REVIEW OF THE WEEK

New Zealand Herald, Volume LXXIV, Issue 22628, 16 January 1937, Page 7

REVIEW OF THE WEEK

EXCEPTIONAL ACTIVITY BUOYANT CONDITIONS RULE SOME SUBSTANTIAL GAINS Conditions in the investment market this week provider! further proof of the prosperity Australia is enjoying, ns well ns evidence that investors are easting off some of the restraint that lias characterised their operations so far as essentially Dominion interests are concerned. The two days the market was open last week were little criterion of the activity that was to follow. The holiday atmosphere quickly disappeared- on Monday and the market settled down to solid business over tho week, which in the aggregate must have approached record proportions.

Operations were widely spread, but banks and miscellaneous industrials were particularly active, and the week saw some "new peak levels in tho latter group. Australian issues were again very strong,' reflecting increasing resources as a result of tho improved conditions in tho Commonwealth. Rise in Government Loans A feature of this week's business was the recovery in tho Government loans market, which, after touching low levels at the close of last year, hardened as much as 2 per cent in soma cases. The rodentption of tho 1937 loan this week lias brought a large supply of additional- investment funds into the market, and some are being returned to gilt-edge at advantage to tho owner's income. 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:— Jan. 17 Last This i 030 Week Week Bonds, 15/2/43-10, 4 101% 102* 103% Stock, .15/3/39-43, 3% 102* Jo2%t 101% Ditto, 15/5/30-52, 3% 102%* 102%t 101% Ditto, 15/1/40-40, 4 104% 101%* 103* Ditto, 15/6/52-55, 4 104% 101%* 102%* •Buyers. I Sellers. Banks have received strong support since the year opened, their attractiveness being increased by the opportunities now developing for improved earnings. Several of the leaders showed improvement, with New South Wales very firm. Heavy business was done in New Zealands at better levels, but the full advance was not held. Insurances were very active. There was a substantial turnover of South British with a rise of 9d to, 95s over tho week. Now Zealands hardened Is 6d to 61s 9d, and Nationals were also firmer. Wider Pastoral Demand

Tho strong market for wool continued to stimulate the demand for pastorals, with a noticeable broadening in the scope of the inquiry. Gas shares did better business, while there was a flutter in New Zealand Breweries upon rumours of the proposed acquisition of Staples. New Zealand shares rose 6s to £.'S, but closed substantially easier at 56s 9d.

Heavy trading was done in miscellaneous investments, with Australian issues in tho van. Chain stores were very prominent, Coles reaching a new peak at 97s 9d, ex div. Wool worths also rose sharply. The increased dividend on Electrolytic- Zincs gave a further lift to the enhanced values ruling for these shares, while Broken Hill Proprietary and Australian Glass were active at stronger rates. Dunlop-Per-driaus also firmed on better dividend prospects. Among New Zealand issues to gain ground were Berlei, Bycrofts, Farmers' Trading, New Zealand Newspapers and Northern Boiler Mills. Higher prices for' copper carried Mount Lyells to record levels, the shares closing on sale at 43s 3d. Waihi Investments and Mount Morgans were also stronger. Gold shares remained quiot. The following comparative table shows the levels of sales made on the Auckland Stock Exchange in the corresponding week of 1936 together with tho lowest price touched last year and prices during tho last two weeks: —

