FINANCE & MARKETS

Sun (Auckland), Volume IV, Issue 1053, 18 August 1930, Page 11

FINANCE & MARKETS

A Brighter Tone

Market on ’Change

By

“Noon Call.”

rE market opened for the week on ’Change this morning, showing a decidedly brighter tone. A healthy Monday morning’s business was recorded.

gj i ir.TU AT I Q_Nj> Price movements, shown by a of sales during the Corning with the price at the time of th« previous recorded sale, inelude1 ""* Northern Steam, fall of Id. Business on Auckland Market Transactions on 1 ” 1 ' Auckland orket recorded durniß the morning u!rinded the following: it the 10 o’clock call:—Northern Hteam. 14s 7d: English Scottish and Australian Bank, £ •> l"s. 1 armtis T At d midd«-: Union Bank of Australia, £lO 13s 6d: Wilsons Cement, £2 Os bd. Market at Midday The market was ciuiet at midday, , in d no business was put through in the call room. Wilsons Cements are a little firmer, nd sales are reported at 40s 6d, a nrice which allows a return, based on the last dividend of just over B per continue very weak, with sellers predominating. Even the sneculative element seems to have withdrawn from this section. The narket for Government stocks and bonds remains very firm. Farmers’ Trading Active The market for Farmers' Trading shares has been active during the past ‘pw days, and further sales were made this morning at Saturday’s improved price ot' Ss. At this price the return, based on the latest dividend, is approximately 10 per cent. In spite of the fact that these shares ire held by a very big list of small holders, the market is beginning to bold them in a better light and, if the directors were to discontinue the policy of issuing small parcels of new shares at par from time to time, it is quite on the cards that the market would move up to show a return nearer 3 per cent, on investment. Mercantile Bank Liquidation The Sydney “Bulletin” was asked by a correspondent:—“What is the position of shareholders in the Mercantile Bank of Australia (in compulsory liquidation)?” The answer given was: Finality has been delayed owing to

illness of the first liquidator and to doubt about the present liquidator’s legal rights in respect to claims against certain persons who benefited under contracts made with tho company. Counsel’s opinion is being sought. Assets (apart from uncalled capital) consist of a few hundred i pounds in cash. The rights of shareholders among themselves present another problem, with startling possibilities for ordinary shareholders. Though these unfortunates never had the satisfaction of seeing the “bank’s” doors open, in addition to losing their paid capital there is a chance of their being called upon to make up, to the extent of their uncalled liability, what the preference shareholders have lost. Premiums paid on preference shares, of course, have definitely gone. At the date the winding-up petition was presented, paid capital was £16,475 in 2,332 eight per cent, (fixed) cum. prefs., 3.773 “A” participating prefs., and 4,2'62 ords., all £ 5 shares. * + * Wellington Building Society The tenth annual meeting of the Wellington Co-operative Building Society was held last week. The directors’ report and balance sheet show that the total membership on April 30 last was 3,434, holding 7,569 shares in five groups. The total receipts for the year were £32,910, and the total amount appropriated to members during the year was £29,000. The total amount secured by mortgage in all groups to the end of the financial year was £139.363, of which £38,419 had been repaid, leaving if balance owing of £100,944. The realised profit for the year was £1,886 and the total realised profit to the balance date was £8,286. * * * Dividends Due Queensland National Bank—quarterly 2 p.c., making 8 p.c. for the year Now. Farmers’ Fertiliser Co. —S p.c. Now. Dominion Investment and Banking—annual. 7 p.c. .. Now. Grey & Menzies—annual, 8 p.c. Aug. 21. Victoria Nyanza Sugar—lnterim, 7i p.c .. .. Aug. 25. Bank of New South Wales—quarterly, 2£ p.c Aug. 27. Electrolytic Zinc—ord. and Dref. final. 4 n.c Sept. 4. Standard Insurance —final, Is 3d a share Sep. 9. Holden’s Motors—final, ord., 6d a share; pref., 8 p.c. p.a. .. Sept. 10.