THE WEEK REVIEWED.

Auckland Star, Volume LXVIII, Issue 31, 6 February 1937, Page 4

THE WEEK REVIEWED.

BROKERS STILL BUSY. SELLING ON FIRM MABKET. GOVERNMENT STOCKS ARE FIRM. After a slow beginning the week on "Change, which ended last night, suddenly livened up and for the rest of the period considerable activity prevailed. The scope of operations was greater than for some time, with industrials, both New Zealand anil Australian, playing a leading part. The tone of the market was definitely buoyant, practically the only recession being in cases where recent advances have been carried too far A factor in the present favourable market conditions is the release of funds following the maturity of the Government loan, but the principal stimulus undoubtedly comes from the continued improvement in the country's economic condition. Latest returns issued by the Customs Department show that during the month of December the Dominion ' turnover in overseas trade was valued at over £8.000.000 and for the year 1030 it was over L' 1(10.(IIIO.OIIll. The excess of exports over imports totalling over £12.(100.000 is more than sufficient to care for our overseas debt commitments, so that the general financial structure is in a thoroughly healthy condition. ally had 'their" n'p''rcn's'..j,',',',"iii 'ihe Public Accounts and the Minister of Finance has b-en able to publish figures which show that, despite expenditure on a seale unprecedented in the Dominion. Ihe receipts from taxation in one form and another have been sufficient to keep the temporary deficit within reasonable proportions. Mr. Savage lias staled that, according to present, indications, the final figures for the year will disclose a satisfactory position. To the taxpayer moaning beneath the weight of heavy burdens it will be a consolation to know that the Labour Government is sufficiently conventional in its policy to strive for a balanced Budu-et. This in its turn is a very powerful factor in maintaining the confidence of A "feature of (lie week's trailing was the k-en demand for Government stock and local body debentures, ami it is probable that a ::ood proportion of the money released from the Government's 1037-10 loan is finding its way back to this section. The market was firm throughout and considerable turnover was recorded with anv changes in favour of vendors. In trading issues Amalgamated Bricks were in good demand, with £103 offered for the Auckland issue, and 10' Ics.-. for the Wellington, with no response from holders in cither ease. Banks. The demand for bank shares eased off slightly, though there was little change in values. ' Xew South Wales were slichtly easier, with sales at £3. _ . 12 (i. and K.S. and A. dropped a shilling, with business at £0 .V. Commercials paid a halfyear's dividend, and then sold at 10/;,, conmarcd with 10 9, cum dividend—practically no chnnae. Xew Zealand* continued dull, with sales between JO/4 and 40/0. Insurances. There was little movement in insurances. an exception b-ing provided by Standards, which had their first local sale this year, showing a drop of 1 J. Nationals 'were I'll lower at IS 3. South British and Xew Zealand* were unchanged, with business at 05/0 and 01/3. Australian Issues. There was a steady demand for a wide ,ran:.v of Australian miscellaneous issues, but buying limits were fairly rigid and values generally were maintained at a level well below the peak prices reached last month. An exception was provided by G. J. Coles, which rose sharply from 07/3 to the peak level