull is the main feature. While values were easing last week trading was restricted in some directions, but this week it has been slow all round. Perhaps the class of securities which has felt the -effects least has been Dominion industrials, due to the steadiness of a few leading Issues, such as Auckland Gas and Bycrofts. A summary of the sales, however, shows that numerous front rank securities have met with light trading and that the easing in values is by no means as pronounced as in the banking section. The weaker tone of bank shares has been persistent lately and. In the case of New Zealands and Commercials, buyers have been indifferent, dropping back to £2 7s 3d and 15s lid respectively. Yesterday the latest sales of New Zealands at £2 8s at the close of the week under review indicate an easing of about Is fid over seven days. Australian banking issues have been affected in much the same way, both New South Wales and Unions touching lower levels on the exchanges of the Dominion. It is not clear whether this is due to a temporary overshadowing of the banking scrip in Australia by the boom of trade in gold shares, but no doubt that is an important factor. Brokers across the Tasman have been working under heavy pressure and gilt-edged investments have been pushed for the time into the bankground. Government stocks have steadied close to the high level they reached at the end of last week, and some indications of the easing have beep noticed but they have been slight. Among local body debentures Auckland Harbour Boards have monopolised what little business has been done. Amalgamated Brick debentures, which have been gathering strength during this month, confirmed the unward tendency by sales at <■9* 10s, and more inquiries only 10s below. Insurance shades" call for little comment. New Zealands have steadied at £3 and have been traded in actively, while South British recovered a little since the low point of Saturday last, and it appears they will hold to the r 4 level. National® were available during t*e week at £l. until holder* dropped 3d below that price to temnt buyers yesterday, but without brineiug a response. There has been *ome activity have found a firmer level around 13s which is not unattractive to buyers. -\Vostpo.-t Stocktouc hove figured r*sru--larlv in the ouotat’opa but without business resultin'-. The made to firmness pf Auckland fie* share* oar) be snoported hv the re»rul*rlf" of *ete*: at ci fi* fid over th<» past fo-t----me-ht. with one movement a i'"”"' ~He v o. TRo '«•»«>. which ’’•e-r- p, cl ’ gh fl V ple-ho-rr-oeV A n-rf th« oe~t«-"erl of P'-croft Shares am ope tile miscellaneous, the most prominent have

