REVIEW OF THE WEEK

New Zealand Herald, Volume LXXI, Issue 21876, 11 August 1934, Page 7

REVIEW OF THE WEEK

HIGHER LEVELS FOR LOANS BANK SHARES MORE ACTIVE LARGER MINING TURNOVER New high levels for Government loans and a larger turnover in banks and mining shares were the features of a busy and eventful week in the investment market on the Auckland Stock Exchange. A strong and continuous demand lor Government securities met with little satisfaction at last iveek's closing rates and substantially advanced offers had only partial, success. When the market closed yesterday £lO9 was vainly offered for 1955 4 per cent stock, a "rise of 27s 6d since last week. For the corresponding issue of bonds there were buyers at £IOB 10s, an advance of 17s 6d over the same period. Other 4 per cent issues were 10s above last week's rates, while for iH per cents buyers raised their limits 15s to £1 to £IOB. In all cases sellers showed no disposition to deal, and only three transactions were recorded. For 1940 4 per cent bonds £1 more was paid at £lO7, and 1938-52 3$ per cents were done 30s dearer at £IOB 10s. With the reduction in the yield from these loans the 1941 3f per cent loan attracted more attention and sale took place £2 17s 6d higher at £lO4 7s 6d, at which price the yield was reduced to £3 4s 5d per cent. Following is a comparison of tho levels ruling a year ago for a selected number of Government loans, compared with those of tho last two weeks: —

Aug. 11, Last This 1933 Week Week Bonds, 15/1/40, 4 .. 100 l / a * .106 107 Ditto, 15/2/46, 4 . . 101% 107* 107 1 // Stock, 15/3/38-43, 3'/ a 100% 107 l /<* 108* Ditto, 15/5/39-52, BV, 99 3 /.i* 107 108* Ditto, 15/4/49, 4 . . 100 107%* 107 3 4* Ditto, 15/6/55, 4 .. 100% 107 3 /« 109* *Buyers. Banks and Insurance Buyers operated more extensively in banks at the lower levels now ruling. Brisk business was again done in New Zealands and Reserve Banks. After easing from 47s to 46s 3d, New Zealands firmed to' 46s Gd, while Reserve Banks hardened in daily transactions from £6 5s 9d to £6 6s 6d. Both Commercials and • New South Wales were dealt in at slightly better rates, while other issues xpsro a little stronger. Turnover in insurance was of substantial proportions, with an upward tendency still very marked. South British continued to lead the way and reached a new record price of 83s 9d, a gain of Is 3d. The payment of the half-year's dividend and a bonus, amounting in all to Is 6d a share, had only a partial effect upon New Zealands, which were dealt in ex dividend Is lower at 625, with subsequent trading at 62s 3d. Nationals, Standards and Queenslands also were transferred at improved prices. While Dalgetys and Loan and Mercantiles were released at easy levels, Goldsbrough-Morts, after sale Is 3d cheaper at 28s, had buyers at the close of the week at 28s 9d, holders asking 29s 3d. Interest was maintained in other pastoral and agency shares on much the same basis as previously. Good Industrials Steady

Auckland Gas shaded 3d to 255, and Wellington sold 6d below Southern levels at 40s 3d. Timbers were keenly wanted, a stronger market ruling for Nationals and Taupo-Totaras. Kauris were again a shade easier, falling 2d on sale at 17s 6d. Breweries were firm. Good industrials remained in steady demand. Both Gear Meats and New Zealand Refrigeratings strengthened slightly. Consolidated Bricks advanced to Bs, a rise of 3d. Fertiliser shares remained quiet. Steady levels ruled for Wilsons Cements, which were fairly active at 30s, and New Zealand Newspapers hardened 3d to 30s 9d. Woolworths (N.Z.) moved up 5s to £7 2s 6d, while unabated activity in Woolworths (Sydney) on the unofficial list carried these shares up 6s to 74s 6d. Mining business showed a distinct improvement upon , that of recent weeks, dealing in a number of Southern issues forming a large proportion of the turnover. Gillespie's Beach declared its first dividend during the period and the market immediately responded. Waihis were freely dealt in at lower rates down to 30s 9d, and fai:lv large numbers of Waihi Junctions were transferred at 4s down to 3s lid and back to 4s.

