THE WEEK REVIEWED.

Auckland Star, Volume LXIX, Issue 280, 26 November 1938, Page 4

THE WEEK REVIEWED.

FA4ALY ACTIVE. BUT MARKET WEAK. RUSH TO SELL SHARES. .MAN V BARGAINS AVAILABLE. I lie chief feature iif Stock K\l ':.. H_|. n|"T atimis 1111! 111 the past week hi- iic-n lii" ex. cptimially heavy tul 11■ ■ \ ' .ii (> ' inniciit. .-tucks. This has ii"t been ' '■ i■ I"11• '• m iiiipi oveil market cumin the 111:!k ol tile business in tin- seotinti 'las liccn ill the expentte 11f iioi'lel.s wiei i 1 ■ 1 *i' been mi ccd tn make ciiiices-iniis :n "''h 1 ! t" ofleet sales. I'lici eal l'. linweic!. - 1 -1'- that the bottom has been leiche-i. 1"i in t lie last few .lays t here h.,.- I„ . !"• i.i. k of Iniyei s at the low la!.-*, tin; i;" nililltf. With (ii.M'i ninenl is -1 a - '1 '.'turn tn the pi i •-(• n l I- . ''I II ''Hi 4 1-5 to 4 , /2 per cent per a.iir..m, -i.es n i ust lie looked upon as \c. ::.: ii; i ■ 1'"-. -lis. I here is quite oiiviiuis!\ ,i lack ' ■ . oili'ioliec pel vailill'4 the -ciict ai uiiik.-i, I" 1 New Zealand issues. but a :•■ i• t;ii may be expiM ted. ami v. lo n i: 1 tile lirst tn tee] the liciielit w.ll !"■ 1 •"> 111111 ■ 111. stocks. By way i,a !m: : - : :t n'a.v lie meiitninc.l that the t oiiiuuuia'_' j lii tv i A llstj a li.i i,- eon \i•! ;: i L ,I' .1'(III.( KIII wol til of liolnls at- .'< 7 s ;ic ;' ' " I'M' .'llllllllll. The ilili'ci eiice in the '■ ial position lit' New Zealaml ami 1 "' 1 1 'Hi Inoii uea 11 li is nut siillicient to ci--I"* -"'at a divergence. A list ia 1 ;.i. . k" New Zealand, lias its chief pii.b . ni "i piesent ,n lessened pi oil net ion, low J' : e.i'N 'nr its Exports and hialiei ' ; nin i'l Hilary ami seem I ,:\ I m 11;-I '; -. I -'iicral treml in this I loniiuioii iI I mi o: il it ed ly towards a ha i • leu intei--1 -' i.ii'-. but it will be sui pri.-iiiL.' j." tiijs in.l', <iii.li t justifies a v i<-!.| of 4 to 1U fi inn (ii.vct nment stock.-. I)i "• 11:11 • the poorer outhmk for th" I' ini.iti as a whole, there are still ample Inn.ls available for in\ivl men t, a- -'m-un th.. I railing Banks" ictiiriiH jiii !>!:-■ 11 .1 w>:e|.| i\' sllouiiiiX ileposils. flee ami |i\c|. a' L' (i'l.ol MI.(MM). However, with the appi o.ioh the ('hiisLuias season, it is scale-.!', likely tliat there will 1,,. any mark' I impl oveiiicut in the ileinanil for Sloe!; K\' hankie securities before the New Year Kuiuls available will 1„. chien.v .lev,, t-l i" or. 1 iria l \ trade leipi i I etnefi tc ami holi'la \* spenilin^r. Local body deliciiful es were aj.iili ill v i \ fill supply, and the few puicha-eis who . inie I."Ward wci e able to sccu'e f.nor- !'■ -locks at a price that showed a leiui'i "U "Ut lav of app: oxiinatel\ 4 r 2 p.-r < .-1,; Banks and Insurances. Banks, both Australian and New Zcilam!. had a quiet week. New Zealanis I".io»i"l the General trcllil and sold mi.i.i tl 0 li.n k to 40 10. while Nation illoiichcl .1 ne\v low level with final bu.-i----iio-s at IS !> or I below pal', ('"mine:'■'ill-' hail a hall-lical Iml itiquii \ aid tin -ill'.| up Ihe week :ii| low 1-1 a' 10 J. I minis sold (i higher at t-'-S l.'i fi, Icr the rise was not maintained, and > if-tet i!a\ at lIS II were met In bines u it li limits at. £S 5 Insui ames also moved downwards. New Zeal.'lids at 52.0 wet c Oil lower, and South British, with unsupported sellers at 44 . were (i,I cheaper. Mining. The continued rise in the price r>f (roM and improvement in tin helped the deniaii I lot Marthas an* I Waihi I iivi'stinen's. ai I tl "as little channe in the market rates. Similar tcmarks apply lo tin I~i -dip. Kmpeior and Mount Kasi. Barii.'. shams had limited business at about Ial" rates and Mount Morgans slipped li.uk further, with sale* from !) 4 to 1) 2. Australian Issues. Dull conditions overseas were reflect."' in the demand for I'omiunnu call h indusII nils, and business was confined »ti> a linit cd turnover in the usual iu.irk"t I'-adcis. Broken Hill I'ropi ict n \ . (..'ohciiil Dutiloi*:. Briti-h Tobacco. (;. .1. Coles. W'oolworths (Sydney i and Imperial (.'hciiiicals preferences. Australian <!!.i--shaies were easier and sold at L' 4 l!i :i. Metal scrip was quiet and there was only one sale of Electrolytic Zincs and none of Mount Lyell. Dominion Issues. T*nr N'ew Zealand indtwtiials inquiry ivas bii' from keen, and in a number of casus business was put through at lower values, (.las shares at 18/8 and IS 9, Milne and Choyce's debenture stock at 10 , Keid Htibher at ~2'2' and Farmers' Tradiiiii at l!> 5 were steady, but Wilsons Cement cased with business cum 4 L -2 dividenii at lii 4. and were later sellers at 10 4. ex dividend. The brewery section also w.iweaker. New Zcalands. after sale at 40 ii and 40'. were on offer at the lower limine, «it ii m> buyers in while Doniimms -old (id lower at .'l3', with sellers iciuaiuin;.' in at that figure. Anion'."*! regular offei in/s which failed to business were Kaiapi.i Woollen .Manulai turin/ Company scrip, the ordinal icN beinir available at 10 . the emit: :■ tli'iiutiiiL' at. 4 and the preference- at 15 . The woollen industry seems to have been definitely caught iu the problem of how to increase turnover to make up for iiiirher costs. In the last few weeks reports flout the Kaiapoi. Mnsjm'l. Bruce and Oamai'ii mills have all disclosed a fallinnoir in profits, the Oatnarit concern showing a loss lor one year of £7160. A more cheerful account came from the directors of the local financing company, the Traders' Finance Corporation, yvho leport an improveinent in business and a fin flier strengthening of the company's general position. Net profits show a substantial increase from i'tilSO a year ago to t;B.'{B7, and the year's dividend on the ordinary shares is increased from 5 to j'/s per cent.

