MARKET ON ’CHANGE

Sun (Auckland), Volume III, Issue 866, 9 January 1930, Page 10

MARKET ON ’CHANGE

Business on the Auckland Market Only one sale was recorded on the Auckland market this morning. A parcel of 200 New Zealand Insurance shares was dealt with at 44s 6d. Ohinemuris Weak The market for Ohinemuri Gold and Silver scrip is very weak. Buyers this morning offered 3s 9d, but even this ouote was withdrawn at midday, leaving sellers in unsupported at 7s 9d. The result of the crushing has apparently not been satisfactory. Mins Managers* Reports Mine managers report as follow: Moanataiari.— “Struck quartz and proceeding with the timbering." Hauraki. —“Development work proceeding satisfactorily. Pumping below the 400 ft level was started today. In the seaward end of the 400 ft level the reef crossing the face is from one foot to 18 inches in width, with very favourable indications for gold. This reef Is being followed toward where it should Junction with the Stockwood reef, which is just in the right hand side. Stoping operations were resumed »m Monday. A few strong blotches of gold were seen in the stope north of where the last lot of picked stone was obtained. Rising for another stope is in progress, but no quartz has been taken down this week.” * * * Market at Midday A slightly brighter tone was recorded in the market at midday, although brokers still tended to keep clear of actual business. Sellers predominated in the bank-

By “Xooii Call.” QUOTATIONS at the opening calls for the year on the Auckland ’Change this morning were somewhat erratic, brokers naturally being a little diffident about leading in the making of the New Year market. The position in regard to shares quoted on the Australian market was helped hv the fact that quotations have been coming across the Tasman since the ’Change opened there at the beginning of the week. Further price declines are noted in Australian stocks.

ing group with the market generally below last year’s closing levels. Loan and Agency scrip was neglected. Coals were quiet, with only nominal quotations. Sellers predominated in the miscellaneous group. Taranaki Oils are firmer with buyers at 5s and no sellers; the market in some quarters looks for something worth while to eventuate as a result of the new process at present being applied at the Gisborne bores. * * * Gilt-edge Section Weaker One of the features of the market this morning was the decidedly weaker tone in the gilt-edge section. This is tho direct result of the Government’s announcement of intention to come on the New Zealand market for loan money carrying a rate of 51 per cent. Brokers hesitated to quote, preferring rather to adopt a wait-and-see policy in respect to giving the market a day or so to absorb the news of the new issue and find the necessarily fresh lev€*ls. For the most part the new issue was expected by those who have followed the position closely, although the rate of 5£ per cent, was not expected so soon, many thinking that something nearer 51 per cent, or 5 3-8 per cent, would have been tried first. Dividends Payable Due. N.Z. Insurance —interim, lid a share • Feb. 11 Victoria Nyanza Sugar—interim, 2£ p.c • • Feb. 25