STOCK EXCHANGE WEEK

Press, Volume LXXXIII, Issue 25301, 29 September 1947, Page 8

STOCK EXCHANGE WEEK

review of investment TRENDS The Stock Exchange was Jenerally quiet in Christchurch last week ana hardly reflected the buoyancy and firm ness of the Australian exchanges The turnover of 7363 shares was dox on the previous week by 1224. The biggest d?op w P aT in the miscellaneous section in which the total dealings fell away by 2903 shares compared with the previous W Detail? U ot dealings during the week, with the previous week’s totals in Pat®"thesis, are as follows: —Government Stock, £l9BO (£2800); banks, nil (600); breweries 341 shares’(soo); coal, 425 ( 50); insurance, 200 ( 200); loan and agency, 2iu (930); frozen meat, 1220 ( 400); shipping, 200 (nil); woollens, 717 (264); miscellaneous, 2150 ( 5053); mines, 200 (500); unlisted stock, 1700 (100). There was a moderate turnover tn Government stock and prices were fairly firm. Continued buying interest was evident in the shorter-dated 3 per cent, issues. , x , wt * Bank stock had a very quiet week Not a single dealing was recorded. National of New Zealands, Unions, and Commercials all looked slightly easier, but National of Australasia shares, paids and contributing, had firm buying inquiry. New Zealand Breweries improved a little to business at' 555, and quotations at the close were near this price. Ballins Breweries appeared firmer, closing quotations being 45s 3d sellers —no buyers Notwithstanding the advice of a dividend increase, Westland Breweries' sellers quotations remained the same at 455. This company increased its dividend rate from 8 to 10 per cent. Sales in the coal section were restricted to Taupiri, stock which improved over the week to- sell at 86s 6d. The gas section was neglected during the week. , Sellers predominated in the insurance section and in the main were prepared to accept lower prices than in the previous week. The South British dividend announcement of 25 per cent, for the year made no improvement in the price of shares, which at the present value of 93s 6d gives investors a return of approximately £2 9s. Standards had business at the unchanged rate of 91s. The loan and agency section was quiet. New Zealand Loan and Mercantile Agency ordinary stock scored a rise of £3 to sell at £l2O. Abraham and Williams’ shares had their first local business for some time when they sold a shilling higher than last local business, at 13s. This price is in line with recent quotations in other centres. New Zealand Farmers’ Co-operative ordinary shares, ex dividend, were quoted more easily and there appears, too, to be less buying interest in the various preference shares of this company. Goldsbrough, Mort ha'd firmer buying inquiry at 32s 6d These shares have improved in Australia to sales at 335. In the shipping section there was reported business in Huddart Parker shares at 62s on the last day of the week, which w?ek e showed a rise of 18 3d over the Business was recorded in the woollen section in Bruce shares at 475, a drop firi w’ m nd ♦ in £ a iapois at 275, a gain of hlr» WelliX i Bto, l Woollens preference shares had a sale of an odd lot at £lO 2s 6d, !? d - a J a L rly ,ar ® e Parcel qf Mosgiels changed hands at £l5 7s 6d. g cnnfinlT* in * the frozen meat section was confined to two companies *5 e a gain of 6d, and New Zealand Refrieershares had to drop ? d t< .to SeU at 17s 9d - The in the 36? wer ® traded unchanged at f®, 8 3 d- and appeared firmer at the close With buyers at that figure, sellers alk°n s In the miscellaneous section nhom SPSS'S 6d, an improvement nf rh r A. at 14s business recorded hnttu 6d OI ? the iast !, slng quotations were bSvers Jis 15 the

