THE WEEK REVIEWED.

Auckland Star, Volume LXVI, Issue 224, 21 September 1935, Page 4

THE WEEK REVIEWED.

I BUSINESS MODERATE. BUDGET FAILS TO SATISFY. ANXIETY OVER WAR SCARiC. Business on the Auckland Stock Exchange for the period ending last night followed closely tlie trend of the previous Agpek. There was a fair turnover, and although the market showed general signs of weakness the downward trend was gradual. The publication of the Budget appears to have had little effect on the market. This is not surprising, for the demonstration of soundness in the country's finances has been fully oll'set by the absence of any provision for relieving industry from its grievous burdens. Should the Dominion experience a bountiful productive season and should export values be maintained —both definitely hypothetical factors—then business will continue to progress despite the heavy calls made by the Government. In the meantime the Budget, instead of providing an inspiration to the business community, has come as a damper to firms who had looked forward confidently to some relief from what had been looked upon as emergency imposts. ■ ' Unfortunately there is still no improvement in the international situation, and until this is satisfactorily settled the stock markets are not likely to fully regain the buoyancy that existed a few months back. The position -on the London Stock Exchange yesterday clearly reflected anxiety in the world's financial centre, for all classes of gilt-edged stock registered a decline. Gilt-edges Preferred. Of business transacted during the week the Government section again proved the most popular, but even in this values were barely maintained. Sales put through in recent weeks have shown little change in the amounts paid, which means that vendors have been conceding something in accrued interest. In local body issues the demand is chiefly confined to Auckland Harbour and Auckland City scrip, while the daily offerings are usually of debentures emanating from other parts of the province. Spea!. "T generally there is a good demand for all Government and local body stock, with values a shade lower than they were a month ago.

One notable transaction was put through at the noon call on Monday, when a parcel of 3%'s representing over £6000 was placed at £109 2/6, an advance of 2/6 above the previous sale in August. Reserve Banks Slip. In the banking section Australian issues were very dull and little business was put through. However, the most noticeable feature was a drop in the Reserve Bank shares, which showed an easing tendency all the week, and finally changed hands 1/3 down at £6 9/. Subsequently the market stood between £6 8/6 and £6 9/6. New Zealands were very steady at 50/9, and Nationals, with business at 72/6, were unchanged. Insurances Vary. In the insurance section South British were best sellers, with a fair turnover from 93/6 to 93/9. New Zealands eased from 04/3 to 63/3, which is the lowest figure accepted for a considerable period and gives a return to the latest purchaser of three guineas per cent jter annum. Mining. The feature of the mining section was increased attention given to miscellaneous Dominion issues. Quite a lot of business was done in Matakis,.with values declining gradually from 2/ to 1/1014. Gillespie's sold ex div. from 1/ to 1/2, _ and King Solomons, with business at 3/5, recovered part of the recent decline. Golden Dawns were in steady demand at 2/10, and Talismans, which use the same battery, had a sale at 10/9, a drop of 3d. Weak holders of Mahakipawas dropped out at 2%d and 2d. A year ago these shares were selling at closc to a shilling. The publication of the policy decided upon by the directors of the Wailii Company had no apparent effect upon the values of the scrip, which sold unchanged at 36/9, and later at 36/6. Mount Morgans started with a firm market, but gradually eased from 38/9 on Monday to 38/1 on Thursday. Yesterday a sharper decline was registered and sellers at 37/3 failed to attract buyers further than 36/9. In Fiji mining scrip Emperors attracted favourable attention. Sales were made from 26/ to 29/6. This proved to be the peak, for subsequent offers to sell at 29/ were not accepted. Mount Kasis had business at 21/6, a drop of 9d. Australian Issues. The Australian section was dull. Woolworths (Sydney) were comparatively quiet. Business was done at last week's reduced level of £5 5/ and towards the close of the week 6d less was accepted. This was followed by a sharp recovery and yesterday there were buyers at £5 6/, with sellers back at £5 8/. The West Australian issue had a transaction at £8 7/6, a drop of 19/G on the last sale a month ago. Meanwhile the shares of the other chain store concern, G. J. Coles, were on offer at £3 8/, but buyers dropped back to £3 6/, and then pulled out. Goldsbrough, Morts had a sale on Monday at 31/6, but subsequently the disappointing opening to the London wool sales produced an adverse effect and the market dropped back between 30/ and 31/. Broken Hill Proprietaries had steady business between 65/3 and 65/6.

Dominion Securities. i Satisfactory business was completed over a wide range of Dominion miscellaneous securities, with no important changes in value. Auckland Gas shares seem to have steadied again and after fresh business at 25/9 more could have been placed at that figure. Wilsons Cement had a sale at 40/8, and then dropped back to the neat figure of £2, quite high enough for a 10/ share, albeit a dividend of 13% per cent was paid last year. New Zealand Newspapers, £1 shares, firmed up and, following- a sale in the south at 40/fl, the local market advanced to buyers 39/9, sellers 40/9. These shares have carried 5 per cent dividend in recent years. Mortgage Corporation shares (paid to 5/1 changed hands at 6/1, the lowest figure yet accepted. More could have been secured at the same price, but buyers dropped back to 5/11. Farmers' Fertilisers had fresh business at the unchanged rate of 18/, and then moved up to 18/0. Hill and Plummets also improved, selling Gd higher at 18/. A notable feature of the week was the publication of the annual accounts of Farmers' Co-op. Auctioneering Company, which has its headquarters in Hamilton and does business chiefly throughout the Waikato. The satisfactory results disclosed provide gratifying proof of a generally sound position existent among the farmers of this province. The same dividend as was paid last year to ordinary shareholders, namely 4 per cent, is promised on this occasion. Apparently the market expected something better, as the £5 shares eased slightly with a sale 4/ lower at £4, but the management wisely errs on the side of conservatism, making as its first object the maintenance of a strong financial position. Trent? of Market. The following table indicates the flue-

