COMMERCIAL

Press, Volume LXXXIX, Issue 27036, 11 May 1953, Page 13

COMMERCIAL

STOCK EXCHANGES WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.) Turnover on the Christchurch Stock Exchange last week was nearly double that of the previous week. There seemed to be an air of returning confidence in the market, and daily quotations showed buyers for many stocks for which sellers' quotations were missing. With the exception of mihing stocks, inquiry was widespread and firm, and sales included a number of popular Australian issues. Over all, the Australian market showed the best signs of recovery for several weeks, although it was still inclined to be erratic. Tile London market still appeared to be rather lifeless, but the tendency was slightly firmer. Turnover for the week, with the previous week’s figures in parenthesis, was as follows:—Government securities, £3590 (£6030); banks, 686 (20); breweries, 720 (200); frozen meat, nil (100); gas, 400 (nil); insurance, 700 (325); loan and agency, 395 (50); shipping, 300 (400); woollens. 1850 (100); miscellaneous, 10,733 (0028); unlisted. 400 (1205); total, 16,1 M (8428). There was a meagre turnover in Government securities. The falllng-oS in support was probably a result of the generally accepted conviction that an announcement of a new Government loan cannot be very far away. Commercial Banking of Sydney sold unchanged at £l7, and A. and Bank had several transactions at 32s 9d and 33s—a slight improvement. An odd parcel of National of Australasia contributings sold 6d up at 16s. Ballins Breweries fell 6d in transactions at 22s 3d. Tuis had their first local transaction for some time in reported business at 21s 9d. Quotations for New Zealands were' close to business at one stage in the week, and sales elsewhere were reported at 39s fid.

Business in the gas section was confined to sales of Christchurch shares, which were unchanged at 16s 3d. Insurances remained firm, with Standards showing a rise of 3s 3d to sell at 798 6d. New Zealands had business at £5 17s and £5 15s. South British sold at 51s 6d, a gain of fid on the previous week. South Island Finance were the only sales in the loan and agency section, the company’s shares being traded unchanged at 24s 6d. In the shipping section, Union Steam preferences rose 3d to sell on a cum dividend basis at 255. Inquiry for most woollen issues was firmer. Bonds were wanted at 70s, Kaiapois at 21s 2d, and Lane, Walker, and Rudkin at 53s 3d, Sales, however, were confined to several parcels of Timarus, which sold unchanged at 225, and Felt and Textiles, which changed hands 3d up at 21s. The miscellaneous section recorded a handsome turnover. British Tobaccos were traded slightly easier at 28s 9d and 28s 6d. B.H.P.'s sold early in the week at 345. but showed a firming tendency to sell at the close at 34s 4d. G. J. Coles sold at 14s Id, a fall of 3d on the previous week. In fairly active trading, Fletcher Holdings remained unchanged at 21s fid. D.I.C. shares were unaltered at 23s fid, as were Dunlop, New Zealand, preferences at 15s 6d. Colonial Sugars rose 10s in business at £37 10s, but later sales were at £37 ss. Aulsebrook preferences rose 4d to sell at 22s 4d. Humes, New Zealand, preferences gained 6d in business at 21s 6a. The preference shares of Skellerup Industries were unchanged at 20s. Midland Motorways preferences had reported business at 20s fid. New Zealand Forest Products firmed slightly in sales at 10s Id. Tip Top Ice sold at 17s 3d, Weeks, Ltd., at 40s. Whakatane ordinaries at 18s, William Cable Holdings at 25s 9d, Whitcombe and Tombs at 20s—all unchanged. Donaghy’s Ropj rose 2s in a sale at 525, and Reid (New Zealand) Rubber slipped 3d in a sale at 17s 3d.

Woolworths, Ltd., shares firmed throughout the week, and early sales at 13s 6d showed a rise of Id, but, in fairly heavy trading towards the end of the week, the shares rose to 13s 9d. Woolworths, New Zealand, shares also appeared more popular, with early business at 17s fid and fairly heavy late trading at 17s 9d—buyers were prepared to go on, but sellers he'd out for 18s. New Zealand Paper Mills gained 3d in a reported sale of an odd parcel at 31s 9d. M.K. Manufacturers changed hands 8d up at 13s 3d. Electro. Zinc, ordinaries, showed a good rise in keeping with the Australian market in sales at 24s 9d. The only sale in the unlisted section was a pareel of E. Reece, preferences, which were unchanged at Ils fid.

