A Weak Market

Sun (Auckland), Volume IV, Issue 1008, 26 June 1930, Page 13

A Weak Market

Movements on ’Change

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: Commercial Bank of Australia, fall of 42d. Devonport Steam, rise of Is. South British Insurance, fall of 6d. Business on the Auckland Market Transactions on the Auckland market over the past 24 hours have inS eluded: —• Yesterday afternoon: Commercial Bank of Australia, 2Ts 3d; North Auckl ] an d Farmers* (B pref.), 9s; Auckland f Gas, 25s 3d; ditto (con.), 18s Gd; f Devonport Steam, 22s 9d; New Zealand ( Breweries, 50s 9d; Sanford, Ltd. (pref.), i 19s: City o * Auckland, 1958, 5L per I cent, £9B 10s. At midday.—Bank of Now Zealand, f>Bs: South British Insurance, 59s Gd; | British Tobacco, 39s 6d. Market at Midday The market for Commercial Bank | shares was a iittle easier, with buyers j dropped at 21s; further sales were I jnade at 21s 3d, a price which allows } return, based on the 15 per cent, dividend, of approximately £7 Is 2d a cwt. Unions are a little firmer, if anything, j Buyers of Nationals of New Zealand | Jiavo withdrawn temporarily, following the announcement of a reduction in the dividend rates, as the bank has been paying out in dividends more than it has earned for two years; however, ' a reduction should have been expected. The insurance group is suffering in j .the general decline, and both South

By “Noon Call.” AX apparent temporary shortage of money available for investment in anything outside the range of gilt-edge securities keeps the market for shares in most industrial and financial concerns depressed; there is a decided -weakness in the buying strength of these groups at the moment.

British and New Zealand shares were offered at slightly easier money this morning. Devonpprt Steams are very firm on a market which allows a return on investment of approximately £6 12s per fMiuit. The market for New Zealand Breweries moved up a shade during the morning, but no sales were reported. Farmers’ Trading are very firm at slightly over par, following payment of the dividend. . Waihi Mining scrip meets with a better demand and the market shows a rising tendency. Waihi Junctions are also a little firmer. * * Australian Glass Manufacturers, Ltd. A net profit of £187,168 is disclosed in the report of the Australian Glass Manufacturers Company, Ltd., for the year ended March 31 last, and this is £20,725 less than last year. That the operations of the company for the year had proved less satisfactory is attributed by the directors to the general depression which began to effect Australia during the latter half of the veur. The dividends and bonus are the same as last year. The dividend of 9 per cent, on preference shares absorbs £15,750, and 10 per cent, on ordinary shares takes £93,049, and the bonus of 21 per cent, requires £23,626. The sum of £50.000 has been added to the reserve fund. . j Dividends Due Goldsbrough, Mort and Co., Ltd., Due ‘ —final, 10 p.c. p.a. .. .. June 27 Loan and Mercantile—interim, ord., 2 p.c.; c p.c pref., p.c.; 61 p.c. pref., 34 p.c. . June 30 Morris Hedstrom—final. 4 p.c. .. June 30 British Tobacco—interim, 3 p.c. June 30 N.Z. and River Plate Land Mortgage Co., Ltd.—interim, 44 P.c July 1