Gilt-Edge Stocks Firm

Sun (Auckland), Volume IV, Issue 1063, 29 August 1930, Page 11

Gilt-Edge Stocks Firm

Market on 'Change

Bv “Noon Cal]

BUSINESS on Change continues spread over a com para tively wide range with hanks and gilt-edge stocks receiv ing the biggest share of attention.

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, include:— Commercial Bank of Australia, fall of 2d. New Zealand Breweries, fall of 9d. Wilsons Cement, fall of 2d. Bank of New South Wales, fall of 7s 6d. National Bank of Australasia (con.), fall of 6d. New Zealand Bonds, 1938, per cent., rise of ss. Business On the Auckland Market Transactions on the Auckland market recorded during the past 24 hours included: Yesterday afternoon. —New Zealand "War Loan, 1933, 5£ per cent., £99 ss; commercial Bank of Australia, 19s 9d; Rational Bank of Australasia (con.), £ *> 15s: Pukemiro Collieries, 52s 3d. At this morning’s early call.—New Zealand Insurance, 425; Bank of New South Wales, £35 2s (id; I-lastings Borough. 6 per cent., 1942, £101; New Zealand War Loan. 1938, 44 per cent., £IOO ss. At midday.—South British Insurance, 57 3d; New Zealand Breweries, 49s 9d; Wilsons Cement, 39s lOd; Waihi Grand Junction, 2s Id. Further Sales of Pukemiros Further sales of Pukemiro Collieries have been put through during the past 24 hours at 52s 6d; at this price the approximate return on investment, based on the latest dividend, is £l3 6s Sd. Rumour has it, however, that there

will be a reduction in the dividend rate. Under present conditions, with competition so keen among North Island coal companies, it is difficult to see how the directors can be expected to maintain the dividend rate. The company doses its year in August. The report is due next month. Free-Of-Income-Tax Securities Selling The market for 4 h per cent incometax bonds and stocks has been forced up. to see sales at a 5s permium. The incidence of taxation makes it more profitable for companies and others with large sums to invest in sound securities to take up free-of-income-tax issues, which return under 44 pei* cent., rather than invest in the •~*l per cent, issue the Government has on the market at the moment. Kempthornc Prosser Interim A Press Association message from Dunedin states that the board of directors of Kempthorne, Prosser and Company’s New Zealand Company has declared an interim dividend of 4i per cent, for the half year ended July 31. This is the usual rate. Dividends Due Bank of New South Wales—quarterly, 2£ p.c Now. Electrolytic Zinc—ord. and Dref.. final. 4 p.c SepL 4. Kaiapoi Woollen Co.—pref., 6 p.c., ord. 4 p.c Sept. 6. Standard Insurance—final, Is 3d a share Sept. 9. Ilolden’a Motors—final, ord., 6d a share; pref., 8 p.c. p.a Sept. 10. Kempthorne and Prosser—interim, 4£ p.c About Sept. 24.