of £5 l/, later dropping back to 00/0. Other chain stores were in regular request. Woolworths and Reifridges showing the usual fluctuations in a group that seems to have a fascinatoin for the speculator. Electrolytic Zincs and Mount Lyells again followed the fluctuations of tlie London metal markets, and both finished up the week close to their peak prices. Yesterday's cables from London revealed new strength in most of the common metals. Electrolytic copper at £00 5/ per ton touched the highest point reached for many years. Industrials such as Broken Hills, Colonial Sugar. Dunlops and MoHk Dock were fairly steady, while Australian Glass and Kauris both sold at higher rates. A new quotation on the list was the scrip of Hackshalls. biscuit makers and flour millers, of Sydney. The firm has a paid capital of £300.000 in £1 shares. In 103.1 net profits were £12.000. a drop of £0500. and dividend was reduced from 0 to 2',4 per cent. The l!>30 accounts are due any time now. On the local Exchange there was a buyer at IC,', with no seller. Mining. The mining section attracted little attention. Mount Morgans, which have been a mainstay in this class, were almost nctfleelcd. and the only sale was at Hi 0',6. a drop of 3'.'jd. The Waihi group were steady, but there was no briskness in the demand. A meagre turnover included sale* of Broken Hill South, the 5/ scrip selling at 40/ and 40/9. Breweries in Demand. There was more life in the brewery class than in any other particular group. Both Australian and Dominion issues were called for. Totths Breweries had a flam market, with sales from 50/0 to 57/VA. Xew Zcalands moved up another 3d to 57/G, but failed to hold that mark, considerable business being done at 3d The most notable movement in the section came from Dominions, which broke new records, with sales of the ordinary shares from 42/0 to 41/ G. and of the preffi. at 43/, with later buyers for both issues at 43/3, and no sellers. The progress of this company since its inception in 1030 has provided one of the brightest spots in local industrial movements, and the market has followed the company's operations with interest and approval. Fresh capital has been readily available at a premium when required, and the demand for shares has resulted ill a steady advance in price. The company announced on Wednesday that share transfer books would be closed for a short period next week, and it is considered that this may be the prelude to an issue of further capital. Jn August last the company made an issue of 40.000 £] shares at a premium of 2/G and in December paid its first interim dividend at the rate of S per cent per annum, against GVi per cent for the previous full year. Dominion Securities. For miscellaneous Dominion industrials and departmental stores there was a satisfactory demand, and values "encrally were steady. Auckland Gas sold unchanged at 23/8, and Wilsons Cement slipped back, with sales at 38/B and 3R/3 for the 10/ scrip. Farmers' Trading maintained recent strength, the ordinary £1 shares selling from 23/ to 13/fi a new record. Macky Logans at 23/ and Kolfer Mills at 22/ held last week's advances In the unlisted section Silknits moved up to £3. Selfridges (Xew Zealand). 4/ paid, sold from 8/ to 8/0, but later eased to 6/8. Trend of Market. The following table indicates the fluctuations in values of various Dec. 22. Jan. 20, Feb. .1 1030. 1037. 1037. a s. (1. £ s. (1. £ s. d. Auß'nsia . 12 S G 12 Ifi 0 12 lfi 0 Commercial 0 10 0 0 10 0 »0 in » K.S. anil A. r> 10 0 fi i; n 0 .1 0 Xaf., X.Z. 3 -10 3 .1 0 3 2 0 Nat., Alls. 7 7 0 7 7 0 7 13 0 X.S. Wales 3.1 0 0 3.1 1.1 0 Si 12 G X. Zealand 2 10 2010 20 H Union ... 10 7 0 *10 11 G 30 11 0 MISCELLANEOUS. S, s. d. £ s. d. £ s. d. X.Z. Insiir. 3 0 0 3 1 3 3 1 3 S. British ■! M 3 4 15 0 4 13 0 Golds., M. 1 1.1 n 1 IS 3 1 IS ■ 3 British Tob. 2 S 3 «2 11 0 2 10 G Broken Hill 1 2 G 4 13 4 1 3 Elec. Zinc 2 10 0 2 15 0 2 14 9 Elec Zinc. (pref.) . 2 12 0 2 1G G 2 16 G Col. Sllsar 43 .1 0 12 13 0 43 0 0 Ancle. Gas 1 3 0 1 3 S 1 V. S X.Z. Brew. 2 110 2 17 6 2 17 3

