THE WEEK REVIEWED.

Auckland Star, Volume LXIX, Issue 66, 19 March 1938, Page 4

THE WEEK REVIEWED.

ANOTHER DULL SPELL. LEAN TIME FOR BROKERS. WAR SCARES PARALYSE STOCK MARKETS. Still yielding to external influences, the Auckland Stock Exchange experienced another quiet week, and the turnover lor the period ending last night was very small indeed. Conditions abroad had been disturbing enough, in all conscience, in recent months, imt the invasion and acquisition ot Austria by Germany seemed to be the last straw that might set Europe ablaze. No sooner had the extreme intensity of this war scare abated than a fresh source i t anxiety arose ovet tumours of French intervention in the Spanish civil war. No shocks so severe have come to the securities market since 1014. but losses were not so great as in the Wall Stieet debacle in August of last year. However, there has been a general disorganisation 011 the Stock I'.xvhangcs through fear of a major European war. and it is difficult under those circumstances tor business to proceed on normal lines. ( uirencies of leading nations locked, and tiie whole economic structure was temporarily shaken. Cables yesterday were to the effect that the worst of til" panic had died down and \ allies had recovered from the previous da\ s losses. Even should the piesent tin tat of war be allayed, it will take some time for the world's chief Exi hanges to achieve comparative stability, and until they do local business will be adversely afftcted. The only section possessing a semblance of strength was that devoted to gilt-edged securities, and even for these the demand was not as keen as it was a few weeks ago. However, ofl'etinus were not plentiful, and the few parcels that came 011 the market were readily placed at about late rates. There was again a dearth of local bodv debentures, the onlv transact ion in this class beinc a sale of Mount Albert Borough Council at £lu3 10 . Australian Banks Quiet. It is a lon»- time since there 1,-s lv"n such a poor demand for Australian This can be attributed directly to political causes. Three Australian elections are pending and there is nervousness livt a new Government may adopt some 01 the debatable features in the Banking Commission's report. Possibly for the same reason Australian Banking shares have l&ceived a poor hearing on the London Exchange, and this support has been missed in recent months. As is t-.sual in such conditions the Commercial Bank's shares had to take the ti 1 est impact of the decline in values and they sold 7d lower at 16 1. This is the lowest figure accepted for this •-•■ rip in recent years, though it tell as low as 12 0 duiiiiL' the slump period. In Christ chit: .-h the shares were still weaker, boinc on offer at- I<> . The latest valuation brings them into the class of New Zealand and Nationals in returning to the present purchaser over 4 per cent per annum on outlay. Both the Dominion concerns had a steady market. New Zealands with sales front 43 2 to 43 and Nationals at £2 14, .

Insurances Easier. Insurances were almost as quiet as the Bai ks and both New Zealands and South British bad sales at lower levels, the former losing 3d at 60, and the latter 1/ at 45, 6. Mining. Chief interest in the mining section centred in the Broken Hill and Mount Morgan companies, with values generally following the vagaries of the London metal markets. The Waihi group was in fair request, and the shares of the Investment Company sold unchanced at 9', while Marthas sold 3d cheaper at 14. 11. Australian Issues Weaker. Despite the prosperous condition of Australian industry the market across the Tasinan Las failed to maintain normal strength and values generally have moved downwards. Qf those affected by the metal markets, Broken Hill Proprietary and M ount Lyells were fairly steady at the recent lower levels, but Electrolytic Zincs were only in moderate request and failed to find a place on the sales sheet. Such sound stocks as Colonial Sugars, Ausstralian Glass, British Tobaccos. Kauri Timber and Anthony Bordens were all traded in at lower prices. Chain stores were active, but here again the general trend was easier, and Woolworths, Ltd., sold from £1 6 9 to £16 2, G. J. Coles from £4 to £4 2,'3, then back to £4 2', and Selfridges (Australia) were 9d lower at £ 1 7/3. Dominion Securities. There was little life in the demand for miscellaneous Dominion securities, though values were steady for a few favoured lines such as Bycrofts, Macky Logans. Dominion Fertilizer. Grey and Menzies and Rcid Rubl>er. These, however, were firmly hold and customary offers failed to bring bnsi;ic6.-3. Farmers' Trading were steady, with fa l c\- of the ordinary shares at par, and Farmers' Fertilizer, which had dropped too low the previous avc recovered 9.1 with a sale at 17 6. The two chief Brewery lines see-sawed again. Xew Zealands caining 3d with business at 45/9 and Dominions losing a similar amount with a sale at 38/3. Gas shares were slightly easier, with sales from 20/3 to 20/2, and Xew Zealand Xewspapers. which had been very firm in recent months, dropped 1/2 in business at 37/4. There was a little more interest in the woollen section and Bonds Hosiery, which are not often quoted, changed hands at 19/9, while Wellington Woollen prefs. were in regular demand at £5 7/6, with no seller in sight.

