REVIEW OF THE WEEK

New Zealand Herald, Volume LXXII, Issue 22166, 20 July 1935, Page 9

REVIEW OF THE WEEK

DrWAIiD TREND IN VALUES TURNOVER AT HIGH LEVEL DEMAND FOR INDUSTRIALS Turnover on the Auckland Stock Exchange this week was maintained at n high level and the general upward trend in investment values continued'. As in previous weeks, the market for industrials received most attention. A comparison of the earnings of Australian companies, made recently, disclosed .substantial improvement over practically the whole field of industry. This improvement is shared by New Zealand concerns and reports issued during the past six months reflect definite progress toward normal conditions. it is evident to those who have followed the course of the Australian markets that share values are fully in lino with trading improvement to date. The advance in prices for New Zealand industrials has not been as spectacular, but it is probable that investors in the Dominion are more cautious and a tighter rein is exercised. Further, the depression was felt more keenly by some Australian companies than by similar concerns in New Zealand.

The improvement in business conditions has lent to the market a buoyancy not experienced in recent years, when movements have been erratic. Under normal circumstances, the period ironi about May to September is the busiest of the year for brokers, but in the past, this was due to the spending of the wool cheque. Loans Strongly Supported

Government loans remained strongly supported during the week, but lew sellers were operating. Sale prices generally were from 2s (3d to 5s higher. There was a steady market for debentures, Amalgamated Bricks remaining firm. Following is a comparison of the levels ruling a year ago for a selected number of Government loans, compared with those of the last two weeks: — July 20, Lust This 1934 Week Week Bonds. 15/1/40,4 .. 104'/,: 101% lOl'/a'l Ditto, 15/2/46, 4 .. 10(1/8 108' 108% Stock. 15/3/38-43, ?,% IOG'/a* 105* Ditto, 15/5/39-52. 3/ a IOGV 108' i* 108" Ditto, 15/4/40, 4. . 106%* IOJ'-i 10U'/ a Ditto, 15/0/55, 4 .. 107/ i 111^ 4 112 'Buyers. JEx interest.

In banks, New South Wales were stronger than any ether issue and the closing price, £32 2s (id, established a rise over the week of 12s (id. In view ol the higher dividend in Commercials, a bett-c| return is expected. Always liable to sudden fluctuations, New Zealands dropped sharply and closing business at 51s (3d was lOcl lower for the period. In the previous week the price advanced from 51s to 52s 4d. The insurance market was quiet.

Interest in Timber The loan and agency group was marked by heavy trading in Dominion Investment. The year's accounts, whioh are published this morning, show a small profit rise only, but conditions for this class of business may be expected to improve. The Auckland Gas Company announced during the weok an interim dividend at the current rate. Lately, the shares have been firmer and there was a sale on Thursday at 27s Bd, a rise of sdl Timber shares were placed on a slightly firmer basis. There was a strong rise in Kauris, which were done yesterday 2s 3d higher at 22s 3d. There is a suggestion that the company may repay 5s a share, thus making the shares I'l paid. In spite of the dividend payment. New Zealand Breweries showed very little loss in market value over the week. Tooths sold i)d higher at 55s 3d, but dropped subsequently to 54s 9d. Waihi Issues Advance Among the Australian industrials, British Tobaccos and Colonial Sugars gained ground, while some shares not usually dealt in on the Exchange had sale. Prices for New Zealand industrials were maintained, and meat Bhares were prominent following announcement of the agreement in London.

In tho mining market, Waihis moved in dealing from 37s 3d to 38s. Waihi Junctions also registered a gain with a closing transfer lsd Jiigher at 4s 1 id. The following comparative table shows the levels of sales made on the Auckland Stock Exchange in the corresponding week of 1934 together with the lowest price touched last year and the closing prices at the end of the last two weeks: —

