COMMERCIAL

Press, Volume LXXXVII, Issue 26397, 16 April 1951, Page 8

COMMERCIAL

STOCK EXCHANGES WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.) Business was particularly quiet on the Christchurch Stock Exchange throughout the week. Sellers for some of the Australian securities shaded their prices in conformity with the slight easing noticeable in Australia. In Melbourne and Sydney turnover appeared to be heavy and prices eased. This easing was attributable to the fall in wool prices. The turnover at Christchurch at 7606 shares was 4101 down on that of the previous week. Details, with the previous week's figures in parenthesis, are as follows:—Government securities, £3450 (£18,320); bank shares, 15 (nil); breweries, 850 (400); frozen mgat, nil (240); insurance, 300 ( 300); loan and agency, 710 ( 250); shipping, nil (100): woollens, 50 (137); miscellaneous, 4981 (10,080); mining, nil (200); unhsted, 700 (nil). Government securities had only light business. There was a reasonably firm demand for middle-dated 3 per cent, issues, but long-dateds were neglected. Bank of New South Wales were traded unaltered at £43 ss. There was practically no interest in the remainder of the banking section. New Zealand Breweries Improved to sales at 52s 6d. Ballins were unaltered in dealings at 31s 6d. National Insurance, after early business at 27s 3d, eased to dealings at 275, with further buyers at the lower figure. Sellers for New Zealands reduced their limits a little. In the loan and agency section Mutual Benefit had their first business for some time to sell at £2O. National Mortgage B were easier in business at 545, New Zealand Farmers’ Co-operative stock was in demand and a sale was made at £lO3. The same company’s ordinary shares continued to advance and had dealings at 16s. New Zealand Guarantee Corporation sold unaltered at 2s 2d. Felt and Textiles (New Zealand) had the only business in the woollens when they sold unchanged at 435. Miscellaneous The miscellaneous section was unusually dull. Hay’s. Ltd., rights, had a moderate turnover at the weaker price of 16s Id and 16s. Booth Macdonald preferences were traded at the steady price of 14s 9d. Dunlop (New Zealand) ordinaries changed hands at the easier prices of 21s and 20s 9d New Zealand Forest Products ordinary shares were firmer in dealings at ICs. but the market looked fractionally easier at the close. Broken Hill Proprietary rights had dealings at 20s. and quotations ceased during the week. The same company’s shares, after sales at 49s 6d, eased to business at 43s 6d. Woolworths. Ltd s rights sold at 17s. whilst the shares, after sales at the unchanged price of 22s fld. relapsed to dealings at 225. although the market appeared a little better than the lower figure at the end of the zeek. Co lonial Sugars sold unaltered at £6l. G. J. Coles had business at the slightly reduced P "n e t°e Unlisted section Norvift Shoes (New Zealand). Ltd., had their first salesince flotation in dealings at 14s 6dl and 14s 7d, representing a premium of 4s Gd and- 4s 7d respectively. GROCERY NOTES Australian Rice.—New season’s will be readv in May or June, and supplies this year will be made available for general consumption instead of,, as in the past, being reserved lor Asiatics. Fruit Salad.—From South Africa an attractive pack, containing a mixture oi peaches, pineapples, pears, apricots, and grapes is offered for early shipment. The pack is 16oz tins and on to-day s standards the price is reasonable, but the chances are that most licences have been U Egg U preserver.—The main ingredient of this article is imported, and because of higher costs prices ’ of a popular local i pack have been revised; household size will now retail at 2s find the half-gallon size at Ils 7d. Walnuts.—Quotations have been received from Italy for the grade known as No 1 Sorrento, which is of satisfactory quality. They would land at a price competitive with the locally-grown nut. and may be imported without licence. Calcium Phosphate.—The price has advanced bv approximately 21d per lb. This product is sold under a trade name and is largely used by bakers and pastrycooks . , Unsweetened Milk.—An Increase in the price of 16 ounce tins packed by the •Auckland company is announced—a rise of probably lid a tin in the retail price may be expected. The discount allowed to merchants has been reduced by U per cent. Safety Matches.—Licences have been granted for the Importation of foreign matches and orders have been placed with English and Swedish suppliers. Swedish are a little cheaper than English, but it is now learned that Scandinavian shipping companies will not accept cargo for New Zealand and shipment will therefore be made via London at increased freight rates.

Cornflour.—Bulk is in short supply at present, but fairly good stocks of 11b packets are held. Shipments of bulk and the Paisley pack of 11b cartons are handy, but discharge will be delayed until carrying vessels can be worked. Spices.—Prices generally remain at high levels, and supplies are difficult to obtain. The hold-up in shipping also affects the position in New Zealand, as the schedule of direct sailings from the East has been completely upset. One of the vessels on this run is still in Auckland, and according to schedule she should now be loading in Singapore. Preserved Ginger.—Latterly, the manufacturers have had to import raw ginger from Australia, but a shipment of Chinese was received recently, and a local manufacturer is now turning out an excellent pack of pre-war quality in Boz cellophane bags, retailing at 2s 4d.

Tomato Sauce and Canned Vegetables.— The Hawke's Bay cannery has completed the pecking of tomato sauce in lloz refill tins and diced carrots and mixed vegetables In 220 z tins. Shipment will be made as soon as conditions allow. Dates.—Shippers expect that new season’s prices will be the same as last, but freight rates may advance by 15 per cent., which will make a considerable difference to the cost. Packaged dates may show an extra on account of increases in the cost of packaging materials. Tobacco and Cigarettes.—Limited quantities are arriving by the Calm, and it is anticipated that these will be distributed to the trade about the end of next week. MINING Snowy River.—The Snowy River dredge did not wash up as usual on Friday, as the unit has been undergoing general repairs during the last fornight.—(F.O O R )