been Farmers Trading and Farmers Fertiliser, both of which have advanced on late values and continue to be in good demand. Mining shares have been as quiet on this side of the Tasman during the week as they have been active on the Australian side. There has been a better inquiry for Waihis, but the on| Y sales recorded show a reduction of fid. Grand Junctions have been rather more active at about 4s 2d and a dozen othe r sales for the week have been spread over half a dozen issues, including Aiahakipawas. King Solomons, Matakis and Talismans. TO-DAY IN AUCKLAND. (Special to the "Star.”) AUCKLAND, June 25. * Business reopened with a better tone and with quotations generally at la.st weeks closing level. Eight sales were completed at the first call, showing a 5s reduction in 1946 p.c. Stock, but otherwise confirming recent values. In the banking section buyers of Commercials advanced to lfis. New Zealands were still dull and quoted at £2 7s fid to £2 8s 9d. Waibi Junctions were the only mining shares traded at the first call. They were quoted later at a penny above and below the market, namely 4 s 2d. OTHER EXCHANGES. WELLINGTON. Per Press Association. WELLINGTON, June 25. Sales reported—Brian Boru, Is 7*d; Mount Lyell, 20s <7cl; National Bank of New Zealand, £3 15s: Union Bank, £9 17s; Wellington Publishing Company, £5; 4 per cent Stock, 1955, £IOG 17s Co. SYDNEY STOCK EXCHANGE. THIS MORNING’S SALES. United Press Assn.—By Electric Telegraph—Copyright. (Received June 25, 2.15 p.m.) SYDNEY, June 25. Bonds. S 3, 1942, £lO3 15s; 4 p.c., 1938, £lO4 10s; 1941, £lO6 16s 9d; 1947. £lO9 2s fid; 1950, £lO9 15s; 1955, £IOB 17s 6d; Tooths, 425; Aanthony Hordern, 14s 4d, 14s 6d; Associated News, 22s l*d; Broken Hill Proprietary, 44s 3d. EXCHANGE RATES. LONDON QUOTATIONS. British Official Wireless. RUGBY, June 23. London on the Cities mentioned: To the £. Par. June 19. June 18. New York do!. 4.86 2-3 5.03 9-16 5.03 7-16 Montreal, dol, 4.86 2-3 4.991 4.99* Paris, fr 124.21 76 13-32 76 11-32 Brussels, belga 35 21.57 21.56* Geneva, fr. .. 25.22* 15.50 15.49 Amsterdam, fl. 12.107 7.423 7.423 Milan, lire .. 92.46 59 1-16 58 15-16 Berlin, marks 20.43 13.18* 13.20* Stockholm, kr. 18.159 19.40 19.40 Copenhagen, kr. 15.159 22.39* 22.39* Oslo, kr. .. 18.159 19.90 J 19.90* Vienna, sch. . 34.58* 27 27 Prague, kr. .. 164 J 1215-16 1213 Helsingfors, f. marks 193.23 2263 2263 Madrid, pes. . 25.22* 36 13-16 36 13-16 Lisbon, esc. .. 110 110 110 Athens, dr. . . 375 525+ 525 + Bucharest. l\2i 813.6 505+ 505 + Belgrade, din'rs 276.32 + 221 Rio de Janeiro, d. to mils . 5.899 4|+ 41 + Buenos Aires. d. to peso . 47.62 36*+ 36* + Montevideo, d. to beso . . 51 385+ 3s3f Batavia, florins 12.11 Value in Pence. Par. 1 d. d. d. Bombay, rupee 1 8 18 3-64 1 8 3-64 Shanghai, dol. * 15g 153 Hong Kong, dol. * 17jj 17J Yokohama, yen 24-58 dl4 9-32 14 9-32 ■“Pence per local unit. tSellers. Local Dollar Values. Current dollar exchanges, as quoted by the New Zealand banks, are as Buying. Selling. United States .. 5.15 4.95 Canada 5.10 4.90 JAVA RATS. (Received June 23, 11 a m.) » LONDON. June 22. Batavia, 7.41 florins. CUSTOMS ASSESSMENTS. Rates of exchange ruling at the announced dates of departure of the vessels named are shown In the following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned on arrival of the vessels in New Zealand, finally declared rates being marked *; Canadian Leader, Canada, dollars 5.12 Melbourne Marti, Japan, yen .... 14d Sheaf Crown, America, dollars .. 5.11 Sydney Maru. Japan, yen 14d Canadian Cruiser, Canada, dollars *5.14 Canadian Cruiser, U.S.A., dollars *5.16 FORESTRY BONDHOLDERS. Plans to Establish Exchange Market. So many different standards of value are attached to bonds in commercial forestry undertakings that the establishment of a bondholders’ exchange would seem to be called for in the interest of investors, says the Melbourne “ Argus.” It has been estimated that more than £2,000,000 has been invested in Australia in forestry bonds and similar enterprises, the areas being situated largely in New Zealand. Secur. ing lists of names of bondholders, of whom there are some thousands, and taking advantage of their lack of knowledge of the prospects of the undertakings, canvassers have found a profitable business in depreciating the assets represented by the bonds, so that they can acquire them at low prices and trade them off at a profit to others. Some bondholders consider that this undesirable state of affairs could be rectified by the establishment of a bond exchange conducted by bondholders to regularly quote prices. It would not be easy to form such an organisation, but discussion of the position might result in the formulation of some plan which would give bondholders more protection than thev have to-day, and check undesirable features of bond hawking. Steos are being taken to convene a meeting of bondholders in Melbourne. J. P. MORGAN AND CO. It is announced from New York that as from June 16 J. P. Morgan and Co. will continue as a private bank, and l will discontinue the underwriting and I offering of securities. The Federal ■ Banking Act of 1933 requires institu- | tions engaged in both deposit and se- i curities business to chose to engage in | one or the other by that date.

