SHAKE MARKET REVIEW

Press, Volume LXXIII, Issue 22195, 11 September 1937, Page 12

SHAKE MARKET REVIEW

MOST SECTIONS LOSE GROUND MODERATE LOCAL TURNOVER (BT Oim COMMERCIAL EDITOR.) The investment market throughout the world has this week received a series of shocks, and all markets have ahown the natural reaction. Last week there was a pronounced caution among British investors, but the effect on the market was not unduly marked, apart from restricted business, till at the beginning of this week the New York Exchange suffered the worst break since 1929. London markets reacted sharply for a time, but later settled down. Trading in Australia has also been slow and cautious, and many stocks have lost ground. Base metals have also been cheaper on the whole, and base metal shares have suffered some discounting. There was a short week on the Christchurch Exchange, the Saturday morning call having been omitted. The markets showed strength at the beginning of the period, but toward the end the bulk of values were back. Dealings were mainly in industrials, but there was a steady turnover in mines.

Total .. 40,886 50,705 Business in the different sections !was:—

Government issues remained very firm, though there were practically no sellers in the market. No business was done in this section. There was a fair turnover in the banking section, in which practically every issue was slightly weaker. The 10s Commercial of Australia rose till mid-week, when they slipped from the high-point of 17s lid to finish at 17s 6d. The' "£lO issue was done in two sales at £9 ss, 4s cheaper than Tecent sales. Commercial of Sydney had a sale at £2l, and the £5 National of Australasia at £7 3s 6d. New South Wales were 15s cheaper at £33 ss, and New Zealand lost 3d with a sale at £2 ss. The D mortgage Issue with sales at £1 9s was 6d down.

Only one sale was made in the insurance section, a parcel of New Zealands changing hands at £3 4s. The loan and agency section was not at all active, though it remained fairly firm. There was a sale of Dalgety's at the slightly improved price of £lO Is 6d, and Goldsbrough Morts, which were consistently traded, were steady at slightly lower levels than last week. Breweries received fair attention up till the middle of the week, but thereafter /buyers were more cautious. New Zealands came back slightly to £2 10s at the end, but for the greater part of the week maintained levels better than last week's average. Staples were also firmer earlier in the period. Miscellaneous Industrials increased in value till about Wednesday, when a weakness that was general became apparent. Investors tended to concentrate on market leaders, which naturally followed closely the trend in Australia. After a slight weakening, Broken Hills picked up, reaching £4 on Tuesday. There was a sale on Thursday at £3 17s, but yesterday business was done at £3 17s 9d and £3 18s. G. J. Coles also rose for a start, but finished with sales at £4 16s 3d, where they were at thp beginning of last week. Colonial Sugar had several sales at steadily declining prices, and came down from £4B 7s 6d to £47 5s and £47 7s 6d. Dunlops for the greater part of the week remained above last week's finishing price, but lost the advance in sales yesterday. Both Electrolytic Zincs were firm till yesterday, when there was a sudden writing back, the ordinaries losing 4s. Taranaki Oils had a very busy week, and were actively traded throughout. After rising from round 6s 2d to sales at 7s 6d, they relapsed to round 6s Ba. Mining Price movements in the mining sertion were most erratic. They rose for e start, fell, and then were stronger at the close. Broken Hill South, Mount Lyells, and Mount Morgans had the bulk of the business. Grey Rivers continued their upward course unbroken and finished at 7s sd, 7s 4d. The Woolworths splitting apparently iheered the market, as the price rose 2s 6d on the week. AUCTION REPORT Messrs Ford and Hadfleld, Ltd., have to report having submitted by Public Auction the property, 84 Avalon street, Richmond, comprising residence of four rooms and sun room, together with 33 perches of land, and Jiaving sold same afterwards at a satisfactory figure. —1 SALE OP RICHMOND LAND Messrs Ford and Hadfleld, Ltd., have Si report having sold on behalf of t. Saviour's Orphanage a block of land situated Dudley street, North Richmond, to Mr D. H. August. —2

Whether your income is £2 or £2O «tS W ?i make " b«y more if you *Sa S^,y ßtlimim f regularly in

