REVIEW OF THE WEEK

New Zealand Herald, Volume LXXI, Issue 21698, 13 January 1934, Page 7

REVIEW OF THE WEEK

A STRONG REOPENING INCREASED BUYING SUPPORT BANK SHARES HARDEN t The investment market reopened strongly on the Auckland Stock Exchango after the Christmas and Now Year vacation and, during the first week, has quickly settled down to active trading. The buoyant tone upon which it closed for the holidays was accentuated by the results of wool sales which were held during the past week and. under increased buying pressure, levels in a number of cases showed a marked appreciation upon those ruling prior to Christmas. An active demand existed for Government loans at levels fully equal to those ruling in December, but it received little satisfaction. Somo supplies wero available toward tho close of tho week and these wero quickly absorbed at advanced prices. Local body loans wero quiet, but the inactivity, again, was due to the paucity of supplies rather than any lack of interest among buyers. A ready market exists for all of the prominent local body debentures, but the proximity of conversion schemes has not had tho effect of throwing any extra supplies into the market —rather tho opposite.

Banks and Insurance A marked forward movement developed in banks which, while firm in tho latter part of last year, have not gained to the extent of some sections of tho market. Strong Melbourne support for Commercials, which was a feature of mid-December trading, was continued, although anticipations of an increased interim dividend were not realised. This week, following the dividend announcement, prices advanced on sale from 17s 8d to 18s 3d. New Zealands strengthened 2s, changing hands finally at 49s 9d. New South Wales advanced £1 to £33 7s 6d and other issues wero firmly supported. High rates were maintained in insurance, which was again one of tho most active sections. Now Zealands and South British were steady at slightly under peak levols, changing hands at 57s and 77s respectively. Nationals were turned over almost daily and wero lifted 2d during the week to 18s Bd. Australian Provincials firmed 9d to lis. High Level 01 Sugars

