THE SHARE MARKET

Evening Star, Issue 22441, 11 September 1936, Page 7

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE VOLUME OF BUSINESS INCREASES There was a marked improvement in the tone of the local share market this morning, when business was recorded on the exchange to the extent of eight parcels of shares, and the market revealed a definite tendency to harden. Australian issues were iji particularly good demand. Quotations for banking issues were unchanged, with the exception of Commercials, which eased 5d to sellers at 18s 3d, with buyers quoting 2d less at 18s Id. Goldsbrough Morts continued to provide the chief interest in financial and pastoral shares, the market showing a further improvement to reported business at 33s Bd, with subsequent buyers at 33s 7d and no seller. Guarantee Corporations, which have had persistent inquiry of late at 5s 7d without sellers, were available this morning at 5s 9d, but buyers abstained from quoting. Three parcels of Westport Coals changed hands after the call at 235, which is a shade firmer than last week’s sale price. Only sellers operated in the woollen companies’ section, and in the miscellaneous group investors displayed keen interest in Australian securities. British Tobaccos moved up 3d to 41s 9d, and sellers asked for fid more at 42s fid. Broken Hill Proprietary were a shade easier following reported business at 77s fid, the contributings also being marked down about Is on yesterday's prices. The market for G. J. Coles continued to be unsettled, buyers this morning offering 9d more than yesterday’s selling price, with sellers only 3d away at 80s. Both issues of Electrolytic Zincs experienced a much closer market, the ordinaries showing a rise of about fid on yesterday’s market. Mount Lyells were marked down fid to 295, but buyers refused to advance on 28s fid, while Mount Morgans were practically unchanged at 13s Ijd. Amongst local gold mining issues, Clutha Rivers moved up 3d to buyers at 2s, without attracting a seller, Consolidated Goldfields had a margin of 2s between the quotations, and Okavitos gained further ground with reported business at ss. All issues of Government Loans continued to meet with strong inquiry, the market being completely bare of sellers.

SALES REPORTED. Goldsbrough, Mort, £1 13s Bd. Broken Hill Proprietary, £3 17s fid (late yesterday). Mount Morgan, 13s l)d. Okarito, ss. SALE ON ’CHANGE. Electrolytic Zinc (ord.), £2 0s Bd. SALES AFTER CALL. Westport Coal, £1 3s (three). Quotations as under;—

