BUOYANT TRADE

New Zealand Herald, Volume LXXIII, Issue 22584, 24 November 1936, Page 11

BUOYANT TRADE

STOCK EXCHANGE YEAR MONEY FOR INVESTMENT MODIFIED TAXATION URGED [BY TELEGRAPH —PRESS ASSOCIATION*] WELLINGTON, Monday At the annual meeting of the Wellington Stock Exchange to-night Mr. J. Mil lie, who presided prior to the election of the new chairman, Mr. A. Hamilton, said that the turnover in stocks and shares during the year had been very satisfactory, and reflected the general improvement in trade which began two years ago. The interest in industrial shares was evidence of the returning confidence in trade conditions and shares in all sound Xew Zealand companies had a full measure of support, said Mr. Milne. The outstanding feature of the year had been the extraordinary success of chain stores, and prices for their shares in certain cases reached speculative levels. The base metal industries had also received n very great deal of attention, and, as there were no such companies in New Zealand, investors had to concentrate 011 Australia for purchases. The greatly-improved prospects for wool, meat and other primary products had the effect of directing attention to the shares of banks and pastoral and finance companies, and a general improvement in the value of these shares had taken place. There was plenty of money in New Zealand available for investment 111 established industries, both primary and secondary, and also for new flotations with reasonable prospects of success. Taxation and other restrictions, however, might slow down progress in this direction, concluded Mr. Milne, and it was to be hoped that the Government would take this into account and modify any legislation which might have the effect of slowing down the natural progress of the country.