THE YEAR ON CHANGE.

Auckland Star, Volume LVII, Issue 305, 24 December 1926, Page 4

THE YEAR ON CHANGE.

LESS SPECULATIVE BUYING. MORE STEADY INVESTMENT. SATISFACTORY BUSINESS. The closing of the offices of the mem,ers of the Auckland Stock Exchange for the Christmas-New Year vacation, affords an opportunity for reviewing the business of the past 12 months. Tin?, it ian safely be stated, has been satisfactory, not' only from the brokers' point >f view, but aiso. on the general average, from that of the clients. Business lias been steady, with fortunately an absence (if any sudden wild excitement, followed by a "worse depression. That there is nionev for speculative buying was evidenced when a little picked stone was reported from a couple of Thames mines, but as no sensational patch has yet been unearthed shares did not reach high figures. Banking corporation stocks have had steady business during the year, and in several instances prices firmed. Bank of New South Wales shares could be placed at £45 10/ last Thursray, whereas a year there were sellers at £44. Union Bank of Australia firmed from SUW/ huvera a year ago to sales at £15 5/6 within the last month. National Bank of New Zealand shares sold up to £7 1/, whereas 12 months ago holders were willing to accept £0 17. Bank of New Zealand shares firmed from £-2 16/fi to £2 19/, and have sold one shilling above that figure. National Bank of Australasia shares advanced a few shillings during the last couple of weeks, the latest°buving quotation being £1S 2/ for paid issue, and £9 1/ for contributing. Insurance shares have seen a lot of business during the year, and show an all-round advance of a few shillings. New Zealand's closed with buyers at £1 17/3, as compared with £1 11/3 last year at this time. Standards were Inquired for at £2 19/, as against £2 1/6 twelve months ago, and the buying rate of South British Insurance rose from £2 ">/ to £2 10/, and sales have been made up to £3. Buyers of National Insurance offered 2/ above the rate at this time last year. N.Z. and River Plate shares bad ail advance in the buying rate from £1 1/0 to £1 4/. N.Z. Loan and Mercantile were offered on the closing day at £93, with buyers at £91, and the selling rate was the same on December 23 last year. In between up to £90 has been paid. Coal shares show an appreciation in price this year. Pukemiro's are very firm, buyers advancing during the year from £2 7/6 to £2 17/, and there have been transactions over £3. Taupiri Coal rose as far as the buying rate, from 17/3 to £1 1/6. Waipa Collieries sold Up to 13/ since the shareholders received a refund of 5/ capital. Hetherington Collieries are not yet at the producing stage, and shares 8/ paid up could be got for 1/ discount. Notwithstanding the steady growth of electric lighting, shares in the Auckland Gas Co. maintained prices fairly well. Since last year these shares dropped a little, and then recovered with the result that the closing price was within ninepence of what it was 12 months ago. Shipping shares do not seem to be popular with investors, comparatively little business being don>> in those lines during the year. Huddart Parker Steam, however, firmed from buyers at £2 3/9 to £2 0/, and during the year up to £2 9/ was paid. Northern Steam eased to sellers at 14/8, whereas a year ago buyers were willing to pay 16/6. Timber shares is another line that h;;s seen little business during the twelve months. Kauri Timber shares could be «vt at £1 8/, as against buyers at £1 9/3 last year at this time. Parker Lamb Timber shares are offered at £1 6/. a drop of 2/ on the selling rate last December. National Timber are also easier, but Leyland O'Brien maintained their price. In miscellaneous stocks, there were advances in several lines. British Tobacco could be got a year ago for £2 4/6, but since then £2 10/ has been paid. Milne and Choyce shares firmed a shilling in the buying price. Phillips and Impey had steady demand at £1 13/, as compared with £1 10/ a year ago, and Sanford, Ltd., cold up to £1 4/, whereas last year holders were willing to accept 10/. The buying price of Union Oil and Candle shares closed one shilling under the rate last year. Wilsons Cement are also quoted a shilling lower.

Towards the close of the year, prices for 4J per cent War Loans eased a little, but sales have been made up to £97. Soldiers Loan showed an advance from buyers at £99 5/ last year, to sales at f 101. The o per cent loans sold up to £99, whereas a year ago, the buying figure was £98. Auckland Electric Power Board debentures are now wanted at £97 10/ as against £93 a year ago. Harbour Board 6 per cent debentures have steady buyers at £102 ac against par twelve months ago. For Mount Eden. Borough Loan buyers offers firmed 20/, the last closing quotation being £106 with no quoted Sellers. Inquiries have been made for Milk Product debentures at £105, but the sellers ask another £15. It will be seen that there has been quite a marked appreciation in the prices of many stocks during the year, and the market closed firm all round.