THE MONEY MARKET.

Ashburton Guardian, Volume 51, Issue 130, 14 March 1931, Page 4

THE MONEY MARKET.

A DECIDED IMPROVEMENT. TRANSACTIONS AND PRICES. THE WEEK OX 'CHANGE. (Written for " The Guardian " by "Investou.") 'Business on the Stock Exchange recently has shown a decided improvement, not only as regards the volume of the. transactions, but also in respect to prices. Most stocks have experienced a week of steadily appreciating values, with no indication that this welcome trend of events has yet reached its termination. Coming on top of the improvement in wool values (and influenced perhaps a good deal by that fact) the changed outlook will help materially in restoring the badly needed: optimism in dealing with business generally. Reports from Australia of Stock Exchange values there are cheering, and Sydney, in particular, appears to be setting the pace in the upward swing of share values. As has been the case here, the improvement has been noted not only in the values but also in the volume of the business transacted.

iln comparison with what we " have become used to in recent months, the business done in. the Government section during the past week has been decidedly good, while the tone of the market has been healthy. For 4£ per cent. Bonds, 1938, £93 los was paid in Auckland on Wednesday, while for 5J per cent. Inscribed, 1933, £9B 5s was paid in Christchurch. There were dealings in the 1938 Inscribed* in Auckland and Wellington, the respective prices being £9B 15s and £99. For the 5$ per cent. 'Bonds... 1933, £99 was paid in Auckland and five shillings more in Wellington. Wellington also reported butinegt in 5J per cent. Bonds, 1937, the prices paid being £94 10s and £94 12s del.

Benku g Section Active. The banking section has been active and there has been a noticeable improvement affecting practically! all the issues dealt in. Commercial of Australia commenced the week in Christchurch with a sale at 15s 3d, but since then as high as 10s Gel has been; paid. In Auckland these shares changed hands at 15s KM and 16s tkl, while sales were made earlier in the week in Wellington and Dunedin, the former at 15s 3d and the latter at 15s 9d. The contributing issue of National of Australasia has had an active week. Business opened in Christchurch at £5 2s 6dj since when as high as £5 5s has been paid. Auckland has had business at £5 2s 6d, and Dunedin at £5 4s. A good deal of attention has been devoted also to New South Wales, for which the price P fl id in Christchurch has moved from £27 on Monday to £27 10s on Thursday. In Auckland £27 and £27 10s were paid, while Wellington reported a number of transactions "at £27. Top price for New Zealand* was 50'.s, paid in Dunedin on Thursday. In Christchurch business was done <at -18 s 9d, in Auckland up to 49s and in Wellington up to 48s 9d. There has been a fair turnover in Unions, Christchurch reporting the top price of £8 17s..Gd. Sales were made in Auckland at £8 and £8 12s 6d, in Wellington at £8 10s and in Dunedin at £B. National of New Zealand sold in Auckland at £5.

South British and New Zealand have been the only issues in the insurance group to engage attention. In Christchurch 52s 6d was paid on Thursday for South British, while Auckland had a number of transactions-at from o2s 3d to . r >2s Gd, the latter price being also paid in Wellington. For New Zealands 40s 6d was paid in Auckland. Loan and Agency Group. There has been little activity in the loan and agency group. Most attention has been given to goldsbrough Morts., Christchurch showing a good deal of interest in this issue. The price paid has improved from 2*2s on Tuesday to 23s 9d on Thursday. Christciiurch also had a sale of Mutual Benefit at £lO 17s (id. Business in gas has been confined to Auckland, where 23s 3d has been paid for Auckland Gas and 16s 9d lor the contributing issue. Save for a sale in Dunedin of Union. Steam at 20s shipping has been neglected, while Westpott has been the sole issue in the coal section to have business, the figure being 2-ls in three centres. In the breweries group steady business has been dope in New Zealands. Opening business in Christciiurch was at 38s, thereafter the price went to 37s and as low as 30s lOd ,a sale having been made at this figure on Thursday. In Auckland business Avas done at'33s and 37s and in Dunedin. at 375. For the bonds 22s and 22s 3d were paid in Chrisfchurch. There were several sales of Tooths, the price in Christchurch ranging from 2'ls 9d to 21s lid, while in Wellington, 22s was paid. British Tobacco engaged most attention in the miscellaneous group, the price in Christchurch ranging from 29s Sd to 30s Gd. In Wellington business was done at 29s lOd. In the me*ut group there were buyers for New Zealand Refrigerating* (10s paid), the price in Christchurch moving from 2s 5d to 3s Bd. In Auckland 2s 7d was paid and in Dunedin from 2s 7d to 2s lid.

The Mining Division. In the mining group Mt. Lyclls have been active. in Christchurch the price has improved, from 20s 9d to 21s 9J while in Auckland the range has been from 20s 9d to 2"ls 3d. Three centres have reported business in King Solomons. From is 7d to Is Sid has been paid in Christchurch. The Dunedin figure was Is Sd, while Is 9d was paid in Auckland. Dealings in Manilcipawas have been confined to Christchurch. Early business was at aid, but later 7-Jd was paid. From 7s Id to 7s 3d has been paid for Okaritos while for Waihis the price has been 15s Gd and los od. The only other issue to have business was Moanataiari for which. Is -Id was paid in Auckland, while Gd was paid for the Is Gd paid issue.