COMMERCIAL

Press, Volume LXXXIX, Issue 26984, 9 March 1953, Page 11

COMMERCIAL

STOCK EXCHANGES WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.) Another comparatively quiet week ’was experienced on the Christchurch Stock Exchange. What business there was, however, appeared to be well spread, with little price movement. Australian exchanges gave evidence of a rather hesitant tone, but appeared to be slightly firmer at the end of the week, especially so in the case of key industrials. The London market maintained its recent improved tone. The figures for the week, with those for the previous week in parenthesis, are as follows:—Government, £2675 (£2860); banks, 200 (1532); frozen meat, 400 (300); gas, 875 ( 200); insurance, 100 (350); loan and agency, 2020 (1710 and £95 worth stock); woollens, nil (300); miscellaneous. 4120 (5250); mining, 800 (910); unlisted, 1889 (500); total, 10.404 (10,552). Throughout the week a strong demand obtained for all Government stock issues. Buyers predominated, and the meagre volume of business was about on a par with that of the previous week. Business in the banking section Was confined to Commercials of Australia, which were unchanged with sales and buyers at 18s 7d. Again no business was written in breweries. Dominions were firm on quotation. New Zealands looked slightly easier. Ballins had a mid-market of 235. New Zealand Refrigerating contributing shares were responsible for the only sales in the frozen meat section, realising the unaltered price of 15s 6d. Timaru Gas had their first local business for some time when a parcel sold at 19s. Negotiations are proceeding for the acquisition of this company by the Timaru City Council. Christchurch Gas fully paids improved to sales and buyers at 15s 6d. The company’s contributing shares had light business at 6s. South British Insurance climbed to 49s 6d. with business at a higher figure in the north. Nationals were firm with buyers at 2s—no sellers.

Wright, Stephenson and Company eased to business at 54s Id, with more available at that figure. New Zealand Farmers’ Co-operative received deposit stock had light trading at £95, and the comEany’s first preferences had their first usiness for some time to sell at £6 4s. Dalgety’s sold unchanged at 10s. Quotations for other stocks in the loan and agency section were largely unchanged. In the miscellaneous section, Fletcher Holdings had light business at 27s 9d, and the company’s B preferences sold unchanged at 20s 6d. Booth, Macdonald ordinaries moved up to sales at 5s 6d. G. J. Coles fell 6d in a reported sale at 14s, but subsequently sold on call at 14s 2d. Woolworths, Ltd., eased in sales at 14s 2d and 14s. A sale of Kelly and Lewis was reported at 18s. Frozen Products had further reported dealings at 6s 6d. William Cable holdings were unchanged at 25s 9d. Whakatane ordinaries slipped 6d in a sale at 17s. In the New Zealand mining secticm, Australs sold unchanged at 3s, and later in the week rose 3d to sell at 3s 3d. Matea Forests sold unchanged at 2s In the unlisted section, and a fair-sized parcel of New Zealand Fisheries had reported business at 7s 6d. MINING Grey River.—ln the clean-up period February 17 to March 3, the dredge worked 253 hours, excavating 164,000 cubic yards and recovering 354.75 crude ounces of gold. February totals were 508 hours, 290,000 yards, and 911,3 ounces.