COMMERCIAL

Press, Volume LXXXIX, Issue 27072, 22 June 1953, Page 14

COMMERCIAL

STOCK EXCHANGES

WEEK’S TRANSACTIONS REVIEWED

(By Our Commercial Editor.) By recent standards, a good turnover was i recorded on the Christchurch Stock Ex- t change last week, The week was notable for the paucity of transactions in Aus- 1 tralian chain stores and industrials. The 1 demand continued for sound New Zealand ordinary and preference shares, particu- 1 larly insurance stocks. In Australia, busi- j ness appeared to be small, with little fluctuation. 1 /Turnover for the week, with the pre- < vious week’s figures in parenthesis, was as follows:—Government securities, £4250 j (£4800); banks, 41 (650); breweries, nil . (200); frozen meats, 480 (100); gas, nil (300); insurance, 1690 (1200); loan and < agency, 1076 (1876); woollens, 600 (400); ( miscellaneous, 5250 (8227); mining, 600 (300); unlisted, 500 (nil). Total, 10,237 , (13.255). j Turnover in Government securities remained light. Fairly constant buyers were on hand for short-dated 3 per cent, issues, but little interest was displayed in the , longer-dated stocks. , The banking section was relatively quiet. New South Wales were fraction- ( ally easier in dealings at £3l 15s; other- ( wise no business was put through. Better buyers were in evidence for Nationals of New Zealand. Commercials were fractionally easier. New Zealand Refrigerating paids sold unaltered at 345, and the company’s contributing shares improved to dealings at 16s 9d. Sellers for the remaining issues were scarce. In the insurance section, there was again heavy trading. South British enjoyed a fair turnover at the improved price of 51s 6d. New Zealands> were also in fairly keen demand, having business at the improved price of £5 16s. Nationals enjoyed a moderate turnover at the unchanged price of 235. Goldsbrough, Mort, rights, were again freely traded at 6s and 5s 9d, and the shares were traded ex dividend at 27s 3d. Dalgetys eased to dealings at 11s, and the company’s rights were quoted at the end of the week for the first time, buyers offering 4d—sellers 8d away. Felt and Textiles (New Zealand) were unchanged in sales at 275. Felt and Textiles (Australia), which have been the subject of some inquiry of late, had a light turnover at tne unchanged price of 22s 6d. In the miscellaneous section, K.P., N.Z. Drugs, changed hands at £5 9s, but outside transactions took place towards the end of the week at £5 10s. Milburn Lime, contributings, sold unaltered at 18s —these shares became fully paid during the week and were traded on that basis at 235. New Zealand Forest Products had light business, and the price advanced sharply to a sale at 10s 9d, with later buyers at 10s lOd. Norvic Shoes, which have been absent from the sales list for some time, had

a moderate turnover at 18s 6d. Tip Top Ice sold 6d down at I7s 6d on a cum dividend basis. M.K. Manufacturers eased fractionally in sales at 13s. Otago Daily Times sold unaltered at 44s 6d. Whakatane Board Mills, preferences, improved 1 fractionally to a sale at 21s 6d. William Cable sold unchanged at 26s 9d. * G. J. Coles were lightly traded at the reduced price of 14s, but later buyers were prepared to pay a little more. Woolworths, Ltd., were unchanged in dealings at 14s 3d. Colonial Sugars eased slightly in light business at £36 ss. Burns Philp returned to the sales list when a parcel changed hands at 45s 6d. Martha Gold had a light turnover at Is 6d, and Waihi Investments at 3s. Among the unlisted stocks, Ross and Gleridining confirmed recent stronger quotations to sell at 49s 6d. Black and White Cabs had a small deal at the reduced price of 7s 6d. Snowy River Dredge.—The Snowy River dredge’s gold return for the fortnight ending June was 89oz from 52,000 yards in 264 hours.