THE WEEK REVIEWED.

Auckland Star, Volume LXVIII, Issue 156, 3 July 1937, Page 4

THE WEEK REVIEWED.

| IMPROVEMENT IN BUSINESS. •GOVERNMENT STOCKS VERY FIRM. j RENEWED INTEREST IN BANKS. j Although world markets aro 6till unsettled there wae definite improvement 011 the local Exchange during the week which ended night, and a substantial increase in turnover was recorded. A feature was a marked improvement in Australian Banks following an exceptionally dull spell. As is frequently the case, Commercials led the way in the altered trend, with sales from 18,3 to 18,9, easing a penny in a filial transaction. The market then steadied between 18/7 and 18 10. A week previously selleiis at 18 4 failed to quit their holdings. Nationals of A'asia also had a bettor market, the contributing issue selling from £7 3/ to £7 ii/. Unions were again in demand, and gained (id. with husinetss at £10 15/6. An exception to the general trend was noted in New South Wales, which continued their recent easing, and changed hands at £35 2/6, a drop of 17. 6 in the last fortnight. A feature of the section was a sudden spurt in Bank of New Zealands. which came in for special attention on Tuesday, interest being well maintained for the rest of the we«k. Values moved up sharply, and the scrip changed hands at 45/3 at the noon call, easing later to 45 . It is 12 months since these shares have sold up to their prevent level. "The National." A brief cabled reference to the annual meeting of shareholders in the National Bank of New Zealand at London came through during the week. This institution is essentially a New Zealand concern. transacting the bulk of its business in this Dominion, and its directors are naturally greatly interested in all matters affecting the Dominions prosperity. The chairman, Sir Austen Harris. took occasion to issue a warning. Ho said that while prices were good and trade active the New Zealand Government's policy might not arouse concern. A period of reaction would come in du<course, however, when trade would find it difficult, perhaps impossible. ti> Ix-ai the additional costs which legislation had imposed. Brief details of the Bank's trailing results were cabled earlier in the 11101 tli. showing net profits at £ 102.838. .1 t> tore which approximates very closely to 111 os.■ of the two previous years. A notice now received from the general manage announces payment on July 3 of a final dividend at the rate of 4 per cent per annum, free of tax, for the half-year ended March 31 last. Dividend Payment. The alKire dividend will be payable in New Zealand, at any branch of ti' • National Bank of New Zealand. Limited, at current rate of exchange for demand drafts on London 011 the date of negotiation. Ae an interim dividend at the rate of 4 per cent per annum free of tax was paid in January last, the total dividend for the year is 4 ner cent, which, with the exchange added, will give the shareholder in New Zealand a return of £4 18'10 per cent for the year. This bank shows its capital and reserves as under: — « Subscribed capital R.000.0n0 Paid-up capital 2,000,000 Reserve fund (invested In Government securities) 1,000,000 Currency reserve (invested in Government securities 500.000 Reserve liability of shareholders 6.000.000 0,500,000

