FINANCIAL.

Hawera & Normanby Star, Volume XLIV, Issue XLIV, 7 May 1924, Page 7

FINANCIAL.

INVESTMENT BAROMETER, WELLINGTON, May 6. Stock exchange securities—that is, stocks and shares —often furnish a very good idea of the trend of investments. Prior to the war trust money and other funds were almost invariably invested in mortgages of freehold land. This was considered the very best security, but the moratorium changed the views of investors. The moratorium was no doubt justified when first introduced, i and if it had ceased when the war ended or soon aft-erwards all might have been well, birt its. continuance for six years after tne close of the war has inflicted serious hardships on many mortgagees. It is due to be lifted at the end of the year, but there is no certainty that it will be abolished then. This is one reason why mortgages are not favoured by investors. Furthermore, the larger lending institutions, like the life insurance companies, are able to invest their funds in the Commonwealth to greater advantage. The Commonwealth Government and State Government stocks yield 6 per cent., and mortgages yield 7 per cent to 8 per cent. Money, like water, will find its own level, and so the funds of these institutions are being invested in Australia. A third facto,r in destroying mortgages has been the absurdly high Vakies placed on real estate by professional valuers. Investors seem now to prefer placing their money in stock exchange securities, and it is a wellknown fact that there are fashions in such investments. Just now bank shares' stand r>re-eminent, and at current quotations the yield to the investqr is comparatively small. The shares of timber companies are also strong favourites because of the building bwm. Freezing companies' shnr.es are the weakest, and for obvious reasons. Most of the concerns are losing money.

Many are the humorous items written about, the adjectives used by some players of golf. What is claimed to be a precedent in the history of golfing has been established by the Earlington Club, near Seattle. The Eev. Canon Ronald Hilton has been appointed chaplain to look after . the spiritual welfare of the members.

In the end he went to the dentist and had the tooth extracted. True, the pain had gone, but so had the tooth! If he had applied a little Barraclough's Magic Nervine the pain would have disappeared just as quickly. Nervine stops the pain because it kills the nerve. Barraclough's Magic Nervine has given satisfaction for over 25 years. Price 1/6 everywhere, or post free from Barraelough's Pty., Box 1247, Wellington. Money back if not satisfied. —4 N.Z. BAKERS BOOM CATHEDRAL. THE ESSENCE WITH THE FRUITY FLAVOUR. There are fourteen varieties of Cathedral Essences —all different —all pure, fresh and fruity—all so highly concentrated that a drop or two suffices for cakes and sweets. That's why "Cathedral" Brand is such a favourite flavouring throughout the Dominion. Your grocer stocks "Cathedral." 12