UNLISTED STOCK Sale Reported 25 Woolworths (Sydney. ord.) •• 6 15 6 Banking Commercial Bank of Australia were easier, with sellers and business at 17s 6d—the preference were firm with buyers and business at £9 ss. Bank of New Zealand had dealings at 45s and 45s 2d, market closing 45s buyers. 45s Id sellers. New Zealand Refrigerating were firmer, with buyers of the fully paid at 20s 4d, and of the contributing at 9s lid. Kaiapoi Woollens (7s paid) were steady at 5s 3d. Oamaru Woollens were fractionally firmer at 19s 2d and 19s 3d. Westport-Stockton Coal, preference, had business at 5s 3d. and more were offered at that price. New Zealand Breweries changed hands at 50s. Miscellaneous Sellers of Australian Glass reduced their limits to 92s 6d. Broken Hill Proprietary recovered to 77s 9d, ana 78s, and more were offered at 77si lOd. British Tobacco, cum dividend, changed hands at 49s 9d and 49s 6d, and there were further sellers at the lower price. Dunlop Rubber, cum dividend, eased to 22s 9d. Electrolytic Zinc, ex dividend, had business at 56s Id, and more were wanted at 56s 3d. G. J. Coles showed little variation, with sellers and dealings at 96s 3d, buyers at 965. Taranaki Oilfields were weaker at 6s 9d, 6s Bd, and 6s 6d, sellers staying in at the lowest price, buyers at 6s sd. Woolworths, South Africa were fractionally weaker at 16s 7d'and 16s 6d. Mining: Grey River, 6s 3d paid were fractionally firmer at 7s 5d and 7s 4d, market closing 7s 3d buyers, 7s 5d sellers. Nokomai had business at 2s 3d. Broken Hill South recovered to dealings at prices ranging «from 48s 3d to 48s 9d, Mount Lyells to 42s 6d to 42s 9d, and Mount Morgans, cum dividend of 4id a share, to 10s lOd to lis Oid. Rawang Tin were firm at 12s id. Unlisted Stocks Woolworths, Ltd., advanced to £6 15s 6d, sellers staying in at that price, buyers at £6 14s. AUCKLAND [THE PRESS Special Service.] AUCKLAND, September 10. In spite of the increased activity in business and industry, which a few months ago on a less clouded horizon had imparted great zest to it, the investment market to-day continues to react against holders, particularly in Australian issues. On the Auckland Stock Exchange this week business remained reasonably active, but callover was a steady recital of losses. The small but insistent movements were rather puzzling early in the week until reports from London and New York indicated the depressing effects there of the uneasiness concerning the international situation. This combined with political factors has had a decidedly weakening effect on the Australian markets, and in turn has been less severely reflected here. The market for Australian banks remained weak. New South Wales tontinued to ease, while Commercial of Australia, one of the most popular stocks, fell below last week's depressed levels. Unions were also marked down. It was a quiet week in insurances. New Zealands being the only issue dealt in, levels remaining fairly steady. Australian reports this week indicated some misgivings regarding the future of the wool market, and this is supported by later reports of restricted Japanese buying, m consequence, pastoral shares have weakened. The approach of the Federal and New South Wales elections as well as overseas factors were depressing influences on Australian industrials. Levels showed an all-round decline, British Tobaccos, Broken Hill

