THE STOCK EXCHANGE.

Manawatu Standard, Volume LVIII, Issue 15, 15 December 1937, Page 2

THE STOCK EXCHANGE.

A PROFITABLE YEAR. OUTLOOK FOR FUTURE. Per Press Association. AUCKLAND, Dec. 14. “Speaking generally, brokers have had a profitable year/ said the chairman of the Auckland Stock Exchange (Mr John W. Frater), at the annual meeting to-day. “While probably not quite as large as 1936, the turnover on the Stock Exchanges throughout the Dominion lias been heavy. iho turnover in Government and municipal securities has been considerably J ess than last year, with narrow price fluctuations. Bank and insurance shares have shown little variation. Austialian industrials generally are at lower levels than a year ago, but this is mainly due to overseas influences. “Metal stocks were throughout the year an outstanding feature of the market; and fluctuations immediately reflected on other industrial issues. Values for these commodities seem to have reached near bottom, and .with production and consumption fairly evenly balanced some improvement seems probable. The turnover of goldmining shares has been lighter than for many years. It seems certain that unless some concession, such as the abolition of the iniquitous, gold tax, is given the output or gold is certain to decline.” ' , . .... Discussing overseas markets, JYLr Frater said that nossibly we would be called upon to face lower prices for our primary products, and it remained to be seen how the Government could continue its policy of lavish expenditure without serious repercussions. “Already many industries are feeling the pinch of shorter hours, high wages, and heavy taxation,” he said. “And it may prove difficult for even our old, well-established industries to operate profitably, and in view of the fear of further interference and the small prospect of a reasonable return being received on the capital involved there will be little incentive to establish new industries.” Mr G. R. Buttle was elected chairman for the ensuing year. He is a nephew of a ‘well-known chairman in the early days, Mr G. A. Buttle.