DIVIDENDS DUE Komala Reefs—Final, 3d per share Sept. 12 Adelaide Steamship—Final, 3) per cent., making 6 per cent. ... Sept. 15 Melbourne Co-operative Brewery— Quarterly, at 20 per cent, per annum Sept. 15 Gillespie’s Beach—ld per share Sept. 16 Apex Investment, Masterton—lnterim at 4 per cent, per annum ... Sept. 17 Huddart, Parker —Interim pref., 3 per cent., ord. 3}’ per cent. Sept. 17 Broken Hill South—Quarterly, 2s fid a share Sept. 38 N.Z. Drug Co.—lnterim, 3} per cent. Sept. 21 North Broken Hill—Dividend and bonus, 5s per share Sept. 20 Renown Collieries Ord., lOd, final prof, at 7 per cent. ... Sept. 21 Auckland Farmers’ Freezing—6 per cent, per annum Sept. 25 Hume Pipe, Australia. Ltd. —5 per cent, per annum Sept. 28 Mason, Strutters—3 per cent. ... Sept. Dunlop Perdriau —Final, ord. and pref., 5 per cent Oct. 1 Lincoln Mills—Final, pref. 5 per cent., and ord. 8 1-3 per cent. Oct. 2 Bank of Australasia—lnterim, 3s fid per share Oct. 2 AFRICAN MINING BOOM SENSATIONAL RISES IN SHARE VALUES DEVELOPMENT OF NEW AREAS Soutli Africa at present is a particularly prosperous part of the world, and to this prosperity the spectacular recent expansion of; the gold mining industry has contributed very largely. In July, dividends amounting to £B,480,000 were paid out by the Transvaal mining concerns in respect of the operations for the first part of the year. A writer in the ‘ Economist,’ referring to this payment, says: “ A large percentage or this sum will remain in this country and find its way through various channels for the stimulation of commerce, industry, investment, and speculation. Locally, the last-named will probably absorb a large proportion, as there is at present even more than the customary speculative fever in evidence on the Witwatersrand. This is largely the result of the extraordinary activity in shares of the Wast Witwatersrand areas and other companies engaged in the exploratory investigation of what is confidently believed to be'the beginning of a huge extension of the Witwatersrand gold field to some hundreds of miles west of its present western boundary, “ Most of this potential new gold producing area is under the control of the Consolidated Gold Fields “Group, and the Anglo-American Corporation. A few weeks ago the former company disposed of a large block of its reserve shares at a very satisfactory price, yielding more than £1,000,000, which it was understood was to be applied to the further exploration and possible exploitation of these far west areas, which under modern scientific prospecting methods have given highly promising indications. “ This announcement in turn stimulated interest in the principal properties of the gold fields, chiefly West Wit,watersrand Areas Ltd. After rising £2 in one day, these shares within a week or two reached their peak of £l2 15s, which for 10s shares in a potential gold producer, still in the early stages of development and exploratory work, must be regarded as sensational. These shares show an advance of approximately £8 over prices toward the end of last year. “ It is not surprising that with this and other somewhat less spectacular rises in recent share values the speculative aspect of the gold mining industry has lately assumed somewhat disproportionate, and possibly demoralising, dimensions.” PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, September 10. (Received September 11, at noon.) Fine gold is quoted at £6 17s 7}d an ounce. DOLLAR AND FRANC Press Association —By Telegraph—Copyright LONDON, September 10. , (Received September 11, at noon.) The dollar is quoted at 5.05-}, and the franc at 76 15-32. THE METAL MARKET Press Association—By Telegraph—Copyright LONDON. September 9. The following are the official metal quotations : Copper: Spqt, £3B 9s 4}d per ton; forward, £3B 14s 4}d. Electrolytic: Spot, £43; forward, £43 ss. Wire bars; £43 ss. Lead: Forward, £l7 18s 9d: spot, £l7 18s 9d. Spelter; Spot, £l4; forward, £l4 6s 3d. Tin: Spot, £194 ss; forward, £l9l 17s 6d. Sliver: Standard, 19 9-16 d per oz; fine, 21}d, CLYDESDALE SALE RECORD PRICES The sale of imported Clydesdales at Wellington on Wednesday established prices which have not been previously approached in the Dominion. The shipment, comprising colts, stallions, and fillies, to the number of 14, arrived recently from Scotland. The horses, before they were shipped, were described by experts to be far and away the best collection that had been shipped to New Zealand for a very long time. Included was the Cawdor Cup champion. The realisation from the sale was £8,400 odd, the average price being 605 gs. The top priced stallion, at l,7(X)gs, was purchased by Mr Andrew Grant (Timaru), who also secured the Cawdor Cup champion filly, for this year. Dees Rosetta, at the hig price of 1,500g5. A colt was sold at I.OOOgs. Other South Island purchasers included Mr Graham Holmes, of Rakaia.

