REVIEW OF THE WEEK

New Zealand Herald, Volume LXXV, Issue 23009, 9 April 1938, Page 11

REVIEW OF THE WEEK

DOWNWARD .TENDENCIES LITTLE SELLING PRESSURE REDUCTION IN BUSINESS Investment activity on the Auckland Stock Exchange this week was wholly sub-normal. Share prices continued to sag and a policy of reducing risks to an absolute minimum was uppermost in the minds of the main body of investors. Sellers largely predominated, but there was no great soiling pressure and in consequenco the aggregate volume of business was greatly restricted.

Meantime tho Australian Exchanges are being closely followed. Compared with tho market losses in London and New York the decline in both Australian and New Zealand markets is relativoly small, but values continue to slip from day to day. Tho overseas position remains tho dominant influence and investors are becoming resigned to the fact that thero is little likelihood of any real recovery hero until some permanent business improvement is established in the United States and some stability is reached in the international situation. Business in Loans The Auckland market was almost devoid of any bright spots, except for the good prices which continued to rule for Government and local body debentures. Enhanced values attracted more sellers into this section of the market and they did very good business. Following is a comparison of the levels ruling a year ago for a selected number of Government lonns, compared with those of tho last two weeks: Apl. 10, Last This 1937 Woek Week Bonds, 15/2/13-40, 4 102 102* 302* Stock, 15/3/30-43, 3V, 100 100 100%1 Ditto, 15/1/53-57, 3/a 98'4 08 l / B 08'/ a Ditto, 15/4/40-49, 4 103% 104% Ditto, 15/0/52-55, 4 103% 30-1* 104* 'Buyers. JSellers. Banks as a group were lifeless, but Now Zealands, which had remained very steady, commenced to make headway in the middle of the week and showed a rise of 4d over the period. Tho directors have been meeting in Wellington and if last year's precedent is followed the final dividend announcement may be expected shortly. There was a brief flutter in Commercials, but they closed easy in keeping with the other Australian banks. The export price position and the prospects of new banking legislation in Australia appear to be the chief weakening factors. Insurances Erratic Insurances were erratic. Fairly substantial quantities of South British have been in the market, which absorbed them with only minor loss. Nationals have gained ground, but New Zealands have been easier. A hardening in wool values has tended to revive interest in pastorals, but prices are on a much lower basis. Other classified industrial shares remained quiet and for the most part weaker. Movements in miscellaneous induswere generally downward. Colonial Sugar was the only market leader in the Australian group to retain strength, while Bvcrofts headed the New Zealand issues in that respect. Broken Hill Proprietaries, after. an initial recovery, lost ground rapidly at the close, while British Tobaccos. Electrolytic Zincs and Henry Jones all suffered in the prevailing uneasiness. Business in tho mining section was practically negligible. The demand for metal shares abated and dealing was confined to Mount Lyells. These shares fell 2s 6d and at 27s 6d changed hands at their lowest price since August, 1936. Gold shares were weak.

The following comparative table shows the levels of sales made on the Auckland Stock Exchange in the corresponding week of 1937, together with the lowest price touched last year, and prices during the last two weeks:—

