REVIEW OF THE WEEK

New Zealand Herald, Volume LXXI, Issue 21763, 31 March 1934, Page 7

REVIEW OF THE WEEK

active market at close LEVELS FAIRLY STEADY GOOD START TO YEAR r lhe Easter vacation, which lias commenced on the Auckland Stock Exchange, affords a respite in a period of continuous activity in the investment market since the new year began. The market reopened after the Christmas holidays under strong and healthy conditions, and although the pronounced activity which marked some of the closing months of last year was not so apparent, a substantial volume of business, in which all sections of the market shared, was consistently maintained.

Price levels at the close 011 Thursday were in some cases on .a slightly lower basis than those at the opening of the year. This was particularly the case with many Australian issues, which reacted to the high levels reached at the close of 1933 and early this year. On the other hand, New Zealand Government loans continued to display a healthy degree of strength and made further advances to new high levels. A number of New Zealand industrials also commanded firm support, while, stimulated by fresh currency movements and by mine developments, leading New Zealand goldmining issues registered marked gains. Little Variation in Levels Conditions during this week wore unchanged, levels showing little variation from, those ruling previously. In spite of the shortened period trading was active, especially toward the close. The market for Government securities remained practically bare of sellers throughout the jwriod. Only three parcels of stocks were secured and for. these increased prices were paid, 1946's rising 5s to £lO2 7s 6d and 1955'5 advancing 15s to £lO2 15s. Banks remained on the quiet side and the small business done was at slightly easier levels, except in New Zoalaiuls, which hardened a shade to 48s -Id. Tll insurance a fairly large number of South British changed hands at the steady price of 76s 6d, with one recession to 76s 3d. Nationals moved up to 19s, but there was a relapse in Australian Provincials, which, following the trend of many Australian issues, were done 6d lower at 10s 6d.

Westport-Stocktons attracted increased attention at firmer rates. Gas were steady. Dunlop-Perdriaus had sale several " times on the lower level of 19s 4d and 19s 5(1. Colonial Sugars and Electrolytic Zincs were steady, with a firmer tendenev. Farmers' Tradings rallied 3d to 4s 6d, and New Zealand Paper Mills moved up 7d to 30s lOd. Wilsons.Cements relaxed and, after two transactions at 25s 9d, fell to 25s Bd. The Mining Section

Mining business was largely in Waihis and King Solomons. The former continued to react to their rapid advance of the previous week, and finally lost 9d in a closing sale at 355, after earlier selling down to .'l4s 9d. Solomons also eased and sold finally at 3s lOd. Brian Bonis were very strong with buyers at 395. as against support a week or so ago at 31s. Talisman Dubbos also were firmer in dealing at 8s 9d. a rise of .3d, while in tin shares Rawangs showed a gain of Is 5d in the week to 9s. ~ . The following comparative table shows the levels of sales made on the Auckland Stock Exchange in the corresponding week of March, 1933, together with the lowest price touched last year and the closing prices at the end of the last two weeks:—

Mnr. 31, Lowest Last This 1933 Price Week Week Back A'asia. 209/6 190/- 262/4* Com. Bk. Aus. 14/1 13/11 16/9* 17/Nat. Bk. N.Z. 65/-* 64/6 E., S. & A. 87/6 80/- 112/-* 111/-* Bank N.S.W. 580/- 540/- 685/- 675/Bank N.Z. .. 44/4 41/- 48/3 48/4 Union Bank 147/-* 140/- 203/- 200/-* Nat. Ins. 16/1 14/- 18/9 19/N.Z. Ins. .. 48/- 41/- 57/9* 58/-* South British 63/3 57/6 76/6 76/6 Golds.-Mort . 21/6* 22/- 33/3 33/-* Pukemiro .. 20/6 19/- 22/-* 22/-* Auckland Gas 21/1 20/- 24/9 24/9 N.Z. Breweries 27/3 25/- 40/- 40/-* Aus. Glass . 44/9* 40/- 51/-* British Tob. 33/101* 28/6 37/6* 37/-* Col. Sugar . 1080/-* 920/- 1290/- 1290/El. Zinc (pf.) 28/-* 26/3 34/3 33/-* Wilson C't. . 31 /31 2G/9t 26/- 25/8 Waihi . 22/- 18/9 35/9 35/Blackwater . 22/4 20/Mt. Lyell .. 18/6* 18/9 23/9* 24/-* *No sales; buyers' last offers. t£l paid; shares now 10/- paid. 3Ex dividend. Details ol Sales The trend of sales completed during the week ended Thursday was as follows, the last previous transaction in possible cases being given in parentheses: —■ Government Loans. —Inscribed 'Stock, 15/2/46. 4 (£lO2 2s 6d), £lO2 7s 6d; "ditto, 15/6/55, 4 (£102), £lO2 10s, £lO2 15s. Debentures. Makerua Drainage, 1/8/46, 6 ( —), £102; Auckland Harbour Board, 10/7/40, 5J ( —), £lO3 10s; ditto, 10/7/1941, 6 (£104), £lO5 10s.

