COMMERCIAL

Press, Volume LXXXIII, Issue 25253, 4 August 1947, Page 8

COMMERCIAL

STOCK EXCHANGE 4 WEEK / REVIEW OF INVESTMENT TRENDS There were relatively few transactions on the Christchurch Stock Exchartge during the week. Buyers’ hesitarfly was probably due to disturbed cond.wons in both America and Great Britafjt The week's turnover was down by HVproxiirately 3500 shares on the previobli week. Dealings, with the previous week’s figures given in parenthesis, Government stock, £5615 (£73l&>d War Loan. £l5OO (nil); banks. 1372/12583); coal, 500 (nil); breweries. 620 ( 30(r j loan and agency, 1078 ( 3386): insurant’ 250 (225); meat, 200 (nil); woollens. If 1 (90); shipping, nil (10C); miscellaneous I 4865 (5710); unlisted stocks, 500 (nil); t \ning,. . nil (800). 4 There was not much activity in the Government stock section, but quotations were much the same as those ruling over the previous week. A fair-sized parcel of 3 per cent. December 15, 1953-56 issue, changed hands at £ 100 7s 6d, and a small, er parcel at 2s 6d less. Once again there was no real interest in the shares of E., S., and A. Bank, Bank of Australasias. National Bank of New Zealand, and Unions. Sellers predominated, and in the absence of any London buying support, no local sales were recorded. There was a fair turnover in National Bank of Australasia (£1 paid) at 31s 3d, the price remaining constant over the week. There were very few transactions in the brewery section. Ballins rights changed hands for the first time at Gs, and more were wanted at that figure.. The amount payable to the company to take up these rights is 27s 6d. Thus, in effect, purchasers are buying the new fully, paid shares at 33s 6d. Sales took placs of Ballins. ex rights, at 355. There was a sale of Swan Breweries at 425. which showed a drop of 6d on the previous week. New Zealand Breweries looked easier and a northern sale was recorded at 575, against a sale on the local market at the beginning of the week at 58s. In the coal section. Kaitangata had reported business at 325, which showed a drop of 2s on the previous recorded transaction. Although there were no transactions in Taupiri stocks, firm buying quotations were in evidence ft more than ■’ 70s The frozen meat section was quiet. Selk ers dropped their prices by approximately 10s for Canterbury Frozen Meat, ordinary shares. Both classes of New Zealand Refrigerating were quoted lower, and a sale of the fully paids took place at 38s 6d. but closing quotations had unsupported sellers at 38s. No business was recorded In the gas section. Christchurch Gas shares were quoted ex dividend and had sellers, but no buyers, at tt)e end of the week. A sale of Fame ordinary shares at 26s was the only local transaction in the insurance section discing the week. Little interest was shows in any of the other Insurance shares. I Most attention in the Wan and agency section was paid to Gojdsbrough, Mort lights, which had business at 10s Id. 10s 2d. The shares in this Company lost 3d over the week, selling 31s 9d on tin last day. Sellers of National Mortgage A, Dalgety and Company 1 N.Z. Loan and Mercantile Agency (ordii ary and preference) all reduced their 1 mits. It appears that this lack of interest on the part of ' buyers is a reflection of the weaknen which has developed on the London Stock Exchange. In the woollens section. Bruce Woollens had business at 49s 6d, the market’ closing easier with sellers at 49s 2d, but no buyers were in the offing. Kaiapoi shares were steady, with sales in the north at 90s. Kaiapoi preference shares sold at 295. There was a general marking down in the miscellaneous section of all industrial shares—this in sympathy with the Australian market. Business was very light Woolworths. Ltd., lost ground from sales at 24s 7d to closing quotations of buyerg, 23s 9d. sellers 245. Broken Hill Proprietary touched 51s 6d. but closed weak with sellers 51s 7d, no buyers. The increased profit figures to hand front this company last week had no beneficial effect upon the price of the shares. Woolworths, New Zealand, after opening tl)e week at 32s 3d, closed with sellers, no buyers, at 31s 3d. Consolidated Brick, ex dividend. were marked down and closed with buyers 15s 3d, sellers 16s 3d. The new capital which this company proposes issuing will no doubt be used in an expansion policy. Macduffs, Ltd., enjoyed a moderate turnover and proved the exception to the general trend over the week/ sales being recorded at 43s 9d and 445, the market closing buyers 43s 6d and no sellers. The Australian mining section was dead, dealings in Mount Lyell being the only ones recorded. They changed hairie at 28s. which showed no change from the previous week. In the unlisted section, Whakatane Mills were quoted easier, but no dealings were recorded. Korma Textiles improved and had sales in the north at 295. Investors are expecting an opportunity of subscribing for new capital in this company. CUSTOMS REVENUE AT WELLINGTON (P.A.) WELLINGTON. August 3. A large-increase in the number of new motor vehicles unloaded at Wellingtoo last month was said to be largely responsible for the fact that customs revenue more than doubled itself compared with July, 1946. The return under this heading was £719.221, against £342.922 for July, 1946 Total customs revenue received at the port of Wellington for July wsl £1,479,916, compared with £1,119.915 for July last year, an increase of £36OJW. The principal returns for the month were customs, £719,221; sales tax, £614,301; beer, £43.826; tyres. £9933; petrol, £39,677. WEEKLY STOCK SALES AT PLEASANT POINT The possibility of the establishment of weekly stock sales at Pleasant Point was mentioned by the chairman (Mr G. Johnson) at a recent meeting of the Geraldine branch of Federated Farmers. The railage of fat sheep and stock from Fairlie areas was causing an overflow, and a weekly sale would be necessary at some part of the year. The need for protecting the Geraldine day for sales—Wednesday—was emphasised by several speakers. A committee comprising Messrs J. M. PolhiU. R. Neutze, and G. Johnson was appointed to watch the interests of the Geraldine farmEGG PiyCES REDUCED The price of eggs in the Christchurch marketing area will be reduced again a» from to-day. The new retail price, with the previous prices in parenthesis, are:— heavy grade. 2s BJd (2s’Hid) a dozen; standard. 2s 6d (2s 91d); medium .2s 4d (2s 7d); pullet. Is IOJd (2s lid); duck, 2s 6d (2s 91d). The depot price to the producer is Is 101 d, plus Government subsidy of 4d a dozen, and the floor price W the depot is Is lid, plus the subsidy.