IN GOOD TONE

Sun (Auckland), Volume III, Issue 684, 8 June 1929, Page 28

IN GOOD TONE

Market on ’Change

Bv;

“Noon Call.”

THE markpt closed for the -week on ’Change this morninp ■with all the better-class securities meeting a keen demand. One of the features of the market is the strong tone of the gilt-edge section.

* FLUCTUATIONS— Price movements, shown by a comparison of sales made over the past 24 hours with the price at the :*me of the previous recorded sale, include: N.Z. Breweries, rise of 6d. Taupiri Coal, fall of 3d. Northern Steam, rise of 3d. Auckland Gas, rise of Id. Commercial Bank of Australia, fall ** Id. # on the Auckland Market Business transacted on the Auckland fiteiarket over the past 24 hours incudes: — Testerdav afternoon call —Wilsons eries, 72s 9d and 735; Northern Steamship. 14s 3d. This morning's business—Taupiri poai (ord.), 25s 3d; Mount Lyell Mining. 43s 3d; Wilsons Cement, 41s 6d; Commercial Bank of Australia, 30s 3d; Auckland Gas (ord.), 24s 2d. Banks and Insurances Wanted Most banking; ana insurance shares Ineet a steady demand on a firm market. Commercial Banks were slightly feasier this morning. Australian Provincial Assurance shares are slightly easier, sellers at 30s 9d finding support at the. slightly lower price of 10s. New Zealand Insurances are very firm, with a middle price this morning of 47s 6d. Pukemiro Coals Firm The market for Pukemiro Coals is Very firm, sellers being hard to locate. The report that negotiations are now ■well advanced for the formation of a company to work the Waikato held on the carbonisation process should, to a certain extent, counteract the effect the turning on of the Arapur.i cur-

j ient has tended to have on the market : lor coal shares. Renown ordinaries are practically neglected at the moment, and yesterday’s weak buyer at 14s withdrew this f morning. The market for the preference issue holds very firm. * * m Greater Interest In Farmers’ Trading | Increased interest is being taken i . in the market for Farmers’ Trading scrip, buyers for both issues of the preference appearing at just below par this morning. The B preference was offered at 15s. In the miscellaneous group, also, the market for Sanfords, Ltd., shows increased strength. The ordinaries, sought at 6d above the last recorded 1 market price, fail to attract a seller. Steady buyers of the preference issue at par do not attract a declaration from sellers. A. J. Entrican Profits A net profit of £1,481 is announced by the directorate of A. J. Entrican and Company, Ltd., in its 25th annual report to shareholders. After making provision for land, income and debenture taxes, and adding the balance brought forward from the previous year, the amount available for disposal is £3,360 13s Bd, plus £972 4s 5d from the contingency reserve, a total of £4,632 18s Id. From this amount, the directors .recommended the payment of a dividend of 6 per cent, on the preference and ordinary shares, which will absorb £3,584 14s 10d, leaving £1,048 3s 3d to be carried forward. I The directors state that the year’s trading was not as satisfactory as usual, and in order to provide for the dividend recommended, they have deemed it advisable to utilise the balance of the contingency reserve, which was established in the previous year, for the purpose of meeting unforseen contingencies. The shares are held in comparatively few hands and are not active on ’Change.