FINANCE AND COMMERCE.

Press, Volume LXIX, Issue 20790, 25 February 1933, Page 12

FINANCE AND COMMERCE.

SHARE MARKET.WEEKLY REVIEW. A SMALLER TURNOVER. During the past week there was a considerable falling off in the volume of business done on the Metropolitan Exchanges. Early in the week suggestions of further reductions in interest rates caused buyers of the Government issues to lower their offers, and in that section the recorded turnover for the week was smaller than usual. Prices moved irregularly, but on the whole last week's levels were well maintained. All insurance shares were firmer. Breweries were more active. The following ia a comparison of the daily recorded volume of business on the local market for tlie past tortnight : This week. Last week- £ £ Saturday 80 <* 3,110 Monday ... 1,052 1,280 Tuesday ... 4,017 4,11.6 Wednesday 930 1,520 Thursday ... 1,328 3,081 Friday ... 4,598 1.603 £12,825 £18,278 An analysis of this week's total results is as under —last week's figures being given for purposes of comparison : This week. Last week. Debentures 1500 Banks' ... 3871 5535 Pastoral ... 229 100 Refrigerating ... 124 498 Breweries ... 2960 1933 Mount Lyells ... 854 1»1B Mines ••• H 95 2727 Four and a half per cent, due 1938, changed hands at prices fluctuating from £96 to £95 to £95 15s and 4J per cent. Bonds, due 1938. remained firm at £96; per cent. 1941 Stocii was dealt in at £95 10s; oi per cent. Stock, due February, 1937, eased £9B ss; 54 per cent. Stock, due September, 1937, relapsed to £IOO 10s and £IOO 12s 6d, and the bonds to £% j 10s and £IOO. Auckland Harbour par cent debentures, due 1948. changed Sands at £9B; Auckland City 51 per cent. 1965 at £99 10s; Hamilton Fire Board 6 per cent. 1948 at £9B; Lyttelton Harbour 51 per cent. 1953 at £97. and Westport Stockton 1 Coal 6J per cent., 1933, at £SO. Banks. Dealings in this section were restricted. Commercial of Australia ordinary were firm at 14s 7d and 14s Bd—the preference advanced 2s 6d to £B, Commercial of Sydney st|;e firmer, with buyers at £ls 10s—compared with £l4 15s last week; the recorded turnover a fortnight ago was at £ls ss. ES., and A. appear easier, with sellers at £4 9s -3d. National of Australasia are firmer, with buyers of the fully paid at £l2 and of the £5 paid at £5 13s 6d. National of New Zealand declined to £3 8s and £3 7s 6d. New South Wales, cam dividend, recovered from £2B 5s to £2B 15s, and more are available, at t-ha highest price. New Zcalands eased from 43s lOd to 435, and closed weaker .with sellers at 423 9d. Union Banks were firm at £7 10s 6d.

