REVIEW OF THE WEEK

New Zealand Herald, Volume LXXI, Issue 21396, 20 October 1934, Page 9

REVIEW OF THE WEEK

STEADY CONDITIONS RULE DEMAND FOR BREWERY SHARES { LONDON BUYERS FOR WAIHIS Investment conditions showed no change on the Auckland Stock Exchange this week. Although dealing was not quite so widely distributed, turnover was fairly well maintained. Support for investment shares improved in a number of cases, breweries being prominent. The market for 1910 Government loans was steadier, levels in stocks recovering on salo to £lO5, which remained on offer for more at the close. Other issues remained very strong. Supplies of 3| per cents were very limited, but others offered more freely and a good volume of business was transacted. Following is a comparison of the levels ruling a year ago for a selected number of Government loans, compared with those of the last two weeks:—■ Oct. 20 Last This 1933 Week Week Bonds, 15/1/40, 4 . . IOP/i* 105* Ditto, 15/2/46, 4 . . 101* 108'/,* 109% Stock, 15/3/38-43, 3V» 100',108 3 ..* 109% Ditto. 15/5/39-52, 3V4 101Vi* 110*' 110* Ditto, 15/4/49,4 .. 100V 3 t 11.1% IOOVJ't 15/6/55,4 .. 101% 113% 113% 'Buyers. +Ex interest. Banks and Insurance Hanks were quiet, the tone of tho group being much tho same as that which has prevailed for some time. Now Zealands, upon which the interim dividend announcement is due toward the end of the month, attracted the keenest interest. Levels shaded 2d over the week to 48s Sd on active trading. Heserve Banks strengthened and were clone up to £6 10s 9d and finally at £6 10s Gd, a gain of 3d over the period. The only other issue to show any strength was Commercial of Australia, preference, which, for the first time for a great manv vears, touched par at £lO Although there had been an air of expectancy in the insurance market prior to the final dividend announcement and the publication of the South British accounts, levels for these shares havp remained very firm since the initial reaction. Business took place at 93s and 93s 3d. with a firm market at the close. New Zealands were strong and active at 69s 6d to 70s and back to G9s 9d. Firm levels ruled for other issues. Industrials Remain Firm Loan and agency shares were quieter. Goldsbrougli-Morts -were firmer in _ a single sale at Sis 9d, but an easier market existed for Farmers' Auctioneering, which appeared to be affected by tho situation in tho dairy produce market.. Gas shares displayed a healthy tone, Aucklands changing hands steadily at 26s od. In coals Pnkemiros weakened in their first sale following the declaration of a lower dividend. Timbers remained fairly steady, whilo a little more interest was displayed in shippings. There was some inquiry for P. and O. Deferred, but supplies were firmly held. Very firm rates were maintained in breweries until the latter part of the week. when New Zealands eased slightly. Strong support for all brewery shares came from the South. General industrials were firm on light trading. Both Burns Philp and Wilsons Cements made substantial gains during t,h<? week. Several sales were completed in Wilsons Cements at 345, a rise of 2s 9d. Fertilisers were easier owing to price-cutting in the trade. Colonial Sugars were done again at the record price of £75, but wero a shade easier on the levels when tho market closed. Brisk Mining Section

A considerable increase in mining business took place. All leading issues were firm, while activity in some of the minor companies was increased as tho result of mine developments. There was a strong London demand for Waihis which, in addition to tho high price of gold, are being influenced by the fact that the debt of the New Zealand Government to the company of £212,500 falls due next while the company's tin venture in Siarn is approaching the operating stage. The shares moved up 6d during the week to 35s 6d. Waihi Junctions moved in sympathy and had sale 2d firmer at 4s 4d. Min'j developments stimulated interest in Golcondas and Big Rivers, both of which made gains. A large volume of business was transacted in various other issues around, late rates.

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

Oct. 20, Lowest Last This 1933 Price Week Week Bank A'asia. 255/- 190/- 225/-* 234/6 Com. Bk. Aus. 16/9 13/11 16/-* 16/2 Nat. Bk. N.Z. 83/9 64/6 / S. & A. 112/6* 80/- 105/-* 105/-* Bank N.S.W. 687/6 540/- 610/-* 640/-* Bank N.Z. . 46/- 41/- 48./10 48/8 Reserve Bank Union Bank 206/-* 140/- 183/-* 186/Nat. Ins. . . 18/3* 14/- 20/9* 21/4* N.Z. Ins. .'. 64/-* 41/- 70/- 69/9 South British. 74/3 57/6 95/3 93/-Golds.-Mort . 29/-* 22/- 31/6 31/9 Pukemiro .. 18/-* 19/- 20/6* 20/6 Auckland Gas 23/7 20/- 26/9 26/9 N.Z. Breweries 37/5* 25/- 50/9 50/7 Aus. Glass . 51/-* 40/British Tob. 37/3* 2S/6 39/9 41/6 Col. Sugar . 1092/6 920/- 1500/- 1500/El. Zinc (pf.) 34/6* 26/3 35/3* 35/6* Wilsons C't. 26/-*t 26/9t 33/-* 34/Waihi .. 26/- 18/9 35/-' 35/6 Blackwater . - 32/-* 32/-*

