COMMERCIAL

Press, Volume LXXXVI, Issue 26030, 6 February 1950, Page 8

COMMERCIAL

STOCK EXCHANGES

WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.) Prices on the Christchurch Stock Exchange during last week were in the main better and one or two exceptionally good gains were recorded. Overall, the week was comparatively quiet, but the turnover was not much below that of the previous week. In Australia, industrial and banking shares were very firm, but towards the close of the week there appeared to be • slight easing in metal and gold shares. On the London market bank shares appeared to be slightly firmer and other Dominions’ stocks showed little variation. The week's turnover at 6714 shares was 795 down on the previous week. Details, with the previous week’s figures m parenthesis, are:—Government securities, £4595 (£3175); bank shares. 488 (924); breweries, 1251 400); frozen meat ml <900); gas, 100 ( 400); insurance, 400 (nil); loan and agency, 100 (370); shipping, nil <300); woollens, 400 (500); miscellaneous, 3775 (4065); mining, nil (100); unlisted. >OO (250). At the beginning of the week fair interest was displayed in Government securities, but towards the close the market appeared to be bereft of interest in most issues. Turnover was slightly better than the previous week- t , In the banking section Commercials ot /Mirtralia improved to sales at 26s 7d and 26s 9d. Bank of New South Wales continued their upward trend with sales at £4O 10s and £4O 15s. Nationals ot New Zealand sold unaltered at 595. Stronger buyers obtained for E.» S.» and A... and National of Australasia contnbuangs. New Zealand Breweries, after sales at the reduced price of 46s 6d, improved to dealings at 47s 3d. Ballins Breweries had business at 29s and 29s 6d. The rights of •pallinc’ preference shares had their firs, local business in dealings at Is. Swan Breweries do not often figure in the local ■ales list, but during the wek a parcel ■did at 37s 6d. Christchurch Gas were unaltered in business and sellers at 25s 6d. New Zealand Insurance were firm with business at £5 5s and £5 5s 3d. Better buyers were on the scene for both South British and Standards. Nationals were neglected. Firm to better buying bids were in evidence for practically all shares in the loan and agency section, but the only sale was of a parcel of Wright. Stephenson and Company’s shares which was. traded 3d up at 51s 6d. In the woollens. Felt and Textiles (Australia) were appreciably firmer in business at 445. Felt and Textiles (New Zealand) were unaltered in sales at 365. Buyers for Kaiapoi Woollen ordinaries moved up to 28s 6d. Other shares in this ■ection were firm to firmer. The turnover in the miscellaneous section was slightly down on that of the previous week. Broken Hill Proprietary ■hares were reasonably active at the fractionally reduced price of 48s. Woolworths, Ltd., were firmer with sales at 24s 9d and 255; seldom a week passes without these shares being traded on the local exchange. Colonial Sugars had better buying inquiry. Otago Daily Times, an issue seldom traded locally, changed hands at 48s 6d. N.Z. Drugs were very firm and improved sharply at sales at £5 12s 6d to £5 14s. New Zealand Newspapers were firm with business and buyers at 53s 6d. National Electric shares, whose highest ■ale last year was at 57s 3d, confirmed recent stronger buying quotations to sell at 755. In 1933 these £1 shares could be bought for 6s. Wilson’s Cement, which have been inactive of late on the Christchurch market, recovered lost ground to ■ales at 18s. Canterbury Roller Flour also made their first appearance for some time to sell at 16s. Claude Neon (New Zealand) continued their upward move with ■ales at 53s 6d. New Zealand Forest Products ordinary shares improved to sales at 6s 2d. Victoria Laundry, sharely rarely traded locally, sold at 12s 6d. Quotation for Wool worths (New Zealand) appeared fractionally firmer and those for Macduffs were easier, with a a midmarket of 12s. Silknit shares sold 4s 6d up at 30s. The only transaction in the unlisted •ection was recorded by Whakatane Eoard Mills preferences, which were firm in business at 235.

F. W. Woolworth.—Another year of progress is reported by F. W. Woolworth and Company, English chain store proprietors. The net profit for 1949, after taxation, was £5,020,000. which compares With £4,487,247 for 1948—an increase of c 532,813. The final ordinary dividend is Is 4sd a 5s unit, less tax. equal to 27$ per cent. It is payable on capital of £15.000,000, as increased by the 100 per cent, capital bonus approved last October. and absorbs £2,268,750. Final distribution for 1948—0 n the £7.500,000 capital then existing—was 55 per cent, (comprising final dividend of 35 per cent, and bonus of 20 per cent.). With the unchanged interim on £7.500,000 capital, of 15 per cent., declared last June (9d), the total payment for 1949 is 42$ per cent. (70 per cent.), absorbing £2,887,500 —the same sum as in 1948.