Apl. 10, Lowest Last This 1037 Price Week Week Bank A'asia.. . 259/- 227/6 200/Com. Bk. Aus. 10/(3 IfJ/9 10/- 10/3 Nat. Bk. N.Z. 08/- 55/- 54/3 54/-* E., S. and A. 131/0 100/- 100/-* 102/Bank N.S.W.. . 747/0 042/0 030/- 637/6J: Bank N.Z. . . 43/7 40/• 43/3 43/7 Union Bank . . 225/-* 187/Nat. Ins. .. 18/- 17/- 17/5* N.Z. Ins. . . 00/10 00/- 50/0 50/0 South British 03/9t 48/0 45/0 44/10 Golds.-Mort . . 36/10* 30/10 30/0} 30/0 Pukemiro ...20/fIJ 18/- 17/0 Auckland Gas 21/9 20/0 20/1 20/N.Z. Breweries 59/9 44/0 45/6+ 44/0 Dam. Brew. .. 39/-t 37/9 37/3 35/0* Aust. Glass . . 03/- 84/3 88/0* 89/-* British Tob... 51/9* 47/10 47/0 47/o; Broken Hill.. 81/3 59/- 50/- 58/0 Bycroft .. 38/6* 39/0 Col. Sugar 900/. 855/- 910/- 942/6 Dunlop Perdriau 20/0 18/11 21/-: El. Zinc (pf.). . 62/3 47/0 43/8 42/-* Formers' Trad. 21/6* 19/9 20/3 20/3 a. J. Coles .. 101/.t 80/- 78/3 70/Wilsons Cem... 35/-t 17/- 17/3* 17/Oi Martha .. 19/6 12/3 14/3 14/6 Alt. Lyell .. 46/- 30/6 27/3* 27/0 •Buyers. ISellers. tCapital since altered. Trend of Dealing The trend of dealing over the week was as follows: Government Loans.—lnscribed Stock 15/7/39-41, 3, £9B; ditto, 15/1/53-57, 3M, £9B 10s (3); ditto, 15/2/13-46, 4, £lO2. Debentures.—Auckland HarJsoyr Board, 9/7/49, 4y 4 . £ 105 JOs; ditto, 9/7/43, .4y 4 , £lO3 ss; Mount Albert Borough, 1/7/08, £'los; City of Auckland, 1/1/44, 4VS, £lO3 ss; Takapuna Borough. 1/7/58, 4V«. £lO3 17s Od; Amalgamated Brick (Wellington). 31/3/41, 0, £OO. Banks.—Commercial of Australia, 10s Id, :10s 3d; E-, R. and A. Bank, £5 2s; Bank New South Wales (Sydney 'Register), £3l J2s Od; Bank New Zealand, 43s 3d (2), 43s 4d, 43s 7d; ditto, D Mort., 29s 3d; Union, £8 lis 9d. Insurance.—Now Zealand, 50s Od; South British, 45s 3d, 44s 9d (2), 44s lOd. . Loan and 'Agency.—Goldsbrough-Mort. 30s Od; North Auckland Farmors (B preference), lis. Coal.—Westport, 22s Od. Gas.—Auckland, 20s 2d, 20s; Gisborno, fin. Shipping.—Devonport Ferry, 20s Od; Northern Steam, 4s Od (2). Timber. —Taupo Totara, 5s 7d. Breweries. —New Zealand, 44s Od. Miscellaneous.—Broken Hill Proprietary, 00s Od, 00s, 59s Od (2), 595, 58s Od; British Tobacco, 47s Od, 47s 3d: Bycroft, 42s (id; Colonial Sugar, £47 2s Od; Electrolytic Zino (ord.), -10s; Farmers' Trading, 20s 3d; ditto (B preference), 21s Od; ditto (A preference), 22s Od; G. J. Coles, 70s; Henry Jones, 48s Od (2), H.M. Arcade (pref,), 20s; Milne and Choyce (dob.), 15s Od; Northern Roller Mills (prof.), 21s Otis New Zealand RefrifferatinK (£1 paid), 18s 3d; ditto (con.), 8s; Radio (1930), 10s; Robinson Jce, 23s Od, 245; Taranaki Oil, Os 3d; Woolworlhs (N.Z.), 21s 4d, 21s 3d; Woolworths (Sydnoy), 21s 4d, 21s 3d, 21s 4d. Mining.—Gillespie's Beach, 8d; Martha, 14s (id; Mount Lyell, 20s, 27s Od.

CANADIAN STOCK IMPORTED STUD CHEVIOT SHEEP Further importations of Canadian pedigree livestock have been made recently by tho Now Zealand Loan antf Mercantile Agency Company, Limited, tho latest arrivals being a consignment of stud Cheviot owes and rams and a pedigree Berkshire pig. Tho animals arrived in excellent condition, having , been shipped from Vancouver on tho Koniney. Imported to tho order of Mr. 0. C. Larson, of Dannevirke, tho Berkshire boar, Sunny Lodge Premier, was bred in Northwood, Ontario, by Mr. J. B. Spence, and his siro, OAC 129, by the Ontario Agricultural College. Tho Cheviot sheep in the shipment wero selected from leading studs in Ontario and Quebec. Mr. Joseph Webb, of Taihape, purchased a stud ram and five shearling ewes, tho balance of tho consignment having been imported for Mr. M. Chambers, of Havelock North. Claimed to bo one of the oldest established breeds in>Great Britain, Cheviots are not widely known outside their native district, and there are comparatively few in New Zealand. Mr. Webb recently sold for export to South Australia one stud ram and two stud owes, these sheep being the first Cheviots to be exported from New Zealand.