THE SHARE MARKET

Evening Star, Issue 22454, 26 September 1936, Page 13

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE BUSINESS EXTREMELY QUIET Business was extremely quiet on the local Stock Exchange during the past weak, and exchanges throughout New_ Zealand have had an even more depressing week than usual. There is no strength in the market as a whole, and, apart from the continued keen demand for Government loans, prices have continued to move erratically. Both buyers and sellers this week have been listless, so much so that several Australian orders have been filled here at prices below those ruling on the Australian exchanges. EFFECT OF TAXATION. Investors have for some time been chary of New Zealand stocks, and recently they have been given concrete evidence that their caution was not unwarranted. The severely reduced distribution of Beath and Co., of Christchurch, whose accounts are made up late enough to show the beginning of the influence ■of the new taxation and wages scales, is probably a forerunner of what might be expected, ■ more or less severely, from many New Zealand industrial concerns. Considerably more than.so per cent, of Beath’s net profit was needed for taxation, and the directors indicated that the wages ihcreases would be an increased charge in the year-now in progress. There were a number of transactions in the banking, section, but the turnover, was not great. The chief item of interest was the fall in New Zealands. •No business was recorded on- the. local market, but sellers have been in evidence at 38s lid, while a sale was recorded yesterday in the north at 38s lOd, the lowest figure so far recorded, and probably a reaction from the announcement of the Government that all Government loan business will now be done through the Reserve Bank. Commercials had business at the unchanged rate of IBs 4d, and National of New Zealands changed hands a£ £3, which is weaker on the rates ruling a week ago,: when sellers were asking £3 2s 6d and buyers wore prepared, to give £3 Os.fid. E.S. and A.s came into favour again after an absence from the sales list, and, three sales were recorded at £5 16s, while Commercial of Sydneys had reported business this morning at’£l9.lss. • - • A noteworthy rise in price • was recorded by National Insurances, which had business at 18s Bd, a rise of fid on the rates of a. week or , two ago. In the shipping section P. and 0. Deferred shares _ have been in constant demand, and this morning buyers moved up 6d to 31s fid without attracting a seller. In the miscellaneous group G. J. Coles again experienced a rather erratic market, as, after having business at 80s 9d at the beginning of the week, they rose to 82s 3d later, and remained firm at this figure. Another chain store issue, ordinary New Zealand Woolworths, was in demand dur r ing ,tho week, and, after being sold yesterday at the weakened price of £5 Is, looked much , firmer this morning, when buyers, offered up to; £5 Is with no seller under £5 Bs. Shillings Ltd. also experienced business at from 17s to 17s fid, which rates are a shade firmer over those of the preceding week. The Broken Hill issues failed to attract as much attention as in former weeks, and the market revealed a tendency to weaken. Amongst Dominion > issues National Electrics showed a substantial gain. Last week they, were sold at 13s Id, but this morning buyers offered up to 13s 9d, with no poller under 15s. Considerable interest was manifested in brewery issues, all of-which were in good demand throughout the week at firm prices. New Zealands had business at 52s fid, but lost ground this morning, when shares were on offer at 52s without response. Dominions moved up fid to buyers at 31s fid, and Tooths and Carltons also had unsupplied buyers. The market for Australian mining- issues was inclined to be erratic. Electrolytic Zinc prefs. had business at the unchanged high level of 44s fid, and there were further, buyers at this figure this morning, with sellers 1s 3d away, while the ordinary issue was sold at 445, bub this morning was offered at that price with no buyer over 435. Mount Lyells had a fair amount of business at the unchanged price of 29s fid, but this morning were quoted from 29s Id to 29s fid. Mount Morgans also suffered a slight reverse to-day after having business during the week at the improved price of 13s 2d. SALES REPORTED. Commercial Bank of Sydney, £l9 15s. E.S. and A. Bank, £5 16s. SALE AFTER GAEL.; National Bank of N.Z., £3.

DIVIDENDS DUE

Quotations as under:— Buyers. Sellers. £ s. d. £ s. d. BANKING— New South Wales ... 32 15 0 New Zealand 1 18 3 1 19 0 Commercial 0 18 2 — E.S. and A 6 0 0 National of New Zealand 2 19 6 3 1 6 INSURANCE— National ... ... ... 919 0 Standard — 3 2 0 SHIPPING— Howard Smith 0 19 3 P. and 0. Deferred Stock ... 1 11 6 U.S.S. Co. (pref.) ... 1 6 0 — MEAT PRESERVING— N.Z. Refrigerating (paid) 0 19 0 0 19 6 N.Z. Refrigerating (cont.) 0 9 3 0 9 6 South Otago Freezing — 8 0 0 Waitaki Farmers’ Freezing 4 0 6 — LOAN AND AGENCY— Goldsbrough, Mort ... 1 14 0 National Mortgage ... —. 2 11 0 Perpetual Trustees ... — 3 4 0 Wright, Stephenson (ord.) 0 16 9 - COALKaitangata 1 1 0 Westport — 1 3 1 GAS— Christchurch ... ... 1 10 0 WOOLLEN COMPANIES Bruce (ord.) 0 14 8 Kaiapoi (ord.) — 0 16 0 Kaiapoi (cont.) — 0 6 5 Kaiapoi (pref.) — 0 19 6 MISCELLANEOUS— Anthony Hordern ... 0 19 0 Australian Glass 4 12 0 — Broken Hill Proprietary 3 14 0 3 16 0 Broken Hill Proprietary (cont.) 2 16 0 2 17 3 Broken Hill Proprietary (rights) 0 2 3 Brown, Ewing (ord.) 0 17 0 — Brown, Ewing (pref.) 1 2 3 — Crystal Ice Co 2 5 6 — Dominion Fertiliser ... — 1 4 9 Dominion Rubber ... — 1 9 0 Donaghy’s Rope and Twine ... 2 11 0 _ Dunedin-Kaikorai Trams ... 2 2 0 Dunlop Perdriau Rubber 0 18 6 Milburn Limo and Cement 2 3 0 National Electric ... 0 13 9 0 15 0 N.Z. Drug Co 3 14 0 — N.Z. Farmers’ Fertiliser 1 1 0 N.Z. Newspapers ... — 2 0 0 N.Z. Paper Mills ... 1 6 6 — ‘ Otago Daily Times ’ — 2 7 6 Regent Theatre —. 1 1 3 Woolworth (ord.) ... 5 1 0 5 8 0 BREWERIES— New Zealand 2 12 0 Dominion 1 11 6 — Dunedin — 1 10 0 Tooths '.. 2 16 0 — Carlton ... ... 2 19 0 —

