BY FITS AND STARTS

Evening Post, Volume CXXVIII, Issue 25, 29 July 1939, Page 12

BY FITS AND STARTS

;Mestmentp; Market

BUSINESS OF THE WEEK

' "Evening Post," July 29. j /Following the trend of political' evebis in.'.Europe and the Far East 'tbis the London investment market, has-had business "in fits and starts.' B3Cief:.bursts"of activity would be f 01-' lbwejd; by- periods rf slackness. Early! iajfche .week' a change for the better ap- \ Pf^ed' likely. Next there was a re-i action-: • with' corresponding checks to i thehA'ustralian markets The New Zea- ] land markets remained fairly steady i all-through these day-to-day changes, ! but the-turnover as reported has been * quite moderate, but with interest well distributed over the lists. Public con-1 fidence has to travel much further before it finds that assurance long since denied it. . .-While-,-the •'"'Budget is pending, New I Zealand investors are naturally marking time. -- GOVERNMENT LOANS. The demand for New Zealand Stocks , and Bonds is well sustained, and prices for almost all of them were well held. The prices paid for Government Stocks I a year ago and those at which business was done last week, and closing prices " this week, are as follows: — Aug. 1. Last This Per • Year. , 1935. week. week cent, s " & S £ " 3 • ;,' 1939-41 • '97 ' 9T 97 3% .. 1939-43 100 99U . 99*4 3y> .. 1941-43 — -98% *99 3% .. 1953-57 95ii SS*i *88% 3% .. 1938-41 99% 98% 98% 4 .. 1940-43 — 99 99% 4,'-- ~" 1946 102y s 98% 99 -4 ~ 1948 ' — 99% 99% " 4;. ...19.49 " 102 97% 97% 4._ ... 1949-52 — 96% " 96% 4"' - .. ' 19^2-55 102 96 9G ' 4 *..' 1954-58 — 06% 96% *Bayer. - Half-yearly interest is due on 4 per cents.' (1946), August 15, and on 3£ per ; cexjts. (1943) and 4 per cents. (1940----"43)'- September 15. -The 3£ per cent. Stock (1953-57) sold last week down to £88 ss. Today sellers are quoting £89 10s, buyers' price' being £88 15s. Sales of Government] Stocks and Bonds showing the range, of prices this week were reported as I follows: — 3 per cent. Stock (1941), £97. Vj per cent. Stock (1953-57). £90 10s, £89. -£88 ss. - Zk' per cent. Stock (1939-43), £99 ss. ' 32 -per cent. (1938-41), £98 15s. '4-per cent. Stock (1943), £99 ss, £99 - 7s-6d, £99 ss, Bonds £99. A per cent. Stock (1946)", £99. A per cent. Stock (1948), £99 10s. I 4 per cent. Stock (1949), £97.12s 6d, j £9'B, £97 12s 6d. - - -'4 per x:ent Stock- (1949-52), £96, £96 ss. 296 15s. 4-' per cent Stock- (1955). £95 17s 6d, £96' - v r «, 4''per'cent, -Stock (1954-58), £9ff 12s 6d --- - . V ' Rural'Advances"'Bonds (1947) had , business at .£9B. A good local'demand "exists for Australian- Commonwealth 4 per cent. Bonds, with .buyers at £109 (1941), £109 557U944), £109 10s (1947 and 1961), £110 (1956), and £108 10s (1953). The 34 per cent, were available at . £ 110," with no buyers. . . THE DEBENTURE MARKET. Business done in local body debentures was heavier than that reported last--week with the following sales:— 1 ' 4| per cent. Dunedin Drainage (1950), £100 ss. 4J per cent. Auckland Harbour Board (1960), £99. /,. \ . * ■ J4J per cent. Tauranga Power Board (1957), £99. 4£ per cent. Waitaki Power Board (1959), £99 10s. ' Company debentures wanted were 6 percent: Dominion Fertiliser (1941) at £102; 6 per cent. Amalgamated Brick (1944>, Auckland £100-and Wellington £99, with.no sellers. Sales were reported as follows: — '4|-per cent., New Zealand Farmers' Corop. '(1950). £82 10s. • 6. per cent. Auckland Gas (1942), £102 10s 6d. <Q\ per cent. Gisborne Sheepfarmers (1941), £100 ss. BANKS, INSURANCE, FINANCE. . The outstanding feature of the .week in this section has been the rise and fall of Bank of New Zealand ordinary . shares. The lowest and highest prices at' which business was reported in these shares last week were 38s 9d to 39s 6d. This week the market opened at 39s 9d and rose to 41s 3d, gradually easing down' to ' close at 40s 3d, but .the turnover was heavy. The long- ■ term mortgage or D shares had 26s 4d to -26s 9d but with no declared sellers Interest in National Bank of New Zealand shares was fully sustained and prices improved from 44s 9d last week to close with sales at 45s 6d. . "Bank" of New South Wales held at „ £30 10s,sales -with buyers offering £30 5s to" £30 10s. -..'rßarikof Australasia had business at £9 ss,'as last week, and buyers at £9 2s 6d, 'sellers asking £9 Bs. . Union 3arik shares, ex dividend, had buyers aj £7 16s 6d, sellers £8, and ' .there were sales, cum div., at £8 5s 9d. Commercial Bank of Australia 4 per cent preference shares (cum div.) were "in demand at £9 ss, cum div., •• - but there were no sellers. The ordinary shares (cum div.) had a small turnover at from 16s 7d to 16s 9d, showing values about the same as for last 'week. I ,-^E.S. and A. Bank sold at £5, and there were sellers on the market at £5 2? 6d. v Inquiries were made for Bank of i Adelaides at £5 15s, sellers standing out" for £6. ~ Queensland Nationals had buyers at, ;£5, but no sellers. ! Commercial Banking Co. of Sydney, shares were to be had for £20 17 s 6d,' but investors were not. interested in' them at that price. ' ' business in the insurance share section was better this week than it was last, interest being confined to New Zealand companies. New Zealand Insurance shares improved from sales at : "52s last week to business reported at 535. closing at 52s 9d. • South British touched 43s last week, and'subsequently sold at 445, but they ! have 'eased down to 43s Bd. . National Insurance made fiom 16s 9d to 16s lOd, showing practically no change on the week. "Standards had good inquiry at 535, -but no sales notified. ' "-In the ■ pastoral section there were "sales of Goldsbrough Morts at ,29s Id, a rise of 9d per share for the week. Dalgetys were wanted at •'£6 8s 6d, but holders quoted £6 19s. There were buyers of N.Z. Loan and Mercantile-stock. £18 to £19. but no sellers below £26. Other pastoral , " shares were represented by sellers' .quotations. '■•• , Financial companies' shares receiving '. particular attention were New Zealand * Guarantee Cornorption. selling at 4s 2d, ah advance of 2d per share on the week.' Sales of shares in other financial companies' shares will be found in the list, of sales. - INDUSTRIAL AND OTHER. \.', The usual amount of interest was dis-

