THE SHARE MARKET.

Manawatu Standard, Volume LVII, Issue 9, 9 December 1936, Page 14

THE SHARE MARKET.

TRENDS IN DOMINION. Per Press Association. AUCKLAND, Dec. S. In liis annual address to the Auckland Stock Exchange, the chairman (Mr John Frater) said the year had been satisfactory, despite the problems of the international situation and the local change of Government. He referred to the “dangerous trend of legislation” and regretted that the Government had increased taxation while other countries were reducing it. He commended the Industrial Efficiency Act, provided it did not unduly interfere with existing sound industries.

Dealing with the alleged flight of capital from New Zealand to Australia, he said the suggestion that this had taken place through the Stock Exchanges had little or no foundation. Actually, investors were loyal, and if two similar propositions were placed before them by ta broker, one New Zealand and the other in Australia, the investor would almost invariably choose the local one. Touching on the mining industry, he said that it had had little encouragement from pa6t governments, and apparently was getting no better treatment from the present one. Business in this section had been very small and it was regrettable that the iniquitous gold tax was still in operation. Dealing with the trend of investments in the past year. Mr Frater said there had been less dealings ill Government stocks due to the fact that, with the improved conditions,_ more money was being invested in 'industrial enterprises. He appealed for fair treatment of the present Government, giving them credit for their fairness to investors regarding the purchase of .Reserve Bank shares.