FINANCE MARKETS

Sun (Auckland), Volume III, Issue 680, 4 June 1929, Page 10

FINANCE MARKETS

Market Firm

Demand For Sound Investments

Bv

“Noon Call.”

LITTLE of tlie customary post-lioliday laxity was recorded on ’Change this morning. All the better-class shares met with a keen demand on a firm market.

FLUCTUATIONS. Price movements, shown by sales during the morning, compared with the price at the previous recorded sale, include: N.Z. Breweries, rise of 6d. South British Insurance, rise of 3d. Business On the Auckland Market: Sales recorded on the Auckland 'Change during tho morning are as follow : At this morning’s early call. On 'Change: Commercial Bank of Australia, 30s 4d. Reported: Electrolytic Zinc (ord.), 36s 6d. At the mid-day call —Reported: New Zealand Insurance, 47s 3d; South British Insurance, 65s 6d; N.Z. Breweries, 70s 6d, 70s 9d, and 71s, • m # Steady Demand For Banks Tho market for most banking shares is very firm. Further sales of Commercials of Australia were made during the morning at 30s 4d, last week’s closing price. At this price the approximate immediate return is £4 18s lid per cent. New Zealands are slightly easier, sellers at the last market price failing lo make a sale. Unions of Australia continue to bo strongly held, and steady buyers fail to draw a declaration from sellers. * «■ « Gas Group NegTected Gas shares, which a month or* so ago were active on a very firm market,

are practically neglected. at the moment. Sellers of both issues of Aucklands are unsupported. Gisbornes have a middle prico of 11s 6d, but little interest is taken in the market for this scrip, although at this prico the return is approximately £8 14s per cent. The scrip is generally too hard to sell to make it attractive to the average investor. k \ i As far as the Auckland market is concerned at the moment, shares in the Southern gas concerns are absolutely neglected. Northern Steams Meet Steady Inquiry Northern Steams are the most sought after shares in the shipping group at tho moment. Steady buyers support sellers of both issues at par, buyers of the ordinaries offering 14s. At this price tho return is approximately £ S 5s 9d per cent. lluddart-Parkers, in spite of the influence the industrial trouble across the Tasman must be having on the company’s income, continue to meet with a steady demand, buyers offering 45s 3d this morning. At 45s 7d, the last recorded market price of this scrip, the return, based on the latest dividend which was reduced to 10 per cent., is only £4 7s 9cL per cent. Breweries Still Rising The market for New Zealand Breweries continues to move toward higher levels. Further sales were made during tho morning at 71s. Other shares in the group are quiet, but in steady demand on a firm market.

TO-DAY’S QUOTATIONS

Closing quotatolns at to-day’s mid-day call were:—

WAIHI MINING COMPANY YEAR’S WORK REVIEWED OPERATIONS IN SIAM A review of the operations of the tVaihi Gold Mining Company during the year 192 S was contained in the annual report submitted to the annual meeting of shareholders held in London on May 9. Although the results of the working for the year had been good, the results of the exploration and development work had been very unsatisfactory, stated the report. Deterioration with increasing depth had been shown clearly in the records of the total ore discovered at each level, and two important tests of the Martha hide during the year had given additional proof of impoverishment in depth. In November the position was Aery carefully considered by the company’s executive in New Zealand, and it was recommended that no further exploration at depth should be undertaken. During the past two years a carefully considered programme had been carried out in all parts of the mine, including exploration at a number of levels of the country rock surrounding the known reef-system in the hope of finding other ore bodies. That lateral exploration had satisfied the New Zealand executive that the ore bodies were confined within the bl-»ck bounded by the Martha. Edward and Royal lodes, and worked by the "Waihi and Waihi Grand Junction companies through so many years. The New Zealand executive, therefore, had come to the conclusion that for the future exploration work should be limited to seeking out only such blocks of pay ore as were felt reasonably certain to exist. The tin proposition in Siam bad received anxious consideration during the year. After protracted negotiations the directors, acting in conjunction with the Tronoh Mines. Ltd., which was participating with the 'Waihi, had contracted for the purchase of a tin dredging area of about 650 acres, situated in the island of Puket, Siam One half of the property was in course of transfer into the name of the Tronoh on behalf of the participants, and it was hoped the rest would he transferred within two or three months. The Tronoh would take one-third of the undertaking and the Waihi two-thirds, and the two companies would share in all respects on that basis. A summary of the company’s accounts, ns received by cable by local director and attorney, Mr. Charles Rhodes, as published on April 2-'.. The net profit of £85,560 compares with £103,321 in 1927. The dividend for the year, £99,181, was £24,793 more than in the previous year.

