REFLECTIONS ON CHANGE

Sun (Auckland), Volume III, Issue 717, 17 July 1929, Page 10

REFLECTIONS ON CHANGE

N.Z. MOVEMENTS REVIEWED A HEALTHY TONE By •'NOON CALL” A very firm tone continues to be recorded on New Zealand ’Changes, and ample funds are available for investment. A healthy volume of business has been recorded over the past week. Financial conditions, generally, throughout the Dominion reflect a healthy tone, with the gilt-edge market holding very firm. Four and a-haif per cent, free of income tax Government loans meet a ready market at par, while taxable Government and local body bonds are very hard to secure, buyers’ offers being on levels which set the average interest rate definitely at slightly under 5s per cent., when transfer and commission charges are taken :into consideration. One of the influences helping to bring this about is the fact, that many of the local bodies throughout the Dominion have met all their loan requirements for the coming year, thus limiting the scope for fresh investors in this field. In the industrial field the same trend is noticeable. There is a number of comparatively small flotations on the market at the moment, but nothing of any magnitude possessing special attractions which would draw heavily on funds going into everyday Stock Exchange investment channels. There is a growing section of the investing public which requires something with outstanding attractions to make it place money out-< side the sphere recommended by listed brokers. Banks and Insurances Firm Banks and insurances continue to attract a fair share of attention, healthy business being recorded in these groups over the week, mostly at very firm prices. New* Zealand Insurance has been practically the only scrip to suffer a market setback during the period, buyers easing from sales at 48s 9d to offers of 475. The main reason for this is not hard to arrive at. The market had been looking forward to an increase in the dividend rate of Id a share, also to a further distribution of reserves toward the writing up of capital account. No mention was made of this when the directors announced the rate of the final dividend the other day. The company's balance sheet is looked forward to with considerable interest. Loan and agency shares are not as popular as at the corresponding period of last year, the market, to a certain extent, not being prepared to rely too much on the near future position for primary produce, particularly wool. Breweries Continue to Attract Interest The market for New' Zealand Breweries continues to attract a considerable amount of interest, and • the shares have been active over the week at up to 80s, the turnover being particularly heavy in the South. Other brewery shares' have been quiet and are for the most part strongly held, with sellers not prepared to come on tne market at the moment. Interest in the miscellaneous group is comparatively widespread, and. despite apparent high prices for certain stocks, the group offers-several tions, and a number of rises have been recorded over the week in the market for scrip which indicates increased dividends and other disbursements to shareholders In the near future. Return on Investment Below is a summary of sales made on New Zealarjd Exchanges during the week ended July 3 6, giving the approximate return on investment, based on the latest dividend. In the first column is the price at which the latest sale was made: Late s't -nA pprox.

yNo attempt is made to work out the return on profit-earning mining scrip, which is included in these columns merely for record purposes.

Pric e. R eturn. BANKS— £ s. d. £ s. d. A ust. of Commerce 1 16 4 4 8 1 14 14 ft 4 15 Commercial 1 1ft 1 4 19 Ditto (pref.) -- 7 10 0 Com. of Sydney . . 27 6 13 Eng., Scot., & Aus. 8 9 S 4 National of N.Z. 7 19 16 Ditto (con.) .. .. 9 16 0 5 New Sontli Wales . . 51 10 New Zealand . . . . 3 6 Ditto (D mort.) . 1 Union of Australia 15 14 IN SUR AN C E— A.P.A 0 16 4 12 4 Queensland 3 4 ft 1. South British .. .. 3 S 3 *> ft FINANCIAL — Dalgety and Co. . . 15 5 ft 5 11 5 Goldsbrough, Mort . 6 6 11 N.Z. Guar. Corp. . 0 9 Farmers’ Co-op. (10s paid) Ditto (A pref.) .. Equitable Building . s 10 0 S COAL— Pukemiro 6 6 10 1ft 6 Westport i 12 9 ft GAS— Auckland 1 4 9 6 D 11. Ditto (con.) . . . . 0 IS 5 6 Christchurch .. .. 1 4 Gisborne 0 13 0 ‘ 11 SHIPPING — Howard Smith .... 1 3 ft 6 10 5 Northern Steam 0 14 10 16 Union Steam (pref.) 1 1 5 ft 9 ft WOOLLENS— Kaiapoi 0 14 2 3 12 ft Ditto (con.) .. .. Ditto (pref.) .. .. ft 16 ft 6 7 Wellington 7 ft 6 G BREWERIES — Timaru (5s paid) . 0 s 5 — New Zealand . . 4 ft 15 Staples 2 13 0 4 14 4 MISCELLANEOUS— Auck. Amuse. Park 0 1 0 — Beath and Co. (Is paid) 0 9 6 -— British Tobacco 8 Burns, Philp .. 4 1 Colonial Sugar .. .. 15 4 Dunlop Rubber .. .. 1 7 4 Electrolytic Zinc .. 1 16 6 11 Ditto (pref.) .. .. 1 17 Farmers’ Trading \ 0 1ft 0 Fuller's Pictures . . J 9 Gear Meat 4 1 Hayward's Pictures 19 4 7 Kcmpthorne-Prosser N.Z. Drug 15 X.Z. Farmers’ Fert. 1 6 (j 1 6 2 N.Z. Refrig, (con.) 0 t 7 6 11 9 Robinson s Ice Cream 1 6 S 10 Sanford. Ltd IS Bharland and Co. .. 1 1 0 Taranaki Oils . . . . Victoria Nyanssa Sugi 10 6 Wellington Meat (pref.) 1 1 Hoyts (A pref.) .. - — t MINING — Ohinemuri .. .. -. ft S 9 — Waihi Winding Creek .... 0 Mount Lyell Kuala Kampar Tin 0 — DEBENTURES — p.c., 1934 100 0 5 10 Christchurch City, 41 p.c., 1944 .. .. 93 10 0 N.Z. Breweries 1 N.Z. War Loan, 1938, 100 0 0 4 10 Ditto, 1933 5i p.c. 101 10 0 i* 1 6 N.Z. Inscribed Stock, 1938, p.c 100 0 Ditto. 1939, 41 p.c. 100 0 0 4 10 0 Ditto, 1933, 5* p.c. 101 Ditto, 1932, 5i p.c. 12 6 5 '* 10