SALE OF AUSTRALIAN BANK SHARES IN N.Z.

Chronicle (Levin), 25 August 1947, Page 5

SALE OF AUSTRALIAN BANK SHARES IN N.Z.

Received Sunday, 7.30 p.m. SYDNEY, August 24. In telephone conversations with Wel lingt'on, Mr. Andrcw Hamilton, chair man of the New Zealand Stock Ex change, learned that there is some doubt in New Zealand markets con cerning the prices at which brokers acting for the Commonwealth Bana were instructed to hold the market for trading bank shares which are prri posed to be acquired by the Australiai. Government. For information of New Zealand investors the prices are: Bank of Adelaide £7 5s; Bank of Australasia, £11 7s; Commereial Bank of Sydju-y. £24 3s; Commereial Bank of Australia 21s 9d, preference £11; E.S. and A., £6 15s; Njitional Bank of Australasia (fnlly paid) 51s 6d, 12s 6d paid 20s; Bank of New South Wales £30 15s; Union £11. On the question as to whether tiic Commonwealth Bank will buy at thesc prices shares on the New Zealanp register of rho Bank of AustraJasia. Unioy Bank and the Bank of New South Wales, Mr. Hamilton hopes to obtain an answer shortly wlvieh Wili be cabled. At presejxt the position is that provided facilities are arranged frc-iu the New Zealand end for Domin ion brokers to obtain payment from Australian Government brokers here can buy. Arrangements of such a ua ture are, of course, in the hands of the Reserve Bank of New Zealand and up to date New Zealand brokers have not been permitted to sell sterling shares to Australia. Asked by a correspondent of the New Zealand Press Assot'iation what was his own opinion on the question of selling bank shares from New Zealand, Mr. Hamilton said he would like- to repeal what leading bankers have arlvised here — for shareholders not to pani--but wait and see what further arrange ments would be made. "There is a lot of water to go under the bridgi vet, " he coneluded.