A rise .of 2s 6d in Goldsbrough-Morts was the feature of the loan and agency section. Only two parcels of these shares were secured, the business beinc done at 36s Cd and 375. Farmers' Cooperative Auctioneerings also hardened, the B preforenco issue moving up to 19s 6d. Auckland Gas shares were firm and there was increased interest in timbers. Kauris were dona better at 15s IOJd. Leyland-O'Briens were unaltered in three sales at 20s, and Parker-Lambs wero dealt in twice at 4s. After rising 9d to 3Ss, New Zealand Breweries wero vainly sought at 40s. Other brewery shares wero in firm demand. Industrial issues experienced a fairly active week and, as with other sections of the market, values showed an upward trend. There was a jump in Dunlop-Perdriaus which, after an opening sale at 20s, had acceptance later in the week at 22s 6d. Colonial Sugars moved to a new record level for the Auckland market in three transactions at £64. On the Wellington Exchange business was done at £64 ss. The mining market reopened at slightly better levols, but apart from the activity in Waihis dealing was quiet. Waihis wero again sought from London, but operators wero confined to fairly narrow limits. Prices opened 6d firmer at- 30s, closing easier at 29s 6d. Waihi Junctions went to 4s lOd, falling back to the pre-holiday level of 4s 7d. Business in Kins Solomons and Gillespies' Beach was at 2d and 3d better than the rates ruling prior to Christmas. Mount Lyells wero a shade ea, fhe' following comparative table shows the levels of sales made on the Auckland Stock Exchange in the corresponding week of January, 1933, together with tho lowest price touched last year and tho closing prices prior to Christmas and at the end of this Uooli ' Jan., Lowest Dec. 21, This 1033 Price 1033 Week Bank A'asia. l"®'" Com. Bk. Ana. 14/1 13/11 17/0 18/3 Nat. Bk. N.Z. 04/6 64/6 81/- 80/E S and A. - 111/-* 111/6 Bank' N.S.W. 520/-" 540/- 647/0 607 0 Bank N.Z. .. 42/0 41/- 47/9 49/9 Union Bank - Nat Ins •• ~~~ 14/- 18/G 18/8 NZ Ins. :: 41/0 41/- 57/- 57/South British 54/0* 57/0 771- T7I-Golds.-Mort . 21/0* 22/- 34/0 37/Pukemiro .. 20/-* 19/- 21/0 21/9 Auckland. Gas 20/0* 20/- 24/- 24/N.Z. Breweries 25/0 25/0 37 IS MlAim. Glass .. 38/-* 40/- ■ British Tob. 27/9* 28 6 37 3* 37 -J Co). Sugar .. 920/- 920/- 1270 - 1280 - ' Farmers' F't. 13/-* 14/0 18/0 18/3 El. Zinc (pf.) - 23/9* 20/3 33/-* 33/6* Wilson C't. . 20/-*t 20/91 20/0 27/0 Waihi .. 18/9 18/9 29/0 29/0 Blackwator . - 27/0* 29/Mt. Lyell .. 19/3 18/9 23/3 23/*No sales; buyers' last offers. tXI paid. Tho shares are now 10/- paid, -JEx dividend. Details of Sales The trend of sales completed during the week ended yesterday was as follows, the last previous transaction being given in parentheses: — Government Loans. —Bonds, 15/2/46, 4 (£lOl 17s 6d), £lO2 10s; Inscribed Stock, 15/1/40, 4 (£lO2 2s 6d), £lO2 12s 6d; ditto, 15/4/49, 4 (£101), £101; ditto, 15/6/55, 4 (£102), £lOl ex interest. . Debentures. Amalgamated Brick (Auckland), 1/3/44,7* (£9O), £9O. £9O, (2), £9O; Auckland City, 11/3/60, 5* ( —) £104; Taurauga Power, 1/4/59, 4i (—), £IOO. Banks. —Commercial of Australia (1.7s 7d), 17s Bd, 17s 9d, 18s 3d (2); English, Scottish and Australian (£5 12s 6d), £5 lis 6d (2); New South Wales (£32 7s 6d), £33 7s 6d; New Zealand (47s 9d), 48s 9d, 49s 9d; Queensland National ( —), £5 9s. Insurance. Australian Provincial (10s 3d), 10s 9d, 10s lOrl, lis, lis; National (18s 6d), 18s (id, 18s 6d, 18s 8d (3), 18s 8d; New Zealand (575), 575, 575, 575; South British (775), 775. Loan arid Agency.—Fanners' Cooperative Auctioneering B pref. (19s 3d), 19s 3d, 19s 6d; GoldsbroughMort (34s 6d), 36s 6d, 375. Gas. —Auckland (245), 24s (3). Timber. —Kauri (15s 7d), 15s lOJd; Lcyland-O'Brien (20s), 20s, 20s, 20s; Parker-Lamb ( —), 4s, 4s. Breweries.—Now Zealand (37s 3d). 37s 9d, 38s; Tooth's (42s 6d), 455; Tui (—), 45s 6d. Miscellaneous. Australian Glass (525), 50s 6d; British Tobbaeo (37s sd)', 37s ex dividend; Consolidated Brick (5s 6d), 6s; Colonial Sugar (£63 ]osl, £64, £64. £64; Dunlop Rubber (19s lid), 20s. 22s Qd; Electro Zinc, ordinary (265)), 26s 9d; Gear Meat (10s pel.), 23s 6d (2); New Zealand Refrigerating, £1 paid (19s lOd), 19s lid; ditto, 10s paid (9s lOd), 9s lOd; Farmers' Fertiliser (18s 6d), 18s 6d, 18s 3d 18s 3d (2); Wilsons Cement (26s 6d), 27s 6d, 27s 6d (2). Mining.—Golden Point (3d), 3d; Gillespie's Bench (Is 10d), 2s; King Solomon (3s 2d), 3s sd; Komata Reefs (4s 8d), ss; Waihi (29s 6d), 30s, 30s, 30s, 29s 7d, 29s 6d (2); Waihi Junction (4s 7d), 4s 30d, 4s 7d, 4s. Bd, 4s 7d; Mount Lyell (23s 3d), 235, 23s (2), 235; Mount Morgan rights (—), 255. Unofficial list."rTnvestment Executive Trust B (£99), £99; Roberts' Stabiliser (-), Ba.