THE SHARE MARKET

Evening Star, Issue 22448, 19 September 1936, Page 13

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE WEEK'S TRADING REVIEWED Australian securities continued to receive strong support from investors on the local Stock Exchange during the past week, when the hulk of tho business recorded was provided by Commonwealth shares. There were few marked changes in price levels, although some Australian issues rose in value during the middle of the week, but thereafter prices widened and became erratic, The revival of interest in Australian issues had been stimulated by the more hopeful' Federal Budget, while in the case of Dominion issues a feeling of uncertainty still pervades the market. The country has by no means yet adjusted itself to the recenc legislation, and, until there is a clearer understanding of the effects of tho Government’s programme on commerce generally, buyers will continue to be cautious and holders will be content to retain their shares. A striking feature of the week’s trading was tho increase in the number of sales in Government loans, this section of tho market continuing strong, in marked contrast to almost every other section. _ Tho loan and agency section, in which there was a sign recently of improving prices with the better outlook for wool, has weakened again under the combined influence of the uncertainty of the Australian wool position and the outlook for lending in New Zealand. There was fair activity in Goldsbrough, Morts, the price rising to 34s 3d, a gain of 7d, but falling away again at the end of the week, a sale being reported in Christchurch yesterday at 33s Bd, while the best buyer this morning was 35s 6d. In the miscellaneous group, considerable interest was manifested in Australian Glass, British Tobaccos, Broken Hill Proprietary, Dunlop Rubbers, and G. J. Coles. British Tobaccos improved as the week advanced, and attracted buyers up to 42s 9d, compared with sales last week at 41s 9d. Glass shares showed an advance of about Is 6d, but eased about 6d to-day to sellers at 945. The Byoken Hill issues fluctuated widely, and were quoted ex rights at lower rates. The ordinary issue began the week at 77s 9d, and rose steadily to 78s 9d on Tuesday, but thereafter they slipped, and finished at 765. The contributings followed much the same course, and finished with buyers _at 565, tho approximate market price being S6s 3d. Attention has been very much on Coles recently, and values have been erratic. The price was around £4 at tho beginning of the week, but moved up to 82s fid, with sellers this morning down again to fils 6d, and no buying offer. Dunlops were regularly quoted, but failed to provide any business, the market being inclined to fall away from the' better levels established last week.

Brewery shares commanded a great deal more attention, and towards the end of the week every issue was in keen demand. New Zealands were sold at 52s fid, which represents a loss of fid over last week’s price, Dunedins changed hands at the firm price of 30s, and Toohey’s, which are seldom quoted locally, were at 335. Tooth’s continued firm, with business at 55s 9d, and subsequent buyers at 565, and no seller under 56s 9d. Carltons, Dominions, and Staples were all in demand at firm rates. Amongst unlisted stocks, Shillings and Woolworth’s continued to lose ground, the latter having business at £5 9s Bd, with further shares available this morning at £5 9s, and no buyer over five guineas. The feature of the mining market has been the hardening of Electrolytic Zincs, both issues registering useful gains. The ordinaries improved by Is 6d during the week, but finished even stronger, buyers offering 3d more than the best sale price (435) during the week, with no seller under 4Ss. The prefs. were on offer last week at 43s 9d, but a sale late yesterday was recorded at 44s fid. Mount Lyells recovered ■last week’s slight loss with sales at up to 29s fid, but weakened again this morning when sellers reduced their limit to 29s sd, with no buyer over 29s Id. Mount Morgans fell a few points to 12s lid, and eased again this morning to sellers at 12s fid. Amongst local gold mining issues Argos were better on the dividend announcement, and had sales up to Is 9Jd, an improvement of 2d. Gillespies were a shade dearer at Is 7d, but eased this morning to Is sid. Nemonas and Okaritos changed hands at Is 9d and 5s respectively, and King Solomons remained weak, with buyers at 9d and sellers at Is.

SALES REPORTED LATE YESTERDAY. Wilson’s Cement, £1 Isfi fid. N.Z. Breweries, £2 12s fid. Electrolytic Zinc (pref.), £2 4s fid. Argo Gold, Is fi|d. Gillespie’s, Is fid. SALE AFTER CALL. Gillespie’s, Is Ejd.

