THE WEEK REVIEWED.

Auckland Star, Volume LXVII, Issue 21, 25 January 1936, Page 4

THE WEEK REVIEWED.

A SMALLER TURNOVER. REACTION TO KING'S DEATH. NO CHANGE IN VALUES. I , J MARKET'S HEALTHY TONE. It might have been expected that the > death of King George V., which came as a stunning blow that had a paralysing i effect throughout the British Empire, would have had its repercussions in a dislocation of business. This has not 1 occurred. A momentary cessation of normal activities —so brief as to be scarcely noticeable —then the vast fabric of British commerce was again functioning in a perfectly normal manner. This extraordinary result must stand as a definite tribute to the genius of the British Constitution and its masterly administration, for it is difficult to conceive of any other country—whatever its form of government—in which a major disaster such as has just befallen the British nation could have been dealt with at so little public inconvenience. The nation mourns the loss of a beloved sovereign, but already his successor is carrying out the Royal duties, and the whole of the civilised world share, the confidence of the British people that the affairs of our great Empire are in the hands of a sound Government and a wise monarch. When the London Stock Exchange reopened after a brief closure the markets were quiet but confident, and it was significant that any weakness existent was attributed, not to the change of sovereignty in Great Britain, but to the uncertainty of the French political situation. Quotations of gilt-edge stocks cabled from London yesterday were very little altered from those of a week before and the pound sterling has shown a slight appreciation. The experience on the local markets and in Australia has been similar. While essential services have been conducted as usual the community—oppressed by the great tragedy of the week—has not been in the mood to undertake investment operations. Business on the local Exchange has accordingly been restricted but there has been no weakening of ; values. ' Fixed Term Securities. Government stocks have been in steady ] demand all the week, and fair business was done, with little or no alteration from previous values. A few parcels of .Auckland Harbour Board debentures came j 'on the market and were quickly accepted ; at prices very little below those obtain- l able for Government stock. The Wei- i lington issue of Amalgamated Brick 1 debentures changed hands 5/ better at £100 15/. . Banks Unchanged. The banking section followed the trend 5 of recent weeks, which means that Dominion issues were steady and Austra- j bans firm with a tendency to advance. Commercials eased further from the high £ point of 19/ realised on January 11, and sold down to 18/6. This proved to be J bottom in the meantime, and yesterday £ the scrip sold at 18/8. The improvement j, coincided with the announcement of an j; improved rate of interim dividend by the directors of the Commercial Bank of Sydney. Investors may be justified in the inference that other Commonwealth 1 banks may follow the lead now given. The demand for Dominion issues was rather slack and New Zealands had a sale 2d lower at 47/6. Insurances Improve. x Though little business was done there i was. a better inquiry in the miscellaneous section and sales covered four separate issues, namely New Zealand, South

