FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 809, 1 November 1929, Page 10

FINANCE & MARKETS

A Brighter Tone

Market Recovery in Sight

Bv

"Noon Call.”

A DISTINCTLY brighter tone was recorded in the market on 'Change this morning. Although the actual volume of recorded business was not heavy, there were distinct signs lhat the bearing influence of the last few days was nearing its end. and that an increase in the buying strength was not far off. Although prices for many of the most solid stocks have fallen considerably in the last month or so there lias not been a corresponding decrease in the amount of New Zealand capital available for investment. The depression has been accentuated by buyers holding off, hoping for lower levels.

Fluctuations Price movements, shown by a comparison of sales made over the past 24 hours with the price at the time of the previous recorded sale include: Commercial Bank of Australia, rise of i. Kauri Timber, fall of 1s 3d. Wilsons Cement, rise of 3d. Staples Breweries, fall of 6d. Commercial Bank of Australia, rise of 3d. Northern Steam, fall of Id. Business on the Auckland Market Transactions on the Auckland market over the past 24 hours have included the following: Yesterday afternoon. —New Zealand Inscribed Stock, 1933, 5i per cent., .C 101; Gear Meat. 445: Wilsons Cement, 42s fid: Kauri Timber, 16s 9d. At this morning’s early call.—Commercial Bank of Australia, 35s 6d (late yesterday); Staples Breweries, r»3s; Commercial Bank of Australia, 25s JOd. At the mid-day call.—On Change: Commercial Bank of Australia, 26s 3d: Northern Steam. 14s lOd. Reported: Bank of New South Wales, £47 2s 6d i Sydney register): Robinson’s Ice Cream, 25s 3d. Waihi Crushing Results The following information has been cabled to the London office of the Waihi Mining Company:—For the period ended October 19, 18,110 tons of 4.re were crushed for a result of 6.395 fine ounces of gold, in addition to silver; this includes i.ooi ions from the Junction area, which yielded 541 ounces of gold and 4,446 ounces of silver. In the No. 9 level of the Empire lode, driving west, the last 62ft assays 40s 6d a ton. In the No. 10 level at 17ft in on the south crosscut a lode 4ft wide was intersected, the assay value being 48s 9d a tori. The Market at Midday Whether or no it was a reaction to the news of the lifting of the New York depression and the lowering of the Bank of England discount rate by 1 per cent., the market at midday registered a decidedly healthier tone.. Increased buying strength was shown in several Quarters. Coals remain vej-y firm. Renowns improved this morning to see buyers offering 17s with sellers holding for 17s 6cl. Sellers of Pukemiros are hard to locate. The timber group continues practic-

ally neglected. Kauris saw their first recorded sale yesterday afternoon since the third week in August. * * $ Dalgety and Co., Ltd., Dividend A cable message from the head office of Dalgety and Company advises that at the annual meeting to be held on November 14. the directors will recommend declaring a final dividend of 3 per cent., making (with interim dividend already paid! 10 per cent, for the year ending June 30 last, together wifi bonus of 7s a share. Dividend and bonus are payable on November IS. The directors propose writing down premises £25,000, transferring .£25.000 to staff provident fund, appropriating £ 60,000 for staff bonus, and carrying forward the sum of £227.900. Commercial Banks Active Commercial Bank shares have been active over the past 24 hours, selling freely on all New Zealand Exchanges, mostly as a result of selling orders from across the Tasman. Several hundred shares must have qhanged hands at down to 25s 6d yesterday; the market was decidedly firmer this morning and, despite the fact that Sydney was offering to sell at 25s 9d up to 11 o’clock, the market hardened at mid-day and sales took place at 26s 3d with more wanted at that figure. There appears to be a comparatively wide range of buyers in on the lower levels for this scrip. At today’s midday market price the approximate return on investment in this scrip is 3d per cent. Dividends Payable Due. D.l.C.—Pref, 6 p.c. (halfyear), ordinary, 10 p.c., p.a Nov. 1 Dominion Pictures—pref and ord., ‘final, 7J p.c. p.a Nov. 1 Aus. Iron and Steel—pref., interim, 7i p.c. p.a Nov. 1 Waihi Gold Mining Co. — la a share Nov. 1 Bank of Adelaide—interim, 10 p.c. p.a . . ... Nov. 6 Anthony Hordern—interim (half-yearly), pref., 7i p.c. p.a., #rd. S p.c. p.a Nov. 13 Queensland Nat. Bank.—interim 10 p.c. p.a Nov. 14 Broken Hill South—ls 6d a share Nov. 15 Burns-Phi lp—interim (halfyearly), 10 p.c. p.a Nov. 15 Nat. Bank of Australasia— Ord. and con., interim 10 p.c. p.a Nov. 27 N.Z. Paper Mills—interim, _ * 3i p.c Nov. 29 Sharland and Co. —Pref. and ord. (final), 4i p.c Nov. Aust. Glass—interim, at rate of 9 p.c. p.a. on prefs.. and 10 p.c. on ords Dec. 1