REVIEW OF THE WEEK

New Zealand Herald, Volume LXXI, Issue 21954, 10 November 1934, Page 9

REVIEW OF THE WEEK

STRONG GENERAL TONE GAINS OVER A WIDE RANGE ACTIVITY IN WAIHI SHARES A strong general tone was maintained in the investment market on the Auckland Stock Exchange throughout the week, although business conditions were quieter and turnover smaller. Operations, however, were more restricted than usual on account of the fact that the Christchurch Exchange was closed on several days for Carnival Week and tho Melbourne Exchange also observed a holiday during the period. Under the influence of the lower rates of interest now ruling, prices of nil leading investments maintained an upward trend, while in response to favourable dividend announcements several recorded substantial gains. An outstanding feature of the business done was its well-spread nature, and banks, insurance, gas, breweries and shares in manufacturing and retail concerns all participated in the gains. Apart from a slightly easier movement in 1940'5, 4 per cent Government loans showed little movement, but a definitely lower level was established for 3J per cents in a transaction in 1938-52's at £lO9, which includes approximately 34s accrued interest. Buying support for all issues except 1952's was lacking at the close. 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: — „ Nov. 10. Last This 1933 Week Week Bonds. 15/1/40. 4. . 102* 1047* ]2£4l Ditto. 15/2/46, 4 . . 101VS* 109 108/, Stock, 15/3/38-43, 3/a 100/ i JJ® Ditto. 15/5/30-52. 3% Ditto. 15/4/49, 4 . • 100% 109 109 Ditto,. 15/6/55, 4 . . 102 113!/, 113 A •Buyers. Banks and Insurance In view of the sharp movement in Bank of New Zealands, which appreciated Is to 50s during the last two days, the announcement of an unchanged dividend rate is expected. Heserve Banks also were vfery strong and appreciated Is during the week, closing on sale at the record price of £6 12s 6d. Slight gams were made in Nationals of New Zealand and New South Wales, but on the whole other issues were fairly quiet. The firmer conditions which appeared in insurance last week were maintained. Dealing was confined to -New Zealands unchanged and South British, which recovered Is to 91s. Other issues, led by Nationals, were also very strong on the levels. Pastoral shares fluctuated with the outlook in the wool market and closed rather better. The intention of the directors to clear arrears of dividends on Abraham and Williams preference stimulated inquiry for these shares, which are carrying a dividend payment of 13s. Offers of 96s for the £5 shares, however, failed to attract holders. Features of other classified sections were a much stronger market for Auckland Gas, apparently a definite indication of better results during the current year, and an increased distribution upon Kauri Timbers which had been largely anticipated by the market. Industrials Improve Among miscellaneous industrials a substantial improvement was recorded in Australian Glass, and firmer levels ruled for British Tobaccos and Wilsons Cements, support for the lastnamed responding to a higher dividend distribution. t Interest in Colonial Sugars slackened and a tendency for buyers to hold off the market in the meantime was followed by a drop in values from £76 17s 6d, cum dividend of 255, to £74 10s, ex dividend. Dealing in Waihi and Waihi Junction shares overshadowed other business in the mining section, which was light. Waihis were traded freely from 37s up to 37s 9d. Waihi J unctions moved favourably as a result of a development at the mine and dealing up to 4s 6d, a/rise of 3d, was followed by further support at that figure, with holders asking 4s lOd. Levels also improved a shade for King Solomons and Goldfields Dredgings. 