COMMERCIAL

Press, Volume LXXXVI, Issue 26124, 29 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 demand for all Dominion sterling stocks, such as Dalgety’s and Union Banks. This demand obtained, although the London market generally for such stocks did not on the surface warrant such advances. The improvement locally is attributed to the scramble to obtain sterling funds for “noremittance” importations of goods from the United Kingdom. The other feature of the week’s trading was the slight easing: of chain store shares. The terms of the new Government loan are bound to have a very favourable reaction on all Government securities, and values are in consequence expected to harden all round. Although the time is limited it is not too much to expect that the loan will be fully subscribed by the closing date. The week's turnover was 9754 shares, compared with 8757 for the previous week. Details, with the previous week’s figures in parenthesis, are:—Government securi-' ties, £2460 (£3800); bank shares, 289 (269); breweries, 300 (350); frozen meats, 300 (106); gas. nil (650); insurance, ml (1000); loan and agency, 500 (1288); woollens, nil (750); miscellaneous. 6265 (2619); mining, 200 (100); unlisted, 900 (625). The turnover in Government securities was not substantial. Buyers appeared for practically all issues. In the banking section Nationals of New Zealand confirmed easier quotations to sell at 57s 6d. These shares were quoted ex dividend at the close of the week. Unions firmed to sales at £9 17s 6d and, later, buyers offered £lO, although the shares were not as strong as this at the close. Ballins Breweries eased Is to sales at 30s, and the company’s 5s paids sold at 6s 2d. Dominions and New Zealands attracted little interest. Better buyers were in the offing for both Pukemiros and Kaitangatas. but no business was written in the coal section. New Zealand Refrigerating contributing shares were firm in business at 19s Jd, and more were available at this price. Firm buyers obtained for the company’s fully-paids, and also for C.F.M. ordinaries. The insurance section was peculiarly dull and quotations showed little alteration from those of the previous week. The loan and agency section was not very busy, but there were plenty of buyers. New Zealand Farmers’ Co-operative ordinaries impioved to sales at 12s Bd. Dalgety’s were also firmer in sales at 10s 6d. There were better buying offers for National Mortgage “A” and “B” shares. Miscellaneous Section The bulk of the week’s business was transacted in the miscellaneous section. Midland Motorways, preferences, had dealings at 22s 3d. MK. Manufacturers’ rights had their first local sales at 2s 6d. Fletcher Holdings scored a good rise to sell, cum dividend, at 34s 6d. This company announced its final dividend at the close of the week, making a total of 7 per cent, for the year—a rise of 1 per cent. Two parcels of Matches, New Zealand, made the sales list in sales at 4s. Sharland and Co.’s shares were traded at 52s 6d. New Zealand Newspapers were very firm in business at 575. Berlei, New Zealand, made an appreciable rise to sell at 295. McKenzies Department Stores announced a decreased dividend for the year, and the market was marked by wide but easier quotations. Australian Foundation Investment rights, after early business at Is 3d, relapsed to sales at Is. Woolworths, Limited's lights were easier in business at 13s 3d and 13s, and more were wanted at the lower figure. Woolworths shares eased from sales at 23s 6d to sales at 235. Woolworths, New Zealand, were also easier in business at 25s 7d. G. J. Coles eased slightly to sales at 20s Id and 20s. Colonial Sugars continued to ease in sales at £62 10s and £6O. Business in the mining sections was confined to a sale of Mount Morgans at the firm price of 21s. Better buyers obtained for Mount Lyells. In the unlisted section, N.Z. Motor Bodies were unaltered in sales at 38s. Matea Forests had light business at the improved rate of 2s 2d, but on closing day relapsed to a sale at 2s. Morris Hedstrom.—Morris Hedstrom declared a final half-year dividend of 5 per cent, (for the year. 10 per cent., unchanged).—Sydney, May 27.