TEMPORARY TIGHTNESS

Sun (Auckland), Volume II, Issue 463, 19 September 1928, Page 12

TEMPORARY TIGHTNESS

MARKET ON ’CHANGE , MOVEMENTS REVIEWED By “Noon Call.” Sept. 19, 9 a.m. Although dealings have been spread over a comparatively wide range, the actual volume of business on ’Change over the week has not been large. There appears to be a temporary shortness of money available for investment, due, no doubt, to the approaching halfyearly balance of the banks, and the customary tendency at such times to make as good a showing as possible at current account. CONSIDERABLE falling-off in the demand for Government bonds and stocks has been noted over the week, many issues being practically neglected. A decidedly easier tone is noted in the market for 45 per cents. The demand for local body debentures is sustained, generally, however, with a fairly wide margin between buyers’ and sellers’ ideas of values and no business has been recorded in this class of security. Company debentures are better favoured and one or two advances are noted in the week's sales. Xew Zealand Breweries are slightly firmer with the latest transaction at 24s 3d. Milne and Choyce debenture stock reached the highest level for many months in Wellington, where the scrip was dealt with at 255. Banking Group Quiet The banking group is quiet with any firming tendency in one section offset by a decline in another. ’Asias are very firm, showing an advance of 2s on last week’s market. Xew South Wales, on the other hand, dropped 12s 6d in Christchurch yesterday. Nationals of Australasia show the greatest strength, the market for the contributing scrip making a further advance over the week. New Zealands have been active and a fairly large turnover was recorded at 61s 3d. Insurances have been quiet, with New Zealands showing the greatest strength, the market advancing to new recent high levels at 44s 6d. South British are slightly easier. A.P.A.’s still fail to draw a declaration from buyers. Pukemiro’s Enviable Position Pukemiros have been the centre of interest in the coal group following the publication of the company’s balance sheet showing a net profit on the year’s operations of slightly more than 50 per cent, of the paid-up capital. Sales of the scrip have not been reported for several weeks, but it is understood that transactions have been put through at over 70s. The market is certainly firm at the moment, with no declared sellers, and steady buyers at 71s. Renowns are showing increased strength and quite a healthy turnover has been recorded in this company’s scrip during the past week. The shares have been watched by the speculative element for some time and it seems that the opinion is held in some quarters that now is the time to get in. The balance sheet and directors’ report #is overdue and is awaited with considerable interest. Breweries On High Levels

The demand for breweries continues. Xew Zealands touched new recent high levels, seeing business at 535. The market had a slightly easier tone at the close. Staples moved back 6d to 395. Dealings in miscellaneous securities have been very limited. British Tobaccos are slightly firmer, seeing business in Wellington yesterday at 445. Pictures continue to have a considerable attraction, although the confidence of investors in the stability of these concerns is not sufficient to send the market above par. Burns, Philp Earnings Burns Philp are firm at 45s 6d. This company’s net profits for last year was substantially higher, representing 16.2 per cent, on ordinary capital, compared with 15.5 per cent, for the previous year. The improvement in earnings is a reflection of substantially higher gross profits, which were earned on proportionately less expenditure. The company has made two new issues at par within the last three years, and a hint was made at the last annual meeting that the dividend may be raised. The current rate is 10 per cent. The company is continually expanding its operations, and recently acquired an interest in Jantzen (Australia), Ltd., swimming costume manufacturers, for which they undertake placing the output. Return On Investments Below is a summary of sales made on Xew Zealand 'Changes over the week ended September 18, giving the approximate return on investment based on the latest dividend. In the case of Government debentures the return includes redemption. In the first column are the figures at which the latest sale was made;—

L test Approx Price. Return. £ s. d. £ s. d BANKS— Australasia .. .. .. 15 1 0 4 13 0 Aust. of Com. 1 13 10 4 1 4 6 1 10 4 IS S Ditto (pref.) . . . . G 0 9 Eng., Scot. & Aust. S 12 0 4 New Zealand . . 3 1 4 13 Queensland Nat. 9 1 G 3 0 Union of Aust 15 7 0 4 IS 1 Nat. of ’Asia Coon.) 9 12 0 4 51 V fi 4 19 Nat. of N.Z 7 2 6 ,4 IS 3 INSURANCES— National 0 lfi 5 4 11 4 2 4 6 4 5 South British .. .. 3 2 11 3 14 3 LOAN AND AGENCY— Dalgety and Co. 15 1 0 5 13 0 Goldsbrough, Mort. . 1! 4 5 JG N.Z. Guar. Corp. . . 0 G 1 11 14 Finance, Ltd 0 o 3 y 10 G COALS— Renown 0 11 9 — Westport 1 10 6 6 11 1 GAS— Auckland 1 3 1 6 IS s Christchurch (con.) 0 12 0 6 13 4 SHIPPING— Iluddart-Parlcer (ord.) 9 0 14 Ditto (pref.) .. .. 1 1 12 11 Northern Steamship 0 14 6 8 0 0 BREWERIES— 2 12 11 3 1fi 2 Staples 1 39 o 5 4 Ward s 2 L 11 4 1 o 5 WOOLLENS— Kaiapoi (17s pd.) .. 0 12 9 4 0 0 Ditto (con.) .. .. 0 4 3 4 IS 10 MISCELLANEOUS— Colonial Sugar .. . . f>3 0 0 3 19 s 4 4 10 11 Burns Philp fi 4 7 G Hayward’s Pictures . 1 0 0 9 0 0 Electrolytic Zinc (pref.) 1 IS 7 4 National Pictures . . 0 12 G N.Z. Refrigerating 0 19 15 11 Ditto (con.) .... 0 9 Milne and Choyce (del?. Stic.) 1 5 Taranaki Oils . . 0 Union Oil 2 9 4 3 s Wellington Frozen Wilsons Cement 1 19 0 5 2 7 MINING— Waihi 0 32 10 — Mahakipawa — Mt. Lyell 6 — DEBENTURES— N.Z. Ins. Stk., 4 J 98 17 G 4 12 Ditto, 5i, 1933 .. 101 0 N.Z. Breweries .. . . 1 4 3 8 4 11