WEEK REVIEWED.

Star (Christchurch), Volume LXVI, Issue 20477, 1 December 1934, Page 9

WEEK REVIEWED.

Buoyant Tone on Stock Exchange. BUSINESS WELL MAINTAINED The week under review opened with a bright tone on the Christchurch Stock Exchange, with particular activity I among mining issues. Among some of | the investment issues there were signs | of slight weakening, but as calls pro- 1 gressed, these were replaced by a notably buoyant market and solid bidding throughout. Mining sales fell off towards the end of the period; but in general, business has been maintained at good levels. The daily totals were: This Last \\ cek. Week. Saturday 4,220 5,694 Monday 18,250 6.712 Tuesday 12,223 7.700 Wednesday 4.800 6,360 Thursday 4,305 10,955 Friday 13.000 3.537 56,798 40,958 An analysis of the business is as follows, with last week's totals in bracketsßanks, 1300 (1337); insurance, 1700 (350) ; loan and agency, 918 (1422); meat, 2500 (1894); woollen, 200 (1900); gas. 275 (600); breweries, 1000 (1850);. miscellaneous, 2605 (3005); mining. 45,700 (25.600). Sales of Government issues were £2900 (£1000). The local Stock Exchange is now quoting all issues of Government stocks and bonds to conform with the redemption dates provided for in the prospectus clauses. It lias been mentioned before that all Government debentures quoted on ’Change are redeemable by the Government on or after a date which is three years prior I to the maturity date, on giving three months’ notice in the New Zealand Gazette. This fact has been one of the causes of the recent easing in price levels in this section of the market, and even though the present week opened with buyers in most positions, demand slackened off towards the close, and the sales put through have been, except for 1955 bonds, at lower rates than the previous business. New price values are still being sought, and each week sees a narrowing margin between buj-ing and selling offers. Banks and Insurances. Irregular quotations have marked the banking section, with hesitant buyers during mid-week. The most interesting scrip has been that of Re-

serve Bank, which had shown indications of easing at the close of last week. The market sagged for a few days, but the almost immediate recovery demonstrated that there was little reason fo~ the weakening, and at the close of business yesterday, quotations were on the up-grade again, with further buyers after business at £6 10s, and sellers Is above. New South Wales nave been steady to firm throughout the period, though only one sale has been put through. This was at £32, and yesterday there were buying offers 7s 6d above that, while sellers were not prepared to part with their holdings at under £32 10s. New Zealand (cunidividend), have at no stage lodked like reaching 495, though the fact that the scrip sold up to 50s earlier this month, would suggest that the shares are good buving at to-day’s price. A firm tone characterises the whole

of the insurance division, with A.P.A and National appearing on the sales list at well-maintained rates. Other lines have not been quoted regularly, though a buyer for Mercantile Mutual has been consistently putting in a claim, and counter offers for Standaid have been between £3 9s and £3 17s 6d Loan and Agency.

Strengthening quotations for N.Z. Guarantee Corporation have come in throughout November. 3 his company recently raised its dividend rate on the 3s fully-paid shares to 11 1-9 per cent, and at present market value investors returns are approximately £6 per cent per annum. Goldsbrough Mort, after easing to a fraction from the 29s mark in offers on ’Change, seemed slightiy steadier vesterda.y, with business and further buyers up to 29s 3d. Dalgety’s have shown little change and a scarcity of buyers threatened to bring values down, but sellers have stood firm at £9, and business may eventuate close to that mark. Considerable activity attended both the fully-paid and contributing issues of N.Z. Refrigerating Co., and the market for the former improved somewhat to over 20s. The only business in Kaiapoi Woollen has been in the ordinary 17s scrip, and quotations throughout the week have seen an almost entire absence of buyers for all classes of shares.

Auckland Gas came on the sales list again at a fractionally lower level; and Christchurch, which in recent weeks have been quiet but firm, registered a substantial advance in their one sale.

Investors have regarded the brewerysection with considerable affection during November, and values in general have been well held. Carlton had their first business for two months at a greatly improved level: New Zealand have sold in the last week at steady rates between 49s and 49s 4d; and Staples, without recording dealings, were quoted wide yesterday, buyers offering more than the last sales price of 30s 6d, and sellers holding out well above. Timaru, on the other hand, eased ; and Tooths, quoted ex-divi-dend in the last few days, commanded lower rates. Miscellaneous Issues.

