REFLECTIONS ON CHANGE

Sun (Auckland), Volume III, Issue 723, 24 July 1929, Page 10

REFLECTIONS ON CHANGE

N.Z. MARKET REVIEWED HEALTHY TRADING CONTINUES BX "NOON CALL,.” Little change in the financial out* ! look has been registered cn New Zealand Exchanges over the past week. Steady trading in tested securities has been recorded on a very firm market. r J'HE spread of sales was not quite so wide as during the previous week, but, nevertheless, the actual aggregate turnover shows little difference in volume. The market, generally, continues in good tone, with ample funds coming forward for investment. The speculative element continues to keep well in the background, with the greater weight of the buying strength coming from a section willing to consider only tested securities. The gilt-edge market holds particularly firm with sellers hard to locate on present levels. Buyers can be found for all classes of local body and Government debentures on levels which allow for a return ranging from little over 5 per cent, up to approximately per cent., according to the date of maturity and the class of debenture; Government debentures sell at a slight premium over local body bonds. Heavy Tradings in N.Z. Breweries Exceptionally heavy trading has been recorded in New Zealand Brewery shares, sales taking place on a market which opened at 80s at the beginning of the period under review, and closed with sales in the South yesterday at up at 85s 6d, a new peak level for this scrip. It is interesting to remember at this juncture that New Zealand Breweries shares were selling at 43s 6d during July of last year. With one or two ! temporary setbacks, the market has registered a steady rising tendency over the period. Avenues for Investment A statement by the chairman of the Auckland Harbour Board, Mr. M. H. Wynyard, to the effect that people were holding back from investment channels owing to a lack of facilities for assessing the prospects of new flotations made during the week received some publicity. He stated that lfcttle money was being invested: further* he advocated the setting up of a committee of businessmen with a view to investigating all investment schemes as they came on the market and to give its approval or otherwise of such concerns. Mr. Wynyard has only to look to the comparatively heavy trading on the New Zealand Exchanges over the past few months, and accept the fact of the large numbers of new flotations which have been negotiated recently, to find rebuttal to his first contention. Secondly, the Stock Exchange, composed of men who make company finance their profession, is open to investigate the position and prospects of companies which are prepared to apply for listing on the open market. As conditions are now, any committee which sets itself out to make an unbiased and considered statement on every proposition offered to the public would be subjected to more kicks than any committee would be prepared to suffer. The investor has his option. Highlyprofitable securities are to be found by the man who is prepared to study listed securities under the guidance of members of the Exchange. Heavier Trading in Industrials A considerably wider range of industrials is coming in for daily consideration at the moment, indicating a rising confidence in the New Zealand industrial outlook. Most profit-earning scrip in the group meets with a very steady demand on a firm market. Profit-takers have been able to pick up most satisfactory margins on several shares in the group during the past month or so. Return on Investment Below is a summary of sales made on New Zealand ’Changes over the week ended July 23, 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 made: Latest Approx. Price. Return. £sd £ s d

BANKS— Australasian .. . 14 1 Com. of Aust. . . . 0 Eng:., Scot., & Aust s 9 4 S Nat. of N.Z. .. . 0 0 Nat. of ’Asia. 19 17 0 Ditto (con.) .. . 9 18 6 New South Wales. hL 15 0 New Zealand .. 1 0 Union of Aust. .. . 15 11 9 4 1G INSURANCES— National 0 0 New Zealand .. . 2 7 10?i South British .. . 3 S 0 3 1G LOAN AND AGENCY— Goldsbrough Mort . 2 6 10 « 8 N.Z. Guar. Corp, .. 0 9 7 4 "Wellington Meat (pref.) 1 1 0 7 12 "W ellington Deposit and Mort 0 11 0 6 7 COAL— Grey Valley l 4 0 Renown (pref.; 0 0 Taupiri 1 8 7 0 4 V\ estport J. 1.2 9 6 17 5 GAS— Auckland .. ., . 1 4 10 Ditto (con.) .. . o IS Christchurch .. . l 7 1 5 IS SHIPPING— Huddart-Parker _ Northern Steam . 0 14 6 S 6 0 TIMBERS— Kauri 0 IS 4 4 1 10 WOOLLENS— Kaiapoi 0 14 0 9 Ditto (con.) .. . 0 4 9 W ellington 7 6 0 6 17 0 BREWERIES— New Zealand .. .. 4 staples . . Tooths 3 4 6 3 17 G MISCELLANEOUS— Australian Glass .. Beaths (Is pd.) .. 0 9 British Tobacco ... S Colonial Sugar .. . . 10 0 Dunlop Rubber 1 9 Electrolytic Zinc .. 1 10 Ditto (pref.) .. .. 1 1 8 0 G 6 Hoyts (A pref.) . . Gear Meat 0 N.Z. Drug 16 6 5 4 N.Z. Farm. Fert. .. 1 4 G 10 N.Z. Farm. Co-op. (B pref.) o 6 Ditto (£2 10s pd.) 1 0 0 Nat. Electric 0 9 N.Z. Refrig. .. .. 0 16 4 6 2 Ditto (con.) .. .. 0 Quill Morris .. .. 0 L7 6 Robinson s Ice Cream 1 o Sanford. Ltd 0 X Taranaki Oil .. 0 Victoria Xyanza Sugar 6 S 6 8 V hitcombe & Tombs 4 1 Wilsons Cement .. 2 4 6 4 9 11 DEBENTURES— Well. H.B., 1940, oh pc 101 0 0 1 1 N.Z. Breweries 1 9 0 N.Z. W ar Loan, 193 101 6 - , 1 N.Z. Ins. Stk., 103S. 100 0 0 Ditto, 1939, 4i p.c. 100 0 Ditto, 1933, 5£ p.c. 99 5 0 5 6 Ditto, 1933. 5’< p.c. 101 .0 0 N.Z. Farmers’ Co-op 1910, t>i p.c. .. ... '91 « V i lo 0