REVIEW OF THE WEEK

New Zealand Herald, Volume LXXV, Issue 23055, 4 June 1938, Page 9

REVIEW OF THE WEEK

A STEADIER TONE SOME GAINS AT THE CLOSE ACTIVITY MAINTAINED After a week of uncertainty,- due to a variety of depressing influences, the investment market on the Auckland Stock Exchange took a turn for the better yesterday, The improved feeling followed a strengthening in most metal prices, and reports of a better sentiment in the New York market. In spite of the difficulties in Europe, interest is still largely centred upon the United States and the efforts being made to stimulate business activity there. General opinion is that no marked improvement can be expected until August or September. In the meantime, the threat of several large motor manufacturers to close down for a period has added another disturbing factor. Australian Uneasiness Although front-rank Australian investments have for some time resisted the weakening influences from overseas, fears have, lately been engendered in Australia by the long period of dry weather, and these, added to the unsettled conditions in the world markets, have aggravated the recent setback. Further, the diversion of investment fuiida to thei new' Commonwealth loan has naturally tended to have a subduing effect on the Australian markets. The Auckland market has reflected sympathetic movements, but there have been buyers whenever any bargains have been offered. Gilt-edged securities continue to attract solid support, with fairly large supplies changing hands. Following is a comparison of the levels ruling a year ago for a selected number of Government loans, compared with those of tho last two weeks: — June 4, Last This 1937 "Week Week Bonds, 15/2/43-46, 4 103* 103 102%* Stock, 15/3/30-43, 3% 101%* 100% 100* Ditto, 15/1/53-57, 3/, 09% 98%* 08% Ditto, 15/4/40-49, 4 104 103% 102%* Ditto, 15/0/52-55, 4 105* 104% 104% 'Buyers. The possibility of unfavourable seasonal conditions in Australia restricting banking profits is now added to the nervousness existing concerning new Commonwealth legislation. These fears have been responsible for the poor showing of banks. All the Australian issues were weaker over the period, Commercials of Australia declining sharply on light trading. New Zealands and Nationals of New Zealand failed to hold a slight gain early in tho week, but remained steady subsequently. Insurances were more active. New Zealands weakened slightly, but South British gave way rather sharply toward the close of the week. Breweries Unsupported In the classified sections, business increased in pastorals and coals. Gas were quiet. Timbers also had more inquiry, but for breweries buying support was apathetic, the whole week passing without inquiry for either of the leading New Zealand issues. Weaker levels persisted for Australian industrials throughout the week,, and it was not until yesterday that there was any tendency to a firmer trend. Broken Hill Proprietary remained fairly steady, but other market leaders changed hands at weaker levels. Now Zealand industrials on the whole were steadier. Farmers' Trading provided a feature, advancing 9d to 21s 6d. They did not hold the full extent of the rise, however, closing on sale at 21s. Metal shares fell to their lowest points for nearly two years, Mount Lyells changing hands down to 22s 7d. There was an immediate response to higher quotations'for metals on the London Metals Exchange, and values were firmer all round at the" close. A move in the price of gold to over £7 an ounce has quickened interest in gold shares, but the market continues to Hew Martha? with uncertainty. Tho 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 recent weeks:— June 4, Lowest Last This 1937 Price Week Week Bank A'asia. 250/-* 227/6 187/6* 195/Coin. Bk. Aus. 19/1 10/9 l«/lt 15/9 Nat. Bk. N.Z. 04/0 55/- 52/- 62/E., S. and A. 128/-* 100/- 97/6 94/6* Bank N.S.W. 730/- 042/6 Bank N.Z. . 45/6 40/- 44/7 44/7 Union Bank . . 219/-* 187/- 170/- 163/-* Nat. Ins. . . 10/9* 17/- 17/71 17/8 N.Z. Ins. .. 64/3, 00/- 58/1 58/South British 94/9! 48/6 47/4 40/9 Golds.-Mort .. 37/9 80/10 30/6 Pukomiro .. 18/6 18/* Auckland Gas 21/10 20/0 20/7 20/5* N.Z. Breweries 54/18 44/9 44/6 42/6$ Dotn. Brew,.. 45/2+ 37/9 37/6J 37/6J Aust. Glass . . 90/- S4/3 92/9 01/-* British Tot). .. 50/3$ 47/10 48/- 47/6* Broken Hill .. 80/3t 59/- 00/- 60/B.vcroft .. 39/-* 39/6 42/4 40/-* Col. Suftar ... 935/- 855/- 940/-** 940/Ditnlop Perdrlan 23/- 18/11 21/9* 20/10 EI. Zinc (pf.) 56/6* 47/9 43/- 40/9* Farmers' Trad. 21/- 19/9 20/9 21/G. J. Coles .. .108/-+ 80/- 82/- 81./9 Wilsons Ceth. 32/-*! 17/- 10/11 10/11 Martha . . to/- 12/3 11/10 11/9 ML Lyell 45/- 30/0 22/9 23/'Buyers, tSellers. ■ **Ex dividend. SEx rlgfits. tCapltal sineo altered Trend of Dealing The trend of dealing over the week was as follows: Government Loans. —Bonds, 15/1/53-57, 3'A, £9B 17s Od. Inscribed, stock, 15/3/39-43, 3%, £IOO ss; ditto, 15/1/53-57, 3%. £99, £9B 178 Od; ditto, 15/2/43-40, 4, £103; ditto, 15/0/52-55, '4, £lO4 10S. Banks.—Australasia. £!l ISS; Commercial of Australia, 15s 9d (3); National of New Zealand, 52s 3d, 52s (2); New Zealand, 44s Od (2), Ms 7d (4). t . „ Insurance,-—-National, 17s 8d (3); New Zealand, 58s Jd (3), 58s; South British. 47s 3d. 40s fid (2). Loan and Agency.—Farmers' Auctioneering, B pref., 21s 3d (2); Dominion Investment and Banking, 18s Od. Coal. —Renown Collieries, lOsj ditto, pref., 2s (id (2); West port-Stock ton, 3s, 3s Id. Gas. —Auckland (con.), 14s 4d.. Shipping.—Huddart-Parker, 45s Od. Timber. —National, 8s (2); Tarlngamutu, 12s Od. Breweries. —Tooheys, 30s 9d. Miscellaneous.—Broken Hill Pty., 60s (3); British Tobacco, 47s 6d; Consolidated Brick, 8s Od: Colonial Sugar, £47 ss, £47; DunlopPcrdnau, 20s 10d; Farmers' Trading, 21s 6d, 2ls (2); G. J. Coles, 80s Od, Bls Od; Henry Jones, 47s Od; Herald and Times. 54s lid; Milno and Choyce (pref., 0 per cent), 225; Morts Dock, 10s 9(1; M.K. Manufacturers, 10s; Northern Holler Milling, 19s Od (3); Now Zealand Drug, 67s Od; Now Zealand Paper Mills (rights), Is; Peters Ico (N.Z.), 255; Taranaki Oil. 8s Bd. 9s, 8s 9d; Wilsons Cement, 10s lid: Woolworths (Sydney), 20s. 10(1, 20s lid, 20s 9d (3); Woolworths Properties (pref.). rights, 33 lOd (4), 3s 9d, 3s 10(1 (5). . . Overseas List. Woolworths Holdings (South Africa), 10s. Mining.—Golden Crown, 3s; Walhi Investments, 8s Od; Martha, lis lOd, lis Od (2); Talisman Dubbo, 8s; Waihi Grand Junction, 2s lid; Skippers, %d; Mount Lyell, 22s Od, 23s 3d, 22s 9d, 22s 7d, 22s lOd, 235; Mount Morgan, 8s Bd, 8s 9d. 8s Sd, 8s Od (2). Unofficial List. —Selfridges (Australia), 17s; Self ridges (N.Z.). Os 3d; Coromandel Gold, is 2d; New Zealand Perpetual Forests, 40s; Whakatano Paper Mills (pref.), Os 6d. Vgj NEW PRIVATE COMPANIES Tho following private companies have been registered in Auckland;— Gane Buildings, Limited, builders and dealers in real estate. Capital, £4OOO, in £1 shares. Subscribers: H. R. Jenkins, 3050 shares, C. J. Lovegrove, 350. Wholesale Linen Importers, Limited, -dealers In textiles. Capital, £IOOO, in £1 shares. Subscribers: W J- Varcoe and G. W. Martin, 500 shares each. Stone Store, Limited, storekeepers and provision merchants. Capital, £IOOO, in £1 shares. Subscribers: M. N. Wallace and T. G. A. Wallace, .100 shares each. Whakatano Taxi Company, Limited, taxi and gafage proprietors. Capital, £6OO, in £l. shares. Subscribers: G. Syme, S. G. Kearns and F. A. Williams, 200 shares each. <