FINANCIAL BAROMETER.

New Zealand Herald, Volume LX, Issue 18296, 12 January 1923, Page 8

FINANCIAL BAROMETER.

STOCK EXCHANGE PRICES.

BETTER TIMES INDICATED.

GOVERNMENT LOANS POPULAR.

-The general all-round advance in the prices of stocks and shares as quoted on the. Auckland shaiemarket is very noticeable to-day as compared to quotations of a year ago. The Stock Exchange is universally looked upon as a barometer indicating the prosperity or otherwise of a. country, and, that being the case, there is every reason for gratification in the present situation. The rise in most investment stocks which set in same months ago, and has been well maintained since, is attributed in wellinformed quarters to the better conditions reigning both in trade and financial circles. In the past 12 months practically every stock of sound .. commercial value has improved in price. The most remarkable change for the better has taken place in the last year in New Zealand Government war loan bonds and inscribed stock. Taking buying quotations as the basis of comparison it will be seen from the following table that substantial are given of the restored confidence existing now as compared with a year ago. The offers for war loan bonds have increased in the period by £6 10s in the case of the 1930 issue, by £11 and £11 5s respectively, in the 1938 and 1939 issues, and by £4 10s in the 1927 issue. Soldiers' loan bonds have increased in value by £7 12s 6d. As regards inscribed stock, the increase in the case of the 1927 issue is £4 10s, and in the 1938 and 1939 issues £11 5s and £11 respectively, while soldiers' loan inscribed stock has risen by £7 12a 6d. The buying offers yesterday, compared with ihose of a year ago, are set out below.*— , ■ .' i Jan. 11,1923. Jan. 11.1922. Bonds— £ s d £ s d 1930 Issue . . 96 10 0 90 0 0 1938 Issue . . 96 15 0 85 15 0 1939 Issue . . 96 15 0 85 10 0 1927 Issue ~96 0 « ■ 91 10 0 Soldiers' Loan. 100 0 0 92 7 6 Inscribed Stock 1927 Issue .. 96 0 0 91 10 0 1938 Issue . . 96 15 0 85 10 0 1939 Issue . . 96 10 0 85 10 0 Soldiers' Loan. 100,. 0 0 92 7 6 A glance at other investment stocks shows that in the year under review all bank shares have improved. Australasias are now sought at £12 17s 6d, or £2 in advance of the offers of a year ago. Commercials (ord.) have hardened a few shillings, and the rise in Nationals is 15s 6d. • New South Wales are about the same at £35 2s 6d buyers,, 6ut New Zealands are firmer by about 10s, with present offers of £2 17s. Unions of Australia have advanced 27s in the period, buyers now quoting £13 12s, with sellers at £13 17s 6d. The s rise in Banks of New Zealand is attributed to the expected issue of new capital. ! Insurance and Other Investment Stocks. Insurance stocks are still in favour. Nationals, with buyers at £3 lis Gki, are firmer by 13s than they were a year ago. This is attributed to thfl announcement by the directors of a transfer from reserve fund to capital account, involving the writing-down of the liability on the shares. New Zealands and South British have not advanced to any marked extent, the former being quoted at about the same rates and the latter at 2» better. Financial shares have mostly risen in the period. Buyers of Goldsbrough, Mort. now offer £2 2s 9d, an increase of 9s 9d; River Plates are wanted at £1 Os 6d, an increase of 3s; Loan and Mercantiles (ord.) have fallen £1, but the preference issue, wanted at £73, shows an advance of £21.

In gas shares, Aucklands have improved, the paid-up issue at £1 4s 4d buyers being 3s 7d higher, and the contributing issue, with buyers at £1 3s 6d, being 6s 9d better, though that is partly accounted for by calls paid. There have also been substantial rises in shipping shares. Devonport/ Ferry, which could have been bought a year ago for £1 2s, are now sought at £1 4s ; with onsatisfied buyers. Huddart-Parkers, for which the best offer was £2 Is 12 months ago, are now looked for at £2 14s 6d, an increase of" 13s 6d. Northern Steams have remained firm. P. and 0. (deferred stock) has fluctuated, and there are now buyers at about £320, as against £305. In timbers, Leyknd O'Briens are 7s better at £1 17s buyers. This advance is attributed to the fact that the company is issuing some of its reserve shares to the shareholders. ;"

Miscellaneous and Mining Shares. .Among miscellaneous investments such concerns as Abraham and Williams, Newton King, the Farmers' Co-operative tioneering Company and similar companies, have come much into favour in the last few months. This may be _ taken as fresh evidence of the restoration of confidence on the part of the investing public. There was comparatively no call for these shares a year ago. Industrial shares have also shown an improvement, both in price and in demand". *' An instance is Wilsons (N.Z. Portland Cement shares, which w§re wanted a year ago at 14s, but which are now inquired for at £1 2s 3d, an increase of 8s 3d. This company has in the period become a regular dividend payer. In mining the most noticeable improvement in the 12! months has been in Waihi shares. These have advanced in recent months, partly owing to the theory put forward in Mr. Morgan's report that there might be a secondary enrichment in the mine, and partly because of developments on the Edward lode. A year ago the best offer was 18s 6d, but the shares are now selling at 33s 9d, having shown a slight tendency to weaken in the last day or two on account of the threatened trouble over the reduction of the miners', wages. Waihi Grand Junctions have improved also, mostly owing to the fact that the company is resuming crushing operations. The present buying price, 10s is 2s 6d better than that of a year ago. .'■■■. ' .

OPOTIKI DISTRICT. » : FUNDS FQR HOSPITAL. [BY TELEGRAPH. OWN CORRESPONDENT.] - OPOTIKI. Thursday. The special appeal by way of a canvass of the Opotiki County, which is being made in order to provide an isolation ward at the local hospital, is not yet complete, but now that, the holidays are over it is intended that the canvassers will energetically work the districts allotted to them. The organisers are optimistic as to the final results of the appeal, which will be the means of providing a much-needed institution for this part of the Bay of, Plenty.