MONEY FOR INVESTMENT

Sun (Auckland), Volume II, Issue 575, 30 January 1929, Page 12

MONEY FOR INVESTMENT

MOVEMENTS ON ’CHANGE LOWER INTEREST RATES By “Xoon Call.” The steady flow of money for investment continues, and the market for all the better-class securities has a very firm tone. Several sharp rises have been noted. One of the features of the week has been the increasing activity of company promoters, with issues of both debentures and shares in new and established concerns. I The cabled news over the past 24 ! hours that the greater part of the rej cent conversion offer made by the New j Zealand Government in respect to ; £12,000,000 of loan money had been taken can be taken as yet another indication of the soundness of this country’s position. London comments on the reception given to New Zealand issues, states that it provides convincing testimony to the fact that there is a large volume of investment funds awaiting an outlet. It is contended that, if the industrial condition in Loni don continues to improve, even lower j rates will rule in the near future, and j that it might not be many years be- | fore the interest rate on new Domini ion loans will be down to 4 per cent., ior even lower. Any movement on the i overseas money market must, of I course, have its reflection on the New j Zealand market. Local bodies throughout the Domin- ; ion will shortly be making provision for loan requirements for the new financial year. It will be interesting to note the trend of the interest market. Small amounts recently have been raised at per cent., others at 5 3-S per cent. Last year at this time 5£ was the best that could be done. Demand for Australian Investments On the Stock Exchange over the week interests have been fairly wideI spread, with Australian securities coni tinuing to command a large part of the j business. The banking group has registered a steady turnover, but there i have been no. noteworthy movements either way. Commercials of Australia, j when ri&hts on the new issue are taken i into consideration, show a return of I slightly over 5 per cent. Nationals of ! Australasia and Queensland Nationals 1 are the only others dealt with during the week which comes under the same category. New Zealand industrials have been quiet, with only a nominal turnover. Slightly more interest is being taken in rubbers since the announcement of the merger and the better tone in the London market for raw stocks. Australian Glass and British Tobaccos have firmed appreciably over the week, the latter jumping 4s in the course of three days. New Zealand Refrigerating shares have not recovered from the fall which followed the announcement of the lower dividend rate. Mining is quiet, with prices showing little movement. Return on Investment Below is a summary of sales made on New Zealand 'Changes during the week ended January 29, giving the approximate return on investment based on the latest dividend. In the case of Government and other redeemable debentures, the return includes redemption. The first column gives the price at which the latest sale was made: BANKS—- - .

iNo attempt is made to work out the return on mining shares, which are merely included in this list as a record of sales. LONDON WOOL SALES (Australian and N.Z. Press Association) Reed. 10 a.m. LONDON, Tuesday. At the wool sales to-day, 9,846 bales were sold, of which 5,535 were Australian and 3,664 New Zealand. There was a medium offering of average style Merinos, and a good selection of greasy crossbreds. Competition was more general and prices were maintained The following New Zealand, sales were made:—"Otiwhiti,” ISid to 17d; “Wairere,” 19d to 17d. FOREIGN WOOL-BUYERS ACTIVE (Australian and N.Z. Press Association) i SYDNEY, Tuesday. At the Sydney wool sales to-day 11,443 I bales were sold. There was good demand for all descriptions at Monday’s levels. Japan and Germany operated freely and there was fair support from Yorkshire and Russia. Greasy Merino sold to 293 d.

Latest Approx. price. return. £■ s. d. £ s d. Aust. of Commerce 1 14 3 4 13 3 Com. of Aust. (with rights) 1 11 3 4 16 0 Eng., Scot. & Aust. S 18 6 4 4 0 Nat. of Aust 7 3 0 4 17 10 Nat. of Australasia (paid) 19 3 0 5 4 5 Ditto (con.) .. .. 9 12 0 5 4 2 New South Wales.. 51 15 0 4 16 7 New Zealand .. .. 3 2 6 4 11 9 Queensland Nat. 9 13 0 3 7 Union of Aust 15 la 0 4 la 3 INSURANCES— National 0 16 1 5 8 9 New Zealand .. .. 2 7 17 7 Standard 3 4 0 3 17 11 LOAN & AGENCYDalgety & Co 15 S 6 5 9 10 Nat. Mort. & Agency 4 10 0 11 1 N.Z. and River Plate 1 13 6 5 7 s N.Z. Guar. Corp. .. 0 8 6 7 16 11 COALS— Hikurangi (pref.) . . 0 11. 2 — Renown (ord.) .. .. 0 17 3 Ditto (pref.) .. .. 0 2 8 Westport 1 10 0 7 10 0 GAS— Auckland (ord.) 1 4 5 6 11 1 Ditto (con.) .. .. 0 18 0 6 13 4 Christchurch .. .. 1 6 6 6 0 9 SHIPPING— Devonport Steam .. 1 4 6 6 2 5 Huddart Parker 8 6 5 la 5 Northern Steam (con.) 0 6 8 0 8 8 P. & O. (def. stk.).. 3 2 6 3 16 9 WOOLLENS— Kaiapoi (con.) .. .. 0 4 4 4 16 11 Mosgiel 7 11 6 5 5 7 BREWERIES— New Zealand . . . . 2 IS 3 3 S S Australian Distilleries 1 4 6 — MISCELLANEOUS — Australian Glass .. 2 10 0 4 0 0 British Tobacco 2 10 0 4 0 Colonial Sugar .. .. 60 17 6 4 2 7 Dunlop Rubber .. .. 1 6 0 15 5 Evan’s Atlas Flour . 1 9 Holden's Motors 1 10 7 9 16 8 N.Z. Farmers’ Fert. 1 0 6 17 i N.Z. Paper Mills .. 0 17 0 1 2 N.Z. Refrigerating (con.) 0 8 0 6 4 0 United Building 0 16 10 W iIsons Cement 2 2 0 4 15 3 MINING J — Lucky Shot (con.) . 0 0 Ohinemuri 0 Waihi 0 14 10 Kuala Kampan Tin 0 14 2 Mt. Lyell 2 Mahakipawa 0 1 3 — DEBENTURES— N.Z. War Loan, 1933, 4£ p.c 99 0 4 12 Ditto, 1941, 41 p.c. 99 10 0 Ditto, 1933, p.c. 101 10 0 N.Z. Ins. Stk., 1938, *1 P.c 99 10 0 4 Ditto, 1933, oL p.c. 101 5 0 2 4