Improved Buying Support

Sun (Auckland), Volume IV, Issue 1065, 1 September 1930, Page 11

Improved Buying Support

Market on ’Change

By “Noon Call.” THE market opened for the week on Change this morning with buyers taking increased interest. The banking group, particularly, received greater support.

c. HCTUATIONS. Price movements, shown by a comparison of sales on the Auckland market during the morning with the price at the time of the orevious recorded sale, include: E.S. and A. Bank, fall of 6d. Business on Auckland Market Transactions on the Auckland market during the morning have included the following: the early call. —Farmers Fertil;Jrs 18s 9d (two parcels). At* midday: English. Scottish and Australian Bank. £5 12s; Auckland Gas (con.), 17s 9d. Market at Midday The market this morning had a •lightly brighter tone than that at the opening of last week. Buyers showed decidedly greater interest. Sellers in the 'banking group were mostly all supported by buyers. Auckland Gas contributing saw their first recorded sale for several weeks at A price which shows an approximate return on investment of 6.7 per cent. Buyers of Australian industrials have come in on low levels again after the scare which followed the release of t?ir Otto Niemeyer’s report. * New Zealand Farmers' Fertilisers were active this morning at 18. s 9d. a price which shows an approximate return. based on the latest dividend, of 8.5 per cent. m \ + Proposed New Bank An extension until July 31. 1932. of j the period within which the proposed lAjndon and New Zealand Bank can commence banking operations is to be .••ought in the private Bill which Mr. M. Samuel, member for Thames, has undertaken to sponsor if the standing Orders of the House of Representatives can be suspended to permit its introduction this session. A private Bill passed in October. 3923. authorised the granting of a charter on condition that £ 1,000,000 of the nominal capital of £3.000.000 -was subscribed by July 31. 1930. The original Bill proposed that the promoters should have until December 31, 1933, in which to form the bank, but this period was shortened by an amendment made in committee. The underwriting of the first £1.000,000 of capital was said to be assured when the project was first announced. T»upo Totara Timber Company The annual report of the Taupo Totara Timber Company for the year ended April 30. 1930, shows a net profit of £9,214. Preference dividends at the usual rate of 7 per cent absorbed £8.292. No dividend is to be paid to holders'of the ordinaries. With the sum of £22,470 brought forward from last year, there is £23,392 to be csr-

lied forward to the credit of P. and L. The paid-up capital of the company comprises preference shares £ 118,475, and ordinaries of £175,107. Kuranui Gold Mining Company The directors of the Kuranui Gold Mining Company, No Liability, in their half-yearly report, state: In reference to the call of one halfpenny a share mentioned in the circular dated June 6, 1930. which was forwarded to the shareholders. 30,864 shares were forfeited for non-payment of the call and were offered for sale by auction on August 22. There being no bid, these shares were registered in the name of the company. In the present dull state of goldmining, and with so few shares remaining on which to make calls, the directors are unable to recommend that work at the mine be resumed. An extraordinary general meeting will shortly be convened for the purpose of considering a resolution to wind up the company voluntarily. Trend of Banking Business Among the returns given in the “Monthly Abstract of Statistics’’ are those supplied by the trading banks. These show the total amounts debited to all accounts (excluding Government) by the banks during each week. Taking the average for the four or five weeks ending with the last Monday in each month, the average weekly debits during each month are as follow;

These figures reflect with a fair degree of accuracy the volume of trade at particular periods. There is usually a marked decrease during the winter months, and appears to have been particularly emphasised in the first half of July. • • * Dividends Due Bank of New South Wales—quarterly, 2i p.c Now. Electrolytic Zinc—ord. and pref., final, 4 p.c Sept. 6. Kaiapoi Woollen Co.—pref., 6 p.c., ord. 4 p.c Sept. 6. Standard Insurance—final, la 3d a share Sept. 9. Holden’s Motors —final, ord., 6d a share; pref., 8 p.c. pa Sept. 10. Kempthorne and Prosser—interim, 4 p.c About Sept. 20. Bank of Australasia, interim, 14 p.c. p.a Oct. 3.

1928-29 1929-30. 1930-31 £ £ £ April . . 15,380,356 18.04S.535 15.4S8.263 May . . . 15.4S8.766 16,949,961 16,740.723 June . . 1 1,999,57 1 15,503,697 14,743,756 July . . 1 4.770.934 15.S03.107 *14,592.210 August . 13,842.14!) 14,432,507 — Sept. . 13,222,340 15,401,069 — October . 15,500,886 15,408,704 — November 1 4,690,729 16,169,156 — December 17,801.11 7 18,153,181 — January . 16,188,186 15,351,529 — February 19,850,100 18,103,036 — March . . 21,136.149 20,154,325 — •July debits are the average for two eeks endin g 14th only.