FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 671, 24 May 1929, Page 10

FINANCE & MARKETS

FLUCTUATIONS Price movements, shown by sales over the past 24 hours, when compared with the price at the time of the previous recorded sale, include:Bank of New South Wales, fall of 2s 6d. Sanford, Ltd. (ord.), fall of 9d. N.Z. Insurance Stock, 1933, 52 per cent., fall of 2s 6d. N.Z. Guarantee Corporation, riso of Id. Business yesterday afternoon: City of Auckland debentures, 1962, 5$ per cent., £99 ss; X.Z. War Loan, 1939, 4£ percent, £100; X.Z. Inscribed Stock, 1933, 5i per cent., £lOl 2s 6d; Bank of New South Wales. £sl 17s 6d; Bank of New Zealand, 62s 3d; Sanford, Ltd. (ord). 18s. Business at this morning’s early call.'—On ’Change: Sanford (ord.), 18s i four pels.); Taranaki Oil, ss: Wailii Mining, 12s lOd (two pels); X.Z. Insurance 475. Reported: Bank of X.Z.. £3 2s 3d; X.Z. Guarantee Corporation, 9s: Kaiapoi Woollen ord.), 14s; X.Z. Breweries (deb.), 275. * * * Business at raid-day:—On 'Change: Wiisons Cement. 425. Reported: New Zealand Breweries, 275; Bank of Australasia, £l4 15s; Auckland Harbour Board, 1935, 5 percent., £97 10s; Sharland and Company (ord.), 20s fid. Woollens are receiving increased at- ! pention. all listed securities being i sought by buyers. Kaiapois are quietly active, the ordinaries changing hands i throughout the Dominion on a market 1 firm at 14s. At this price the return, \ based on the last dividend, is approxi- ! xnately £3 13s Id per cent. The market is, of course, expecting better results at the end of the company’s year which closes on June 30. Greater activity is shown in the j market for a wide .range of shares. Sellers of Hayward’s Pictures, who have been unsupported for the past

Heavy Trading Improved Tone On ’Change A COMPARATIVELY heavy volume of business has been registered on ’Change over the past 24 hours. One of the features of the market is the wide spread of the buying strength.

week or so. dropped 6d to par this morning: without drawing a buyer's declaration. South British Insurance scrip is firmer with buyers 9d above the last recorded market price at 64s 9d. Commercial Banks of Australia, which were dealt with in the South yesterday at 30s 3d, were slightly easier on the Auckland market this morning. Less interest was taken in the mining group this morning. New Zealand Brewery debentures are active at 275, a figure which allows an approximate return of £7 8s 2 per cent. Sanfords, Ltd., which were quietly active about -six weeks ago, on a rising market, were dealt with yesterday afternoon at, 18s, 9d under the market at the time of last sale four weeks ago. The preference shares meet with r steady demand at slightly over pai At this price they have undoubted at tractions as the company pays a regu lar 7 per cent, on a capital of £125,00) and, as the holders of the prefereno scrip have first say on the assets t< the extent of only £ 20,000, the seeurit' should be sound enough. The com pany makes, up its accounts to th< end of May. At 18s the return on tin ordinaries is approximately £7 17s 9c per cent. Further sales were made thi: morning. , , , Gilt-edge securities continue to mee with a very steady demand and, ir spite of the heavy volume of business which must be passing over the count rs of local bodies throughout the Dominion, a very healthy turnover Is recorded on 'Change. An item of considerable) interest to investors in this class of security comes from Nelson in the announcement that the building society of that centre has decided tc reduce the rate of interest on loans tc shareholders of 5 per cent. While this is certainly a sign of the times, it cannot be taken as an indication that general reduction in the rate of intert‘St is about to take place. The society concerned is a co-operative one, working in the interest of its shareholders, and there are many other factors to be considered before such a drastic reduction in the rate could become general. By “Noon Call.”