listed shares of Hallenstein Brothers, Ltd., were again in firm demand, and although no local business was recorded, sales were made in the north as high as 32s «d. This represents quite a substantial rise on the price at which these shares sold when first listed, 28s. Quotations for shares in Australian companies moved in line with Australian prices with little dealing, however. New Zealand Paper Mills had business at 43s 6d, representing a drop of 3s Id on the last local business Reid Rubber changed hands for the first time in recent weeks at 27s 3d, and the market appeared firm at the close with buyers, no sellers, at 275. Although Hay’s, Ltd., shares have been consistently quoted for weeks past, there have been few transactions in this stock, but on the closing day of the week there was a reported sale of 100 shares at 72s 6d, a gain of 4s 6d on last local business. This company’s annual statement of accounts is due shortly. The Australian mining section was very quiet. Mount Lyells had a sale at 295. but apart from this there was little or no interest in this section. Although they were not dealt in locally, shares in North Broken HilL Ltd., scored a substantial rise in Australia to sell during the week at 80s 6d. This company’s net profit for the year was disclosed last week and the figures were appreciably up on those of last year. In the New Zealand mining section Austral New Zealand sold at the reduced rate of 8s lOd. Although no interest was shown locally in the shares of Arahura, a northern sale was recorded at 32s fid, ex dividend.

In the unlisted section New Zealand Fisheries, Ltd., found buyers at 18s 6d, show’ing a rise of 3d, and Williamson Jeffrey changed hands at 355, an advance of 2s 6d on last recordel local business. Taramakau; a company which has yet to commence operations, had a sale at the unchanged figure of 7s 6d. Korina Textiles looked easier w’ith sellers on the closing day asking 29s 3d, with no buyers in the offing.

AUSTRALIAN BANK SHARES

RESTRICTIONS ON OVERSEAS TRANSFERS (N.Z. Press Association—Copyright) CANBERRA, September 28. Bank shares henceforth cannot be sold or otherwise transferred to people In other countries except in special circum\stances approved by Exchange Control. The Commonwealth Bank has informed the Stock Exchange that as a general rule in future Exchange Control would not grant approval for the transfer of bank shares from Australian to overseas registers, whether for purposes of sale or otherwise. The decision follows the action of some Anglo-Australian banks limiting transfers of their shares from the London and New Zealand registers to the Australian register pending clarification of the bank nationalisation proposals. The Prime Minister (Mr Chifley) has declined to comment on the restriction. He said that the full policy of the Government in all banking matters would be explained when the proposed Bill was brought before the House. It is understood, however, that the Government wants to acquire as many shares as possible on the Australian register following its decision not to use Australian sterling funds in London. Mr Chffley would not Indicate whether the Government intended to take over the trading activities of the Australian banks in New Zealand. This was considered in the preparation of the bill. He said he hoped to introduce the bill to nationalise private banks the week after next.

FOREIGN EXCHANGE

Telegraphic rates for purchase and sale of foreign exchange New Zealand on overseas supplied by. the Bank of New South Wales are:— Buying. Selling. Lofidon. £N.Z. to £stgloo 124/7/6 125 0.D., sea mail .. .. 123/15/3 125 0.D., air mail .. 124/0/6 Aust., £A to £NZIOO .. 100/10/- 100 Fiji, £F to £NZIOO .. 90 88/12/6 S.A., £NZ to £SAIOO .. 123/7/6 125/3/9 New York, dol. to £NZ 3.2522 3.2070 Montreal, dol. to £NZ 3.2522 3.2070 Belgium, frs to £NZ .. 143.61 140 00 Denmark, kr. to £NZ .. 15.77 15.26 France, fr. to £NZ .. 390.37 381.38 Holland, gid. to £NZ .. 8.66 8.48 Java. gid. to £NZ .. 8.48 Norway kr. to £NZ .. 16.30 15.78 Noumea, fr. to £N.Z. .. 156.80 Sweden, kr. to £NZ .. 11.74 1150 Switzerland, fr. to £NZ 14.01 13.74 Hong Kong NZd to dol. 18 21/84 19 5/64 India and Ceylon, NZd to rupee 22 5/32 22 47/M Manila, pesos to£NZ .. 6.57 6.44 Singapore (for new business only). NZd to dol. 34 17/32 35 9/ld Rhodesia. £NZ to SR 100 123/13/9 125/10/Palestine. £NZ to SPIOO 123/16/6 125/8/3 Egypt. £NZ to SEIOO .. 126/16/9 128/15/9