Buyers. Sellers. E s. d. £ S. d. BANKING— Australasia 12 0 0 New South Wales .. — 32 15 0 New Zealand — 1 19 9 New Zealand, Long “D” ... .. 1 8 0 — Commercial .. 0 18 1 0 18 3 National of New Zealand 3 0 6 3 2 9 Union of Australia Ltd 9 9 6 — INSURANCE— National 0 18 0 Standard — 3 1 9 SHIPPING— P. and O. Deferred Stock 1 11 0 — U.S.S. Co. (prof.) ... 1 6 0 — MEAT PRESERVING— N.Z. Refrigerating (p3iid) (i» N.Z. Refrigerating — 1 0 3 (cont.) 0 9 0 0 9 5 South Otago Freezing 7 13 0 — Waitaki Farmers’ Freezing 4 0 0 — LOAN AND AGENCYDalgety 9 5 0 Goldsbrough, Mort ... 1 13 7 — N.Z. Loan and Mercantile (ord.) — 33 0 0 N.Z. Guarantee a Corporation — 0 5 9 Perpetual Trustees ... — 3 4 0 Wright, Stephenson (pref.) ...' ““ 0 18 6 COAL— Kaitangata 1 1 0 Westport 1 2 6 1 3 3 WOOLLEN COMPANIES— Bruce (ord.) — 0 14 6 Kaiapoi (ord.) — 0 15 10 Kaiapoi (cont.) ... “ 0 6 7 MISCELLANEOUS— Anthony Hordern ... — 0 19 8 Australian Glass 4 12 0 4 13 6 British Tobacco 2 i 9 2 2 6 Broken Hill Prop. ... 3 17 6 Broken Hill Prop. (cont.) _ 2 16 0 2 16 6 Brown, Ewing (ord.) 0 16 9 — Brown, Ewing (pref.) 1 2 3 — Crystal Ice Co 2 ■ 5 0 — D.I.G. (pref.) — 1 4 3 Dominion Fertiliser ... .— 1 5 3 Dunlop Perdriau Rubber 0 18 5 G. J. Coles 3 19 9 4 0 0 Hume Pipe ... — 1 0 0 National Electric 0 12 9 0 13 6 N.Z. Drug Co 3 15 0 — N.Z. Farmers’ Fertiliser 1 0 9 — N.Z. Newspapers 1 18 6 — N.Z. Paper Mills ... 1 6 0 —. 1 Otago Daily Times ’ — 6 2 8 0 Regent Theatre 1 0 1 1 0 Woolworth’s (ord.) ... — 5 4 0 BREWERIES— New Zealand ... 2 12 6 2 13 0 Staples’ ... 1 15 0 — 0 Dunedin — I 10 Tooth’s ... 2 15 9 — UNLISTED STOCKS— MTntosh, Caley, . Phoenix — 0 H 0 Otago Farmers’ Co-op. — 0 3 6 Shillings Ltd. (15s paid) — 0 14 6 White Electric Dredging 0 0 5i — AUSTRALIAN MINING— Electro. Zinc (pref., £1, ox) 2 3 2 2 3 6 Electro. Zinc (ord., £1) ... ' 2 0 7 2 1 0 Mount Lyell (£1) ... 1 8 6 1 9 0 Mount Morgan (2s 6d) 0 13 1 0 13 3 GOLD MINING— Big River (Is) — 0 2 2 Blackwater (£l) — 1 14 S Central Shotover (Is) — 0 0 5 Clutba River (2s) ... 0 2 0 — Consolidated Goldfields (4s) ... ... Gillespie’s (Is) 0 15 0 0 17 0 0 1 5 0 1 6j Kildare (2s) — 0 2 6 King Solomon (Is) ... 0 0 11 0 1 4 Okarito (5s) 0 4 6 0 5 6 Sandhills (Is) — 0 0 6 Waimumu Sluicing (Is) — 0 0 104 Waipapa Beach (Is) ' — 0 1 0 Waitahu (5s) — 0 2 3 Nomona (Is) 0 1 8 — N.Z. GOVERNMENT LOANS— (Bonds quoted arc £100 Bonds.) 31 p.c. Stock, Nov., “1938-52 103 10 0 31 p.c. Stock, March, 1939-43 103 10 0 — 31 p.c. Stock, Sept., 1939-43 103 10 0 31 p.c. Stock, May, 1939-52 .' ... 103 5 0 — • 31 p.c. Stock, March, “1941-43 103 10 0 — 31 p.c. Stock, Sept., 1941-43; 103 10 0 — 31 n.c. Stock, May ‘1941-52 ... 103 5 0 — 31 p.c. Stock, Nov., “1941-52 103 5 0 _ 4 p.c. Bonds 1937-40 101 5 0 — 4 p.c. Stock. 1937-40 101 5 0 —

4 p.c. Bonds, 194346 103 10 0 4 p.c. S.tock, 194346 103 10 0 1— 4 p.c. Bonds, 194649 105 5 0 —• 4 p.c. Stock, 194649 105 5 0 — 4 p.c. Bonds, 1952-55 105 5 0 — 4 p.c. Stock, 1952-55 105 5 0 —