Mt. Lyell .., 23/3'", 18/9 19/1 18/11 *No sales; buyers' last offers. t£l paid: • shares now 10,'- paid. Trend-o! Dealing

The course of dealing over tho week waa as follows:

Government Loans.—Bonds, 15/2/46. 4, £lO9 7s Od; Rural bonds, 15/9/47, 5, £lO3 ss. Inscribed stock, 15/3/38-43. £lO9 12s 6d; ditto, 15/1/40, 4. £lOl 17s Od (2), £105; ditto, 15/2/46, 4, £lO9 7? 6d'(2), £lO9 10s; ditto, 15/6/55, 4, £ll3 7b 6d (3). Deb?:itureß.—Auckland Electric Power Board. 1/6/48, 4}. £lO5 10s. Banks.—Australasia, £ll 14s Od (2) ; Commercial of Australia, 16s 2d; ditto (pref.), £10; National Bank of New Zealand, £3 Ids 9d. £3 10s (2); National of Australasia (£5 paid), £6 3s Od; Now Zealand, 48s 9d (f>), 483 8d (st; ditto, D moi t., 34s 3d, 31s Od; Reserve Bank. £6 10s 9d, £6 10s Od. Insurance.—New Zealand, 69s 6d, 70s (5), 69s 9d; South British, 93s (2), 93s 3d. 935. Loan and Agency.—Coldsbrou;;h-Mort, 31b Od. Coal.—Pukemiro, 20s 6d; Westport-Stock-ton (prof.), ss. Gas.—Auckland, 20s 9d (5). Shipping.—Northern Steam (3s 6d paid). Is Gd.

Timber.—Kauri, 19s 9d. Woollen.—Kaiapoi (17s paid), 13s sd. Breweries.—New Zealand, 51s 3d, 503 7d; Staples', 31s; Tooth's 50s 3d. 50s Gd. Miscellaneous.— Burns-Fhilp, 57s 7|d; British Tobacco, 41s, 41s 6d: Bycroft, 535: Colonial Sugar, £75; Dunlop-Peidriau, 19s lid, 20s; Electrolytic Zinc (ord.), 27s 6d; Farmers' Trading, Cs 6d, 7s; ditto (A pref.), 18b 6d; ditto (B prof.), 14s Gd; Northern Roller Mills, 30s 6d; Fanners' Fertiliser, 19s 6d (2); Taranaki Oil, 16; Wilsons Cement, 34s (4). „ , , , Mining.—Bell-Kilgour, 3d; Golconda (lOd paid), Gd, 8d (6), BJd (2); Golconda Holdings, Is 8d (2), Is 95d (2): Big River, Is Pd; Gillespie's Beach, Is 8cl; Goldfields Dreclffing. lOd (2); King Solomon, 3s 7d (2); Komnta Reefs, Cs 9d; Mataki, 2s .8d (2), 2s 7}d, 2s Bd, 2n 7|d, 2a 8d; Okarito, 8s Cd; Talisman Dubbo. . 11s (3): Waihi, 35s 3d, 35s 6d: Mount Morgan, 38s; Wailu Junction, 4n 3d, 4s 3|d, 4s 4d (2); Skippers, 7d, 6Jd; Mount Lyell, 18s 6d, 18s 9d, 18s lid; Broken Hill Proprietary, C2s lOd (2); Mahakipawa. 10id. ~ , , Unofficial List.—Woolteorthe (Sydney), ord.. 76» 3d, 76s 9d, 70s, 76b Gd; Timberlands Woodpulp (pref.), 19s 6d; Eldorado, 21 s; Maori Gully, Is 3d: Silknit, 33s 6d; Alluvial Holdings, 2s 3d; Ben Lech, llid. KAIPARA DAIRY COMPANY The advance payment of per lb. butter-fat to be made by the .Kaipara Co-operative Dairy Company, Limited, to-day, is not subject to any deductions in respect of share capital.