In addition there are undivided profit* carried forward of £112,797. In the balance-sheet, liquid a*»eUi stand at £6.840,000, which are equivalent to 45 per cent, or 9/ in the £ of total liabilities to the public, and for every £ 1 of ite own funds the bank is holding £4 4/4 of the public's money. The batiks customers, and many other citizens, will have been interested to learn by cable published in last night's "Star" that Lord Balfour of Burleigh, who recently paid an official visit through New Zealand, has been elected deputy-chair-man of the bank. The shares, which are £10 units paid to £2 10/, have a steadv market at about £3 4/. Insurances. Insurances had a much better week than for some time. All the four leading companies had a share in the but-inet-.-. New Zeal-amis and South British retained recent levels, whilst Nationals gained 6d and Standards 1 Fixed Term Securities. Improvement in other sections failed to ill-tract Irom the recent kern demand ! for Government stocks. At each r.il! then; were buyers lor all listed isi-ues, whilst holder* kept off the maiket. Approaching the week-end a good number of parcels were offered, and biiieic advamed their offers to ensure trauMeis Both .'i'i and 4 per cents champed h.indat higher rates. More of tin- 1!14.'{-Hi's and the I!>4«"•-4!>"s could have been bimgl t yesterday at the new price level of £104 7 (i, and the ,'!9-41 per cents weie available at par. With these exceptions holder* had again withdrawn from the market. Local body dolventui r* were scaicer than strawberries iu winter time, and nuK a single sale, one of Auckland Haibour Board, was recorded in this class. It is a long time since local body scrip was so firmly held. Mining Quiet. Mining was again a dull section, an 'exception being provided in the ease o i Broken Hill Souths, which ivcncicl trom the recent decline, with sales | 4!) ,i. easing later to 4T» and 4S li, I'lace. | Development also reacted to imp!o\e| reports coiicerninu the in tern.it ion 11 >'.! . j situation, and sold 2 <i higher at R.'{ li .Mount Morgans started the week we'l with business at 12 10. but sul>s< ipient K j eased to 12 a. The Wailli group was i fairly steady. 1 Australian Issues. Despite baffling fluctuations in the world markets tor metals, Australian issue* most closely concerned showed some iniprov.Broken Hill I'roprietaiy. K:ectr<>lytic Zincs and Mount Lyells tinned up earlier in the week, and while failing in hold the full extent ot the adv.uc-. tinished up at higher levels. Australian O lass shares tii nied up and fold < x-di > idend i I'rom £4 11 9 to £4 12 Colonial Suga'.- ' and Dunlops showed ,i ..light im |>i ; incut. Chain *toi<*. again came in f«u I favourable attention. <;. .7. Coles sold | from £"> 2 'i to e."> Wooluoi t hs iS\d.> ] had regular business fiom !_'i> IS to i'li 10 (i. mill Sfdt i iilgc's soM .it 2S (i. a ill op ot 2 9 on the last transaction. Dominion Securities. Miscellaneous New Zealand issues showed a brighter tone than of late, and a satistactory volume • >t business was put tlnniigli. with values on the whole well maintained. Brewery shares received special attention, but sales covered a wide range, with rit\ j establishments, such as Milne and (Inc. ' Fanners' Trading and Macky j receiving substantial support." Dominion' Breweries reacted to the em out aging state- | meiits of directors at Thursday's annual | meeting, with sales ycstcida\ at 44 . com- ' pared with 4,' i 3 earlier in the week. The j addresses referred to were notable for the ; full and frank manner in which share- j holders were enlightened as to the conditions of the industry generally, and theii own company m particular. New Zealands, which appeared to have been rather overweighted temporarilv In ! the size of their new issue, and had slipped I

back, recovered, with sales of the old issue |up to 53/ and of the rights at 23'. Yestrr- ; j day the now issue paid to 5 tunic i'ii the ; lift for the first time, and attracted a •Inner at 3~> . No seller appealed in I response, which is scarcely surprising, seej ititr that the sci ip sold in Christchurch at [37 . ! Auckland Gas shales weic a little easier. with business at -1 t). and Wilsons Cement i sold licini 211' (i> "JO fi and later liark to '2n ;i. Taupiri Coals. West ports and We.-t- ---; poi t-Stuckton all had liusiness at about late rates, and hineis lor Renowns moved up :to 11 '3. without seeming (supplies. Ainmest annual accounts which became 'available dining tin l week were those of; N.Z. Farmers' Fertilizer Company, fdiow- ! ing an increase I>•>t 11 in :in.-s ami net profits, together with a i ecomnu ndation ; from the directors that the dividend rate 1 be increased from to fi per cent. ! Trend of Market. The following table indicates the I fluctuations in the values of various : securities: — i BANKS, i Pt. 22 Jim«'l!-j .Tiilv'j, ircj<;. r.t.37. inn?. , ; £ s. <1. £ s. <i. £ s. d. lAiis'nsia ln v r. ]•_' 7 it li' 7 >i , f <'nmmereia 1 o lit On 1 « 4 oIS s • I): S. anil A. lft or. 1 n •; i O X.I r., NZ. 4 o 4 0 t II Nat.. An-. 7 7i; 7 4 0 7 r. 11 N.s. V\*;i]«•- 0 o in 0 1, . V Zeal aml 2 1 ti 11 11 I'niou ... in 7 li In 1.1 it 1(1 15 11 M 1 SCKI.I. A \K< US. £ s. d. £ s. 1!. £ s. d. .VZ. liiMir. .! 11 1; ii o « n S. ISrii Mi t 1 I .! 4 1.1 1; 1 If. o liuM-.. M. 11! I 1 Ifi II 11.-, II British Tnli. 2 S 2 !i !i 2 li ! ltink.ll inn 4 2 t; 1:• •• 4 n Kill-. Zinc.. 2 10 II 2 ir. II 2 10 o , Kli-c. Zinc | (pr«'f. 1 . 2 12 0 2 11; o 17 1, ■ 1 rnl. Sni'iT 4:: 11 41; 17 1; 47 no I Ati.-k- 1; a - 1 :: ii 1 1 * 11 1. NZ. Br-iv. 2 1 I n 2 7 !i 2 1.1 11 1 ! I>■«in. i;r<-\v 1 is n 11 :: 2 4 o <;i iVERNMKNT STOCK. £ s. d. C s il. E s. d. l ii.-,i_'-r.r, 1111 o m:: n 1 or? Ir. n 1 !i:i;i .V 2 1112 fi It lnj in 11 102 jr. O • I:ir,:i.-|7 — 11m 11 ft lull r, n 1 Latest Sales. Sali* since the iae-t review have been ] as i■ ■ i ]au : — Ranks. New Zealand. £2 4 . £2 4 3 ' L"2 4 !l. £2 53. £2 . 7»; N.-w Ze.,i ]' : 1> M 'itgage. £ 1 fi 3: ('onim-i Clal. I s ! 3 I

