LACK OF INTEREST

Evening Post, Volume CXXVI, Issue 136, 6 December 1938, Page 14

LACK OF INTEREST

STOCK EXCHANGE BUSINESS Throughout last month, states the official record of the Stock Exchanges of New Zealand, the share market reflected "a lack of interest and confidence on the part of investors." Overseas conditions, the steady decline in the Dominion's overseas funds, extra borrowing from the Reserve Bank, and the prospects of a reduction in the Dominion's export income from dairy produce all exercised a depressing influence. The downward trend of values of investments evident at the end of October persisted throughout November. In several sections of the market the recorded business was almost negligible. Bank shares were moderately well supported, and at one stage there was a rise in prices, especially those of the Australian banks. The rise was not maintained, and prices gradually drifted to lower,levels on small turnoyer. Insurance shares lacked interest and prices showed a definite easing. Shares, in the pastoral group generally wdre weaker. In the shipping, meat, woollens, coal, and gas sections sellers received little encouragement. Buyers' quotations were spasmodic, and often wide, and the recorded turnover was restricted to a few issues in which prices followed the general downward trend. Australian industrials and chain stores accounted for most of the business, but, with few exceptions, closing prices were below opening rates.