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New Zealand Herald, Volume LXXVI, Issue 23275, 18 February 1939, Page 9

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INVESTMENT WEEK ACTIVITY IN LOAN ISSUES BANK OF NEW ZEALANDS RISE The investment market appears to bo slowly settling down after the shocks received at the closo of last year. Sinco the reopening, and particularly during tho past fortnight, business has been passing at a relatively brisk volume in Auckland which, however, is displaying rather more activity than the southern centres. While the firming trend of prices noted at tho end of last week was not always maintained during the current period gains have not been unimportant. Although under tho restrictions ruling investment now is virtually a matter of Hobson's choice for the New Zealand investor he has not completely lost touch with tho Australian markets. Moro and more Australian companies are recoiving advices from their New Zealand shareholders to pay dividends into Australian banking accounts and from thesu funds, as they accumulate, business will follow later. Meantime tho markets there have developed some irregularity in consequence of warnings of higher Federal taxntion and the call for funds for a now £8,500,000 works loan. Loans Improving

The improving tendency in Government loans and activity in local body debentures remain tho feature of the New Zealand market. Pressure of trust funds is exerting an influence, while there is little doubt that the cutting oft" of the Australian outlet for investment funds is another .important factor.

Following is a comparison of the levels ruling a year ago for a selected number of Government loans, compared with those of the last two weeks;—

Feb. .18 Last This 1038 Week Week Bonds, 15/2/43-46, 4 102%§ 100 OSViS Stock, 15/3/30-43, 3V, 101%* 00* 00% Ditto, 15/1/53-57, 3 1 / a 08% 01" Ol'/i* Ditto, 115/4/46-49, 4 . 104% 00* 00y 3 * Ditto, 15/6/52-55, 4 .

•Buyers. §Ex Int. Banks were moderately active with some gains. New Zealands were prominent, rising from 38s 9d last week to 39s 5d to close a shade easier at 39s 3d. Commercials of Australia and Nationals of Australasia also improved. Insurances were active but irregular. Pastorals were mostly quiet, - but some interest developed in coals. Auckland Gas made headway and advanced 3d on ex dividend quotations to 18s. In timbers Kauris and Leyland O'Briens were firmer. The demand for woollen shares was a little stronger. Leading breweries closed on a weaker note. Demand for Industrials There was a quickening in the demand for certain New Zealand industrials, but values showed no marked change. Australian industrials were a shade easier in sympathy with movements in the Australian markets. Exceptions to the general trend, however, were provided by Coles and Woolworths (Sydney) and Morts Dock. The record profits announced by Woolworths accompanied bv the higher dividend rate held these shares firm around 245. Mount Morgans were the only active mining issue, a fair number of shares changing hands down to lis Id. a loss of lOd. .Marthas were much stronger at 12s 6d.

The following comparative table shows levels ruling during the past two weeks compared with the extremes during 1938:

