REVIEW OF THE WEEK

New Zealand Herald, Volume LXX, Issue 21426, 25 February 1933, Page 7

REVIEW OF THE WEEK

TURNOVER WELL MAINTAINED WEAKENING IN STATE LOANS Turnover in the investment market on the Auckland Stock Exchange during the past week was well maintained in spite of the fact that, owing to the limitations imposed upon the transfer of funds from abroad, transactions are still largely confined to the domestic market.

I The outstanding development was the weakening in the market for Government loans following reports that the Government proposes to impose another cut in interest rates. Prior to this 4£ per cents were strong at £96, but buyers subsequently weakened to £93. Some supplies were secured at £95, but the market rallied toward the end of the week with sales at £95 15s for 1938 stock and £96 for 1938 bonds. All the 5£ per cents were quiet at lower levels, buyers showing no interest at the close, with sellers at £JB 10s and £9B 15s for the February issues, ex interest, and £IOO 10s for September issues. The hank section followed the trend of the market in Australia and showed fiimness for all the Australian banks. On the other hand, Nationals of New. Zealand and New Zealand? were easier, the weakness in the dairy produce markets being a contributing cause. New Zealands sold down to 435, against 44s at the close of last week's business. Commercials of Australia were steady at 14s 7d, and New South Wales, after opening 12s 6d lower at £/« 5s advanced on sale to £2B 10s. Firm conditions continued to rule in insurance, in which investors inquired keenly for all shares. New Zealands and South British were the most active, alio former improved 3d in f a | rl y extensive dealing from 45s 3d to 45s 6d. Two parcels of South British were turned over at 59s 3d and 60s. Nationals were done lid higher at 15s 3d. l'he loan and agency and coal sections were more active toward the end of the week. Goldsbrough Morts were a shade easier and some business was done m Loan and Mercantile at £39. Both Wostport and Taupiii coals had sale at better rates at lis and 12s 3d, respectively. Auckland Gas 1 , after sale last week at 20s 9d, shaded to 20s and 20s Id. ■ A : strong market existed for all betterclass Australian investments, but few_re(iiiirements received satisfaction, the difficulty in transferring funds from Australia hampering transactions. Colonial Sugars registered an advance of 5s in three sales at £53 ss. Leading New Zealand industrials also met with substantial support. Wilsons Cements improved 6d to 29s 6d, and New Zealand Paper Mills were taken firmer at 22s 3d. Moturoa Oils came into demand as a result of developments and hopes at New Plymouth, one parcel being transferred at 4s 9d. The preference issue has now closed and is being quoted, buyers offering par for the fully-paid 5s shares and holders asking 7s. Taranaki Oils also were in improved demand, with inquiry up to 2s 6d.

Several interesting mine developments were reflected in the mining section. Blackwaters remained firm in dealing at 20s 9d and 21s 6d. Alexanders were quoted down to 13s 9d, buyers offering 12s 9d. Waihis advanced from 21s 8d to 22s on limited trading and would probably have moved higher but for the fact that the banks are still refusing brokers' drafts on London. Interest was also keen in the new South Island companies which have started operations.

The following comparative table shows the levels of sales made on the Auckland Stock Exchange finally in February, 1932, together with the lowest price touched last, year and the closing prices at the end of the last two weeks:— •'