Trend of Market. The following table indicates tlio fluctuations in the values o£ various

Latest Sales. Sales 6ince last review have been aa follow:— Banks.—New Zealand, £2 3'2 (2), £2 3/ (2); Commercial, 16/1, (pref.) £9 9/9; National, £2 14/ (2); National of Australia (con.), £7 3/. Insurances.—New Zealand, £3 (2); South British, £2 5/3 (2). Government, etc.—Rural Bonds, 15/9/47, 5 per cent, £101 12/6; Stock, 15/1/53-57, 3% per cent, £98 10/, £98 7/6; 15/7/39-41, 3 per cent, £98; November, 38-52, 3V& pe'r cent, £103 5/; Mount Albert Borough Council, 1/7/48, £103 10/; Williamson Pictures, 1/10/41, 6% per cent, £90 (3). Mining.—Martha, 14/11; Waihi Invest.. 9': Gillespie's Beach. 10? id; Broken Hill South, £1 12/3 (2). £1 12/8 (2). £1 12 ft. £1 13'3; Mount Morgan. 10./1. 9/11. 9/10, 9/6, 9/8. (pref.) 5 3, 5/4 (2); North Broken Hill, £2 11/4; Coromandel, 1/8. Australian, etc.—Anthony Horden. 18 6; Australian Glass, £4 " 12'6; British Tobacco, £2 8 6, £2 8/3; Broken Hill Proprietary-, £3 1/6 (21. £3 2 3. £3 1 ■' (2): Coloriial Suzar. £46 2 6: G. J. Coles. £4, £4 2, j £4 2,3, £4 2/, £4; Kauri

Timber, £1 1/5; Mount Lyell, £1_ 10'; Selt'ridges (Australia), £1 73; W. RCarpenter. £2 7 ; : Woolworthe (Sydney). £1 6 0. £1 6 8. £1 6 6. £16 8 (3), £1 6 7. £16 6. £1 6, 3. £1 6/2. (Ist pref.) £2 0 3: Woolwortlis (South Africa), 16/1. 16 2. 16 1 (21. Dominion.—Auckland Gas. £1 0 3 (3). £1 0 2. (con.) 14 9 (2): rukemiro Coal. 18 6: Dominion Investment. 19 : Devonport Ferry. £1 0 9; Dominion Breweries. £1 IS 3; New Zealand Breweries. £2 5 9 (2) : Bonds Hosiery. 19 9; Consolidated Brick. 76: Farmers' Trading. £1 (31 : Farmers' Fertilizer, 17 6: MeKenzies. £3 10 fi (2). £3 10.'; New Zealand Newspapers. £1 17 4: Taranaki Oil. 6'3, 61. 6 : Woolworths (New Zealand I, £1 2. (2i.

securities: — Dec. 22, Mar. 11, Mar. 18, 1937. 1938. 193S. £ s. d. £ s. d. £ s. d. | A'asla . . 10 15 0 10 5 O 10 o o Commercial 0 17 O 0 16 6 0 10 1 E.S.asdA. 5 7 6 540 5 40 Nat., X.Z. 2 15 O 2 14 O 2 14 0 Nat.. Aus. 700 736 7 3 <> X.S.AV. . . 32 17 6 32 7 0 32 2 6 X. Zealand 2 4 0 2 3 0 2 3 o Union .. 9 10 0 8 18 6 8 IS C MISCELLANEOUS. £ s. d. £ S. d. £ s. d. X.Z. Tnsur. 3 3 0 3 0 3 3 0 o S. British *2 89 266 2 5 6 Golds. M. 1 13 0 1 10 9 1 10 9 British Tob. 2 10 6 290 283 Broken Hill 339 313 310 Eire. Zinc 270 254 *2 40 (pref.) 2 10 0 290 *2 70 Aus. Glass 4 12 6 4 12 6 4 12 6 Mt. Lyell 1 10 9 1 10 0 1 10 0 Col. Suprar 47 10 0 46 5 0 46 2 6 Auck. Gas 110 103 102 Wilsons C. 0 17 6 0 17 10 0 17 11 N.Z. Brew. 266 256 259 Dom. Brew. 1 19 9 1 18 6 1 18 0 GOVERNMENT STOCK. £ s. d. £ s. d. £ s. d. 1952-55 102 10 0 104 2 6 104 2 0 1939-53 101 0 0 103 0 0 103 5 0 1953-57 98 5 0 98 5 0 98 7 6 •Ex dividend or Interest.