REVIEW OF THE WEEK

New Zealand Herald, Volume LXXI, Issue 21912, 22 September 1934, Page 7

REVIEW OF THE WEEK

BUOYANT TONE IN MARKET loans' again advance INVESTMENT SHARES FIRMER Buoyant conditions again marked operations on the Auckland Stock Exchange this week. Record levels were attained by Government loans and insurances, bi.it- n more gratifying aspect* was the wider distribution of business among industrial undertakings at steadily improving prices. In this respect another healthy feature was the furthqr evidence of improved financial results in recently-published accounts and a return to the dividend list of some important concerns. A steady advance in (Government loans over the week took these to new high rates on a good volume of business. Tho principal dealing was in 1955 4 per cent stock, which appreciated 30s to £ll2 10s, closing a shade easier at £ll2 ss. AH'other issues dealt in were on a firmer basis. Following is a comparison of the levels ruling a year ago for a selected number of Government loaus, compared with those of the last two weeks:— Sept. 22, Last This 1933 Week Week Bonds. 15/1/40, 4.. 101% 108* 108% Ditto, 15/2/46, 4 . . 100%* 108* 108%* Stock. 15/3/3843, 3% 100* 109%* 108%* Ditto. 15/5/39-52, 3% 101* 109%,- 110* Ditto. 15/4/49, 4 .. Ditto, 15/6/55, 4 .. 100%* 111% 112% 'Buyers. Interest was also strong in local body and commercial debentures and a fair amount of business was completed at strong levels. Banks and Insurance A few banks met with improved support, notably New South Wales, but English, Scottish and Australians and Commercials were easier. New Zealands and Reserve Banks were fairly steady. The high price for South British Insurance, which changed hands up to 90s, a rise of 3s 6d over the period, was the outstanding feature of the week. The movement was accompanied by a similar appreciation in New Zealands, which advanced Is 9d to 67s on sal© and closed with further supplies vainly sought at 67s 6d. Other issues were strong at late rates. Although pastoral shares weakened in sympathy with the wool position, interest in two prominent 'companies in the loan and agency group quickened on dividend announcements. The improved results of the Farmers', Auctioneering Company and its return to the dividend list "were marked by a jump of 3s in the £5 shares to 83s, while the increased Guarantee Corporation dividend carried these shares up 8d to 5s 4d. Industrials Improve

Industrial shares generally moved to higher levels on further signs of returning confidence in this class of investment. Auckland Gas hardened 3d to 26s 9d, while the contributing issue moved up 2s 2d to 21s, although this sale was apparently not a true indication of the as further supplies were consistently quoted at 20s 6d to offers of 19s. After touching the record price for this market of £67 2s 6d in the middle of the week, Colonial Sugars were secured slightly easier at £67. Substantial gains over the week were maintained by several other industrial issues. With' a rise of 2s Kauri Timbers moved up to 20s 3d. Consolidated Bricks quickly recovered from the weakness which developed at the end of last week and advanced from 9s lid to 10s lOd, while Farmers' Tradings in extensive business were lifted 8d to 7s. Others showing rises were Australian Glass, Burns-Philp, New Zealand Newspapers, Sanfords and New Zealand Paper Mills. the Mining Section The mining market was active, with a large proportion of business done around late rates. Waihis improved upon London orders and had sale finally 6d higher at 33s 3d. Active business on account of New Zealand buyers continued in Broken Hill Proprietaries up to 53s 3d, with a shading at the end of the week. Matakis were turned over freely at levels ranging, from 2s Bid to 2s lid back to 2s 9id* Other Southern issues, with the exception of Big Rivers, which touched Is BJd and fell back to Is 6d, showed little alteration. 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:—

