TRADE AND FINANCE

Evening Post, Volume CVIII, Issue 137, 6 December 1929, Page 14

TRADE AND FINANCE

PRODUCE & MARKET REPORTS FROM DAY JO DAY

STOCKS AND SHARES

BUSINESS CONTINUES

QUIET

SALES OF THE WEEK

Evening Post, 6th December

Business on the Stock Exchange during ■ the" week continues quiet, and the bank share market appears to be feeling the force of the decision of the., directors to , attach, no-bonus of 2% per cent, this year ■ as formerly to the dividends of the Bank of New South Wales. Local opinion in- ■ clines to the view that the Bank could ' have continued the bonus., but the directors' decision not to1 do so on this-occas-ion is read as an indication of unpromising financial weather in Australia. In any case their action has not been without its effect on the local investment market. : Some financial authorities maintain, as they have done for the past two years, that bank and insurance shares are far too dear for the return they-will yield, even at present market prices. The fall in Bank : shares since July has been fairly sharp, as the following comparison with prices realised or bids from buyers will .., show:— July. Nov.-Dec. ' v Bar? k, , £s d £ s d . New Zealand 3 16 *3 0 0 Union 15 13 0 13 13 0 .New South Wales .. 51 12 6 42 10 0 Australasia ...... 14 13 0 13 10 0 National N.Z 700 6 16 0 Commercial 110 0 166 . • . • "Cum. dividend. All values have an advanced tendency, and this is partly due to seasonal causes, as the holiday feeling becomes intensified Government debentures hold their own, and the following sales have been recorded:— iVs per. cent. Stock (19SS), £100- iV« ■■:■ per cent. Bonds (1938), £100; 4% per cent" •■■'M^f-K (1939)> £10°; 5Vi Per cent. Stock • (1941), £99 10s; 5Ms per cent. Stock (1933) . £100 2s 6d. Local body loans have a few buyers at a. price, and there is no lack of sellers. Sales made were: shi per cent. Christ- ■'. church Drainage Board, £101; s¥> per cent. Wellington Harbour Board (1940) £100 10s; o'/V pel-cent. Auckland Harbour . Board, £101 10s. _ Company debentures in demand include . 6ia per cent. Glaxos at £91; Williamson JJilms at par, sellers £104. There were ■ sales of 10 per cent. New Zealand Breweries bonds at 2Ss 4d. BANKS, INSURANCE, FINANCE. Bank shares in the market: National of Australasia (£5, ex. div.), sellers, at £8 10s; Bank of Australasia, sellers £13 10s; ■ Australian Bank of Commerce, sellers, 30s . 30 3 3d, to 30s 6d; Bank of Adelaide, sellers £9. Sales reported during the week were as. follow:—' . . ' " Bank New Zealand (cum. div.), 60s, 59s ■ fid, 60s 3d, and D shares 28s 6d; National , of New Zealand, £6 16s; Union, £13 16s; ' , New^South.Wales £41, (Melb. reg.) £41 >„-.-7s 6d, (Syd. reg.) £42 10s, £42 12s 6d, 1£42 10s; Commercial of Australia, 265, 26s -; Id, 25s 9d, 25s lOd, 25s lO&d, 265, 26s 2d, 26s 3d, 26s 4d, 265; E.S. and A.. £7 . -lls. .' Insurance shares were very flat, but ; there were bids for New Zealand Insurance at 45s and for South British, at 645. Sellers of Queenslands quoted 58s 6d to '60s, of Uniteds £9 12s 6d, and of Mercan- ', tile. Mutuals;3os. There were sales of Nationals at 15s'6d, 15s 4d, and 15s 3d. i • 'in-the stock and: station and financial section there was a little more activity than Jasfc week. National Mortgage was in demand at 83s, Abraham and Williams preference were wanted in Auckland on Thursday at 925, while there were sellers in Wellington the same day quoting 90s. The sales notified during the week were as follow:— Goldsbrough, Mort (cum. div., ex. rights), 40s 3d, 39s 9d, 40s, 3Ss 9d, 39s 3d, 38s 3d, and "rights" 7s, 6s 9d, 6s 6d, ss, 5s Id, 6s, 5s 3d; Dalgety, £13 ss, £13; Wellington Depositand Mortgage, 10s 3d; N.Z. Guarantee. Corporation (8s), 8s 8d; Wellington Trust, Loan, £7 3s; farmers' Coop. Auctioneering, 7Ss; N.Z. and 'River Plate, 31s 3d. " COAL, GAS, SHIPPING. Very little business was passing in coal mines. Waipas could have been had for 15s, no buyers;' Grey Valleys were wanted at 22s 6d, sellers'27s-6d. Pukemiros had buyers at 71s,' sellers-745. 6d. Sales were as follow: Westport; 31s 6d; Taupiri, 295; Renown, 17s, arid. (pref .> new) 3s. The gas share market was dull, but there were sales:as follow: Auckland, 25s 2d; Christchurch, 26s 6d. Shipping shares were neglected, but there were offers of 54s 6d'for P. and 0., with sellers at 575; Union Steam Ship preference were in demand at 20s 6d. There ■were sales of Huddart Parker ordinaries at 425-3 - ' ■_'•, " / MEAT, WOOL, TIMBER. . Meat shares were very quiet. Gears had sellers at 43s 6d, no buyers. For Wellington Meat Exports there were buyers at 4s, -sellers not quoting. Canterbury Frozen Meat, cum dividend, were quoted by sellers at.' £8. Sales of New Zealand Refrigerating (10s paid) were effected at OS. Woollen shares were not run after. Wellington ordinary were quoted by sellers at £6.9f1, and buyers offered that price for : the ■ preference. Kaiapois, 17s paid, Bold.a.t 15s 3d. .' Timber shares were almost ignored. Kauris had sellers at 17s. Bartholomews ■were wanted at 20s 9d, no sellers. Leylands sold at 28V2d. There was no sparkle in brewery business, but the following sales were notified: New Zealand Breweries, 85s; Staples, 52s 9'd and 535; Carl ton; 42s 6d. • Business might be described as all quiet ion the miscellaneous front, but there was a considerable turnover in Electrolytic Zinc preference shares. Sales were as follow: Amalgamated Wireless (contrib.), fels. 6d; British Tobacco, 44s 7d, 44s lOd, &s 3d, 455, 45s Id, 455, 45s 3d, 45s 4d; llental and Medical Supply, 12s; Electrolytic Zinc (pref.), 34s 9d, 33s lOd, 33s 6d, 33s 9d, 33s lOd, 33s 9d, 33s 4%d; Farmers' Trading Co. (Auckland), 9s, and (B pref.) 33b 9d; Farmers'^ Fertiliser, 22s 6d; New Zealand Paper Mills (ex. div), 20s; Wilteon's Cement, 41s 6d.

MINING.

The only feature in the mining market |was the demand for Mt. Lyells, and prices Realised generally were as follow: Broken •Hill South, 655s 9d, 665; Waihi, 13s 2d, 13s Sd; Mount Lyell (cum div.), 41s 6d, 41s, Sos lid, 41s: 3d, 4ls 9d, 41s 7%d, 40s lOd, MOs 3d, 40s 6d, 41s, 41s 3d, 40s 9d, 40s 3d,' iiOs 9d, 40s Id., 40s Bd, 41s, 40s 6d, 40s lOd; iGrand Junction, Is 3d; Mahakipaiva, 4d; Okarito, Is sd; Kildare, Is lOd.