COMMERCIAL

Press, Volume LXXXVII, Issue 26606, 17 December 1951, Page 10

COMMERCIAL

STOCK EXCHANGES WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.) Last week was not busy on the Christchurch Stock Exchange. There were many price falls, most of those affecting New Zealand stock's being small. In Australia turnover lessened, and the gains of the previous week were more than lost. Turnover on the Christchurch Stock Exchange at 8508 shares was 5912 down on the tally for the previous week. Details, with the figures for the previous week in parenthesis, are as follows: Government securities, £11,320 (£2250); bank shares 207 (300); breweries, 300 (nil); gas, 100 (nil); insurance, 150 ( 300): loan and agency, 130 (nil); woollens, 500 (nil); miscellaneous, 7021 (12,537); mining, nil (200); unlisted, 600 (100). An appreciable volume of business was transacted in Government securities, because of the sale of fairly large parcels at the close of the week. Prices, however, continued to sag, and there were practically no buyers for 3 per cent, issues—returns on some present-day prices are as high as per cent. The Government has the right to give six months' notice of redemption to holders of 4 per cent., June 15, 52-55 stock. The amount of this loan is about £8,500,000. Commercial Banks eased 6d to dealings 2!s. New South Wales sold at £37 10s. Little interest was displayed in the remainder of the section, either by buyers or sellers.

New Zealand Breweries eased to dealings at 465, and later at 46s 3d. Ballins had a wide market without business Dominions dropped to business at 74s 9d. Christchurch Gas lost further ground when traded at 18s 6d. South British Insurance eased slightly to sales at 57s 6d. Sellers of Nationals reduced their limits. Better- buyers obtained for F.A.M.E. ordinaries. Loans and agencies remained quiet. New Zealand Farmers’ Co-operative, ordinaries. r *turned to the sales list when traded a , nd company’s 4V a per cent. 1960 stock sold at £lO3 10s. Among the miscellaneous stocks Humes New Zealand, preferences, were moderately active in dealings at 22s 4d. and Id either side. McKenzie’s rights were active. se’ling unchanged throughout the week at 10s. Dunlop, New Zealand, ordinaries, had light business at 19s, and the preference sold at the satne figure. Whakatane Board Mills, ordinary shares, improved shghtlv to dealings at 21s Bd. Woolworths, New Zealand, fell sharply to sales at 27s and 26s 6d, later sellers being prepared to accept 265. K.P., New Zealand Drugs, receded to sales at £5 12s 6d. Donaghy’s Rone were steady in dealings at 62s 6d. D.1.C.. ordinaries, joined in the decline to sell Is 3d down at 38s 3d. Apex Ice sold unaltered at 38s 6d. Reid New Zealand Rubber, preferences, had their first dealings for some time to sell at 22s 4d, and the ordinaries sbld Id up at 17s 9d. New Zealand Forest Products were a little improved in light business at 10s 9d. G. J. Coles continued to be erratic, and in the first dealings for the week fell Is

9d to sales at 17s 6d; later business took place at 17s 3d. Hadfields, rights, were active in sales at 5s 3d. Woolworths. Ltd., lost ground to sell at 17s 9d and 17s 6d. Broken Hill Proprietary continued to fall with sales at 42s and 41s 9d. Courtaulds fell to dealings at 17s 9d, 17s 6d, and 17s Bd, in that order. Whitcombe and Tombs sold unchanged at 245. In the unlisted section, four parcels of Watties Canneries sold at the steady price of 395. Sellers of Ross and Glendinning lowered their quotations.