played in coal and gas shares, and prices paid for shares showed little or no" variation on those of last week. A firmer tone was noticeable in the meat share market. Gears- are still in demand at 11s 6d, but this price fails to extract quotations from holders. N.Z. Refrigerating (10s) sold at 8s 3d, compared with business ■ last week at Bs. Southland Meat had sales at 27s 6d. Canterbury Cpref.) were wanted at £6 2s fd. :•;:■ . Timber shares were very quiet, and bids for Kauris;:at 225.3d to 22s 4d failed to effect business. Rotoitis had buyers at 3s, sellers asking 4s. Nationals were wanted at 6s or 2s under sellers', ideas of their value. Taringamutu shares were ; inquired for. at 13s 3d, but this price did not draw quotations'from holders. . , Shares in New Zealand woollen companies ought to be receiving, par-i ti'cular attention at the moment as j business expands according: to plan, i But production costs including pro- ■ vision -for future taxation may, in the- opinion of some investors, reduce the-benefits of heavier outputs. Shares in this section, however, are under observation. There.were sales of Wellington Woollen .'(ord.) this week at £5 and Mosgiels have inquiry at £9. Kaiapoi (pref.) sold at up to 14s 7d, and there were buyers of the "17s paid at lls lOd, sellers' price being 12s 6d. Bond's Hosiery, sold at 20s Bd. . Berlei j (New Zealand) sold at 62s and there) were buyers for more of them at 60s. j Other New Zealand industrials dealt | in included Dominion Fertiliser at 245, j Farmers' Fertiliser at 18s, and News Zealand Drug (Kempthorne, Prosser) at 695, all three at the same prices; as realised .last.^week. Donaghy's Rope j rose by 3d. per share on the week, closing at-48s 6d. Wilson's Cement were better. They realised 17s last week, but have since-sold up to 17s sd, and closed, at 17s 3d. Consolidated Brick made 8s 6d. AUSTRALIAN INDUSTRIALS. The turnover in Australian industrial shares this week was not large. Colonial Sugars dropped from £50 10s to close with sales at £49 10s. Broken Hills improved from 68s 6d to 69s 6d. Australian Consolidated Industries were in good demand and rose by Js to sales at 39s 6d. British Tobacco were, steady at- last week's range of between 52s and 52s 3d. There was some little change in DunlopPerdriau shares, which appreciated from sales at 21s 6d last week to busi- i .ness closing at 225. Imperial Chemicals sold at between 24s 7d and 24s 9d, as tlast week. Electro. Zincs had a little business at 53s 6d ord. and 58s for x>ref. RETAIL. STORES. Although the volume of business was small in the retail share sections, prices if all shares quoted were maintained it around last week's levels, but Woolworths (N.Z.) showed an advance from 17s 6d to 18s 2d and that was the closing rate. G. J. Coles had business at 80s. to 80s 3d. McKenzie's Department Stores sold at 425. Auckland Farmers' Trading shares made 18s 3d for the ordinary issue. BREWERIES^ An advance was made in the price for New Zealand Brewerfes. They, had sold at 375, but this week they had improved business'at from 37s CcLto 37s 9d.' Dominion Breweries recovered from 32s 9d to close at 335. 3d, with 38s paid for preference. . Carlton Breweries were wanted at 71s. sellers asking 775. Queenslands had\inquiry at 27s -6d, but there were no sellers. For the - 15s-paid shares in Balilns, Christchur.ch, 10s was. bid, sellers asking lls. \ Tarariaki' Oilfields kept at 6s 6d. MINING AND DREDGING. Business done in Australian mining shares was but small. North Broken Hills had sales at 48s 9d; Mount Lyells at 28s;. and' Mount Morgans opening at 10s 4d, and closing at 10s. Fiji gold mine shares were represented by sales of Lolomas at 26s 6d to^26s .ffd and Emperors at 10s 10d,-;; ? Austral-N.Z. mining was in the sales at 23s 9d. Placer Development had i business at 74s 6d. ' |* Grey.River Gold Dredge commanded 17s lOd and Arahura 29s 6d. i Martha. Mine shares.sold at 9s 9d. I Other New Zealand mine and dredge ishares appear in the.list of sales.