THE WEEK REVIEWED.

Auckland Star, Volume LXIV, Issue 189, 12 August 1933, Page 4

THE WEEK REVIEWED.

LESS BUSINESS DOING. VALUES WELL MAINTAINED. STRONG MINING SECTION. BLACKWATERS ADVANCE FURTHER There was a further falling off in business for the weekly period which ended last night. Recorded sales, though still representing a reasonably satisfactory turnover, were substantially below tlic average of recent months, . The tone of the market, however, continues good and the only weak feature is that the scope of securities dealt in is less comprehensive than was the case when the buying wave was at its height. Values, generally speaking, have been well maintained and in some cases further advances have been registered. In the banking section there was a steady demand, but something of the zest had gone out of the bidding. It would seem that most purchasers have filled their immediate requirements and those still in the market are not prepared to go to the full limits of the values recently established. Holders, on the other hand, are buoyed up by the strength of the Sydney market and stand firm on their limits. In this connection it is interesting to note that Commercial of Sydney, for which the best local offer was £17 v/. changed hands in Sydney at £18, and New Zealands, which have been priced locally at £2 9/11 to £2 10/, were sold in Sydney for New Zealand delivery at £2 12/3. These factors were probably responsible for the fact that at the morning and noon calls yesterday neither Australasias nor Unions were quoted. There was an unexpected advance in Bank of New Zealand D mortgage shares which, after stability in rccent months at about 30/, rose sharply with a sale at £2 12/3.

Nationals of New Zealand were in demand and a buyer went to £4 6/6 to secure a parcel. This shows a riso of 7/ in the last fortnight, ami may be accepted as implying satisfaction with the position disclosed in the bank's latest balancefheet. Commercials paid their final dividend of 3d a share and buyers adjusted their offers accordingly to 16/1. English and Scottish gained Oct, with sales at £5 6/. while Nationals of Australasia eased a little, the contributing issue changing hands 6d lower at £6 5/6. Trend of Market. The trend of the market since last Christmas Eve is shown in the following table:— BANKS. Dec. Star. Aug. Aug. 22, IM. 4. 11. 11)32. 1933. 1933. 1938. Australasia ISO/ lor./ 240/ 210/ Commercial 18/0 14/3 10/5 *10/2 IS. 8. anil A. ... 82/6 8:1/ 104/0 1 00/ National (N.Z.) 05/ (i'J/ 32/ SIS/C Nat. (A'sia). con. 105/ 112/0 127/0 125/0 N. South Wales 520/ 580/ 045/ 045/ New Zealand . . 40/G 43/10 40/9 50/ Union 133/ 140/ 185/ 185/ MISCELLANEOUS. Dec. Mar. Aug. Aug. 22. 21, 4, 11, 1032. 1033. 1033. 1033, N.Z. Insurance . 41/ 48/ 52/0 52/0 South British . 54/ 02/0 70/ 00/0 (ioldsbrough, M. 21/0 23/ 20/0 20/0 Colonial Sugar . 920/ 1085/ 1172/0 1172/0 Auckland Gas . 21/ 21/1 23/2 23/5 *Ex dividend. Readers will note the marked general advance which has taken place in recent months. Insurances Firm. There was a steady demand for insurances, and any concessions by holders would certainly bring a big rush of business, With a shilling dividend due next week New Zealanda attracted motet attention, and fairly substantial business was put through at £2 12/6. At the last call yesterday Standards had a sale at £3, an advance of 7/9 since June 15. Queensland were also available at that time at £2 12/9. Yesterday there were buyers at £2 15/, and no sellers. Fixed Term Securities. The position with regard to Government stocks showed no cnange. There were buyers ready to take all taut was offering ut recent rates, and a lair amount ot business was put through on this basis. Local body issues, too, claimed daily attention, tnough offers were mainly restricted to the scrip ot a few popular local bodies. Auckland City, AuckUuicl Harbour Board, Mount Eden, Mount Albert, and Hamilton municipalities all figured on the sales sheet at prices that give the purchasers a slight increase in interest rate as compared with Government bonds. Interest Rates. The following table shows the return on Government stock to the present purchaser, based on redemption at maturity:— Sale Accrued Return price. interest, p.c. p.a. Stock. A; s. d. £ s. d. £ s. d. 4 (1040) ... 101 5 0 1 10 3 4 O 0 3i (1938-43) 100 10 O 1 sti "3 13 3 *Fre« of income tax anil based on redemption iu 103 S. Mining. There has been considerable activity in the miniug section, and although the bulk of the business has been confined to proved enterprises, which arc already in the dividend earning class, there was a fair number of sales in comparatively new ventures... Waihis were very firm all the week, and some buyers went to £1 4/2 to secure their requirements, after which the market settled down at £1 4/ to £1 4/1. In Wellington, as high as £1 4/4 was paid. A favourable report from the Blackwater mine, brought renewed interest in that scrip, and a new high level whs registered with a sale at £1 9/. Okaritos were also in keen demand, and business was done freely between 11/7 and 11/11. Alexanders were firm at 1!)/ to 19/6. The price of gold in London continues firm at about £6 4/8 per ouilce, and this is naturally reflected in the valuations of concerns which are actually producing the precious metal. Australian Issues. As in recent weeks the Australian market rules too high for local dealers in Commonwealth scrip, and business was limited to sales of Colonial Sugars, Goldsbrough, Mort, and Iluddart-Parkers. Dominion Securities. Business in Dominion miscellaneous securities was steady, and covered a moderate range. New Zealand Breweries were the strongest individual line. A fair number of sales was put through at £1 13/3, after which buyers were forced to go to £1 13/8 and £1 14/ to secure transfers. Wilsons Cement also showed an advance with a sale at £1 14/, and Gear Meats had several transactions from £1 12/6 to £1 12/9. Milne and Choyco shares were in regular demand at 16/, and Bycroft's at £1 17/, prices which failed to tompt holders to declarations. Improvement in the bidding outlook was represented in a sale of Consolidated Brick 1/ higher at 5/3, aud of Bartholomew Timber at 12/6. Latest Sales. Sales completed since last review have been as follow:— Banks.—New Zealand, £2 10/, £2 9/11 (3); D mortgage, £1 12/3; Commercial, 16/4; Union, £9 4/0; English, Scottish and Australian, £5 0/ (2); National ot' Australasia (eon.), £6 5/6 (2); National of New Zealand, £4 0/6. Insurances.—New Zealand, £2 12/6 (5); South British, £3 9/6, £3 9/9 (2); Standard, £3. Breweries—New Zealand, £1 13/3 (6); £1 13,:5, £1 14/. Cover Issnrvs. - I f 10.15). £100 12-6, £100 15/ 12): 1010, £101 5/; (1910), £101 i>/; 3% (1938-43), £100 10/; (1939-43), •£IOO 10/.