Bpyers. Sellers. N.Z. GOVT. STOCK35 p.c. Inscr., 19391943 106 0 0 4 p.c. Inscr., ]940 105 10 0 106 0 0 4 p.c. Inscr., 1946 106 10 0 107 0 0 4 p.c. Insc-r., 1949 and 1955 106 12 107 O' 0 4 p.c. Bonds, 1940 105 12 6 4 p.c. Bonds, 1946 106 12 6 4 p.c. Bonds, 1949 and 19«j5 106 15 0 OTHER DEBENTURES ilakerua Drainage 6 p.c.. l-S-46 . . 102 0 Sluggish River. 5J p.c., 1-7-44 . . 103 0 0 Booth. Macdonald p.c., 1937 . . GS 10 0 0 X.Z. Refrigerating, 61 p.c., 1935 10 4 0 0 BANKS— Comm. of Aust. 0 16 0 0 16 1 Cotom. of Aust. (pref. ) 11 0 Comm, of Sydney 17 0 0 17 Xationa-1 of A’asia (£5 paid) 6 0 0 6 4 6 National of N.Z. (cum div.) .... 3 11 0 3 IS 0 New ,South Wales 30 10 0 New Zealand .... 7 9 2 s s New Zealand CD” 1 13 7 1 14 t'n:on of Aust. . . o u 0 INSURANCE National 0 19 6 New Zealand .... 3 1 6 South British 4 0 0 Standard 3 0 6 DOAN AND AGENCY — Dalgety and Co. . 10 0 0 Goldsbrough Mort (cum div.) 1 10 6 1 11 3 Mutual Ber.c-flt 10 0 X.Z. Guarantee 0 4 0 4 5 X.Z. Loan and Merc. (ord. stk.) 52 10 0 58 0 0 Permanent Invest. 8 5 0 ITnited Building . 1 1 9 1 1 11 FROZEN MEAT — 1 6 3 X*.Z. Refrigerating (£1 paid) 0 19 0 0 19 4 X.Z. Refrigerating (10s paid) .... 0 9 1 0 9 2 Xorth Canterbury 0 IS 0 WOOLLENS Kaiapoi (17s pd.) 0 10 7 0 11 3 Kaiapoi <7s pd.) . 0 6 0 3 9 COAX.

Taupiri 0 14 0 Westport 0 17 0 Stockton (ord.) . 0 2 6 0 3 0 Stockton Cpref.) . 0 2 11 GAS Auckland 1 6 3 Christchurch .... Ill 4 111 9 Christchurch (10s paid) 0 14 6 0 15 9 Timaru 1 1 0 1 3 0 BREWERIES . Monteiths 0 10 0 0 17 6 New Zealand (cum div.) 2 2 1 2 3 0 Timaru (7/6 pd.) 0 6 5 0 6 10 Tooths 2 1 10 2 2 0 MISCELLANEOUS— Anthony Hordern 0 13 10 0 14 6 Aust. Distillery * . 14 0 Australian Glass (cum div.) .... 2100 Aust. Iron and Steel (pref.) .. 10 0 113 Beath and Co. . . 112 6 112 9 Beath and Co. (Is paid) 0 9 3 0 10 0 British Tobacco (cum div.) .... 116 5 Dorain. Fertiliser 0 IS 6 Dominion Builders’ Supplies 0 4 10 Dunlop Rubber . 0 17 10 0 18 1 Electrolytic Zinc (ord.) 15 3 General MotorsHol den’s (pref.) 110 Gordon and Gotch 2 3 0 Henry Jones Co-op. 1 13 0 Howard Smith 0 15 6 Hume Pipe (Aus.) 0 12 0 0 14 0 Kauri Timber .. 0 16 0 0 17 2 Ma.'on Struthers (10s paid) .... 0 5 0 New Colosseum . 1 10 0 1 17 6 A Z. Malay Buhner 070 X.Z. Malay Rubber (pref.) 1 2 6 Evans Atlas Flour 2 1 9 2 4 3 X.Z.F. Co-op. (4 h

