TRADE AND FINANCE

Evening Post, Volume CXXV, Issue 18, 22 January 1938, Page 12

TRADE AND FINANCE

JRQDUGE-S MARKET REPORTS DAY SO DAY

INVESTMENT MARKET

QUIET BUT STEADY

A MODERATE TURNOVER

( , "Evening,Post," January 22. Brices of. investments in the AusPresident "Roosevelt and the heaps 01 certain industrial and financial inter-e-sts, and the still tense situation in C These influences cannot fail to have a strong bearing on S kets in general, and what are called fitters" in Wall Street are immedi-ately-felt in London and reflected in the Australian markets in which New Zealand, is now deeply, interested. Hartley Withers, writing in the Financial Times," London,, on January 1 makes special reference'to the internal problems of the United States and the effects on the-London, security market of developments in that country; but he admits-.that "it is not only in America that business prospects are shrouded in doubts, about the intentions of politicians. One of the difficulties (he states) that now confront every speculative investor who wants to make money out of market movements is that he has to try to make intelligent guesses not only about business prospects, as such, but also about the manner in which the very human beings who control .the world s destinies are going to regard the behaviour of their neighbours. The successful speculator of today has to-be a profound psychologist, with .an uncanny gift for detecting the direction in which the political cat is going to """"unfortunately every country has its own nolitical cats which have acquired an extraordinary facility in. pouncing on private business enterprise to the discomfiture of investors and to no particular benefit to the cat -. New Zealand is not singular in this respect. So far as the gilt-edged market in this Dominion is concerned, prices for Government Stocks and Bonds keep fairly steady, and the demand for such , investments is constant with far more buyers than sellers. Market valuation of Government loans as at the close of business on December 21 last, according to the official record of the New Zealand Stock Exchange, and prices realised this week for stocks sold compare as follows: — (

Half-yearly Interest was paid on the 3% per | cent. Stock (1950 on January 13. last, and is due on i per cent. Stock (1916) on February Id next. ~ . .■■.-.:.- . j. .-■ ■ ■•:.- . *Buyers. ■ ■ J Business in Wellington has been afifected by the- attention claimed by the faces, consequently the turnover has not been large. But the week opened on a quiet note in other centres, suggesting that, the investor is still in a doubtful frame of mind and that the speculator is not doing much at pre's.ent. ■'' .; ' . ■/■■_

i:pany.:is.'" considering the issue of £200,000 fresh capital in the form of 8 percent., preference shares to be used partly in the purchase' of a plant to deal with'concentrates/ It is. also proposed" to/mine 7,000,000 ;tons of ore by open cut,- with an estimated average return of 4.6dwt.<gold and 1.71 per cent, copper per ton, an average of 350,000 j-tbns of sulphide ore to be mined yearly at an estimated, profit of 20s a ton. ' , Bro"ken Hill' Proprietary shares have kept steady at between 63s and 63s 6d.

Stock., Maturity. 5.3%- ...< 1943 I 3% •••••195! •3% .... 1957 l;3% .... 1341 j-4 .... 1346 ? 4- .... - 1949 i4- • .... 1955 Dec, 1937. Jan., 193S £ £ 100% 101 , -101%.-, ' 101%. . 9sy 4 ... ?7% 100% *1«1% ■103% ,10314 :iO3 .103% 102% 103.