ON ’CHANGE.

Star (Christchurch), Volume LXVI, Issue 20364, 23 July 1934, Page 9

ON ’CHANGE.

Reserve Bank Shares Are Quoted Officially. A QL'IET MORNING. The appearance of Reserve Bank shares on the othcial sales list was the most noticeable feature of an otherwise quiet call this morning. A parcel of fifteen changed hands at £6 6s, and at the close, buyers offered the same price, sellers asking 6d higher. The rest of the call was very quiet, with a steady sorting-out of prices. Buyers quoted for all Government debentures, but only a few sellers replied, all at high levels. British Tobacco recorded a sale at a higher level, 100 shares bringing 375. Banks were firm and steady, buyers’ offers of £3O 12s 6d for New South Wales showing no change. Unions were asked for at higher levels. Commercials were steady, sellers at 15s 4d, buyers Id lower. Buyers appeared for both the fullypaid and the contributing shares of Southland Meat, but no sellers responded. New Zealand Breweries settled on buyers’ quotations of 425, and Dunlop Rubbers and Kauri Timbers were firm. There were keen buyers of Woolworths, New Zealand (ord.), offers steadily improving to six guineas this morning, sellers coming no lower than £7. Woolworths, Sydney (ord.), were quoted ex rights at £3 Is buyers and £3 3s sellers. In the mining section Big Rivers were quoted wider at lid and Is Id. and buyers of Brian Boru dropped to Is 6|d. Mahakipawa sellers asked lid to-day, Id above buyers. SALES COMPLETED. The figures in the final column indicate, as compared with last Christchurch sales: ta rise, -a fall, n.c. no change. TSXS MORNING’S CALL. Bales on ’Change—--15 Reserve Bank. £6/6/300 Bell Kilgour, 5d tjd 100 Rawang Tin, 9/1 ...... n.c. 1000 Skippers. Sd (2) n.c. Sale Reported 100 British Tobacco, 37/- . t6d TO-DAY’S QUOTATIONS.

TO-DAY IN AUCKLAND. (Special to the " Star.”) AUCKLAND, July 23. Business was unusually brisk for the nrst call of the week, and several par- * cels of Government stocks were placed "' ell o a ? a e° o( * •assortment of other lines. Sales of stock reflected the recent firmness in this class, with an improyement of 5s in 1946 issues and 2s bd in the 1955 issues. The 194 9 were j unchanged. After these sales were re- ; corded, there were still buyers for all j issues, but the only parcel still avall- ! abl ® °, ne of T 1955 - or which £lO7 10s i In the banking section, We^ e una ltcred between * d - B , ank of Australasias were asked for at £ll ss, and Commercials were quoted between 15s Id and los od. Reserve Bank shares, which have been freely dealt in privately for t -7£ e v. had their first Public quotab v, uvtrs at £6 . 6s - holders askn S Is higher. Colonial Sugars weak- \ ened further, with sellers at £65, with no buyers. Farmers’ Trading scrip was , ,'Y 3th buyers for the ordin- ) . at bs -»d. For "A “ preferences ) sellers asked 16s 6d, buyers offering 13s Tho Noon Call. I re T r°/^ IeS of Rese **ve Bank shares at anrt ™S‘L Were made at the no< >n call, ) ~ nd mor ® were wanted at the same ; fl&ure, with holders 6d above. There was a better inquiry for bank scrip ; generally offers being raised for Com2d)* Unions . Australasias. Nationals of Australasia (£lO shares) and New' South Wales. Wilson’s Cements did further business at 30s. buyers still in the market at this le\el and sellers at £1 10s 3d. More nm^a St S^°^ n in mini ng shares. Offers advanced for Waihis, Okaritos. King Solomons, Golden Dawns Bisr Rivers and Gillespie’s Beach. Government securities were very firm and limits were raised for several 4 per cent issues. OTHER EXCHANGES. AUCKLAND. Per Press Association, c t __. AUCKLAND, .Tulv 23 Sales.—Big River, Is 2d- " Tanno L O .^ 3 ;. 5s ld: Consolidated Brick, 7s 9d. National Insurance, 19s 6d; Wilson’s £«™f r nt ’ I 0 ?’ T U° an and Mercantile, £3B- -: m £!o7 7s S 6°c£ k 1946 - 49 >> «07; DUNEDIN. Q .,, . _ DUNEDIN. July 23 eries42?9d ~ XeW Zca,al ' d BrewKH’sis^ssss.^a.« After call—Big River, is SYDNEY SALES TO-DAY. United Press Assn.—By Electric Telegraph—Copyright. (Received July 23. 2.30 pm) SYDNEY, Julv 23. ! Commonwealth 4 tier '-r> , £???•- £n ?.- T ." 6d: «f» en ,* s .?T4V fIII sa: £II2 - MisJ Philf r ° k -» n H V ,J PrnpHctar,-. T iTs h ßurnl S MorSs H^t' L nr ry ' 228 9d = SATtTBUtAtr. . Stock Exchsn*e Vint vr 7s 6d: *»«■ ho7“.;i Bank of New South Wales till) 10=i j t 64, Dunlop Perdriau Rubber, iSs 10*d.' London Quotation. British Official Wireless. War Tr, o, RUGBY, July 21. ar Doan, „i per cent, £lO4 3s 9d. SATURDAY’S SALES. Auckland—gales on 'Chance Auckland 4 u p 'l'' Inscr ' 1340. £105; ?,,, Harbour Board, 5J p.c.. 1919 f»3? Macdonald. 6J pc. £4l 10 f- South British Insurance, i a k. c »n»°lldated Brick. 7s 9d ; llatakt £1 *W. Wan,! £1 13s 4}dr Mount Lyell Forests. £2 llV’ perpetual land e 4 , »*l on r~ Sa }s s r el>orted: New Zealate 4 ? c - Inscribed, 1945. £lO7 Ss 6d £1 ns' J r,rlay): Goldsbrough Mon. British 2< r (,ale - sale ' Friday); South Fridav,. la ‘ , .y r ance. £4 Is (late sale. mK 1 / 7 ' Breweries. £2 2s 6rl (late 70s r£? day,: Wilston'a Cement. 29s lid, UnIJJ l® , snk '' Friday); Walht, Cl 12s. nl'.sted; V. oolworths (Sydney), £7 16s < ] ate sale. Friday). Dunedin—Nokomai, 3s 4d

