Economic Outloo[?]
p. 164 · Read in the full issue
Having hit a new peak index of ordi shares, 348.46, on September 16. Sy Stock Exchange prices began to slide! the scale in early October. By Octobe the index was 323.25, lowest since April.
Although most Stock Exchange ana had expected some general decline,i were willing to go out on a lim'i indicate how far the fall might goj they mostly agreed that the banks’ p (under Government instructions)! tightening credit triggered off the action.
Other factors were: (a) abroad! weak US market, and the internal) situation, with its doubts about the II Nations’ future; and (b) at home large volume of new share issues I companies, feeling the effect of the b: squeeze, are turning instead to ra funds by new capital issues), a rise in rowing rates by h.p. concerns, and in tions that the rate of business tur has slackened.
In recent years, the Stock Exchangf been wooing the small investor (only month the ’Change transferred Iron ancient site in Pitt Street, Sydney, to shining and glamorous premises O’Connell St., with public gallery closed circuit TV to show operatoi work). It is the new investors who i be anxious to sell and get out wheni favourite stock begins to tumble—l could touch off a wave of selling.
Experts say that, at the early sig; any such selling, the big institutions f then step in to bolster the market least, that’s what they hope would ha Stock Exchange events of the next, weeks will be watched with more i usual interest by Islands investors. I
Sydney Sales Prices
Sept. 9, ’60
Oct.J
Bali Plantations . . 16/10 y 2 16/4 Burns Philp ... 94/- 94/6 Burns Philp (SS) . . 62/6 61/6
C.S.R £81/17/6
£83/1 Dylup Plantations . 12/9 12/f Fiji Industries . . . 16/9 14/| Hackshalls 16/6 16/f Kauri Timber ... 21/9 23A Kerema Rubber . . . 10/6 9/f Koitaki 36/6 20/* Lolorua 11/- 10/1' Mariboi 11/6 10y| Norfolk Is. Whaling . 6/1 5/1' Pacific Is. Timbers . 7/11 7/f Plantation Holdings . 7/- 7/j' Queensland Insurance 94/9 95/4' Rubberlands . . . 7/9 6/S Sthn. Pac. Insurance 25/9 25/' ditto, New ... 22/- 22/' Steamships Trading . 56/- 55/ W. R. Carpenter Hold. 29/9 3lf Timor Oil 4/8 3/i
Oil And Mining Shares
Fiji
July 9, ’58 Sept. 9. ’ 60 OC> Emperor . . b5/» b3/9 b.‘ Loloma ... — S43/9 blc
Papua-New
Guinea
Bulolo . . . b35/b42/- J N.G.G. Ltd. bl/9Va b2/5 I Oil Search . b2/6 b4/6 I Ent. of N.G. l)7d b5d f Pac. I. Mines — sll5/- 1 Papuan Apin. b9d b3/3 6 do. opt. . bfiVad b7d S.
Placer Dev. b86/8 sll5/- 1 Sandy Creek b4d b3d s