THE WEEK REVIEWED.

Auckland Star, Volume LXIV, Issue 117, 20 May 1933, Page 4

THE WEEK REVIEWED.

ANOTHER BUSY PERIOD. QUIETER TOWARDS CLOSE. MARKET SLIGHTLY EASIER. A substantial quantity of business was put through the Auckland Stock Exchange for the period which ended last night, but the bulk of it was transacted in the first half of the week. Towards the close there was a quieter tone, fewer sales, and a slightly easier tendency in values. It is diilicult to assign any particular cause for this easing. It. may be a reflection of the nervousness that has been apparent in international financial circles during the past week, or it may be a natural reaction from the upward movement that had persisted for some time. In Government stocks there was again a scarcity of offerings, but those holders who were in a position to transfer found the buying element a shade less keen. Four per cent stocks changed hands on Tuesday at £100 10/, but later in the week sales were put through at 5/ less. Tax frees dropped '2/6 with sales at £99 12/6, after which buyers stayed in at 2/6 less. With so small, a return from Government issues a good deal of attention is being devoted to local bodies and trading debentures. Investors are discriminating as to the class of scrip they bid for, lint regular business is going through with values on the whole well sustained. Last week's sales included the scrip of Auckland Harbour Board, Whangarei Borough Council, Waitonio Power Board, and—in the unlisted section—a parcel of John i Fuller debentures. Banks Quiet and Steady. The banking division was quiet with scarcely any alteration in values. Buyers were ready with offerings at recent rates for most of the Australian institutions, but the market in the Commonwealth centres is firm and local sellers were [scarce. As a consequence, business was [confined almost solely to New Zealands, which fell steadily and evenly at the rate -of about a penny a day, till bottom was reached at £2 5/6, a loss of (id in the week. Buyers for Australasias dropped their offers from £10 5/ to £10, while bidders for Unions moved up 3/ to £7 13/, and E.S. and A. were in better demand at £4 6/6. Trend of Market. The trend of the market since Christmas Eve is shown in the following table:— BANKS. Dec. Mar. Mnv May 22, 24, 12. 19, 1932. 1933. 1933. 1933. Australasia .... ISO/ 195/ 208/0 208/0 Commercial .... 13/6 14/3 14/6 34/0 E.S. and A. ... 82/0 8(1/ 85/6 87/0 National (N.Z.). 05/ 06/ 73/ 73/ Nat. (A'sia), con. 103/ 112/0 11!)/ 119/ N. South Wales. 520/ SSO/ 595/ 597/0 New Zealand .. 40/0 43/10 45/10 45/0 Union 135/ 140/ 151/ 155/ MISCELLANEOUS. Dec. Mar. May May 22, 24, 12, 19, 1932. 1933. 1933. 1933. N.Z. Insurance . 41/ 4S/ 49/3 49/ South British . 54/ 02/9 00/3 05/ Goldsbrough, M. 21/6 23/ 23/9 23/9 Colonial Sugar . 920/ 10S5/ 1095/ 1125/ Auckland Gas . 21/ 21/1 23/6 23/3 It will be noted that the bank shares are rated well above the valuations ruling at the close of last year, whilst insurances have all made substantial advances. Insurances Easier. The easing trend in insurances noted last week continued. New Zealands slipped 9d in the week with sales at 49/, and South British dropped 1/3 with a final transaction at £3 5/. At the lower levels there was a steady demand. Mining. The most notable feature of the week in the mining section was the cabled announcement of the proposed dividend distribution by the directors of Waihi Grand Junction. The rate, namely, 4d a share, was obviously looked for, as the market, which had steadily firmed up to sales at 4/1, showed no subsequent appreciation. Actually there was an easier tendency, for although holders continued to ask 4/ buyers dropped back to 3/9. An easing at this juncture is hard to understand, for the accounts disclosed a satisfactory year and a further strengthening of the general position. The shares of the bigger company were in regular demand, with values fluctuating from £1 2/ to £1 2/6, and then back to the lower figure.

Business in miscellaneous mining securities was well divided with no marked alterations in values.