AUCKLAND REVIEW. An Unsettled Market. (Special to the “ Star.”) AUCKLAND, July 21. •' An unsettled market.” This epitomises the conditions which have ruled on the Auckland stock exchange over the weekly period which ended last night. Generally speaking, there has been a flight from banks and other securities hack to Government stocks, and insurances investors have obviously become restless and the wave of confidence which came over the market in the early months of the year has abated. The decline in the banking section continues, and Commercials eased down to 15s 3d, a drop of 7d in the fortnight. New South Wales, on the other band, firmed up a little toward the close of the week, with buyers at £3o 5s and nolders standing out for £3l. Bank of New Zealand showed marked weakness and values dropped steadily from £2 7s ;*d to £2 6s 9d, at which point sellers cried a halt. On the present dividend basis this gives the excellent return of li per cent per annum to the purchaser. There is, however, a growing feeling that the directors will not succeed in maintaining the present rate of distribution, namely 10 per cent, when it takes the other banks all their time to earn from 4 per cent to 5 per cent. This attitude is doubtless encouraged by the view that, the operations of the Reserve Bank will materially effect the profits of the Bank of New Zealand. In tin's connection it may be as well to emphasis® that the general trading of the Dominion will still be carried out by the same banks as before, and the Bank of New Zealand will still remain the leading financial institution in the Dominion.

