Buyers Nervous

Sun (Auckland), Volume IV, Issue 1071, 8 September 1930, Page 11

Buyers Nervous

Market on ’Change I { y “Noon Call.” . TOTS morning’s market was the weakest for the year I ' Buyers are nervous following the extremist statements from Australia and there was little life in anything outside gilt edge circles this morning. .

. nr.TUATIONS Price movements, shown by a comparison of sales recorded this morning with the price at the time of the previous recorded sale, include: — South British Insurance, rise of Id. Bank of New Zealand, rise of 6d. Waihi Mining, rise of 3d. Business on Auckland Market Transactions recorded on the Auckland market this morning included: At the early call: Xetv Zealand inscribed Stock. 1938, 4% per cent., £lO5 ss; South British Insurance, 57s lOd At midday:—Bank of New Zealand s«s 9d (two parcels); Waihi Mining, 14s ”d.

A Demoralised Market Outside of the gilt-edge section a general weakness was shown on 'Change this morning. Australia has dealt another blow to the New Zealand securities market in allowing the publication of ill-considered statements such ns that reported to have been made by ex-Pf-emier Hughes relative to debt repudiation last week. Sellers appear to have withdrawn from the Sydney market meantime, and the reaction is being felt on this side of the Tasman. Although the reserves of many companies, In addition to their prospects, are little changed from this time last year, the market values them on levels up to 50 per cent, lower. Bank of New Zealand shares continue one of the bright spots of a dull market, and recent advances recorded

in the South were confirmed by a furuier advance on tho Auckland market this morning. Waihis were also a little firmer this morning. Farmers’ Trading New Issue £ ofl L loans amounting to tAV', ’ th® Farmers’ Trading Coy., f;td., is offering to shareholders at par B preference and ordinary shares to that amount. The preference shares are 14s each and bear interest at the rate of 7 per cent., and are due to. share in anv d'stribution of accumulated profits to the extent of 6s a share the ordinary shares are Rs each and have returned a dividend for -the past y the rate during the last two being 10 per cent. They are due to fha-re in any distribution o£ accumulated profits to the extent of 12s each .Present shareholders are being given the first right to the new shares. If applicants prefer to pay a greater required on application, dividend will be calculated on the oi * Unt P aid as from the date of a ii?iP3i ent * . La st year the company •rtered an issue of B preference and ordinary shares to meet £ 128,000 worth ™?fu bentUreK fal,in K due and £148.000 worth were subscribed. * * * Dividends Due Standard Insurance—final, Is od a share Sept. 9 Holden's Motors—final, ord , f*cl a share; pref., 8 n.c. pa ~ Sept. 10. Kemp thorn© and Prosser——inBaffi m -of 4 Australasia, Ab n- * Sept 2 °‘ ! terim, 14 p.c. p.a Oct. 3. |