COMMERCIAL

Press, Volume LXXXVI, Issue 26244, 16 October 1950, Page 8

COMMERCIAL

STOCK EXCHANGES WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.) It was a moderately busy week on the Christchurch Stock Exchange by comparison with most other weeks in the current year. In Australia markets were quiet and hesitant awaiting the presentation, and subsequently the clarification, of the ISSO Budget. In London the firming tendency apparent during recent weeks seemed to be well maintained.

The week’s turnover at 7344 shares was 2721 down on the previous week’s tally. Details, with the previous week’s figures in parenthesis, are as follows:—Government securities, £3700 (£5340); bank shares, 5 (64); breweries, 1500 ( 550); frozen meats. 200 ( 200): gas, 200 (nil); insurance, 950 (100); loan and agency, 630 ( 900), woollens, nil (942); miscellaneous, 2959 (6153); mining. 200 ( 400); unlisted, 700 (756).

Sales of Government securities were down on the previous week. This was largely due to lack of sellers rather than a paucity of buyers. Short and middated stocks, particularly, were in firm inquiry throughout the week. Turnover was poor in the banking section. Bank of New South Wales rose 7s 6d to sell at £44, and more were wanted at this figure. Commercials of Australia improved to buying inquiry at 26s 9d without attracting sellers, while other shares in the section were keenly sought New Zealand Breweries on active trading sold at the unchanged figure of 50s 6d. and on Friday there was quite a spate of buying. At the end of the week there were unsatisfied buyers, with sellers remaining 3d away. Ballins, Dominions and Westlands had buying support throughout the - week without attracting sellers. In the frozen meats section New Zealand Refrigerating contributing shares rose 6d to sell at 20s, with buyers offering this sum 5t the end of the week without attracting further sellers. Gear Meats came closer to business than for some time past, buyers offering 30s 6d—sellers 6d away. Other shares in this section had inquiry comparable with that of recent weeks. Christchurch Gas sold unchanged at 24s 3d, and the company’s contributing shares had reported business at Us. Among the insurance stocks. Nationals of New Zealand were traded slightly reduced at 24s 9d arid 24s lOd. New Zealands, ex dividend, changed hands at £5 9s 6d. Standards remained steady in business at 93s 6d. The loan and agency section was not productive of much business, although shares remained on strong inquiry throughout the week. Wright. Stepnenson and Company had their first business, ex dividend, to sell at 595. New Zealand Farmers’ Co-operative, ordinary shares, rose 6d to sales at 13s 6d. Shipping, timber and woollen sections were devoid of sales, although buying bids were increased for both Felt and Textiles (New Zealand), and Kaiapoi ordinary shares. There was a relatively poor turnover in the miscellaneous section. Beaths, Is paids (19s on deposit) sold unchanged at 225. Broken Hill Proprietary were also unaltered when traded at 53s 6d. Auckland Farmers’ Trading, cum rights, sold at 45s 9d. G. J. Coles, cum rights, slipped Id in sales at 27s 4d—these shares slumped slightly during the week and were on offer at the close at 275. Reid Rubber, New Zealand, sold unchanged at 16s. Turnbull and Jones had reported business at 365. New Zealand Drug gained 4s in a sale at £5 18s 6d. New Zealand Forest Products were traded at 6s 2d and 6s 3d. Woolworths, Ltd., fell Id at the beginning of the week to sales at 28s 3d, and had weakened further b\ Friday, in sympathy with the Australian market. Woolworths, New Zealand, were firmer, with sales early in the week unchanged at 28s Id and dealings at 28s 3d at the close. The mining section was customarily dull. Mount Lyells dropped Id to sell at 21s 5d There were no further transactions. In the unlisted section. Andrews and Beaven preferences rose 9d to sell at 25s Gadsdens, preferences, advanced 6d in business at 24s 9d.

COMPANY NEWS

N.Z. Guarantee Corporation, accounts of the New Zealand Guarantee Corporation, Ltd., for the year ended August 31 showed a net loss of £5345 against a profit of £1698 the previous year. The directors state that they have deemed it necessary to make further liberal provision for bad debts. With £5402 brought in and £l6l over-provided for taxation, there is a total of £2lB hi the appropriation account. The directors now recommend payment of a bonus distribution from reserves of Is 6d a share which will absorb £53,091.—(P.A.).