THE WEEK REVIEWED.

Auckland Star, Volume LXIII, Issue 209, 3 September 1932, Page 4

THE WEEK REVIEWED.

ANOTHER BUSY PERIOD. > LARGE LIST OF SALES. • BANK SHARES POPULAR. ) ) The week which closed last night provided another busy period for Auckland, stockbrokers. Recorded sales were ' practically the same as those of the previous week, and turnover was probably a little larger. Generally speaking, the ; market continued its recent healthy tone. There was keen bidding at every call, with buyers in many cases having to again j advance their limits to secure require- ' mente. This firm movement was fairly ' widespread, and included all the principal sections. Favourable factors to which attention has been drawn in recent >I reviews, namely, cheap money in London, ! rises in many commodity prices, and Ottawa Conference results, have been complemented in the past week by an improvement in the wool market, ae disclosed at the Sydney ealee and the announcement of a Budget surplus by the Prime Minister of the Commonwealth. These have produced a buoyant feeling on Australian Exchanges, and this, as is usually the case, is to a certain extent reflected locally. Banks. The section in which renewed Australian confidence has been chiefly displayed Jβ the banking, and as a consequence holders were able to command higher prices. Locally, Commercials, Unions, and New South Wales all had business at advanced rates. Australasias eased 2/ with a final sale at £9 B.', which may be attributed to the directors' announcement of a reduced rate for the interim dividend. Commercials advanced steadily, and after a final sale at 14/2 offers of 14/fl failed to attract holders. This is the highest level the scrip has commanded since February last. New Zealands were again the chief centre of interest in the section, and once I more a firming movement was noted. i From a first sale at £2 6/3 the shares ! steadily rose under persistent buying pressure, and the final transaction yesterday afternoon was at £2 7/9. Nationals of Nevy Zealand also continued the recent improvement, a final . sale at £3 18/0 showing a riee of 3/6 , in the week and 9/0 in the month. | Trend of Market. ' The trend of the market since ■ Christmas Eve is shown in the following i Doc. March Aug. Sept. j 2!i, 18, 25, 2, Bank. 1931. 1032. 1032. 1032. Australasia 180/ 181/ 100/ 188/ Commercial .... 10/3 13/1114/1 14/7 U.S. and A. ... 91/U 80/ 84/ 00/ National (N.Z.) 80/ 07/6 75/ 78/6 National (A'sia) 200/ 102/ 217/0 217/ ii N. South Wales 570/ 4U7/G 040/ 545/ New Zealand .. 40/ 42/6 47/3 47/9 Union 157/0 135/ 143/0 146/ The above table shows that moet values have advanced during the past week, and the section ae a whole is distinctly firm. National Insurances Rise. In the insurance section a chief feature of a firm market was a substantial rise in Nationals, which changed hands first at 13/9 and later at 14/, after which holders temporarily withdrew. It is interesting to note that in June last the was selling down to 11/. One has j to go back to November, 1930, to record a sale as high as 14/. This is only one instance of many which indicate clearly that the slump, so far as Stock Exchange securities are concerned, is passing away. The trend of today's market is upward, and, despite the obvious difficulties that still beset this Dominion in common with the rest of the world, there is nothing in sight to suggest that values on the Stock Exchanges are likely to slip back to the extremely lowlevels that ruled six months ago. Mining. In the mining section Waihis were in steady demand all the week, but the recent rise was barely maintained, and sales were made from 16/3 to 16/4. There was likewise a fair inquiry for Blackwaters, Mahakipawas, Golden Points, Okaritos, and Golden Dawns, all of which had business at current values. Australian Securities.. There was fair business in miscellaneous Australian securities. Goldsbrough, Morts quickly reflected the results of the Sydney wool sales and sold from £1 5/3 to £1 5/6, a rise of 1/6 in the week. The top price is 6/6 above the market value of the scrip at this time laet year. The continued improvement in the world's metal markets again centred more interest in Electrolytic Zincs and Mount Lyells. The preferential shares of the former, eold at £1 4/, after which bids of £1 4/6 were ineffectually made, while Lyells moved up sharply from 19/9 at the beginning of the week to £11/ at the close. Henry Jones were 3d better with ; a transaction at £1 10/9, and Colonial Sugars finished the week strongly with a ■ final sale at £45 2/6, an advance of 15/. j

