THE WEEK REVIEWED.

Auckland Star, Volume LXXI, Issue 70, 23 March 1940, Page 4

THE WEEK REVIEWED.

MARKET IS INACTIVE. GILT-EDGED STOCKS ATTRACT. BREWERIES ARE POPULAR. Though not much business has been clone actually in the call-room of the Auckland Stock Exchange this week, the tone of the market lias been firm, and at least as much business as last week was reported. Speaking generally, the feature of the week was the keenness of inquiry after gilt-edged stocks and the high prices, seemingly regardless of return, which bidders were willing to pav. As an example, one sale of Auckland Harbour Hoard i'A per cent stock took place at £102 5/, though the year of maturity is only two years off. It was noticeable, too, that hi Government bonds and stocks holders were wary, but rarely appearing oil the market at all. The tone of the Auckland market (and also of the Dominion market as a. whole) was stronger in some instances than that of the Commonwealth. The fact of a strike in Australia has made its presence felt on Australian exchanges as far as Australian issues were concerned. While .Broken Hills were selling in Sydney at £2 6/3 and .£2 6.'G, the lowest figure in Auckland was £2 11/. This is a fairly large premium. Levels for Australian issues in the Dominion, on the other hand. maintained their former levels, investors here apparently believing that the trouble in the Commonwealth was temporary and the conditions would again be normal soon. There was not much life in the banking section at any time in the week. Most interest was taken in New Zealands, for . which prices ranged from two guineas at the beginning of the period to £2 1/(1 towards the end. Part explanation of this may be that a considerable number of Bank of New Zealand shares were available in Sydney for sale, and supplies came across here from Sydney. In all, eight sales of this bank took place, compared with only one of any of the other banks quoted. The week closed on a firmer note. As far as gilt-edged stocks were concerned, it was noticeable that investors were willing to give more for local body than for Government issues. The example of the 1912 Auckland Harbour Hoard issue has already been noted. For a 105-1 issue, a sale took place at £105. This was also the figure at which a parcel of Waitemata Counties of the same interest and same year of maturity took place. There were an unusually large number of sales of local body stocks, other than Government, though keen interest was also shown in the last-named. The market for bonds and stocks closed particularly strongly. Some investors use those Government stocks which • have only a short time to run before maturity in the same way as they would a bank. So invested, their funds are practically liquid, and while the return is low, it is still higher than they would get on deposit in u bank. Local mining issues were as dull as the proverbial ditch water, and overseas issues were practically no better. In the entire week only three sales took place in the whole of the mining section, leaving Broken Hills out of the question. There was the usual keen inquiry for them, though the number of sales this week was not nearly so large as last. The average of last week was about £2 12/, and this was maintained. G. J. Coles remained at the' £4 level of last week and when the bidding closed for the week, the average between bidders and holders—the approximate market price—was still round about that figure. Woolworths (Sydney) were also popular, three sales taking place, two at £1 3/9, and the third at £1 4/. Bidding for them was consistent throughout the period under review. The New Zealand AVoohrortlis were about as keenly sought as any of the Dominion, four parcels changing hands. They rose from 17/ to 17/0 during the week, and the market closed even more : strongly than that, holders being umvil-| ling to quit at under 17/9. Breweries were the most popular of any j one section. Three sales of the Dominion j company took place, and a like number of the New Zealand firm. New Zealand I Breweries sold three times at the un- , changed price of £1 16/9. while Dominions • hovered between £1 13/ and £1 13/3. l , M.K. Manufacturers appreciated Id. one f transaction taking place at 5/2 and two < more at 5/3. TREND OF MARKET. r The following tactile indicates the fluctuations in the values of various '