Tho trend of dealing ovjy the wock was as follows:—

Government Loans.—Bonds, 15/2/43,-46, 4, £lO3 10s; ditto, 15/4/40-40, 4, £lO4 (2); ditto, 15/0/55, 4, £lO2 15s; Rural, 15/0/47, 5 iMOI 15h; stock, 15/3/30-43, 3Va, £lOl 10s; ditto, 15/5/30-52; 3 , / a , £lOl 15s; ditto. 15/2/43-40, 4, £lO3 2s Od; ditto, 15/0/52-55, 4, £lOl 15s. Debentures. —Auckland Transport Board, 1/4/44-51, ■!/, £lOl 15s; ditto. 1/1/44-40. 4%, £l.Ol 15s; Mount Albert, 1/7/18, 4'A. £102; Waitoinata County, 31/3/ ho, 4'/ 4i £101; Amalgamated Brick (Wellington). 31/3/14. 7'A £lO2 5s (2). Banks. —Australasia, £l2 Bs, £l2 8s (odd lot); Commercial of Australia, 10s 3d (odd lot), 10s sd; ditto (prof.), £!> 4s ('->); Now South Wales, £35 10s (2), £35 15s; New Zealand, 41s 6d (4), 41s, 41s; Union. £lO 5s (id, £lO 5s (4). insurance.—>>'aiional. 18s 3d (2); iSew Zealand, 01s Od ('_'); South British, 04s 3d (2), 01s (id, 01s Od (2), 04s 10/' ad (2), 05s 3d, Hss. Loan and Agency.—Dominion Investment and Banking, 15s 0(1; Dalgely, £ll 12s (id; Goldsbrough Mort, is7s Od, 37s Od. 37s Sd. 38s; Loan and Mercantile, £.'s7 ss, £4O. Coal.—Fukemiro, 20s (3).. Gas.—Auckland, 23s 8d (odd lot); ditto, con., 10s (id (odd lot), 17s; Gisborne, 7s; Christchurc.h, 27s Od. Shipping.—Devonport Ferry. 20s fad. Timber. —Bartholomew, 18s. Breweries. —Dominion, 30s 0d_(2); New Zealand, 00s (2), 58s (id, 58s, 575, 50s Od; Staples, 30s Od. „ Miscellaneous. —Anthony Hordern, 20s 6d (2); Australian Glass, 04s. 04s 3d; Australian iron anU Steel, pref., 20s 2d; Broken Hill Ply., S-JS (id (2), 82s Od, 82 a Md. S'.'s fid. B'Js Od, 82s (id; Berlei <X.Z.). Oos (2); Bycroft, 40s fid (2); Consolidated Brick, 10s Od (7); Colonial Sugar. £43 5s (2), £43 2s Od; Dunlop-Pcrdriau. 18s Od, 10s Id; Electrolytic Zinc, 50s Od; ditto, pref., 55s Od 55s 3d; Farmers' Tradfng, 21s, 21s 3d 225; G. J. Coles, 00s, 04s Od, 05s Od, 008 3d, 00s Od, 07s 3d, 07s Od, 08s f)d (2), 07b Od (ox div.); Grey and Men/.ies, Us Od; Henry Jones, 47s Od; Hume Pipe, 20s Od; Macky Logan, 21s; Morts Dock, 138; Now Zealand Newspapers, 4 Is, 41s 3d; Northern Boiler Mills, 20s 4(1, 20s Od, 21s Od; ditto prof., 22s (2); Fnrmcrs' Fortiliser, IDs Od; 'Sanford, 4s Od; Victoria Nyanza. His Od; Woolworths (N.Z.), £0 10s (id, £7 Ids (2), £7 12s Od; ditto, right, £(> -Js; Woohvorlhs (Sydney). 2nd pror., 20s. Mining.—Golden Dawn. 2s (id; Waitahu, Is (Id; Golden Crown. ss; Mataki Junction. f >s Oil; Martha, Ills Od; Mount Morgan, 10a (Id Ids 7d, 10s Od, 17s, 17s 4(1 (2), 17s 2(1; Wailii Junction, 3s Od; Wnihi Investments, 12s Od (2), 12s 7(1. 12s 7 ! /.d. 13s; Mount Lyell. 41s, 435, 43s 3d; Rawang Tin, lis Od (2); Placer Development, £5 4s. 'Unofficial List.—Woolworths (Sydney). £8 Is Od £8 2s Od, £8 ss, £8 5s (id, £8 Os £H 7s', £8 12s, C 8 148, £8 lis Od, £8 15s, £8 10s (2). £8 14s Od. £8 15s, £8 lis (id (ex div.); Woolworths (W.A.), .C 7 ss, £7 10s; National Tobacco. 50s; Australian Bondholders. No. 4 Trust, 1028 Phuiting, £lO 2s Od; Snlfridges (old), 40s Oil, 418. LONDON EGG MARKET LOXDON, Jan. 14 The epg market is depressed. Quotations, nominally, are:—Seventeen®, 8s; sixteens, 7s to 7s 6d; fifteens, 6s 3d; fourteens, 6s; thirteen and a-half, 5s 9d.

Jan. 17 Lowest Last This 1036 Price Week Week Bank A'asia. 233/245/-* 248/Com. Bk. Aus. 18./S 37/11 10/3 10/5 Nat. Bk. N.Z. 70/0* 50/0 62/-* 00/-* E„ S. and A. 1 10/0 3 15/317/6* 120/-* Bank N.S.Ws 072/6 700/715/. Bank N.Z... 47/7 38/0 -11/7 41/Union Bank 30-1/0 3 87/0 205/Nat. Ins. .. 10/"J 37/0 38/2* 18/3 N.Z. Ins. . . (ii/a 57/60/3* 61/0 South British oo/o* 80/04/3 05/-Golds.-Mort . 33/0 31/30/0* 38/Fukemiro .. 23/3* 23/. 20/61 20/Auckland Gas 20/0 21/0 23/9 23/8 N.Z. Breweries 53/0 50/0 55/3* 56/0 Bom. Brew. 3 8/0 18/30/6* 30/1) Aus. Glass . 82/10 82/01/-* 04/3 British Tob. 40/0 30/48/0* 50/6* Broken Ilill 50/57/6 80/G 82/6 Bycroft 52/0* 30/6 40/0 Col. Sugar . 880/. 820/855/-* 862/6 El. Zinc (pf.) 39/8 30/53/-* 55/3 G. -T. Coles 71/6* 67/4 80/6 97/9t "Wilsons C't. 44/6 35/3 37/6* 38/0* Martha 10/0 17/6 30/6* 30/0 Mt. LyeJl .. 20/0 20/6 30/0 43/3 •Buyers. 1 Sellers. +Ex div. Trend of Dealing