A Buoyant Market

Sun (Auckland), Volume III, Issue 737, 9 August 1929, Page 10

A Buoyant Market

Keen Demand for Tested Stocks By "XOOX CALL” A BRIGHT tone continues talte registered on Change. The increased interest in more speculative shares shown over the past week is maintained.

FLUCTUATIONS Price movements, sho*.n by sales over the past 24 hov/rs, compared with the price at the time of the previous recorded sale, include:— New Zealand Insurance, rise of 2d. New Zealand Breweries (deb.), rise of Id. Union Bank of Australia, fall of 6d. Ohinemuri Mining, rise of Id. Northern Boot, fall of 6d. Transactions on the Auckland Market Business on the Auckland market over the past 24 hours has included the following: Yesterday afternoon.—Near Zealand Breweries (deb.), 2Ss lid; New Zealand Insurance, 47s lid; South British Insurance, 67s 6d; Grey Valley Collieries, 26s 6d: Renown Oollieries (pref.) 3s Id; Devonport Steam, 2ls Od; New Zealand Farmers’ Fertiliser, 23s 9cl: Waihi Mining, 12s 2d; Ohinemuri Mining, 10s Id; New Zealand Inscribed Stock. 1933, s>s per cent.. £lOl 7 s 6d. At this morning’s early call.—On ’Change: Waihi Mining, 12s 2d. Reported: Union Bank of Australia. £l3 s; New Zealand Insurance, 47s 6d; Grey Valley Collieries, 26s 6d. Business at midday.—Reported: Union Bank of Australia. 13s Id; P. and 0.. def. stock, oos; Northern Boot and Shoe, 12s 6d: Ohinemuri Mining, fOe 2d; New Zealand Inscribed Stock, 1933, 5$ per cent., £lOl 7s 6d. New York Bank Rate Raised Cabled news from Xew York to the effect that the Federal Reserve Bank has raised the-re-discount rate from 5 per cent, to 6 per cent. will, no doubt, he reflected on the London market. A rise in the rate there in the near luturo would not be unexpected. Such a general rise must be reflected on the Xew Zealand market, especially in view of the heavy conversions to be arranged before November next. Market at Midday A very firm tone was registered in the market for all the better class stocks. In the coal group. show increased strength, steady buyers failing to attract sellers for any issue. This company should have Its plant for tackling the water problem at the mine ready at an early date. Pukemiros

were firmer, with sellers now asking £4. The market for Xew Zealand Breweries is a little easiet. The mining section holds the increased interest of the last few days, and sales of Waihis took place at 12s 2d tliis morning. Ohinemtiris .were also slightly firmer, following stales in the South yesterday afternoon at one penny above the Auckland market:. Bank of N.Z.’s Very Firm The market for Bank of Xew Zealand ordinaries maintains the improved strength of yesterday, and buyers offered 62s this morning, compared with a market at 61s 9d earlier in the week. Seilers were not prepared to make a declaration on the open market. Unions changed hands on slightly lower levels in the South yesterday, and _ further sales were recorded on the Auckland market this morning. Comniericals of Australia show slightly improved strength, buyers moving up Id to 29s 4d this morning. Waihi Mining Company The following information has been cabled to the London office of the Waihi Gold Mining Company: For the period ending July 27. 17,594 tons of ore were crushed, for a result of 6,110 line ounces of gold and 27.333 fine ounces of silver. This includes 977 tons mined from the Grand Junction area, which yielded 4650 z of gold and 6,31 Boz of silver. No. S Level.—ln a crosscut southeast from the ejjist end of Alexandra drive we haye intersected a reef formation. The first 12 feet is a mixture of quartz and country assaying 4s 6d-a top: the next IS feet is calcite and sulphide seams assaying Us 9d a ton: and the last S feet is mostly country 'rock assaying 4s 3d a ton. The course of the formation is 4-3 degrees. No. 9 Level.—Empire lode: Driving east, .the next ID feet assays 12s a ton. No. 10 Sub-Level.—Dominion lode: Driving west, the next 16 feet assays 59s 6d a ton. The lode is now split up. Dividends Due Dominion Investment A. B - and -C shares .. .. Today. Victoria Nyanza Sugar Co.. Ltd. —lnterim dividend of 7£ p.c. (Is 6d a share) Aug. 31. Wellington Woollen—lo p.c. p.a. Aug. Bank New South Wales—lo p.c. p.a. (iut.).. .. Aug. 27. Standard Insurance—Final dividend of Is 3d a share .. . . Sept. 3. Electrolytic Zinc—6 p.c. ord. • and pref. (final) .. .. }. .. Sept. 6. Holden’s Motors—ls a share ord. (final), making 10 p.c. p.a. and S p.c. A and B pref. Sept. 11