HOPE REAPPEARS

New Zealand Herald, Volume LXXVI, Issue 23339, 6 May 1939, Page 9

HOPE REAPPEARS

SHAKE VALUES RISE SHARP GAINS OVER WEEK BANK OF NEW ZEALANDS FIRM Hope has reasserted itself in the investment market, which Ims been lifted from the depressed levels recently ruling, and closed for the week at-the best point for some time. The chief influence appears to bo the lead given from the London and New York markets supporting the growing belief that the crisis in international affairs has once again passed. Aiding this, there has been a number of favourable developments affecting the interests of individual concerns.

Business opened in Auckland quietly, but gained impetus as tho week progressed, reaching the most active point at tho close of ,the period. All Australia!) issues were strongly supported and showed further price recoveries, while New Zealand shares attracted increased attention. Several were assisted by tho announcement of satisfactory results for the past year, and in other cases there were indications that expectations were enhanced. No Response in Loans

Tho market for Government loans, however, failed to make any ready response to tho improved regard in which investors apparently hold certain industrial issues. The market is still awaiting some pronouncement concerning tho Government's terms for its internal loan, and is somewhat surprised that the Government has not endeavoured to create a larger measure of goodwill to ensure the success of tha venture. The 1946-49 4 per cent loans appeared to be in tho widest demand during the week, changing hands up to £97 15s for stock, a gain of ss. 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: —

May 0 Last This 1038 Week Week Bonds, 15/2/43-40, 4 . 102* 98% 97% Stock, 15/9/30-43, 3% 00%* 98% 98% Ditto, 15/1/53-57, 3% 98% 92t 90* Ditto. 35/4/40-40, 4: . IO'JVi 07% 97% Ditto, 15/0/52-55, 4 . 101% 98% 98</ 3 'Buyers. tSellers. The sharp rise in Bank of New Zealand shares was the dominating feature of tho banking group. Opening with business at 37s 3d, these shares advanced rapidly throughout the week; to close at 40s, level with the best price of tho year touched early in January last. Altogether they recovered 3s over the week. Nationals of New Zealand also hardened on rorent rates, but Commercials of Australia were the only shares in the Australia group to make any outstanding headway.

There was more business in insurances. with steady levels ruling for New Zealands and South British. Nationals were easier, selling down to 15s sd, which is tho year's low point. Auckland Gas Recovery

The recovery in Auckland Gas shares was almost as sharp as their fall. By mid-week values had advanced to 16s 3d, a gain of Is 3d. Developments ill the woollen trade aroused immediate interest in the shares of tho various manufacturing companies, and the first business for some time was recorded in this class of investment. Breweries also progressed, and closed with business at substantially firmer rates. Prices of tho leading Australian stocks continued an upward trend, even holding against a weakening in Sydney values earlier in the week. Australian Consolidated Industries moved up to 365, while Colonial Sugars showed a rise of £2 15s to £sl 5s in the first business for a fortnight. The export of steel to Britain by Broken Hill Proprietary, Limited,- which is well on the way to a record year, drew further attention to these shares, which hardened from 62s to 62s 9d. Byeroft and Donaghv's Hope were among the New Zealand companies to announce improved results, a firm market ruling for the shares, while Reid I!libber rights were lifted Is to Bs. Wilsons Cements, on which the final dividend announcement is shortly due, were raised 6d in a single transaction at 17s. Woolworths (X.Z.) were a shadebetter.

Mining business was negligible, loading base metal issues remaining steady over the week.

The following comparative table shows levels during the past two weeks compared with the highest and lowest prices since the opening of the year:—

