A HEALTHIER TONE

Sun (Auckland), Volume III, Issue 925, 19 March 1930, Page 10

A HEALTHIER TONE

MARKET ON CHANGE MANY ATTRACTIVE BUYS ( By *• NOON CALL ' ) After many weeks of depression, during which even the majority of the stockbrokers could see little that was bright or tending in any way to throw an optimistic light on the investment outlook, there is a decidedly better tone on ’Change. This is particularly the case in respect to .the market for Australian stocks. Although there has been little actual change in prices, there have been a number of factors which tend to aid the general economic trend toward a change for the better. Firstly, the Sydney Stock Exchange has closed down on the operations of the “bears”; secondly, the Labour position appears brighter across the Tasman; thirdly, there has been a general adjustment of outlook in respect to expenditure, public and private, over the past three months, both in Australia and New Zealand, and this is helping to bring about a healthier financial position. The market for primary produce lias shown no real change. The wool season will close in New Zealand with a big percentage of the clip held back, either in the farmers’ sheds or in the hands of speculators who are reported to have been operating fairly extensively throughout the North Island; considerable interest has been shown in respect to prices at London series which opened yesterday (Tuesday). The dairy produce market continues weak with even the importing Tooley Street merchants very much in the dark and unable to give any reliable forecast as to near-future trends.

In spite of all this, however, the posiition is ver- far removed from that of 1921, when butter dropped to 126 son the London market; when good wool hardly cleared handling charge, and farmers, in many instances, even received debit notes on account of beef handled on their account for export. The position at the moment could be much worse; there are decided indications that the remedial measures taken by the banks will do much to right the position and that well-man-aged financial and industrial concerns must turn/out quite satisfactory from the investor’s point of view. Several local stocks may see lower prices in the near future as many have not yet come back to the true market level. Shares in many of the well-managed industrial and financial concerns showing solid reserves and connections built up over a long period of years, however, have a big appeal to the longsighted investor at the moment, in spite of much of the unwarranted pessimistic talk which is always so prevalent at times such as these. Mount Lyells, offering a return of approximately 3 per cent, on investment, Bank of New South Wales, offering 5 per cent., Dalgetys, offering 71, Commercial Banks, 6£, and several others, all offering, in addition, prospects of a substantial rise in the market when the- present depression lifts, make a very attractive spread in which risk of loss would be practically negligible At the moment it seems that the general body of investors has little confidence in the market and any money which is being placed in investments in any quantity is going into Government securities. THE WEEK’S INVESTMENTS Below is a summary of the latest sales made on New Zealand ’Changes over the week ended March 18, giving the approximate return on investment based on the latest dividend: Latest Approx. Price. Return. £ s. cl. £ s. d. BANKS—

j Ditto, 1936, 5i p.c. 99 5 0 513 0 TAUMARUNUI STOCK SALE TAUMARUNUI, Tuesday. Sheep were again yarded in large numbers at this week’s sale, but other j classes of stock were not much in evi- ! dence. | The following prices ruled for the j most prominent lines: I Pigs.—Empty sow, 20s: porkers, 35s i 6d to 365; stores, 19s to 275; weaners ; 12s to 16s. i Slfeep.—Fat sheep. 25s 6d; m.a. , wethers, 12s 3d to 19s 3d: two-tooth wethers. 20s 2d to 21s 6d: small m.a. I ewes. 14s to 18s: good m.a. ewes, 22s i Gd; four and five-year-old ewes,’ 16s : 9d to 17s Gd: four-year-old ewes, 21s; j b«3Pt two tooth ewes. 24s Id to 245~9d: ! otlter two-tooth ewes, to 22s Id: old j ewes, 9s 6d to 12s 6d: good wether ; lambs, 14s: small wether lambs, 12s 9d ;ewe lambs, 14s 7d to 15s. ! Only a few cattle were yarded, and ; sold at market rates.

1 5 1 n 11 7 Adelaide 2 0 Australasia 12 6 Com. of Australia .. 1 15 Ditto (new issue, 5s paid) 0 6 6 Ditto (pref.) 10 Com. of Sydney .. 21 0 0 19 0 Eng., Scot. & Aust. 0 18 1 National of N.Z. .. 19 New South Wales. 39 17 0 New Zealand . . . . lb 1 Union of Aust. 12 0 0 INSURANCE — New Zealand .. .. 2 3 9 4 3 10 South British .. .. 3 1 0 -4 4 8 LOAN AND AGENCY— Dalgety and Co. .. 11 4 0 7 IT 9 Goldsbrough, Mort.. 1 12 0 9 7 6 N.Z. Guar. Corp. . . 0 8 4 S 0 0 N. Auck. Farmers’ Co-op. (ord.) 0 2 6 — COAL— Renown (pref.) 0 3 0 — GAS— Auckland 1 3 7 5 Ditto (con.) .. .. 0 17 0 7 Birkenhead and Northed e 0 12 <1 Christchurch (con.) 0 12 9 6 5 6 SHIPPING— Huddart-Parker 1 15 6 5 12 S Northern Steam .. 0 1-4 0 8 o 0 BREWERIES— N.Z. Breweries 4 3 6 3 12 r, Carlton 1 18 3 7 6 5 MISCELLANEOUS - British Tobacco ... o O Colonial Sugar .. 43 17 6 r; D.I.C. (pref.) .. .. 1 1 Donaghy’s Rope . . 1 14 1 5 Dunlop-Perdriau 0 18 Electrolytic Zinc (ord.) 1 6 9 Ditto (pref.) .. .. 1 6 0 9 Farmers* Trading .. 0 8 6 Gear Meat 1 18 0 IS Hayward’s Pictures 15 0 Holden's Motors 0 14 11 Milne and Choyce (deb. stock) .. .. :t 7 Mount Lyell .1 13 11 N.Z. farmers’ Fert. l 0 0 8 N.Z. Refrigerating (con.) 0 1 Wairakei. Ltd. 0 YV ilsons Cement .. 1 IS 9 DEBENTURES— Auck. Har. Board, 1941, C p.c 102 10 0 5 13 S GOVERNMENT BONDS War Loan, 103:), 5 h 99 3 G 5 7 Ditto, 1936, 5i p.c. 99 b 0 5 13 0 | INSCRIBED STOCK War Loan, 1927-41, »A P-c. 10 0 5 3 3 5