Australian Glass, British Tobaccos, and Burns, Philp were asked for regularly, but holders were firm and no business eventuated. Some Dominion Slocks. A notable transaction in Dominion issues was the sale of a parcel of Bycrofts shares at £1 10/. This seems a high figure for industrial $1 scrip, but the company has a fine reputation locally as a sound and well-conducted enterprise. The sale, which, by the way, marks a 3/ rise, is a welcome indication that some portion of investors' surplus funds is again finding its way into industrial undertakings. Another local concern which has been able to maintain the distribution of dividends, albeit at a slightly reduced rate, is Robinson Ice Creams, which changed hands 6d higher at 17/6. This is an advance of 1/6 in the last fortnight. Auckland Gas firmed up again, and a sale at £12/ on Wednesday touched the highest point since March last. Wellington Gas shares were also placed, the holder accepting £1 10/6. The shares of the well-known motor financing concern New Zealand Guarantee Corporation were again in demand, and a buyer went as high as 6' to secure a parcel of the £1 scrip which is paid to 8/. This proved to be peak in the meantime, and a later transaction was at 5/10%. Some of the sections that have been almost completely neglected for some time were the subject of inquiry. Thus. Kniapoi Woollens had a sale at 5/3, Kauri Timbers changed hands at 11/ and 10/6, and although the coal division still failed to get a place on the sales list there were advanced offers of £1 0/3 for Taupiri preferentials. Local shipping shares were not overlooked. Northern Steams again sold at 7/. and for Devonport Ferry a buyer moved up 1/6 to secure a parcel at 18/6. Fixed-term Securities. There was a steady demand for iixedfcerin securities, but the increased spread of buying operations appears to have dissipated some of the zest that was formerly reserved for gilt-edges. Four and a half's sold virtually at late rates, namely, from £95 5/ to £95 10/, with buyers tending to hold off at the close of the week. Five and a half's were unchanged at £101 5/ cum interest, and £99 2/6 where the quotation is ex div. Latest Sales. Sales completed since Inst review have been as follow:— Banks.—New Zealand, £2 6/3, £2 0/6 £2 6/9, £2 7/3 (2), £2 7/6, £2 7/7, £2 7/9; Commercial, 14/3 (2), 14/4; Australasia, £9 10/, £9 8/; National of New Zealand, £3 15/, £3 16/, £3 18/6: Union, £7 3/6, £7 6/; New South Wales, £26 17/0, £26 15/, £27 5/. Insurance.—New Zealand, £2 2/ (5): Rational, 13/9, 13/10, 14/; South British, .£2 17/ti.

Breweries.—New Zealand, £1 6/9, £1 6/10 (2), £1 6/11, £1 7/ (2), £1 7/1 (2). Fixed - term Securities. — Government issues: 4% (1938), £95 10/, £95 5/, (1939) £95 7/6 (2); 5% (1937, September), £101 5/ (4), (February) £99 2/6 (2), (1936) £99 2/6: 5Yi (1933), £98 5/; 5% (1933), £99 5/. Auckland Power Board, 5% (1945), £97; Manawatu Power Board, 5% (1949), £93. Mining.—Waihi, 16/3, 16/4; Blackwater, 13/ (2); Mahakipawa. 4%d; Golden Point, B%d (3); Okarito, 8/4, 8/2; Golden Dawn, Australian Issues.—Colonial Sugar, £44 7/6. £44 15/ (2). £45 2/6; Goldsbrough, Mort. £1 5/3, £1 5/9. £1 5/3, £1 5/fl; Electrolytic Zinc (pref.), £1 4/; Mount Lyell, 19/0. £10/1. £1 0/8, £1 1/ (2); Henry Jones, £1 10/9. Dominion Issues.—Robinson Ice Cream, 17/G: Guarantee Corporation, 6/. 5/10%; Auckland Gas, £1 ]/, £1 2/; ditto, con., 15/3; Wellington Gas, £1 10/6; New Zealand Refrigerating. 11/9: ditto, con.. 4/5; Wilson's Cement, £1 ]]/ (3); Bycroft. £1 10/; Kauri Timber. 11/ (2), 10/6; Dpvonnort Ferry. 18/6: Northern Steam, 7/: Farmers' Fertilise-, J3/10 (2) ; Moturoa Oil, 3/4; Kaiapoi Woollen, 5/3.