BOOM CONDITIONS

Evening Post, Volume CXXIII, Issue 49, 27 February 1937, Page 12

BOOM CONDITIONS

GILT-EDGED WEAK

DEMAND FOR METALS

"Evening Post," February 27. Boom conditions in trade are not generally recognised for what they are until followed by .a depression. They are usually taken as just normal. Compared with turnovers on the Stock Exchange a year ago, or even six months back, boom conditions have prevailed all this wek. Sales have been very heavy, particularly in shares in Australian base metal mining companies, principally Mount Lyell, Broken Hill Proprietary, Electrolytic Zincs,- and more than languid interest displayed in Mount Morgans. The turnover in these shares this week, but especially in Mount Lyells, has been unprecedented for' New Zealand. Comparison of highest prices for a week realised for these shares a year, - six months ago, and this week may be interesting. Feb. 29, July 22, Feb. 26, 1936. 1936. .',037. Broken Hill ..62/1. '64/9 «8/Mount Lyell ... 25/6 24/8 54/Electro. Zinc (ord.) ,41/- , 39/9 . r>3/Mount Morgan . 16/6 15/3 18/3 ' " "Business Ui Mt. Lyells this week has been particular!/ heavy at prices ranging from 50s 3d to 58s 6d with a general decline towards ■ the end of the week. Reaching 57s 9d. they receded to 52s 4d, hardening up as the week closed. These shares sold as low as 20s 9d in December,-1935. Electrolytic Zinc ordinaries, too, have figured prominentlyin the sales, touching 54s 9d last week and rising to 65s 4d this week, but becoming easier-at the close until the top price yesterday was 635. • ' . The rise in Mount Lyells and Electrolytic Zincs may be attributed to the reported world-wide demand for copper for industrial and other requirements, especially by the United States. A point not emerging from the present market for copper shares is the likelihood of competition, from copper mines in Belgian Congo with their great resources and reserves and plenty of native labour. Broken Hill Proprietary, Of course, if." not only engaged in mining but is now almost the sole supplier of Australia's iron and steel requirements, with iron mines of its own. Mount Morgan shares have had considerable market ups and downs over the year. In May last they sold down to 14s in New Zealand and as recently as November' last they changed hands at 14s 9d.'Business was done a week ago at 18s Id, and later at 18s 4d. The business in these shares during tha •\veek to noon yesterday is' referred to hereunder. BUSINESS IN WELLINGTON. : The description, number, and value (subject to correction) of the shares which changed hands on the Wellington Exchange this week amounted to the. value of £83,612. This ; was father less than the business done last week, but substantially, more .. than: for the sales ; early ;in the year, when on January-16-l-7-,971 shares had ©hanged hands--during- the week; the value including £1215 in Goy-

The business reported in these investments was as-follows:— 3£ per cent. Sjpck'.'(l'939-43j, £101 15s, £101 12s 6ci,"£ipi,ios; 34 per cent. Stock (1938-52),' £101 12s (id--4 per cent. Stock (1946), £101 10s' £101 12s 6d, £101 17s" 6d, £101 7s 6d; 4 per cent. Stock (1949), £103 10s, ■ £103/£lO3 ss; and Bonds. £103 10s; 4 per cent. Stock (1952), £103 2s 6d £103 10 S> £I°3 17S 6d' and Bonds' Sales lof - local ■ body ■ and company debentures as reported were as follows: • ■:..!■ J.:', ' ■a 4* j?*,'-, cent Auckland . Harbour Board (1941) £102; 4* per cent. Auckland Harbour (1954), £105- 41 - §?fn- ent> Christchurch Trams (1956), •*3 ?a^Jif1 n'Gisborne Sheepfarmers1 C 1946), 1 £102 10s;- 6 per cent". ■ fe ]gi anT. at« c id Briek' Auck-. <*««. £72 10s Pei" cent John duller; BANK SHARES. ' i An-outstanding feature in the bank share section of the lists this week, has been the appreciation "of shares in the f ank 5 f. New Zealand, although the demand for them had slackened off by the end of the..week. These shares sold in November, 1935, at up to 51s 6d, and in March of last year made 445. j.hey,slipped down to 41s 3d last November, and sold at 39s 6d cum div early in December, 1936. The New Year opened at sales round about 41s For the week ended February 13 this year the lowest price at which business was reported was 40s and the highest 4fls 9d. The week following the lowest .price reported was 40s- the highest 4fe 3d.- From then on the price began to-rise, and Christchurch reported • early •in the week sales at 42s lid, and next day Auckland had business at 44s 6d and Christchurch 45s On Wednesday sales were made in Wellington at 45s 3d and in Dunedin at 43s 9d.> Union Banks sold this week up to £11-'2s. This time last year they were selling at round about £9 15s. During the past few days more attention' has been paid to the shares of the National Bank of Australasia. Commercial of Australia held its place in the market, and E.S. and A. Banks were firm-. National of New Zealand sold at 625, but later showed a slight weakness; Bank of Australasia, with a dividend pending and since declared, were in demand at £13 when sellers quoted £13 ss.- Bank of New South Wales, ex dividend, moved up to £36 10s, but business was subsequently

