THE SHARE MARKET

Evening Star, Issue 22442, 12 September 1936, Page 13

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE UNCERTAINTY still APPARENT Although only a fair volume of business was recorded on the Dunedin Stock Exchange during the past week, there has been a rather better tone, A number of Australian industrials, which have lately shown signs of weakness, have recovered, and throughout there has been a wider inquiry for stocks of all classes. The exchange has by no means returned to the full confidence that was shown early this year, and to this the uncertainty of the outcome of the new legislation concerning mortgages may be largely attributed. There is as yet no indication as to what the Government’s policy will be _in regard to money, but all indications point to interest remaining at its present level, if it does not come down. Uncertainty over interest rates has been the principal factor in the firmness of Government loans, which for some time now have been strongly held. BANKING ISSUES UNCHANGED. Quotations for most banking issues showed little change, although New Zealands were a shade easier at 39s 3d to 39s 4d, compared with 39s fid last week. Australasias were in good demand at the firm price of £l2, without sellers.. The 10s Commercials of Australia were steady for most of the week, but dropped a shade yesterday with a sale in Christchurch at IBs 3d. Unions had buyers at £9 9s fid, which is a slight improvement on recent rates. AUSTRALIAN ISSUES, The brighter outlook for wool has stimulated the interest in pastoral issues, though Goldsbrough, Mort was the only one to receive much attention on the local market. Goldsbroughs were in constant demand, and improved steadily. Sales were recorded at up to 345, compared with 32s 9d last week and 31s fid a month ago. British Tobaccos, which rose last week with the announcement of an increased dividend, continued to move upwards. There were sales at up to 41s 9d, with further buyers offering 3d more this morning, sellers being firmer at 42s 9d. Following the improved showing most industrial issues have made on the Australian exchanges and the more encouraging Federal Budget, Australian issues have met a consistently improving demand. Broken Hill Proprietary issues experienced a rise of about 3s, though this has been due chiefly to the rights attached to the flotation of Wellington Alluvials, whose claim on the Macquarie Elver, New South Wales, has been taken over by the Broken Hill Company. The sale price of 77s fid yesterday shows a rise of 5s above the price ruling a month ago. The contributings also moved up to an almost corresponding degree, though there was an inclination for ■both issues to be a shade easier this morning. . , G. J. Coles, an issue that has gained considerable publicity lately with the lengthy cablegrams from the directors in Melbourne, had business during the week at £3 19s 9d and £4, which is firm on last week’s rates. On Wednesday, however, the issue was offered at £3 19s 3d, but buyers would not advance beyond £3 17s fid. They rose again in keeping with the values ruling on the Commonwealth markets, and this morning there were buyers at £4 and sellers at £4 Is. The reason for the recent fall was probably duo to a rumour that legislation would be introduced to tax chain stores, and this applied to Sydney Woolworths, which fell away last week. During the period under review, however, this issue rose again to three sales at £5 11s ■ fid, but this morning shares were available at £5 10s fid without inquiry. Mount Morgans remained firm, with considerable business at between 13s. and 13s 2d, but Mount Lyells showed signs of weakening, with sellers yesterday at 295. Despite the payment of the dividend, ordinary Electrolytic Zincs showed signs of improvement yesterday, with sales at 40s Bd, and gained further ground this morning with business after the call at 41s fid. DOMINION SCRIP. Apart from Okariios, which rose sharply from 3s to a sale yesterday _at ss, there was little variation in the price levels for Dominion issues. Evidently the satisfactory return won by the Okarito dredge last week following a period of poor returns has been responsible for reviving confidence in the future prospects of the company. Milburn Cements were in keen demand throughout the week, and a sale was recorded at 43s fid, which is a fall of a few pence on the rates of a week ago. National Electrics were firm, with business at 12s lid, and Crystal Ices had improved demand, with buyers at 45s and no apparent seller. New Zealand Newspapers rose in the middle of the week to buyers at £2, but they were not quoted to-day. On Monday these shares could be bought for 395, but there were no investors interested. New Zealand Breweries rose fid to business at 535, at which price they remained firm. King Solomons were again weaker, with sellers offering their holdings this morning at Is Id. SALES KEPOETED. Goldsbrough, Mort, £1 14s (two). Mortgage Corporation 3| per cent. Stock, £9B. Okarito, 5s (late yesterday). SALE AFTER CALL, Electrolytic Zinc (ord.), £2 Is fid (two). Quotations as under: —