5 Apart from Government stocks insurs ances have been easily the strongest i section on the market. The firmness is I doubtless due to the fact that New Zea--3 land has recently announced a bonus payment in addition to the usual dividend. Investors may easily conclude that if one company can adopt this course others may follow suit should : the appropriate occasion arise Gener- • ally speaking, insurance scrip is now rated very highly but in view of the low interest rates ruling for gilt-edged stock values are not excessive. Not much business was recorded in , Government stocks for the simple reason that there was very little on offer. Buyers advanced their offers 5s to 10s, and any sales put through favoured the vendors. As an instance of the recent appreciation, a sale of 1940 4 per cents yesterday at £lO5 may be quoted. This compares with the previous sale a week earlier at £lO6. In the interim the half year s interest of £2 became available, a rise of £1 was recorded. The latest value brings the return on outlay to the present purchaser to only a fraction over 3 per cent. In local body issues an interesting sale was a parcel of Auckland City 41 per cents C 1967) stock which seems to of 1 fine value for the conversion issue at £lO6. It shows a return, based on redemption at maturity of 3 9-10 per cent per annum. Under current conditions this looks like good “ biz.” The mining section was not particularly active, but a feature of the last few days’ trading was the renewed inquiry for Waihis, which changed hands first at £1 Us 9d and later at £1 12s 6d. The market then steadied and there were still sellers at the higher figure. The improvements in Waihis may be attributed to the stabilisation of the exchange position, as there was a fear by some holders that the Government might drop the exchange while retaining tne gold tax. King Solomons improved with business at 4s, but later dropped back.one penny. Comparatively little attention was given to Australian securities. Colonial Sugars aga'n had business at £65 15s t«m then eased with a transaction at £6d 10s, and more available at that figure. Kauri Timbers made something of a -purt with a sale earlv in the week at ISs, and another later on at 18s Sd a 7s 2d in tllG fortnight. There was a fair turnover in miscellaneous Dominion securities. Amongst local scrip Farmers Trading touched a new high level with a sale of the ordinary shares at 6s 3d. The A preference shares were in demand at 16 s 6d, and the Bs at 13s 6d. a year ago the highest bid for these shares was 3« id and s h % ord o' ary Y > I,s for A Preference and 8s for Bs. Bycrofts were in regular request at £2 7s 6d. Coal shares were in good demand, though the offers, generally speaking, were marked down ll ? sympathy with the reduced earnings obtainable in the industry. A notable happening of the week was Ur* ™ eetin & of New Zealand The mar ket appears to have been Impressed by the statement of the diffl'nnVff' 1 111 , which h e emphasised the difficulties of trading under existing conditions, for the strip w" promptly marked down. Sales were made ex div. first at 42s 6d and later at 42s nraeJ 'n„t a =iL‘\ <,r ?A’ of ls Cd - °nc <>f the most "n nnlt«*5 tS ° f - the ' veeb occurred tor J d section. When the direcaLL ,2°'■ wor J ha ] (Sydney) announced a oonus issue of shares. As a natural p°rwf C, Tr ,CO t , h - 6 scrip hounded u, ?n 5: om . £ " 6d shares went to £7 18s. and then ln easier stages to INTEREST RATES. outiav E 4"? to the investor on his outlaj, based upon the latest dividends Where f ° llo ' vs »" the latest .sales! Wheie Government stocks are included Stw't C ? n™ 1 provides for accrued interest. In the case of loral bodv issues allowance is aLso made for 20 per cent interest reduction. PER CENT PER ANNUM. Reserve Bank .... a to’ It British Tobacco ....I’.”"" 3 4 )0 CALL AND DIVIDEND LIST.

Smith and Smith, Dunedin— ° Ue ' ir, lf er , ence * 5 Per .. July 31 Union Bank of Australia—final, tat rate in sterling) of 5 per cent per annum A tie- i Commercial Dank of Australia at rate ot 4 pei cent per annum, ord. annui 6 ° £ 5 Per cent P er Electrolytic Zinc—pVe'f.', 'at A ' UB ' 9 Ind (SrV, a P £ C -ra?r 0 f a 4 ,t no per annum pc - Sepf 7 CUSTOMS ASSESSMENTS. Rates of exchange ruling at the announced dates o_ departure of the vessels named are shown m the follow imr table. They are subject to eonflmta® tion 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 •:

?SSrf Ui jr„ chanenser - Canada, dols. 6.05 TaptJ. U.vS.A., dollars 5 <)4 :::::::: , ® : 2g Maijposa. Canada, dollars ....**’* +SOO Golden Coast. America, dollars . . 5.06.1 £1 (New Zealand) is Worth:

Following are to-day’ s quotations: Buyers. Sellers. £ d. £ d. W. GOVT. STOCK 3} p.c. Inscr., 193S43 and 1939-43 3i p.c. Inscr., 193S106 10 0 52 and 1939-52 106 15 0 4 p.c. Inscr., 1940 105 10 0 0 4 p.c. Inscr., 1946 106 17 6 107 4 p.c. Inscr., 1949 197 2 6 0 4 p.c. Bonds, 1940 195 10 0 4 p.c. Inscr., 1955 107 4 p.c. Bonds, 1955 107 5 CT3SR DEBEHTUEES Booth Macdonald, 65 p.c., 1937 .. N.Z. Refrig. 6* 72 0 0 To 0 0 101 basks— “Comm. of Aust. (cum div.) .... 0 15 3 0 15 4 (pref., cum div.) Comm of Sydney 16 K. S. aod A Xatl. of A’asia 4 19 0 4 19 9 _ (£10 paid) Xatl. of A’asia 12 2 6 <£o paid) New South Wales New Zealand 2 5 6 0 2 7 6 0 Union of Aust. (cum div.) 17 10 insurance A-P.A 9 19 National Standard LOAlr AND AGENCY— Society 14 16 10 1 Dalgety and Co. (.oldsbrough Mort Mutual Benefit . 1 11 9 0 0 9 11 Corpn. United Building 0 4 4 0 4 6 8 Wright, Stephenson & Co. (ord.) X 1 0 19 3 Loan Invincible SHZPPivq

