THE WEEK REVIEWED.

Auckland Star, Volume LXVII, Issue 139, 13 June 1936, Page 4

THE WEEK REVIEWED.

BUSINESS KEEPS UP. MARKET'S CHEERFUL TONE. AUSTRALIAN SCRIP PREFERRED. Another week of brisk business. Despite many adverse factors investors maintain recent optimism and are buying and selling securities with an abundance of confidence. Daily trading for the weekly period which ended last night was heavy and the general tone of the market strong, with recent valjies well maintained. A notable feature of the latest period was the continued support given by Australian business, which accounted for fully 40 per cent of the total sales recorded. In this connection the shares of Broken Kill Proprietary were the most active, and' they sold freely every day on a rising market. Starting the week at £3 8/, they rose to sales at £3 13/. This proved to be peale in the meantime, as latest quotations were from £3 11/6 to £3 12/. The contributing issue, paid to 10/. also advanced, with sales from £2 6/10 to £2 11/'.

Another scrip which found especial favour was Selfridge's (Australia), which vose d&y by day, with sales from 23/- to 25/6. The general buoyancy of Australian industrials was exemplified in Australian Glass, which advanced 3/6 to the new high level of £4 13/6, and later to £4 13/9, at which figure considerable business was transacted. Hume Pipes, which announced good profits and a 5 per cent dividend rate, advanced from 19/6 to 20/6. British Tobaccos, Colonial Sugar, G. J. Coles, Electrolytic Zinc, Tooth's, Morris Hedstrom and Dunlops all had business at about late rates. The announcement of increased profits and a higher rate of dividend failed to lift Goldsbrough, Morts in face of wool prospects being prejudiced threats of Japanese trade reprisals. The scrip was on oiler yesterday at 32/6, with 110 buyer in sight.

The zest for Commonwealth scrip was instanced by the inclusion on the list of | quotations of several issues that are never, jor scarcely ever, asked for. Holden s Motors, Mort's Dock and Cranwclls were included in the sales recorded. Woolworths Again. The Woolworth group were comparatively quiet at the beginning of the week, but made a fresh spurt later on. The announcement that the directors of the New Zealand concern are paying a 10 per cent intiVim dividend was well received. The scrip of the Dominion concern reacted promptly, with a rise from £8 S/ to ,£9 (the previous high level), while Sydncys, whieti had slipped back steadily to sales at £o 8/6, jumped to £o 14/ and £5 la/. Government Stocks Firm. There was a steady "demand for Government stocks, but very little was offering until the close of the week, when a fair amount of business was put through with scarcely any alteration in values. Banks Are Dull. I The banking section was again very I quiet, with values generally steady and a ! few minor changes in favour of buyers. New Zcalands were really dull, particu- ' larly so in view of the imminence of a dividend distribution. They were sold ! back to £2 5/ cum div.. and after t"c ! dividend had been paid were quoted between £2 4/ and £2 4/9. This is a low price for a bank scrip carrying a 10 per cent annual dividend, and certainly appears to be good buying, but the market is evidently hanging back to learn the policy of the Government, as expressed s in the pending appointments to the board of directors. Insurances. Surely, though furtively, buyers are coming back to the insurance section. All the leading issues were in request at each call, but holders were standing off and not much business was done." New Zcalands made progress, with sales from £3 3/. to £3 3/6, and more wanted at the higher figure. South British also improved, with business at 90/G and 90/9. Mininrj. The mining section showed rather more activity than in recent weeks, despite the drop in the price of gold. This was probably responsible for Marthas selling lid cheaper at 19/4, while Blackwaters and Consolidated Golds failed to hold their recent advance. However, Mount Morgans, which had slipped badly the previous week, recovered 1/> with a final transaction at l.i/3. Amongst purely Dominion issues Golden Crowns attracted attention, through an attractive return from a ton of selected ore. Sales of the 2/ shares were made from 8/9 to 9/9, later easing back to 9/. Arpo shares made headway with sales at 1/10 and 1/9, but Golconda Holdings slumped with business at lOd, which compares with the last sal? in December at 1/6. Skippers failed to hold the recent rise, and were dealt in at 3%d. Dominion Issues.

While speculators confincd their attention chiefly to Australian securities investors kept up a steady demand for approved Dominion industrials and retail issues. J'o. these values as a whole were steady, ami in a comprehensive list there were scarcely anv weak spots. Bycrofts reflected the satisfaction of the market with the bonus issue by raising the shares to £2 11/, the highest price realised since January. Subsequently they were quoted ex rights, with buyers at 39/6 and no sellers. v\ ilsons Cement were steady between 45/3 and 45/ for the 10/ shares, which have still to receive a final dividend of 9d and a special bonus of 5/ a share. Farmers Trading had their first business with the new capitalisation, which places the par value at £1, a parcel of the ordinaries changing hands at 20/3. Annual meetings held during the week included that of New Zealand Breweries, at which the' chairman of directors, Mr D. W. Madden, stated that there had been a/ satisfactory increase in output at all the company's branches. However, the decline which had been brought about in recent years, as the result of adverse economic conditions and the 5 heavy burden of taxation, had not yet been fully mado up and the company's output was still below normal. The market has shown little change since the directors announced a % per cent increase in the final dividend rate, and the shares were quoted between £2 12/6 and £2 13/3 without businessresulting. \ The directors of the local brewing concern, Dominion Breweries, cheered market with the announcement of its first dividend to the ordinary shareholders, the rate being 6% per cent, which is also available to holders of 5 per ccnt preferences. The reaction of investors was shown in a rise from 23/10 at the beginning of the week to 25/9 at the close. Coal shares were in good demand, ana Pukeiniros came on to- the sales sheet again, with business at 24/10. Timber scrip was largely neelected. apparently as a reaction to the Government edict that mill prices must not be raised in the meantime. Trend of Market. The following table indicates the fluctuations in values .of various securities: —

