AUSTRALIAN STOCK.

Waikato Times, Volume 108, Issue 18168, 5 November 1930, Page 5

AUSTRALIAN STOCK.

RATES IN NEW YORK. BIG DROP IN QUEENSLANDS. United Press Assn. —Elec. Tel. Copyright. NEW YORK, November 3. On the Stock Exchange 'to-day Commonwealth 5 per cents, 1955, were quoted at £72 10s, a rise of £l, and 1957 at £72 ss, a rise of £1 ss. The 41 per cents were quoted at £O9. New South Wales 5 per cents, 1957, were quoted at £69 10s, a fall of £4 17s Gd, and 1958 at £O9 12s 6d, a fall of £1 7s 6d. Queensland 6 per cents were at £77, a fall of £ll, and the 7 per cents at £93 2s 6d, a rise of £1 2s Od. The drop of Queensland 6 per cents has been sensational. They lost six points in the week ended October 24, reaching £BB on sales of .only a few bonds. No further sales were reported until to-day. Inquiries of the banking house which was responsible for the flotation of the issue brought the statement that the pressure on this issue seems unexplained. The official in charge of the foreign bond department said: “We are not advising anybody to buy Australian bonds for speculative purposes, but we are certainly advising purchasers for investment to buy these stocks, and particularly the Queensland issue. There is nothing tangible to which we can ascribe the pressure on the 6 per cents. The turnover is small, and we cannot trace the forces at work. The sales of the 6 per cents to-day-number only five bonds. .■