AUSTRALIAN SHARE PRICES

Hokitika Guardian, 15 April 1930, Page 2

AUSTRALIAN SHARE PRICES

A DECIDED DROP

(Australian Press Association.)

SYDNEY, April 14

Share prices receded sharply on ’Change, during the week and the market suffered further by declarations of reduced dividends, the most surprising of which was the Queens ’and National Bank’s announcement Unit the quarterly distribution bad icon lowered from the rate of ten per out per annum to eight. .Shares immediately dropped 25s to £(> sterling. 'This makes the fourth bank to adopt such‘action within a lew months and many trading, industrial concerns are taking the cue, doubtless from the banks, and have similarly told their shareholders that their resou ices must he conserved. Pastoral stocks generally have not been greatly in request. The drastic Federal Government action in restricting imports lias not had any appreciable direct effect on tin shares of public retail drapery organisations, though in view of the pro vailing depression and lessened popular purchasing power, investors.are in dined to bold off. Movie shares art losing favour owing to reduced earnings, ami the announcement of a lower dividend .by one of the larger companies. 'Pile problem facing the market i.n all cases is what future divi donds are likely to be.

Capital security, of course, also has to be considered.' Loans remain firm, partly as a result of the success of the recent Commonwealth conversion issue. Only eighteen milions sterling is left, to be covered this calendar year, and tlie task is not regarded as iikelv to involve any difficulty.