reported at £36 4s. Commercial Banking Co. of Sydney had sellers at £22 12s 6d. Bank of Adelaide had. inquiry at £8. 'Sales of .bank 'shares this week .were reported, as follows; — Bank of New Zealand, 40s 9d, 41s 3d, 40s sd. 41s, 41s 2d, 41s 3d. 425, 41s 6d, 41s Bd, 42s Gd, 42s 9d, 42s lid, 1 425, 445, 44s 3d. 445. G'd, .435,, 43s 6d, 44s 9d, 455, 44s 6d, 45s 3d, 43s 9d. 445. 6d. 43s 9d, 445, 44s Id,'44s; Bank of New South Wales, £36 ss. £36 10s, £36 4s; Commercial Bank of Australia, 19s 4d, 19s sd. 19s 3d, 19s 4d; English, Scottish, and Australia Bank, £6 8s 6d. £6 7s 6d; National Bank of New Zealand, 625. 61s 9d; National Bank of Australasia (£lO 1 paid), £15 15s 6d, £15 14s; Union Bank, £10 17s 6d. £11 2s (Melb. Reg.), £11. £10 19s, £11 2s. £10 19s 6d. The insurance share market was quiet with no market variations in prices on the week. Sales were as follows:— National Insurance. 18s lid, 18s.Id, 18s 2d, 18s lid, 18s OJd, 18s; New Zealand. 61s 7£d, 61s 6d. 60s 9-i; South British, 98s 6d, 98s 3d, 935, 9 7s Bd; Standard,-58s 9d: Business 'in pastoral and financial | companies' shares was but moderate. New Zealand Loan and Mercantile (ord.) rose by £3 to £46. Sales were reported as follows: — Dalgety and Co.. £10 10s; Farmers' ■ Co-op. Auction. (A pref.). 22s 6d; Goldsbrough. Mort, 37s lid. 38s, 37s 10d> 37s 9d, 37s Gd, 37s 8d; New Zealand Farmers' Co-op. (B pref.),. 425; North 'Auckland Farmers. 2s Id; N.Z. Loan -—i Mercantile, £44: £45; Producers and General Finance, 23s Gd; United Building (Auck.), 20s 6d; Wright, Stephenson (jaref.). 19s sd. AUSTRALIAN MINING INTEREST. The business reported in the shares of Mount Lyell.'was heavy all the week with a marked advance in prices. Mount Morgan shares also appreciated sharply. Sales were as follows:— Mount Lyell. 48s Id.'sos. 49s 9d. 49s 6d, 51s 3d, 49s 3d, 49s 4d. 49s lOd, 49s Bd, 49s lid, 50s Gd, 50s 7d, 50s Bd, 50s 9d, 50s. 51s 6d. 50s 6d. 50s 3d, 50s 4d, 51s, 51s 6d, 51s 9d, 525, 535, 545, 52s 9d, 52s 6d, 52s 4d. 52s sd, 545, 54s lOd. 54s lid, 555, 55s Id. 55s 2d 55s 4d. 54s 6d. 555, 56s 9d, 58s 6d, 58s, 57s 9d; 575, 56s 6d, 56s 9d, 55s 4d, 575, 58s 3d, 55s 3d, 54s 6d. 54s 3d. 545. 54s 9d, 555, 52s 9d, 53s 3d, 53s 6d, 53s Bd, 53s Id. 53s 9d, 53s lOd, 52s 6d. 52s sd, 52s 4d, 52s 9d, 52s 6tf, 555, 54s 6d, 54s sd, 52s lid, 535, 52s lOd, 54s 9d. 53s 4d. 52s 7d. 53s Id, 53s 6d, 53s 9d, 535, 52s 9d, 535, 52s lid, 535, 53s Id, 535. Mount Morgan, 17s Id, 17s, 17s 4d, 17s sd. 17s 7d, 17s 3d, 17s Bd, 17s 7Jd, 17s 2d, 17s 6d, 18s Hd, 17s lid, 17s 7Jd, 18s 3d, 18s 6d, 18s 7d, 18s Id, 18s 2d, 13s 2£d, 18s 3d, 18s 9d, 18s !Bd, 18s 3d. 18s 2d. 18s 2£d, 18s, 18s 6d, 18s 7d, 18s Id. 18s 2d, 18s 3d, 18s 3id, 18s 3d. Electrolytic Zinc Cord.), 57s 9d, 58s, 57s 6d, 595, 58s, 60s 6d, 60s Bd, 61s, 645; 61s '6d, 63s 6d. 64s Id. 61s 9d, 645, 63s 9d, 64s 9d. 655, 665, 64s 6d, 645, 625, 60s, 61s 6d, 62s 9d. 635. 62s 7d; and (pref.) 59s 9d. 60s 6d, 59s 6d, 60s lid, 60s lOd, 61s 6d, 60s 6d. 61s lOd, 61s 9d, 63s 3d, 655, 65s 3d, 65s 4d, 64s 6d, 65s Id 675, 67s 3d, 66s 6d, 65s 6d, 65s 3d, 64s Bd, 675, 635, 62s 3d, 645, 61s, 60s 6d. 645, 63s 9d. INDUSTRIAL AND OTHERS. Sales of timber, woollen, coal, gas, freezing, and other shares were reported as follows: — Timber.—Kauri Tirriber, 23s 9d, 23s 3d; National, 10s; Taupo-Totara, 9s 3d Woollen.—Kaiapoi Woollen. (17s paid), 14s 2d, 14s Id, and (7s paid), 5s 7d 5s sd; Oamaru Woollen, 2d; Yarra Falls, 41s 9d, 41s. ;.. •; Coal.—Kaitangata, 23s 3d; Westport, 24s Id Gas.