REFLECTIONS ON CHANGE

Sun (Auckland), Volume III, Issue 807, 30 October 1929, Page 10

REFLECTIONS ON CHANGE

A DULL MARKET INFLUENCES FROM OVERSEAS B.V XOOX CALL Th.e past week has been the dullest o. a very dull period in Xew Zealand Stoek Exchange circles. The volume of business has not been large, and any tendency of the market has been to lower price levels. Although last week's crash on the Xew York market was more or less expected, it has not helped matters or. tms side of the world, tending rather to accentuate the fact that conditions in -i.e vtoriels financial centres are not the brightest and that markets in New Zealand and Australia must react in sympathy. One of the brightest features as far as Xew Zealand and Australian Stock Exchange circles are concerned is the slightly better tone in the market for wool. Ifeports from both Australia and Bradford indicate that bedrock has been reached meantime, and that any movement in the near future will be toward higher levels. Too much can not be expected, but the outlook is such that it does not warrant much of the pessimistic talk heard in munv quarters today. The New Zealand grazier will be better able to, judge lv prospects for the season in a fortnight s time after the opening of the first sale in "Wellington. It certainly seems that the banking group is reacting more than is realiv warranted to the possibility of financial stringency. There is little doubt that the aggregate return for New Zealand's and Australia’s market produce will show a reduction over the coming season, but it must be remembered that the associated banks as a whole are a cautious crowd and, while losses will be kept at a minimum, income from advances will tend to increase, levelling up any tendency toward lower profits. Undoubtedly, the level of prices in the banking group was too high; now the tendency is toward the other extreme, however. There is little strength in the market, sustained selling pressure pushing toward lower levels, and resulting in further falls during the The loan and agency group is lifeless. and although there has not been much change in prices, there is little buying strength, the market as far as this section is concerned adopting a wait-and-see policy.

Coals continue to contribute practically the only brightness to an otherwise dull market. Most of the better class shares meet with a steady demand, shares in Waikato firms being specially favoured, and all registering a firm to rising tendency. The slight weakness of Pukemiros of a week or so ago has disappeared and with steady buyers. sellers are hard to locate. Renowns, with the company now well into its second profit-making season, are very firm, and indications are not wanting to point to a slight advance in this market in the near future. The miscellaneous group continues J lifeless, with few shares changing i hands. | Mining shows a little more activity, ; but any movement i 3 only the result of mild speculative inquiry. There is little sustained interest shown in any shares in the group. Waihis are showing their customary firmness approaching a dividend. i The buying strength of the gilt-edge : section continues to show a gradual j easing. There has not been any outJ standings change in prices, but business ! has been restricted, and it seems that ; the slight move toward lower prices ! predicted some time ago is not far off. Return on Investment ; Below is a summary of the latest sales made on New Zealand Exchanges during the week ended October 29, 1929, giving the approximate return on , investment based on the latest divij 'lend. In the case o,f Government and ' local body debentures- the return in- ' eludes redemption.

Late St Approx. Price. Return. BANKS— 1. ,e d. Adelaide l Australasia 13 1.. 0 1 10 Com. of Australia . . 12 Com. of Sydney 24 l Nat. of N.Z 6 14 0 4 6 Nat. of Australasia (con.) 9 1 0 10 New South Wales . 48 0 New Zealand . . . . 1 i Union of Australia 14 10 0 2 ° INSURANCE — National .. .. .. 0 16 5 6 1 New Zealand .. 6 3 19 S South British .. .. 5 6 18 10 Standard ‘2 •1 6 2 17 6 LOAN AND AGENCY— Dalgety and Co. .. 3 19 6 6 3 8 Farmers’ Co-op Auc. 0 0 10 0 Ditto B (pret.) n 17 6 6 17 Goldsbrough, Mort 2 2 6 18 11 COAL— Pukemiro 3 10 0 10 0 0 Renown 0 3 6 6 Taupiri ~J 10 0 6 13 4 Westport .. .. 1 li 2 6 1 1 5 GAS — Auckland 1 4 o « f* 4 Ditto (con.) r» 18 1 6 32 8 Christchurch .. .. 0 33 2 6 1 6 SHIPPING— Devonport Steam i 2 a 6 ! 6 4: Huddart-Parker - 6 4 11 11 1 WOOLLEN ✓ 1 Kaiapoi 0 13 9 4 IS 11 BREWERIES— | *N.Z. Breweries 4 S n White Star 0 10 6 — .MISCELLANEOUSBritish Tobacco »» 4 - Colonial Sugar 3 4 5 Electrolytic Zinc. (ord.) 1 1 4 Ditto (prof.) .. .. 1 14 0 (> IS 1 Gear Meat 4 0 Hayward's Pictures 0 1 s 0 10 0 0 Hill and Plummer 1 6 N.Z. Paper Mills 1 1 1 l 6 0 N'.Z. Refrigr. (con.) 0 11 8 9 0 Smith and Smith n 19 6 3 1 A ietoria Nyanza Sug 6 IS W ilsons Cement 2 2 2 4 14 8 , DEBENTURES— Thames Harb. Bd., 1C»40, 103 10 0 11 Christchurch Drain Bd.. 1973, 5J p.c. 100 10 0 5 9 V N.Z. Breweries. 1 8 9 N.Z. Farmers' Co-op. of Canterbury 92 10 0 6 GOVERNMENT BONDS War Loan. 1933, 51 . 101 o n S 4 4 Ditto, 1936. 51 101 0 * 2 7 1 NSCR1BED STOC K War Loan. 193$, 41 .100 * 4 r, Ditto. 1933, 51 301 it n 4 4 Ditto, 1933, 6 100 0 0 6 0 0 * We do not give the re N.Z. Breweries owing to the nstt which is to take pla this co m pa nyv « apital in the near futu; e.