pc. Stock, 1940 and 1945) .... 81 10 0 N.Z. Farmers' Fer1 0 6 N.Z. Newspapers . 1 9 1 10 6 IV.Z. Paper Mills . 1 10 Rural Bonds .... 102 10 0 \ ic. Nyanza Sugar 0 2 6 Tombs 1 Wool worths (N.Z.) (pref.) Woolworths (Syd.) (2nd pref.) . , 1 17 0 Wlllcox Mofflin 0 11 0 — Alexander Alexander (13s 6d paid) 9 Bell Hooper (Is 0 Bell Kilgour .... 0 Bomt-go < ■ ''■dlights (9d paid) .... 0 Brer River Blackwater (cum div.) 1 G Beep Lead (3d paid) .... Charleston b reshf nrd (i n liquidation) .... o Gillespie’s Beach . 1 Glenroy (Is paid) 0 Golden Dawn Golden Point .... 0 «> Goidjelds DredgIng Kildare . . . King Solomon Kuala Kampar .. Lawson’s Flat .. 0 0 3J 0 0 5

Maerewhenua .... 0 0 8 0 0 0 Mahalcipawa .... 0 0 10 0 0 10£ Mahakipawa (pf.) (1929 issue) . . 0 13 0 1 S Mahakipawa <pf.) (1930 issue) . . 0 12 0 14 Mataki 0 2 2 0 2 5 Mount Morgan . . 16 3 16 9 Mining House Cons. (9d paid) 0 0 6 Mount Ly el 1 .... 106 109 Murray Creek . . 0 14 0 Moonlight Neison Creek 0 0 5 0 0 61 Nevis Diesel Elec. 0 0 4J 0 0 5 New Cornish Point (Is paid) .... 0 0 6 0 0 11J New Cornish Point (6d paid) .... 0 0 3 0 0 4 Nokomai 0 3 0 0 3 l Okarito 0 7 V 0 0 7 8 Shotover (Is paid) 0 0 7 0 0 11 Rawang Tin 0 8 7 0 8 10 Sandhills Gold . . 0 0 1 Upper Shotover (9d paid) .... 0 0 9 0 1 3 Waihi 1 10 0 1 14 0 G-and Junction . 0 4 Q 0 4 3 Waitahu 0 3 9 0 4 2 Wetherstones .... 0 1 0 Worksop 0 1 6 0-1 7 Skippers 0 0 9 0 010 Stafford Sluicing . 0 16 Mossy Creek .... _ 018 Peninsula Tin (22s paid) 1 5 0 Euratha (5s paid) 0 10 0 0 11 3 Unlisted Stocks.

Ben Bed! (9d pd.) , o 0 S Brunner Collieries 0 6 0 Ch’ch Press Co. (£5 paid) 7 13 0 11 0 0 Claude Neon Lights 2 5 0 Invest. Ex. Trust (“B” debs., 2nd issue) 9 4 10 0 Kiwi Dairy .... 0 2 6 1 0 0 Long Trail 0 1 o Natl. Tobacco 3 4 6 3 6 6 Natl. Tobacco (pf.) 2 0 0 N.Z. Mining Invest. . (Is paid) .... 0 0 6 0 1 0 N.Z. Perp. Forests (cum div 2 0 0 N.Z. Perp. Forests (4s paid) 0 8 0 N.Z. Woolpacks .. 0 11 0 Procera Bread (10s paid) : . 0 13 3 Reece, Ltd. (pref.) 0 2 0 0 3 0 Regent Pictures (Christchurch) • 0 14 0 Shand and Co., Ltd. 0 19 0 Snowy River .... 0 0 1 Sun Newspapers 0 4 1 0 4 3 Standard Optical . 1 10 y Temuka Flour . . 0 16 6 Vigilant Fire Alarm 0 1 G Wool worths (Vic.), Pref 1 5 S 1 7 0

£ s. d. X.Z. Refrigerating (Con.) .... 5 9 0 iCon.mercial Bank of Sydney . . 3 13 6 Tooths Brewery 4 1 0 cirand Junction 8 3 3