—Auckland Gas, 21s, 21s Id, 21s ■;-9d, 21s 4d, 21s Bd, 225; Christchurch, ■\ 28s 9dr Wellington (ord.), 38s. Freezing Industry-—Gear Meat, 17s 'Id -17s- New. Zealand Refrigerating • .(cum. div.y (10s.paid), 9s 2d, (ex div.) • 8s 6d, 8s 7d,'and (£1 paid) (ex diy.X Shipping.—Howard Smith, ,24s 3d;. : '23s lid; Huddart Parker.. (0rd.),.-395; .-■• Northern • ss; P. and. O. .De- ' ferred, 41s 6d; Union: Steam (pref.), ■'265, 26s 6d. ■■■!■■-■ BREWERY SHARES. ■ There was a sustained demand during the week for brewery shares and a fair turnover, as the reported sales will show:— Castlemaine Perkins, 255. 9d; Carlton Brewery, 655; Dominion Brew- : cries, 40s, 39s 6d; and rights, 10s 3d, 10s 2d, 10s 6d, 10s 3d, 9s 9d; New Zealand Breweries, 59s 9d, 60s, 60s od, 60s 6d, 60s, 60s 3d, 60s 7d, 60s, 59s 9d, 60s 2d, 60s 3d, 60s sd, 60s 6d, 60s 60s 3d, 60s sd, 60s 4d, 60s Id, ' 60s, 59s' lOd. 595, ,9.d; Staples,, 35s ■ 6d,'34s'; 6d; Tooth and C 0.,. 57s 3d, : 57s 6d, 57s 4£d, 575. 57s 3d, 57s 2d; Toohey's, 375; . Ward's Brewery (in liquid.), 9d. .... DEMAND FOR STORE SHARES. . Investors' interest in shares of department and other retail organisations trading in - New Zealand as well as in Australia continues unabated. A large proportion of the business in such shares as reported week by week will be hand-to-hand transactions within the Dominion and of a' speculative character. Of the fifteen companies' shares dealt in this week. ten are'in "companies domiciled'in New. Zealand and the remainder are confined to companies operating in Australia. • The business done in this section of the list this week has been as follows:— . Anthony Horde'rn, 20s 9d. ■Bfeath and Co., 22s 6d; Brown, ■ Ewing (ord.), 21s. • D;i.C. (ord.), 16s 9d. Farmers' Trading (ord.)., 23s 6d; 23s 4d, 235, and (B pref.), 225, and (A 1 pref.), 22s 9d. G. J. Coles, £5 7s, £5 7s 6d, £5 •" 7s-9d, £5 7s 3d, £5 .Bs, £5 95,, £5 9s 6d, £5 10s, £.5 11s, £5 12s, £5 9s 9d, £5' 10s, £5 11s 6d, £5 11s 3d, £5 lls, £5 13s 6d, £5 10s 6d, £512s, £5 lls, £5 13s 3d, £5 12s, £5 6s 6d, £5 lls, £5 lls 6d, £5 lls 3d, £5 10s, £5 10s 9d, £5 lls, £5 10s, £5 lls. Macduffs Ltd. (pref.), 22s 6d, 235; Macky, Logan, 22s 6d; Milne and Choyce (debentures), 16s 3d, 16s 6d. Shillings Ltd., 19s, 19s Id. Woolworths (2nd pref.), 26s 3d; Woolworths (N.Z.), £7 ss, £7 4s 6d, £7 4s, £7 7s, £7 Bs, and (pref.), 375. Unlisted.—Sclfridges (N.Z.), 4s paid, 5s 9d, ss, 4s 10id, 5s Id; Selfridges (A'asia.), 39s 3d, 395, 38s 9d, 39s 6d, 395. Woolworths (W.A.), £7 6s, £7 7s, £7 6s, £7 5s 9d, £7 6s. Woolworths Ltd., £8 7s 6d, £8 9s, £8 7s, £8 8s 6d, £8 Bs, £8 6s 9d, £8 7s 3d. £8 6s, £8 6s 6d, £8 Bs, £8 7s 6d, £8 5s 6d, £8 Bs, £8 8s 6d, £8 7s 3d, £8 9s, £8 10s, £8 9s 6d, £8 10s 6d, £8 lls, £8 lls 6d, £8 10s 9d, £8 10s 3d, £8 lls, £8 lls 3d, £8 10s 6d, £8 lls 6d, £8 lls, £8 10s 9d, £8 lls. MISCELLANEOUS. Broken Hill Proprietary shares were freely dealt in during the week at advancing prices. Interest was well spread over investments usually listed under miscellaneous. Sales were as follows:— Australian Iron and Steel (pref.), 27s 6d, 27s 9d, 27s lOd; Australian Glass, 945, 93s 9d,> 93s 6d, 935; Associated Nev/spapers (ord.), 23s 10d, 23s 104 d, and (pref.), 24s 3d. Burns Philp, 81s 3d; British Tobacco, 52s 9d, 52s' 6d, 525, 51s 9d; Broken Hill Proprietary, 85s 3d, 85s 6d, 85s, 85s 4d, 85s . 6d, 86s 3d, 87s, 88s 3d, 88s 6d, 87s 6d, 87s 3d, 88s 9d, 91s, 90s 9d, 90s, 90s 6d, 90s 3d, 89s, 88s 6d, 90s, 89s 3d, 88s 6d, 88s 9d, 89s 3d, 89s, 88s, and (con.), 73s 3d. 735, 73s 6d, 775, 74s 6d, 74s 9d, 75s 9d, 77s 6d, 77s 9d, 775, 765. 75s 6d. 76s 6d, 765.

