REVIEW OF THE WEEK

New Zealand Herald, Volume LXXIII, Issue 22356, 29 February 1936, Page 9

REVIEW OF THE WEEK

OVERSEAS ISSUES EASIER SEARCH FOR INVESTMENT WIDER RANGE OF INQUIRY The strong buying wave in Australian stocks, which has continued almost without interruption since the beginning of the year, showed signs of slackening on the Auckland Stock Exchange this week. Although some issues, notably Broken Hill Proprietaries, were very firm, there were indications that peak levels had been reached for the time being, j Among New Zealand issues there | was a search for investment, result- ; ing in a wider range of inquiry. No one disputes that there is a plethora of funds for investment at the present time. Investors are seeking issues which in recent years have tiilien largely into disfavour. The basic idea, perhaps, is that the front-line issues may not be as advantageous holding as other issues just returning to the dividend list. Until there is a full announcement of Labour's programme, a hesitant attitude is likely to lie observed. As far as the flour milling industry is concerned, the first taste lias not been a pleasant one for investors. Bvcrofts and Northern Roller Mills are still weakly held. Market lor Loans In the market for Government loans supplies of the long-dated issues at low rates appear to have been cleared. However, the demand for these issues is still slack, and the market appears to be interested more in the shortterm loans, which are firm at' late rates. 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: Mar. 1, Last This 1935 Week Week Bonds, 15/1/40, 4 .. j Ditto, 15/2/40. 4 . . 105* 102% 102!/ a Stock, 15/3/39-43, 3} -- 102% 102% I Ditto, 15/5/39-52, 3J m a / 4 * 102%* 102'/ 2 * Ditto. 15/4/49, 4 . . 108 10254* io:l</ 2 Ditto. 15/6/55, 4 . . 109% 102 V/ 103%* •Buyers. Overseas banks are quieter than in recent weeks and in some issues, at least, the peak for the time being has been reached. For instance. Commercials dropped 5d to 19s sd, although there was a subsequent recovery to 19s BJd. Both Nationals of New Zealand and English, Scottish and Australian were cheaper over the week. New Zealands again dropped, but Reserve Ranks made an advance, which was not fully held. Rise in Dalgetys Sale prices for insurances appear to have settled on a lower basis. Both New Zealands and South British were steady in dealing at a reduction on the previous week. The recovery in loan and agency issues has been a feature of the market in recent weeks. The strongest advance has been in Dalgetys, which have risen by £'l to £9 15s in a few weeks. Although Dominion Breweries have not yet paid a dividend, the shares moved over par this week. Eighteen months ago. Dominion Breweries were selling at 10s, but there has been a steady rise since then. It would not surprise shareholders to seo a dividend paid for the year ended March 31. 1936. Among Australian industrials, the chief feature was a further rise iu Broken Hills, which moved up from 60s 6d to 61s lid. New Zealand stocks were generally steady. Waihi Issues Easier In the mining market the Waihi issues were easier and Mount Lvells failed to hold an advance which began last week. The following comparative table shows the levels of sales made on the Auckland Stock Exchange in the corresponding week of 1935 together with the lowest price touched la«t year and the closing prices at the end of the last two weeks: —