The market for shares of miscellaneous companies opened quietly, with an inclination to ease. This was shortlived, however, for with the general tendency towards greater profits and increased earning capacity in industry. there has been a firmer demand on all Stock Exchanges Rumours that a few companies, both in New Zealand and Australia, may be on the verge of increased dividend payments or of making capital distributions, have held market values at strong rates, and the section as a whole is showing remarkable firmness. Australian Glass sold from 60s 9d to 61s 3d’locallv, compared with 56s at the beginning of the month. British Tobacco, though a trifle lower yesterday than in midweek, have advanced over Is in the month; and several other issues command high rates on ’Change. The first sale of Colonial Sugar made since the issue of share capital was put through yesterday at £4l ss, which ' compares favourably with the price of £74 last paid before the distribution, but it must be remembered that the directors propo.se to pay only half the usual dividend at the next due date.

The only New Zealand companies whose shares had dealings during tne week were Beath and Co., Consolidated

Brick and Quill, Morris (in liquidation). Of these, Consolidated Brick was at slightly weaker levels, the others being ahead of recent rates But Hay’s, Ltd., have been commanding strong offers up to 16s for the 15s paid scrip, with sellers away at 19s. Whitcombe and Tombs, Woolworths (N.Z.), New Zealand Newspapers and New Zealand Paper Mills have all been in keen demand, with holders setting high limits. Mining and Unlisted Stocks. After opening with a rush of activity, business in the mining section settled down within modest limits for most of the week. Brian Boru and Skippers had heavy dealings, both on rising markets, though current rumours that Skippers’ output is expected to be substantial in the near future have been received with caution, and there has not been any sudden jump in values in Golden Dawn Waihi Grand Junction and Kildare have been very firm; but King Solomon. Gillespie’s Beach, Mount Lvell. Goldfields Dredging and Worksop Extended have inclined towards hesitancy. Rawang Tin showed some improvement. Gold mining shares have had free business in the unlisted section. New River heading the list at steady to 1 slightly improving rates. Argo Gold Dredging failed to hold late rates and are cheaper than earlier in the month Renewed activity in Woolworths, Ltd., ordinary shares occurred towards the close of the week, and buying offers have been stronger than for some time. Range of Prices. Sales at the following prices have been completed since last review:— Government and Other Debentures—--4 p.c. stock, 1 940, £lO3 15s, £lO3 10s; 4 p.c. stock, 1946. £106; 4 p.c. bonds, 1949, £108; 4 p.c. bonds 1955. £ll3 ss. Banks—Commercial of Australia, lofi Sd, 15s 9d, 15s Sd, 3 6s; New South Wales, £32; New Zealand (D Mortgage), 335; Union of Australia, £8 15s, £8 16s, £8 14s 6d; Reserve, £6 10s 3d, £6 96, £6 10s. £9 9s 3d, £6 9s 9d, £6 10s. Insurance—A.P.A., 11s; National, 21s 7d, 21s Bd. 21s 7d. Loan and Agency Christchurch Building Society, £l4 10«; Goldsbrough Mort, 29s 9d, 29s 3d; .Mutual Benefit, £l3 10s; New Zealand Guarantee, 5s lOd, 5s 9d. Meat—New Zealand Refrigerating (£1 paid), 2055, 20s 3d; New Zealand Refrigerating (10s paid). 10s, 9s lid. Woollens—Kaiapoi (17s paid), 15s lOd. Gas—Christchurch, 355; Auckland 27s 6d. Breweries—Carlton. 53s 6d; New Zealand. 495, 49s 2d. 495. 49s 4d; Timaru (7s 6d paid), 7s 9d; Tooths. 50s 4d. Miscellaneous—Anthony Hordern, 17s 4d, 17s 7d; Australian Glass, 60s 9d, 61s, 61s 3d; Beath and Co., 32s 6d; Beath and Co. (Is paid), 10s; British Tobacco, 425, 42s 7d. 42s lOd. 42s lid, 42s 9d, 42s Sd; Colonial Sugar, £4l 5s (ex rights); Dunlop Perdriau Rubber, 19s Sd. 19s lid; Electro Zinc (pref.), 34s 10d; Consolidated Brick. 10s id; Quill Morris (in liquidation), 3s 3d, 3s Mining—Mount L.vell. 17s sd. 18s 2d, 17s 10d, 17s 10'.d, 17s lid; Bell Hooper, 4d. 3d; Rig River. Is 6.’d. Is 6d; Brian Boru. 9’d. lOd, 10’d. lid. 1 1 d. 10.’.d, lid. lO’.d. 11.td; Gillespie's Beach. is fid; Golden Dawn. 2s 9d. 3s, 3 s 1 »d; Golden Point 13d; Goldfields Dredging. Sd; Mahakipawa, lOd. 9’d. 1 ()d: Mahakipawa (1929 pref.) is 2d ; Mahakipawa (1930 nref.). Is Old. Is Id; Kildare. 2s 9d 2s lOd: King- Solomon. 3s 10d. 3s lid’ 3s ■n\: Mining Hou.s« Concessions. 3d. 33d, -.d; Nokomai. 3s 6d : Rawang Tin 7s 6d. ’• Sk 'Pners. »Ud. 7d, 7Jd. Sd. S.td; Mai hi Grand Junction. 4 s Sd. 4 s 7d. 4s Sd; Workson Extended. 3s 3d Unlisted Stocks—Andersons Ltd (pref.). 7 6.s fid; M’ori Gully, is sd: Prooera Bread (10s paid), 15s. 14s- Snowv River. I’d; New River. sd, 51 d, s’d: Argo Gold, lid; Woolworths, Ltd. (ord) 16s, 76s 6d, 775.

