MARKET CLOSES FIRM

Sun (Auckland), Volume II, Issue 541, 19 December 1928, Page 12

MARKET CLOSES FIRM

MOVEMENTS ON ’CHANGE LESSONS OF THE YEAR By \Noon Call. * A steady flow of money available for investment, diverted ch iefly toward the better class of securities, has been maintained right up to the close of the year. The I ast few weeks have brought convincing evidence of an increasing surplus among the spending public. This latter point is indicated in the : wider spread of interest, investors paying more attention to scrip that was practically neglected throughout tie greater part of the year. The more speculative sections are receiving increased attention in the search for investments showing prospects of returning something above the current rate of interest. New flotations continue to come on the market and meet with a fairly ready response, despite the fact that a big percentage of them will not stand investigation. The money is available for investment and, if the Stock Exchange cannot absorb it, there are other avenues only too ready to do so. In the words of the chairman of the Dunedin Stock Exchange at the annual meeting yesterday, ‘ The general outlook for the Dominion has never been better.” Value Proven Stocks A feature of the year has been the improved tone of many of the reports presented to shareholders at annual meetings. Where last year talk of trade depression was common, and debit balances instead of dividends were not unusual, this year healthy trading and increased profits have been reported by most of the better mani aged concerns. From the investor’s point of view one of the big lessons the year had to teach was the wisdom of confining operations to soundly managed companies with a wide spread of interests which are not too dependent on weather and industrial influences. In practically every instance the investor who put his money into banks and insurances at the beginning of the year is now able to take a satisfactory profit, apart from having participated in dividends over the period. Holders of many of the better class proven industrials are in the same happy position. Taken at random throughout the list, the following comparisons make interesting reading:

1936, 5* per cent. 101 7 6 101 12 6 Outside banks, insurance, loan and agency and the well established and soundly managed industrials the market has been erratic. Shipping companies, generally, have not had a good year and their shares have suffered on the market as a result. Coals and gas shares show little alteration. Timbers have not recovered from the depression that is holding back the industry and the shares are viewed with even less favour than at the beginning of the year. Woollens have come into their own with the improved industrial position of the Dominion and the market for most scrip in the section shows a big improvement. Mining, for the most part, fell into disfavour during the year, several of the smaller New Zealand concerns closing down. Slightly more life has been shown in the section during the past week or so, however.

The market for Government and local body securities has shown a gradual firming tendency throughout the year, 1933 and 1936 inscribed stocks reaching new high levels yesterday, when sales were made at prices which show a return of under oi per cent. For the closing week of the year business over the past few days has been maintained at an exceptionally steady volume, with interests widespread, and the general trend of the market upward. Return On Investment Below is a summary of sales made on New Zealand 'Changes over the week ended December 18, giving the approximate return on investment, based on the latest dividend. In the case of Government and local body debentures, the return includes redemption. The first

column gives the price at which the latest sale was registered:

(deb.) 1 5 9 7 15 4 •Mining shares are only included in this column as 'a record of sales. fDoes not include redemption.

RURAL CREDIT BOARD TWENTY ASSOCIATIONS FORMED | A meeting of the Rural Intermediate 'Credit Board was held in Wellington last Friday. The report presented by the Commissioner of Rural Intermediate Credit, Air. J. W. Macdonald, showed that good progress with the scheme had been made since the last meeting of the board, and that an additional rural intermediate i credit association had been formed in the J Wright's Bush district, with the title of the Central Southland Rural Intermediate Credit Association, Limited. The ! formation of this association brings the I total number of the associations to 20. j Up to the preseut time 39 companies and firms have been approved by the board ! for the purpose of guaranteeing loans I granted to individual farmers under the i provisions of part 111. of the Rural Intermediate Credit Act, 1927. The greater number of the guaranteeing companies are co-operative dairy companies. The board has also accepted the endorsement of 16 companies and firms, principally dairy companies, for the purpose of utilising the discounting provisions of the Act under which loans not exceeding £lou in amount are made to farmers lor minor requirements, such as the purchase of fertiliser, seed, and farming requisites, and for financing the acquisition of small amounts of additional stock. It was stated that there is every indication that as the close of the present dairying season approaches, and farmers commence to make their financial arrangements for the ensuing season, the facilities provided by the board for the obtaining of advances on stock and chattels will be very largely availed of by the farming community. LESSON TO THE EMPIRE CANADIAN WHEAT POOL j (Australian and N.Z. Press Association) (United Service) Reed. 9 a. m. LONDON, Tuesday. High tribute to Canada’s wheat pool as a most remarkable exhibition of cooperation and self-help and an object lesson to the Empire was paid by the Prime Minister, Mr. Stanley Baldwin, at the Empire Parliamentary Association’s annual meeting. Mr. Ramsay MacDonald endorsed Mr. Baldwin’s eulogy. Speaking with a personal knowledge of the whole of the Dominions, he said he did not know any Doniiflon that could repay political study equally with Canada. LONDON METAL VALUES | (Australian and N.Z. Press Association) ( United Service) LONDON, Monday. ' (Quotations on Dec. 13 in parentheses.) ! Copper.—Spot, £6S 9s 4ld ( £6B 6s 3d); three months, £6B 11s 3d (£6B Ss 9d). ! Electrolytic Copper.—Spot, £74 15s | (£74 15s); three months, £75 5s (£75 j Wire Bars.—Spot, £75 5s (£75 os): i three months, £75 5s ( £75 ss). Lead.—Spot, £2l 3s 9d (£2l ss); three months. £2l 12s 6d (£2l 33s 9d). Spelter.—Spot, £26 17s 6d (£26 17s 6d>; three months, £26 7s 6d (£26 17s ! 6d>. Tin.—Spot, £224 12s 6d (£226 10s); I three months, £223 12s 6d (£223 12s 6d). | : Silver.—Standard, 26 3.-16 d (26 3-16 d) i an ounce; fine, 2S5d (28 5-16 d). CHICAGO WHEAT MARKET i (Australian and N.Z. Press Associationj , Reed. 9.42 a.m. CHICAGO, Tuesday.' Wheat.—December, 1 dollar 14Z cents a bushel; March, 1 dollar 184 cents; May, 1 .dollar 20? cents. COMPANY REGISTRATIONS Three private companies were registered in Auckland yesterday. Details are; Fergusson Buildings, Limited. Objects: To acquire land and erect buildings. Capital, £12,000, in £1 shares. SubJ scribers: G. L Taylor, A. St. C. Brown ' and Samuel Vaile and Sons, Limited, i 4,000 shares each. ■■ Transportation, Limited. Passenger I and goods carriers. Capital, £IOO, in £1 ! shares. Subscribers: E. J. Galt, 99 shares; | N. M. Macdougall, 1 share, i Souvenirs, Limited, manufacturers of and dealers in curios and fancy goods. ! Capital. £4OO, in £1 shares. Subscribers: ; W T. Jupp, 200 shares; F. W. Jupp and j Olive Jupp, 100 shares each.