*Buyers. Trend ol Dealing The trend of dealing over the week was as follows: Government Loans. —Bonds, 15/1/40, 4, £lO2 ss; ditto, 15/2/4 G. 4, £lO2 10a; ditto, 15/4/49, 4, £lO3 10a (3); ditto, 15/6/55, 4, £lO3 12s Gd. Stock, 15/3/39-43, 31, £lO2 12a 6d (2).; ditto, 15/11/38-52, 31, £lO3 ss; ditto, 15/9/39-43. 31, £lO2 12a Gd; ditto, 15/1/40, 4, £102; ditto, 15/2/46, 4, £lO2 12s Gd; ditto, 15/4/49, 4, £lO3 ss, £lO3 10s.. Debentures.—Amalgamated Brick (Wellington), 31/3/44, 71. £lO2 15a; ditto (Auckland), 1/3/44, 71, £104; Mount Eden, 1/4/16-51. 4i, £lO5, New Zeuland Farmers' Co-operutivc, 1940, 41, £92. Banks.—Australasia, £l2 15s Gd; Commercial of Australia, 19s Bd, 19s 6d. 19s .6d, 19s 8!d; English, Scottish and Australia, £6 4a; National of Australasia (£lO paid), £ls 7s Cd (2); National of New Zealand, 77s Gd; New South Wales, £34 17s fid, £34 12s Gd (ex dividend), New Zealand, 47s lOd (2), 47s Bd, 47s 7d; Reserve, £6, £5 IDs, £5 IDs'3d; Union, £lO (2). Insurances. —New Zealand, 63s 3d (4), fi3s (2); South British, 93s Gd. 04s. 93s 9d (4) Loan and Agency.—Abraham and Williams (prof.), 82s Cd (2); Dalgety, £9 15» (2); Farmers' Auctioneering (A pref.), 22s sd; Goldsbrough-Mort, 32s lOd, 32s lid (3); North Auckland Farmers', 2s lOd; ditto (B pref.), 12s Gd; New Zealand and River Plate. 16s Gd (2). Coal.—Renown, 9s 9d. 10s (2); Taupiri, 17s 3d. Gas.—Auckland, 25s 10d (4); ditto (15s paid), 18s 9d. Shipping.—Dcvonport Ferry, 22s (2); Northern Steam. (3s 6d paid), Is lOd. Timber.—Taupo Totarn. 9s 9d; Taringamutu, 6s Cd. Breweries.— Dominion. 21a (3), 20s 9d; C. L. ] tines, 22s Cd; Nov Zealand. 525. Miscellaneous.—Australian Glass, 87s; British Tobacco. 42s 9d; Broken Hill Proprietary, 60s Gd. 60s 9d. 61a 4d, Gla 9d. 61s lid; Consolidated Brick. 10s 9d, 10s 8d (2), 10s 9d; Colonial Sugar, JC43, £43 2s fid, £43 ss; Claude Neon (N.Z.), 42h fid; Electrolytic Zinc (pref.), 41s 6d, 41b (2); Farmers Trading, 8s sd; Gear Meat. 90s (2); G. »T. Coles. 73s 6d (3). 75s 6d; Grey and Men/ies. lis 9d; Hrnry .Toties v 41s (2); Hill and Plummer, 20s; Milne and Choyce (deb.), IGb; Northern Holler Mills, 265, 25s 9d; New Auckland LamTdry, 21s (2); New Zealand Farmers' Fertiliser. 20s Id; Snnford. 2s Bd, 2s 9d (2); Wnirakei. 7s; Wilsons Cement. 42b. 42b 9d. 435. 43s Gd, 435, 42b Gd; Wool worths (Sydney), second pref.. 25s 3d. Mining.--Blackwater, 29s 10d; Big River. Is lOd; Golden Dawn. 3s 3d; Gnldficlds Dredtrintr. 4Jd; Maori Gully, Is Old; Mnrtha, 20s; Mount Lyell, 25s 2d, 25s 9d. 25s Gd. 255; Mount Morcan. 16s 3d.- 16b 4d. 16s fid: ditto (rights), 5s 2d (2), 5s Id. 5s 2d, 5s 9d (2); Skippers, 3d; Talisman Dubbo, lis: Ws'ihi .Timeti'in, 3s 7jd. Unofficial List.--Dawn of TTope. 3d; \Vool worths (Sydney), £6 10s (5). £6 9s fid. £6 10s; Hellaby's (6 per cent pref.). 22s Bd. WHEAT, FLOUR AND PULSE LONDGN. Feh. 27 Wheat. —Cargoes nre firmer but parcels nre quiet. Futures. —London: March. 29s fMd n quarter: .July. lOd Liverpool: March, 6s Old a cental; May, 6s lid; July, 6s 2|d. Spot trade quiet. Australian ex ship, '32s 3d to 32s 6d. Flour steady. Australian ex store, 22s to 22s 6d. Raw sugar, beetroot basis, 4s 9Jd a owt.

M ar. 1, Lowest Last This 1935 Price Week'Week Bank A'asia. . . 225/217/6 248/6* 255/6 Com. Bk. Aub. 15/11' 15/5 19/10 19/81 Nat. Bk. N.Z. 69/66/3 78/6 77/6 E., S. and A. 100/98/6 124/6 124/Bank N.S.W. .. 597/6 597/6 697/6 692/6 Bank N.Z. 49/3 47/8 47/9 47/7 Reserve Bank . 130/C 110/6 115/-* 119/3 Union Bank . . 172/9 200/Nat. Ins. 21/3' 19/3 19/-* 18/9* N.Z. Ins. 00/G3/6 63/South British . 94/3 87/94/6 93/9 Golds.-Mort 28/-* 28/3 32/104 32/11 Mortgage Corp. — 5/3 4/7 4/7* Pukemiro 26/22/6 21/-* 22/-* Auckland Gas . 27/C 25/4 25/10 25/10 N.Z. Breweries 50/6 50/53/1 52/Aus. Glass 58/-* 56/9 87/6 87/British Tob. .. 37/-♦ 36/42/6 42/9 Broken Hill .. 51/49/3 60/6 61/11 Col. Sugar 815/807/6 800/865/. El. Zinc (pf.) 34/6 33/39/3 41/Wilsons C't. . . 34/32/6 42/3 42/G Martha ... — 19/2 20/4 ■20/Blackwater .. 31/6 30/29/-* 29/10 Mt. Lyell 17/3 16/3 25 m 25/-