Insurance and Loan and Agency. National Insurances were firmer at 15s 3d.. New Zealands hardened from 45« 3d t0.45s (id, and late buyers arc offering 4553 d, without attracting geliesis, South'-British rose to 59s 3d and 60s. Standards, cum dividend, were easier at 60s. Dalgety and Co. advanced to £'/ 15a, and late sellers are asking £7 lfe, buyers at £7 10s. Goldsbrougk Morfcs were fractionally weaker at 22s Bd. New Zealand Guarantee Corporation shares -were firmer at 5s fid and 5s 7d. New Zealand Loan and Mercantile ordinary btock advanced tp £39. Shipping, Frozen Meat, Woollens, Coal and das. HuddatEr Parker preference, cunt dividend, realised 22s 9d, and ttie ordinary 28s 9d. Devoaport Steams firmed to lUs. Now Zealand Refrigerating 10s paid changed hands at 3s 7d, 3s tid, and 3s £>d, compared with 3s lid to 3s 8d laßt week —the fully paid are easier with business and. further sellers at 10a 9d—500 shares changed hands on fcha local market. Wellington Woollea preference were placed at £4 Taupiri Coal, ordinary, moved up to ]2s 3d. . Weatports were firmer at Us and lis 3d. Auckland Gas, fully paici, declined to 20s and 20s Id. Cnristr church advanced to 24s 9d, and closed flrm. ■ Wellington ordinary had business at 395. . t .. . Breweries. Duncdin realised 21s Ud. New Zealands fluctuated from 26s lOd to 2<js 6d to 27s Id, and more are available at 27s Id, buyers at 26s llri—-1800 shares changed hands. Staples, i ll whicli last week's dealings were at 22s 8d and 22s 6d. have buyers at 22b 4d, bat sellers want, 235. Toobey's were placed at 20s 3d. Tooths are wanted at 34s 6d—last weed's transactions were 34s 9d and 34s 6d. Miscellaneous Investment Section. Beath and Company, Is paid, hau business at 2s. British Tobaccos were firm at 33s 3s, 33s (id and 33s sd. Colonial Sugars were steady at &>J--ss. Dominion Fertilisers remained unaltered at 10s. Electrolytic Zinc, preference, relapsed ty 28s. Fanner;; Co-op. Auctioneering "h" preference were easier at 12s. Henry Jones Co-op. changed hands at 375, and there arefurther buyers at that price. Moturoa Oils were fractionally .firmer at 4s 9d and 5s 2d, and later buyers are ottering 5a 3d. Mount Lyells recovered from 20s to 20s -3d —the local turnover w»3 850 shares. New Zealand Drugs were firm at 60s 6d, and more arc wanted at that figure, sellers at "'9s. Taranaki Oilfields remained at 2s 6<l, and late offers at that price, failed to attract sellers. Wilson's Cements firmed' to 29s 3d and 29s 6d. Wool-, worths (New Zealand), preference at 32s od, scored a rise of 3s 6d on last recorded business % fortnight ago.

Gold Mining. The local turnover of 16,050 shares was miuio up as follows: —Alexander 100, Blac-kuafcer 350, Consolidated 100, Freahford 1100, Gillespie's Beach 200, Golden l)a\vn 200, Golden Sands 100, Golden Point 1500, King Solomon 200, Lawson's Flat 4600. Mahalnpawa 6600, Nokomni'SOO, Wailii 300, Waitahu 101). and Waihi Grand Junction 200. Alexander Mines partly paid,, ctrm dividend, eased to 13s 3d. Hlacktvaters hardened from 20s 9d to 21s 9d, and elosed flt 21s Bd. Consolidated rose from 9u 64- to 10s. Gillespie's Beach were; slightly easier at prices ranging from 7<l'to In 5d. f Goiden Dawn were turned over at 3s 3d. Golden Sands relapaod to fls. Golden Points were a HhAile firmer at Hd. Freshfnrd ranged from Is 6}d to la 4d. Lawson's'Flat Had dealings afc'Bd, B}d, and 9(1. MaliaIripawa"'were steadv at 2d. Nokomafe ctaatmed to ,Gs 2d and 6s. Okaritos. enm diVidend, changed linnds at 98 tkl And % 3d. Paddy's Point were free-