BRITAIN’S FOOD IMPORTS

MORE MEAT, LESS BUTTER

AND CHEESE Although imports of fresh nieat into Britain in the first quarter of this year were well above those of a year before, butter and cheese imports showed slight reductions, according to statistics quoted in the latest bulletin of the Tooley street firm of A. J. Mills and Company, Ltd. Fresh meat imports, at 169,109 tons, were three times the amount imported in the first quarter of 1951 and were 52,855 tons higher than imports in the first quarter of last year. Increases of 39,298 tons in beef and 9830 tons in pork and hams contributed to most of the increase in total supplies. Details of fresh meat Imports into Britain in the first quarter of each of the last three years are:— Fresh Moat

Butter supplies in the same period were 2302 tons lower than a year before, and 3W2n tons down on the 1951 total. Shipments from New Zealand declined by 10.834 tons to 37,778 tons, but the Dominion remained the largest supplier. Imports from Denmark, Australia, and the Netherlands were higher than a year ago. Imports in the first quarter of the last three years compare:—

Totals .. 93,917 64,890 62,588 Cheese imports in the first three months of this year ivere 1024 tons lower than a year before, and 22,787 tons lower than In the first quarter of 1951, when there were substantial imports of cheese from the United States. Imports from New Zealand were 795 tons lower than a year before and 11,111 lower than in 1951. Comparisons are:—

Totals .. 69.661 45,850 46,874 The statistics also show that canned meat imports in the first quarter were 12,643 tons, or nearly 24 per cent, lower than a year before at 41,020 tons. Imports of tongues and offal, however, increased by 3272 tons to 14,100 tons.

OVERSEAS EXCHANGE RATES

Latest telegraphic transfer rates as advised by the Bank of New South Wales are as follows:

Bulolo Gold.—An interim dividend of SO cents (Canadian) is announced. Books close from May 15 to 22. inclusive.—(P.A.) Henry Jones.—This company is paying an interim dividend of 6d a share. Books close from May 8 to 30, inclusive.—(PA.)

1951. 1952. 1953. Jan.-Mar. (tons) (tons) (tons) Beef .. . 16,825 29,589 68,887 Veal .. , Mutton, lamb . 3,195 1.173 82,952 345 56,656 87,507 •Pork .. . 4,437 2,540 12,370 Totals . 81.113 116.254 169,109 ♦Including hams. j il ...

• Butter 1951. 1952. 1953. Jan.-Mar. (tons) (tons) (tons) New Zealand .. 49,524 48,612 37,778 Denmark 25,203 11,996 16,410 Australia 19,187 3,322 7,461 Netherlands —— 658 939 Other countries 3 302

Cheese 1991. 1952. 1953. Jan.-Mar. New Zealand .. (tone) 38.039 (tons) 27,723 (tons) 26,928 Australia 8,183 6,670 10,418 Denmark ,. 2,400 4,875 3,047 Netherlands 2,341 3,573 2,632 Canada 4 1.653 United States .. 16,872 1 Other countries 2,022 3,009 2,185

Buyers. Sellers. N.Z. on London— £N.Z. to £10Ostg. 100/7/0 101 New York— Doi. to £1 N.Z. .. 2.8133 3.7812 Montreal— Doi. to £1 N.Z. .. 2.7828 2.7467 Australia— £A. to £100 N.Z... 124/10/9 124 Fiji— £F. to £100 N.Z... 111/11/9 110/4/3 Western Samoa— £S. to £100 N.Z. .. 100 South Africa— £N.Z. to £100 S.A. 99/14/0 101/5/6 Belgium— Francs to £1 N.Z. 142.19 137.70 Denmark— Kroner to £1 N.Z. 19.57 18.89 France (Metropolitan) Francs to £1'N.Z. ”994.80 967.23 Holland— Guilder to £ N.Z. 10.84 10.38 Norway— Kroner to £1 N.Z. 20.22 19.65 Sweden— Kroner to £1 N.Z. 14.67 14.33 Switzerland— Francs to £1 N.Z. 12.19 11.94 Ceylon— N.Z. pence to rup. 17 29-33 18 13-32 Hong Kong— N.Z. pence to dol. 14. 47-84 IS 25-84 India— N.Z. pence to rup. 17J. 181 Pakistan— N.Z. pence to rup. 25i 26 25-64 Singapore— N?Z. pence to dot 27J 28 45-64 Manila— Pesos to £1 N.Z. .. — 5.53 ■ 1 ■■■■