REVIEW OF THE WEEK

New Zealand Herald, Volume LXXV, Issue 23073, 25 June 1938, Page 11

REVIEW OF THE WEEK

SHARP DECLINE CHECKED

WALL STREET INFLUENCE AUSTRALIAN ISSUES STEADIER Once ngain this week the Stock Exchange has emphasised the world-wide dominance of United States economic conditions. Following the nervousness which gripped Australian markets at the opening of the week a sharp recovery set in on Tuesday. Tho improvement was attributed to the strength of the re-opening on Wall Street after the week-end. According to private reports received in Auckland the New York market advanced strongly, industrial indices showing a rapid improvement and turnover emerging from tho hundreds of thousands of shares to the millions. Both London and Australia reported beneficial effects from tho influence of tho New York market. London has felt some misgiving over the rapidity of the movement in the United "States, and this has had a sobering effect. Locally the result was to chqpk the sharp decline in the frontrank Australian stocks which was threatened early in the week and to rally metal shares from the depressed levels ruling. Fairly Active Business Business on the Auckland Stock Lxchange throughout the week was fairly active and turnover moderately large. Buyers have tended to tako a cautious view of tho new financial year, but obviously are watching for bedrock rates. Business in loans was around th<» average, but rates tended to easier levels. . ~,ii Following is a comparison ot the levels ruling a year ago for a selected number of Government loans, compared with those of the last two weeks: — Juno 25, Last This 1937 Week Week Bonds, 15/2/43-10, 4 103'// 102% 102* Stock, 15/3/39-43, 3% 102* 99%* 100'/, Dilto, 15/1/53-57, 3/i 99Vi* 9St ih% Ditto, 15/4/40-49, 4 IOSt 10-'/it K»2 , / a Ditto, 15/0/52-55, 4 103% 1028 102% •Buyers. JSellcrs. 5Ex interest. Trading in banks improved after the poor business of the previous week, but the market for the shares was by no means active. Australian issues were generally weaker, while the shares of the two New Zealand institutions remained steady. The leading insurances also receded to easier levels. The absence of any encouragement in the prospects for the approaching wool season has kept pastoral shares in the doldrums. A substantial appreciation in Westport-Stoektons was the feature of the coal group, while in gas A tick lands almost fully recovered an initial setback. After a long > period of dullness breweries came into better request. Dominions registered the first business for six weeks, is 3d flower at 365. while New Zealands, on an ex dividend basis, moved up from 40s 9d to 41s 4Jd.

