On the 'Change

Sun (Auckland), Volume II, Issue 409, 18 July 1928, Page 12

On the 'Change

THE WEEK REVIEWED July 18, 9 a.m. All the better class investments continue to meet with a steady demand. An average turnover has been registered on New Zealand ’Changes over the week. In the banking section interests have been fairly widespread, a strong demand maintainng an upward tendency in the market for several shares. New South Wales scrip advanced 10s to see business in the South at £SO. New Zealands are also firmer at 59s 6d with the scrip changing hands fairly freely. Unions of Australia maintained last week’s firmer tone and have seen sales at £ls 2s, 2s in advance of the market at the time of the previous sale a fortnight ago. 'Asias are a shade easier. Other banks are mostly firmly held on a steady market. Insurances Steady A normal week’s trading has been recorded in the insurance section, all New Zealand companies attracting attention. The market remains firm at late high levels with prices showing the lowest average dividend return on tho list. Standards, which have been quiet over the past month or so, were dealt with at 64s 6d, 6d ahead of the last recorded sale. Goldsbrough Mort and New Zealand Guarantee Corp. scrip, maintain their position as the most active in the loan and agency section. The market for both shares has improved over the week with sellers hard to locate near buyers’ levels. Coals are quiet. Taupiris at 26s 9d show an advance of 9d. Westports have hardened 3d. Other shares in the section are practically idle. Gas shares meet with a steady demand with little noteworthy movement in the market. Shipping is neglected with the market for Huddart Parkers being the only one registering any strength. Northern Steam ordinaries are sought at 14s 6d, Is below sellers ideas of value. N.Z. Breweries Big Rise Following an advance of Is last week the market for New Zealand Breweries jumped a further 3s 3d in a few days. Yesterday’s closing quotations (ex div.) recorded an easier tendency in the market, however. An improvement of 9d was recorded in the market for Staples. Miscellaneous Section Quiet A quiet tone is recorded in the miscellaneous section with tho turnover throughout the Dominion over the week only nominal The market for most “first rate’’ industrials appears to have been forced to a level which does not make the dividend return in the immediate future very attractive. Checker Taxis, after many months of trying to find a market, were dealt, with at 8s on Friday. Buyers now offer 5s with sellers withdrawn to 11s 6d. Gear Meats maintain the upward tendency noted over the past month and yesterday in Wellington reached a new late high level at 40s. At this price the scrip offers a 5 per cent, return with the prospects of participating in a distribution of surplus reserves at a later date. Wilsons Cements are now practically back to the cum dividend parity and are firmly held with sales at 38s 6d, 6d in advance of last week’s price. Taranaki Oils register an easier tendency, with the latest recorded sales 9d below last week’s closing price. Electrolytic Zinc Prospects Both issues of Electrolytic Zinc have been dealt with on a steady market. Commenting on this company recently, J. B. Were and Sons, Melbourne, stated that it was one of the largest producers of refined zinc in the world, and, while it was able to sell its output against allcomers, more than one-third of its output was marketed in Australia. The maintenance of a 12 per cent, dividend did not seem in any danger, and, while low prices for zinc meant lower profits, the company was favourably situated both for supplies of raw material, and for selling its products. Shares at 31s 3d return £7 13s 7d per cent. Greater Activity in Mining

A return of the more speculative element to the mining section has been noted over the past two or three days Waihis are firmer at 12s 9d. Oliinemuris at 7s Id are also slightly in advance of the last recorded sale price. Scrio in the smaller companies remains neglected and depressed. Healthy trading is recorded in the giltedged section. Return on Investment

Below is a summary of sales made on New Zealand 'Changes during the week ended July 17, giving the approximate return on investment, based on the latest dividend. In the case of Government and other redeemable securities the return includes redemution. The first column gives the figure at which the latest sale was made: — BANKS—

Late St A pprox. R«turn. Australasia «£ d. £ d. 14 1« ri Coin, of Australia.. 1 9 6 1 8 (con.) 9 4 o New South Wales.. 50 0 o 5 0 0 New Zealand . . . . 2 Nat. of N.Z 7 4 9 4 17 Union of Aust.. INSURANCES15 2 0 4 19 4 National 0 Ifi 0 New Zealand .. 2 South British .. .. 3 0 0 9 17 CO AN AND AGENCY— Dalgety and Co. 14 14 0 5 Goldsbrough. Mort. . 10 N.Z. Guar. Corp. .. 0 9 0 7 I ni ted Building COALS— 0 14 3 Taupirl (ord.) .. .. 1 6 9 7 9 10 6 11 GAS— Auckland (paid) 1 3 *> o Ditto (con.) .... Christchurch (10s • 0 17 3 6 19 2 paid) 0 10 11 6 14 Ditto (paid) .. .. 1 4 « 6 10 7 WOOLLENS— Kaiapoi (17s pd.) .. TIMBERS— 0 10 0 - Kauri 0 19 0 BREWERIES— New Zealand .. 0 5 3 Tooth’s 2 0 Staples MISCELLANEOUS— 1 17 0 5 8 1 Checker Taxis . Taranaki Oilfields . . 10 Mason Struthers (10s paid) 0 9 5 N.Z Paper Mills .. Victoria Nyanza 0 15 3 7 17 4 Sugar 2 British Tobacco ... 2 6 14 Wilsons Cement I Gear Meat Electrolytic Zinc 2 0 0 5 0 0 (pref ) 1 13 0 7 5 Ditto (ord.) .. .. 1 11 3 7 13 7 Sanford (pref.) ... N.Z Refrigerating 1 1 0 3 6 18 3 (con.) 0 8 8 8 13 1 MIXING— Mafiakipawa .. .. 0 3 3 Ohinemuri .. .. .. 0 7 12 9 VVaihi Grand Junetion 0 1 4 Mount Lyell .. .. DEBENTURES— 1 14 5 N.Z Breweries Christchurch Gas. 1 3 6 8 10 3* p. c., 1934 101 0 0 5 6 Auckland Harbour Board. 6 p.c.. 1941 . . . . 104 10 0 5 10 1 N.Z. Farmers Co-op. of Canterbury. 1935, 6 pc., 83 0 0 10 5 0 N.Z Ins. Stk., 4* p.c., 1938 .. .. w .. .. N.Z. War Loan, 4^ 98 0 0 4 13 1 P.c., 1938 98 10 0 4 13 •Does not include redemption.