Proprietary, and Colonial Sugars receiving a sharp set-back. At the close the market was inclined to be steadier. A. feature of the week's trading was the flutter in Taranaki Oils, which rose strongly. By mid-week on heavy trading they had risen Is 3d to 7s 3d, after which there was a sharp reaction, levels closing on a sale at 6s 2d. nining business was again very slack, with prices showing a general decline. DUNEDIN [THE PRESS Special Service.] DUNEDIN, September 10. Trading on the Stock Exchange for the week was fairly quiet, and the tctal number of sales recorded was considerably below that for the previous period In common with other stock exchanges throughout the Dominion, the local market experienced a set-back on Thursday, when .leading Australian mining and industrials lost ground. Nervousness is still apparent on the leading stock exchanges of the world, due to disturbed conditions in the East. An upward movement in most sections was experienced on the local market to-day, and buyers were forward in larger numbers. Broken HM South, Electrolytic Zinc, Mount Morgans, and North Broken Hills all had dealings at lower prices, but there was an all-round firming at the close. More business was transacted in the banking section than has been the case for some weeks, but even so buyers were not particularly active. New Zealands were steady, and changed hands at £2 ss, while Bank of New South Wales dropped back to a sale at £32 10s. Unions and Commercials were dealt in at late rates, and a sale of National Banks of Australasia was recorded at £l4 13s 6d. Insurances and shipping shares were fairly quiet and were not included in the weeks sales list. Both issues of New Zealand Refrigeratings had a good inquiry, at steady rates, and Milburn Limes had business at the improved price of £2 3s 6d. New Zealand Drugs, Hume Pipes, Regent Theatres, G. J. Coles, Taranaki Oils, and Broken Hill Proprietaries comprised the bulk oi the trading in the miscellaneous secton, but Australian stocks were generally we%ker, compared with the previous week. Chief interest in the brewery section was in New Zealand Breweries, which were dealt in at £2 10s 3d. Woolworths (Sydney) was the only stock in the unlisted section to be dealt in, and parcels v>ry disposed of to-day at £6 15s ana £6 Us Od The recent keen demand for Government loans was again in evidence, but although buyers raised their bids, few holders were induced to enter the market. After moving up to buyers at 3s Id, Okaritos dropped back, to finish with unsupplied buyers at 2s 6d. No great demand was experienced for shares in this section, however, but quotations for Big Riv.ers, Gillespie's Beach, and Molyneux Rivers were fairly steady. Two sales or Sandhills at id represented the only business recorded, -

Business day by day was:— This Week. Last Week £ £ Saturday — 13,619 Monday .. 6.038 3,296 Tuesday .. 9,755 8,970 Wednesday .. 8,780 9.820 Thursday .. 7.515 4,583 Friday .. 7,798 10,417

Shares. Value. No. £ Banking .. 1/J60 3,220 Insurance .. 50 160 Loan and Agency 1,050 3,207 Refrigerating .. 100 49 Breweries .. 1,150 2,296 Miscellaneous .. 12.145 20,916 Mining .. 10,300 11,036

YESTERDAY'S BUSINESS There was a moderate turnover on the Christchurch Stock Exchange yesterday, with the bulk of the dealings in industrials. Price movements were irregular. Apart from vestibule business, the following transactions were recorded: LISTED STOCKS Sales on 'Change £ s. d. 100 Comm. Bank of Aust. 0 17 6 100 Bank of New Zealand 2 5 0 200 Kaiapoi Woollens (7s paid, cum div.) 0 5 3 100 Oamaru Woollens 0 19 2 100 Westport-Stockton Coal (pref.) 0 5 3 200 N.Z. Breweries (3) 2 10 0 200 British Tobacco (cum div.) .. (2) 2 9 6 350 -Broken Hill Propty. (3) 3 17 9 (3) 3 18 0 150 Dunlop Rubber (cum. div.) . .. 12 9 100 Electro. Zinc, (ord., ex div.) 2 16 1 100 G. J. Coles (2) 4 16 3 500 Taranaki Oilfields 0 6 9 0 6 8 (3) 0 6 6 300 Woolworths (South Africa) .. (2) 0 16 7 0 16 6 400 Grey River (6s 3d pd.) 0 7 5 0 7 4 450 Broken Hill South (cum div.) (2J 1 2 8 3 2 8 4 2 8 6 2 8 7 2 8 6 2 8 8 2 8 9 200 Mount Lyell 2 2 6 2 2 8 (2) 2 2 9 850 Mount Morgan (cum div.) 0 10 10 (4) 0 11 0 (2) 0 11 01 100 Rawang Tin 0 12 1 ' Sales Reported 15 Commercial Bank of Aust. (pref.) 9 5 0 200 Bank of N.Z. (2) 2 5 2 100 Oamaru Woollens 0 19 3 200 British ToTaacco (2) 2 9 9 50 Broken Hill Propty 3 17 9 200 Taranaki Oilfields 0 6 9 200 Nokomai 0 2 3