0 British, National and Queensland, and a 0 the noon call yesterday there were agan inquiries for all of these lines. 9 Mining. ® The only notable changes in the mininj g seection were an appreciation in Martha: 0 and Waihis, and an easing in Mouni j Morgans. The last mentioned, which an now 2/6 shares, slipped back from 19/1 last week to 18/2 on Thursday. Tht decline was then checked and a sale mad< 1 yesterday at 18/3, with a final markel ? between 17/9 and 18/6. There has nol J been much business in Marthas lately, bu< the scrip is firmly held and a purchaser ) had to go to 20/6 to secure a parcel. This 5 is the highest level since the interim divi- > dend was paid in December. At the > same time Waihi investments improved 3d, with a sale at 14/9. : Amongst local enterprises there is a fair J amount of interest in the shares of Golden Crown, which were removed from > the official list a few months back. L'nofKI cial trading has been done, and a firm of local sharebrokers, who are not members of the Auckland Stock Exchange, have been quoting them with buyers of the 2/ scrip, at 9/, and sellers at 9/3. For. the contributing issue (paid to 1/6) buyers are quoted at 8/6 and ; sellers 8/7. Sales of the fully jjaid have ' been recorded at 9/1, and of the contributing at 8/7. Australian Securities. There was again a steady inquiry for miscellaneous Australian securities, with values fluctuating in sympathy with the Commonwealth markets. Colonial Sugars failed to hold the full extent of the recent rise and sold at £43 10/, a drotf of 10/. Chain stores had full attention and G. J. Coles rose sharply to sell yesterday at 73/ atid 72/, as compared with 67/6 the previous week. Woohvorths (Sydney), after a period of stability at £6, gained 2/ at the last call yesterday. New Zealand and River Plates had their first transaction for a considerable period, a buyer giving 16/ for the £1 scrip. The problem that has faced the directors of this big organisation, which has its headquarters in London and functions chiefly in the Argentine, is getting funds from the Argentine transferred to Britain. Currency restrictions have proved an almost insuperable barrier to successful business. Dominion Issues. In the limited business done in New Zealand miscellaneous issues there were not many changes. Farmers' Trading shares continue to firm, and sales were [ made from 8/2 to 8/3. Mosgiel Woollen shares are not often offered locally, and a couple of parcels that became available commanded £10 5/ and £10 7/6 for the £5 shares paid to £4. Milne and Choyce's debenture stock had their first transaction in recent months, a sale at 16/ representing a drop of 1/3. Auckland Gas shares failed to hold the recent improvement, selling from 26/10 back to 26/6. Dominion Breweries touched a new high level, with business at 19/3, whilst New Zealands dropped a shilling, with a sale at 52/9. Trend of Market. The following table indicates the fluctuations in values of various securities: — BANKS. Dec. 13, Jan. 17, Jan. 24. 1935. 1936. 1936. £ s. d. £ s. d. £ s. d. Aus'asia . 11 7 0 11 17 6 12 0 0 Commercial 0 17 10 0 18 7 0 18 8 E.S. and A. 5 9 6 5 19 6 5 19 6 Nat., N.Z. 3 12 0 3 11 6 3 11 0 Nat., Aus. 6 19 0 726 726 N.S.W. ... 32 5 0 33 17 6 34 0 0 N. Zealand *2 7 10 278 276 Union 9 11 0 9 14 6 9 15 0 Reserve . . 5 15 6 5 15 0 5 15 0 MISCELLANEOUS. £ s. d. £ b. d. £ s. d. N.Z. lusur. 333 313 320 S. British 4 12 0 4 10 0 4 10 0 Golds., M. 1 11 9 1 13 3 1 13 6 Brit. Tob. 200 209 210 Col. Sugar 42 10 0 44 0 0 43 10 0 Auck. Gas 169 169 1 6 6 N.Z. Brew. 2 14 3 2 13 3 2 12 6 GOVERNMENT STOCKS. £ s. d. £ s. d- £ s. d. 1937-40 102 7 6 »100 10 0 100 10 0 1952-55 107 10 0 104 15 0 105 0 0 1939-52 102 10 0 102 15 0 102 15 0 ♦Ex dividend or interest. Latest Sales. Sales completed since last review have been as follow:— Banks. —New Zealand, £2 7/8 (3), £2 ■ 7/6, D. Mort. £1 11/3; Australasia, £12 j (2); E.S. and A., £5 19/6 (3); National , Bank of Australasia (con.), £7 1/6, £7 , 5/6, £7 2/6; Commercial, 18/6, 18/8; ~ National, £3 11/. i

Insurance. —National, 18/4; South British, 1 £4 10/; New Zealand, £3 1/6; Queensland, £2 15/ (2). Government, Etc.—Bonds, 4 per cent, 1937-40 £100 5/ (2), £100 10/, 1943-46 £104 7/6, 1946-49 £104 7/6; stock, 4 per cent, 1937-40 £100 5/ (3), £100 10/, 194346 £104 12/G, 1952-55, £105; '3Vz per cent, . 1938-52 £103 10/. Auckland Harbour Board. 4Vi per cent. July 9, 1957 £100 10/, July 9, 1958 £106 10/; Amalgamated Brick (Wellington), IVi per cont, March 1, 1944 £100 15/. ' Mining.—Martha, £1 0/6; Waihi, 14/9; Matalci, 2/, 2/1; Golden Dawn, 3/; Mount Morgan, 18/6, 18/2, 18/3; Mount Morgan Development, 3/9; Coldfield Dredge, 5%d. ; Australian, Etc. —Colonial Sugar, £43 . 10/; Australian Glass, £4 4/6: Kami. £1 3/6 (4); Australian Iron. £1 6/; ; Broken Hill, £2 19/ (2), £2 18/9 (21: British Tobacco, £2 0/9 (2). £2 1/; Henry Jones, £1 18/3; Mount Lyell, £1 1/', £1 ' 1/6; Woolworlhs (Sydney), £6 (3). £0 2/; River l'late, 16/; G. J. Coles, £3 13/. £3 12/; Oioldsbrough, £1 13/6; Smith, Wyllie, 10/. Dominion.—Auckland Gas, £1 6/10 (2', £1 6/6; Farmers' Trading. 8/2. 8/3; Milne and Choyce (deb. stock). 16/; New Zealand Paper Mills. £1 10/3; Consolidated Brick, 10/6; New Zealand Drug, £4 1/3 (2); Union Steam (pref.), £1 6/0; Mosgiel Woollen. £10 5/, £10 7/6; Kaiapoi (con.), 5/2; Dominion Breweries, 19/3; New Zealand Breweries, £2 12/9; Union" Oil, £1 10/; Rural Development, 3/.