Local Bodiee. —Mount Eden (1/1/52), 6&, £102 10/; Mount Albert (1/3/63), 5%, £94; Mount Albert (1/3/6.3), 5Vi, £92 10/; Hamilton Borough Council (1/10/47), 4%, £•92 10/, (1/1/41), 4%, £95; Auckland Harbour Board (1937), 5',4, £100; Auckland City (1/7/40.), 51,4, £ioo 10/. Mining.—Waihi, £1 4/2, £1 4/, £1 4/1 (4); Grand Junction, 3/7j .Blackwater, £l 9/; Mataki, 1/5, 1/0 (2); Alexander, 19/, 19/0 (2), £1, 19/6; Gillespie's Beach, 2/; Big River, 1/6%; Okarito, 11/7, 11/IOVa, 11/11, 11/1), 11/8, 11/9; King Solomon, 2/, 2/1; Central Shotover, l/o'/a, 1/3; Golden Dawn, 2/6. Australian.—Colonial Sugar, £58 15/ (2), £08 12/0 (2); Goldsbrougli, Mort, £1 0/5; Huddart-Parker, £1 10/6. Dominion. —Auckland Gas (con.), 17/; Gear Meat, £1 12/9, £1 12/8, £1 12/6; New Zealand Roller Mills, £i 8/6; New Zealand Drug, £3 6/3 (4); Dominion investment, 15/; New Zealand Newspapers, £1 6/0 (3); Farmers' Auctioneering (B prof.), 15/; Northern Steam (con.), 1/10; Con-1 solidated Brick, 5/3; Wilsons Cement, £1 14/; Farmers' Trading, 3/3; Westport Coal, 12/11; Pukemiro, £1 3/; Bartholomew Timber, 12/0. BUSINESS IN THE SOUTH. (By Telegraph.—Special to "Star.") GiIRISTCHURCH, this day. The "Christchurch Times" reports as follows: — Owing to holidays reducing the number of .calls on 'Change this week no comparison of recorded turnover for the last two trading periods is possible. The total this week. 17,777, was well above that recorded in the corresponding week of last year, namely, 11,029, and of 1931, when 12,330 shares changed hands. Analysis of business follows, with last week's figures in parentheses:—Banks, 852 (1750): loan and agenev, 700 (9941: meat, 2625 (6000); coal, nil (600); Gas, nil (312); Breweries. 1500 (700); miscellaneous, £600 (1310); mining, 11,500 (14,400).