IS 9. 18,8: National of A'acia. £7 n, £7 3 fi, £7 5 : New South Wales fW "J ii: 1 111011. £10 15 £10 li § fo, ' 45 In>urances.—National. 17 6 i2i- y Zealand. £3 5. fi '2>. £3 5 9. £3 6 •' c* £ Brit*h, £4 15.fi 1,31, £4 10 ; Su nd .rd, Government. etc.—Rural Bonds c (ember la. KM7. a per ecu. v -•*" Stock, .January 15. l!»o3-.17, 3'~ p er ~ c l: Mock. KdHilary la. l:» 43-46 4 1 cut, £104. £104 7 fi: An.:! 10 1946jq Pe J per cent, £103 17 fi i.h: .l MIIP iqto"4 per cent. £M 3 0 : I.O:>S-;,2. 34 pet ~ 1"'- I"' : lft.«)-.-,2. 3'~ pe, cent. £ T- ' IH3O-43. i<er cent. £prj 7 t;- \ ° : Harbour I?oa: d. July !>. I:*i4. i'ldi 4 Mining.—(iolden D,<«n ] :i ,3,. , Clown. 4 '.1. 4 7':: Mrii 4 1 Waihi Investment. 11 S ij. ■ j; 2 South. £2 9 3 ■ 21. £2 t- s' 1 . 1 Mount Morgan. 12 10. ];i 12 ]••> - I'lacer l^evelopinen;. £4 :j <j- (Jre Ii" *' 5 3. •' Australian. A ;-r . <: .. . , div.i. £4 11 0. £4 12 . £J 11 1;. V-j \ "Ist rn.iaii 1 ro:i aici Sti ,;. t,'c* ri r Broken Hrl I': , P - ~ 1 \ ■-} £4 or>. £4 i J.: 1"..;,,.'.r.,% ; Colonial Sugar. £4fi 17 ii <_J7 "if ' I'ei driau. £1 23. £ 1 2 fi': l Zinc. £2 In : l .V, ; .. ~ £2 IS (2 . £2 17 :■ L 2 Hi :(i .1 (V. " £•' 23. 4..1 2 £•■ 3 ; M, ]> , Motjir 1... ". £2 2 . ■;2 2 t •> "i : '.. £2 la 3. W00'".,, 3. it, is , J(| £<i !!• fi '2': Self 'I-- A':-;.i,. £j c 1) i - A ick 'a ii ! C„>. c\ If;, ration 1 ( o:,'. 1" li: .'1 " ' W'2 fi: B, 'WV] J)r .-..'"."rt Keii>. £1 (31 : Domini;,;! B: cw et v. £2 33. £2 3 C <3.. £' 4 Co:,*,,Vlateil Br .k. 7 9: Farmers' Tr 1 I C. £111; Farmers An •• 'a>:an 1 £li. 14 3: Kaiapoi. 13 6: Dam,,,.,., Fertiliser. £1 3 3: M:'ne and Chore,- V i.r.-t 7 per cent. £1 4 : N Tthern R - M:'.S I pre: A. £1 2 : New testing. 19 : New Zealand Bre« £2 1<» 12 ■. £2 10 3. £2 12 " r\ 13 I right*). £1 3 : New Zealand Gua;antee (W,ratio,,. .V -21: New Zealand t-armer-K Fertib-er. £1 06. £1 ]/ fi.. New- Zealand Newspapers. £1 ]€ • q" ' i"'' ! : 42 '.- l: Trail-,, 1 .. 1 « 1 1,' o, 1 tons Cement I.*r £1 'T'. £1 or, 1 .Ti. £] o-3 *£ 1 o ; 4 '4c £1 n3 ; Wool wo, th* r\ 7 , , o'op ~ i Stores, £3 • I*3: JVrpctuaJ £2 4'6.