COMMERCIAL

Press, Volume LXXXIII, Issue 25247, 28 July 1947, Page 8

COMMERCIAL

STOCK EXCHANGE WEEK

REVIEW OF INVESTMENT TRENDS In point of turnover last week on the Christchurch Stock Exchange was relatively quiet. Government stocks were down £4715 by comparison with the previous week, and in the remaining sections the turnover registered a drop O f 1700 shares. Dealings compared witn the previous week’s figures, shown in parenthesis were:—Government stock. £2600 ( £7315)loan and agency, 2536 ( 3386); banks, 4274 (2583); gas, 200 (nil); breweries. 750 (300); wool, 1042 ( 90): mining. 1500 ( 800); shipping, 200 (100); meat, 250 (nil); j n . surance, nil (225); miscellaneous, 3715 (5710); unlisted stock, 10 (nil). During the week there was a very modest turnover in Government stock at prices much the same as those ruling the previous week. Bank shares were dealt in fairly freely, but in the main, the market had an easing tendency. National Bank of Australasia (£1 paid) weakened 3d over the week and Bank of New South Wales ss. Shares in those banks with London head office* had few transactions and closed weaker. In the brewery section business was almost solely confined to New Zealand Breweries, which improved at one stage to 58, but closed fractionally weaker, with sales and sellers at 57s 9d. Swan Brewery shares changed hands at 42s 6d. Ballins Breweries on quotations showed no real improvement. and the rights were quoted for the first time, sellers asking 6s, with no buyers. The coal section of the market was quiet, but higher quotations were recorded for both Renown and Taupiri. On Julv 7 Taupiri shares changed hands at 545; last week there was a sale in Auckland at 66s—a gain of 12s. The rise in this issue is the natural result of the investing public’s belief that all New Zealand coal mines will be nationalised. The frozen meat and gas sections were both relatively quiet. Timaru Gas recorded Its first local business for some time at 13s for £1 paid shares. Insurance company shares were also quiet but, over the week. South British improved, with sales elsewhere as high as 95s 6d. In the loan and agency section Golds, brough Mort, shares had some turnover with no change in price, and the rights were again active at prices from 10s id to 10s 3d—a slight advance ,on the previous week’s business. In the shipping section Huddart Parker preference again sold at 33s 6d, and closing quotations had sellers at that figute, but no buyers. Bruce Woollens and Kaiapois dominated the wool section. Bruce shares sold at 49s sd, which is the highest price on record for this company At this figure, on last year’s dividend, the return to investors is a fraction over 3j per cent The company’s annual balance date is September 19. and the dividend is usually paid in November. Kaiapoi shares confirmed last week’s rising tendency with sales at 30s. and the market finished firm with buyers at 29s 9d. sellers quoting 30s Id. In the miscellaneous section there was a fair turnover in Broken Hill Proprietary. and prices improved in line with the Australian markets the issue selling at Sydney at 50s 9d and 51s. Colonial Sugar had business at £55 12s 6d—Unchanged from the previous week. The announcement of a higher dividend from Consolidated Brick and the intimation that 4J per cent, preference shares would be issued had no effect on the Ynarket forthis company’s shares. Sales took place at 16s 6d and 16s 9d, ana northern sales at the end of the week were made at the lower figure. It would appear that investors had already taken into account the increased dividend. Wool worths, Ltd., improved slightly over the week, but Woolworths New Zealand showed a fractional drop. /■,' ■/ Probably the most notable market change was with the ordinary shares of Macduffs, Ltd., which, after more or less recent sales as high as 51s. fell on relatively light trading to 43s 6d. The shares in New Zealand Forest Products eased on quotations, but with little business. In the mining section there was a fair turnover in Arahura shares, which remained steady at 29s 9d. Grey Rivers sold at 9s 6d, and more were on offer at that figure at the close of the week. Kanieri gold shares sold at 23s 3d, a drop of 6d on last local business

Australian mining was quiet. Mount Lyells were firm at 28s Mount Morgan, however, eased quite a little to quotations—sellers, no buyers—at 8s lOd. There was little business in the unlisted section. A small parcel of Christchurch Press changed hands at £l3 7s fid, and the market closed with buyers at that figure without any response on the part of sellers. Whakatane Mills we r e quoted lower, and the interest seems to have gone out of this issue for the present.

LONDON WOOL SALES (N.Z. Press Association—Copyright) (Rec. 7 p.m.) LONDON, July 25. At the closing sale of the fourth senes of London wool sales this year, offerings totaled 11,991 bales of which 11.650 were sold. The offerings included 1734 bales from New Zealand and 6807 bales from Australia. The Home and European demand was actively maintained, and the series closed very firm, compared with the opening levels. Scoured and greasy merinos were 5 to 15 per cent, higher, comeback styles showing the greatest rise During the series, a total of 90.500 bales were offered, and 87,100 bales were sold. The home trade bought 44.100 bhles. and the Continent 43.000 bales. There were no sales to America. Throughout the series, the tone has been strong and the market very active, the prices ruling being 5 to 25 per cent, above the closing rate of the third series. London Wool Market.—He hoped that an effective volume of wool from South Canterbury growers would Mfe marketed Jn London, said Mr K. M. Ronald, joint general manager of the committee of London Wool Brokers, last week. Mr Ronald is at present visiting Timartt to stimulate interest in the Ixmdon wool market. Fine wool, he said, seemed to dominate the market at present, and tne prospects were reasonably good.