Interest in Oils All the leading Australian issues* were at low levels at the oj/ening of the week and, although the rises which followed as a result of the better news from overseas were not fully held, prices at the close were generally on a firmer plane. Metal shares obtained most benefit from the recovery, moving up sharply on better quotations for all base metals. Interest was fairly strong in most of the principal ISew Zealand industrials, which fluctuated within narrower limits. . Trading was again substantial m oil shares, available supplies being readily absorbed. Movements in Taranakis were wide, the shares early :in the week falling to lis lOd. After advancing to 14s 7d again, they fell back to 13s Bd, finally moving up to 14s 8d at the close of the market. Tn sympathy with the firmer prices of metals on the London market both Harriers and Mount Ji.vells sharplv recovered from last week depressed levels. There wrts also a brisk market for Mount Morgans at the close, the shares showing a rise of Is 3d over tbe 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 recent weeks:— i- ' June 25. Lowest Last This 1037 Price Week Week Bank 6 A'asia. 217/- 227./0 '-'OO/4 JOB /4 Coin. Bk. Aus. 18/3 10/U 15/10 la/8 Nat. Bk. X.Z. iu/3| 55/- 55/- 55/13., S. and A. 125/4 100/- 04/-* 0(1/-* Bank N.5.W.., 715/-* 012/0 030/- «MO/• Bank X.Z. . . *ll/- 40/- 43/05 43/3 Union Bank . 215/- 187/- IJJ-1/- 10*'/9 Nat. Ins. .. 17/1* 17/• 17/ lot 111" N.Z. Ins. .. 00/- 00/- .->7/3 ->"/; South British 05/Ot .18/(1 <1 il- 'lO/0 Golds.-Moft .. 37/4 HO/10 -27/4 Pukemiro 18/- 18/- 10/4 ID/4 Auckland Gas 'l'll- '2old 20/o 20/5 N.Z. Breweries -l«/-* 41/w 40/.1 41/4/ a Bom. Brew. . 13/3t 37/1) 37/Ot 30/Aust. Glass . . o*2/0 81/3 0-2/0 00/4! British Tob. . 10/0* 47/10 47/4 40/0 Broken Hill . 80/4 &»/• 58/3 58/0 Bycroft 41/-* 30/0 41/- 41/Coi: Sugar .. 040/- 855/. 042/0 027/0 Dunlop Perdriau 22/3 18/11 20/2 10/11 El. Zinc (pf.) 55/- 47/0 40/- 43/Farmers' Trad. 21/-5 10/0 21/- • 21/G. ,T. Coles .. 10.V-t 80/- 81/0 82/Wilsons Ccm. 20/-* 17/- 10/45 10/4 Martha .. 15/-* 12/3 10/3* 10 6* Mt. Lyell .. 41/0 30/0 22/7 20/*Buyers. JSellers. tCapital since altered. SEx dividend. Trend of Dealing ■ The trend of dealing over the week was as follows: Government Loans. —Bonds, 15/6/52-55, 4, £ 102 1 Os.-Rural Bonds, 15/9/47, 4, £lO2 10s. Inscribed Stock. 15/3/30-43 3Vi, £IOO 2s (id (2); ditto 15/9/30-13, IV/ 3 , CIOO ss; ditto. 15/2/43-40, 4. £lO2 12s (id. £lO2 10s; ditto, 15/4/40-40, 4, £lO2 ll)s; ditto, 15/0/52-55, 1, £lO2. £lO2 2s (Id; ditto, 15/1/53-57, 3Yj, £O7 5s (1). Debentures. —Aucklnn.l Harbour Board, 0/7/57, 4'A, £IOO 10s; ditto, 0/7/48, 4 1 / 4 , £lO5 15s. Banks. —Commercial of Australia (pref.), £'.» 4s (2). £0 4s 3d; Commercial of Australia (ord). 15s 8d; National Bank of New Zealand. 55s (2); New South Wales, £3l 10s (2); ditto (Sydney register). £3l oh; Zealand, 43s Od, 43s 3d (2); Union, £8 5s Od. Insurance. —Now Zealand, 60s Od, 50s Od; South British, 40s Od. Loan and Agency.—Farmers' Co-operative Auctioneering (B pref.), 21s; Newton King (pref.). Os. Coal. —Taupiri, 14s Od; West port-Stockton, 3s 8d (2); ditto (pref.). (is Sid (2). Gas.—Auckland. 20s 3d. 20s Od, -203 5d (4). Shipping.—Devonport Ferry, '2os 3d. Breweries. —Dominion, 30s, 30a 3d, 365; New Zealand, 40s Od (2), 41s 4V-A■ Miscellaneous. —Australian Alloys Steel, Os Od; Australian Glass, 02s od; ditto (ex div.), (His 4(1; Broken Hill Proprietary, 575, BOS Od (2), 558 Od (2). 55h 3d, 50s Od, 589 Od 02). 50s, 58s 6d; British Tobacco, 40s Od; Claude Neon (N.Z.), 21s Odßycroft, 4 Is: Colonial Sugar. £4 7 (3). £4O If>sj, £lO 12s (id (3), £46 7s Od (3); DunlopPerdriau. Ids sd, 10s Od. 10s lid; Electrolytic Zinc (pfef.), 40s, 435; Farmers' Trading, 21s (2); G. J. Coles, 80s Od, 82s; Grey and Menzies, 13s 3d; Milno and Choyce (deb.), 14s 7d, 14s Od; Morli Dock. 10s 3d, 10s Od; Moturoa Oil. Os; Nfw Zealand Farmers' Fertiliser, 10s (2); Peters Ice, 235: New Zealand Newspapers, 355; New . Zealand Drug. 08s 3d; Taranaki Oil. 10s Od, I'2s Od, 12s 2(1. lis 10(1 (2). lis lid, 12s 4(1, 13s 13s 3d, 13s Od. 14h, 14s 2(1, lis 0(1 C2), 11s 7d, 13s Od (2), 13s 8(1, 13s Od, 14s Od. 14s 8d; Wilsons Cement, I(is Id (2); Woolworths (Sydney), 20s (Id, 20s 4d, 20s Od; Woolworths Properties (rights),. 3s 8d ' 3s 4d, 3s 5(1 (3). Mining.—Broken Hill South, 255, 27s 0(1, iSs 3d (2); Mount Lyell. 235, 24s Od, 2ls Od 255, 24s 3d, 20s; Mount Morgan, 8s Od, Rs'sd, 8s lOd, 8s lid, Os. Os Id. its '2d, Os 4d, Os 3d, Os 6d, Os Od; Wellington Alluvials. 5s 7(1. Overseas List.—Woolworths Holdings South (Africa). 15s 7d. Unofficial List.—Sylvia M nes (Is paid), 7s; Whakatane Paper Mills (ord.), 4s Od. WHEAT, FLOUR AND SUGAR LONDON, June 23 Wheat. —Cargoes are steady and parcols rtg easier. Futures: —Txmdon: August, 36s 7d a quarter; November, ;30s 3Jd. Liverpool: July, 6s 5Jd a cental; October,..ss lid;-December, 5s 10id. Spot trade quiet. Australian, ox ship, 33s 3d to 80s 6d. Flour steadier. Australian, ex store, 24s to 24s 6d. Raw sugar, beetroot basis, 5s ljd.