REFLECTIONS ON CHANGE

Sun (Auckland), Volume III, Issue 693, 19 June 1929, Page 10

REFLECTIONS ON CHANGE

SPECULATIVE ELEMENT QUIET RATHER DULL TONE Bv “NOON CALL” The past week has been one of comparatively quiet trading on 'Change. The turnover has not been heavy. One of the features of the market | continues to be the almost entire ab- i sence of the purely speculative element. The mining group is practically neglected. Even Wailiis have fallen from favour, and, on a weak market, there is a wide margin between buyers’ and sellers’ ideas of value. Taranaki Oils, another scrip which has usually been looked upon as an attraction for the speculative element, is neglected. Australian Market Dull Apart from scrip in the more or less gilt-edge securities such as banks, the market for the more popular Australian investments is dull. Electrolytic Zincs are practically idle. Mount Lyells, which dropped below 42s last week, strengthened yesterday, when sales were made at 42s 3d. British Tobacco, Morris-Hedstrom, and similar shares receive little attention. The reason for this can only be* put down j to the depression caused by the pro- : longation of the industrial trouble J across the Tasman. Australia’s Loan Requirements While on the question of Australia, it is interesting to note that country’s loan requirements for the near future. Within the next six months, to the end of December (states J. B. Were and Sons, the well-known Melbourne brokers, in their weekly review, dated June 7), the various States have loans falling due totalling just on £15.000.000. Within the following six months there will be State loans amounting to £13.000.000 falling due. Within the same term, the Commonwealth will be called upon to redeem its 6 per cent, issue of £10.750.000. Over the succeeding six months, to the end of December 31, 1930, another £19,000,000 of State loans, and approximately £63,225,000 of Commonwealth loans, are due for readjustment. Over the whole period, a total of approximately £120.000,000. This in addition to current loan requirements! Movements on N.Z. ’Changes Little movement worthy of outstanding note has taken place on New Zealand 'Changes over the week. The market generally has been rather dull, with investors confining their attention principally to the better known stocks which promise an almost certain immediate return. The banking and insurance groups have been quiet, but several shares in both groups show a decidedly firmer tone. South British Insurance scrip is selling on higher levels. New Zealand and National Bank of New Zealand shares both meet with a steady demand on a slightly better market. As yet, the destruction caused by the earthquake in the South has not caused any uneasiness among holders of insurance shares, and indications are that the companies will not be called upon to meet any large claims, as earthquake losses are provided for under a special cover, which few firms or individuals ca.re to trouble about. The outstanding feature of the week has been the sensational rise of New Zealand Breweries after the slight weakness on the market following the first advance to 735. Yesterday, the scrip sold in the South at 75s 6d. This makes a rise of 17s 6d since the opening month of the year, and a rise of approximately 28s 6d since the opening month of 1928, 18 months ago. The gilt-edge market is steady, but the turnover during the week has not been heavy, and the market registers a rather dull tone. Return on Investment Below is a summary of sales made on New Zealand ’Changes over the week, giving the approximate return on investment based on the latest dividend. In the first column is the date at which the latest sale was made. In the case of Government and local body debentures, the return includes redemption.

SYDNEY WOOL SALES

United P A. —Bp Telegraph—Copyright SYDNEY, Tuesday.

At the wool sales 8.123 bales were sold. There was strong demand from Continental and Yorkshire buyers. The market showed no change. Greasy Merino made 20d.

L ite -t Approve. •ic Return. BANKS— JC s d s d Australasia 14 14 Aust. of Com J. 16 Com. of Australia. . 1 3 0 Ditto (pref.) 9 Nat. of ’Asia (con.) 9 Com. of Sydney ft 4 11 ft New South Wales . o L 0 4 New Zealand . . Ditto (D Mort.) .. 1 9 ft 3 5 Union of Aust. .. . INSURANCES— 13 16 0 4 14 11 A.P.A 0 10 4 19 11 National 0 South British . . . . 6 New Zealand . . . . 7 6 17 2 United 1 ') 8 0 Queensland 3 LOAN AND AGENCY— 4 3 3 17 10 Dalgety and Co. . . 6 5 12 5 National Mort. 4 8 6 13 0 Uoldsbrough. Mort. 10 4 5 19 2 N.Z. Guar. Corp. .. SHIPPING— 0 10 0 6 13 4 Howard Smith I 4 0 6 5 0 Devon port Ferry . . 1 0 10 5 Huddart-Parker 4 8 4 Northern Steam GAS— 0 14 4 8 1 1.0 Auckland COAL— 1 4 5 6 11 l Grey Valley . . Westport-Stock ton 1 3 4 5 2 10 (ord.) 0 Westport :i 1 8 3 Taupiri BREWERIES— 1 6 U 16 10 New Zealand . . 19 6 Timaru (5s pd.) X 6 Staples 8 2 11 W ard 1 13 Dunedin l 1ft 0 Carlton MISCELL A NFHUS— Beath and Co. 6 17 11 (Is paid) 0 8 Ditto (ord.) . . .. l 11 ft 7 0 British Tobacco . . . Milne and Ohoyce 2 9 0 4 9 10 i 6 9 19 S Aust. Iron & Steel l 1 18 ft Vic. Nyanza Sugar. 4i ft 12 3 Gear Meat ft 4 S 0 4 Henry Jones 1 4 17 2 Wilsons Cement ft 15 3 Hayward’s Pictures L ft 17 9 N.Z. Paper Mills . . 19 8 ft 12 2 < ’olonial Sugar 58 b 5 Tift Dunlop Rub**"!' 1 3 (pref.) 1 lfi 6 1ft 7 Farmers’ Trading .. ft 8 6 N.Z. Drug ♦MINING— 3 b 0 ° 5 3 Mount Lye 11 Kildare Winding Creek 2 Mahakipawa Waihi Junction DEBENTURES — N.Z. Tns. Stk.. 193 6. 101 99 10 7 10 Ditto. 1939. 41 p.c. 99 Auck. Harbour Board. 1 o 0 4 101 10 ♦No attempt is made return on mining scrip. to work ut the