Lower Bank Rate

Sun (Auckland), Volume III, Issue 916, 8 March 1930, Page 11

Lower Bank Rate

No Reflection on ’Change By “Noon Cal!.” SO tight a grip has the spirit of pessimism taken on the market on ’Change that the announcement of a further fall in the Bank of England discount rate has passed almost ■unnoticed. In no section of the market has there been any move indicating even a temporary emergence from the atmosphere of gloom and uncertainty which seems to surround present-day transactions. To those in close touch with the market the latest fall is one of the best signs of recent times; it is a definite indication that cheaper money is in sight in the Old Country; further there is every prospect that a further fall will take place within the next few months.

fluctuations Price movements, shown by a comparison of sales on the Auckland market over the past 24 hours With the price at the time of the previous recorded sale, include: — Whittome-Stevenson, fall of 1s 6d. Bank of New Zealand, fall of IJd. I ) Milne and Choyce (deb.)» rise of 3d. Hayward’s Pictures, fall of 2s 9d. * • * Business on the Auckland Market Transactions on the Auckland market over the past 24 hours included: Yesterday afternoon. —New Zealand Inscribed Stock, 1936, 51 per cent., £99 6s; Auckland Harbour Board, 1941, 6 per cent., £102; Hamilton Borough, 3 935, 51 per cent., £9B; Bank of Naw Zealand. 575; Donaghy’s Rope. 345; Milne and Choyce (deb.), 27s 3d; Whittome-Stevenson, £2. Business this morning.—A.P.A., 6s JOd' Hayward's Pictures, 15s 3d.

Market This Morning There was the usual Saturday morning week-end atmosphere on 'Change this morning. No business was put through in the call room and many Quotations were only nominal. The banking group show’s little change. Commercials of Australia hold yesterday’s slight improvement, and the scrip meets with a steady demand. New Zealands are a little easier. Quotations In the insurance group are erratic, and little actual business is being put through. Mining is neglected, and, with the exception of Waihis, quotations have a dow’iiw’ard tendency. Miscellaneous securities, even sound and tested New Zealand industrials, continue to suffer in the general depression and most shares meet with a rather erratic demand. • * • Amalgamated Wireless The board of Amalgamated Wireless (Australasia), Limited, at a meeting on March 4, decided to declare an interim devidend at the rat of 8 per cent, per annum for the six months ended December 31. The dividend w'ill be paid on March 24.