New Zealand (pf.) raoZElT X3SAT 9 0 0 Canterbury (ord.) Canterbury fpf.) 9 0 5 8 0 6 9 16 0 3 paid) 0 19 Paid) .... -North Canterbury Freezing Southland 0 11 2 11 0 0 17 6 Southland (ld« Paid) .... wooLLon— Kaiapoi <17s pd.) (7s paid) Mosgiel 0 3 0 0 4 0 Taupiri 0 14 V\ estport Stockton (pref) GAS— 0 4 3 Christchurch Christchurch (ios 11 paid) Timara 0 14 1 11 ' 0 15 6 iiqweeiie — Carlton Dunedin 2 4 0 3fontefths 0 a 0 16 New Zealand .. 0 Timaru Timaru (7/6 pd’.j Tooths ... o 9 0 6 0 5 0 9 0 7 6 KlECSiLANEODS Allied .Motors 0 3 6 Steel (pref.) . . 1 1 0 1 1 9 Beath and Co. (Is 0 paid) British Tofiacco o o 6 30 0 10 5 i Colonial Sugar ■£'}£’ , <J0 1 Paid) D.I.C. (pref.) 64 10 0 15 0 9 65 5 o ! Supplies, 5 1 0 ; Dormn. Fertiliser Dunlop Rubber 0 17 0 18 9 0 19 Electrolytic Zinc (pref. cum div.) 1 13 6 1 14 0 Howard Smith Mume Pipe fAufit.) Kauri Timber Mnrnn Struthers 0 13 0 18 0 0 0 14 0 19 3 0 Moturoa 0*1 0 5 0 0 S 6 IV.Z. Drug Co. . g (pref.) X.Z. Farmers* Oo1 2 6 1 10 0 'S’7 P rr™" p . ref > 0 15 0 1040 and 1945t . re.z. Newspapers . Tv eeks. Ltd 1 10 3 TV iison’s Cement . 1 9 0 1 10 3 (ord.) 6 5 6 7 0 0 (pref.) ooJworths (Syd ) 1 19 0 2 1 0 (1st pref.) Sun Newspapers . National Electric , 0 4 0 5 4 0 4 4

Addison's Flat . . Alexander Alexander (13*5 gj 0 10 0 0 2 C Bell Hill Bell Hooper .... Bell Kilgour . . . " Bendigo Goldllghts C9d pa id ) .... ° 0 5 0 7} (3 0 81 L ** h 0 0 8 1 1 Central Shotover (Is paid) 0 Consolidated .... Gillespie's Be-ach . 0 l n 1 0 1 11 Golden Dawn Golden Point .... Goldfields Dredging Golden Sands 0 o L* n o 2 S 0 0 1 2 0 King Solomon Kuala Karupar . . Lawsons Flat Alahakipawa .... Alahakipawa (pf.) 1929 issue .... Mahakipawa (pf.) 1930 issue .... Mining House Con. Mount By ell Mount ATorgan Moonlight Nelson 0 0 0 0 0 1 1 3 11 6 0 0 4 0 10£ 1 l * 1 1 1 7 4 0 0 0 0 1 16 1 1 0 1 9 1 1 li 11 Xevis Diesel Elec. New Cornish Point (Is paid) .... New Cornish Point _( 6d paid) .... 0 0 4 0 45 0 0 0 0 4 3 J1 Oxenbridge Shotover (Is paid) . Raw-rmg Tin .... Upper Shotover (9d paid) .... 0 0 9 0 0 9 ft 0 0 103 9 2 Wailti Grand JuneWaitahu M etherstones 0 0 7 0 l 6 Alossy Creek .... 0 1 2 6 1 6 Unlisted Stocks. t r anaacUou& in stocks quoted in rati „f C i? k art subject to a different rate of brokerage from listed stocks, and are not quoted on the official list: Buyers. Sellers. Anderson-s, Ltd. £ d ' 1 “• „ <Pret ) 0U 0 Dominion Life (6s Goleonda Holdings Snowy River .... Were’s Invest. Trust Wool worths (Vic.) 0 0 0 1 7 4 4 0 0 i 0 9 12 Wool worths (Svdney) (ord. ‘ex rights) o 1 0 3 3 0

In Sydney ... f S A d „ In New York <4.03 .1.,liars) .. o IB 7 In Montreal (3.os dollars) .. 0 16 1 In T.onrton 0 If, 0 In Berlin <10.38 marks) f> 10 2 In Brussels <17.3 helga) 0 :i 10 Jn I arip (.01.2 francs) 0 9 in