Latest Sales. Sales completed since last review have been as follow:— Banks. —New Zealand, £2 10/9, £2 10/10, £2 10/9 (4); National, £3 12/6; Union, £9 5/; Commercial, IG/6 (3); Reserve, £0 9/. Insurance.- —South British, £4 13/6, £4 13/9, £4 13/0, £4 13/3, £4 13/6 (2); Standard, £3 12/; National, £1 0/G (2); New Zealand, £3 4/3, £3 3/6 (2), £3 3/3. Government Stocks, ctc.—i per cent, 1937-1940, £102; 1938-1952, £109 2/6; 1939-1943, £103; City of Auckland, 4% per cent, 1960, £100; Mount Eden, 4% per cent, 1942-1946, £104 10/; 1949-1954, £105; Amalgamated Brick, 1/3/1944, 7'/is per cent, Auckland, £102 (2). Mining.—Wailii, £1 IG/9 f2), £1 16/6; Mataki, 2/. 1/11'/a, 1/11, 1/10%, 1/10, 1/10% (3); Mt. Morgan, £1 18/9 (2), £1 18/6, £1 18/9, £1 18/3. £1 18/1; Gillespie's Beach, I/, 1/2, 1/1 (2), 1/1 Va; Big River, 1/11%; Mount Kasi, £1 1/6; King Solomon, 3/5; Golden Dawn, 2/10 (4); Talisman, 10/9; Mahakipawa, 2V£d, 2d (2); Alluvial Holdings, 2/; Emperor, £1 6/, £1 G/9, £1 7/3, £1 7/0, £1 8/6, £1 9/6; Mount Morgan Developments, 3/9. Australian, ctc. —Goldsbrough. £1 11/6; Broken Hill Proprietary, £3 5/3, £3 5/9, £3 5/6 (4); Mount Lyell, 18/; Kauri, 21/6; Dunlop, 14/5; Woolworths (Sydney), £5 5/ (4), £5 4/6 (3), Woolworths (W.A.), £8 7/6. _ Dominion. —Auckland Gas £1 C/ 9, contributing 19/3; N.Z. Paper Mills, £1 10/; Wilsons Cement, £2 0/3, £2; Westport Coal, £1 2/2; Renown Collieries 9/10, preference 2/8 (2). 2/9; Hill and Plummer, IS/; Northern Steam 6/7 (2), contributing 1/6; C. L. Innes (pref.), 21/6; Dominion Breweries, 16/9 (2), 17/3; N.Z. Breweries, £2 11/3; Farmers' Auctioneering £4, £2 paid £1 7/: Farmers' Trading (B pref.), 14/2, 14/6; Union Oil. £1 11/; Farmers' Fertiliser. 18/ (3), 18/3; N.Z. Refrigerating, 20/9 (2). 20/10: contributing, 9/11, 10/ (3); Claude Neon (N.Z.I, £2 4/ (2); K.D/V. Box (cont.), 10/6 (3); Guarantee Corporation. 5/2 (2); Mortgage Corporation, 6/1; Consolidated Brick, 117 (2); Theatre Arcade (pref.), 20/0; .Williams' Rotary, 2/; Associated Motors (pref.), 21/9.

tuations in values of various securities: — BANKS. Dec. 20, Sept. 13. Sept. 20, 1034. 1935. 1935. £ s. tl. £ s. d. £ s. tl. Aus'asia . 11 5 0 11 10 o 11 10 0 Commercial 0 10 4 0 10 5 0 16 R E.S. and A. 5 4 0 5 10 0 5 10 0 Nat. (N.Z.) 3 12 0 3 12 0 3 12 0 Nat. (Auri.) 6 2 0 G 10 0 6 16 0 N.S.W. . . 31 5 0 32 7 6 32 7 G N. Zealand 2 S 11 2 10 10 2 10 9 Union ... S 18 0 9 5 0 9 5 0 Reserve . . 0 11 6 0 10 3 6 9 0 MISCELLANEOUS. £ s. d. £ s. d. £ s. d. N.Z. Ince. 3 8 0 3 4 3 3 3 3 IS. British. 4 10 6 4 13 9 4 13 G Golds. Mort 19 9 1 11 9 1 10 0 British Tob. 2 0 9 1 19 9 1 19 9 Col. Sutrar 42 10 0 43 5 0 43 5 0 A lick. Gas 1 0 6 1 5 9 1 5 10 N.Z. Brew. 211 0 211 6 2 11 3 Waihi ... 1 17 9 1 16 0 1 16 9 GOVERNMENT STOCKS. Years. £ s. d. £ s. d. £ s. d. 1937-40 103 10 0 102 0 0 102 0 0 1952-55 10S 10 0 112 5 0 112 5 0 1939-52 106 0 0 109 0 0 10D 0 0