Australian Securities. As in recent weeks the Australian market for domestic securities is being maintained on a higher basis than is recognised by New Zealand investors, and as a consequence business in _ Commonwealth scrip is markedly restricted. In this division the most notable feature has been a further advance in Colonial Sugars, which changed hands first at £54 15/, then £56, and finally at £56 5/. .This latest figure is easily the highest paid in recent years, and compares with £38 at this time last year. Australian Glass went close to Sydney values with a sale at £2 8/. Mount Lyells failed to maintain the recent sharp rise, evidently in anticipation of the directors' intimation, made yesterday, that no interim dividend is to be paid. The generally improved position o£ companies interest in the base metals—which have risen substantially in price—was recognised in a sale of Electrolytic Zinc prefs. at £1 11/3, a rise of 3/2 since March. Dominion Securities. Increased attention to miscellaneous Dominion securities was again a feature of the week's trading. Bycrofts maintained the recent sharp advance with fresh business at £1 17/6, and Wilsons Cement recovered part of the recent easing with sales at £1 11/9 and £1 11/6. New Zealand Paper Mills touched a new high level with a transaction at £1 6/6, and Auckland Cas was steady at £1 3/3 to £1 3/4. Gear Meat, which paid only 2Ys per cent dividend last, year, changed hands at £1 8/6 for the £1 share; solid proof of investors' confidence in that oldestablished institution. The freezing industry was also represented in fresh sales of New Zealand Refrigerating scrip. Northern Roller Mills, which was only recently placed on the official list, had their first sale, the figure being £19/ for the £1 share. New Zealand Newspapers maintained recent values with further sales at £1 5/6, and Devonport Steam changed hands at par. Latest Sales. Sales completed since last review have been as follow: —

Banks. —New Zealand, £2 6/, £2 5/11, £2 5/10, £2 5/9, £2 5/8, £2 5/7, £2 5/6 (3); Commercial (pref.), £8 15/; New South Wales, £29 17/6. Insurances. —New Zealand, £2 9/ (2); South British, £3 5/4, £3 5/. Breweries. —New Zealand, £1 9/3, £1 9/ (2); Dominion, 5/6. Government Issues. —Stock, 4 per cent (1940), £100 10/, £100 5/ (2); 4 per cent (1949), £100 5/; per cent (1938-52), £99 12/6 (2). Local Bodies, etc.—Whangarei Borough Council, 5% per cent (1961), £93; Auckland Harbour Board, 5V* per cent (1937), £100 10/; 5% per cent (1945), £103; Waitomo Power Board, 6 per cent (1945), £100 10/. Mining.—Waihi, £1 2/, £1 2/6, £12/3, £1 2/ (5); Grand Junction. 4/ (4), 4/1; King Solomon, 1/7. 1/8 (2): Gillespie's Beach, 1/6 (3); Mataki, 1/6; Okarito, 10/6; Kildure, 2/7; Nokomai, 5/3, 5/2 (2); Waitahu, 6/6: Golconda, Bd. Coal.—Renown, pref., 6d. Australian. —Colonial Sugar, £54 15/; £56, £56 5/ (3); Mount Lyell, £1 1/9 (2); Electrolytic Zinc (pref.), £1 11/3; Australian Glass, £2 8/.

Dominion.—Auckland Gas, £1 3/3 (2), £1 3/4, £1 3/3; Wilsons Cement, £1 11/ (2), £1 11/9, £1 11/6 (2); New Zealand Paper Mills, £1 G/, £1 6/G; New Zealand Refrigerating, 11/11. 12/; Wellington Woollen, £5 0/6; Bycrofts, £1 17/6 (3); Kempthorne, Prosser, £3 5/; Northern Roller Mills, £1 9/; New Zealand Newspapers, £1 5/6 (2); Devonport Ferry, £1; Northern Steam, 6/6; con., 2/1; Gear Meat, £ 1 8/6. Unlisted. —John Fuller debentures, G'A per cent (19491. £80; Claude Neon, £15/; Bell Hooper, lid (2). BUSINESS IN THE SOUTH. (By Telegraph.—Special to "Star.") CHRISTCHURCH, this day. j The "C'hristchureh Times" reports as follows: — Turnover recorded on 'Change this week (Showed a decline, when compared with that of the previous trading period. The most marked falls were recorded in banks and miscellaneous sections, and the only increase was in sales of meat company shares. Dealings, both here, and in other centres, have not covered a verywide range, but inquiry is reported to be extensive. The mining section, though still the centre of interest, was not so active as of late. Prices taken generally are a little easier. The totals were: — This week, 23,094; last week, 35,690. An analysis of business is as follows, the , figures for the preceding week being in [parentheses:—Banks, 920 ('.900); insurance, nil (150): loan and agency, COO (510); meat. 3990 (2250); woollen, 200; coal, nil (2001: breweries, 600 (500); miscellaneous, 924 (1930); mining, 15,950 (28,250).