Claude Neon (N.Z.), 31s, 32s 6d; Colonial Sugar, £43, £43 2s 6d; Consolidated Brick, 10s 4d, 10s 3d. Dominion' Fertiliser, 245, 24s 6d; Dunlon-Perdriau Rubber, 19s 3d, 19s 2d,-19s Id, 19s/19s Id. General Industries, 19s 9d.- 19s lOd. Hume Pipe (Aust.), 21s sd, 21s 4d,

21s 3d; Henry- Jones Co-op., 46s 9d. Milburn Lime, 42s 6d, 42s 9d; Morris Hedstrom, 29s lOd, 29s 9d; Mort's Dock. 14s 3d, 14s 4d, 14s 6d, 14s 9d, 14s lid, 14s sd, 14s 7d, 14s lOd, 14s lid, 15s 3d, 15s 4d, 15s Id. 15s, 15s 2d; Metters, Ltd., 12s sd:'M. K. Millinery, 48s 6d. New Zealand Newspapers, 40s; Northern Roller Mills, 225, 22s 6d, and (pref.), 22s 6d. . Procera Bread. 25s 3d. Robinson Ice, 235. Sulphide Corporation, 16s 2d; Shariands, 19s, and (pref.), 20s; Sanford,'ss. 5s Id,' 5s 3d. 5s 4d. United Provisions, 10s lid, 10s lOd. Wilcox Mofflin, 12s 6d, 12s sd, 12s 3d, 12s 6d, 12s 7d; Wilson's Cement, 365; Waldas Shoes, 29s 3d, 295. 29s •6d. • "■-.. j Unlisted.—Alloy Steel (Aust), 21s 6d, 21s, 20s lOd; British Neon. 15s; New Zealand Perpetual Forests, 55s 9d; Australian Bondholders' Trust, 1926 planting (8.8. issue), £31 10s; Wellington Publishing, 90s; Were's Investment Trust (old). 6s 4d. OIL. TaranakiOil Fields shares have appreciated over the week with sales reported as follows:— 2s lid, 2s lOd, 3s Id, 3s, 3s 3d, 3s lid, 3s 2d, 3s 2id. MINING. The* tin share market was under close observation, with business reported as follows: — ■ . . " •Rawang Tin, 12s, 13s 6d, 13s lOd, 13s 9d, 13s 4d, 13s sd. 13s 6d, 13s 9d. 13s 3d, 13s 4d, 13s sd, 13s 6d. Australian mining shares, in addition to those already mentioned, included sales of Broken Hill South as follows:— 55s 3d, 565, 56s 6d, 56s 3d, 56s 9d. 54s 4d. . . • New Zealand dredging and mining shares were neglected, business done being very small.-sales being as follows: — ■ , A.rgo,, Is lid; Golden Dawn, 2s sd; ■ Gillespie's, Is 6d; Martha, 20s, 19s 9d, 20s; Maori Gully, 6d; New River. 7d; Nemona, Is 9d; Nokomai, 2s 4d; Skippers, 3id, 3d; Waimumu, Hid, Waihi Investments, 14s 6d, 14s 7Jd; Grand Junction, 3s Bd.

