THE GILT-EDGED MARKET

Evening Post, Volume CVII, Issue 21, 25 January 1929, Page 12

THE GILT-EDGED MARKET

;: ■'•'i'Jyeuiug Post," -Mtli January. Notwithstanding the public holiday on Tuesday,.and;.the focussing of public interest on speculation at Trcntliam this week, close, attention has been paid to business, ou the. Stock Exchanges, and business I. a ■ been brisk. Prices for all gilt-edgei! securities keep bigli, the demand for them-being very kut-n at increasing prices. ' :in this category bank and insurance shares, and the shares in some financial and stock and station companies are included with Government and local authority loans. Attention ot' investois lias been paid to the HYs per.cent. Government loans, and there has been a fair turnover in them. The 4% per cent, free of. income-tax stocks and bonds, maturing 3939, have not been so keenly competed for,' but they had buyers yesterday at £99 7s 6d. The sales of Government securities recorded during the week were as under:—4Ji p.c. Stocks (1038). £9!) 10s. £00 .I2s 6d, £08 • 10s';. 4% p.c. bonds (103S1, £09 as; n\i p.c. stock (19-.111, £99 ]0s; oVa p.e. .s,tock (1033), £101, £101 ,10s, X.lOl ss, £101 10s; 5Vi p.c. stock (1930!, £101 ss; 5,2 p.c bonds (1933). £101, £101 »s, £101 10s; s!i p.c. bonds (1930). £101

ss. ' Local body loans wanted were s',i p.';. City at Auckland (1930), at £07, no sellers, and 5'A p.e. (1043) at £00 10s, with sellers quoting £99 for the 5V4 p.e. loan (1936), of"tliis authority buyer? of (i per cent. Tolaga Bay (1041) quoted £102 10f, holders standing out for £104 10s, sellers of the 6 p.c. loan (IMS) of this local body were prepared to take £104 10s, but buyers wore silent. The 5 p.c. IVow Plymouth Borough loan (1933) was to be bought at £99. For s'/s p.c. Wellington .'pty. Council (1937),. £99. 10s was offered .without attracting quotations from holders. There were sales of 5 p.c. Mount Eden Boroughs (1952) at £03 10s. In the company debenture market the only sales recorded were of 10 p.c. New Zealand : Breweries bonds at 25s 9d. Wel-lington-Racing Club S p.c. debentures were in demand at £106 10s, no sellers. For 6% p.c. Glnxos (1945)., £91 was offered.' sellers quoting £93; Auckland Gas 5 p.c. (1932) and 6% p.c. (1935) were wanted at £94 and' £1.03 respectively. Sellers of Milne and Choyce quoted £100, no buyers There were sellers of the: 6]& .p.e. debentures (1945 and 1939) of the New Zealam.l Farmers' Co-op, at £93, no buyers. ■ BANKS, INSURANCE, AND FINANCE. Bank shares were in strong demand, :tnd werei very firmly held. Bank o!' Xew Zealand have shown a rising tendency during the week, and there was active inquiry for Commercial of Australia, National of Australasia, Bank of New South Wales, and English, Scottish, and Australian.; For the V,i p.e. D shares of the Bank of New' Zealand there were buyers at 2Ss, but no sales, so far as can be ascertained. Transactions of the week were <-is follow:—Bank of New Zealand, 02s, (Hs 3d; Australasia, £14 17s 6d, £14 ISs; National of New Zealand, £7 os, £7 3s, K.S. and A., £S 10s 6d, £8 10s, £8 18s 6d. National of Australasia (£5), £9 Us Cd, £9 10s, £9 11s od, £9 12s, and (£10) £19 Ss; Bank of .Adelaide, £10 2s Gd; Australian Bank of Commerce, 33s lid; Commercial of Australia, cum. div., 31s, 30s lid, (new) 30s, 30s'Gd, and rights, Ss Gd, ,8s Od, 8s lOd; Union (cum. div.), £15 10s, £1S 16s 6d £15 15s; Bank of New South Wales, £51 ss, £51 14s, £51 15s.

Insurance company shares in demand include Mercantile Mutuals at 31s, sellers quoting 335; South British, C4s 3d. A.P.A. were wanted at Cs 9d. Sales on record were as follow:—New Zealand Insurance (cumi div.), 475, 47s 3d; Queensland, C4s 6d; National, 16s, ids 2d; Standard, 03s 6d.

There was not a great deal of business in financial and stock and station companies. New Zealand and . lUvcr Plates were wanted at 32s Ody no sellers. Sellers of Abraham and Williams quoted 85s, buyers' prices being 755, with 85s ofierod for 1, preference.shares in this company. , National Mortgages, were want cd at 8Gs V 6d, holders quoting 88s 6d. Wright, Stephenson preference were quoted at 17s 8d buyers, and-20s sellers. Newton Kiiig preference were in demand at. Ss, no sellers. Fanners' Co-op. Auctioneering B were wanted at llis Gd, sellers quoting. 17s 6d. ißuycrs. of Wellington investment T. and A., and Wellington Deposit and Mortgage offered.]os Sd and 10s 2d respectively, 'no sellers. Sales made during the week were as follow: — Loan and Mercantile (ord.), £122; Dalgety, £15 8s; United Building, £18 10s; New Zealand Guarantee Corporation (8s), 8s Gd; : Permanent Investment (Christ church), £10 7s Gd. COAL, GAS, AND SHIPPING. There was a little more interest ajjown in coal shares .than,lras been usual jttiring the past few 1 weeks. ."Taupiri ordinaries and preferences hud buyers at' 25s 3d and 235. Waipa's-wcre. ottered' at 13n 3d, no buyers.. Sales were as follows: Westport, 30s; I'ukemiro, G7s Cd; 'Renown (pref.), 2s ad, and (ord.)'l6s,Oil, 17s; Hikurangi (pref.), Us 2d; AVestport-Stockton, 3s 3d. Ghs shares did not monopolise investors' attention, but there were unsatisfied demands for Wellington's at 30s 7d,, holders silent. Timaru Gas were wanted at' 245, sellers 255. Gd;. and for. Ashburtons • £5 Gs was offered .without response from holders. Sales of the-week' were:-Auckland, 24s sd. 24s Gd,, 24s sd; and (con.) 17s 9d, 18s; Christchiu'eh, 26s 6d. Some attention was given to shipping shares. Huddart Parker preference were wanted, .at 20s Gd, no sellers. Buyers of ' Union Steam Ship preference offered 20s '3d. sellers' price being 20s Bd. Sales were as under: P. and O. deferred, GOs, G2s 03; . Huddart Parker, 48s Gd; Dcvonport Perries, 24s Gd, 24s 4%d; Northern - Steam (con.), Cs Bd.