REVIEW OF THE WEEK

New Zealand Herald, Volume LXXV, Issue 23014, 16 April 1938, Page 9

REVIEW OF THE WEEK

BETTER TONE AT CLOSE OUTLOOK MORE HOPEFUL LEADING STOCKS STEADIER Although prices nro still at low levels tlie Stock Exchanges have closed for the Easter vacation on a more optimistic note. What the days which will ekpse before the markets resume business will entail cannot be foretold but the improvement noticeable in the final two days' trading has given ijriso to hopes tlint the worst of the present phase has passed. Encouragement is being drawn from the recovery in Wall Street, which has been interrupted by the normal * lull experienced prior to holiday. The tension yi Europe is easier and London, readily responding to the Wall" Street uplift, has again widened tho range of its activity. A satisfactory completion of tho negotiations with Italy would provide a further valuable stimulus to the market as tho progress made with the discussions has already exerted a favourable influence. ' > Australian Fluctuations

On the Auckland Exchange business was maintained over tho week at a fairly steady volume. The market remained in close sympathy with the Australian Exchanges but prices suffered less severely. Tho declines in Home of tho leading Australian industrials have been rather unexpected, but from tho Commonwealth it is reported that the falls have been in some measure due to selling by investors to provide funds for inoro cover for stocks bought on margin in New York. The gilt-edge section remained activo, although the demand was not quite so strong in a number of instances. Local body debentures when offering usually found a ready market. Following is a comparison of the levels ruling a year ago for a selected number of Government loans, compared with thoso of the last two weeks: —

Apl. 10, Last This 1637 Week Week Bonds, 15/2/43-46, 4 102%* 102* 101%* Stock, 15/3/39-43, 3% 100* 100%t 100% Ditto, 15/1/53-57, 3% 98* 98% 98% Ditto, 15/4/40-49, 4 101%:+ — 101* Ditto. 15/6/52-55, 4 103% 104* 104* •Buyers. JScllcra. tEx. Int. Banks continued the improvement which set in early in the week, both Nationals of New Zealand and Unions moving up. New Zealands steadied. The insurance market was erratic, New Zealands again weakening, while Nationals and South British advanced. A further fall in Auckland Gas was the feature of trading in the classified sections. These shares have lost ground for months and at 19s 9d are at their lowest point in many years. Breweries, after a period of quietness, displayed more activity, but the weakness of New Zealands was not arrested. Support for Dominions recovered a little, but offers remained unattractive to holders. Retail Issues Improve

Conditions in the miscellaneous group became much steadier as the week progressed. Most of the Australian leaders made ft little ground with sellers showing increasing reluctance to liquidate holdings. The principal recoveries were in Broken Hill Proprietaries, G. J. Coles and Electrolytic Zincs. A number of New Zealand shares also presented a stronger front, particularly retail issues such as Farmers' Tradings and Macky Logans. The prospect of a renewal of the search for oil attracted more attention to Taranaki Oils, which advanced 5d to 6s Bd. The depression in the metals market showed little sign of lifting until the close of the week. Investors generally remained cautious aud business transacted was even less than in the preceding week. Marthas, following' the announcement of the same dividend, strengthened and offers of 15s received no response from holders when the market closed. 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: —

