Steady Trading

Sun (Auckland), Volume III, Issue 661, 13 May 1929, Page 10

Steady Trading

Insurance Market Active

By “Xoon Call.” PTKADY business spread over a wide range was reported on ’Change this morning.

FLUCTUATIONS °rice movements shown by a comparison of this morning’s sales with prices at the time of the previous reported sale, include: Electrolytic Zinc (pref.), rise of 6 d. N.Z. Insurance, rise of Id. Auckland Gas (ord.). fall of Id. Increased activity is shown in the Insurance group, and the market has a very firm tone. A.P.A.’s hold their middlo price of 10s 3d, but the scrip is strongly held and sellers show little inclination to meet the market. Across the Tasman, on the Sydney market, the scrip was very active at 10s 3d during the week prior to the departure of the last mail boat. South British scrip* moved up 3d on the Christchurch market on Saturday. New Zealands were slightly better this morning. In coals. Pukemiros are very weak, sellers at tils being unsupported. Grey Valleys are firm on recent levels. The directors of this concern announce an interim dividend at the rate of 6 per « ont. per annum. If this was to be the final dividend for the year, the scrip, * »ti the present market, would be exceedingly dear buying. Present buyers’ hopes, however, are for something bettor at the end of the year. Kauri Timbers are very firm, the market moving up 3d above last week’s market price to 10s, but sellers held for 3Os. In the miscellaneous group Lewis Kady preference scrip was dealt with at 18s 6d. making the first reported > ile of this scrip since tho second week in March last. More were w mted at ISs. At to-day’s market price tho scrip would return approximately £7 11s 4d per cent, on investment. At the annual meeting held last week the chairman reported that tho company was making satisfactory progress.

I b ason for the neglected market for Dental and Medical Supply Coy. scrip

is given in the company’s 35th annual report and balance-sheet just released. Accounts show’ a loss of £164 on the year’s workings, and the directors report that the past year was a most difficult one. The balance-sheet shows a paid capital of £57,798. Chief liabilities include the National Bank, £ 2 3,731; sundry creditors, £1,351. Assets. stocks, £35.786; sundry debtors, Cl 3.981; property and premises. £33,722; foreign houses. £5,934. Bank of Australasias were slightly easier this morning, with no buyers quoted. An interesting comparison of the bank’s activities over the 11-year period ended October, 1928, was given by the chairman at the recent annual meeting of the bank. At the com 3 mencament of the period the capital of tho bank had amounted to £2,000,000. At the end it stood at £4,500,000. The, reserve fund had grown from £2,905,000 to £4,450,000. and that did not “tell the whole story,” for in 1920 £1,000,000 of the reserve fund had been capitalised. Deposits in 1917 had am*.unted t<. C 2'J. '!• 1 : in October last they hart represented £33,876,000. On the assets side of the balancesheet. British Government securities had risen from £1,142.854 to £3,641,294, and there had been increases also in other securities held by the institution. Advances on securities and other assets, which in 1917 had represented £20,219,000, had since risen to £31,564,000. that sum not including bills receivable which accounted for an additional £3,300,000. Over and above the subscribed capital of £4,500,000, the chairman added, there was a large amount of capital in the form of reserves, set aside from time to time, employed in the business of tho bank, and taking that into account it was quite evident that the bank was not making more than a fair trading profit. Business at mid-day—On ’Change; Auckland Gas, 24s 4d (5 parcels). Reported: Lewis Eady, Ltd. (pref.), ISs 6d; Taupiri Coal. 275: Electrolytic Zinc (pref.), 37s 3d; New Zealand Insurance, 46s 9d.