*No sales; buyers' last offers. t£l paid; shares now JO/- paid. Trend of Dealing The course of dealing over the week wrr as follows; Government Loan*.—Bonds, 4. .£IOB 10s. Inscribed Stock, 16/3/39-43, 3J £IOB ss; ditto, 15/1/40, 4, £IOB ss, £IOB 7s 6d (2); ditto, 15/2/46, 4, £IOB 15s; ditto, 15/4/43, 4. £llO 17s 6d; ditto, 15/6/55, 4, £lll 10s (2), £JI2 (2), £ll2 10s, ij 12 2s 6d, £ll2 5». Debentures.—Amalgamated Brick (Aucklnnd), 1/3/44, 71, £lO4 (2); Gisborne Slieepfarmers, 31/8/41, GJ, £IOO (2); Waitemnta County, 30/3/49, s}. £105; Auckland Harbour Board, 10/7/43, s}. £10G; Mount Eden Borough, 1/4/44. 41, £106; Auckland Gas, 1/5/85, 6},. £lO3 10s. Banks.—Australasia. £l2 3s: Commercial : of Australia, 17s 4§d. 17s 4d, 17s Id. 17s 2d | (2); English, Scottish and Australian, £5 Rs. 6d; National of New Zealand, £3 16s, £3 15s 6d, £3 15s (2); New South Wales, £32 7b fid, £32.105, £32 15s, £32 17s 6d; New Zealand, 48s IJd, 48s, 48s 2d (2), 48s; ditto, D preference, 34s 3d; Reserve Bank, £6 9s 3d (2). Insurance.—National, 20s 3d (2); Australian Provincial, 10s 4d; New Zealand, 675: South British, 88s, 90s; Queensland, 71s (2). Loan and Agency.—New Zealand Guarantee Corporation, 5s 4d; Dominion Investment, 1.6s lOd; Farmers' Auctioneering (£5 paid), 80s, 83s; ditto (£1 paid), 12s; ditto, B preference, 21b Gd; Goldsbrough-Mort, 30s 3d, 30s (2). Coal.—Renown, ordinary, 4s 6d; WestportStockton, ordinary, 3s sd; ditto, preference, 4s Bd. Gas.—Auckland, 26s 9d (2); ditto, con,, 21s. Woollen.—Kaiapoi (7s paid), 3s 9d (2), 4s 3d, 4s 6d; Wellington, £5 8s 9d. Timber.—Kauri, 20s Id, 20s 3d; Taupo Totara, 6s 9d. Miscellaneous.—Australian Glass, 53s fid; British Tobacco, 38s 9d, 38s Gd, 38s 9d; Burns, Philp, 555: Colonial Bugar, £67 2s Gd (2). £67; Consolidated Brick. 9s lid, 10s 9d (3), 10i» lOd; Farmers' Trading, 6s 6d, 6s 7d, fis lOd. 7s; ditto, B preference, 14s 3d; Milne and Choyce, debenture, 19s 9d (2); Northern Roller Mills, 34s (3).; New Zealand Newspapers, 32s Sd, 82s Bd, 82s 9d; New Zealand Refrigerating (£1 paid), 19# 10d; ditto (10s paid). 9s 6d, 9s 6d, 9s 6d; farmers' Fertiliser, 20s (2); Robinson's Ice, 20s,- Sanford, 2s 6d, 2s 9d; ditto, preference, 8s; New Zealand Paper Mills. 32s 9d: Wilsons Cement, 30s 3d; Wooiworths (Sydney), first preference, 41s. Mining.—Bell Kilgour, 2}d: Big River, Is 7d, Is Bd, Is B}d, Is 6d; Gillespie's Beach, Is IOJd (2); Goldfields Dredging, J» Old, Is; King Solomon, 3s lOd; Mataki, 2s Bjd, 2s 9Jd. 2s lOd (4). 2s lid. 2s lOd. 2s 9jd; Mahakipawa, 10Jd (2); Neyis Diesel. 5d (2); Talisman Dubbo, 12s; Waihi. 32s Gd. 32s 9d. 33s Sd; Waihi Junction, 4s 3d (2); Skippers, 7Jd (2): Mount Lyell, 20s 2d (2), 20s, 20s Id; Broken Hijl Proprietary, 51s, 51s Gd, 525, 52s 3d, 535, 63s 3d. Unofficial list: Wooiworths (Sydney), ordinary, 755, 76s 6d, 76g 6d (2), 775, 78s (2), 78s 6d, 775, 76s 6d; Loyal, preference, 20s 9d; Associated Motorists Petrol, 22s 9d.

Sept. 22. Lowest Last Thi» 1933 Pric® Week Week Bank A'asia. 253/0* 190/230/-* 243/Lom. ilk. Aus. 17/1 13/11 17/8 17/2 Nat. Bk. N.Z. 86/64/0 74/6 / 75/JS., S. and A. 118/6 108/106/6 Bank N.8.W. 640/057/0 JLJnnk N.Z. . 45/3 4L/48/1 48/Reserve bunk _ — 129/3 129/3 Union Bank 206/-* 140/187/0* 188/-* Nat. Ins. . . N.Z. Ina. .. 17/9 14/20/3 20/3 41/05/3 67/South British 74/6 57/0 , 86/0 90/-Golds.-Mort . 29/10 22/30/5* 30/Pukeniiro 20/-* 19/20/-* 20/6* Auckland Gas 23/7 20/26/6 26/9 N.Z. Breweries 36/6 25/47/6 47/-* Aus. Glass . 47/0* 40/53/-* 53/6 British Tob. 37/1 28/6 38/9 38/9 Col. Sugar 1310/El. Zinc <pf.) 33/3* 26/3 35/7} 35/3* Wilsons C't. 35 / (') 26/91 30/3 30/3 Waihi 26/3 18/9 32/9 33/3 Blackwater . 32/-" 20/32/-* .12/9* Mt. Lyell . . 22/8 18/9 20/-* 20/1