On the 'Change

Sun (Auckland), Volume II, Issue 385, 20 June 1928, Page 12

On the 'Change

THE WEEK REVIEWED (By “NOON CALL”). June 20, 9 a.m. Healthy trading in most of the better classes of securities has been . registered on New Zealand ’Changes ! over the week. Slightly less attention has been paid to gilt-edged securities, with investors registering a greater tendency to investigate scrip in well-managed miscellaneous concerns. The feature of the banking section has been the sharp advance of N.S.W.’s from £4B 10s at the close of last week, to see frequent business in the South up to £49 15s, and sales up to £49 12s 6d in Auckland. At this figure the scrip returns approximately 4 per cent, based on the usual 10 per cent, dividend. New Zealands, ex div., have settled down to a fairly steady market around 59s 3d, and are fairly freely sought at this figure. Unions of Australia have appreciated over the week, sales at £ls being Is 6d in advance of last week’s closing rates. Commercials of Australia hold their market around 29s 7d as one of the most profitable banking propositions from the viewpoint of immediate returns. National Banks Easier Nationals of New Zealand have been neglected on all Exchanges, and the market registers a slightly easier tendency. Business, generally, in banks has been sound, with a sustained strong inquiry for all classes of scrip, buyers being more prominent than sellers. Insurances remain in good tone with steady trading in a firm market recorded. After seeing steady business most of the week at 15s Od, Nationals were dealt with in Christchurch yesterday at 15s 6d. Quotations for other shares in this section are practically unchanged. Greater Interest in Farmers’ Concerns In the Loan and Agency section it is interesting to note the wider spread interests, and the increasing tendency to investigate what for many months have been neglected and unpopular investments. Increasing confidence is shown in concerns dealing with the man on the land. Wright. Stephenson’s come under this category, and the scrip was traded over the week at 225. Newton King preference, after being offered for many months at 12s, also met a sale. Little activity is recorded in coals, most scrip holding at fairly high levels, and making the section at the moment not one of the best from a safe investment point of view. The scrip of one or two concerns offer a fair speculative inducement. Shipping in Good Tone Shipping is in fairly good tone. Huddart-Parkers have firmed up over the week, no doubt due to the news that the shipping trouble over the Tasman had been settled. Sales have been made up to 48s. No doubt this morning's cabled news will have the effect of temporarily easing the demand again, however. Devonport Steams are firm at 255, seeing their fii'st recorded sale on the Auckland ’Change for many weeks at that, figure. Timbers remain depressed and idle. Kauris, which showed signs of strengthening last week, have weakened further with no buyers listed. Nationals have seen buyers come in at 4s 3d, with sellers advanced Is to 10s. Little interest is taken in the section. Another Flutter in Oils Taranaki Oils have had another flutter over the week, jumping from sales at 9s 9d on Friday to business yesterday afternoon at 11s 6d. Inquiry from across the Tasman is chiefly responsible, following, no doubt, the publication last week of the favourable report on the Taranaki fields by the Coal Oils concern. The scrip is watched by a large field of speculators and, if anything did happen, there is no doubt that the market would soon touch high levels. Sound Industrials Wanted Another feature of the miscellaneous section is the appreciation of the scrip of several well-managed industrial concerns, especially in those where the greater part of operations are confined to Australia. Australian Glass provides an instance to the point. This concern, by the way, has shown increasing profits each year since its inception. The demand for this class of investment to a large extent, where the management is sound, is justified. In Australia, especially, with a sympathetic Government, every assitsance .is given to manufacturing concerns. It seems, in fact, that they have only to bring evidence to show that they are being hindered by overseas competitors and they are given increased protection. Thus, the reason for the demand for this class of investment, always remembering. of course, the question of management. Where this is sound, then such investments seem worthy of investigation. Colonial Sugars Slightly Easier Pictures still attract a fairly steady demand. though Fuller’s were the only scrip dealt with under this heading over the Colonial Sugars at £59 17s 6d were dealt with on a slightly easier market. Wilson’s Cements, ex div., registered a further drop below last week’s parity. Fertilisers have a slightly better tone, New Zealand Farmers being dealt with at SSs. Little movement has taken place in mining, with most scrip neglected. Wailiis hold firm at late rates. Return on Investment Below is a summary of sales made on the Auckland "Change for the week ended June 19, giving the approximate return on investment based on the latest dividend. In the case of Government and other redeemable securities the return includes redemption. The first column gives the figure at which the latest sale was made on the Auckland ’Change over the week:—

AUCTION NOTES

Bye and Selit will conduct their usual weekly sale at the rooms, corner Pitt Street and Grey Avenue, to-morrow at 11 a.m., with furniture, piano, sundries, and a quantity of second-hand building materials. Mr. H. H. McCarthy will sell.

Latest Approx. Price. Return. d. £ BANKS — Aust. of Commerce . 1 15 9 6 Com. of Australia . . l 9 7 5 New Zealand 19 9 New South Wales . . 59 12 6 4 0 Australasia Nat. of Australia 14 14 0 4 15 3 (con.) 9 1 6 10 ?, Union 6f Australia . INSURANCE— 14 15 6 ° 0 2 National 0 15 6 4 16 9 New Zealand 2 4 10 0 South Britsh .. .. 3 0 9 3 16 10 LOAN AND AGENCY— Goldslmough. Mort . Wright, Stephenson 2 11 0 5 19 7 (ord.) 1 0 6 7 Guarantee Corp. 0 X 9 Newton King (pref.) COAL— 0 12 0 ib 16 8 Westfield (ord.) . . . . 1 10 0 6 Taupiri (ord.) .. .. SHIPPING — Northern Steam 1 6 6 10 11 (orrl.) 0 14 9 7 17 Huddart-Parker 8 16 Devonport Steam 1 10 GAS— Auckland (paid) BREWERIES— 1 3 4 6 17 1 Crown n 10 0 Staples and Co. i 16 1 10 0 New Zealand . . 2 1 3 4 17 0 MISCELLANEOUS— Taranaki Oil 0 11 6 Wilson’s Cement 1 15 9 Sanford Ltd. (ord.) 1 0 6 6 19 0 Henry Jones Co-op. 1 16 6 6 Colonial Sugar 59 17 6 4 N.Z. Farmers’ Fert. . 4 8 0 6 Gear Meat . . . . 1 18 fi Fuller s Pictures 1 1 n 8 British Tobaeco 6 4 19 Morris Hedstrom 1 1 6 MINING— Ohinemuri 0 7 0 W'aihi 0 11 Mahakipawa .. .. 0 4 1 Mount Lyell DEBENTURES— 1 13 9 “ N.Z. Breweries N.Z. Ins. Stock. 1936 1 2 9 s 15 10* 51 per cent. 100 6 5 S 10* ♦Exclusive of bonus.