The trend of sales completed during the week ended yesterday was as follows, the last sale price being shown in parentheses: Government Loans.—Bonds: 1938. 44, May-November (£96), £96. £96; 1937, s|, September-March (£101), £IOO 10s, £IOO. Inscribed stock: 1938, 4£, May-November (£96), £96. £95, £96, £95 15s; 1937, 51, September-March (£101), £IOO 10s, £IOO 12s 6d; 1927-41, September-March (£95 15s), £95 10s. Debentures. —Auckland City, 1965, si. £99 10s; Auckland Harbour Board. 1940, July-January (£9B 10s), £9B; Hamilton Fire. Board, 1948. 6 {October). £9B. Banks.—Commercial of Australia (14s 9d), 14s 7d, 14s 7d (2); ditto preference (£7 15s 6d), £8; New Zealand (445), 43s 9d, 435, 435; New South Wales £2B 17s 6d), £2B ss, £2B 7s 6d, £2B 10s, £2B 10s (2). Insurance.—National (14s 4d), 15s 3d; New Zealand (45s 3d), 45s 3d, 45s 3d, 45s 6d, 45s 6d (2); South British (58s 6d), 59s 3d, 60s. Loan and Agency.—Farmers' Co-opera-tive B preference (12s 6d), 12s; New Zealand Guarantee Corporation (4s 6d), 5s 6d; Loan and Mercantile (£39), £39.

Coal.—Taupiri (12s), 12s 3d; Westport (10s sd), lis. Gas. —Auckland (20s 9d), 20s, 20s id.

Shipping.—Devonport Ferry (18s 3d), 19s; Huddart-Parker (26s 6d), 28s 9d; ditto preference (16s 9d), 22s 9d. Miscellaneous.—Colonial Sugar (£53), £53 ss, £53 5s (2), £53 ss; Electrolytic Zinc preference (28s), 28s 3d; Henry Jones (35s 7d*, 375; Moturoa Oil (4s), 4s 9d; New Zealand Paper Mills (22s ljd), 22s 3d: Wilsons Cement (295), 29s 6d. i Mining.—Waihi (21s 8d), 21s Bd, 21s lOd, 21s 22s, 225; Waihi Junction (3s BAd), 3s 7d: Mount Lvell (20s), 20s, 20s 3d, 20s 3d; Waitahu (3s lOd), 4s 9d, 4s 9d, Is 9d; King Solomon (2s 2d), 2s 2d; Gillespie's Beach (Is 7d). Is 7d, Is sd; Plackwater (20* 6d), 20s 9d, 21s 6d; Consolidated Goldfields (9s 4d), 10s; Golden Dawn (3s 9d), 3s 3d; Freshford (—), Is 6|d; Paddy's Point (5s lid), 6s 3d. Unlisted Shares.—Dominion Breweries (6s), 10s; British and Foreign Concessions. 10s paid (15s), 15s 3d; ditto, 20s paid ( —), 255; New Zealand Newspapers (20s), 20s.

AUSTRALIAN EXCHANGES " YESTERDAY'S BUSINESS (Receix-ed February 24, 8.25 p.m.) SYDNEY, Feb. 24 On the Sydney Stock Exchange to-day the principal company shares made a strong showing unci classified stocks were firm. Commonwealth bonds recovered from three, to eight points. • This morning's sales included: —Commonwealth 4 per cent bonds, 1938, £lO2 12s 6d; 1941, £lO3 Is 3d; 1944, £lO3 ss; 1P53, £102; 1955, £lO2 ss. Commercial Bank of Sydney, £l6 2s 6d; Colonial Sugar, £54 17s 6d; British Tobacco, New Zealand delivery, 34s 9rl. Closing sales included:—Bank of New South Wales, £3O 7s 6d; Commercial Bank of Sydney, £l6 2s 6cl; United Insurance, £7 15s; Australian Gas, A shares (ex dividend), £7; British Tobacco. 34s 10id; diito. Melbourne register for New Zealand delivery, 34s 9:1; Tooth's Brewery, 35s 9,1; Toohey's Brewery, 21s 4£d; Dunlop Perdriau, 17s 9d; Morris IJedstrom, 17s 9d; Faiiymead Sugar, 25s 9d; Colonial Sugar, £54 17s 6d. Commonwealth 4 per cent bonds, 1938, £lO2 16s 3d; 1941. £lO3 ss : 3944. £lO3 7s 6d: 1947, £lO3 ss; 1950, £lO2 7s 6d; 1955, £lO2 10s; 1961, £lO3 15s. Melbourne sales included: —Dunlop Perdriau. 17s lid; Broken Hill Proprietary, 27s 9d.