tionall.v firmer at prices ranging from Os to 6s 3d. Wailiis ranged from 21s (Id te 925. Grand Junctions were slightly easier at 3s 6d and 3s 7d. Wai- * alius remained at 4s 9d. YESTERDAY'S TRANSACTIONS. .Markets were brighter 6a call yesterday, and there was a good volume ol' diversified business. Transactions, exclusive oi vestiuu.e business, were: £2OO Westport-Stockton Coal, Gi P*-' 1 ' per cent., 1933. 100 Commercial Jiank of Australia. 100 .National Bank of New Zealand. 5 jjuuk ol' New South Wales (cum xiiv.). 100 Lniou Bank of Australia. • 100 New Zealand Refrigerating <,£ l paid). 100 \Vestport Coal. 100 Christchurch Gas. 500 New Zealand Breweries. 300 British Tobacco. 100 Electro. Zinc (pref-). ICO Mount Lyell. 100 Woolworths (N.Z.), pref. 150 Blackwater. 1500 Golden Point. l»0(> Lawson'p Flat. 1000 Mahakipawa. 100 Nokomai. 13000 Fresh lord. 800 New Zealand Breweries 27s Id. A parcel of Westport-iStocktou coal Oi per cent, debentures, due 1933, changed hands at £SO, and there_ were further unsupported sellers at £55. Commercial Bank of Australia shares were firm at lis 7d, market closing Id on either side. Buyers of Commercial Bank of Sydney raised their bids to £ls 10s, sellers at £ls 19s National Bank of New Zealand were e.isier. with dealings at £3 7s 6rl :m a £3 Bs, closing quotations £3 7s Gd buyers. £3 10s sellers. Bank of .New South Wales, cum dividend, moved "P to £2B 15s. sellers staying in at that price, buyers at £2B 12s Gd. Sell-rs of Bank of New Zealand reduced their limits to 42s 9d. buyers at 42s 3d. Vnihri Bank of Australia shares changed hands at £7 10s 6d. and there were further buvers at £1 10s, sellers ■at £7 13s fid. Other Shares. Goldsbrough, iViorts were easier, with sellers at *2s 9d, buyers at 22s od. Buyers of United Building society raised their bids to 15s, sellers at 15a 3d. New Zealand Refrigerating, fully paid, eased to 10s 9d, sellers staying i» at that price, buyers at 10s 6d. Christchurch Gas, advanced to 24s 9d, closing quotations 3d on either side—the 10s paid were firmer on buyers' offers IJ ( 3 6d. New Zealand Breweries had dealings at 27s and 27s Id, market 26s lid buvers, 27s Id sellers. British Tobaccos were firmer wit" dealings at 33s 6d and 33s sd, and further buyers at 33s 4d, sellers at 33s 9d. Electrolytic Zinc, preference, were placed at 28s, market closing 27s lOd buyers, 28s od sellers. Mount Lyells were firm at 20s 3d, closing quotations Id on either side. _ W oolwortlis, New Zealand preference, jumped to 32s 6d. closing' quotations 2s Gd on either side. Buyers of «u----son's Cements raised their bids to -9 s 3d, sellers at 29s 9d. Blaekwaters had dealings at 21s 21s 7d and 21s Bd. and there were further sellers at 21s Bd. buyers at 21s 6d. Golden Points were a shade stronger, with buyer? and deatjngs aC 3d, sellers at 3H- Lawson's Flat were a shade easier, with buyers and business at, BJd v -sellers at 9d. ;^ iVlahakipawas were unaltered at 2d. Nokomais were easier at 6s, market closing on either side. Freshfords realised Is 4d, buyers staying in at that price, sellers at Js 4*d. Sellers dated reduced their limits to 9s AOa. buyers, at 9s 7d. : '

AUCKLAND. [THE PBESB Special Service,] AUCKLAND, February 24, Turnover in the investment market on the Auckland Stock Exchange during the week was well maintained, in. a ,nte of the fact that, owing to limitations imposed upon the transfer of funds from abroad, transactions are fctill largely, confined to the domestic; market, The outstanding development was the weakening in the market lor Government loans, following report! that the Government proposes to impose another cut in interest rates, i'rior to this 4i per .cents, were strong at £96, but buyers subsequently weakened to £93. iSome supplier were secured at £95, but the market rallied toward the end of the week with sales at £95 15s for 1938 Stocks and £96 tor 1938 Bonds. All 5J per cents, were quiet at lower levels, buyer* •-bowing no interest at the close, with sellers at £9B 10s and £93 "15s for February issue, ex-interest, and £IOO 10s for .Septembers. The bank section followed the trend cf the market in Australia and showed iirmnosa for all Australian banks. Gu ibe othor hand, .Nationals of New Zealand and New Zealand were easier, tlie weakness in the dairy produce'markets, in addition ,to the announcements regarding progress with the Central Bank,being contributing causes. New Zen lauds sold down .to 43.;, as against 4;ts at the close of last week's business. Commercials of Australia were steady at. 14s 7d and New.South 'Wales, after opening 12s Gd lower at £2B ss, advfenced on sale to £2B 10s. Eirrn conditions continued to rule in insurance, in which investors enquired keenly for itJl listed shares. 'New Zealands and buuth .British -were riiost active. The former improved 3d in fairly extensive dealing from 45 s 3d to 45s 6d. Two parcels of South British were turned over at 59s 3d and 60s. Nationals wore done lid higher at Iss'3d. A strong market existed for all the better-class Australian investments, but few requirements received satisfaction, the difficulty in transferring funds from Australia hampering transactions. Colonial Sugars registered an advance of 5s in three sales at £53 ss. Leading New Zeahmd industrials also met with substantial support. Several interesting mine developments were reflected in the mining section. Black waters remained firm in dealings at 30s 9d and 21s 6d. Alexanders were quoted down to 13s ,9d buyers offering; I2s ,9d. Waihis advanced from 21s 8d to 22s on limited trading, and would probably have moved higher but for the fact that the »>anks are refusing brokers' drafts on I/ondon. Interest was also keen in ttew South Island companies which have leeeiitly started operations. DUNEDIN ITHE PKEBS Special Service.] DUNEDIN, February St.. j Only a moderate amount of business waa done on the. Stock Exchange during the week; The bulk of this was, confhied to the mining section,, which continues fairly active, only five sales* taking place in the remamiiig section?. I