•Buyers tSellcrs. §F,x dividend, Trend of Dealing

The trend of dealing over the week was as follows: Government Loans.—Bonds, 15/4/40-40, 4. £O7 12s (id; ditto, 15/0/52-55, 4, .£OB 12s fid. Inscribed stock, 15/3/10-43, 4, £OB 10a (2); ditto, 15/4/40-40, 4, £O7 10s (2), £O7 15s; ditto. 15/0/52-55. 4. ,£OB 10s; ditto, 15/0/30-43, 3Mi, COS ss, £OB 10s. Debentures.- —Auckland Transport Board, 1/4/43, 4VJ, £OO (2); Auckland Harbour Board, 0/7/44, 4%, £lOl ss;, .Amalgamated Brick (Auckland). 1/3/44, (J. £IOO. Banks. —Commercial of Australia,» Ifis 4d, 10s (id (5), 10s Od; National of New Zealand, 45s fid, 45s Bd, 40s, 45s Od; New Zealand, 37s 3d, 37s (id, 38s (2), 38s 7%d, 30s Od, 40s; Union, £B. Insurance. —National, 15s fid; New Zealand, 53s C 3); South British, 44s Od (2); Queensland, 50s Oil. Loan and Agency.—Farmers' Auctioneering (£5 paid). 72s (id; ditto (B pref.), 10s. Coal.—Renown (pref.), 2s fid (3); Northern Steam (con.), 7d. Gas.—Auckland, 15s lid, Ifis 3d (2). Shipping.—Huddart-Parker (ord.), 54$ (2). Timber. —National, 7s. Woollen.—Kniapoi. 10s (id; ditto (pref.), 15s; Oamaru, 15s 3d Tnttersfield. 20s. Breweries. —New Zealand, 37s Od, 38s (3); Dominion. 31s fid, 3'^s. Miscellaneous. —A.C. Industries, 35s Od. 3fls; Broken Hill Ply., 02s (4), 02s 3d (2), fi2s fid, (12s Od; British Tobacco, 51s fid; Burns, Philp, 50s (2); Colonial Sugar, £sl fis; Consolidated Brick, 8s lod, Os; Donaghy's "Rope, 408 fid; Farmers' Trading (B pref.\ 10s fid; G. J. Coles, 85s 3d (2); M.K. Manufacturers, fis 3d I'D; Morris Hedstroni, 20s fid: Northern Roller Mills (ord.), 18s; Reid .Rubber (rights), 8s; Robinson Ice, 23s fid; Sanford (ord.). 3s (id (3); Taranaki Oil, 8s Od, 8s fid: Wilsons Cement, 17s; Woolworlhs (Byd), 24s 4(1, 24s Id, 245; Wooiworths (N.Z.). 17s lOd. Mining.—Emperor, Os 3d; Mount Kasi, fis 2d; Uawang Till. 7s Id. Unofficial List. —Whakatano Paper (ord.), 4s Od; Waikato Carbonisation, 23/7/40, 5, £OO. TRADERS' FINANCE SAME INTERIM PAYMENTS The directors of tho Traders' Finance Corporation, Limited, Auckland, have announced an unchanged interim dividend of 2.J per cent on paid and contributing ordinary capital and the usual half-yearly distribution at the rate of 5 3-5 per cent, per annum on preference shares. Payment will bo made on May 15.

This Year Last This IliKh Low Week Week Bank A'asia... 105/185/-* 185/-* Com. Bk. Aus. lfi/O 15/0 10/3 10/0 Nat. Bk. N.Zr 48/0 1 Ofi/• 13'3 4 3/-* 45/0 E., S. and A. 103/115/4 IOS/.J Bank N.S-.W... fi'JO/5! mi a 010/005/-* Bank X.Z. 40/- »-/- lO/Union Bank . 173/0 100/105/4 100/Nat. Inn. 10/15/5 15/-* 15/5 N.Z. Ins. 55/51/2 53/South British. . 45/3 43/3 45/OJ 44/0 Golds.-Mort 20/9 27/-31/-t 3f/-t Pukciniro IT /- 10/3 10/0 10/.* Auckland Gas 10/0 15/10/3 N.Z. Breweries 41/37/3 37/3 38/. Coin. Brew. .. 32/28/0 28/0 32/* Aus. Con. Indus. 30/30/0 35/0 30/Broken Hill . . fii»/n 02/(12/0 British Tob. .. 51/0 47/2 5 I/O 51/0 Bycroft 30/3 30/(1 38/37/0* Col. Sunar 1025/ 015/OKC)/-» 1025/Dunlop Pcrdriau oo/. 21/0 22/21/-* El. Zinc (pf.).. tab 40/0 52/3 52/-* Farmers' Trad. 18'10 17/0 18/18/3* G. J. Coles . . 85/(i 77/(i 85/0 85/3 Wilsons Cement 17/15/4 10/0 17/Martha 112/0 1 1 /«! 11/10 1 1/3t§ Mt. Lyell 'J 8/20/0 28/27/-*