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: — Nov. 10, Lowest, Last This 1933 Price Week Week Bank A'asia. 254/6* 190/- 231/G —' Com. Bk. Aus. 17/- 13/11 16/- 16/Nat. Bk. N.Z. 82/6* 64/6 70/-* 71/6 E., S. and A. 112/6 80/- 104/6* 101/6* Bank N.B.W. 680/- 540/- 635/- 637/6 Bank N.Z. . 48/- 41/- 49/- 50/Keserve Bank Union Bank 200/-* 140/- 186/6 180/-* Nat. Ins. .. 18/9* 14/- 21/7 21/6* N.Z. Ins. .. 55/- 41/- 69/- 69/South British 72/6 57/6 90./- 91/-' Golds.-Mort . 29/9 22/- 30/11 31/3 Pukemiro . . 19/6 19/Auckland Gas 23/7 20/- 26/10* 27/6 N.Z. Breweries 37/-* 25/- 50/-* 50/3 Aus. Glass . 46/3* 40/- 54/6 56/3 British Tob. 36/6 28/6 41/3 41/7 Col. Sugar . 1220/- 920/- 1537/6 1490/El. Zinc (pf.) 34/6* 26/3 35/6* Wilsons C't. 26/9* 26/9 34/- 34/7 Waihi .. 25/9 18/9 87/-t 37/9 Blackwater . - 33/6 32/3* Mt. Lyell . . 23/6 18/9 19/6* 18/9* ! *No sales; buyers' last offers. lEx dividend. Trend ol Dealing Tho course of dealing over tho week was as follows: _ , Government Loans.—Rural bonds, 16/9/47, 5, £lO3 15s. Inscribed stock, 15/5/38-52, 3J, £109: ditto, 15/1/40, 4. £lO4 15s: ditto. 15/2/46, 4, £lO9 (2); ditto, 15/4/49. £IOB 17s 6d, £lO9 (2) j ditto, 15/6/55, 4, £ll3, £ll3 Debentures. —Auckland City, 1/7/44-49, 4i. £105; Waitemata County, 1/9/49, SJ, £lO5 10a; Amalgamated Brick (Auck.), 1/3/44, 7i. £lO5 (2). . t ■ ... Banks.—Commercial of Australia, 16e (2>; National of New Zealand, 71s 6d; New South Wales, £3l 17s 6d; New Zealand. 49s (3}, 49s 7d, 50s; Reserve Bank, £6 —New Zealand, 69s (2); South British, 90s (2), 91s. Loan and Agency.—Farmers' Auctioneering, B preference, 20s 6d (2); Guarantee Corporation, 5s sd, 5s 6d, 6s sjd, sstd; Goldsbrough-Mort, 31s 3d: National Mortgage Agency, B. 31e. Coal.—Renown, preference, 2s (2). Gas—Auckland. 275, 27e 3d. 27a 6d (2); ditto, contributing, 19a lOd. Timber.—Kauri 19s sd; Leyland-0 Bnen. 22s 6d. .. . _ Woollen.— Kaiapoi, contributing, 6s. Brewerieß.—New Zealand, 60s. 60s _Bd (2). Miscellaneous.—Australian Glass, 56s 3d; British Tobacco, 41s 4d, 41s 7d; By croft. 53a (2); Colonial Sugar, £76 16b, £76 f)9, £74 10s; Consolidated Brick, 10s9d; .Claude Neon (Sydney). 61a: Farmers' Trading, 7s 3d (2): New Zealand Drug, 80s (3): New Zealand Newspapers, /'B3b 3d; Wilsons Cement, 34s (2). 34s fld, 34s Bd. 34s ™ Mining.—Golden Point, lid: Qoldfields Dredging, ll*d (2): King Solomon, 8s 8d: Mstnki. 2s 7d; Waihi, 37s Id, 3/e 4d (2), 37s Ed. 37s 6d, 37s 9d (2); Waihi Junction. 4s 3d (2), 4s 4d (2). 4s 6d; Worksop -Extended. 4s; Broken Hill, , Pr #> r l^ ary -„, 50 ;!- Unofficial List.—Auckland Trotting Club, l' 4/44. 6J. £lO5 (4); Auckland Meat, 26s 6d; Silknit. 335; K.D.V. Box. 12s 6d; Leonora Central (2s fully paid). 3s ad. CLAUDELANDS HORSE SALE G. W. Nyercoe and Company, Limited, Hamilton, reports having held the firm« monthly sal<> at Clatidelands on Wednesday, when an average entry of horses came forward. Horses showing quality and weight were keenly competed for. The ton price for ih<* sale, £47. was obtained by Mr. H. .1. Roilly. of Frankton, for a good quality flix-year-old mare. Useful farm horses eold from £2B to £32; light horses, £ls to £23; aged horses, £8 to £l2.