FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 576, 31 January 1929, Page 12

FINANCE & MARKETS

British Tobaccos Easier

Renown Coals Active Bv “ Xoon Call’’ A DECIDED easing in the market for several securities which have been in high favour during the past week •was noted on ’Change this morning. The volume of business at the earlv call was heavy.

The banking’ group is steady, with 1 no signs of a falling-off in the demand, c Australian of Commerce scrip has a ' slightly firmer tone, with a middle; price at the mid-day call of 34s £ compared with the latest sale at 34s * 3d. Business in rights in the new issue of Commercials has been very slow to date, sellers being hard to £ locate on present levels, with buyers c offering 8s Sd. + * \ New Zealand and South British ' shares aro very firm in the insurance * section, with every tendency upward. < Sellers asked 4Ss for Xew 1 this morning, aid, despite buyers’ improved offers for South British, sellers axe not attracted. •* * < Coals are attracting a considerable 1 amount of attention, with Renowns 1 particularly firm. The preference c scrip of this concern had a big turn- » over at the early call on new high levels of 2s lOd: more were wanted at that figure at mid-day. Hikurangis are weaker and neglected. Sellers of < all issues dropped this morning with- < out drawing support from buyers. 1 ** * 1 British Tobaccos are easier, sellers 1 dropping to 49s 6d at mid-day to find ] buyers withdrawn at 48s, compared with a sale price of 50s on Monday. Sanfords show slightly* more life, ] buyers of the ordinaries moving up to i

WHEAT IN LONDON (United Service) , LONDON, Tuesday. Wheat.—Cargoes are inactive ancl fnostly 3d easier. Parcels are obtainable r»n lower terms, but are receiving no attention. By the Port Sydney, 46s 6d. Liverpool futures: March, 9s 1. 7-8 d pe:.* pental; May, 9s 3d; July, 9s 5Jd. MINING NEWS Lucky Shot. —The manager reports.— *'The contractors have advanced the low level 26 feet for the week, making a total distance of 48 feet to date. The country rock being penetrated is still of a very favourable description for gold. ] The No. 1 winze is now down ) feet and the country here is similar to the low < level. Crushing at the Moanataiari battery is proceeding satisfactorily.” HAURAKI.—The manager reports: t'The rise from the 400 ft. level to connect with the Tangye winze for veutila- ' tion is now within about 15ft of holing i through. Preparations for commencing 1 stoping operations are under way; drill holes are being put in the floor for sinking on the gold and in the back for the leading stope. and also in the hangIngwall for cutting out the chamber. The new valve piece for the 4 30ft. plunger Is being made and when installed the tanks will be replaced with the rages. Mining operations can then be resumed.” COMPANY REGISTRATIONS I Three private companies were registered 1 In Auckland yesterday. Details are:— Northern Builders, Limited, builders end contractors. Capital. £I,OOO in .£1 1 shares. Subscribers: J. Richards and PI W. Bennett, 500 shares each. Eden Construction Company. Limited. * builders and contractors. Capital. £225, in £1 shares. Subscribers: G. L. \ Thwaites, 125 shares; W. H. Ross. 100 • Bhares. Will Grant, Limited, financial agents 4 and brokers. Capital, £I,OOO in £1 shares. Subscribers: D. Gold water, 900 ] Ehares; Sophia Goldwater, 100 shares. j GOOD COMPETITION IN SYDNEY i (Australian and N.Z . Press Association) SYDNEY, Wednesday. At the Sydney wool sales to-day. 11.061 bales were sold. Average lines sold well, but. faulty .sorts were irregular. There twas excellent general competition. Greasy’ __ Merino sold to SOid,

17s, and sellers responding by a drop of 6d to 19s 6d. Taranaki Oils are very* weak, and with sellers at 4s 6d and no buyers, the future; looks rather black for the scrip-holders at the moment.

In the mining group Waihis were active this morning, several parcels changing hands at 14s Bd, the market closing easier with buyers offering 14s 6d. Junctions are also slightly weaker. Kuala Kampar Tins are firmer, with a middle price at midday of 15s 2d, compared with the last sale at 14s 2d. * * * Business yesterday afternoon.—Reported: Electrolytic Zinc (pref.), 37s 3d: New Zealand Inscribed Stock, 1933, oh per cent., £lOl 7s 6d; Kaiapoi Woollens (pref.), 15s 6d; Commercial Bank of Australia (ex rights), 30s Id: Wilsons Cement. 41s 9d. On ’Change: Auckland Gas (ord.), 24s sd.

Business at this morning’s early call. —On 'Change: Renown Collieries (pref.), 2s lOd (12 parcels); Waihi Mining, 14s 8d (8 parcels); New Zealand War Loan, 1938, 4& per cent., £99 10s. Reported: New Zealand War Loan, 1938, 4A per cent., £99 10s.

Business at mid-day*.—Reported: Huddart-Parker, 48b 3d; Bank of New South Wales, £sl 15s.

N.Z’S NEW BANK ARRANGEMENTS WELL ADVANCED Press Association WELLINGTON, Wednesday. The promotion of the London and New Zealand Bank, which secured a charter from Parliament on October 6 last, will proceed forthwith and arrangements in New Zealand for flotation are well advanced. The prospectus will be issued to the public as soon as negotiations with London, now in progress, are in order. Mr. H. W. Glesen, the organiser, will leave Wellington on February 15 for London to complete the business at that end. It is proposed to raise a portion of the necessary capital in England, after which the remainder will be offered in New Zealand. The new bank is in no way* connected with a bank which it is reported is being started in Sydney and has “New Zealand” in its title. SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association Wellington —Commercial Bank, 31s 41d; Xew Zealand Guarantee Corporation, Ss Bid and Ss 7d; Australian Bank of Commerce. 34s 6d; National Bank of Australasia (£5). £9 12s 9d; Union Bank, £ls 15s; Dalgety and Company, £ls 7s 6d; Westport Coal, 30s; New Zealand Breweries, 58s; Wilsons Cement, 425. Christchurch.—Australian Bank of Commerce, 34s sd; Commercial Bank of Australia (cum. div.), 31s 2d (two parcels); Queensland Insurance, 655; New Zealand Breweries. 58s (eight parcels); Australian Distilleries, 24s 6d (two parcels); Henry Jones Co-op., 38s; Evans Atlas Flour, 34s 6d; Mahakipawa, Is 2d; Union Bank of Australia (cum. div.), £ls 15s; Auckland Gas, 24s 6d; Waihi. 14s Sd (two parcels). Dunedin. —Dominion Rubber, 325; Mount Lyell, 425. National Bank of New Zealand, £7 4s 3d; Waihi, 14s 9d. PRICE OF GOLD (United Service) Reed. 10.46 a.m. LONDON, Wednesday. Gold is quoted at s4* ll£d an ounce. (