WEEK REVIEWED.

Star (Christchurch), Volume LXVI, Issue 20483, 8 December 1934, Page 22

WEEK REVIEWED.

Strong Tone on Stock Exchange. SMALL SALES LIST. Although Christchurch brokers have put through less business this week than last, the approach of the Christmas vacation always means a diminishing turnover on 'Change, and the tone of the market in the .last seven days should not be judged by the volume of business recorded. When prices commanded by most issues in the general investment sections are considered, it is noticeable that the past week has been one of great firmness, with inevitable exceptions in some instances. Industrial stocks have reached rates which demonstrate considerable strength; but a feature of the week has been that at the same time there has been a slight weakening in Government stocks and bonds, and a decided tendency for holders of mining scrip to make substantial concessions to effect sales. Of over a score of mining issues to have dealings, only six have advanced in price levels, and these have been quite small variations. But taken as a whole, the Exchange market shows .steady firmness, and indicates that sellers are disinclined to do much business till the New Year. The daily totals compare as follows: This week. Last week. Saturday 3,000 4,220 Monday 2,300 18,250 Tuesday 7.145 12,223 Wednesday .... 6,703 4,800 Thursday 11,575 4,305 Friday ..7.014 13,000 37,737 56,798 An analysis of the business is as follows, with last week’s totals in brackets:—Banks 1025 (1300), insurance 150 (1700), loan and agency 500 (918), meat 2864 (2500), woollen 100 (200), gas 575 (275), breweries 1300 (1600), miscellaneous 1773 (2605), mining 29,450 (45,700). Sales of Government issues totalled £3500 (£2900), and local body debs. £250.

A fair range has been covered in sales of Government issues, and in every case market values have shown a decline on the last previous business. Stc ck due in 1940 sold down to 5s above £lO3, while the bonds of the same date touched £lO3. There have been no dealings in the longest-dated issues, which in the main have held steady rates "for some weeks now. But the short-dated issues have passed through a month or two of uncertainty, and are only now beginning to change hands at all freely on a reorganised basis of values. Banks and Insurances.

The only Commonwealth Bank to do business this week was Commercial of Australia, ' the shares of which have been hovering most of the time at just under 16s. At the closing call yesterday, however, there was a sudden improvement, and when sellers retired to 16s 2d, buyers came up to the 16s mark and thus advanced 3d compared with closing rates last week. Reserve and Bank of New Zealand (ordinary shares and D mortgage shares) were the other banks to come on the sales list, and in each case the movement has been an upward one. Reserve Bank scrip, after a spell of weakness, recovered to some extent, and following sales from £6 10s to £6 11s, had sellers yesterday Is above the latest level, though buyers were still reluctant to follow, and finished with offers 6d lower than at the last Saturday. Other banks have been slack, and quotations on ’Change have shown many gaps during the period. The insurance section again had very limited business, but it was noticeable that Standard came on the sales list for the first time since August, and further buyers remained in at steady rates throughout. South British requests failed to attract response from sellers, and the scarcity of quotations for nearly all issues of the section indicates that none of the strength which was evident two and three months ago has abated.

Odd sales among pastoral, gas, woollen, meat and brewery stocks have been transacted at firm rates, and what has been lacking in quantity as far as volume of business is concerned, has been balanced by variety. Goldsbrough Mort registered a sharp rise for the week, but slipped from the peak of 30s 6d to 30s 2d yesterday afternoon. This scrip had been quiet in recent weeks. New Zealand Refrigerating Company issues have remained firm at late rates, and the contributing shares finished with buyers up to 2d for the period, and sales at the peak level of 10s 2d. The brewery section saw activity in New Zealand at slightly better levels; and Tooths confirmed recent rising quotations in business at an advance of Is 2d, buyers having increased their bids bv lid since last Saturday. Staples, though no dealings have been put through, also made steady progress, quotations being on the up-grade throughout. Miscellaneous Stocks.