Buyers. Sellers. BANKS— £ a. a. £ ». d. Aust. of Comnierco 1 16 6 1 17 3 Australasia .. 14 13 0 Coni, of Aust. •• ... 1 10 1 10 4 Ditto (pref.) .. . . 7 6 0 C?om. of Sydney 27 10 0 Eng., Scot. & Aust. S 11 0 National of N.Z. .. 7 0 0 7 2 6 National of A’sia . 19 10 0 Ditto (con.) .. .. 9 12 0 New South Wales . 51 5 0 51 10 0 Ditto iD Mort.) .. 1 S 6 Union of Aust. INSURANCE— 15 14 0 15 17 0 A.PA _ ** — 0 11 0 National .. .. .• ... 0 16 0 0 16 2 7 South British .. .. 5 5 5 3 5 6 LOAN AND AGENCY— Abraham and Williams (pref.) 4 8 0 •—• 3 3 0 Goldsbrough, Mort . r, 2 10 N.Z. Sr. River Plate 1 11 0 1 12 3 N.Z. Guar. Corp. . 0 9 1 N.Z. Eoan & Merc. L25 0 0 Ditto (pref.) .. .. N. Auck. Farmers’ — 9 0 2 Ditto (B pref.) .. 6 Wright, Stephenson . COAL —■ 1 4 llikurangi (pref.) .. 0 3 0 0 7 Ttcnown (pref.) Taupiri .. •• •• 1 5 Ditto (pref.) .. .. 0 11 .3 0 12 6 0 Westport-Stockton • GAS— Auckland •• •• •• 1 3 •J 1 4 0 18 3 0 Gisborne .. • • •• U io SHIPPING— Devonport Steam .. 1 4 0 IIuward Smith .. • • H u ddar t - Park er Ditto (pref.) .. .• 0 14 0 0 14 6 Union Steam (pref.) TIMBER— 0 IS 0 1 1 1 o 1 14 6 Kauri Timber .. .. 0 0 0 National • - •• Parker-Lamb .. .. 0 5 0 16 0 0 13 WOOLLEN — Kaiapoi .. •• •• 0 13 10 _ Ditto (eon i .. .. Ditto (pref.) .. .. 0 15 Wellington (pref.) . breweries— C. E. Innes (pref.) 1 0 0 3 11 2 10 N.Z. Breweries J. Staples MISCELLANEOUS0 IS 6 "T Auck. Amuse. Park Ditto (pref.) .. .. 0 1U

Buyers Sellers Aust. Iron and Steel (prel.) .. .. 1 1 (ord.) 1 1 Ditto (pref.) .. .. 0 6 British Tobacco .. lo 0 10 9 Burns, Pmip .. .. 6 0 Bycroft, Ltd. .. .. 1 10 0 Colonial Sugar.. ft 8 0 0 59 0 0 Dominion Pictures . 1 0 6 Ditto (prof.) .. .. 1 0 6 Donaghy’a Rope .. 1 lli 9 Electrolytic Zinc 1 16 16 Ditto (pref.) .. .. 1 17 0 J. 11 9 Farmers’ Trading .. 0 X U 9 0 Gear Meat 0 Grey and Menzies . 0 10 3 Hamilton Theatres 0 19 0 Hayward’s Pictures i 0 6 Henry Jones .. 1 14 9 H.M. Arcade (pref.) 1 1 0 16 6 Lewis Eady (ord.) 1 1 0 Ditto (pref.) .. .. 1 0 0 Milne and Choyce • 1 6 Ditto (pref.) .. .. 1 6 0 Ditto (B pref.) .. 1 6 0 Ditto (deb. stock) 1 6 1 7 (pref.) 0 IS 0 1 1 X.Z. Paper Mills .. 0 19 3 1 1 3 Robinson Ice Cream 0 17 6 Sharland and Co. .. 1 0 0 1 0 6 Taranaki Oil Field 0 0 0 Thames Theatre 0 10 0 \ ictoria Nyanza Sugar 2 — Wilsons Cement 2 9 2 3 MINING— 0 1 0 0 1 9 Moanataiari (con.). 0 0 6 Lucky Shot (4s pd.) 0 1 2 0 0 Ditto (con.) .. .. 0 0 6 0 1 0 Occidental-Una (2a X>aid) 0 0 0 7 Oliinemuri (ord.) Waihi 0 12 S 0 12 11 0 0 7 0 Mount Lyell 2 3 0 2 3 3 DEBENTURES — Auckland Gas. 1332, 0 0 Ditto, 1935, 61- p.o. 103 0 0 105 0 Auckland liar. Bd., 5 US 0 0 Ditto, 5£ p.c 100 0 1943, 5} p.c 101 0 0 102 0 0 Bor. of Hamilton, 6 . 104 0 0 N.Z. Breweries — 1 6 10 GOVERNMENT BONDS — War Loan, 1938, 4} 99 15 0 — Ditto. 1939, 4i p.c. 99 lo 0 Ditto, 1941. 4j p.c. 99 10 0 Ditto, 1933, 5i p.c. 99 b 0 Ditto 1933, p.c. 101 0 0 — Ditto, 1936, p.c. 101 o 0 — INSCRIBED STOCK War Loan. 1938, 4J — 100 0 0 Ditto, 1933, 5i p.c. 99 0 Ditto, 1936, p.c. 101 3 u —