THE INVESTMENT MARKET

Southland Times, Issue 23408, 15 January 1938, Page 10

THE INVESTMENT MARKET

NEW ZEALAND STOCK EXCHANGES BUSINESS TRANSACTIONS SMALL IN VOLUME The stock exchanges in New Zealand opened on January 11, but conditions do not reach a normal state immediately. Many investors are still on holidays and as a result the volume of business transacted is small. The markets have opened with a firm tone, indicating increased _ funds available for investment and this condition should continue for many months. In a producing country like New Zealand the inflow of money begins in the spring and reaches its maximum in the late summer and early autumn. It then gradually eases through the winter, having a few months of minimum income before the new season’s income begins. The investment market seems to follow the same course and the Stock Exchanges look for their biggest turnover in the first six months of each year. Government Stocks continue in strong demand, sales being readily made as the stock is offered. There is not much variation in the price which is based upon a return consistent with ruling rates of interest. BANK SHARES STEADY Bank shares are steady at prices current before the holidays, the principal business being done in Bank of New Zealand shares. Brewery shares are quiet, with few transactions. Insurance shares are also quiet, with rather more sellers than buyers. The same remark applies to Loan and Agency shares, which is doubtless a result of the lower prices for wool. Meat company and shipping shares are firm and steady, and woollen mills are inclined to be easier, with a fair number of sellers. ■ u ■ In the miscellaneous section there is little variation from the prices quoted before the holidays and there appears to be no rush of buying or sellingof any shares under this heading. The metal market is a little stronger and prices generally are a shade higher. •Mining shares are not very active and only a few of the sound gold-mmmg shares command any attention.

GOVERNMENT SECURITIES (Received January 14, 6.30 p.m.) LONDON, January 13. Following are the latest quotations for Government securities compared with the prices ruling recently:— Jan. 6 Jan. 13.

£ s d £ s d British— Consols 75 0 0 75 0 0 Funding Loan, 4 per cent. 113 0 0 113 0 0 War Loan, 3p.c. 102 0 0 102 0 0 Con. Loan, 3’,4p.c. 102 15 0 103 0 0 Victory Bonds, 4 per cent. 111 10 0 111 10 0 Commonwealth — 3 p.c., 1945-75 107 7 6 107 10 0 3 p.c., 1955-58 102 15 0 102 15 0 4 p.c., 1943-48 100 10 0 100 7 6 3% p.c., 1945-53 91 17 6 96 13 9 3’,4 p.c., 1958-60 89 12 6 89 10 0 New South Wales— 41/2 p.c., 1935-45 97 12 6 97 13 9 Victoria — 3 p.c., 1929-40 95 12 6 94 10 0 4’4 p.c., 1940-60 104 0 0 104 0 0 4 p.c., 1945-75 107 2 6 107 2 6 Queensland — 3 p.c., 1932-47 95 17 4 95 15 0 5 p.c., 1940-60 106 6 a 106 6 3 South Australia— 4 p.c., 1942-62 107 10 0 107 2 6 3 p.c., 1945-75 78 10 0 78 7 6 Western Australia— 4 p.c., 1942-64 100 5 0 100 7 6 Tasmania314 p.c., 1929-40 101 10 0 101 12 6 4 p.c., 1940-50 101 7 6 101 8 9 New Zealand — 4',4 p.c., 1948-50 105 7 6 103 17 6 3’,4 P-c., 1940 101 10 0 100 17 6 4 p.c., 1945 98 10 0 96 15 0