On New High Levels

Sun (Auckland), Volume III, Issue 788, 8 October 1929, Page 10

On New High Levels

Demand for Tax-Free Bonds By "Xoon Call.” NEW high levels have been reached by the market for taxfree Government loans over the past 24 hours. Four a •••! a-hali stocks have changed hands at up to £I OO 10s. a price which allows a return of slightly under £i 8s 7d per cent, when redemption and commission charges are taken into consideration. The price of this class of investment cannot be said to he a true indication of the general market, as the big companies and investment concerns, looking for a safe avenue for reserves and having in view the graduated tax on income, are gradually locking up the tax-free securities; for the limited number now offering premium prices have to be paid.

FLUCTUATIONS Price movements, snown by a com - . parison of sales made over the past j 24 hours with the price at the time of the previous recorded sale, include: New Zcaiand Insurance, fall of sd. Mount Lyell Mining, fall of 1 id. Union Bank, rise of 6d. Bank of N.Z., r:se of 3d. South British Insurance, fall of Is. Business On the Auckland Market Transactions on the Auckland market over the past 24 hours include: Yesterday afternoon. —Commercial Fank of Australia, 295; ditto fpref.), £ 7 7s; Bank of New Zealand. 60s 4d; New Zealand Insurance. 43k 30d; I'nion Bank, £l4 12s 6d; Kempthorne, Prosser, X. 27. Drug, 745; Mount Lyell Mining. 43s 7£d. At this morning's early call.—On ’rhange: Commercial Bank of .Vu.strulia. 295. Reported: New Zealand inscribed Stock, 1938, 4*. per cent., £ 100 7s 6d. Business at midday: Reported.— Whittome Stevensons. 465: South British Ins trance. 645; Bank of New Zea - ■ £6 14s: Commercial Bank of Australia, 29s lid. Paper Pulp Industry Directors of Amalgamated Zinc fde Bavay’s). Ltd., regard as satisfactory ihe progress made toward the establishment of the paper pulp industry in Australia. The chairman of the subsidiary concern—Tasmanian Paper Prop.. Ltd. —is at present in England in connection with that project. The day is not far distant when definite steps will require to be taken with a view to establishing the industry in the Xorth Island of Xew Zealand. Already vested interests are going into the question, and a number of experts’ reports have been placed before directorates over the past 12 months. Taranaki Oil Company The Taranaki Oil Fields of Xew Zealand, Limited, reports:—Gisborne No. 2 well: 'Material for concrete is now on the site and some concrete has been placed. It is necessary to strengthen the corner piers by driving piles; this work now in hand. The weather is good. Kotuku Xo. 1 well: Test hole drilled to 390 ft in a son of blue sandstone, cased to 3Soft. —P.A.

Occidental -U na Mining Coy. The manager of the Occidental-L'na j United Gold Mining Company reports that in the Xo. 3 stope south-east of j the shaft the reef formation is about sft in width and composed of heavily mineralised quartz in which colours of gold were seen during the week. In :he Xo. 4 stope south-east similar conditions are met with. Golden Age Mining Coy. The manager of the Golden Age Gold Mining Company reports:—‘We have started driving for Fox’s leader. This leader produced some rich patches of gold in the early days to the east of our present crosscut. A total of 18ft has been driven for the week in a splendid class of gold-bearing andesite.’’ Lucky Shot Mines The manager of the Lucky Shot Mines reports that when breaking - down last week 61b of rich specimen stone was secured and gold is still showing in the face. The reef at this level has showed high grade ore from Xo. 2 winze up to the present face and has every appearance of opening up a large block for stoping. Market at Midday Greater activity was recorded in the banking group. Commercials of Australia. which improved Id overnight, were back to yesterday’s level at midday when further sales took place at 28s lid: at this price, the return, based on the latest dividend, is approximately £5 per cent. New Zealands have ; shown two slight improvements over i the last 24 hours. The insurance group continues to register a falling tendency, and any business done has been on an easing ; market. Coals are quiet, but most shares meet with a steady demand at late quotations. Timbers, woollens and breweries are practically neglected. Wilsons Cements, which were dealt with yesterday at 42s 6d, were offered at 43s this morning without drawing it declaration from buyers. Dividends Payable Due. . Milne and Ohoyce—B p.c. p a. shares anil deb. stk Oct. 10 Farmers’ Co-op. Auctioneering—B p.c. p.a Oct. 12 Waihi Gold Mining Co.—ls a share Nov. 1 X.Z. Guarantee Corp.—lOd a share, fully-paid ord., 7 p.c. Ipref., 4cl con • Xov. 12 Broken Hill South—ls 6d a share Xov. 15