Limited Trading

Sun (Auckland), Volume III, Issue 884, 30 January 1930, Page 12

Limited Trading

MARKET ON ’CHANGE By “Noon Call.” DESTROY confidence, and the market loses its main prop. That, in effect, is what has happened on ’Change during the past few tveeks. Although a comparatively large amount of surplus capital may be available for investment, it is being held back meantime; investors, for the most part, have little faith in their own judgment and the volume of business recorded continues small.

Fluctuations Price movements shown by a comparison of sales over the past 24 hours with the price at the time of the previous recorded sale, incl ude• Bank of N.S.W., fall of 12s 6d. Business on the Auckland Market Transactions on the Auckland market during; the morning included: At the early call:—Farmers’ Trading, Ss 6d: Glaxo (debentures), £9l. At the midday call: —Bank of Australasia, £ll 10s: Bank of New South Wales, £39 5s (Sydney register). • • * Market at Midday The market at midday showed little indication that an early throwing ol’f of the present depression was likely. Little confidence is shown in any section. and the general trend continues in the direction of even lower price levels. Commercials, in the banking group, after last week’s further fall, seem fairly steady, with buyers offering 22s «d. New South Wales are a little easier, with sales of scrip on the Sydney register at £39 ss. Sellers of insurances are unsupported. Further price declines are noticeable in the miscellanous group in all‘stocks with Australian connections. British Tobaccos are offered at 41s without buyers. Electrolytic Zincs are also easier. • * * Victoria Nyanza Sugar A profit of £79,342 was earned for the year ended April 20, compared with L‘s 9 008 for the previous year. Final dividend of 5 per cent., making 15 per cent, for the year, is proposed. During the year 50.952 tons of cane were crushed, yielding 5,723 tons sugar. It is estimated that 92,000 tons will be crushed during the current 3 r ear. Bank Dividends Advice has been received that the Australian Bank of Commerce lias declared an interim dividend at the rate of 7 per cent., as against 8 per cent, last year. This bank increased its dividend from 7 to 7£ per cent, in 1925, and in the following year to 8 per cent., at

I which rate the dividend has been maintained for four years. Its net I profits increased annually to £218,067 ! in 1926-27: there was a slight fall in j the following year, but last year’s rei port showed a recovery to £218,545. j The Commercial Banking Company I of Sydney has maintained its interim : dividend at the 10 per cent. rate. Commercial Bank New Issue Terms The terms of the new issue of Commercial Bank of Australia ordinary shares are announced. The shares are being offered to holders of both preference and ordinary shareholders in the proportion of one new share for every eight now held; application may also be made for the surplus of 3(»,034 shares in excess of the quota. Payment will be duo by equal instalments of 5s each on application, on May 31, August 30 and November 29. Applications close on February 28. This will be the last issue under the authority of the 1926 resolution, as it brings the total number of ordinary shares up to the authorised limit of 4.000,000 shares. When payment for these shares has been completed the bank’s capital will be £2.117,350 in 4 per cent. preference shares and £2,000,000 in ordinary shares, on which the dividend has regularly been 15 per cent. By then the reserve fund, with the addition of the balance of premiums on the 1929 issue as well as those on the parent issue, will be in excess of £2,250,000. * • * Dividends Payable Due. British Tobacco, pref., final, 6i P-c Jan. 31 Union Bank—interim, 12i p.c. p.a. Jan. 29 Auckland Gas—final, 4 p.c Feb. 4 Commercial Bank of Australia—interim, ord., 15 p.c. p.a.; pref., 4 p.c., p.a Feb. 7 N.Z. Insurance—interim, lid a share Feb. 12 Queensland Nat. Bank—quarterly, 2} p.c Feb. 13 Victoria Nyanza Sugar—final for last financial year, 5 p.c., and Interim for current year, 2i p.c Feb. 25 j Broken Hill South—quarterly, 2s a share Feb. 26 ' Wellington Gas —final, 4 p.c. . . Feb. ; Electrolytic Zinc—interim, ord. and pref., 12 p.c. p.a Mar. 6 ; Call—- * Moanataiari, 2s 2cl paid—2d a share Feb. 6 1 Occidental—ld a share Feb. 7