The miscellaneous section has been by far the firmest of the whole market. In only one instance—British Tobacco —has the price level lowered, and this was because investors viewed with some disappointment the announcement of an unchanged dividend. The scrip had soared in anticipation of an improved rate, but reacted immediately, though quotations have at no time been weak, and there is little reason for any further fall. Every other issue to have dealings has appreciated, the market for Australian scrip in particular having gone from strength to Strength. Broken Hill Proprietary, Australian Glass, Colonial Sugar, Anthony Hordern and Dunlop-Perdriau Rubber have had solid inquiry, with sellers reluctant to meet buyers except on their own terms. Consequent! j' sales have been few. * New Zealand scrip has been very quiet, but Kauri Timber (cum dividend), N.Z. Newspapers and Beath and Co. looked steady at the close of the week, and most other stocks have been well held, though quotations have inclined to slackness. Mining Sales. A moderate turnover in the mining section was put through, prices definitely in favour of buyers. The most notable exception was Mount Lvell, and for this scrip buyers were very steady, and the price realised in the few sales was an advance of 7d on late rates. With Rawang Tin, this company’s sharps have firmed quietly but steadily in the last two weeks, and show more solidity than for some time. One or two mining issues came on the sales list after a long absence, and Stafford Sluicing lost 3id in doing sp. Charleston Sluicing lost 2d, and Okarito sold at a substantial drop after

earlier quotations had indicated a f falling market. The main feature of the unlisted section was the renewed interest taken in Woolworths, Ltd., ordinary scrip, and after steady business at 78s, buyers were up to 79s 3d at the final call yesterday afternoon, and sales were made at the higher level. J&ang-e of Prices. ‘ Sales at the following prices have been completed since last review:— Government and Other Debentures — 4 p.c. 1940 stock, £lO3 ss; 4 p.c. 1949 stock, £lO7 10s, £107; 4 p.c. 1940 bonds. £103; 4 p.c. 1949 bonds, £lO7 15s; 4 p.c. stock 1946, £lO5 17s 6d; North Canterbury Electric Power Board, 51 p.c. 1942, £lO3 10s. Banks—Commercial of Australia, los lOd, 15s lid; New Zealand, 48s 3d, 48s sd, 48s 6d, 48s 9d; New Zealand (D Mortgage), 33s 3d; Reserve, £6 10s, £6 10s 3d. £6 11s. Insurances—A.P.A., 11s; Standard, 725. Loan And Agency—Goldsbrough Mort, 30s 6d, 30s 3d, 30s 2d. Meat—N.Z. Refrigerating Co. (£1 pd.), 20s 3d, 20s 4d, 20s sd, 20s 3d, 20s 4d; N.Z. Refrig. (10s pd.), 10s. 10s Id, 10s 2d, 10s Id, 10s 2d. Woollens —Kaiapol (17s pd.), 15s 6d. Gas—Christchurch, 355. Breweries —New Zealand, 49s sd, 49s 4d, 49s 3d, 49s 2d, 49s 4d, 49s 6d; Tooths, 51s 3d, 51s 6d. Miscellaneous—Anthony Hordern, 17s 7d; Australian Glass, 62s 9d; Beath and Co,. 32s 6d; British Tobacco, 42s 9d, 42s Bd, 425, 41s 9d, 41s lOd; Broken Hill Proprietary, 52s 6d; Colonial Sugar, £42 7s 6d; Dunlop-Perdriau Rubber, 19s lid, 20s. Mining—Mount Lyell, 17s lOd, 17s 9d; Bell Hooper. 3d; Bell Kilgour, ljd; Big River, Is 6d, Is 7d; Brian Boru, lid, lOjfcd; Central Shotover, 9Jd; Charleston, 7d; Gillespie’s Beach, Is 6d, Is 51d; Golden Dawn. 2s 9d; Lawson’s Flat, 3d, 2 Id: Mahakipawa, 9Jd: Mahakipawa (pref., 3 930 issue), Is; Mataki, 2s 3d; Mossy Creek, 2s Id; Nevis Diesel Electric, 4d: Okarito, 8s 6d; Rawang Tin, 8s 2d, 8s Id; Skippers, 81d, Bd, 7Jd, 8d; Waihi, 38 s 6d: Grand Junction, 4s Bd, 4s 9d: Stafford Sluicing, Is Oid. •Unlisted—New River, 55d, s|d, Woolworths, Ltd. (ord.), 78s, 795, 79s 3d.