The following comparative table shows the levels of sales made on the Auckland Stock Exchange in the corresponding week of 1933, together with the lowest price touched last year and the closing prices at the end of the last two weeks;—

The trend of dealing during the week was as follows: —Government loans—Bonds, 15/1/40, 4, £lO7. Inscribed Stock, 15/5/38-52, 3y a , £IOB 10s; ditto. 15/1/40, 4, £107; ditto, 15/11/41, 3%. £lO4 7s fid. Debentures. —Auckland Harbour Board. 10/7/41, (i, £lO5 10s; Taknpuna« Borough, 1/5/61, 5 3 / 4 . £105; ditto. 19/4/44, 5'A. £102; Amalgamated Brick (Wellington), 31/3/44, V/t, £lO2 10R. Banks.—Commercial of Australia, 15s 7d; New South Wales, £3O ss; New Zealand, 4Gs 9d to 40s 3d to 4Gs 9d to 4Gs Gd (8) ; Reserve Bank,' £f> 5b 9d to £G Ga Gd (10). Insurance.—-Australian Provincial. 10b 2d, 10s Id; National. 19s 9d; New Zealand, G3s, 02s ex div., to G2b 3d; South British, 83s to 83s 9d (4); Standard, GGs 3d; Queensland, 70a - ri , . ~ Loan and Agency.—P armers Auctioneering (£5 paid), 75s (3); Dalgety. £9 2s; Loan and Mercantile. £55; GoldsbroughMort. 28s; Guarantee Corporation. 4s 5d (2). Coal.—Renown (preference). Is sd; West-port-Stockton (preference), ss. Gas.— Auckland, 25s 3d to 25s (4); ditto (contributing), 19s; Wellington, 40s 3d. Woollen.—Kaiapoi. lis 2d. Shipping.—Devonport Ferry, 22s Gd ; Union (preference), 275; P. o.nd O. (deferred), 18s 3d. , , , Timbar.—Kuuri. 17s Bd, 17s Gd; National, 8s Gd. „ | Breweries. —New Zealand, 44s \ Staples (cum div.)', 25 3 (id. Miscellaneous. —-Consolidaled Brick, 7s 9d, 8s; Colonial Sugar, £G4 15s; Dominion Piotiues, IGs; New Zealand Drug, 77s Id: New Zealand Newspapers, 30m Gd, 30s 9d: New /'•aland Refrigerating (10s paid), 8s 3d: Woolworlhs (N.Z.). ordinary. £7 2s Gd: Wilsons Cement. 30s (3); Union Oil, 30s; Wainikei, 3s Gd. Mining. -Golconda, 3}d ;~Bell Kilgour, 5d (2); Moonlight Nelson, Gd: Brian Born. Is sjd. 1b sd; Golden Point, 2}d; Golden Dawn, 2s; Ooldfields Dredging, 113 d; Gillespie's Beach, 2s lid, 2s 3d. 2s 2d, 2s lid: Koinata Reefs, Gs; King Solonjon. 3s 1.1 id; Mahakipawa. lid (3); ditto, 1930 (preference). 1b lid, Is 2d;' Talisman Dubbo. 19« I'd; Skippers. lOd. I0?d, lOd. 9d; Waihi. 31s (2), 30s 9d; Waihi Junction, 4s, 3s Ild (2> Is (3); Stafford Sluicing, Is lid; Rawang Tin. 9s 3d; Broken Tlill Proprietni-". f" Gs Gd. Unofficial List.—lnvestment Executive Trust. 2nd B. (91 10s, John Fuller, 1919. C l '. P77 10s: Claude Neon. 51s Gd (2); Woolwovihs 'Svdeey), ord.. 70s Gd (o 74s Gd (9); Silknit, 27a Gd; New Zealand Perpetual Forests, 50b.

Aug. 11. Lowest Last This 1933 Price Week Week Bank A'asia. 237/6* 190/227/6 225/-* 'Com. Bk. A us. 10/2* 13/11 1576 15/7 Nut. Bk. N.Z. 86/S C.4/6 75/0 74/-* E., S. & A. 80/100/6 99/-* Bank N.S.W. 0-10/-* 540/600/-* 005/Bank N.Z. . •19/11 47/46/6 Reserve Bank — — 12G /- 126/6 Union Bunk 38-4/-" 140/- — 190/Nat. InB. . . 17/-* 14/19/6 19/9 i N.Z. Ins. 52/6 41/62/6 62/3: j South British 09/0 57/6 82/6 83/6 | Golds.-Mort . 20/5 22/29/3 28/i Pukemiro . . 19/23/9 — \ Aucklnnd Gas 23/4* 20/25/3 25/- | N.Z. Breweries 25/43/9* 44/j Aus. Glass . 48/3* 40/47/-* 47/6* British Tob. 33/9* 28/6 36/9 3G/7* Col. Sugar . 1172/6 1295/El. Zinc (pf.) 31 /3* 20/3 33/6* 33/9* Wilsons C't. 34/-f 20/9+ 30/Waihi 24/1 18/9 32/30/9 Blackwater . 20/Ml. Lyell . . 21/8* 18/9 21/3* 20/3* "No sales; buyers' Inst offers. tJEl paid; shares now 30/- paid, JEx dividend. j Trend ol Dealing