DIVIDENDS DUE N.Z. Drug Co. —Interim, 3£ percent Sept. 21 Renown Collieries Ord., lOd, final pref. at 7 per cent. ... Sept, 21 Argo Gold Dredge—ld a share ... Sept. 21 Whittome, Stevenson (Auckland) —5 per cent. Sept. 22 Milne and Choyce {Auckland) — ord. and deb., 4 per cent. ... Sept, 23 Bartholomew Timber (Hamilton) —2j per cent, and bonus 14 per cent Sept. 24 Auckland Farmers’ Freezing per cent, per annum ... ... Sept. 25 Nemona Dredge—ld a share ... Sept. 26 Hume Pipe, Australia, Ltd.—s per cent, per annum Sept. 28 British Tobacco —Quarterly, 2 per cent Sept. 28 Claude Neon , (Australia) —15 per cent. Sept. 28 Myer Emporium, Melbourne— Final, 5j per cent., making 8i per cent, per annum Oct. 1 Dunlop Perdriau—Final, ord., and pref., 5 per cent Oct. 1 United Building Society (Christ-

church) —Interim, 2£ 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 Howard Smith—Ord., 11 per cent.; pref., 1£ per cent. ... Oct. 6 Amalgamated Zinc (De Bavay’s) —Half-yearly, 5 per cent. ... Oct. 9 Imperial Chemical Industries Ltd. —lnterim, 2J per cent., on ordinary shares ... ... Nov. 2

FOREIGN EXCHANGES

ON NEW ZEALAND CURRENCY BASIS The Bank of Now South Wales, Dunedin, quoted tho following rntes > (to-day) for purchase and sales of foreign exchangee (all rates subject to alteration without notice): — Buying Selling. London —

DOLLAR RATES. The Associated Banks (other than the Bank of Now South Wales) quoted the following dollar rates to-day on a New Zealand currency basis. They are subject to alteration without notice; — TI.S.A. Canada. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol) 4.055 4.05£ O.D. (dol) 4.06| 4.06* BUYING—--o.»v (dot): w 4.10 J

Quotations as under:— Buyers. Sellers. BANKING— £ s. d. £ s. d. New South Wales ... 32 15 0 New Zealand 1 19 6 Commercial National of New 0 18 3 0 18 5 Zealand ... National of Aus- — 3 2 6 tralasia ... 14 10 0 — INSURANCE— National ... 0 18 3 Standard SHIPPING— 3 2 0 P. and 0. Deferred Stock 1 10 0 U.S.S, Co. (pref.) MEAT PRESERVING— 1 6 0 N.Z. Refrigerating (paid) N.Z. Refrigerating — 0 19 5 (cont.) Southland Frozen 0 9 0 0 9 6 (paid) 3 12 6 — South Otago Freezing Waitald Farmers’ 7 15 0 8 0 0 Freezing — 4 4 0 LOAN AND AGENCY— Goldsbrough, Mort ... I 13 6 National Mortgage ... — 2 11 0 Perpetual Trustees ... — 3 4 0 COAL— Kaitangafa 1 1 0 Westport WOOLLEN COMPANIES 1 3 3 Bruce (ord.) - 0 14 6 MISCELLANEOUS— Anthony Hordern ... 0 19 0 Australian Glass 4 14 0 British Tobacco ... Broken Hill Pro2 2 9 2 3 6 prietary Broken Hill Pro- — 3 16 e prietary (cont.) ... 2 16 0 — Brown, Ewing (ord.) 0 16 9 — Brown, Ewing (pref.) Crystal Ice Co. 1 2 3 — 2 5 0 — D.I.C. (ord.) 0 15 0 — Dominion Fertiliser 1 4 0 1 5 0 Dominion Rubber ... Dunlop Perdriau — 1 9 0 Rubber 0 17 10 0 18 3 G. J. Coles Milburn Lime and — 4 1 6 Cement — 2 3 0 N.Z. Drug Co. ... ... N.Z. Farmers’ 3 15 0 — Fertiliser 1 1 0 — N.Z. Newspapers ... — 2 0 6 N.Z. Paper Mills ... 1 6 3 — Regent Theatre ... Wilson’s (N.Z.) — 1 1 6 Cement 1 36 3 — BREWERIES— New Zealand 2 12 0 2 13 0 Tooth’s 2 16 0 2 16 9 Carlton UNLISTED STOCKS2 19 0 Woolworths (Sydney, ord.) Shillings Ltd. (17s 5 5 0 5 9 0 6d paid) 0 16 9 0 1? 8

