The Stock Market
p. 168 · Read in the full issue
WOOL is a very comforting com modity—particularly when the price is going up, as it has been at Australian wool sales dur ing the first week in April. At the end of the week, values had re covered all of the ground lost since the opening of the season in August. 1958—about 10 per cent, to 12i per cent, in all. Brisk demand from East European countries was the power behind the boost.
Although the share market has apparently learned to do without the wool market—it did not seem to be unduly affected during the wool slump, anyway—there is nothing like wool to give a good fleecy lined feeling, and Stock Exchanges in Sydney and Melbourne reacted accordingly during early April with a definite upward movement in all price indices.
Sydney Stock Exchange price index for ordinary shares, which was 229.34 when we mentioned it last, in early March, stood at 234.72 on April 9.
The “Incentive" Budget in the United Kingdom has been generally welcomed in Australia—a “change from stagnation of internal produc tion,” was how the Financial Review, of Sydney, put it. It is generally accepted that it will stimulate inter-Commonwealth (and other) trade.
Sydney Sales Prices
March 5 Apr Burns Phllp . . . 63/9 65y Burns Philp (SS) . 50/- 50/
C.S.R
£43/17 / 6 £4 Dylup Plantations 17/3 18/ Hackshalls 49/- 50/ Kauri Timber ... 19/9 20/ Kerema Rubber . . . 10/3 11/ Koitaki 13/3 14/ Lolorua 6/6 7/ Mariboi 6/- 6/ Norfolk Is. Whaling 3/4 3/ Queensland Insurance 69/6 69/ Rubberlands ... 5/- 5/ Sthn. Pac. Insurance 16/- 16/ Steamships Trading . 50/- 50/ W. R. Carpenter Hold. 15/6 15/ Timor Oil 5/9 6/
Oil And Mining Shares
Fiji
July 9, ’58 Mar. 5, '59 April Emperor . b5/9 s7/ Loloma . . b31/9 b33/
Papua-New Guinea
Bulolo . . . b35/b33/b35/ N.G.G. Ltd. bl/SVfe b2/9 b2/7 Oil Search b2/6 b8/7 blO/ Ent. of N.O. b7d b6d b6d Papuan Apln b9d b4/6 b3/l do. opt. . b6y 2 d b2/3 b2/2 Placer Dev. b86/6 b90/blOO Sandy Creek b4d s5d b2Vi