With Investors On the Change

Sun (Auckland), Volume I, Issue 137, 31 August 1927, Page 2

With Investors On the Change

THE WEEK REVIEWED DEMAND FOR BANKS Money available for investment appears restricted, and the speculative element is practically non-existent on the ’Change. The distribution taking place this week of nearly £500,000 to suppliers of the New Zealand Co-operative Dairy Company, Ltd., as a final payment for last season’s output, however, in addition to the usual monthly cheque, is bound to be reflected on the Auckland ’Change, and in business generally, and its effect should be noticeable in the near future. The past week has been one of little business. All markets are quiet, and sales have been limited. The demand is chiefly for the better class of dividendbearing shares. Mining has been practically neglected, and any tendency of the market is downward. The present outlook gives little encouragement for investment in any class of shares in this section. Alburnias have sold on a weakening market, falling to see 2s lOd at mid-day yesterday. Moanataiaris are idle with buyers at 2s. A brighter future is indicated for these shares however, by forward quotations 5d ahead of this figure. Waihis remain firm at late quotations. Banks have proved the principal attractions over the week. and frequent sales have been recorded in all centres. Commercials have been dealt with at 27s lOd, Unions at £ls, ’Asias at £8 11s, Commercial (pref.) at £6 17s, New Zealands at 58s 3d, National of New Zealand at £6 15s 6d. The insurance section is quiet, though South British are slightly firmer. One sale of New Zealand was recorded on the Auckland 'Change on Friday at £2. South British were dealt with on Saturday at £2 ISs. Loan and finance shares have commanded little attention, Christchurch being the principal market- Guarantee Corp. were dealt with at from 9s to 9s 3d. Mercantile Finance Corp. (5s paid, cum div.) at 2s 7d, Goldsbrough, Mort 45s 3d, N.Z. Farmers’ Co-op. (first pref.) 565. Coals continue to stand well in investors’ favour, and the market for most shares is firm. Waipas reached their zenith for the week on Friday, when a parcel was dealt with at 15s 6d, the market receding slightly during the last day or so to see buyers in at 15s 6d yesterday and buyers withdrawn to 14s lOd. Renowns were active over the week and a small parcel made available at 7s quickly found a buyer. Auckland Gas have fallen in investtors’ favour and, on a slightly easier market, no sales have been recorded over the week.

In the miscellaneous section the improvement of Auckland Amusement Parks of from Is to 2s has been practically the only noteworthy movement. Early in the week the ordinary shares were dealt with on the Auckland ’Change at 13s sd, and later in Dunedin at 13s 9d, while the preference were done at 19s. New Zealand Fertilisers are weak. Wilsons Cement remain in good tone. British Tobaccos in Christchurch on Wednesday at 56s and again next day at 55s 3d, proved practically the only attraction to investors in this section. New Zealand Sugar of Milk (cum div.) at 23s 3d and 23s 6d saw two sales in the South.

The gilt-edged section is neglected and mostly idle. Any tendency of the market is downward.