PROFITABLE YEAR

Hawke's Bay Herald-Tribune, Volume 81, Issue 70, 15 December 1937, Page 6

PROFITABLE YEAR

l— Prees Association.)

Stock Exchange Chairman's Review HEAVY TURNOVER

(By Telegraph

AUCKLAND, Last Higfit. "Speaking generally, brokers have had a profitable year," said the chairman of the Auckland Stock Exchange, Mr. John W. Frater, at the annual meeting to-day. "While probably not quite as large as 1936, the turnover on the stock exchanges throughoat the Dominion has been heavy. The turnover in Government and municipal securities has been eonsiderably less than last year, with narrow priee fluctuations. "Bank and insurati.ee shares have shown little variation. Australian industrials generally are at lower levels than a year ago, but' this is mainly due to overseas influences. "Metal stocks were throughout the year an outstanding feature of the market, and the fluctuations were immediately reflected on other industrials. The values for these commodities seem to llave reached near bottom, and "with production and consumption fairly evenly balaneed, some improvement seems probable. "The turnover iln goldmining shares was lighter than for many years. It seems certain that, unless some concession such as the abolition of the iniquitous gold tax is given, the output of gold is certain to deeline. ' ' Discussing the overseas markets, Mr. Frater said that possibly New Zealand would be called upon to face lower price for her primary products, and it remained to be seen how1 the Government could continue the policy of lavish expenditure without serious reprecussions. "Already many industries are . feeling the pinch of shorter hours, higher wages and heavy taxation," _he said, "and it may prove difficult for even our old, -well-established industries to operate profitably, and in view of the further interference and the small prospect of a reasonable return being received on the capital involved, there will be little incentive to establish new industries." Mr G. R. Buttle was elected as chairman for the ensuing year. He is a nephew of a well-known chairman in the early days, Mr. G. A. Buttle.