REVIEW OF THE WEEK

New Zealand Herald, Volume LXXI, Issue 21716, 3 February 1934, Page 7

REVIEW OF THE WEEK

QUIETER TONE IN MARKET LEVELS GENERALLY EASIER RESERVE BANK APPLICATIONS A quieter tone trading on the Auckland Stock Exchange this week and turnover was further reduced by the fact that Monday was a holiday. Levels showed a fairly general decline in the investment section apart from gilt-edge. The appearance of the prospectus of the Reserve Bank of New Zealand, however, attracted widespread interest and during the last two days, not only sharebrokers, but the banks, Post Office and Treasury have experienced an exceptional rush of inquiries and applications. Indications' point to the issue being largely oversubscribed. Government securities closed firm on an increased volume of business and premiums were also forthcoming for several Auckland local body loans. Of commercial debentures Wright-Stephen-son perpetual 5 per cent stock advanced £5 to £9O, and Amalgamated Brick (Auckland), 1944, 7$ per cent,, were lifted £3 to £93. Banks and Insurance The banks and insurance sections reflected the quieter tone to a marked degree. New Zealands were the only banks to make headway, and after dropping back to 48s 6d from 49s lid, recovered to 49s 9d in active dealing at the close. Other issues were all slightly easier on light trading. Very little business was done in insurance, in which offers also shaded. Only two transactions were recorded, two sales of Australian Provincials taking place 3d lower at 10s lid. Holders of other issues remained strong and quotations showed fairly wide margins at the close. Pastoral shares, coals, gas, shippings and timbers, all experienced a quiet week. In breweries Now Zealands registered one of the few gains of the period and were dealt in up to 41s, a rise of is 3d. Miscellaneous Group The miscellaneous group was a little more active, but leading issues did not figure prominently. After an absence from the sales list since July last year, Australian Iron and Steel, preference, were dealt in at a rise of 7s to 21s 3d, a tribute to the improved industrial conditions in the Commonwealth. Electrolytic Zincs, preference, also made further headway to 35s 6d, but ordinaries wero a little easier. Colonial Sugars were steady at £65, with little business. Stronger levels ruled for both Bvcrofts and Gear Meats, which wore the more active of tlio New Zealand industrials. New Zealand Rcfrigeratings weakened to 19s lOd for the paid and 9s 2d for contributings. Gold shares responded slightly to the higher price of gold, but the section was not active. Gillespie's Beach,, following the announcement of further returns, hardened from 2s 2d to. 2s 6d, while King Solomons also strengthened on recent favourable results. Okaritoseased from 9s lid to 9s 6d. Waihis were inactive. Considerable business was done in Mount Lyells during the week at around 25s 9d to 25s lid, but final dealing closed lower at 25s 6d. The following comparative table shows the levels of sales made on the Auckland Stock Exchange in the corresponding week of February, 1933, together with the lowest price touched last year and the closing prices at the end of the last two weeks:— Fob. 3, Lowest Last This 1933 Price Week "Week Bank A'sia. -- 190/- 250/-* 1255/Com.Bk.Aus. 14/10 13/11 18/7 18/1 Nat, Bk. N.Z. 72/- 6-1/6 88/6 Sfi/6 E„ S. and A. 89/6 80/- 115/-* 114/-* Bank N.S.W. 570/- 510/- 690/- 068/6 Bank N.Z. . 44/- 41/- 48/-* 49/9 Union Bank 14S/-* 140/- 202/- 200/Nat. Ins. .. 