eminent, luaiii iinu k-uuu 111 company debentures. The Wellington sales were as follows: —, Government loans — 13,1P,5 ?3nks 2,200 8,746 Insurance 100 -307. Mercantile ..-. 400' ' 852 Industries ,...'.... 4,569 14.SS2 Stores ....'. ..•..■...'.. 3,503-. .:" 15,2S2,: Gas. ' ..'..;. •.■..•.■.•..■ 300 ■. , ., 400 Breweries'-. ..V. ;". 2,473 5,720 Freezing; ..,.'.->..V.i.;',;;.. V,. ,» 750 ':■■■'■■■ : 561 Shipping'-' :•■'■> .:.,'..'.; .......... 300-': % ■ 375 Timber ....;.'.;■. , ;300 : -V 13S, Miscellaneous- i .i*....".'.,. 2,175 . ;: 5,35" Mining .... *,..'.'.•.. 10,400" -:ir,S3" ..■'... ■ • ■ '■"-> ■ ' ■'■■■27;5.64 /';•£83,612Busintess done in-.Goverhmeilt'- Stocks' and Bonds ■ during the! week showed: that thffi market" was steady. A comparison of prices realised a year ago and today: is :given. .as. under:— " " ' •. -reb.-29, ' Last: \ . _ , _,"..■ 1936.- week. Feb. 26/. Stock. Tear... ' . £ . ,; £. .. £ 3% 193S-52 ...'. 103 101% 101% ZVi 1939-43 ..... 102% ..101% lOIVs *3y 2 1953-57. .... —, 99H- 99V4 ,4 1946 - '. 102 Va 101V4 101,% 4 ■ 1949 ' '.... 1031,4^ • 103%' 103H 4 1955 ; ...... 103% ; 1027 s , .102% •Converted from 4 per cent. Stock, which matured 1937-40. ■ '