THE WEEK REVIEWED.

Auckland Star, Volume LXVI, Issue 70, 23 March 1935, Page 4

THE WEEK REVIEWED.

BUSINESS ONLY FAIR. WORLD AFFAIRS UNSETTLED. AND INVESTORS NERVOUS. There has been no improvement on the Auckland Stock Exchange during the week just ended, nor is there any sign of a favourable change in the near future. Not that there is anything fundamentally wrong with financial conditions in the Dominion. Money is plentiful and trade, on the whole, is good. The causes of the present dullness are almost entirely psychological and arc based mainly on external conditions. At the moment the world's financial markets are all upset. Currencies of the principal nations are fluctuating from day to day and the great need of the limes, a restoration of free trading between the nations, seems as far oil' as over. Simultaneous with the announcement that Britain's export trade has improved comes advice that the Home Government has increased tne duties on sb.el products. Germany has thrown a bombshell in the declaration of. her military polity and its effect is plainly seen on the London Stock Exchange, where British funds have shown further weakness. Australian Exchanges have reflected the international situation, and in addition her own internal problems are responsible for some uneasiness. Whatever the causes the fact remains that the Exchanges across the Tasinan report a dull week and, as usual, the lead has been followed on this side, especially in respect of Australian securities.

In the table published below it will bo seen that values of most Australian bank shares have eased. Thus Commercials, which changed hands the previous week at 16/2 have been on offer at lfi/ without attracting a purchaser. In this section the strongest issues were Reserves, which held steadily to £6 10/G, and New Zealand D mort. shares, which improved with business at 32/0. New Zealand ordinary shares developed weakness towards the end of the week, when oilers to sell at 48/ D failed to lead to business. There was thus a drop of 7d in the week.

Insurances Come Again. There was a definite reaction in the insurance section, South British and New Zealand both showing, recoveries from the recent declines. The lirst mentioned gained 1/9 in the week with final business at 95/6, and Xew Zealands were Gd np with sales at liS/0. Other issues wore steady and the section as a whole was the strongest on the list. Government Stocks. Government stocks were in keen demand, but with values irregular. The HMO's have been cheap by comparison with longer term issues in recent months and there were some adjustments in this connection. The " 'forties'' improved 5/ with final business at .€lO2 10/, while '55's sold 7/<5 cheaper with yesterday's business at £110 5/. 'Forty-nine's were 10/ lower in a sale at £108 10/. Some parcels of local body debenture* came on the market and promptly found new owners. The cheapest was a parcel of Mount Alberts, which showed a return to the purchaser, based on redemption at maturity, of over 3% per cent per annum. Mining Section Quiet. Tn a dull mining section Waihis provided the only bright spot from an investment point of view. They were in regular request and sold freely from £1 19/0 to i' 2 0/6. Junctions had no business, but were a shade easier with quotations between 4/U and 4/0. Blackwater and Consol. Gold were asked for, but buyers were seeking concessions and kept their limits down to 30/fl and 15/3, respectively. In the miscellaneous class King Solomon's tinned up yesetrday with sales up tp 3/11 V-r, the highest figure realised this year. Australian Securities. Tn a weak market for Australian securities there was no redeeming feature. Even Colonial Sugars, which always hold a dominating position, eased a little at the end of the week, when there were sellers at £41 5/ and no buyers', Apropos of "sugars" it is worth remembering the company recently received an increased tenure for its operations. A recent message from Cinbciia ntalcl that, although the federal Ministry iw I three weeks ago to renew the sugar agreement for a further five years, the Government "ill not introduce legislation to this died until the end of the year. Various inodificatiolls in the form of the agreement are contemplated, and these will not be undertaken until Ml , . Lyons returns from England. A sharp fall occurred in Dimlopß, winch changed hands at 17/7 and 17/0, compared with 18/8 last, month. Subsequently sellers dropped their reserves to Ki/10 without effecting transfers. So far there has been no explanation of this decline, except that it follows the Australian lead.

