Market Continues Quiet

Sun (Auckland), Volume III, Issue 835, 2 December 1929, Page 10

Market Continues Quiet

Position on ’Change

By

“Noon Call.”

THE market continues to react to Australian influences, and business is confined to within a comparatively short ••ompass. if seems that there is something in the contention that too gloomy a view is being taken of the position in many quarters.

P LUCTU ATIONS . Prioe movements, shown by a comparison of sales made during the morning with the price at the time of the previous recorded sale, include:— Bank of New Zealand D mort., rise of ltd (last recorded sale week ended November 19). Business on the Auckland Market Transactions on the Auckland market during: the morning included: At the early morning call: —Reported: Bank of New Zealand (D mort.). 28b Gd. On 'Change: Renown Collieries, 17s (two parcels). Paddy’s Point Mining Company Advice has been received by the secretary of the Dunedin Stock exchange that Paddy’s Point Gold Mining Company is about to commence sluicing operations at Paddy’s Point. \Y a Kahuna. The official opening of the claim is to take place on December 4. Market at Midday No business was recorded at midday. In the banking group, New South Wales showed a slight improvement on Saturday’s Sydney market, a small parcel being sought at £4O. Commer- • ials were also a little better than on Saturday, prices closing with a market • it. midday in the vicinity of 265. At this price the return, based on the 15 per cent, dividend, works out at approximately £5 3 5s 5d per cent. i ‘oal shares hold steady at late quotations, with sellers hard to locate, llikurangis shows practically no improvement, despite the fact that news has now come through to the effect that the water lias been got out of the min*. In the mining section, Waihis show a further improvement, buyers moving up to 13s 3d without making a recorded sale. Mine Managers’ Reports Mine managers report as follow: Alburnia. —“The leading stope on

' the main Orlando lode has been carried along for a total distance of 77 j feet. The reef here averages three | feet wide and is a strong body of ! heavily mineralised stone. The rise on ; the cross leader from the drive north | on the hanging-wall branch of Orlando lode has been risen seven feet, a total of b* feet. The reef here averages 12 incryz wide. Very little of the leader has been broken down this week. A start will be made this week to pump out the water in Gillan’s winze and complete the timbering to the bottom, and as soon as completed a start will be made to either continue sinking or open out from the bottom of winze, as gold was seen all the distance in sinking.” Bank of N.Z. Mortgage Issue Tt is reported that the first issue by the Bank of New Zealand of £300,000 long term mortgage debenture stock, issued at par, a rate of interest 5 1-8 per cent., is meeting a good reception from the investing public. The loan is repayable in 1939. The stock, which is an authorised “trustee investment.” is a liability of the bank, and is further specifically secured on the assets of the Long Term Mortgage Fund. These assets consist of loans (on an amortisation basis) on first mortgages of freehold and leasehold lands in New Zealand. At September 30 last, the amount of such mortgages outstanding j was £963.943. Certificates are issued i in denominations of £SO, £IOO or j £SOO, as desired by applicants. • * * Dividends Payable Due. Henry Jones Co-operative—-final. Is 3d a share Dec. 2 N.Z. Breweries—interim. 7£ p.c Dec. 2 Bank of N.Z.—interim. Is 4d a share Dec. 7 Amalgamated Wireless—S p.c. p.a Dec. S Mount Lyell—final, 2s 9d a share Dec. 18 Kauri Timber —3 p.c. .. About Doc. 13 Loan and Mercantile Agency Co.—final, pref.. 2£ p.c. and ord., 5 p.c Dec.