SHARES IN SYDNEY.

Waikato Times, Volume 107, Issue 17995, 14 April 1930, Page 5

SHARES IN SYDNEY.

PRICES' SHARPLY RECEDE. REDUCED DIVIDENDS AFFECT SALES MOVIE STOCKS LOSE FAVOUR. United Press Assn. —Klee. Tel.—Copyright. (Received April 14, 9.20 a.m.) SYDNEY, April 14. Share prices receded sharply on 'Change during the week and the market suffered further hy declarations of reduced dividends, the most surprising of which was the Queensland National Bank's announcement that, the quarterly distribution had been lowered from the rate of 10 per cent, per annum to 8 per cent. Shares immediately dropped 25s to £6. This makes the fourth bank to adopt such action within a few months, and many trading and industrial concerns, taking the cue doubtless from the banks, have similarly told the shareholders that their resources must be conserved. Pastoral stocks generally have not. been greatly in request. The drastic action of the Federal Government in restricting imports has not had any appreciable direct effect on the shares of public retail drapery organisations,, though in view of the prevailing depression and lessened popular purchasing- power investors are inclined to hold off. Movie shares are losing .favour owing to reduced earnings and the announcement of a lower dividend by one of the large companies. The problem facing the market in all cases is what future dividends arc likely to be. Capital security, of course, a'lso has to be considered. Loans remain firm partly as the result of the success of the recent 'Commonwealth conversion issue. Only £iS,OOO,OOO of debt has to be covered this calendai year and the task is not regarded as likely 1 to involve any difficulty.