LATEST SALESSales since last review have been as follows: - Banks. -New Zealand, £2 1 6, £2 1 £2 <i 11. £2 0/10 (21 : National, £2 1) , £2 8, 9; Commercial, 16,2 (2); New South Wales I Sydney reg.i, £31; Cnion. £S l.'i li. Insurances.- New Zealand,' £2 1:5 , £2 12 6. C.overnment, etc.—Bonds: 15 1 ~>3-.~»7, 3Va per cent. £93 ">/; 15/2/43-46. 4 per cent, £90; l.'i, 4/46-49. 4 per cent. £03 10.'. Stock: 15 1/53-57, ZV-t per cent, £93 5., £93 2 6; 15,2 43-46, 4 per cent, £99 (41, £99 5,'; 15/6/52-55, 4 per cent. £99 (3i; 1." .1 49-52, 4 per cent. £97 5/, £!>7 In, (21 : 15 7,39-41, 3 per cent, £9ti: .March. 39-43. 3!i per cent, £98 2,6 (2). £9X. £9S 2 0. £98 12 j: September. 39-43, 3Va per cent, £97 17,6 (2); 15 1138-41. 3% per cent. £97 10/: Auckland Harbour Board. 9 7 til, £101; Citv of Auckland. I I 44-52. I" 100 10'. 1/1/42. '£100 10/. 1 I 41-02. £100 in : Mount Eden, 1 4 54-59, £98 r2). 1 I 53-58, £98 (2J. Mining.- Martha. 10/7, 10'9 (21; Waihi Investment, 8/1: Broken Hill South. £1 10 7: Emperor. 10 5 (31, 10 : Mount Kasi. 49; Mount Morgan. 94, 9'2: North Broken Hill. £2 10/10, £2 9,6; Wellington Alluvials, 5/. Australian, etc.—Australian Glass. C 4 19 3: Australian Paper, pref.. £10; Alloy Steel. 9': British Tobacco. £2 8 (i, £2 8-4; Broken Hill Proprietary, £2 18 (i, ex div. £2 17,3. £2 17/ 131: Colonial Sugar. £18 2 6. £48 (3). £47 17/6. £48 (21: 1 )unlop-Pci driau. £1 0,8. £1 06; Electroivtie Zinc, £2 6 3; G. ,T. Coles, £3 19 9. £3 19'6. £3 19/3: Henry .Tones, £2 10'. £2 9'3. £2 9/9; Imperial Chemicals. pref. £ I 2/11 (3), £1 3/ (3). £1 2 11 (2); Woolworths (Sydney), £1 1/ (2), £1 0 10, £1 0/11; Wool worths Holdings, 14 9 <3). 14/8. Dominion.—Auckland Gas, 18/8, 18/9 (2i; Consolidated Brick, 7,4. 7/6; Dominion Breweries, £1 13/ (3); Dfinlop-Perdriau. £1 0/6: Farmers' Auctioneering ( £5 paid I, £3 15'. R pref. £1; Farmers' Trading, 19 5; Milne and Choyce (deh.i; 16': McKenzies, £2 17/; N.Z. Breweries. £2 0 fl. £2; N.Z. Kefrigeratins, 17/4: Kcid I, übher. £1 2,': San ford. 3/6 (2): Traders" finance (con.). 4-7; Taranaki Oil. 12 2 (3>. 12 1. 12 ; Cnion Steam, pref. £1 5 (' t2). AA ilsons Cement, 16,4; Woolworths (.New Zealand), 18/10.