AUSTRALIAN MINING— Broken Hill South (£1) — 6 6 0 Electrolytic Zinc (pref., £1) 2 4 6 — Electrolytic Zinc (ord., £1) ... ... 2 3 3 2 5 0 Mount Lyell (£1) 1 9 1 1 9 5 Mount Morgan (2s 6d) 0 12 4 0 12 6 GOLD MINING— Argo Dredging (Is) ... ' 0 1 9 0 110 Big River (Isl 0 1 9 0 2 2 Central Shotover (Is) — 0 0 5 Clutha River (2s) ... 0 1 9 - - Gillespie’s (Is) 0 1 5 0 1 6 King Solomon (Is) ... 0 0 9 0 1 0 Lawson’s Flat (Is) ... — 0 0 5 Molyneux River (2s) 0 1 8 — Mount David (5s) ... ■— 0 1 0 Okarito (5s) — 0 5 6 Paddy’s Point (5s) ... 0 2 0 0 3 0 Waimumu Sluicing (Is) — o o 104 Waipapa Beach (Is) — 0 0 ll| Waitahu (5s) 0 2 N.Z. GOVERNMENT LOANS— (Bonds quoted are £100 Bonds.) 3J p.c. Stock, Nov., 1938-52 103 15 0 — 3£ p.c. Stock, March, 1939-43 101 10 0 — 3£ p.c. Stock, Sept., 1939-43 101 10 0 — 3A p.c. Stock, May, 1939-52 103 5 0 , — 31 p.c. Stock, March, 1941-43 101 5 o. — 31 p.c. Stock, Sept., 1941-43 101 5 0 — 31 p.c. Stock, May, 1941-52 103 5 0 — 3i 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. Stock, 1943-46 103 15 0 — 4 p.c. Stock. 1946-49 — 105 17 6 4 p.c. Bonds, 1952-55 105 5 0 — 4 p.c. Stock, 1952-55 105 5 0

£100 stg.. N.Z. ... ... T.T. £124 £124 10/ O.D. £123 10/ £124 8/9 Australia— £A to £100 N.Z. ... ... T.T. £101 £100 10/ Fiji— £F to £100 N.Z T.T. £90 7/6 £89 New York— Dollar to £1 N.Z ... T.T. 4.09| 4.05* O.D. 4.10J 4.06 J Montreal— Dollar to £1 N.Z ... T.T. 4.094 4.05J O.D. 4.10/r 4.064 Austria— Schillings to £1 21.08 N.Z ... T.T. — O.D. — 21.10 Belgium— Belgas to £L N.Z ... T.T. 23.942 O.D. — 23.953 Czechoslovakia— Crowns to £1 N.Z. ... ... ... T.T. — 97.31 O.D. 97.36 Denmark— Kroner to £1 17.893 N.Z ... T.T. 18.203 O.D. 18.263 17.903 France— Francs to £1 N.Z ... T.T. — 61.50 O.D. — 61.54 Germany— Reichmarks to £1 N.Z ... T.T. O.D. — 10.035 10.040 Holland— Florins to £1 N.Z ... T.T. — 5.942 O.D. — 5.946 Java — Florins to £1 N.Z ... T.T. — 5.906 O.D. — 5.910 Norway— Kroner to £1 N.Z ... T.T. 16.181 15.891 O.D. 16.241 15.901 Sweden— Kroner to £1 N.Z ... T.T. 15.785 15.490 O.D. 15.845 15.500 Switzerland — Francs to £1 N.Z ... T.T. O.D. —. 12.385 12.390 NoumeaFran cs to £1 N.Z ... T.T. O.D. z 60.13 60.19 Papeete— Francs to £1 N.Z ... T.T. — 60.28 O.D. — 60.34 Hongkong— N.Z. pence to 1 17 29-32 18 29-32 dollar ... . ... T.T. O.D, 17 13-16 18 7-8 India and Ceylon i —• N.Z. pence to 1 22 57-64 rupee ... . .. T.T. 22 9-64 O.D. 22 3-64 22 7-8 Japan— N.Z. pence to 1 17 5-8 yen T.T, — O.D. — 17 39-64 Shanghai— N.Z. pence to 1 18 9-32 dollar ... . ... T.T. 17 9-32 O.D. 17 3-32 18 17-64 Singapore— N Z. pence to 1 35 31-64 dollar .• .. T.T. 34 27-64 O.D. 34 15-64 35 15-38