COMMERCIAL

Press, Volume LXXXVI, Issue 26118, 22 May 1950, Page 8

COMMERCIAL

STOCK EXCHANGES WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.) The week on the Christchurch Stock Exchange was notable for the strong de- 1 mand that existed for all popular New Zealand shares, and the lack of sellers. Investors are undoubtedly awaiting the terms of the new Government loan with more than passing interest. | In Australia, generally speaking, the market was firmer and large turnovers were recorded. The increased dividend from Goldsbrough, Mort shares firmed this ; stock. Colonial Sugars, on the other hand, eased fractionally—this company reported an increased dividend during the week. The week’s turnover was 8757 shares, compared with 10,017 for the previous week. Details, with the previous week’s figures in parenthesis, are:—Government securities, £3BOO (£2100); bank shares, 269 (6); breweries, 350 (350); frozen meats, 106 (100); gas, 650 ( 434); insurances, 1000 (nil); loan and agency, 1288 (1767); woollens, 750 (300); miscellaneous, 2619 (4276); mining, 100 ( 200); unlisted, 625 (800). Government securities were slightly more active than in the previous week. Buyers again appeared for almost all issues, although the prices offered were relatively lower than those of about a month ago. Bank of New South Wales were steady in business at £4l 2s 6d. Commercials lost ground to sell at 255. There was little of interest in the remainder of the banking section. New Zealand Breweries were unaltered in trading at 48s 6d—the company announced its final dividends during the week at the unaltered total rate of 8j per cent. Ballins Breweries, after early sales at 31s, were unsupported at the close. In the dying hours of the week a parcel of Dominion Breweries sold unchanged at 70s. Firm buyers obtained for all frozen meat shares, but sellers were scarce. New Zealand Refrigerating shares rose 9d in a sale at 40s 3d. Christchurch Gas were unaltered in business at 24s 6d. National Insurance were firm, with business and buyers at. 255. There was little variation in the quotations for remaining stocks in the insurance section. The loans and agency section showed considerable strength. Buyers moved up for National Mortgage, New Zealand Farmers’ Co-operative preference shares and secured deposit stock, and Wright, Stephenson and Company’s ordinaries. New Zealand Guarantee Corporation had business with sales at the slightly improved ¥ate of 5s sd. National Mortgage “A” shares sold 6d up on Friday at 9s 3d. In the shipping section, Huddart Parker ordinaries had a market close to 535, but no business resulted. P. and O. deferred stock had better inquiry. Kaiapoi ordinaries advanced to sales at 28s 9d, and the market lay near this figure at the close. Timaru Woollens had a fair turnover at the slightly improved price of 28s 3d. Business in the miscellaneous section was dull. Milburn Lime, which had not been sold recently on the local market, had business in odd parcels at 35s 6d and 365. Donaghy’s Rope improved to sales and buyers at 645. New Zealand Drugs also moved up 4s to sales and buyers at £5 15s. Wilson's Malt reappeared on the sales list to sell at 32s 6d. Colonial Sugar, ex dividend, cum rights, after early sales at £64 10s, relapsed to sellers at £63. G. J. Coles were active in business ranging from 20s 5d down to 20s 3d, and the market was slightly easier at the close. Woolworths. Ltd., ex rights, improved to sales and sellers at 23s 6d. and c-n closing day the rights Were traded at 13s 6d. Mining issues were quiet. In the New Zealand section Grev Rivers improved is to sell at 5s 6d. There were no other transactions. Whakatane Board Mills had a fair turnover in the unlisted section at the slightly improved price of 17s 9d. Matea Forests, on the other hand, lost ground to sell at 2s. with more wanted at that price.

ALUMINIUM DEPOSITS IN NEW GUINEA AUSTRALIAN INTEREST (N.Z. Press Association—Copyright) CANBERRA. May 30. The Australian Minister of Development (Mr R. G. Casey) has announced that the Commonwealth Government has decided to form, in conjunction with the British Aluminium Company, Ltd., of London, a company to be known as the New Guinea Prospecting Company, Ltd. The main objective of the company would be the location and development of large capacity hydro-electric power schemes suitable for use in industries particularly aluminium, where the low cost of power was essential. Prospecting surveys would also embrace searches for bauxite and other minerals related to aluminium production. MINING Premier Gold Dredging Company.— The return for the fortnight ended yesterday was lOlloz of retorted gold for 245 hteurs, from 35.280 yards.—(P.A.)