Heavy Trading

Sun (Auckland), Volume III, Issue 695, 21 June 1929, Page 10

Heavy Trading

MARKET ON ’CHANGE By “Noon Call.” HEAVY trading in gilt-edge securities has been one of the features of business on ’Change over the past 24 hours. There is a decidedly brighter tone in the market, and the volume of business shows a big increase.

Fluctuations Price movements*, shown by a comparison of sales over the past 24 hours « «>mpared with the price at the .time of the previous reported sale. include:— New Zealand Insurance, rise of 9d. Auckland Gas. fall of Id. Bank of N.S.W., rise of 10s. Bank of N.Z., rise of 3d. Pukemiro Coal, rise of 3s. Business on the Auckland Market. Business transacted on the Auckland 'Change over the past 24 hours includes : Yesterday afternoon: Auckland Harbour Board, 5£ per cent., £lOl 10s; .\'ew Zealand War Loan, 193 b. 5£ per cent., £lOl os; ditto. 1936, per cent., ~ 101 ss; New Zealand Inscribed Stock, 1938, 4 J per cent., £99 15s; ditto, 1939, 4i per cent., £99 15s;; Bank of New South Wales. £sl 10s; Bank of New' Zealand, 63s 3d; Pukemiro Coal, 655; Auckland Gas, 24s 6d; Sanford. Ltd., ISs. At this morning's early call: On 'c hange—Renown Collieries (pref.), 3s. Reported—Tolaga Bay Harbour Board, 19-14. 6 per cent.. £lO2 10s; New Zealand Insurance, 48s 3d: Auckland Gas, : 4s 6d and 24s sd; Waihi Mining. 11s Nd; New Zealand War Loan. 1933, 5* per cent.. £lOl ss; New’ Zealand Inscribed Stock. 1933, 5£ per cent., £lOl At today's mid-day call: Reported— Newton King fpref.), 10s; Auckland Gas (con.), 18s 2d. Heavy Dealings in Gilt-edge Stocks Heavy dealings in gilt-edge stocks have taken place on the Auckland market over the past 24 hours. The market is firm on late levels, but shows no tendency to strengthen, despite the increased volume of busiThe rate of interest on short-dated income tax-bearing securities. assessed on the present market, remains around £5 5s per cent. * * * Pukemiro Coals Firm Following on the improvement of the market for Pukemiro Coals over the past week or so, sales were reported yesterday afternoon at 655. More were sought this morning at 64s 6d, hut sellers asked 67s Gd. At yesterday’s price the return, based on the last dividend, is approximately £lO 15s 4d per cent. Renown preference saw their first recorded sale since April, sales being made at 3s at the early call. Other shares in the group meet with a steady demand. Waihi* Changing Hands Further sales of Waihis were reported this morning at yesterday’s reduced price. In reference to this scrip, a correspondent writes pointing out the remarks made by one o’ the shareholders at the recent meeting in London. I do not think that we want to be

told that the glory of Waihi is departed,” stated the shareholder. "We were told that 17 years ago, and since then the old Waihi mine has produced upward of £7.000,000 w'orth of bullion. During that time the company has distributed, including income tax. to shareholders, upward of £5 a share.” That is another view’ on the question, and one which is held by a fairly wide section of interests. Other Mining Weak The market for practically all mining shares is weak, especially for scrip in concerrfs operating in New Zealand. Mount Lyells show' a slightly firmer tone, and buyers at the last quoted market price have not brought about a sale. Waihi Junction scrip strengthened this morning following largely on a notice from the company that the transfer books would be closed for a few days this month, starting a. report that a dividend of one penny a share was in the offing. Inquiries at the office of the company elicited the information that this move was in connection with the annual balance. Movements at the Mid-day Call Auckland Gas contributing issue saw their first reported sale since the closing week of May, when they were dealt with at ISs 3d. The banking and insurance groups show slightly less life. New South Wales bank shares are firmer; Commercials of Australia are a little easier. New Zealand Insurance shares are very firm, touching new high levels at 48s 3d this morning, compared with a market at 47s 6d in the South vesterday. Farmers’ Trading shares are very fim., with steady buyers around par. Buyers of New Zealand Farmers’ .Fertilisers moved up to 21s at midday. At this price, the return, based on the latest dividend, is approximately £7 12s 5d per cent. I Taranaki Oils continue very weak with sellers at 4s Gd, supported by buyers at 3s 6d. Phillips and Impey buyers moved up to this morning’s early call selling price of 555, find sellers withdrawn. Dividends Due inSudff— dS expec<ed in the ne ar future Bank of New Zealand—l 4 1-3. p (P Ue * p.a., ord., and 7* p.c. p.a ’ * D pref Tiino *>*> Mount Lyen—is 3d a share (int.) June 24 A. J. Entrican and Co.—6 p.c. p.a.. ord., and 6 p.c. p.a.. pref Jnn#» 27 British Tobacco—2J p.c. on ord. (int.) .. .. .. . Jun 20 •Loan and Merc.— 2% p.c. on* pref. (int.); 3} p.c. on 2nd pref (int.); 3 p.c. on ord. r, June 29 iNew Zealand and River Plate ,~. P-c. (int.) j u iy 1 National Mortgage—32 p.c. (int.) July 2 Less 2s in £1 English income tax. • Less 4s in £1 income tax.