OUTLOOK ON CHANGE

Sun (Auckland), Volume III, Issue 919, 12 March 1930, Page 10

OUTLOOK ON CHANGE

TOO MUCH PESSIMISM LIMITED SHARE DEALINGS By Noon Call'’ Optimism might be a forgotten trait for all the trace of it to be found in investment circles today; gloom might well be the keynote of most investment transactions for the isolated efforts to sustain prices are proving tinavaiJing against the bearish influences which are emanating mostly from the Australian side of the Tasman. Actual investment business in anything outside of gilt-edge securities is almost negligible. It is ever the way; the financial pendulum never falters in- its swing; an extreme of high prices is always followed by an extreme of low prices, and someone has to suffer in the process. The position is always accentuated by the sheep-like tendencies of the crowd which can always be depended on to think generally as one; thus, while all cried high prices and basked in an atmosphere of self-exuded optimism this time last year, they look only to the moment today and can see nothing but gloom and talk nothing but pessimism. Pew genuine buyers are operating on the New Zealand market. and the saving factor seems to be the big body of investors which, although showing heavy losses on paper, has sufficient faith to know that much of these will be recovered when the turn comes, as it eventually must, however great the delay. EVENTS OF THE WEEK The week just passed has had its now common-place quota of gloom germs. The butter market in London has shown a further weakening, following on heavy arrivals from Australia and New Zealand; a similar trend has been noticed in the frozen mutton and lamb market; wool has faltered in its move toward better prices and a slight decline was shown in the Christchurch sale in spit© of the heavy reduction on normal offerings. In Australia the financial position has been accentuated by a combination of events and, apart from a further increase in exchange rates, there is a tendency to close down on any transfers of money from that country except in cases of extreme urgency. An inability to settle labour troubles continues to be one of the Commonwealth’s biggest problems and, generally, the job of setting its house in order seems to be one that will cause many heart-burnings before all is well again and normal trading conditions prevail. Australia, as New Zealand, despite much political blundering, is fundamentally sound and rich in resources; this will carry her through. When the clouds of the present depression pass away, industry generally should be oh a much sounder basis. One of' the biggest financial houses «n Australia, Messrs. J. B. Were and Sons, of Melbourne, even admit that the turn is not far away. This firm has been spreading gloom throughout financial circles per the medium of a weekly review for many months, but in a prospectus for an investment trust which it is now forming makes a good argument in favour of buying on present markets. THE WEEK'S INVESTMENTS Below is a summary of sales made on New' Zealand Exchanges during the week ended March 11, giving the approximate return on investment based on the latest dividend: £ s. d. £ s. d. BANKS—

Aust. of Commerce . 1 4 10 12 10 Australasia 12 0 5 15 8 Com. of Australia . . 1 1 s 18 6 Ditto (pref) 6 9 0 ft 4 0 Com. of Sydney 21 0 17 8 Eng., Scot. Aust. 0 10 0 b 15 b National of N.Z. . . ft ft 1 ft 8 Nat. of Australasia . 15 ft 0 6 13 4 Ditto (con.) 7 5 ft ft 17 10 New South Wales . 40 ft ft 0 0 New Zealand . . . . 16 11 5 0 9 Union of Australia .. 12 1 0 5 3 9 INSURANCE— A.P.A 0 6 10 3 13 2 National 0 14 3 5 b 3 New Zealand .... 2 LOAN AND AGENCY— 4 0 4 3 4 Dalgety and Co. .. 11 7 6 7 9 5 Goldsbrough, Mort . 1 10 11 9 14 1 N.Z. Guarantee Corp. 0 8 6 7 16 10 COAL— Grey Valley Coal . 1 ft 7 6 0 4 Westport .. ... .. GAS— 1 10 6 6 11 2 Auckland 1 8 6 15 3 Ditto (con.) .. .. 0 1 < 0 7 1 Christchurch . . . . 1 0 6 1 Ditto (con.) .. .. 0 12 G 6 8 0 TIMBER— Leyland-O’ Brien BREWERIES— 1 8 6 5 36 11 N.Z. Breweries .. .. 4 0 3 13 Tooth’s White Star 1 0 3 6 15 9 6 17 11 MISCELLANEOUS— British Tobacco 2 2 1 5 14 1 Colonial Sugar .. .. 44 0 0 5 13 V Donaghy’s Rope 1 14 0 5 17 s Dunlop Perdriau Electrolytic Zinc 0 17 6 11 8 (ord.) 1 9 5 Ditto (pref) .. .. 1 9 S Gear Meat 1 18 17 Hamilton Theatres . Milne and Choyce 0 lb 11 16 deb. stock . . .. 1 17 1 12 6 N.Z. Paper Mills N.Z. Refrigerating- . . Ditto (con.) .. .. 0 0 19 12 6 0 6 13 Whit. Stevensons 2 0 0 Wilsons Cement . - 1 DEBENTURES— Auck. Harbour Board, IS 9 1945, 53 p.c. .100 10 0 Ditto, 1941, 6 p.c. Bor. Hamilton, 1935, 102 0 0 ° 14 11 5a per' cen.t Bor. ML Albert, 1950 9S ° b 6 per cent 102 0 b 5!| per cent N.Z. Farmers’ Co-op, 100 0 0 1940, 6* p.c S7 GOVERNMENT BONDS 0 War Loan, 1933, 51 1 NSCRIBED STOCK99 5 0 5 15 8 War Loan, 1936, 51 99 °