• Buyers. Sellers. £ s. d. £ s. d. BANKING— Australasia. ... ... 12 0 0 — New South Wales ... — 32 15 0 New Zealand 1 19 0 1 19 9 Commercial 0 18 1 0 18 7 National of New Zealand 3 0 6 3 2 9 INSURANCE— National 0 18 0 Standard ... — 3 2 0 SHIPPING — P. and 0. Deferred Stock 1 11 0 U.S.S. Co. (pref.) ... 16 0 — MEAT PRESERVING— N.Z. Refrigerating (paid) ... 0 19 0 10 3 N.Z. Refrigerating (cont.) ... 0 9 0 0 9 4 Southland Frozen (paid) 3 12 0. _ South Otago Freezing Waitaki Farmers’ Freezing ... 7 13 0 — o o - LOAN AND AGENCY— Goldsbrough, Morfc ... 1 13 11 114 3 National Mortgage ... — 2 11 0 Perpetual Trustees ... — 3 4 0 Wright, Stephenson (pref.) -T 0 18 6 COAL— Kaitangata 110 - WOOLLEN COMPANIES Bruce (ord.) — 0 14 6 Kaiapoi (cont.) 0 6 1 0 6 7 MISCELLANEOUS— Anthony Hordern ... 0 18 10 Australian Iron and Steel (pref.) 16 0 British Tobacco ... ... 2 2 0 2 2 8 Broken Hill Prop, (cont.) ... ... ... 2 17 0 Brown, Ewing (ord.) 0 16 9 — Brown, Ewing (pref.) 12 3 — Crystal Ice Co 2 5 0 — Dominion Fertiliser ... 14 0 15 0 Donaghy’s Rope and Twine 2 11 0 Dunlop Perdriau Rubber _ 0 18 5 G. J. Coles 4 0 0 4 10 Hume Pipe — 10 0 National Electric 0 13 0 N.Z. Drug Co 3 15 6 — N.Z. Farmers’ Fertiliser 10 9 12 0 N.Z. Paper Mills ... 16 3 — Regent Theatre — 116

BREWERIES— New Zealand 2 12 6 Staples’ ... ... 1 15 0 — Dunedin — 1 10 0 Tooth’s 2 15 9 2 16 9 UNLISTED STOCKS— MTntosh, Caley, Phoenix — 0 11 0 National Tobacco (ord.) 3 3 0 3 6 0 Woohvorths, Sydney (ord.) — 5 10 6 Otago Fanners’ Co-op. — 0 3 6 Associated Motorists Petrol (pref.) ... 1 5 0 _ Shillings Ltd. (15s paid) — 0 14? 6 Tru-Colour Films ... — 1 17 0 AUSTRALIAN MINING— Broken Hill South (£1) 5 19 0 6 4 0 Electro. Zinc (pref., £1) - 2 3 9 Electro. Zinc (ord., £1) 2 1 0 2 1 6 Mount Lyell (£1) ... — 1 9 6 Mount Morgan (2s 6d) — 0 13 4 GOLD MINING— Big River (Is) — 0 2 1 Blackwatar (£l) ... — 1 14 6 Central Sholover (Is) — 0 0 5 Clutha River (2s) ... 0 1 9 — Gillespie’s (Is) 0 1 5 0 1 G Kildare (2s) — 0 2 6 King Solomon (Is) ... — 0 1 1 Lawson’s Flat (Is) ... — 0 0 4 Molyneux River (2s) 0 1 6 — Maori Gully (Is) ... 0 0 7 — Okarito (5s) 0 4 7 0 5 0 Waimumu Sluicing (Is) — 0 0 10i Waipapa Beach (Is) — 0 1 0 Waitahu (5s) — 0 2 3 Nemona (Is) 0 1 8 —■ N.Z. GOVERNMENT LOANS(Bonds quoted are £100 Bonds.) 31 p.c. Stock, Nov., *1938-52 103 10 0 . 3i- 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 34 p.c. Stock, Sept., 194143 103 10 0 . 4 p.c. Bonds 1937-40 101 S 0 . 4 p.c. Stock, 1937-40 101 5 0 4 p.c. Bonds, 1943-46 103 10 0 — 4 p.c. S.tock. 1943-46 103 10 0 — 4 p.c. Bonds, 1946-49 105 5 0 — 4 p.c. Stock, 1946-49 105 5 0 — 4 p.c. Bonds, 1952-55 105 5 0 — 4 p.c. Stock, 1952-55 105 5 0