WEEK REVIEWED.

Auckland Star, Volume LXXI, Issue 225, 21 September 1940, Page 5

WEEK REVIEWED.

LOW YIELD OF STOCKS. DOMINION SHARES STRONG. Once again New Zealand shares have captured the lion s share of the business, •but at the same tune the turnover of Government stocks and debentures in the past week lias shown a satisfying improvement. Australian shares, except for Broken Hill Proprietarys and Woolworths, have remained quiet. Values generally continue firm, with the exception of banks, insurances and breweries, which are slightly easier, but the market is obviously labouring under the handicaps of war uncertainties and monetary inflation. Although there is plenty of money for investment, the selecting of stocks and shares is increasingly difficult. Investors are following a conservative policy, and gilt-edged scrip, preference shares, and leading industrial securities therefore command most of the market. Advances in the price of Government stocks have gradually reduced the yield until it is to-day around 3V4 per cent, at which level, with a forced loan impending, holders appear to be taking the view that a further continuation of the rise is not to be expected. Therefore, they are more disposed to meet buyers. Ix>ca 1 body debentures are affected in sympathy, and a miscellaneous selection has been quoted on the Auckland Exchange during the week, there being a predominance of sellers, at fairly high limits. Among bank shares. New Zealands. after being active at a steady price of £2 2/6, suffered a drop of 2d yesterday. Commercials at 14/10 have had a moderately gorvd market. A changed tone in insurances developed al>out the middle of the week, and South British, which had sold earlier at £2 10', were on offer at this figure at. several later calls. New Zealands reflected the easing to about the same extent.. For Broken Hill Proprietaries the market was one of increasing strength, and the price was lifted in two rises of 3d each to £2 6'3. Woolworths (Sydney) were slightly unsteady, .but finished the week higher than they Emperor and Mount Morgan were strongest in the mining section. The chief features among New Zealand trading and industrial shares were an advance in New Zeal am d Drug rights and Wilsons Cements, a more confident demand for Auckland Gas. an interest in Macduffs, and improved offers for several other issues. The brewery section was fairly dull.

LATEST SALES. Sales since last review are: — Banks. —Commercial, 14/10 (3): New Zealand. £2 2 6 (51. £2 2 4. Insurances.. —New Zealand. £3 1/6: South British. £2' 10': Standard. £2 18'. Mining.—Emperor, 11/. 11. 6: Martha. 7'6 (3): Broken Hill South, £1 6/; Mount Lyell. £1 7'«: Mount Morgan, 8 1. Australian and Overseas.—B.H.P.. £2 5 9 (21. £2 6\ £2 63: British Tobacco. £2 S Woolworths (Sydney). 18 '. 18 3. 18'2. 18 3. Dominion— Amalgamated Brick (Auckland). 6 per cent. £101 (2): Auckland Gas. perp. deb.. £101 15/ (2): Auckland Gas, 8 2. 8 3: Consolidated Brick. 7 7: F.A.C. (A prcf.). £1 2 . (B pref.), £1 16: Farmers' Trading. £1 0 3 (2): Dominion Breweries. £1 11 6 (3): N.Z. Breweries. £1 15 : N.Z. Dru?. £3 14.' <?). (rts). £1 6'3. CI 6'7'i. £1.69: Newton Klne (pref.). 11': N.Z. Farmers' Fertilizer (prel.). £12 9. £1 3.': Radio (1936). 12 3: Timam Wool. 12.': Wilsons Cement. 19 6, 19'9. Government Loans and Debentures, etc.—Bonds. 1953-57. 3'n per cent. £100 10 . £100 12 6: Stock. 1940-43. 4 per cent. £101. £101 2'6 (2): 1943-46. 4 per cent.. £ 103: 1949-52. 4 per cent, £106 10/ (2): 31 '5 54-58, 4 per cent. £107 12 6. £107 15/; City of Auckland, 31.7/42. £101; Auckland Transport Board. 1 '4 44-48. £104. Unlisted—National Tobacco, £1 15': Selfridges (N.Z.), 3 9.

TREND OF MARKET. The following tablo indicates the fluctuations in the values of various securities: — BANKS. Sept. 22, Sept. 13, Sept. 20, 1939. 1940. 1940. £s. d. £s. d. £s. d. Commeirial 014 9 014 10 014 10 National. N.Z 2 4 6 119 9 119 9 Ne-.v Eouth Wales .. 29 2 6 27 2 6 27 2 6 New Zealand 119 0 2 2 6 2 2 4 MISCELLANEOUS. £ s. d. £ s. d. £ s. d. N.Z. Insurance 2 14 0 316 310 South British Ins. .. 236 210 0 296 A.C.I. 1 14 0 1 18 9 1 18 0 Broken Hill Pty. ... 312 6 2 5 9 2 6 3 Bycrofts 115 6 2 2 0 2 2 0 Martha Mining .... 095 076 076 Mount Lyell 1 10 9 1 7 6 1 7 6 Mount Morgan 0 10 4 080 082 Auckland Gasl — 083 084 I armers' Trading .. 01611 103 103 Dominion Breweries 193 1116 1116 N.Z. Breweries .... 1 11 6 1 15 0 1 14 9 G. J. Coles 3 11 3 3 5 6 3 6 0 Wilsons Cement .... 0 16 9 0 19 6 019 9 Colonial Sugar .... 48 0 0 50 5 0 50 10 0 Woolworths— N.Z 017 0 016 9 016 6 Sydney 129 018 0 018 3 GOVERNMENT STOCK. £ s d. £ s. d. £ s. d. 1952-55 95 10 0 107 0 0 107 0 0 1943-46 97 10 0 103 0 0 101 17 6 1953-57 90 10 0 100 10 0 100 10 0