On the 'Change

Sun (Auckland), Volume II, Issue 397, 4 July 1928, Page 12

On the 'Change

THE WEEK REVIEWED July 4, 9 a.m. A healthy volume of business has been put through New Zealand ’Changes over the week. Interest has been fairly widespread, most of the better class investments receiving attention. The banking section has been quietly active, most shares meeting with a firm demand at late rates Little movement worthy of any note has taken place in the market. "Asias at £l4 15s Gd are Gd easier than last week’s closing price. Commercials of Australia are steady at 29s 7d. New Zealands have seen frequent business at 59s 3d. Unions at £ls are Is better than the market at the date of last week’s report. The market for most insurance scrip remains firm with practically no change in the market. Nationals have seen frequent business in most centres at last week’s higher rate of 15s lOd. New 2.ealand Guarantee Corporation Scrip Firm In the loan and agency section, Goldsbrough Morts continue a popular investment, though at 4Ss 9d the market is slightly below the cum. div. level. New Zealand Guarantee Corporation shares are coming into slightly better favour, and the market over the last few weeks has registered a rising tendency. An improvement of Id is noted over the past two days, the scrip seeing frequent business up to Ss lOd. New Zealand Loan and Mercantile Agency ordinaries have seen limited business at £lO7. At this level it is hard to see the value of this scrip when compared with other investments in the same section. Coals Attracting Speculators The principal factor operating in coals at the moment is the speculative one. The tendency is to neglect the better class of proven securities in favour of the scrip which offers a speculative chance of profits in the near future. Hikurangis come under this heading. The market for this scrip has appreciated over the week, and, with steady buyers at slightly advanced prices, sellers are harder to locate. AVestport Stockton also continue to attract the speculative element, and a certain amount of business continues to be recorded at late rates. A decidedly firmer tone is registered in Pukemiros, and although buyers improved to 65s they have not attracted business over the week. Waipas and Renowns are well out of favour at the moment, no buyers being listed for either scrip.

Shipping is quiet, and attracting very little attention at the moment. Timbers Receiving Attention In the timber section both LeylandO’Briens and Kauris are receiving attention on a market steady at late rates. Little activity has been recorded in breweries. New Zealands have registered a fairly steady turnover in all centres on a market which has eased 6d to 41s over the week. A fairly wide range of investments has been handled in. the miscellaneous section over the Aveek, although little of an outstanding nature has taken place in the market for any scrip. Wilsons Cements Improve Wilsons Cements have regjstered perhaps the most interesting movement in the miscellaneous section, the market for this scrip having definitely started on the up grade again. From 16s 3d at the close of last week the market improved to see business in Dunedin yesterday afternoon at 37s 9d. Sellers in Auckland yesterday were asking 38s 3d. Colonial Sugars continue to register a fairly steady turnover, the market improving 2s 6d in Christchurch yesterday after noon to see a sale at £6O. Demand For Sound Industrials

An indication that the investing public are prepared to place their faith in well managed industrials can be taken from the response given to the call for applications for the issue of £1,000,000 7?; per cent, cumulative shares, made by~ the Australian Iron and Steel, Ltd. The issue was well over-subscribed and, aithough not yet listed for quotation, unofficial sales of the scrip have been reported across the Tasman at a 3d and 6d premium. Half of the issue was taken up by the underwriters, J. B. Were and Sons, Melbourne, for distribution among their clients in Australia and New Zealand. The mining section has registered slightly more activity over the week, though there is little life in the section, and most of the sales that have taken place have been on very low levels. A decidedly better tone is recorded in the market for Government and local body debentures. Sellers are hard to locate, and. with a full list of buyers for New Zealand AVar Loans and Inscribed Stock, the market has registered an upward tendency over the week. Return on Investment In response to numerous requests, and in order to give investors a better idea of the business being transacted in other parts of the Dominion, this column in future will include a resume of Dominion business in place of a resume of the Auckland turnover, as in the past. Below is a summary of sales made on Dominion ’Changes for the week ended July 3, giving the approximate return on investment based on the latest dividend. The Auckland sales are taken up to yesterday afternoon’s call; outside prices comprise business up to yesterday morning’s early call. In the case of Government and other redeemable securities, the return includes redemption. The first column gives the figure at which the latest sale Avas made up till the times previously mentioned:—

Latest Approx. Pric Return d. £ d. BANKS— Australasia 14 15 6 4 14 8 Aus. of Commerce 1 15 10 Com. of Australia . 1 9 1 New South Wales 49 15 0 4 0 New Zealand . . 19 4 9 Union of Aust. National of Aus (£5 Id 0 0 5 0 0 paid) 0 0 0 11 0 Nat. of N.Z INSURANCES— 7 6 0 4 15 10 National 0 15 10 4 1 * 9 New Zealand .. G 9 South British .. .. 3 0 0 3 17 9 LOAN AND AGENCY— N.Z. Loan and Merc Agency 107 0 0 10 N.Z. Guar. Corp. . . 0 S 10 10 10 Goldsbrough, Mort . COAL— 8 9 6 3 7 Westport 1 10 3 6 12 3 Hikurangi (ord.) 0 b 3 Ditto A (pref.) Westport - Stockton 0 8 4 — (ord.) 0 li Taupiri SHIPPING — 1 t> 0 7 13 10 Union Steam (pref.) 1 0 4 i 5 7 11 TIMBERS— Ley land-O'Brien 1 12 9 - 1 9 Kauri BREWERIES— 0 19 0 New Zealand .. .. 1 0 4 17 Tooths MISCELLANEOUS— 2 4 0 ° 13 8 Colonial Sugar . . . . 57 17 6 59 17 6 TV ilsons Cement Kempthorne Prosser 1 17 6 5 6 S N.Z. Drug 8 17 Gear Meat N.Z. Refrigerating 1 IS 6 3 3 0 (con.) 0 s 8 s 13 1 British Tobacco 0 4 13 0 Puller’s Pictures .. 1 1 0 S 11 Holden’s Motors 1 12 4 s 14 9 Dunlop Rubber .. .. 1 4 IS Taranaki Oil . . N.Z. Farmers’ Fer0 11 3 tiliser 4 6 0 6 ID 6

Beath and Co 0 United Bldg. Scy. . 0 14 0 Grey and Menzies . . 0 10 2 7 7 6 MIXING— Waihi A Mount Lvell . . . . Mahakipawa Occidental - Una (con.) 0 0 4 Waihi Grand Junetion 0 1 4 — DEBENTURES— X.Z. War Loan, 1933, 51 p.c 100 15 0 Ditto, 1936, 51 n.c. 100 17 6 7 Ditto. 1939. 41 p.c. 98 X.Z. Inse. Stock, 1936, 5i p.c 100 17 6 4 Ditto, 1933. 5i p.c. 100 Id 0 Ditto. 1927-41, oi 97 17 6 X.Z. Breweries 1 74 iDoes not include redemption. * £.0 Os t>d. including' bom; IS.