REVIEW OF THE WEEK

New Zealand Herald, Volume LXXII, Issue 22250, 26 October 1935, Page 9

REVIEW OF THE WEEK

LTWARD TENDENCY SHOWN POLITICAL UNCERTAINTY EFFECT ON RESERVE BANKS A more cheerful tone has been evident on the Auckland Stock Exchange this week, and with certain well-defined exceptions levels have shown an upward tendency. Earlier in the week sales were moderate, but in the past two or three days there has been a distinct improvement in turnover. However, business is still well below normal. Although the international outlook is no clearer, its effect on (he market is less pronounced than the influence of political uncertainty. This is shown bv the substantial fall in Reserve Banks, •which were available yesterday at £G Gs 6d, a fall of 2s Gd on the week and only Is Gil above the lowest price yet touched. There lias been little inquiry. and only one sale was recorded during the week. The statement by the president of the New Zealand Labour Party that if the party gained office it would purchase at market value the Reserve Bank shares owned by private individuals and make the institution a Government bank was hardly reassuring to investors, as there is no method of determining either the future market price or the possible date of purchase. Another issue which has weakened on account of political influences is the Mortgage Corporation. Government Loans Weaker The weaker levels which ruled for Government loans in the previous week wtre shown more definitely by sales at lower prices. However, levels have steadied somewhat and trains were recorded yesterday by some 3J ]>er cent issues. There was no trading in local body debentures during the week. Ilevels for these have not suffered to the same extent as Government loans, as prices were not as high in relation to the interest return. 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. 2G, Last This ] 934 Week Week Bonds, 15/1/40. 4 .. 105 1 -;* 101 3 -i* lOlVi* Ditto, 15/2/46. 4 . . 10!)* 305Va* 104 V a * Stock, 15,'3/39-43. 3 !/ s 10-V 102=!* 102'/, Ditto, 15/5 39-52. 3V 3 110* 107* 104* Ditto. 15/4/49, 4 .. 109/b 105* 105 Ditto, 15/6/55, 4 . . 113* 107'/a* 107% •Buyers. Bank Issues Improve Banks generally were firmer, a notable instance being New Zealands, which changed hands fairly freely at up to 51s. J\lost Australian issues also moved upward. Although there were several sales of South British Insurance levels were low. However, New Zealands were a shade firmer. Most industrials were well supported, Australian issues hardening in sympathy with movements in Sydney and Melbourne. There was a particularly heavy demand for Broken Hill Proprietary "rights." which rose by Is sd, and offers closed firm at 20s 6d. New Zealand Breweries were keenly sought at the end of the week, with the result that prices rose sharply, while New Zealand Eefrigeratings advanced on account of the proximity of the annual balance date also the high prices for tallow. Values for tailow have a direct bearing on the profits of the company. The Mining Market Other gains were recorded by Farmers' Tradings, Claude Neons (Sydney) and Dunlop-Perdriaus. On the other hand. Consolidated Bricks were again weaker. In the mining market gains were recorded by all the Waihi issues, while Ta! isrnan Dubbos firmed on account oi a dividend announcement. Fiji shares were neglected, no business being reported. The following comparative table shows the levels of sales made on the Auckland Stock Exchange in the corresponding week of 1934 together with the lowest price touched last year and the closing prices at the end of the last two weeks:

Oct. 26, Lowest Last This 1934 Price Week Week Bank A'asia. - 222 6* 222 6 Com. Bk. Aus. 15 10* 15/3 10 7 16; t> Nat. Bk. N.Z. 70'- 70- 7]/- 70 9 E.S and A. 104/-* 9?'- 105'6 100 9 Bank N.S.W. 640 -* 000/- 625;- 640/Bank X.Z. . . 49/- 45 6 50/3 51/Reserve Bank 131'- 125/- '? Union Bank 167/3 177/6 IP2/6 3c f,6 •Nat. Ins. .. 21/9 IS 5 19 J 19 4 N.Z. Ins. .. 69/- 50/- t.2/9 63/South British Golds.-Mort . 30,'-* 28'- 30/-* 31/3 MortgapeCorp. Pukcmiro Auckland Gas 26.5* 24/- 2a>9 ?«, N.Z. Breweries 49/3* 37 9 51.6 53/Aus. Glass . 52 ; 6 50/- 80'- iS 6 British Tob. 41 9 30/6 38/6 38/6 Col. Sugar . 1520/- 1257/6 660/-t 86oM El. Zinc (p£.) 35/6* 33/3 35/-* 36/44 Wilsons Ct. 34/- 25/8 41/- 41,3 Martha . . —> Mt. Lyell . . 18/8 17/6 19:9 19-3 'Buyers tAfter bonus distribution. :Ez dividend. Trend of Dealing The trend of dealing over the week was as follows: Government Loans.—Stock, 15/9/39-43, 3s, £lO2 10s; ditto, 15/3/39-43, 3£. £lO2 15s. £lO2 10s; ditto, 15/1/40, 4, £lO2 (2). £lOl 15s (2); ditto, 15/2/46, 4, £lO5 5s (2); ditto. 15/4/49, 4. £lO5 (3): ditto, 15/6/55, 4, £lO7 Debentures. —Amalgamated Brick {Auckland), 1/3/44, 7J. £3Ol 10s. Banks.—Australasia, £ll 2s Od (2); Commercial of Australia, preference, £9 12s Od (3); English, Scottish and Australian. £5 5s 6d (2). £5 5s 9d; New South Wales, £3l 17s 6d (2), £32 (2); New Zealand, 50s 3d. 503 6d. 50s 9d, 51s, 50s 9d, 51s; Reserve, £6 7s Od; Union. £9 2s 6d. ... Insurance. —Australian Provincial, 20s 3d; South British, 83s Od (3). SBs 9d, 87s 9d (fx div.), 87s Od (2). Loan and Agency.— Dalsrety, £8 2s; Farmers' Auctioneering (£5 paid), £3 18s: Mortgage Corporation. 5s 7d; Traders' Finance (7s Od paid). 3s 10d. Coal.—Renown. 10s (3). Gas.—Auckland. 25s 9d. 25s lid. Shipping.—Devon port Ferry. 23s 3d. Timber.—Taupo Totara, 0s 9d. Woollen.—Kaiapoi. 13s 9d (21: Oiimans Worsted. 225. 22s 3d. Breweries.—New Zealand. 525, 52s 9d. 53s (2!; Tni. 42-. Miscellaneous. —Berlei (New Zealand!. 60s ; British Tobacco. 38s Od; Broken Hill Proprietary. 54s 3d. sts. 54s 3d, 55s 6d (2); ditto.. rights, 19s 3d. 20s 5d (2). 20s r.d ; Bycroft, 52s Od : Claude Neon (Svdnoy), ",0s f'.d: Colonial Sugar, £43 (3), £43 ss; Consolidated Brick. 9s 7d (2), 9s sd; Dnn-lon-Perdriau. 15s I'd. 15s 4d. 15s Od: Electrolytic Zine. 31s Od. 325: ditto, preference, 36s I'd; Farmers' Trading. 7s 2d (21, 7s 3d. 7s sd; 'l'-nr Meat. 22s '2l; K.D.V. Boxes (10s paid). 9s 9d: Morris Hedstrom. 23s 9d '2): New Zealand Newspapers. 40s 9d (3); New Zealand Refrigerating (10s paid). 10s lid. lis Id (3); Wilsons Cement. 41s. 41s 3d. Mining.—Mar"ha. 20s Pd. 20s Od. 21= (4); Mntaki. 2s Old (2), Is 10f,d (21; Talisman Dnbbo. 10s: Placer Development. £5 5s (2): Waihj Investments, 14s 9d. 14s lOd. 15s: Waihi Junction. 4s: Mount Lyell, 19? 3d. "Unofficial List.— Molyneux Dredging. 2s Id; N.Z. Perpetual Forests, 50s 0d: N.Z. Woolpaoks. 13s: Woo]worths. Sydney (ord.). £5 lis. CALL AND DIVIDEND LIST Dividends— Due Bank of Adelaide—int., 4 p.c pa. Oct. 30 N.Z. Guarantee Corp.—final, lid a share - • Oct 30 Australian Steel—pref., 71 p.c. p.a. for half-vear ended November 1, 1931 Nov Dominion Pictures—final, ord., 21 p.c.: pref.. 3 p.c. .. Nov ■; Sharland—final, ord. and pref., 2j pc. . . . . . Nov 1 Australian Glass--int., ord., E p.c.; pref., 4j p.c. Nov. 8 Talisman Dubho—Cd a share . . Nov. 9 N.Z. Paper Mills—int.. 3 p.c. .. Nov. 11 Martha Mining—int., Od a share Nov. 15 Burns-Philp—int.. Is a share . . Nov. 15 Mncky, Logan, Caldwell—int., 5 p.c. pa. . . . . . . . . Nov. 20 Broken Hill Pty.—la 3d a share Nov. 27 Nat. Bank A'asia.—int.. 5 p.c. p.a. . . . . . . . . Nov. 27 National Ins.—final. 5d a share Nov. C. L. Inne.-—pref. and ord., 8 p.c.; also pref. arrears .. .. Dec. 1