J. WISEMAN AND SONS, LTD. DIVIDEND OF 5 PER CENT. At the second annual meeting of J. Wiseman and Sons, Limited, wholesale sports dealers, saddlers and manufacturers, the, directors reported a sueccossful year's trading. A dividend of 5 per cent was declared for the year ended December 31, 1932.

CANTERBURY MARKETS INCREASE IN BUSINESS [BY TELEGRAM —PRESS ASSOCIATION] CHRISTCHUROH, Friday There has boon a welcome increase in business activity during the week. Fowlwheat is now offering in considerable quantities, and the price for prompt delivery has eased to 3s Id a. bushel, f.0.b., sacks extra. There is no change, in spread quotations, there being comparatively few sellers of later deliveries. With the North Island buying only sparingly the supply of wheat for prompt delivery considerably exceeds the demand.

Milling wheat is now coming forward rather faster than the market can absorb it, and anything but the best grade is not easy to place. With m'illers taking the best lines there is a tendency to divert o'rdinarv fair average quality wheat into (he fowl feed market. The milling sample generally is good. Oats show no change in values, and there is very little market for them. Algerians ace quoted at Is 2d to Is 4d a bushel, and Garlons at Is 3d to Is sd. North Island interest in the potato market is non-existent. The nominal quotation to growers is £2 a ton. Cocksfoot is offering freely. Akaroa seed is quoted at 3d to 3Ari per lb, for the best. Plains seed is a halfpenny lower.

WHEAT IN AMERICA CHICAGO, Feb. 23 Wheat—-May, 47 5-8 cents a bushel; July, cents; September, 49 3-8 cents. The New York quotation for cash is 56 5-8 cents. CALL AND DIVIDEND LIST Dividends— " Due Bank of N.S.W.—quarterly, 5s a share Feb. 27 Alexander Mines—seventh, la a share . . . . . . . Feb. 27 Elder Smith—lnterim, 2 p.e. . . Mar. 1 Okarito Gold Dredging—6d a share Mar. 3 Standard Insurance—interim. Is 3d a share Mar. 0 Huddnrt-Parker—final. pref.. 3 p.c.: ord. 2i,p.c. .. .. Mar. 11 Carlton Brewery—final, 4 p.c. . . Mar. 11 Bank of A'asia.—final, 4s a share less tax . . Mar. 31 National Mortgage—final, 5 p.c. p.a. . ; . . Mar. Amalgamated Zinc (de Bavay's)— interim, 2J p.c. . . . . Apl. 7 CallsEquitable Building (Wellington), £1 a share, making £6 paid, payable quarterly .. • • Msr. 1

Feb., Lowest, Last This 1932 Price Week Week Bank A'asia. 170'187/6* 190/-* Cam. Bk. Aub. 14/2 13/14/9 14/7 Nat. Bk. N.Z. 59/71/- — Bank N.S.W. 480/577/6 570/Bank N.Z. .. . 44/9 40/9 43/Union Bank 150/129/6 • 147/6* 149/6* Nat. In*. — 11/14/3* V15/3 N.Z. Ins. .. 87/6 35/44/3 45/6 South British 61/9 47/68/3* 60/-Golds.-Mort . — 20/5 22/9* 22/6* Auckland Gas 22/20/6 20/9 20/1 N.Z. Breweries 25/3 21/3 27/26/6* Aus. Glass . 29/6 28/44/3* 45/-* British Tob. 26/6 25/6 32/6 33/6* Col. Sugar . 787/6 717/6 1065/El. Zinc (f>f.) — 19/6 27/10* 28/3 Wilsons C't. 30/25/9 29/29/6 Waihi X7/413'9 21/8 22/Mt. Lyell . . 20/6 16/9 20/20'3 *No sales; buyers' closing offers.