14/-* 14/- 18/8 18/5* N.Z. Ins. .. 45/6 41/- 58/- 57/10* South British 59/3 57/6 76/6 75/6* Golds.-Mort 23/6* 22/- 35/-* 34/-* Pukemiro .. 21/-* 19/- 21/0* 20/-* Auckland Gas 19/9* 20/- 24/-* 24/1* N.Z. Breweries 27/3* 25/- 39/9 41/Aus. Glass . 44/9* 40/- 52/6* 50/-* British Tob. 31/6* 28/6 36/10* 36/9 Col. Sugar .. 1040/- 920/- 1300/- 1300/Farmers' F't. El. Zhic (pf.) 27/3* 26/3 34/9* 35/6 Wilson C't. . 28/-t 26/9t 27/9 27/6* Waihi .. 21/0 18/9 30/- 29/U Blackwater . 19/6* 20/- 35/3 Mt. Lyell .. 20/- 18/0 25/91 25/6 *No sales; buyers' last ofTers. f£l paid. These shares are now 10/- paid. Details of Sales The trend of sales completed during tho week ended yesterday was as follows, the last previous transaction in i hie cases being given in parentheses : Government Loans.—Bonds, 15/2/46, 4 (£103), £.103 5s (odd lot); ditto, 15/4/49, 4 (£101), £lO2 ss; ditto, 15/6/55, 4 (£lOl 2s 6d), £lOl 15s; Rural, 15/9/47, 5 (£9B 10s), £9B 10s, £9B 15s; Inscribed Stock, 15/5/38-52, 3* (£lOl 15s), £lOl 5s (2); ditto, 15/1/40, 4 (£lOl os), £lOl ss, £lOl ss; ditto. 15/2/46, 4 (£103), £103; ditto, 15/4/49, 4 (£lOl 10s), £lO2 2s 6d; ditto, 15/6/55, 4 (£lOl 2s 6d), £lOl 12s 6d. Debentures.—Mount Albert Borough, 1/1/59, 6 (—), £IOO 10s; ditto, .1/3/63, 52 (£97 10s), £lOl 10s; Auckland Fire Board, 20/6/39, 6 (—), £1:02, £102; Wright-Stephenson perpetual stock, 5 (£BS), £9O; Auckland Gas, 1/7/42, 6 ( —), £103; Amalgamated Brick, 1/3/44, 71 (£9O), £93. Banks.—Commercial of Australia (18s 7d), 18s Id, 18s Id, 18s Id; Australasia, (£l2 15s), £l2 15s; National of New Zealand (£4 8s 6d), £4 6s 6d; New South Wales (£34 10s), £33 8s 6d; New Zealand (49s lid), 48s 6d, 49s 8(1, 49s 9d (2); Union (£lO 2s), £lO. Insurance. —Australian Provincial (lis 2d), 10s lid, 10s lid (2). Loan and Agency.—Farmers' Auctioneering B pref. (19s Gd), 19s, 18s 9d. Goal.—Westuort (13s 9d), 15s. Shipping.—Devonport Ferrv (21s 9d), 21s 9cl. Breweries. —New Zealand (39s 9d), 40s Gd, 41s. Miscellaneous.—Australian Iron and Steel, pref (—), 21 s 3d; British Tobacco (375), 36s 9d; Bycroft (41s 9d), 42s 3d; Colonial Sugar (£65), £65; Electro Zinc, pref, (34s 7Jd), 35s Gd; ditto, ord. (275), 26s 8d; Farmers' Trading (3s 6d), 3s Bd, 3s 8d; ditto, B pref. (10s), 10s 3d; Gear Meat (245), 255, 25s 3d; New Zealand Refrigerating, £1 paid (19s lid), 19s 9d, 19s~ lOd; ditto, 10s paid (9s 4d), 9s Id, 9s 2jd, 9s 2d. Mining.—Bell-Kilgour (9d), 9d; Gillespie's Beach (2s 2d), 2s 6d; King Solomon (3s 8d), 3s 9d, 3s lOd; Mataki (Is S.Jrl), Is 6d, Is sd; New Zealand Crown (2s), 2s OJd; Okarito (9s lid), 9s 4Jd, 9s 6d; Waihi (30s), 29s lid; Waihi Junction (4s 9d), 4s 3d; Mount Lvell f2ss RJd). 25s lid, 25s 9d, 25s 9d (2), 25s lOd, 25s 6(1, 25s 7d, 25s 6d; Waitahu (6s 2d), 6s Id; Broken Hill Proprietary (445), 44s 3d; Maerewhenua (lOd), 10jd; Kuala Kampar (15s 4d), 15s. Unofficial List. —New Zealand Perpetual Forests (48s), 48s; Goldficlds Dredging (9d), BJd; Snowy River (2.Jd), 2-Jd; Hatters Flat ( —), 8d; Sun Newspapers (4s 3d), 4s 6d; Weres, 5s paid (4s 6d), 4s 8d; Investment Executive Trust B (£102), £lO2, £lO2, £lO2. WHEAT, OATS, ETC. LONDON, Feb. I Wheat. —Cargoes are fairly steady. Parcels are steadily held and business is desultory. Futures:—London: February and April, 18s 6d a quarter; June, 18s lOd. Liverpool: March, 4s 4-2 d a cental; May, 4s s|d; July, 4s 6Jd. Spot trade moderately active. Australian, ex ship, 23s 3d to 245. Oats: Occasionally firmer. Peas and beans: Quietly firm. Beet sugar, March, Gs ljd