UNLISTED STOCKSWoolworths, Sydney (ord.) Were’s Trust (rights) — 5 8 0 0 1 0 0 1 3 AUSTRALIAN MINING— Electrolytic Zinc (pref., £1) 2 4 6 2 5 9 Electrolytic Zinc (ord., £1) ... ... 2 3 0, 2 4 0 Mount Lyell (£1) 1 9 1 1 9 6 Mount Morgan (2s 6d) 0 12 9 0 13 0 Upper Watut (5s) ... — 0 3 .2 GOLD MINING— Argo Dredging (Is) ... 0 1 7 0 1 9i Big River (Is) — 0 2 Blackwater (£1) — 1 14 0 Central Shotover (Is) ... — 0 0 5 Clutha River (2s) ... 0 1 9 — Consolidated Goldfields Gillespie’s (is) 0 1 4* 0 16 0 1 6 6 Kildare (2s) — 0 2 6 King Solomon (Is) ... 0 0 8 0 1 0 Lawson’s Flat (Is) — 0 0 4 Martha (5s) ... ... 0 18 0 — Mossy Creek (Is) 0 1 3 — Mount David (5s) ... — 0 1 0 Okarito (5s) — 0 5 0 Skippers (Is) 0 0 3* — Waitahu (5s) — 0 2 3 N.Z. GOVERNMENT LOANS— (Bonds quoted are £100 Bonds.) 3i p.o. Stock, Nov., 1938-52 103 15 0 ■■ — Si p.c. Stock, March, 1939-43 101 10 0 3i p.c. Stock, Sept., 1939-43 101 10 0 3Jr p.c. Stock, May, 1939-52 ... 103 15 0 — p.c. Stock, March, 1941-43 101 10 0 3i- p.c. Stock, Sept., 1941-43 101 10 0 3i p.o. Stock, May, 1941-52 103 10 0 3) p.c. Stock., Nov., 1941-52 103 10 0 4 p.c. Bonds, 1937-40 101 10 0 — 4 p.c. Stock, 1937-40 — 102 0 0 4 p.o. Bonds, 1943-46 103 15 0 4 p.c. Stock, 1943-46 103 15 0 4 p.c. Stock, 1946-49 — 105 15 0 4 p.c. Bonds, 1952-55 105 5 0 4 p.c. Stock, 1952-55 105 5 0

Hume Pipe, Australia, Ltd.—5 per cent, per annum Sept. 28 Claude Neon (Australia) —15 per _ cent Sept. 28 British Tobacco—Quarterly, 2 per cent Sept. 30 Amalgamated Pictures Ltd.— Half-yearly, 10 per cent. ... Sept. 30 Myer Emporium, Melbourne— Final, per- cent., making per cent, per annum ... ... Oct. 1 Dunlop Perdriau —Final, ord., and pref., 5 per cent Oct 1 United Building' Society (Christchurch) —Interim, per cent. Oct 1 Nestles and Anglo-Swiss Milk— Quarterly, prof., 8 per cent. Oct. 1 Australian Knitting Mills —Final, half-year, pref., 3} per cent., ord., 4 per cent., making 7 _ per cent, per annum ... ... Oct. 2 Lincoln Mills—Final, pref., 5 per cent., and ord., 8 1-3 per cent. Oct 2 Bank of Australasia—Interim, 3s 6d per share Oct 2 Howard Smith—Ord., 2£ per cent, per annum; pref., 1£ per cent Oct. 8 Amalgamated Zinc (De Bavay’s) —Half-yearly, 5 per cent. ... Oct. 9 C. J. Coles—Interim, quarterly, 2jr per cent Oct. 15 Wunderlich Ltd.—Interim halfyearly, ord., 6 per cent, per annum; 1st and 2nd pref., 6 per cent, per annum; 3rd pref., 7 per cent, per annum Oct. 15 N.Z. Guarantee Corporation— . Final, 2d a share, 9 13-18 per cent, per annum Oct. 30 Imperial Chemical Industries Ltd. —Interim, 2i per cent., on ordinary shares Nor. *