OVERSEAS SHARES

Dominion, Volume 33, Issue 185, 2 May 1940, Page 12

OVERSEAS SHARES

Resumption Of Quotations RELIEF IN THE MARKET Business on the New Zealand Stock Exchanges yesterday was quiet, but a number of leading Australian industrial shares again appeared in the quotatious list, lu every case quoted prices were on a par with those ruling in Sydney and Melbourne. General satisfaction is expressed with the lifting of the ban upon trading in overseas stocks and shares. The recent cessation of dealings not ouly reduced the volume of business substantially, but it had also resulted in considerable embarrassment to brokers aud clients. Mr. Andrew Hamilton, president of the Stock Exchange Association of New Zealand, and chairman of the Wellington Stock Exchange, said yesterday that “it will be realized that the regulations were brought down by the Government in order to close the door to .‘black’ exchange operations, but representations were made by the Associated Stock Exchanges to the Governor of the Reserve Bank, as deputy for the Minister of Finance, pointing out that the condition created went much further and so stopped business that many holders of overseas securities were seriously embarrassed iu making’ necessary realizations on their shares. “The undertaking entered into some months ago by Stock Exchange members not to operate in the ‘black’ market had been strictly adhered to, but other channels 1 were still open. These representations were duly considered aud the amended conditions,' which are very fair, resulted.

“The Exchanges are again quotiug leading Australian shares,” said Mr. Hamilton, “but it may be a few days before prices adjust.tlieißsljlyes. These will now be unaffected, by any ‘black’ market influence and the law of'supply and demand will be free to operate.” The chairman of the Auckland Exchange, Mr. J. AV: Erater, stated on Tuesday that for-the time-being there would be no quotation of the shares of those companies with dual share registers. These shares would be. quoted when an undertaking had been' given by the companies concerned that transfers by lf<ew Zealand holders from one register to another would not be permitted. This should involve, a delay of only a few days to perhaps a week, but in the meantime it would prevent the of shares of the National Bank of New Zealand and Taranaki Oil Developments, which were two issues exempt under the previous ban, as well as of those of other important concerns which had registers in several of the Empire’s financial centres. Mr. Fra ter added that the removal of the forthright ban on trading had justified the efforts the Stock Exchanges had made to have the restrictions eased.. As the regulations were originally issued they were capable of causing holders of overseas shares considerable hardship. The Stock Exchanges, while recognizing the need for wartime control, had pointed out that the Government’s objective could be achieved with less drastic measures, and the authorities had appreciated the reasonableness of their suggestions.

Stock And Share Indices (By Telegraph.—Press assn.—Copyright.) LONDON, April 30. Today’s stock indices compiled by the “Fiuanci.l Times” with previous quotations are (October 15. 1926. equals 100) :

\ • Govt, sec’s. Home IndusGold mines. Rails. trials. Feb. 5 ... 109.2 o2 95.8 190.4 Mar. 1 ... 109.9 54.1 101.6 195.9 Apr. 1 ... 108.6 55.5 98.2 196.1 Apr. 8 ... 108.8 56.1 99.1 198.5 Apr. 16 ... 108.1 54.2 98.1 196.1 Apr. 22 ... 108.7 53.5 96.5 195.2 Apr. 23 ... . 108.7 54.1 96.7 196.7 Apr. 24 ... . 109.7 55.8 96.5 199.6 Apr. 26 ... . 110.1 55.7 96.8 197.9 Apr. 29 ... 110.3 55.3 96.4 197.6 Apr. 30 ... . 110.7 55.3 96.2 197.9