Market Still Weak

Sun (Auckland), Volume IV, Issue 1081, 19 September 1930, Page 11

Market Still Weak

Position on ’Change

By “

“Noon Call

THE position on ’Change continues unsatisfactory. Bearing influences from Australia continue to hold prices on low levels.

Waihi Gold Mining Company The following information has been cabled by the Waihi Gold Minins Company to its London oifice: Xo. 9 Juevol, —Martha lode: In the Grand Junction area, now crosscutting north .-it a point iiMlft. east. | No. 10 Level. —State reel': In Grand Junction area, driving; oast for next I JTi'r. reef is small and little or no ! value: now crosscutting - north and south at a point 261 ft. east. -Vo. J! Level. —Empire lode: Driving east, the next 22ft. assays Ids 3d a ton. Hie lode is about sft. wide. At 70L't., we j have connected to former workings by ; a short crosscut to the south. Driving ! westward, the next 18ft. assays 24s a ' u .: n - The lode is about sft. wide. At ■ •Oft. a crosscut to the south connected to former workings. * Ki * Wairarapa Farmers’ Co-operative After providing for all expenses of ■ j management, making full provision for bad and, doubtful debts, depreciation of j -stock and plant, and the payment of a rebate of 2£ per cent, on shareholders* purchases, the report and balance sheet of the Wairarapu Farmers’ Cooperative Association, Ltd., shows a I net profit of £ 14,304. This works out at approximately 4.9 per cent, of paidin p capital. No dividend is to bo paid i to holders oi the ordinary shares and tbe preference dividend at G per cent, will be one per cent, short of the commitment for rhis purpose. The sum of G 344 is carried forward at credit of j profit and less. Pukemiro Ccdlieries—An Explanation Attention lias been drawn to a statement made in these columns on Monday Inst relative to the latest balance sheet of Pukemiro Collieries. Ltd. It ! was stated, inter alia, that “to pay the 25 per cent, dividend it was necessary ! to dip slightly into reserves.” The position was: Net profit for the year was £33,063; dividend at the rate *»f 25 per cent, aborbed £25,000; provision for income* tax was shown at £ 8,000; the amount of £1,555 was written off for depreciation; on this showing total commitments were £34,555, £1,492 above the shown net profits. The sum of .£52,730 was carried forward, compared with tho sum of £54.222 carried forward at September, 1929. Dividends Due Kempthorne and Prosser—lnterim. 4i p.c Sept 24. j British Tobacco—quarterly, 3 p.c Sept. 30. j C. L. Innes, final, 4 p.c. ord. and pref Oct. Bank of Australasia, interim. 1-1 p.c p.a. . Oct. 3. Milne and Choyce—shares and deb. stock, 8 p.c. p.a Oct. 10. ! Wright, Stephenson, interim, ord., 35 P-c . Oct. 6. I i Dunlop perdriau Rubber, final, of 3 p.c. on ords., and 5 p.c. on prefs Oct. 10 i j Farmers Co-op. Auctioneering—final, i 7 p.c. ord October 4

el..<:tuations— Price movements, shown by a comparison of sales over the past 24 hours with the price at the time of the previous recorded sale, include: — Commercial Bank of Australia, fall of 1»- ... South British Insurance, fall of 1s 3d. National Bank of New Zealand, fall of 1s 6d. Auckland Gas (con.), fall of 3d. New Zeaianci Insurance, fall of 1s 6d. -x-Sifri-Mount Lyell. fall of Bd. Colonial Sugar, rise of 2s 6d. Business on Auckland Market Transactions on the Auckland market over the past 24 hours ineluded: Yesterday afternoon: Auckland Hospital Board. 1931, 6J per cent., C 100: Commercial Bank of Australia, 17s 6d: New Zealand Insurance. 41s: . south British Insurance. f>7x 3d: Auek--ind Gas (con.), 17s 9d: British Tobacco. ais lid and 325:. Thailand and Company. lss: Mount Lyell Mining, "Os lid At this morning's early call:-—New Zealand Insurance, 4tx (two parcels); ) South British Insurance, 37s 3d: Mount Lveli. 20s. \t midday: —South British Insurance, -7s: Bank of NVw South Wales. £3l g<3: National Bank of New Zealand, lls 6d: Commercial Bank of Aus- 1 milia. 17s: Colonial Sugar. £3O 12s 6d. Market This Morning The market this morning Saw a continuance of the back-sliding of prices , which started at the beginning of the week. Sound New Zealand stocks, which were regarded as unshakable, have been caught in the movement, and There have'bcen declines in the price for such stocks as South British Insurance. The coal market is weak, Pukemiros being the only shares to draw any buying support. The miscellaneous section continues in draw a predominance «>C buyers. British Tobaccos, Colonial Sugars, and IVilsons Cements are among the few ■which have not dropped in price over the past 24 hours. The gilt-edge market is firm, more buyers coming in today. Cslec on Sydney Exchange Sales on the Sydney Stock Exchange ! yesterday included the following:— | Australian Bank of Commerce, 1 9s Gd, 395, 19s 3d: Union Bank, £ 9 17s 6d; Commercial Bank of Sydney, £l7 7s r.d; Bank of New South Wales, £3O 10s. £3l: Bank of New Zealand. 555: Bank of Australasia. £ll Colonial Sugar. £3O 10s; Goldsbrough, Mort, :Ts, 21s 3d, 21 lid: British Tobacco, 32s 4*d. 32s 3d: Australian Glass, 265, j 25s 30d, 265, 25s 9d. *