July 20, Lowest Last This 1934 Price Week Week Bank A'asia. - 217/6* 218/Com. Bk. Aus. 15/5 15/3 16/7 16/10 Nat. Bk. N.Z. 74/-* 70/- 70 - 68 9t E S & A. 97/6* 98/- 102/6 101 /0* Bank N.S.W. 005/-* 600/- 630/- 642/6 Bank N.Z. . 46/9 45/6 52/4 51/6 Reserve Bank - 125/- 129/- 129/3 Union Bank 197/- 377/6 176/6* 180/Nat Ins ■■ 19/G 18/5 20/11 20/9 NZ Ins' 61/- 56/- 68/- 67/9 South British 81/- 73/6 98/3 98/3 Golds.-Mort . 29/11 28 - 29 - 29 8 Pukemiro .. 24 - 19/9 24 - 24 3 Auckland Gas 20 7 24 - 27 3 27 8 N.Z.Breweries 42/- 37/9 54/b 5/8 British 36/8* 36/6 38/8 39/8 Col Sugar 1300/- 1257/6 875/-+ 892 61 El. Zinc (pf.) 33/6- 33/3 34 6* WSr* c ''- a S! K■» «'■, ffttsr.;; «-«• ss •Buyers. +Aftor bonus distribution. 5Ex dividend. Trend of Dealing , The trend of dealing over the week was aß pmJernmen t Loane.-Bonds. 15/2/46. 4. *IOB 12» (2). Stock. 15/5/38-52 34. £IOB fs- ditto. 15/2/46. 4, £IOB 12b 6d; ditto. 15/4/49, 4, £lO9 10s (3): ditto, 15/6/55. 4. £l DebonYures.— Amalgamated Brick (Auckland) 1/3/44, 74, £104; ditto (Wellington), 31/3/44 7j. £lO3 15s (2): Auckland City. 1/1/44-67. 4i, £lO5 (2); ditto, 1/1/44-66, 4J. £los' Franklin Power. 2/8/63, 4i. £107: Mount Eden Borough. l/ 4/014' i;ios 10s; Napier Harbour. 31/3/59 41. £lO5 10s Banks—Commercial of Australia. 16s 9d. lCs lOd; National of New Zealand. 08b 9d (••>)• National of Austnilasia (£5 paid), £' 7s 6d. New South Wales, £32 (3), £32 2s 6d ■ New Zealand. 52s (2). 51s 9d (2). 51s Od! Heeerve. £6 9s 3d; Union. £9. Insurance. —National, 20s lOd, 20s 9d; New Zealand. 67s 9d; South British. 98s 3d. Loan and Agency.—Dominion Investment, 16s (2). 16s 6d (5): Farmers' Auctioneering (£2 paid), 24a: ditto (£5 paid), 81s: Golds-brough-Mort. 29a 6d: Guarantee Corporation. 5s lid. Coal.— Taupiri. 16s 7d. . Gas.—Auckland. 27b 8d; Christchurch, 36s 3d (2). Shipping.—Northern Steamship. 6s 6d. Timber. —Kauri, 22b 3d: National, 13s 9d. 14s. Parker-Lamb. 2s: Tnupo Totara. 7s 6d (21. Woollens.—Kniapoi (7b paid), 6s 4d. Breweries.—New Zealand, 54s 8d ; Timaru (7b 6d paid). 9s 2d; Tooth's, 55b 3d. 54b 9d, Miscellaneous.—Anthony Hordern. 20s; Australian Iron and Steel (pref.), 24fl 6d, 24s 7d, 21s 8d; Associated News. 23s 9d; British Tobacco. 39s 3d; Broken Hill Proprietary. 59s 6d: Consolidated Brick, 10b 7d, 10s Od (2), 10b 7d (3): Colonial Sugar, £44 ]Os. £44 12s 6d; Dunlop-Perdriau, 16s Id: Electrolytic Zinc (pref.), 35b; Farmers' Trading. 7s 3d, 7s 2d (2); ditto B pref., 14s (id (2); Gear Meat, 21s 3d; K.D.V. Boxes, 21s Od; Milne and Choyce, deb., 17a 3d; Morris Hedstrom, 21s 7d; New Zealand Drug, 82s 6d, 83s 3d; New Zealand Newspapers. 38s Od (2); New Zealand Fertiliser, 20s 7d; New Zealand Refrigerating (£1 paid), 20s Od; ditto (10s paid). 9s lid (3); Sanford, 3s 2d (2); Whitcombe and Tombs. 80fl; Woolworths (N.Z.), £l2 10s. Mining.—Big liiver, 2s 2d; Kuala Kampar, 12s; Lawson's Flnt, 4jd; Mataki,. Is lOd. Is lid (3K 2s (2). Is lid (2); Mahakipawa. Od; Maerewhenua, 2d: Skippers, 2id: Waihi, 37s 6d, 37s 9d, 38b; Waihi Junction, Is (4), 4s ljd; Mount Lyell, 19s Id. 19s 3d; Mount Morgan, 37b (2). Unofficial List.—Auckland Meat, 24b ; Golden Crown, 7b 9d. 7s lid (2); ditto (Is paid), 6a lid; Perpetual Forests, 48s; ditto (18s paid), 455; Woolworths (Sydney), 925, 92s 6d, 92b 9d; ditto (West Australia). £7 taj.