A Quiet Tone

Sun (Auckland), Volume III, Issue 880, 25 January 1930, Page 10

A Quiet Tone

Market On ’Change

By

“Noon Call.”

LITTLE change has been noted in the investment market over the past *24 hours. The market is erratic, with investors still diffident about making heavy commitments owing to uncertainty in respect to the near future.

Fluctuations Price movements, shown by a comparison of sales on the Auckland market over the past 24 hours compared with the price at the time of the previous recorded sale, include: Commercial Bank of Australia, fall of 6d. Business on the Auckland Market Transactions on the Auckland market over the past 24 hours have included: Yesterday afternoon: Commercial Bank of Australia, 235; Auckland Gas, 24s lOd; Mount Lyell. 355. Business this morning: Commercial Bank of Australia, 22s Od. m • • Market This Morning The continued weight of selling pressure in the banking group holds prices on low levels, and further falls have been recorded over the past 24 hours. Commercial Bank of Australia changed hands this morning at a price which allows an approximate return on investment. based on the latest dividend, of £ 6 12s per cent. New South AVales also have a decidedly easier tone. In the loan and agency group a buyer came in for Goldsbrough Morts at 30s: sellers asked 31s 9d. At 30s the return based on the last dividend rate, would W 10 per cent. British Tobaccos are suffering in the general depression, buyers offering 40s >'*d to sellers at 42s 9d. DunlopPerdriaus and Electrolytic Zincs are weak, sellers failing to find support on the Auckland market. In mining, Moanataiaris continue to nttraet the more speculative section p nd there is a steady inquiry on levels slightly under yesterday’s peak market. • * m Napier Gas Company The directors of the Napier Gas Company report the balance at profit and loss for the year ended December 31 as £12,821. They recommend payment of a further dividend of 3 per cent, and 6 per cent, on preference

and ordinary .shares, respectively, making a total dividend for the year of 6 per cent, on preference, and 8 per cent, on ordinary shares, which will absorb £4,640, leaving £8,190, from which it is proposed to transfer to plant. replacement reserve fund £2,000, carrying forward £6,191. N.Z. Loan Abroad At the conclusion of his address, at the annual meeting of shareholders in the New Zealand Loan and Mercantile Agency Company. Ltd., the chairman. Mr. A. Shepherd, stated that the directors had had under consideration for some time the question of the desirableness of extending operations to other countries presenting a field for Australian or Dominion produce, or producing commodities similar to those in which the company deals. As a result of these considerations, the company has opened an agency at Capetown, South Africa, and since the accounts for the year had been closed the business there had shown considerable increase. Agency arrangements, the chairman added, had been effected also in Canada and the United States, as well as in a few Continental cities, through w.hicli important outlets, it was hoped, would be opened up for disposal of commodities handled by the company. Dividends Payable Due. British Tobacco, pref., final, 6J p.c Jan. 31 Union Bank—interim, 12J p.c. p.a. Jan. 29 Commercial Bank of Australia—interim, ord., 15 p.c. p.a.; pref., 4 p.c., p.a Feb. 7 N.Z. Insurance—lnterim, lid a share Feb. 12 Queensland Nat. Bank—quarterly, 2J p.c Feb. 13 v ictoria Nyanza Sugar—final for last financial year, 5 p.c., and Interim for current year, 2i p.c Feb. 25 Broken Hill South—quarterly, 2s a share Feb. 26 Electrolytic Zinc—interim, ord. and pref., 12 p.c. p.a Mar. 6