COMMERCIAL

Press, Volume LXXXV, Issue 25734, 21 February 1949, Page 8

COMMERCIAL

STOCK EXCHANGE WEEK INVESTMENT TRENDS REVIEWED (By Our Commercial Editor.) The week on the Christchurch Stock Exchange was dull. Sellers predominated in aH sections, with the exception of Government stock. Front-rank Australian shares were fractionaHy easier in the Australian market and local quotations moved in sympathy. This lack of activity in the local market is probably due in part to investors having to meet heavy income tax demands and other financial calls about this time of the year. Turnover for the week at 5443 shares was 1063 down on the previous week. Details are as follows, the previous week’s figures being In parenthesis: Government stock, £8415 (£3750); bank shares, 18 (120); breweries, 250 (450); frozen meats, 742 (26); gas, 376 (nil); insurance, 565 (nil); loans and agency, 104 (500); shipping, 1500 ( 942); woollens, 420 (nil); miscellaneous, 877 (4268); unlisted, 650 (200). The Government stock section was moderately busy and prices were again very firm. Business covered a fairly wide range of issues.

The banking section was very dull, dealings being restricted to sale of Bank of Australasia at the considerably reduced figure of £9 14s fid. New Zealand Breweries had business and buyers at 48s. Otherwise this section was devoid of incident.

In the frozen meats section New Zealand Refrigerating contributing shares lost ground to sell at 18s, and more were on offer at that figure. Fully-paid shares in the same company were dealt in at the unaltered rate of 38s. Canterbury Frozen Meats appeared firm at late rates, but there was no business.

Christchurch Gas Company lost ground fractionaHy to sell at 24s 6d. Buyers for .Timaru Gas raised their offers to IDs 3d. This company’s accounts became avaHable during the week, a dividend of 4 per cent, being recommended for the first time in three years.

In the insurance section Standards sold unaltered at 85s. New Zealands improved fractionally to sell at 92s 6d, but the market was unsupported at the close. Nationals were steady with dealings at 22s 9d.

Not much interest was taken in the loans and agency section. Indeed, New Zealand Farmers’ Co-operative had had only business when an odd lot sold at Ils 4d—down 2d. There was better buying inquiry for the company’s secured deposit stock. Other quotations in this section were more or less unaltered from the previous week. Turnover in the shipping section was confined to dealings in Union Steam preferences, a total of 1500 changing hands at the unaltered price of 30s 6d. Felt and Texitles, New Zealand, confirmed better quotations to sell at 42s 3d. An odd lot of Kaiapoi Woo Hen ordinaries were traded at 26s 3d, but buyers for full parcels were prepared to pay 26s 6d. Oamaru Woollens sold at 37s 6d. Business in the miscellaneous group was unusually dull, sales recorded being the fewest for some considerable time. Woolworths, New Zealand, remained fairly steady, with light business at 23s 4d. New Zealand Forest Products ordinary shares showed little alteration to sell at 5s lid and 5s lOd. Dunlop, New Zealand, preferences, were Id easier, with sales at 21s sd. Metters, New Zealand, had the first local business for some time to sell at 22s 6d; this drop of 3s 6d on last local business is in conformity with recent northern business. Woolworths, Sydney, sold at 20s 3d—fractionally easier—and sales in the north took place at 20s. Broken HIH Proprietary were 6d easier, with business and sellers at 51s. In the unlisted section Maling preferences sold unaltered at 20s 6d, and Korma Textiles preferences improved 6d to sell

The mining sections were bare of sales and quotations were few and far between. Few weeks pass by without notice appearing of the liquidation of a dredging company. In this connextlon "Wild Cat," the Australian financial journal, says: “Creeping paralysis has afflicted gold companies in Maoriland, and to-day the industry is nearly prostrate under the ‘newlook pound, which cut the price of gold from £lO 15s to £8 12s an ounce. New Zealand’s most famous old gold mine at Waihi, owned by the Martha Gold Company, is in the last stages of its life, as operations are narrowed down to topgrade ore before the end comes. Appeals for State assistance to cover the drop in price and the rise in costs, as underground hours are reduced from 40 to 35 weekly, get nowhere, so the company has to write-off big areas of low-grade ore now unpayable. Silver is down from 5s 5d to 4s 4d an ounce. Total bullion values on New Zealand’s new currency basis are cut by at least £70,000 annually.”

RACING