REFLECTIONS ON ’CHANGE

Sun (Auckland), Volume III, Issue 843, 11 December 1929, Page 10

REFLECTIONS ON ’CHANGE

A QUIET MARKET THE WEEK REVIEWED By “NOON CALL’’ Little improvement has been registered in Stock Exchange circles over the week. Business continues confined to within a comparatively short compass, and the prospects of a change for the better prior to the holidays are not bright. Although the marjket recovered slightly irom the setback which followed the more or less pessimistic speech ol the chairman of the Bank of New South Wales, and the volume of business put through showed an appreciable improvement, there has been a slackening of buying strength over the past clay or so, with a tendency for prices to ease in sympathy. On the present state of the market it seems that investors are not keen to take an active interest until after the holidays; there is still a considerable amount of uncertainty registered as to near-future trends of prices, and the more cautious tend to adopt a wait-and-see policy meantime. The banking group, although all rules support the assumption that it affords good buying at the moment, is quiet, with some shares as far as the Ne\v Zealand market is concerned, almost neglected. Insurance shares receive little attention, and any buying offers are mostly on lower levels. In the loan and agency section * the market for Goldsbrough, Morts, looked upon as the Australian pastoral and industrial market barometer, are even weaker. Prices throughout the group are sympathetic. Even coals, to date one of the strongest sections on the fist, are feeling tho depression, and there has been a decided falling off in the buying strength over the week. Pukemiros, which were selling freely last week at 73s 6d, are not even quoted. Signs of greater activity were noted in the market for some of the better class Australian industrials earlier in tho week, but, here also, there has been a falling off in the demand. Altogether it must be admitted that tho market, generally, is in buyers’ favour, with lew signs of a recovery, there is much in the contention of the chairman of the Auckland Stock Exchange, who, speaking at the annual meeting of that Exchange yesterday, advised against the tendency to rush out of good and tried investments merely because of a temporary depression of prices. Such tendencies, he stated, 'Vonly made a weak market weaker. There is little doubt that there will be a general improvement early in the New Year, and buyers of tho better class stocks at today’s prices should reap a very satisfactory harvest. RETURN ON INVESTMENT Below is a summary of sales made on New Zealand Exchanges over the week ended December 10, giving the approximate return on investment based on the latest dividend. In the case of Government and local body debentures tlie return includes redemption:—

War Loan, 1929, 45 100 0 0 4 10 0 ■“Owing to the rearrangement to take place in the capital of New Zealand Breweries, a return is not worked out on present figures. LONDON MARKET REPORTS United P.A. —By Telegraph—Copyright LONDON, Monday. (Quotations on Dec. 5 in parentheses.) Copper.—Spot, £6S 13s 9d (£GS 16s 10id); three months, £6B Ss lid (£6S 13s 9d). Electrolytic Copper.—Spot, £S2 (£S3); three months, £S4 (£B4). Wire Bars.—Spot, £B4 (£B4). Lead.—Spot, £2l 7s 6d (£2l 6s 3d); three months, £2l 10s ( £2l 10s). Spelter.—Spot, £2O 6s 3d (£2l 7s Gd); three months, £2O ISs 9d (£2l). Tin.—Spot, £177 12s 6d (£174 Is 3d); three months, £ISO 17s 6d (£177 6s 3d). Silver. —Standard, 22 5-Sd (22 5-Sd) an ounce; fine, 24 3-Sd (24 3-sd). Wheat Wheat.—Cargoes opened easier, sellers giving way by 6d. Reports that rains had delayed the Argentine harvest were disregarded. The market closed with the tone duli. Parcels were obtainable at 6d to 9d easier, but no business was reported. Futures: London, December, 49s 7d; January, 49s lOd; March, 50s 9Jd. Liverpool, December 9s 2£d a cental: March, 9s 9d; May, 9s 11 3-sd; July, 10s.

Latest Approx. Price Return. BANKS— £ s. d. £ a. d Aust. of Commerce 1 9 0 10 4 Com. of Australia . L 6 1 14 S Eng., Soot. & Aust. V 11 0 4 19 4 National of N.Z. .. 6 15 0 3 s National of Aust. . . 16 7 6 G 2 New South Wales 42 7 6 4 14 New Zealand . . . . 0 0 4 .1 b Union of Australia 13 IV 0 5 11 1 INSURANCENational 0 15 3 4 17 10 South British .... 3 LOAN AND AGENCY— 4 0 4 0 9 Dalgety and Co. .. 32 17 6 6 12 0 Farmers’ Co-op. .. IS 0 10 b 2 Goldsbrough, Mort . 1 IS 1. 7 17 G N.Z. & River Plate 1 J L 12 2 N.Z. Guar. Corp. . COAL— 0 8 V ‘ lo 4 Grey Valley 1 7 6 5 1G 4 Pukenjiro Renown (pref.) Ditto (new issue) 0 0 3 6 0 9 10 Taupiri 1 9 0 G 17 11 Westport GAS— 1 11 G Auckland. 1 5 0 5 6 8 SHIPPING — Devonport Steam . . 1 2 9 G 11 10 Huddart-Parker 2 3 0 4 13 U WOOLLEN— Kaiapoi (pref.) BREAVERIES— 0 15 3 S 13 9 Carlton 2 0 6 G IS 3 ‘■'N.Z. Breweries 4 (i J. Staples 2 13 0 . r» 14 4 Tooths 2 1 3 G 1 3 MISCELLANEOUS— British Tobacco 2 5 0 5 6 8 Colonial Sugar .. Electro. Zinc 4S 12 6 2 7 (ord.) 1 13 4 7 3 10 Ditto (pref.) .. .. 1 13 7 .Farmers’ Trading . . 0 9 0 S 17 9 Gear Meat 0 4 S Kemp. Prosser s . . Milne* and Choyce, 3 13 G S 10 (deb. stock) .. . . 1 5 I G N.Z. Paper Mills .. N.Z. Refrigerating 1 0 G 6 ' l 10 (con.) 0 0 10 Whitcombe & Tombs Z DEBENT URES — 52 per cent 103 0 0 3 10 11 1960. 52 p.c. 104 0 0 5 1949, 7i p.c *N.Z. Breweries "l 17 S G 0 GOVT. BONDS — War Loan, 1908, 41 INSCRIBED STOCK 100 0 0 4 10 0