£ s. (1. £ s. d. £ s\ d. 11>52-55 .. 00 2 G 102 15 0 103 10 0 1043-40 .. OS 12 « 101 2 6 101 10 0 1033-57 .. 01 10 0 05 7 G OG 10 0 LATEST SALES. Sales since the last review are:— Banks.—E., S. and A., £5 1/6; National of New Zealand, £2 5/3; Australasia, £13 14/0; New Zealand, £2 2/, £2 1/10 (2), £2 1/9 (2), £2 1/6; Union of Australia, £8 2/. Insurances.—New Zealand, £3 2/ (odd lot); South British, £2 9/6 (4). Government Loans. Debentures, etc.— Bonds, 1939-41, 3 per cent, £100; Stock, 1940-43, 4 per cent, £103; 1943-46. 4 per cent, £101 12/6; 1948, 4 per cent, £103 10/ (2), £103 7/G; 1949-52, 4 per cent, £103 10/; 1954-58, £103 10/ (2); Waitemata County. 1934, 4U per cent. £105; Amalgamated Brick (Auckland), 1944, 6 per cent, £100 10/ (3); Waiteinata Power Board, 1964, £105 10/; Auckland City, 1944-57, 4Vj . per cent, £103; Auckland Harbour Board, 1342, 4Vi per cent, £102 5/, 1947, 4Vi percent, £104 5/, 1954. 4 r A per cent, £105; State Advances, 1055-60, 3% per cent, £90. Mining.—Loloma. £1 15/; Waihi, 7/1; Gillespie's Beach, 4d. Unlisted: Una Hill, 1/9.

Australian. etc.—G. J. Coles. £4; Tooths, £2 17/6. £2 17/3. £2 17/; A.C.1., £2 ]/. £1 19/9. (con.). 17/; Huddart Parker. £3 2/; 8.H.P., £2 12/, £2 11/ (2): Broken Hill South, £1 11/ (2); Woolworths (Sydney). £1 3/9 (2), £1 4/; Woolworths Holdings (S.A.). 16/ (2)', 16/1; Taranaki Oil. 7/5 (2); Dunlop Perdriau, £1 1/9; Colonial Sugar (special parcel), £56 2/6.

Dominion.—Dominion Breweries. £1 13/; £1 13/3; Bricks and Mortar. 5/3: Consolidated Brick. 0/2, 0/; K.D.V. Boxes, 8/; Sanford (ord.l, 3/0 ; Wilsons Cement, 13/10, 10/; Woolworths (N.Z.), 17/. 17/1. 17/0 (2): Westport Stockton. 2/0; Milne and Chovcc (deb., odd lot), IG/3; Oainarn Wool, 18/3; N.Z. Newspapers. £1 7/3 (2); Traders' Finance (prof.). 17/: N.Z. Breweries, £1 lt-,'o (3); Gear Meat. 14/3; Farmers' Trading (ord.l, 19/9, (B pref.), £1 1/, ford.), £1; Macdnffs (pref.). 15/0; Hume Pipe. 18/ (2); M.K. Manufacturers, 5/2. 5/3 >.2); Bycrofts, £2 1/. I ,

securities:— . r BANKS. 1 Mar. 17. Mar. 8. Mar. 21. £ 1939. 1910. 1940. £ s. d. £ s. (I. £ s. (I. l ' Commercial 0 10 4 0 10 7 0 10 7 Nat.. N.Z. 2 0 9 2 5 9 2 5 0 fl 2C.S.W. . . GO 0 0 30 5 O 30 0 0 X. Zealand 1 19 0 210 215 MISCELLANEOUS. * i h. d. £ s. d." £ s. d. ' N.Z. Insur. a 12 0 3 1 10 3 2!),, S. British 2 3 9 2 93 2 9 3 1 Golds. M. 1 10 0 1 9 3 1 10 4 v Brit. Tob. 2 '10 G 2 12 0 2 12 3 B.H.P. . . 2 19 n 2 12 1 2 12 3 j Bycrofts .1 19 9 209 203 EIrct. Zinc (ord.) .. 2 9 0 3 1 0 3 0 3 J (pref.) . 2 11 9 3 3 G 3 1 G Kauri ...13 9 110 141 Jit. Lyell ISO 115 G 1 44 0 Aucfc. Gas 0 IT 2 0 IT 1 0 IT 0 . Farmers Td 0 17 9 0 19 1 100 Dom. Brew. 19 9 1 03 0 1 13 3 N.Z. Brew. 1 18 0 1 It i 1 10 0 G. J. Coles 3 19 6 400 4 0 0 < Wilsons C. 0 In S 0 IS 11 0 19 1 Ool. Sugar 49 5 0 50 0 0 56 0 0 "WoolwoTths ri N.Z. ... 0 17 O 0 1G 9 0 17 8 w Sydney . 1 3 0 1 4 S 13 11 GOVERNMENT STOCK. S