Banks. —Commercial of Australia (17s Id), 17s; New South Wales (£34 ss), £33 15s, £33 15s; New Zealand (48s 3d), 48s 3d, 48s 4d. Insurance. Australian Provincial (lis), 10s 6d; National (18s 9(1), 19s; South British (76s 6d), 76s 6d, 76s 6d, 76s 6d, 76s 3d, 76s 6d. Loan and Agency.—Guarantee Corporation (4s), 4s 3d; Westport-Stock-ton, prof. (2s), 3s scl; ditto, ord. (Is 6d), Is 8d (2). Gas. —Auckland (24s 9d). 24s 9d, 24s 9d; rlitto, con. (18s 3d), 18s.

Shipping. —Northern (7s), 6s fid. Woollen. —Kaiapoi (10s 3d). 10s 6d; Wellington (£5 12s 6d), £5 9s, Timber. —Kauri (17s 6d), 17s sd, Ls 6(1; "National (6s), 7s fld. Miscellaneous. Dunlop-Perdriau (20s/, 19s 4d, 19s sd, 19s sd; Colonial Sugar (£64 10s), £64 10s, £64 15s, £64 10s; Electrolytic Zinc (26s 9d), 26s 9d, 26s lOd; Farmers' Trading (4s 3d), 4s Id, 4s 6d, 4s 6d; Henry .Tones (31s 9d), 33s lOd; Milne and Choycc, Dob. (17s. Orl); Milburu Lime (-—), 31s 7J<l; New Zealand Paper Mills (30s 3d), 30s 10d; Farmers' Fertiliser (16s), 17s-' Wilsons Cement (25s lOd), 25s Od,'2ss 9d (2), 25s Bd'; Woohvorth's, 2nd prof. (25s 8d), 2os Bd. Mining.—Maerewhenua (10Jd), lid; Golden Point (3d). 2id; King Solomon (4s 3d), 4s 2d, 3s 10(1; Mnhakinawa pref. ( —), 4d; Skippers, 9d paid -) Oil; Waihi (35s 9d). 35s 3d, 35s 2d 355, 34s 9d (2), 31s 9d, 355. Waihi Junction (4s 10(1), 4s lOd; I alisman Dnbbo (8s 6(1), < 2): Hawaii g Tin (7s td), <s lOld, 9s. Ttiiofficial List.—Worksop Extended (lOjd paid), Is 3d; Loyal, pref. (23s 6d) 21s; Investment Executive Trust, second B (£9O), £88; National Tobacco (63s 6d), 61s; Smith, W.vlie, Australia (12s), lis 3d. TIMARU RAM FAIR PRICES BELOW EXPECTATIONS [BY TEIiKGItAFH —PRKSS ASSOCIATION'] TIMARU, Thursday The annual Tiniarn rani fair was hold today. The yarding tolnljed 1674, compnred with 1348 last year. There was a marked incrcusc in the entries of Southdowns. Little interest was displayed ill stud rams, only turee being sold out of a yarding ol 22. The top iirice was 10 guineas. Flock rams did not bring the prices expected in view of recent fairs clsewhero. Bidding throughout was iif a dragging nature, difficulty being experienced in securing bids above tile upaet price of two guinens. The percentage of passings was thus fairly heavy, brokers being obliged to treat privately. The reason for the dragging sale is slated lo bo on account of the fact that the entry was 100 lnrge and mixed in quality. English made up to 45 guineas; Border Leicesters, 5} guineas; Corriedales, 9J guineas; Southdowns, 7J guineas; Romnoy Marsh, 3 guineas.