FINANCE & MARKETS

Sun (Auckland), Volume III, Issue 672, 25 May 1929, Page 26

FINANCE & MARKETS

Firm To the Close

Steady Trading On ’Change

“By “

Xoon Call

THK market for all the better-class securities held very firm at the closing call for the week on ’Change this morning. A comparatively heavy volume of business has been recorded over the past 24 hours.

FLUCTUATIONS Price movements, shown by a comparison of sales made over the past 24 hours when compared with the price at the time of the previous reported sale, include: Aiburnia Mining, fall of 3d. Goldsbrough Mort, fall of 6d. Bank of New Zealand, rise of 3d. Mt. Lyell, fall of 3d. Hayward’s Pictures, fall of 3d. N.Z. Farmers’ Fertilisers are meeting with a somewhat easier demand and sellers at 22s 3d were unsupported this morning. The market is no doubt affected to some extent by the talk regarding the profits of fertiliser companies heard at the recent Farmers’ I nion Conference. At 22s 6d the return, based on the last dividend, would I>«* approximately £ 7 2s 3d per cent. All indications point to the company being able to continue a steady 8 per cent. With the growing demand for fertilisers another “war” or similar setback to the industry is far from probable. A very firm tone was registered in piacticaliy all sections of the market • •n ’Change this morning. The banking group was in particularly good lone. Commercials, which were dealt with in the fcJouth yesterday at 30s. v ero sought at 30s 2d on the Auckland market. Dalgetys ar» meeting with a steady demand around £ls 6s. In breweries, a slightly stronger tone is shown in the market for N.Z.’s, and lunher sales are recorded at 655. Hayward’s Pictures saw the first recorded sale since the middle of last month on a slightly easier market. Whittome .stevensons changed hands yesterday : tternoon, making the first recorded sale since the end of March. In the coal group Pukemiros are firmer with buyers in at 60s and sellers asking f*2s. compared with the last recorded sale at 595. Electrolytic Zincs have been receiving increased attention over the past w i:ek or so, and a steady turnover in i he shares has been registered on the New Zealand market. The demand for the scrip has been accentuated largely s the result of the company’s decision

to manufacture lithoplione. This commodity is a brilliant line powder made up largely of approximately 70 per cent, precipitated barium sulphate and 30 per cent, zinc sulphide. It >s used principally as a base for the lower grades of paint, showing a tendency to displace white lead. It also finds a place in the manufacture of rubber, linoleum and wall paper. World consumption of this commodity is increasing, but even if the Electrolytic Zinc Co. can only capture the Australian market, which last year imported lithophone to the extent of between £40,000 and £50,000 worth, it should make sufficient margin to provide increasing profits for its shareholders. Mount Lyells, which eased slightly a fortnight or so ago. are very firm again. It is interesting to remember that in June of last year this scrip could have been bought for 33s 9d, and in June of the previous year for 27s 6d. Though originally a copper mining concern and a producer of silver and a small quantity of gold in Tasmania, the Mount Lyell Mining and Railway Company has for a long time been principally a chemical manufacturing company. Arrangements were recently completed for the amalgamation of its fertiliser interests with a big Australian £5,000,000 combine. With an enviable dividend record and a sound balance sheet, the company can be regarded as having emerged from the category of a speculative concern to one ranking high as a sound industrial. Po,r several years following the 10 per cent, of 1923 and 1924, the company paid dividends at the rate of lli per cent., and this was raised to 12* per cent, in the year ended September last. The announcement of the interim dividend is expected any day. Business yesterday afternoon: Auckland Harbour Board, 1939, 5i per cent, debentures. £99 15s; Bank of New South Wales, £sl 17s 6d; Bank of New Zealand, 62 s 3d (two parcels) and 62s 6d; Dalgety and Company, £ls 6s; Auckland Gas, 24s 2d; New Zealand Breweries, 655; Hayward’s Pictures, 20s 3d; AYTiittome Stevenson. 46s 6d. Business this morning: On ’Change —Aiburnia Mining, 2s; Mount Lyell, 445. Reported—Goldsbrough, Mort, 51s 9d; Morris Hedstrom (pref.), 18s 9d.