Market Closes in Good Time

Sun (Auckland), Volume I, Issue 233, 21 December 1927, Page 12

Market Closes in Good Time

POSITION ON ’CHANGE

DEMAND FOR DEBENTURES (By “Noon Call”) Wednesday, 9 a.m. On ’Change the final week for the year is closing with a healthy tone in the market for most of the better classes of securities. There is, in fact, every evidence of a greater investment surplus as a result of the increased production and generally better prices received for primary produce throughout the country, and that much of this is being turned to sound interest-bearing channels. This fact is borne out by the strong demand maintained for Government bonds and stocks, and the ready way in which approved debentures are taken up once they come on the market. An instance to the latter point can be taken from the recent issue of Fuller-Hayward debentures, which were over-subscribed within a fortnight. On 'Change strong buyers for practically every class of Government bonds and stocks have found sellers hard to locate, and steady sales have been recorded on a firm market. Banks have also been receiving their full measure of attention, and New Zealands have been particularly active, several thousands of these shares passing throughout the Dominion on a market ranging from 59s to 59s 3d. Commercials of Australia have also been active and 11 sales were recorded over the week on a market up to 29s 6d. Six sales of New South Wales were put through at £45 10s, Union of Australia (new issue) at £l4 6s and £l4 ss, Nationals of New Zealand (cum div.) at £6 17s 6d, and Adelaides at £8 13s 6d.

A falling-off in sales has been registered in the coal section, but this is rather due to increased demands from sellers rather than a waning of the popularity of- this class of scrip. Practically all classes of these shares meet with a strong demand on a market where every movement is upward. Waipas have a decidedly firmer tone, while Hikurangis continue to davance, and there still remains much to be said in support of the assumption that these shares will register even greater improvement after the holidays. Shipping shares are quiet, though remaining in good tone. No sales in the section were reported over the week. In gas, Aucklands have moved up from a sale at 23s 2d on Wednesday last to see a sale put through yesterday at 23s 4d. The market for the contributing scrip has also improved Id over the week.

The miscellaneous section is quiet, the main feature for the week being the revival of fertiliser shares after a long period of neglect. N.Z. Farmers’ Fertilisers have been done at 81s 6el, vvh;. Kempthorne Prosser scrip were put through up to 695. Sanfords are still in demand, and any easing of the market instantly draws a buyer. Sellers of this scrip are becoming more difficult to locate on the present market, which has seen the ordinary shares put through over the week at 20s 3d. Taranaki Oils are quiet, and except for a sale in Wellington yesterday at 10s 9d the scrip is neglected. Wilsons Cements have weakened over the week, and from a sale at 38s on Monday of last week the market has receded to see a sale at 37s yesterday. In mining the speculative element has been operating quietly in small parcels, and several companies’ scrip has received attention, though little alteration is recorded in quotations. Moanataiaris are slightly firmer. The general tendency is to wait till after the holidays before paying much attention to this section.