Jan . 1928. Dec , 1 Market Market Pri Bank of X.S.W . . ~46 12 d. fi d. Com. of Australia South British In1 a 3 1 10 9 surance . . . . 19 Dalgety and Co. Milne and Choycc . . 3 3 J 0 15 4 0 (deb. stock) .. 1 D British Tobacco 2 0 0 Electrolytic Zinc 1 11 9 1 W ilsons Cement ... 1 Mt. Lyell . . . . Ins. Stock, 1 8 0 1 19

£ d. £ s. d. BANKS — Adelaide 10 0 0 - 0 0 Com. of Australia . 1 10 9 4 17 Australasia 1* 15 6 4 14 X Nat. of New Zealand 0 4 IS Eng., Scot, and Aust. S 10 6 4 11 Nat. of A us asia (paid) 9 0 11 New South NS ales . 50 10 0 New Zealand . . . . 1 9 4 12 10 Ditto D (Mort.) .. 1 s 1 6 10 Com. of Sydney .. 28 2 6 4 8 11 Union of Aust. .. .. 15 12 0 4 16 1 INS URANCES— National 0 16 2 5 S « New Zealand . . . . 2 6 o 4 0 10 LOAN AND AGENCY— Dalgety and Co. 15 4 6 5 1 -•» W ellington Trust and Loan l 6 5 13 1 Lnited Building Soc. 0 16 0 6 0 National Mortgage . 4 8 6 13 0 N.Z. Guar. Corp. . . 0 8 4 8 0 0 North. Auek. Farmer Co-op (ord.1 . . . . 0 0 N.Z. 1 armers' Co-op B (prei.) 2 10 0 — COAL — Pukemiro - * 0 10 12 1 Renown (ord.) .. .. 0 0 Ditto (pref.) . . . . 0 8 Hikurangi (pref.) . . 0 11 2 — GAS — Auckland 1 3 ft 6 14 ft Ditto (con.) .. .. 0 17 H 6 17 1 Christchurch 1 6 1 11 Tirnaru 1 -1 0 6 13 4 SHIPPING— Northern Steam ford) 0 13 3 S 15 1 Devonport Ferry 1 0 0 0 Howard Smith .. .. 1 0 X 0 0 Huddart-Parker 2 8 6 5 15 6 TIMBER— Kauri 0 39 3 3 16 S WOOLLENS— Kaiapoi 0 13 10 3 13 2 \\ ellington (pref.; . 0 t 10 5 6 8 BREWERIES— New* Zealand f> 17 0 » 10 2 Tirnaru 0 18 0 3 Staples 2 1 4 la Carlton 2 11 u 6 13 4 MISCELLANEOUS— British Tobacco 5 0 4 S 11 Henry Jones Co-op. . 1 17 1 \ ictoria Nyanza Sugar 2 0 S 10 3 Sanford (ord.) .. .. 0 17 6 8 0 u N.Z. Refrig. (con.) 0 9 8 3 4 Southland I- rozen Meat (pref.) 1 IS 6 15 1 Beath and Co 1 18 4 1 Milne and Choyce (deb. stock) .. .. 1 6 0 6 3 1 Electrolytic Zinc (ord. ) 1 15 7 2 10 Taranaki Oil 0 — Glenniore Brick and Tile 1 10 6 S 0 Dental and Medical . 0 9 9 •MIXING— Waihi 0 14 5 Ohinemuri 0 S Mt. Lyell 1 19 Mahakipawa 0 1 3 — DEBENTURES — N.Z. Inscribed Stock, 1936, bl per cent. . 101 12 6 4 Ditto, 1933, 51 p.c. 101 17 6 0 Ditto, 1938, 4’. p.c. 99 6 4 11 / N.Z. W ar Loan, 19OS 4i per cent 99 10 0 4 11 Christchurch Drainag 1973, 51 p.c 100 10 0 Mt. Eden Bor., 1963, 102 10 0 11 s Tamaki West Road Board, 1959. 5a p.c. 102 10 0 11 yN.Z. Breweries