Many Bargains

Sun (Auckland), Volume IV, Issue 966, 8 May 1930, Page 11

Many Bargains

Market on ’Change By “Noon Call.” THE market for sound investments continues to sag, and several falls have been recorded over the past 24 hours. Every clay now better and better bargains become available to the careful investor as the need for immediate realisations, combined with a flood of uncalled-for pessimism, has sent prices for many stocks well down under reasonable levels.

f LUCTU A I iuins Price movements on the Auckland market over the past 24 hours, shown by a comparison of sales with the price at the time of the previous recorded sale, include: Waihi Mining, rise of Id. Commercial Bank of Australia, fall of 19s 9d. Wilsons Cement, rise of 3d. business on Auckland Market * Transactions on the Auckland market over the past 24 hours have included the following: Yesterday afternoon: —Bank of Australasia. £l2 6s; Bank of New Zealand. 57s 9d; Taupiri Coal. 25s 9d; Auckland Gas, 23s lOd; Colonial Sugar, V4O 3s; Wilsons Cement, 19s 9d; Waihi (Told Mining. 14s 3d. At this morning's early call:—Commercial Bank of Australia, 20s and 19s Md; Auckland Gas, 23s lOd; Farmers’ fertilisers, 18s 6d. At the midday call: —Waihi Mining, 14a 44. * * * Mine Managers’ Reports Mine managers report as follow: Waiomo Sulphide.—The construction of the milling and treatment plant has heen completed and a very satisfactory trial of the whole of the machinery has taken place. The ri%w electrical power plant also worked very efficiently. A trial uf the new oil dotation plant supplied by Minerals Separation and Be Bavay's gave very pleasing results. Crushing will take place immediately the installation of an auxiliary water supply has been completed. Market at Midday

In a period of over six long months of depression, in which the market lor sound stocks has received knock after knock, the outlook has never appeared worse than at the moment. The general level of prices has fallen to lower levels than those ruling in the postwar slump of 1921 and, despite the support of the long-sighted investors who realise that the situation must improve in the near future, prices continue to show a steady downward movement. The New Zealand market seemingly cannot overthrow the influence of Australia, for it is from

across the Tasman that all the principal bearing movements come. Commercials have sold down to 19s 9d, a price which allows a return on the latest dividend basis of over 75 per cent.; British Tobaccos have a middle price of 355, a price which allows a return on the latest dividend basis of just under 7 per cent. The only markets showing strength are those for tested utilities like Auckland Gas or Government stocks, where the investor is assured of a steady demand, and where the security is not open to the least question. This class of investment meets with a very firm demand. The position in regard to securities outside this class appears to be largely due to forced sellings and undue attention paid to pessimistic talk. * * * Wilsons Cement Paying a Bonus The directors of Wilsons Portland Cement Ltd. advise the payment of a final dividend for the year ended March 31 at the rate of 5 per cent., making 10 per cent, for the year, and a bonus of 25 per cent., making a total of 125 per cent, for the year. This year’s distribution to shareholders represents an increase of 25 per cent, on that of recent years. It is interesting to note, at a time when the general tendency is to reduce distributions to shareholders, that Wilsons is the second important New Zealand concern within the past week or* so to announce an increase. New Zealand Paper Mills, Ltd., was the other. Balance sheets for both companies will be available within a few days. * * * Dividends Due Due. Waihi Gold Mine —final, Is a share May 9 Dalgety and Co. —interim, 5 p.c. May 15 National Insurance—interim, 4d a share May 15 Queensland National Bank — interim, 8 p.c. p.a May 15 National Bank of Australasia final, both issues, 10 p.c. p.a. May 28 New Zealand Paper Mills—final, 75 p.c. p.a May P. and O. Deferred Stock—interim, 5 p.c., free of English tax May.