STOCKS AND PROPERTY

New Zealand Times, Volume LI, Issue 11737, 26 January 1924, Page 5

STOCKS AND PROPERTY

A CITY SUBDIVISION DEARTH OF SMALL HOUSE PROPERTIES. WHERE CASH TELLS THE TALE. Both prior to and directly after the holidays there is not, as- a rule, much movement in the stocks and shares market, and even yet things have not got into their usual stride. The general opinion is, a “Times” reporter was informed yesterday, that tho increased price of wool will have its effect fin the market, and when tho money begins to get into circulation it should have the effect of improving things all round, a« it is good for the country generally when primary products are doing well. There has been a new issue of shares in the Wellington Woollen Company, and the rights of the new issue are now on the market, but it is difficult to say what the market value is. When a proper market price has been established there will no doubt be some business done. Speaking generally, what shares have beeu changing hands are principally bank shares and gilt-edged securities, but there is always a certain amount of buiness being done in Government stocks and War Loan. Industrial shares are not very much sought after, and there is little doubt that labour troubles in the last few years have led to quiet business in this direction. Prior to the war, chares in industrial concerns were in brisk demafid, but until there are stronger signs of labour settling down a definite revival is not to be looked for. There has been some development in Waibu shares, which have risen a shilling or two, but no one seems to know exactly what movement has brought about the inorease, although the fact that the shares have appreciated is known. SOME CITY PROPERTY. Some time ago the late Sir Jaaios Prendei gast’s property of four acres in Bolton street was acquired by a syndicate. There was some delay in the subdivision owing to certain differences with the City Council regarding roads and footpaths, hut these are now almost completed, and the sections will prdbably be placed on the market by auction very shortly. This is about the only large property in the centre of the city which is being subdivided. A prominent land and estate agent stated - yesterday that there was a great dearth of houses in or near the city, and there would be a ready 6ale for any building sites such as those referred to in Bolton street. .Where properties are available, although prices are high, vendors can get their prices by waiting, but the man with cash can usually get a good concession. There is a great scarcity of houses of the six, seven, and eightroomed class, and any of these coming on the market find a ready sale. SUBURBAN PROPERTY WANTED. There is a bigger selection in the suburbs, where prices show no fallingoff, but there is a tendency to accept cash offers. A fair amount of building is tailing place in some suburban ■districts, and a good many sections are changing hands to enable the new owners to take advantage of the Government offer of 95 per cent, advance. But the Government offer is not all it appears to he, it was stated, for the 95 per cent, is on the Government valuation, and not on the actual cost, and the two are often by no means identical. The increased building taking place should tend to ease the position, although there is no present indication of any decrease in the cost of labour and material, which are the chief factors governing the value of house property to-day. Even a decrease in the cost of materials would have a tendency to ease the position and enable many to start who at the present moment cannot face the financial problem with equanimity. “It is the man with a good amount of cash who can make the best bargain, for cash does speak.”