•Buyers. tSellcrs. §Ex Dividend. Trend of Dealing The trend of dealing over the past week was as follows:—• Government Loans—Bonds, 15/2/43-46. 4, £IOO (2); ex int., £OB ss; ditto, 15/4/46-40, 4, £IOO (2) j ditto, 15/0/52-55. 4, £9O 17s Gd. Inscribed Stock, 15/0/41-43, 3%, £100; ditto. 15/3/30-13, 3 »/ a , £UU 12s Gd (2); ditto, 15/0/30-43, a/j, £OO 12s (id; ditto, 15/5/40-52. 4, £IOO ss. £100; ditto. 15/6/52-55 4, £IOO (2) ■ Debentures.—Auckland Harbour Board. 0/7/54. i l /,, £lO2 2s Od; ditto, 0/7/61. 4V4, £lO2 2s (id; Auckland Transport Board, 1/4/44-48. 4%. £100; Auckland City, 1/1/4451, 4}/ t , £101; Now Plymouth Harbour Board, 1/3/61, 4%, £102; Mount Albert Borough, 1/7/06, 4%, £IOO 10s; Takapuna Borough, 1/7/50, 4%, £IOO 10s; Whangarei, 1/0/45-54, 4 1 / A, £100; Bay of Plenty Electric Power. 1/10/57. 4y ? , £lOl (2). Banks.—Commercial of Australia, 15s Od, 15s lid (2); New South Wales, £3O 10s (3); New Zealand, 30s sd, 30s 3d (3); Union, £8 ss; National of Australasia (£5), £6 12s Gd. Insuranco.—National, 16s; New Zealand, 53s 3d (4); South British. 44s (6), 44s 3d; Standard, 52s Loan and Agency.-—New Zealand Guarantee Corporation, 4s 4d. Coal.—Westport, 20s Od; Westport-Stockton (pref.), 7s Od. Gas.—Auckland. 17s Od (2), 17s lOd. 17s lid, 18a. Timber.—Kauri 23s Gd (3); LeylandO'Brien. 15s. Breweries. —New Zealand, 30s Od; Dominion, 31s. Miscellaneous. —Broken Hill Proprietary, 57s Od, 57s 3d, 57s Gd; British Tobacco. 50s (2); ditto (pref.), 32s Gd, 32s 3d, 325; Consolidated Brick, 8s lid (4); Colonial Sugar, £4B 17s Od (2); Dunlop-Perdriau, 21s Od Farmers' Trading. 18s Od (2); G. J. Coles, 70s (4); Imperial Chemicals (pref.), 23s 3d; M.K, Manufacturers, 7s Od (3): Morts Dock, 15s Id; N.Z. Newspapers, 28s Gd; N.Z. Refrigerating (con.), 7s 8d; Northern Roller Mills (pref.). 21s Od; Taranaki Oil. Bs, 8s Id, 8s 3d; Union Soap, 21s (2), 20s Od; Wilsons Cement, 15s lOd (2); Woolworths (N.Z.), 18s (3). 17s lOd; Woolworths (Syd.). 23s lid, 24s 3d (2). Mining.—Mount Morgan (ord.), lis 10d (2), lis Od (3), lis 4d. lis 2d, lis Id; Rawang Tin, 7s 3d (2); Martha. 12s Gd. Unofficial List.—Silknit, 8s; Whakatane Paper (ord.), 3s 3d.

CARPET MANUFACTURE

PROGRESS IN AUSTRALIA The first Australian carpet factory which was established in Sydney last year, has obtained six per cent of tho £1,250,000 trade in carpets in Australia, according to tho bulletin of the Royal Agricultural Society of New South Wales. , * Carpet Manufacturers, Limited, which established the industry, uses Australian and New , Zealand coarse wools, while carpets imported from other countries last year contained 3,000.0001b. of scoured wool from East India, China and other foreign countries. WHEAT, FLOUR AND SUGAR LONDON, Feb. 10 Wheat. —Cargoes are dull and parcels are steady. Futures. —London: March, 23s 4d a 'quarter; May, 23s 4d. Liverpool: Old contract, March, 4s 6Jd a cental; May, 4s 7|d. Now contract, March, 4s 33d; May, 4s sgd; July, 4s 6Jd. Spot trade slow. Australian exship, 25s 3d. Flour quiet. Australian ex-store, 10s to 20«. Raw sugar, beetroot basis, 6s 2d a cwt. WHEAT IN CHICAGO CHICAGO, Feb. 10 Wheat. —May, 67f cents a bushel; July, 68 cents; September, 68J cents.

Last Year Last This Hiprh Low Week Week Bank A'asia... 195/Com. Bk. Aus. 17/OM, 15/3 15/9§ 15/11 Nat. Bk. N.Z. 55/6 47/6 47/-: 43/-* E., S. and A. Bank N.S.W.. . 111/0 06/100/-* 102/-* 665/590/. 610/Bank N.Z. 45 /- 30/0 38/0 30/3 Union Bank .. 105/165/0 165/-§ 165/Nat. Ins. 17/10 15/10 15/10 16/N.Z. Ins. 51/53/3§ 53/3 South British <18/6 41/0 44/7 44/3 Pukemiro 18/6 16/6 10/6 16/3 Auckland Gas 21/1 18/17/105 18/N.Z. Breweries 47/3 38/6 40/39/9 Dom. Brew. . . 38/6 30/31/0 31/Aust. Glass .. 108/88/0 110/-* 115/ British Tob. . . 50/0 43/0 50/Broken Hill .. m/o 51 / 3 57/9 57/6 Bycroft 43/38/6 36/6 35/-* Col. Sujyar 000/OOOA 065/077/6. Dunlop Perdriau 23/0 10/5 21/-* 21/6 El. Zinc (pf.) 40/50/-* 50/-* Farmers' Trad, 21/0 18/4 18/10 18/0 G. J. Coles . . 86/75/6 78/3 79/Wilsons Cem... 18/7 15/9 15/10 15/10 Martha 15/5 10/11/5* 12/6 Mt. Lyell 34/6 22/7 26/6 26/-*