FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 666, 18 May 1929, Page 12

FINANCE & MARKETS

Bright Tone in Market Ample Funds for Investment By "Noon Call.” AMPLE money appears available for investment, and, toward the end of the present week, there has been a tendency to loosen up and place it in the safer investment channels, even ..t the sacrifice of a slight percentage in the interest rate. Banks, insurances, and all the sound industrials show a decided firming tendency.

Fluctuations Price movements, shown by sales ovef the past 24 hours, when compared with the price at the time of the previous recorded sale, include : National of New Zealand, rise 'of 1s (last recorded sale over three weeks ago). Kauri Timber, fall of 3d (sale made at 20s 9d in South, previous day). British Tobacco, rise of 7d from previous sale in the South at 49s 11d. Electrolytic Zinc (ord.), rise of 3d. Moanataiari (con.), rise of Id. Lucky Shot (con.), rise of 51d. South British Insurance, rise of 3d. Unions of Australia continue to feature in the banking group, holding the improved levels of yesterday. This morning holders asked £‘ls 15s. New South Wales are very firm with a middle price of £52. Nationals of New Zealand show a decidedly firmer tone, sellers at £7 4s not being prepared to drop to buyers’ ideijs of value. Sales were made yesterday afternoon at £7 South British scrip is meeting with a firmer market in the insurance group. Nationals, dealt with at 16s 2d yesterday afternoon, are practically on the level which could be expected just after the payment of the 4d dividend. New Zealand Breweries showed increased activity in the South yesterday, chiefly as a result of inquiry from the more speculative element, and sales were made at up to 655, at which price the return, based on the latest dividend, is approximately £3 Is 6d per cent. * * * i 'olonial Sugars, which have been quietly active in the South over the week at £SB 12s 6d, were dealt with on the Auckland market this morning at 2s 6d below that price.

[ Electrolytic Zincs are very firm, sales of the ordinaries being made at 365. This company has recently entered into an extended contract with the Emu Bay Railway Company (Tasmania) for the carriage of large and regular weekly quantities of concentrates. The market view is that this can be taken as an indication of an early extension of the company’s mining operations in Tasmania. British Tobaccos, forced up largely by the speculative element across the Tasman anticipating an early distribution of surplus profits, touched new recent high levels yesterday afternoon, when sales were recorded at 50s 6d. At this price the return is approximately £4 7s Id per cent. * * * The mining market shows considerably more life, and the tone is such that if any of the reports from the Thames district could be shown to be worth following, if even one development concern was to strike anything showing tangible possibilties, .a mild boom would set in in the group within 24 hours. The wire from the Lucky Shot, mentioned yesterday, brightened the whole market, Business yesterday afternoon:—New Zealand War Loan, 1938, 45 per cent, £100; New Zealand Inscribed Stock, 1938, 45 per cent, £100; Bank of New Zealand, 625; Bank of New Zealand D mortgage issue, 295; National Bank of New Zealand, £7 3s; National Insurance, 16s 2d; Kauri Timber, 20s 6d; British Tobacco, 50s 6d; Electrolytic Zinc, 365; Moanataiari (con.), 3d; Lucky Shot (ord.), Is 6d; Ditto con.), Is; Waihi Grand Junction, 9d. 000 Business this morning.—On ’Change: Eloctrolytic Zinc (ord.), 365; Waihi Mining, 12s lOd; South British Insurance, 645. Reported: Colonial Sugar, £SB 10s: