Market in Good Tone

Sun (Auckland), Volume III, Issue 673, 27 May 1929, Page 10

Market in Good Tone

STEADY DEMAND FOR BANKS

rIE market on ’Change opened for the week this morning with most of the better-class securities meeting with a very firm demand. The banking and insurance groups are in particularly good tone.

Business at thjs morning's early rail. Reported: National Bank of New Zealand. £7 2s Gd: Bank of New South Wales, £52; Bank of New Zealand, £3 2s 6d, Ohinemuri Gold and Silver, Bs. Business at today’s mid-day call. — On ’Change: Commercial Bank of Australia. £1 10s 2d: Taupiri Coal (ord.), £1 6s 3d: Northern Steamship, 14s; Sanford (ord.), 17a 9d; Wilsons Portland Cement, £2 2s: Alburnia Gold Mining Company, Is 9d. Reported: National Bank of New Zealand, £7 2s 6d. w m • Tn the banking group the market for New Zealands holds its increased strength of last week. Commercials of Australia are very firm at slightly over par. Unions continue to be strongly held and sellers are hard to locate. Northern Steams continue to attract

considerable attention, showing the greatest activity in the shipping group. On the present market, with the dividend paid, the scrip offers a return on investment of slightly over £8 per cent. Devonport Steams are practically neglected with the market awaiting the publication of the company’s balance-sheet which is due this week. No doubt the talk about the proposed harbour bridge is also having some effect on the demand for the scrip. * * * Timbers are quiet, with any demand practically a speculative one. The margin between buyers’ and sellers’ ideas of value is mostly too wide to expect brisk business. Kauris hold their firm tone of the last week or so and meet with a steady demand around 20s 6d. Booth Macdonalds, both issues, are meeting with a steady demand at bedrock prices.