REVIEW OF THE WEEK

New Zealand Herald, Volume LXXV, Issue 23085, 9 July 1938, Page 11

REVIEW OF THE WEEK

. AN ACTIVE PERIOD MORE CONFIDENT TONE BRIGHTER FEATURES DEVELOP Them have been several encouraging features in tlio investment market this week anil all sections have closed on n more confident tone. Naturally restraint is still apparent, but the revival of interest among investors is in marked contrast to the failing strength of the markets only a month ago. Turnover on the Auckland Exchange was again active on all days, and a substantial volume of business was completed. Prices of those issues usually regarded as international counters ior 1 lie most part kept in step with the Australian markets, which in turn were sensitive to conditions in Now York. There, markets staged a further recovery, reaching a peak in the recent movement at the close of business on Thursday. Strong home and foreign buying continues to take prices upward and, although it is felt in somo quarters here that the rise is not altogether in harmony with the value of commodities in the world's markets, these are bound to respond if the wavo of confidence continues. Base Metals Prominent Base metals registered net gains over the week and the leading Australian metal shares were again very prominent in the trading of the period. Some irregularity in values, existed, but over the whole week further useful •iius were registered. Other investment shares tended to higher levels, particularly among the Australian industrials. The financial year in the Commonwealth closed oil June .'id and investors are now await- j ing final dividend announcements with : considerable interest. Already a i'av- : ourable sign has appeared in the increased payment proposed by the Commercial Bank of Australia, and tho market was by no means slow to indicate its appreciation. Another company whose prospects have been rapidly revised is Dunlop-I'erdriau, these shares being lifted sharply yesterday to 225. Fair business was done in New Zealand Government loans, but the market was a little easier in some respects. Tho tax-free issues sold steadily. 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: — ■ July 0, Last This j J!).'l7 Week Week I Bonds, 15/2/13-10, 1 101* 10H 102 1 /* Stock, 15/3/30-13, ay, Ki2* Ditto, 15/1/53-57, 3y 3 ot% ova Ditto, 15/1/10-40, -1 101 V, 102* 102% Ditto, 15/0/52-55, 1 101% 102* 102% 'Buyers. There was a distinct improvement in tho demand for banks during tho week, which should be heightened by the raising of the distribution by Commercials of Australia, indicating as it does better earnings for the year. Both New Zealands and Unions changed hands at better levels. Tho interim dividend announcement by the Union Bank directors is now due.

Insurance issues wero moderately active. New Zealands were firmer, but South British sold easier early in tho week. Interest in Australian Glass

Little of moment developed in the classified sections. Australian Glass, with an advance of 7s 6d for the week, provided the feature of the miscellaneous group. The rise was in sympathy with a strong forward move in Melbourne. Talk of the possibility of a bonus distribution continues to influence the market, and the recent bal-ance-sheet figures renewed investors' confidence in the ability of the company .to bestow some benefits in the near future. Some of the other leaders faltered slightly at mid-week, but tho market retained its stronger tone and fnllv recovered at the close. Business in metal issues was particularly heavy in the mining section, in which an unusually large number of Mount Lvclls changed hands at fluctuating levels from 28s 3d to 30s down to 29s 6d. Harriers also showed wide movements over the period, closing on a firm note. Mount Morgans continued to make encouraging progress, closing at 10s Bd, against 9s 7d a week ago, and other gold shares responded to tho rise in the price of gold to the year's highest point. I'lie 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 recent weeks: —

July 9, Lowest Last This 1037 Price Week Week Bank A'asia...

Com. Bk. A us. 10/- 10/0 15/8% 10/8 Nut. Bk. N.Z. 01/-5 55/- 54/9* 55/0* 1 E., S. and A. 121/4 100/- 00/-* Kit/-* Bank N.8.W.. . 707/0 01'2/0 022/0 025/-* Bank N.Z . . 14/3 40/- 42/10 43/2 Union Bank .. 210/4 187/- 305/0 107/0 Nat. Ins. . IH/-* 17/- 17/0 17/3* N.Z. Ins. 00/- 00/- 55/0 55/0 South British. 00/-*+ 48/0 40/3 40/-Ootds.-Mort . . 35/0t 30/10 28/4* 28/0 Pukcmiro . . 10/4 18/- 18/0t Auckland Gas 21/0 20/0 20/Ot 20/N.Z. Breweries 51/0 44/0 41/G Dom. Brew. . 43/o§t 37/0 30/- 30/Aust. Glass .. 02/- 84/3 00/- 07/0 British Tob. . . 40/01 47/10 47/- 47/0 Broken Hill . . 83/0+ 50/- 00/- 00/Bycroft .. 41/0* 39/6 42/4 42/4 Col. Sugar . . 052/0 855/- 032/6 030/Dunlop Perdriau 22/7 18/11 20/0* 22/El. Zinc (pf.) 58/0 47/0 40/- 47/0 Farmers' Trad. 21/1% 10/0 10/10§ 20/G. ,T. Coles .. 10fl/.f 80/- 82/3 84/Wilsons Com... 20/3 17/- 10/0 16/0 Martha . . 15/2* 1.2/3 11/- 11/7 Mt. Lyell .. • 42/0 30/0 20/- 20/0 •Buyers. + Capital since altered. §Ex dividend. Trend ol Dealing The trend of dealing over the week was as follows: — Government Loans.—Bonds. 15/2/43-40, 4, £lO2 10s; ditto, 15/4/40-40. 4. £.102 10s. Inscribed Stock, 15/3/30-43, 3 1 / a, £IOO 7s Od (2), £IOO ss; ditto, 15/1/53-57, 3 l / a> £O7 I Os; ditto, 15/2/43-10. 4. £lO2 10s (2); ditto, 10/4/40-40, 4. £.102 10s (2), £lO2 7s Oil; ditto, 15/0/52-55, 4, £lO2 5s (3); ditto, 15/11/38-52, 3'A £lOl 2s Od. Commonwealth Bonds, 15/10/44, 3, £O7. Debentures.—Mount Albert. 1/7/03, 4'X, £.103 10s; ditto, 1/7/07, 4'/, £lO3 10S; Mount Eoskill, 30/0/03, 4'/i, £lO4 10s; Auckland Harbour Board, 0/7/50, 4'/, £lO6. Banks.—Commercial Bank of Australia, 15s Hid, 15s .11(1 (2), 10s, 10s 2d (2), His 8d; ditto (prof.), £0 7s, £0 7s Od; Now South Wales, £3l I.os (odd lot); Now Zealand, 43s (0), 43s 2d; Union Bank, £8 7s 6d. Insurance. —New Zealand, 55s (id (2), 55s Od: South British, 40s; Queensland, 50s Od. Loan and Agency.—Goldsbrough-Mort. 28s Od; Farmer?' Auctioneering (B pref.), 21s; United Building (Auckland). 20s.

Conl. —West port,-Stockton (prof.), Os Od (3). Oas. —Auckland (con.}, 14s; ditto (paid), 20s.

Breweries. —Dominion, 30s; Tooth's, 54s 8d (2). Miscellaneous. —Australian Alloys Steel, Os 10d; Australian Glass, 01s (id. 07s (Id ('2); Broken 11 ill Proprietary. (!0s (2), 00s 3d, OOs fid, (iOs Bd, (lis, OOs Od, OOs 3d, rills f)d, OOs ('_'); British Tobacco. 17s fid. 47s Od; ditto (pref.), 31s 3d; Colonial Suirar, CIO 10s (3): Claude Neon (N.Z.), 25s Od (2); Dunlop-lVrdriau, 225; Electrolytic Zinc. 41s (1), 13.5; ditto (pref.), 47s 3d, 475, 40s, 47s (id; Farmers' Trading, '2os; (1. J. Coles. S3s Od. Ms (.'!): Moris Dock. 10s Od; McKen/ies. 03s; New Zealand Newspapers, fi. r >s; Northern Holler, liis od; New Zealand Farmers' Fertiliser, lOs Od; Peters Tee (NX), 235; Tarnnaki Oil, Ms Id (3). I ts, 13s 11(1, I ts. 14s Id, Its-, Wilsons Cement, 10s Od (2); Woolworths (Sydney), 20s 7d, 20s 10(1, 21s; Woolworlhs (X.'/.1. 20s !»(!. Nl in in if. —Pawnnir Tin. Os Od, Os Sd; Martha, lis 7d; North Broken Hill, fi2s 3d, iws. .Ms 3d; Wailii Investment. Os Id (2); Waihi Junction, 2s 10'yl; Broken Hill South, 345; Mount li.vell, 2«s 3d, 2Ss (id, 20s Od, 30s, 20s od, 'JOs (id, 20s 3d. 20s (2),'-' Os Oil 30s 20s, 20s (id; Mount Morgan, Os 11(1, Os 10d. LOs (2) 10s 2(1. 10s 3d, Ids 4(1 (3), Ills fid. 10s Id, 10s fid, 10s Od, 10s 7(1. 10s sd; Wellington Alluvials, fis B%d, fis Od. r>s tod. Unofficinl List.—Coronwndel Cold, 1s .'id; Woolworths Holdings (South Africa), lfis 7d; rTellahvs 0 per cent pref., 22s Od; Whaka(ane Paper ford.). 4s Od. SALE AT AUCTION Brisk bidding was n feature of the sale at auction by T. Mandeno Jackson at their rooms, 3 Swanson Street, yesterday, of a resident in 1 property at I lie corner of Kemuera Pioad and Pere Street. The property, which has a frontage of fiOft. to Remuera Koad, together with a one-storey houso of 7 rooms, was sold for £1275.