CLOUDED OUTLOOK

New Zealand Herald, Volume LXXVI, Issue 23381, 24 June 1939, Page 11

CLOUDED OUTLOOK

MARKETS UNCERTAIN CONTRACTION OF BUSINESS MOST LEVELS EASIER With the international outlook again clouded investment business contracted to much smaller dimensions during the past week. The uneasiness which developed from the Japanese dispute is now being felt over a wider sphere and has caused markets generally to become unsettled. Once again investors are inclined to an attitude of increased caution, and with a contraction of the demand, most levels are lower. New Zealand's loan difficulties in London are a further deterrent to confident dealing and until|snme solution appears the market is likely to remain uneasy on this account alone. [Meantime.. while commerce lias been buoyant, the market is less optimistic of the future. Lower production figures in many primary industries, curtailed markets and reduced final payments of the dairy companies are all likely to affect trading adversely in the current year and for these reasons there is ft tendency to discount future prospects on wliicli values necessarily are based. Many New Issues The loans market is heavily loaded with flotations for many purposes, and this has had a quietening influence in this section of the market. On the whoh Government issues appear to be a shade easier. Following is n comparison of the levels ruling a year ago ior a selected number of Government loans, compared with those of the last two weeks: — June 24 Last This 1038 Week Week Bonds, 15/2/43-40, 4 . 102* 08* OS* Stork, 1.-/0/30-I.'l, 3Va 100VJ 08% OS* Ditto, 15/1/53-57. 3Vi 07% ooy« on* Ditto, 15/4/40-49, 4 . 10•_>'/, OS 07* . Ditto. 15/(3/52-55, 4 . 102>/« 9.V/ a § 05V, •Buyers. §Ex interest. banks and insurance issues indicated the general trend of the week, prices shading throughout the period. Bank of New Zealands were again the most active and six parcels were transferred at the steady price of 395, a fall of 7d. In insurance some uncertainty regarding the position in the East was evident in a further marking down ot values of the foremost issues. # Higher Brewery Dividend The higher rate of dividend announced bv Dominion Breweries was the feature of the week. The shares immediately responded in anticipation of the announcement of better trading results for the year. New Zealands were quiet with quotations on an ex dividend basis. Australian industrials reflected the uncertainty in the overseas outlook, prices in practically all instances shading in sympathy with the quieter tone of the Australian markets. Broken Hills presented the strongest front on the announcement of record production for the past financial year and a continuance of export orders for. steel. Mining business was again slight. Most issues tended to easier levels. The following comparative table shows levels during the past two weeks compared with the highest and lowest prices since the opening of the year: — This Year Last This High Low Week Week Bank A'asia. . . 100/- ISo/-. ,100/- 185/Com. Bk. Aus. 10/ i) 1 5/9 15/11 10/ll Nat. Bk. N.Z. -18/0 -Ui/3 40/3 E.. S. and A. 190/- 00/0 »»/■* JOO/-* Bank X.S.W.. . 039/- 592/0 020/* 025/-1 Bank N.Z. .. 41/(1 37/- 39/7 39/Union Bank.. 1/3/0 M>9/Nat Ins. .. .10/11 1 5/5 • 10/11 10/0 N.Z ins. ..'55/- 51/2 6 2/- 51/-* South British.. 45/15 42/3 -J3/- 4'_/(> (loldS.-Mort . . 29/0 27/- 20/-* 20/ 0 Pukciniro . . 17/- 10/3 1 j/0. Auckland Gas 10/0 15/- l</<> N.Z. Breweries 11/- 37/3 3 8/- 30/0 Dom. Brew. . . 31/0 2S/0 33/8 34/0 Aus. Con. Indus. 30/0 30/9 38/0 38/Broken Hill . . 70/3 50/- 00/3 00/0 British Tob. .. 51/0 17/2 ,51/3 011 < A Bvcroft .. 39/3 30/0 Col. Sugar .. 1025/- 915/- 977/0 900/Dunlop Perdriau 22/- 21/0 / Zinc l|>f.) 50/0 49/0 o.>/3 »»■!/.3 Farmers' Trad 29/3 li/O 19/< J'?/,* O. J. Coles . . 80/- 75/-t 78/0 70/0 Wilsons Cement 18/1 15/1 is/- l-M Martha .. 12/0 9lk 9/< 9/8 Mt. Lyell .. 28/0 20/0 28/- 20/-* •Buyers. : Sellers. tEx rights. §Ex dividend. Trend of Dealing The trend of dealing over the week was as iollows:

Government Loans. 10/3/10-13, 1, JL'OS HIS (2); ditto, 10/o/40-02, •1 £OO ir>B i2); ditto, J5/—/-lU—lO, 'l, i'llß 08 ; ditto, 10/0/02-00, 1. *OO 10s (2). Debentures. —Amalgamated Brick (Auckland), 1/3/-14, 0. iron 10s; Amalgamated Brick (Wellington), 31/3/44, <>, A'UO; Oisborne Sheepfarniers. 31/8/11, d'A, A'KM 12s (id; Auckland Harbour Board, 0/7/-13, 4%, £lOl ss; Hamilton Borough, 1/7/00, V/„ £IOO. . _ . . Banks. —Australasia, -Cl> os; Commercial of Australia, 10s lid; National of New Zealand, 4(is Od, 10s 3d; New Zealand, 30s Insurance. —National, His lOd, His (Id; South British, -12s 3d. 42s (id (2); Standard, 02s SKI. Loan and Agency.—Traders Finance (con.), •is 3d. "" foal.—Westport-Stockton (pref.), 7s 7d, 7s Oil. Gas. —Auckland, 17s 3d (3). I<s 4d. Breweries. —Dominion, 33s sd, 31s (id (2). Miscellaneous. —Australian Consolidated Industries, 38s; Broken Hill Pty.. Ols 3d, (Ms 0(1, (i'is Od; B.vcroft, new (10s paid), •_'os: British Tobacco, Ols Od, 01s (id, 01s 7'ijd; Consolidated Brick, Os <S(I, Os Od; Colonial Sugar. .IMS (2); Electrolytic Zinc (pref.), Ols 3d; Farmers' Trading, Ills 7d, 10s (id (•_»); G. J. Coles (rights), 00s IHi (2); N.Z. Ifefrigerating (paid), 10s (id; Heid Kubher (10s paid), 1 Hs; ditto (10s paid), 235; Wiltons Cement, 17s 7d (ex div.), 17s 7d; Woolworths (N.Z.), ISs Id, 17s Od; Woolworths (Sydney). 23s lid; Woolworths Properties, •jls Od'; ditto (rights). Is lid (3), •_'* (U). Overseas List. Woolworths Holdings (South Africa), Ms lid (3), Us lid. Mining.—.Emperor, 10s; Martha. Os Od, Os Sd ' (3); Mount Morgan, 10s Od; North Broken Hill, ISs Od. Unofficial List. —Taranaki Oil Development, 2s Od; Selfridges (Aust.), Os (id.

MINING NEWS YIELDS OF COMPANIES Nemona (West Coast). —HOoz. from 9800 yds. in 12S.J hours.