The trend of dealing over the week was as follows: —

Government Lonns. 15/3/30-13, 3'/ 2 , £1(H) 2s fid; ditto, 15/1/53.17. .V/ a , .£!)8 10s (ft); ditto, 15/11/38-52, 3'/i. AlO3 7s (id; ditto, 15/5/30-52, 3'/ 2 , £lO3 OS. Debentures. —Takapuna Borough, 1/7/58, i'/,. £'lo3 17s (id; Auckland Transport Board, 1/4/11. 1%. £ 100 Ids. Banks.—Commercial Bank of Australia, 16s Id; ditto (pref.), £9 10s; National of New Zealand, 55s i)d; New Zealand, 43s 7d (3): Union, £8 l«s. Insurance. —National. 17s Od; New Zealand. 50s 3d. 50s; South British, 455, 15s 3d (2); Standard, 58s 3d. Loan and Agency.—Dominion Investment Banking, 18s (id. Coal.—Wesfport. 22s 9d (2); WestportStockton (pref.), 5s ltd. Shipping.—P. and 0. Deferred Stock, 20s Od. Breweries.—New Zealand. 41s (3). Miscellaneous.—Broken Hill Proprietary, 50s (id, 50s 0(1. 50s (id (2); ditto (con.), 358 (id; British Tobacco. 47s 3d; Consolidated Brick. 8s; Electrolytic Zinc (ord.). 40s (id; Farmers' Trading. 20s sd; ditto (A pref.), "•>s Od; G. .T. Coles. 80s; Macky, Logan, 2ls; New Zealand Hefrigcralins (con.), 8s 2d: Taranaki Oil, (is (id. (is 8d; Wilsons Cement, 17s 4d; Woolworths (Sydney), 225. <>2s 2d, 225. „ Overseas List. —Woolworths Holdings (S. Africa). 15s sd. 15s 3d. Mining.—Talisman Dubho, (is (id; Waihi Investments, 8s od, 8s 10d; Mount Morgan, Os r,d. 'Unofficial List,— Sclfridges (Anst,). 1 Gs.

GOLD AND SILVER QUOTATIONS IN LONDON (Received April 15, 0.5 p.m.) LONDON. April 14 Fine gold is quoted to-day at £6 19s 9d an ocompared with £0 19s lOd yesterday, and £6 IDs lOJdjon Tuesday. Silver is quoted at 18 10-lOd an ok. spot and 18 7-16(1 forward, compared with 18jjd and 18 J d yesterday. The quotation for silver at per lino oz.. is 20 7-16 d, compared with 20 5-16(1 on Tuesday. The following is a summary of the fluctuations in the price per ounce of fine gold this year:— £ 8 d Highest price, March Ift .. 7 0 5% Lowest price, January 3 .. 6 10 5 April 8 7 0 1% April 0 ..701% April 11 ..70- 0% April 12 . ..010 10% April 13 0 10 10 April 14 . . .... 0 10 0 NEW PRIVATE COMPANY The following private company has been registered in Auckland:—Credit Advances, Limited, mortgage, loan and finance agents. Capital, £2500 in £1 shares. Subscribers: R. W. Butched, 2000 shares; Mrs. E. S. Butched, 500. I

• AdI.16, Lowest Last This 1937 Price Week Week Bank A'asia. 260/-' 227/6 — 194/-* Corn. Bk. Aus. l»/6 16/8 16/3 16/1 Nat. Bk. N.Z. 66/e: 55/* 54/-* 55/0 E.. S. and A. 131/0 102/Bank N.S.W... 750/. 642/6 637/6 625/-* Bank N.Z. 40/43/7 43/7 Union Bank .. 187/171/9 176/Nat. Ins. IS/17/- • 17/9 N.Z. Ins. 61/60/ 59/0 59/South British 94 I'M 48/6 44/10 45/3 Golds.-Mort .. 37/0; 30/10 30/6 30/61 Pukemiro 20/e: 18/- — — Auckland Gas 21/9 20/6 20/19/9 N.Z. Breweries 60/-t 44/ft 44/0 44./Dom. Brew. .. '10/-+ 37/9 35/0* 36/3* Anst. Glass . . 1)1 /f) 84/3 S9/-* sn/o* British Tob. . . 51/47/10 47/Ot 47/3 Broken Hill .. 59/58/0 59/(5 Bycroft 41/-: 3f»/6 42/6 40/6* Col. Suear 8ft8/ft 855/042/0 040/-* Dunlon Pcrdriau •20/10* 18/11 — 20/9* Tjjl. Zinc (pf.) 60/0 47/0 42/-* 45/-* Farmers' Trad. 21/n* 1 ft/9 20/3 20/1* G. J. Coles . . 102/-t 7ft/80/■ Wilsons Com. .%1M 17/i7/»: 17/4 Martha 19/6 12/3 14/6 15/-* Mt. Lyell •18/3 30/6 27/6 27/6* •Buyers. JSclIers. ICapital since altered. Trend of Dealing