REVIEW OF THE WEEK

New Zealand Herald, Volume LXXIII, Issue 22391, 11 April 1936, Page 7

REVIEW OF THE WEEK

CHANGE FOR THE BETTER A MORE VIGOROUS TONE PRICE GAINS IN INDUSTRIALS A change for the better has taken place In the investment market, which shows every sign of a return of confidence among investors. Although comparatively little business was done on the Auckland Stock Exchange this week there was a firm undertone and the market closed at its best point. There is every prospect of a bright reopening after the Easter holiday. Announcement of tho terms of the State purchase of Reserve Bank shares marked tho turning point in the market. Tho majority of shareholders did not expect such favourable treatment. Although it is no more than was promised by tho Prime Minister shortly after the change of Government, the very fact that it has been fulfilled to tho letter was sufficient to put vigour into tho investment market. Investors tire now placing more reliance on the repeated assurances that their interests will not suffer under a Labour Government. Australian Issues Slack The reduced amount of dealing in Australian stocks was a feature of the week. The Sydney Exchange closed on Wednesday after about two weeks of generally easier conditions with limited buying support. Values have dropped slightly, although no.slide has occurred. Competent observers have pointed to tho possibility that "optimism in Australia may have exceeded its justification." A taste of good times is heady wine to tho market, which possibly has outpaced the real extent of recovery. The only'really active Australian stock was Woolworths (Sydney), which moved up from £7 to £7 lis during tho week. Tho accounts made good reading for holders and the extension of operations in Victoria has also been a stimulant.

Few supplies of Government loans were available during the week. However, buyers were not particularly keen and levels "were unchanged. Only one sale, in the 1946 4 per cent stock, was recorded over the period. 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:— Apl. 12, Last This 1935 Week Week Bonds, 15/1/40. 4 . . 103% 101%* 101%* Ditto, 15/2/46, 4 . . 103 102%* Stock, 15/3/39-43, 3% Ditto, 15/5/39-52, 8% 106%* Ditto, 15/4/49, 4 . . 109% 104 104* Ditto. 15/6/55. 4 . . Ill* 103%* 103%* *Buyers. Rise In Bank of New Zealands Apart from strengthening Reserve Banks, the provisions of the Amendment Bill were an excellent tonic for Bank of New Zealands. After opening at 44s 2d ,the shares quickly moved to 475, after which the inquiry was easier. Although the Government will be taking some business from the trading hanks, apparently there will be no interference with their ordinary internal operations. Commercials steadied at 20s, but other overseas issues were not wanted. For the first time for weeks insurances took a definite upward turn. New Zealands closed in dealing at 59s 6d, a rise of Is 3d, while South British were 6d dearer at 89s 6d. An adjustment in the price level for New Zealands was overdue, as they were relatively too low against the South British rate.

Some outstanding gains were made in the industrials. Wilsons Cement and Northern Roller Mills, both of which have taken severe punishment in recent weeks, added Is in business on Thursday. Auckland Gas moved up 2d to 265, with more wanted at that price. A stronger inquiry for breweries was reflected in an advance of Is in Dominions and New Zealands. New Zealand Newspapers also added that amount in a transfer at 38s 6d. Mining Market Dull Values for mining shares showed little change. The inquiry was limited and only a small turnover resulted. The following comparative table shows the levels of sales made on the Auckland Stock Exchange in the corresponding week of 19.35 together with the lowest price touched last year and the closing prices at the end of the last two weeks:—•