Latest Sales. Sales made since last review have been as follow: — Banks.—New Zealand, £2 5/3, £2 5/, (cum div.) £2 5/, (D mort, ex div.) £1 8/9; New South Wales, £32 7/6, £32 5/: Commercial, 19/2 (2). Insurances. —National, 18/ (3), 18/1; New Zealand. £3 3/ (2). '£3 3/6; South British, £4 10/6, £4 10/9. Government, Etc. —Bonds, 4 per cent, 1943-46, £104 5/; stock, 4 per cent, 194346 £104 5/, 1940-49 £104 of, 1952-55 £106 of, £106: 3% per cent, 1938-52 £103, 1939-52 £102 17/6; 4 per cent. 1937-40 £102 12/6. Amalgamated Brick (Auckland), 7V& per cent, March I, 1944. £101 (2); Auckland Harbour Board, July 7. 1951, £107 5/: Piako County Council. 6 per cent, March 1. 1947, £104. Mining.—Big River, 2/; Placer Development, £5 10/; Golden Crown, 8/9, 9/, 9/1, 9/3. 9/9, 9/7, 9/6, 9/; Golden Dawn, 3/4; Argo, 1/10, 1/0; Golconda Holdings, 10d; Maerewhenua, 3d; Martha, 19/4; Skippers, 3%d (3); Mount Morgan, 14/3, 14/5. 14/10, 15/, 15/2, 15/3; Worksop, 1/9; Upper Watut, 7/2: Waimumu Sluicing, 6%d (2): Alluvial Holdings, 1/7. Australian, Etc. —Broken Hill, £3 8/2, £3 11/9, £3 12/, £3 8/. £3 9/2, £3 9/9, £3 10/, £3 10/3, £3 11/, £3 12/6, £3 13/, £3 12/6. (con.) £2 6/10, £2 8/3, £2 9/. £2 11/; British Tobacco, £2 1/; Australian Iron, (pref.) £1 5/; Mount Lyell, £1 4/5 (2); Coles, £4, £3 19/9, £4, £3 19/lOV2 (21; Colonial Sugar. £41 10/; Australian Glass, £4 13/6, £4 13/9; Hume Pipe, 19/6. 19/7, 20/3, 20/6; Electrolytic Zinc (pref.), £1 19/6. £2, (ord.) £1 17/3, £1 IS,/; Tooth's Brewery, £2 12/; Henry Jones. £2 1/; Morris Hedstrom, £1 5/6, £1 5/0: P. and O. (def. stock). £1 4/3: Woolworths (Sydney), £5 12/6 (2), £5 9/ (2), £5 7/6, £5 8/6, £5 14/, £5 15/, (old issue) 25/4%: Holden's Motors (pref.), £1 3/3; Selfridge's (11.i.), £1 3/, £1 3/3 (2)", £1 4/, £1 4/6, £1 5/, £1 5/3. £1 of. £1 5/3, £ 1 5/6, £1 5/4. £1 5/3 (3); Mort's Dock, 10/; Cranwell's, £1 19/; Dunlop, 17/0. Dominion. —Consolidated Brick. 10/5, 10./6 j (2), 10/5. 10/6; Dominion Breweries, £1 3/10, £1 3/9 (2). £ I 4/, £15/6, £15/,' £1 5/9: preference, £1 5/, £1 5/3, £1 5/6: Auckland Gas, £1 5/10 (2); Farmers' Trading. £1 0/3; Northern Roller Mills. £1 5/; Peters' Ice, £15/; Newton.King (preference), 9/0%: N.Z. Refrigerating (contributing), 9/7; Pukemiro, £14/10 (2) : Renown (preference), 2/11; Bycroft. £2 11/ (2); United Building, £1 0/6; Wilsons Cement, £2 5/3, £2 5/6, £2 5/3, £2 5/ (2); Woolworths (N.Z.), £8 8/, £9; preference, £1 16/6: Milne and Choyce. 16/; Guarantee Corporation, 5/5; N.Z. Newspapers, £2 1/9.

BANKS. Dec. 13, June 5, June 12, 1935. 1936. 1930. £ s. (1 £ s. d. £ s. tl. Ans'asla .11 7 o 11 IS 9 11 18 9 Commercial 0 17 10 0 19 3 0 19 2 E.S. and A. 5 9 0 0 3 9 0 3 9 Nat., N.Z. 3 12 0 3 11 0 3 11 0 Nat.. Alls. 0 19 0 7 S 0 770 N.S.W. . . 32 5 0 32 10 0 32 5 0 N. Zealand *2 7 10 2 5 3 *2 4 0 Union ... 9 11 0 9 13 0 9 13 0 MISCELLANEOUS. £ s. d. £ s. d. £ s. d N.Z. Insur. 3 3 3.3 2 9 3 3 9 S. British 4 12 0 4 10 0 4 10 9 Golds., M. 1 11 0 1 12 0 1 12 0 British Toh. 2 0 0 2 1 0 2 0 9 Col. Slicar 42 10 0 41 7 0 41 10 0 A uck. Gas 10 9 1 5 10 in 10 N.Z. Brew. 2 14 3 2 14 0 *2 13 0 GOVERNMENT STOCK. £ s. d. £ s. d. £ s. d. 1937-40 102 7 0 102 12 0 102 15 0 1952-55 107 10 0 100 10 0 100 2 0 1939-52 102 10 0 102 7 0 102 17 G •Ex dividend or interest. i