Tho demand for Bank ot New. bouth Wales remains lirin. Buyers are uo'.v ottering i*2y IDs, with a teller at 17s 6d."' There lias beou a slight -caaiii<r during the week iu Bank of Zealauds,;which were dealt in. at £~ Ji 3d. Earlier buyers were ottering £2 35,. but at the close of the market the best offer was £2 2s,' sellers remaining firm at £2 2s Ud. Contributing National Bank ol' Australasias have, enquiry at this improved price of £o lis, without a seller forward. A sale of Standard insurances took place at £2 10s, cuni dividend. There was a the close of the market at that price, but sellers demanded Is fid more. Ordinary Huddart-Parkors have an unf-upplied buyer at. £1 7s. A slight but .steady improvement lias been noticeable throughout the week in K.aitangatns, which are now being asked for at 17s 6d, without a buyer. Goldsbrough, Morts have also been firming a little, and now have enquiry at £1 2s 9d, with a seller at £1 3 s 6d. There has been a slight easing in contributing New Zealand Refrigerating, whieli are now quoted at 3s 4d (buyers), 35.6 d (sellers). British. Tobaccos remain iu firm demand. There is a steady enquiry for New Zealand Drugs, which are now wanted at £2 16s tid. .Two Sales of Dominion Fertilisers took place during the week at 10s. The closing offer was 9s 9d, which did not attract a seller. New Zealand Brewery shares improved a little, and now have an unsupplied buyer at £1 6s 6d. Dunedin Breweries wore turned over during the period at £1 Is 6d. There was no enquiry for these shares at the close of the market. .Business was done in Taranaki Oils at 2s (id. Later offers of 2s 3d failed to attract a seller. Two sales of Mount Lyclls were recorded at £1 0s 3d, and there -was an unsupplied buyer at the v close of the market at £1 0s Id. Okaritos, which are quoted cluu dividend, were dealt in at 9s 3d, two parcels changing hands. There was a buyer at the close at 98 Id,, sellers asking 2d more. A considerable amount of interest was evidenced during the week in Paddy's Points, and sales took place at fis Id. 6s 2d. and 6s 3d, two parcels being turned over at the last figure. A closing offer of 6s found sellers demand ine 3d more. Business took place in Gol-df-n Dawns at 3s 3d, later offers of. that figure fioding sellers reticent. There has been an improvement in the demand for Black waters, of which two sales took place at £1 Is 6d. These shares were on offer at tFte close of the market at £1 Is 9d without a seller forward.Gillespie's Be.iclies were dealt in at Is and Is sd, closing quotations being Is 4|d (buyers);. Is Hid (sellers). Business was recorded in Freshfords,. at Is, ,4d. There wns a buyer at the close of the market at Is 3d with a seller 1 at Is od. . No sales took, place in the Govern-' raont loans section.