Woolworths, Ltd., confirmed recent weakness with a sale at 87/0, a drop of 4/3 since the dividend rate was announced. Woolworths (West Australia), however, advanced rather sharply. Buyers moved up 7/6 to £6 15/. but holders also raised their limits to a figure, £7 7/6, that precluded business. Dominion Issues. There waa again a very fair turnover in Dominion securities, and values on the whole were steady. Auckland Gas ordinary shares failed' to hold the full extent of the recent rises and slipped back 2d to £1 7/8, but the contributing remained firm at £1 0/9. A new line was added during the weeU in the, scrip of Tattersfield. Ltd., local wool scourers/ and manufacturers of woollen goods. This company, which. has a paid capital of £56.000, showed net profits last year of £0361, and paid a dividend of 6 per cent, compared with 5 per cent the previous yonr. The'shares opened with buyers at 2:5/9 and no sellers. Trend of Market. The following table indicates the fluctuations in values of various securities:— BANKS. Dee. 20, Mnr. 15, Mar. 22, 10:!4. 10;!5. 1035. £ 8, d. £ s. d. £ sd. Aust/asia li 5 o li f> o 11 no Commercial o 10 4 0 Hi 2 0 1C It E.S. and A. 5 4 0 5 0 0 4 in 0 Nat. a<.'/j.) .'{ 12 <; 3 7 (i :: 7 e Nat. (Aus.) c 2 (i <i 7 n 0 r> o NS W. . . 31 5 l> 30 O O 30 i> O NZ 2 8 11 2 9 " 2 8 8 Union ... 8 IS 0 8 13 0 8120 Reserve . . f> , 11 l< « 10 3 010 0 MISCELLANEOUS. £ s. d. £ s. d. £ sd. X.Z. Inc. . 3 8 0 3 8 3 3 S !> s. British.. 4 i<; <i 4 j;s o 4 ir> c> Cold.. Mort 19 9 1 7 C> 17 3 British Tob. 2 0 9 1 17 6 1 10 0 Col. Sugar 42 10 0 41 10 0 41 O 0 Aucfc. Gas 1 CO ISO 1. 7 7 N.Z. Brew. 2 :! 1 n '>■ li r> 2 11 0 Waihi ... 1 17 9 200 200 Latest Sales. Sales completed since last review have been as follow: — Banks.—New Zealand. £2 9/0 (3); New Zealand D Mort, £1 12/6 (2); Reserve, £6 10/6 (2); Australasia. £11 6/ (2). Insurances.—New Zealand, £3 8/9 (2); South British, £4'14/6, £4 15/6 (2). Government Stocks, Etc.—Stocks: 1940, 4 per cent. £102 12/6. £102 15/; 1946, 4 per cent. £106 2/6; 1949, 4 per cent, £108 10/; 1055, 4 per cent, £110 12/6, £110 7/6. £110 5/. Otahuhu Borough Council. 1940. 4% per cent, £104 (2); Auckland Harbour Board. 1949. 4% per cent, £108 15/; Mount Albert, July 1, 1959, 4Vi per cent. £105 10/. Mining.—Waihi, £2, £1 19/IOVa, £1 19/9 (2), £2 0/3. £2 0/6 (2); Gillespic's Beach, 1/OVi; Skippers, 5d (2); Goldfields Dredge. 6d (3); Mataki, 1/8, 1/9; Brian Born, 3d: Nevis Diesel, 2V4d (2); King Solomon. 3/11, 3/11% (2). Australian, Etc.—Colonial Sugar, £41 12/6, £41 10/ (2); Woolworths, Ltd. (Sydney), first pref., £2 2/6 (2); Dunlop. 17/7, 17/6; Kauri, 19/; Mount Lyell, 18/1.

Union Reserve

Gas, £1 7/10, £1 778 (2); Auckland Gas, con., £1 0/9 (3); Dominion Breweries, 14/ (2); Wilsons Cement, £1 14/ (2); New Zealand News' papers, £1 11/ (4); Colsol. Brick, 9/; "Sun" News, 4/3; Traders' Finance, pref., 19/; North Auckland Farmers', B pref., 5/9; Renown Collieries, pref., 2/6 (2); New Zealand Breweries, £2 11/0; Dominion Fertiliser, £1 2/3; Wright, Stephenson. pref., 19/2, 19/6; New Zealand Refrigerator, 19/; Farmers' Fertiliser, 18/11; Union Oil, £1 10/; Robinson Ice, 22/7%. Unlisted. —Associated Motorists, pref., £1 4/0: Woolworths, Ltd., £4 7/6; Golden Crown (8d). 2/7; Loyal, £1 1/; Renown Collieries, deb., 1954, 6 per cent, £101.