'Buyers. Trend ot Dealing The trend of dealing over the week was. as folknvs: — Government loans.—Stock, 15/2/46, 4, £lO3. Debenture. —Gisborne Gas, 1/8/45, 5, £IOO. Banks.—Commercial of Australia, 20s Id, 20s (3); New Zealand, 44s 2d, 45s 3d, 46s (2), 46s 3d. 4(is Gd (2), 475; ditto D mortgage. 27s 3d, 28s. Insurance. —New Zealand, 58s 9d, 595, 59s l}d. 59s Gd (2): South British, 89s (3). 89s 6d. Loan and Agency.—Guarantee Corporation, 5s 4d. Coal.—Kenown. 10s; ditto, pref.. 2s Od. Gas.—Auckland. 25s lOd. 25s lid. 2Gs; ditto (los paid), 18s 9d. Shipping.—Devonport Perry, 21s; Northern Steamship, Cs 9d; P. and O. Deferred, 23s Gd (2). Timber.—Kauri. 24s (3). "Woollen.—Mosgiel. £9 15s. Breweries.—Dominion. 225: Npw Zealand, 525. 52s 3d (2). 52s 4d; Tooths. 525. Miscellaneous.—Australian Glass. 82s 3d; Broken Hill Proprietary. 59s 9d. 59s fid (3); Colonial Sugar. £4l 15s; Farmers' Trading. 9s 5d (3); K.D.V. Boxes (cont.). 8s; Milne and Choyee (deb.). 16s 6d: Morris Hedslrom, 25s t3). 25s fid: New Zealand Newspapers, 38s fid; Northern Boiler Mills, 21s (2), 2i"s; Snnford, 2s fid; Wilsons Cem°nt, 40s, lis; Woolworths (N.Z.). £5 7s fid.. Mining.—Argo. Is 4d; Alexander (15a paid), 10s lid: Golden Dawn, 3s 2d; Golden Crown. 8s id (2); ditto (cont.). 8s; Gillespie'ft- Bench, Is 2d; Maori Gully, lid (3); Mount Morgan. Ifi« sd. lfis fid. Ifis 7d (3): ITpner Wniut. 8s lid. Unofficial list.—National Tohaeeo. 67s 9d; New Zealand Woolpaclt, 12s fid: Wool worths (Sydney), £7 la fid £7 3s. £7 4s. £7 ss, £7 lis, PRICES OF METALS TIN DECLINES AGAIN (Received April 10. 5.5 p.m.) LONDON. April 9 Following were yesterday's quotations on the London metal market compared with those of April 7: — April 8 April 7 Per ton Per ton £sd £ s d Copper, stnn.. spot . . 3f> 15 0 36 13 1J Copper, stall, 3 mos,. . 37 1 3 36 19 4i Copper, electrolytic ..4100 40 5 0 to to 41 5 0 41 5 0 Copper, elec.. wire bars 41 5 0 41 5 0 Lead, soft, spot . . 15 18 9 16 2 6 Lead, soft, forward . . 16 8 9 16 8 9 Spelter, spot . . . . 16 3 9 15 7 6 Spelter, forward . . 15 8 9 15 12 0 Tin, etan., spot . . 211 2 6 212 12 6 Tin, stan., 3 mos... 203 7 6 205 2 6

Apl. 12, Lowest Last This 1935 Price Week Week Bank A'asia. .. 217/6 217/6 — — Com. Bk. Aus. 15/6 15/5 20/Nat. Bk. N.Z. 66/3 66/3 75/74/6* E., S. and A. 95/-* 98/6 124/6* 124/-* Bank N.S.W. . . 603/9 597/6 085/680/-* Bank N.Z. 49/9 47/8 44/3 47/Reserve Bank . . 131/6 110/6 122/6* 122/6* Union Bank 171/-' 198/195/-* Nat. Ins. 20/6 - 19/3 18/-* 18/4* N.0. Ins. 70/6 00/58/3 59/6 South British . . 89/89/6 Golds.-Mort 28/3 28/3 31/3* 31/-* Ptikemiro 24/-' 22/6 22/-* 22/6* Auckland Gas . , 28/25/4 25/10 26/N.Z. Breweries 53/9 50/51/6 52/4 Aub. Glass 56/9 56/9 82/82/3 British Tob. 37/3* 36/40/-* 39/6* Broken Hill . . 51/6 49/3 59/9 59/6 Col. Sugar 840/807/6 835/El. Zinc (pf.) . . 33/6 33/40/-* 39/6* Wilsons C't. .« 34/32/6 41/Martha 19/2 19/0 19/0* Blackwater 30/-* 30/29/-* 29/0* Mt. Lyell 19/5 16/3 24/23/9*