REFLECTIONS ON CHANGE

Sun (Auckland), Volume III, Issue 711, 10 July 1929, Page 10

REFLECTIONS ON CHANGE

N.Z. MARKETS REVIEWED HEALTHY TONE RECORDED Bv "XOON CALL. ' While all overseas’ financial circles reflect a rather depressed tone, conditions in New Zealand continue to be most satisfactory. Healthy trading has been transacted on New Zealand ’Changes over the week. With, the exception of minor out- j bursts in the South, particularly in Christchurch, the speculative element j continues to be held well in check, | and transactions over the week have | been confined principally to revenue- \ returning stocks. Sound industrials j are receiving a fair share of atten- ; tion, but there is no tendency at the i moment to force the market to new I high levels in any direction. The trend is rather for the search for profitable investments to spread over a wider range, embracing shares in companies which, leaving a period of bad times behind them, give indications of increasing profits, and consequently bigger disbursements to shareholders. Influence of Australian Market The depressed condition of the market across the Tasman continues to be reflected by the prices for Australian stocks. Even the market for Australian banks is suffering, and has shown an easier tone over the past fortnight or so. In some instances, there is much reason for the contention that it is not before time, as the market for most bank shares had been forced to levels upon which it was hard to see a prospect of satisfactory return. Commercials of Australia appear to have suffered most for the least reason, but holders of this scrip have little to fear as, even at the comparatively high price of a few weeks ago, the immediate return was well ahead of that of most other banks. Xationals of Australasia are proving an exception, and meeting with a free sale at recent prices. The market for both issues allows a return of slightly over £5 per cent; on a comparative basis the scrip has undoubted attractions. Better Tone In Mining Group Slightly more interest has been taken in the mining group over the past few days. The market is again beginning to look for something from the Ohinemuri Company, which expects to commence crushing at an early date. Apart from that, it is still carrying out development work, and hopes are that it may lead to something good. Waihis also have a brighter tone, the June weakness having been counteracted by the fact that the company’s assets are somewhat in the vicinity of the present market price. There is also the faith of a wide circle of investors in the possibility of yet another rich find on the company’s property before the mine peters out, Gilt-Edge Market - Very Firm The gilt-edge market is very firm, with the 4i per cent, free-of-income-tax bonds and stocks selling freely at par. Local body debentures have been changing hands freely, particularly in the South, on a market, if anything, slightly in advance of June prices. One way of explaining part of the strength of the market is to point to the fact that the primary industries section will be making only nominal calls on the banks at this time of the year, and that money which otherwise would go to help industry along is being placed temporarily in gilt-edge avenues so as to bring in at least i some grist to the various mills. Un- ! doubtedly this must be one of the I factors which is helping to strengthen | the market. | Return On Investment ! Below is a summary of sales made J on New Zealand Exchanges during the i week ended July 9, giving the approximate return on investment based on the latest dividend. In the case of Government and local body debentures, the return includes redemption. Latest Approx. Price. Return. £ s d. £ s. d. BANKS—

Au st. of Commerce 1 16 4 4 8 Adelaide 10 0 0 Com. of Australia .. 1 0 6 Com. of Sydney .. 27 2 6 4 13 0 Eng., Scot. & Aust. 8 9 9 4 8 National of N.Z. . . 3 fi 4 17 4 Nat. of Australasia 19 15 0 1 Ditto (con.) .. .. 9 15 0 New South Wales . 51 10 0 4 17 New Zealand . . . . 1 0 4 14 ft Ditto D (mort.) .. 1 S 3 Union of Aust. 15 14 6 •1 11 •1 INSURANCES— A.P.A ft 12 3 4 1 National 0 16 4 4 11 10 New Zealand . . . . 2 8 9 3 South British .. 3 S 3 3 13 3 LOAN AND AGENCY— Dalgety and Co. .. 15 3 r» 5 Goldsbrough. Mort . 8 ft 6 0 N.Z. Guar. Corp. 0 9 10 Loan and Merc. 128 0 0 Canterbury Meat .. 8 12 6 6 19 COAL — Grey Valley .. 1 3 6 R ? Renown 0 15 4 Taupiri 1 7 0 "Westport 1 13 6 15 4 Westport-Stockton . GAS— 0 3 3 — Auckland 1 4 6 6 to Christchurch 1 7 « Gisborne .. 0 11 0 9 1 10 SHIPPING— Devonport Steam .. 1 2 6 Huddart-Parker 2 5 6 Northern Steam .. TIMBER— 0 14 9 17 Bartholomew 1 0 6 7 Kauri 0 IS 0 4 4 WOOLLENS— Kaiapoi .. n 13 n „ Ditto (con.) . . . . 4 7 4 W ellington BREWERIES— 7 5 0 6 17 11 White Star o New Zealand . . Staples 2 15 0 10 Tooths Timaru (os paid) .. MISCELLANEOUS— 0 S 7 16 6 Deaths (Is paid) .. f, o 5 Australian Glass . . 15 0 •4 British Tobacco S 5 Burns, Philp V. Colonial Sugar .. . . 15 0 Dunlop Rubber .. .. 1 S Electrolytic Zinc 1 16 0 13 4 Ditto (prof.) 1 17 0 6 9 9 farmers Trading ft S 0 10 0 0 Gear Meat Haywards’ Pictures 0 19 3 Henry Jones . . .. 1 15 0 14 N.Z. Drug Milne and Choyce 3 14 9 3 7 0 (deb.) 1 6 9 19 s Farmers’ Fort 1 N.Z. Paper Mills . 1 0 3 8 N.Z. Refrigerating . 0 16 6 6 13 Sanfords, Ltd 0 IS 3 13 5 N.Z. Farmers' Co-op. (10s paid) 0 2 6 Ditto A (pref.) .. jDEBENTURES— Christchurch City, 9 0 6 19 0 ! 1944, Vj n.o ; Christchurch Trams, 93 10 0 * 2 8 ; 1934, 5h p c Nth. Canterbury llos 101 0 0 5 4 ! Board, 1940, 5if p.c. , Timaru Har. Board, 103 0 0 7 7 ! 1936, 5 p.c 1 Dunedin Fire Bri.. 97 10 0 b S 10 ..1944. 4 h P-c ss 0 0 .1 4 ! N.Z. Breweries Makerua Drain. Bd 1 6 Ah — 1946. 6 p.c 103 10 U 13 N.Z. War Loan, ! 1938. 4 h P-c J 00 4 1ft Ditto. J9o?. 4, P-c. 0 0 N.Z. Inscribed 100 0 •* 4 10 ft 1 Ditto. 1933, r • 1 t Ditto, 1036, ct p.c. 121 12 6 * 4 5 _