MINING REPORTS. The secretary of Skippers Limited refrom the l nHn 01 'Vta'”” ,mS bPen recf * ivf, d th a t the ii rs t was I '-up''t oo°k ’ Id a November 29. and the result was 320 z lOdwt for thirty hours’ work. Talisman Dubbo. The following telegram was received from Talisman Dubbo to-day; Golden Dawn battery for £3O1 3 actual Charleston Sluicing. WESTPORT. This Day. The Charleston return is l9o z 16dwts 14grs for seventeen shifts. A shortage of water accounts for the small number of shifts. Big River. The Rig River Gold Mines, Ltd report for the week ended November 29 is:—No. 3 Crosscut: Distance driven 5 feet. Slate countrv now in the face. No. 4 North Drive: Total distance driven on reef 62 feet. Reef strong in face and 5 feet wide. More gold visible this week. The second stone is now broken out and looks well. No. 4 South DriveTotal distance driven 42 feet. The reef is now 7 feet wide. Gold is frequently seen. Battery: The hatterv is crushing one shift per day this week, hut if rain does not. come to-morrow, will be again held up. King Solomon Company. TXVERC\TtCTLL, November 30. The King Solomon return for the .week was S3o z 9dwt. Goldfields Dredging. PUNEDTX. November 30. The Secretary of Goldfields Dredging Company. Ltd. renorts that the return for the week ended November 30 was 41 oz 12dwt for US hours’ dredging. Worksop Extended. The return for the Worksop Extended Gold Dredging Company for the week was 670 z Sdwt for 154 hours’ dredging, with 9700 yards of material put through. Mahakipawa Goldfields, Ltd. The Mahakipawa report for period ended November 28 is as follows: The blocking strip 60ft north of turnoff to No. 2 shaft, has been advanced 10ft in good grade wash. No. 11 east crosscut has been extended to 42ft when rising bottom was encountered. A drive north-east) 16ft back from the face off No. 11 east crosscut has been advanced 14fr in good-looking wash, with ISin of bottom on right-hand side and I2in on the left. The prospecting drive (southwest) has been advanced to S2ft in foil y WaSh and is still 0,1 a fluL bot ' Xomata Reefs Dividend. directors of Komata Reefs Gold <-° ,n P a,l >\ Ltd., London, have doc aied an interim dividend of 3d a share, free of income tax The divi2rpe) S cent' h ;er S ‘ i ;!' li ; i ;, Ul ,s the rate of DUNEDIN PRODUCE MARKET edni" 1 venorh’ lr ? l , Mart. Dun- * numo’--’ - pears arriving' ire ' not''\"ep‘ing, ,OS „oine being brown in the centre in, Prices for this class of fruit ranges Del7ekm s t| a„r arur;p; r s C, ' l^,'iK e <, ss li, , > o £>>' pears. l " Wi!sefe j“s'’°aml’"Home Beauty are realising 4s to 7s. Tomaward and prices have he 00° wcR l °ma?n " V*d’ o to s'V fn l ' ll . rCd to lntl r '”' for small and* Sf Asparagus 6 Vs arriynig in a sweated condition and realising 3 s to 3s 6d. Gooseberries as' l ’ l' e ? n .-"t o j' f r ' su l , hly and as low berries. Peas, fortunately. a better demand, choice quality realising 2id to 3 id. Stale and inferior the hot weather* experienced'' Strawberries are arriving in a par.boilerl condition. For these, as low as 4Jd has to be accented, while choice nualitv realise 1s 3d. Cherries—We have been able to place these on a basis of 7d to 1 9 id lh. Lettuce—Choice. largehearterl is 3d Cabbage will not nav to consign. Cauliflower 7s 'o 9d. Spring t arrots. nice quality still realising Is 6d per dozen. 6