Steady Trading on ’Change

Sun (Auckland), Volume III, Issue 702, 29 June 1929, Page 12

Steady Trading on ’Change

By “Xoon Call.”

STEAD\ trading was recorded on ’Change this morning right to the close. One of the features of the market is Ihe slightly firmer tone recorded for gilt-edge securities. Banks and Insurances meet -with a strong demand.

Price movements, shown by a comparison t>f sales over the past 24 hours with the price at the time of the previous recorded sale, include: Waihi Mining, rise of 2d. Commercial Bank of Australia, fall of Id. Australian Provincial Assurance, rise of 9d. Goidsbrough Mort., fall of yd. Business on the Auckland Market Business transacted and recorded on the Auckland market over the past 24 jiours includes: Yesterday Afternoon.—Goidsbrough Mort., 46s 9d; Australian Provincial Assurance. 11s; New Zealand Inscribed {Stock, 1936, 5J per cent.. £lOl 7s 6d. This Morning’s Business. On *<’hansre: Commercial Bank of Australia. 29s lid; Bank of New Zealand, <>ls 6d; Waihi Mining. 12s. Sharp Rise in Aust. Prov. Assurance The market for Australian Provincial Assurance scrip, fully recovered from the depression of a fortnight ago, moved to new high levels yesterday sit'ternoon. when sales were made on 1 e Auckland market at 11s, compared *v ith 10s 3d in Wellington a fortnight fesro. At this price the return, based «»n the last dividend rate, is approximately £4 11s lid per cent. New Zealand and South British *>hares are also very firm, with sellers tiard to locate. Goidsbrough Morts. Easier The market for Goidsbrough Morts., fallowing the payment of the dividend, « ontinues to weaken, sales taking place yesterday at a price which allows a reHirn of approximately £6 8s 4d per rf ent. Various commentaries have l»een made by Australian critics on the weakness of the market for this scrip, hut nothing has been adduced yet to the prospects of the company less bright than they appeared a month or iso ago, when the scrip was active around 535. The market is frightened * ' the wool position, viewing with a « ertain amount of concern the fact That the company showed fairly heavy rlocks in its last balance sheet. Taking

a broad view, the shares have certain attractions on present comparatively low levels. Firmer Tone in Waihis A further advance has taken place in the market for Waihi Mining scrip over the past 24 hours. To a certain extent this is partly the reaction after the depression of the past fortnight. Again, most of the weak holders appear to be out, and there are not the big parcels offering compared with the transactions of the past month. Junctions hold their improved tone, buyers offering lid without attracting sellers. In some quarters it is hoped that a better agreement will be made with the Waihi Company in regard to this concern at N.Z. Farmers’ Fertilisers Firm The market for New Zealand Farmers’ Fertilisers is very firm, buyers moving up another 3d this morning to 22s 3d without drawing sellers below 235. At today’s middle price of 22s 7d the return is approximately £7 Is Sd per cent. This scrip was last dealt with in Christchurch on Thursday at 22s 3d. Farmers’ Trading scrip meets with a steady demand around par. Taranaki Oils are weak and idle. It is worthy of note that the general manager of this concern is on the way over to Melbourne, where he will confer with the directors on the advisability of installing a rotary plant on the site of the Morere bore. 3-Ie has just returned from a tour of some of the principal American fields. Dividends Due Dividends payable In the near future include: Due. British Tobacco —21 p.c. on ord. (int.) June 29 •Loan and Merc.—2i p.c. on pref. (int.); 3i p.c. on 2nd pref. (int.); 3 p.c. on ord. (int.) June 29 IXew Zealand & River Plate —4i p.c. (int.) July 1 National Mortgage 3f p.c. (int.) July 2 National Bank of N.Z.—Final dividend of 12 p.c. p.a. and bonus of 2 p.c* July Sanford, Ltd., 3J p.c. (int.) . . July 7 •Less* 2s in £1 English income tax. iLess 4s in £1 income tax.