RESERVE BANK SHARES

Otago Daily Times, Issue 22716, 31 October 1935, Page 10

RESERVE BANK SHARES

SHARP DROP IN PRICE PRE-ELECTION NERVOUSNESS (Special to Daily Times) AUCKLAND, October SO. Reserve Bank shares sold on the Auckland Stock Exchange to-day at £6, a fall of 7s Gd on the last sale a week ago and 5s below the lowest price narhed since the issue was first quoted in July, 1934. The decline is due solely to the forthcoming election. For some Cays there has been pressure by sellers, and when a buyer appeared at £6 to-day holders" met the market. After the sale buyers offered £5 18s to sellers' Quotations of £6 2s 6d. In an address last week, Mr Walter Nash, M.P., president of the Labour Party, said that if the party gained office it would purchase at the h.. rket value the Reserve Bank shares owned by private individuals to make tte institution a Government bank. This has naturally made some holders nervous, as there is no indication as to what would be regarded as the market price. The Mortgage Corporation, anotm' institution founded by the present Government, also is suffering through preelection nervousness. Its shares were sought to-day at 5s 4d, a penny lower, although holders were steady at 5s 6d.