PROFITABLE YEAR FOR STOCK BROKERS

Northern Advocate, 15 December 1937, Page 10

PROFITABLE YEAR FOR STOCK BROKERS

t Per Press Association.—Copyright.] AUCKLAND, This Day. “Speaking generally, stock-brokers have had a profitable year,” said the chairman of ,the Auckland Stock Exchange, Mr John W. Fra ter, at the annual meeting yesterday. “While it was probably not quite as large as 1936, the turnover on the Stock Exchanges throughout the Dominion has been heavy. “The turnover in Government and municipal securities has been considerably less than last year, with narrow price fluctuations. Bank and insurance shares have shown little variation. while Australian industrials generally are at lower levels than a year ago, but this is mainly due to overseas influences. Metal Stocks Outstanding'. Metal stocks throughout the year were an outstanding feature of the market, and fluctuations immediately reflected on other industrials. Values for these commodities seemed to have reached near the bottom, and with production and consumption fairly evenly balanced, some improvement seems probable. Turnover in goldmining shares hasbeen lighter than for many years, and it seems certain that, unless some concession such as abolition of the iniquitous gold tax is given, output of gold is certain to decline,” said Mr Frater. Discussing overseas markets, Mr Frater said that probably 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. Many Feeling the Pinch. “Already many industries arc feeling the pinch of shorter hours, higher 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 with small prospects of a reasonable return being received on capital involved, there will be little incentive to estab:sh new industries.” Mr G.R. Buttle was elected chairman for the ensuing year. He is a nephew of the well-known chairman of early days, Mr G. A. Buttle.