GOVERNMENT STOCK. iZ s. d. S s. d. £ s. a. 1032-55 101 5 0 103 12 0 103 15 0 1030-32 102 0 0 1111 12 0 101 5 0 ♦lix bonus or dividend. Latest Sales. Sales since the last review have been as follow:— Banks.—Xcw Zealand, £2 0/4, £2 0/0 (3)i £2 0/9; National ot Xew Zealand, £3 3/; National of Australasia, (con. J £7 13/; New South. Wales, £35 12/0, (Melbourne register) £35 15/; E.S. and A., £ti 5/; Union, £10 11/; Commercial, (ex. div.) 10/5. Insurances.—Xew Zealand, £3 1/3 (2); National, 18/3; South British, £4 15,0 (2); Standard, £2 IS/4. Government, Etc.—Bonds, February 15, 1043-40, i per cent, £103 17/0; April 15, 104U-40, 4 per cent, £103 17/0; June 15, iOo-'-M, i per cent, £103 15/ (3). Stock, February 2, 1043-40. 4 per cent, £103 17/0 (4); April 15, 1010-40. 4 per cent, £103 I.V CJI; June 15. i!).VJ-55. -1 per cent. £103 15/ (21. £103 10/, £103 15/ (3); November, JH3S-52, 3M per cent, £101 5/ (3), £101 7/li. Auckland Transport Board, April 1, 1939. £100 (2); Auckland City, January 1, 1944-05, £102 10/; Chriritchurch Drainage Board. December 13, 1040, £101; Hawera County Council, November 15, 19-11, £102; Mount Albert, July 1, 1940, £101, July 1, 1941. £101 10/; Mount Eden. April 1. 1001, £103. Mining-Golden Crown, 5/3; Komata Tieefs, 7/10 Vi; Martha, (odd lot) £1 I) 2; Maori Gully. s',id: Wailii Investment. 13/2 (3); Grand Junction. 3/S: Broken Hill South. £2 o,', £2 0/0; Mount Morgan, Hi 9',i: Placer Development, £5 1/. Australian. Etc.—Australian Glass. £4 12'. £4 13/ (3): Broken Hill Proprietary, £4 I'. £4 13 (3). £4 1/. (eon.) £3 7/0. £3 S/. £3 S'-l: British Tobacco, (ex div.) £2 lO.'O: Colonial Sugar, (odd lot) £43, £43 2 (i. .L' 43 1/3: Dunlop. Perdriau. IS 11 12): Electrolytic Zinc, (pref.) £2 15/0 (21. £2 15/3. £2 10/0 M). (ord.) £2 14/0; Howard Smith. £1 3/. .CI 2/0; G. J. Coles. £4 17/3. £4 17/9. £4 18/ (2). £1 IS 3. £5, £5 0/9. £5 1/ (2), £5 (2), £4 19 9: Goldshrongb. Mort. £1 18/3; Kauri Timber. £1 3' (2). £1 3/3. £1 3/4: MorU Dock. 13/3 (2). 13'4. 13/414: Mount Lyell. £2 2 (i: Tooths Brewery £2 IIV 9 £2 17:!. C 2 17/114: United ' Provisions] 10': ■\Vineheombe. Carson. £1 in': Pelfridgi'S (Australasia), (old issue) C 2 TO £2 I -li: Woohvorlhs (Syrluny). £s" 15/' CS 14' (4). £S 13'fi. £B'l3/. (firel nref.l CI 19/ (West Australian) £7 5/ (31, £7 ■I '. L' 7 7 0. Dominion.—Auckland Gas. £1 3/8 Ml; Dominion Breweries. £22/0. £2 3' 13). £2 3/(1. £2 4 0. (prof.) £2 3.': New Zeiland Breweries. £2 17/0. £2 17/3 f5): Rvcrnft. £2 O'O: Canterbury Frozen Meal. £9 1 ti : Claude Neon iNew Zealand). CI 12'; Consolidated KnVk. 10/3 (2); Farmers' Trading. £1 3'. £1 3'3 CI 3 0: Gear Meat. 17': Gisbnrne Gas '■': Mackv T-ouan. £1 3/ f2): New Zealand Kcfri-eratiii". £ 1 o'4. Inn ) n'tVoit hern lir-ller MilN. CI •"• WestnortSiiiekton. 2': Slrirlaml. 19': WiU-nn-Cement. £1 IS/0. £1 IS'3- New Zealand Perpotual Forest*. £2 TVH: The-lre Arcade (nref.l 19/3: Selfridires (No* Z"illa-id. 4/ naidl. 8/. R'O 8/ S'l 8/ 7\ fi'lO. fi'B: flilkiiif ' £3- Fanners' fef^^d)^^ ,76^00^^ __^