COMMERCIAL

Press, Volume LXXXVII, Issue 26492, 6 August 1951, Page 3

COMMERCIAL

STOCK EXCHANGES WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.) The week on the Christchurch Stock Exchange, In which turnover was pool, was notable for the continued slide in Australian share prices, which have fallen about 10 per cent, from their peak in May. The fall is attributed to the knowledge of the impending increased taxation and stricter credit controls. The anti-inflation talks in Australia do no' seem to have achieved very much. The net result appears to be that the onus falls back on Mr Menzies. These developments unquestionably account tor the poor trading conditions experienced throughout New Zealand during the last week. The turnover in Christchurch at 5783 shares was 8001 down on the total for the previous week. Details, with the figures for the previous week in parenthesis, aie as follows:—Government securities, £956u (£4775); bank shares, nil (575); treweries, 250 (106); frozen meats, 400 ( 700); gas. 100 (nil); loan and agency, 241 (20); shipping. 167 (nil); woollens, 100 (nil); miscellaneous, 4225 (10.553); mining. 200 ( 700); unlisted. 100 (650). Turnover in Government securities was encouraging. A good demand existed for short-dated 3 per cents. , Banking was again quiet, and no business was written.

Among the breweries, New Zealand? lost ground to sell at 48s fid, and at the ' close sellers were willing to accept 48s 6d.

Sellers of frozen meats were modestly inclined. New Zealand Refrigerating fully , paids sold at 40s and the market was unsupported at the close. The company’s contributing shares were easier on quotation, and In the closing hours of the week sold 5d down at 19s lOd. Sellers; for Southlands reduced their limits. Wellington Gas. which are not frequently traded locally, had business at 275. Christchurch Gas maintained their im- a provement on quotation. The loan and agency section was again spiritless. New Zealand Fanners' Co-op-' erative first preferences sold at £8 5« and* South Island Finance rights were traded for the first time, the price being 4s. Financial Services sold Is up at 22s Quotations for Dalgetys, Goldsbroughs and National Mortgage were all on the', easier side. Limited trading took place in the shtp-« ping section, P. and O. deferred stock returning to the sales fist in a deal at 61s, 6a. Bruce Woollen ordinary shares were* firm in business at 445. Buyers for Kaia-' pot ordinaries moved up fractionally. ’ The bulk of the week’s slender dealings was confined to the miscellaneous section. Milburn Lime contributing shares firmed to business at 13s. Whiteombe and Tombs were strong in dealings at 28s 60 Wooiworths. New Zealand, after early business at 31s, closed on a slightly easier note. McKenzies Department Stores continued to advance In business at prices ranging from 68s fld to 70s. Sharland and Company's preferences were firm in trading at 57s 6d. Gadsden preferences sold unaltered at 24s 6d. Reid Rubber improved to business at 18s. Dunlop New Zealand preferences were unaltered in business at 20s. William Cable were firm in dealings at 36s 6d. Courtaulds lost ground by Is to sell at 225. 1.C.1., A., and N.Z. ordinaries were easier in business at 35s 6d. Woolworths. J', td ".l ort ground to sell at 21s 4d and 21s 3d. Broken Hill Proprietary also eased to sales at 47s 3d. Australian Consolidated Industries dropped sharply in dealings at 635, but subsequent buyers were prepared to pay more. The terms of the company's new Issue were announced during the week. G. J. Coles fell sharply to sales at 22s lOd, but later buvers were prepared to pay more.. The company announced its final dividend for the year of sd. making a total of Bd, against the previous year’s distribution of fid. but ft must be borne in mind that during the year it materially increased Its capital by a one-for-two Issue at par. In the mining section, Grey Rivers were easier in dealings at 3s 9d. Norvic Shoes recorded the only dealing in the unlisted section, when they sold unaltered at 14s 3d.