COMMERCIAL

Press, Volume LXXXIX, Issue 27090, 13 July 1953, Page 11

COMMERCIAL

STOCK EXCHANGES WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.) Phenomenally heavy trading occurred on the Christchurch Stock Exchange last week. A large variety of shares was dealt in, and price rises heavily outnumbered falls. In Australia a slight improvement was noticeable. Turnover for the week, with the figures for the previous week in parenthesis, was as follows:—Government securities, £1720 (£1850); banks, 1560 (1150); breweries, 1050 (100); frozen meats, 500 (300); insurance, 550 (607); loan and agency, 3072 (34,410); shipping, nil (1000); woollens, 400 ( 200); miscellaneous. 16,734 (15,845); mining, 200 (300); unlisted, 710 (215); total, 24,796 (54,107). A light turnover was recorded in Government securities. Persistent buying inquiry obtained throughout the week. Sellers were very reticent. The banking section was active. Australia and New Zealand Bank shares were traded unchanged at 32s 6d. Commercial of Australia ordinaries, cum rights, sold unaltered at 18s, but later business was transacted at 17s 6d. These shares became ex rights during the week, and, though there were no local quotations for the rights, a buyer appeared at Auckland at 3d. Bank of New South Wales were in continual demand, and on a rising market sales took place at £32, £32 ss, and £32 7s 6d.

New Zealand Breweries, after selling unchanged at 38s 9d, improved to business at 395. Buyers for Dominions improved their offers, but no local sales took place, although business was recorded in the north at 72s 6d.

New Zealand Refrigerating paids were the only frozen meat shares traded, business being written at the steady price of 34s

National Insurance sold unchanged at 2Ss, but later buyers were prepared to pay more. New Zealands advanced to dealings at £5 17s 6d, and at the end of the week business was reported at £5 18s 6d. South British advanced strongly to business at 53s 6d. Among the loan and agency stocks, Dalgetys had their last dealings at 3d and 31d. New Zealand Farmers’ Co-operative B preferences were firm when traded at 925. Felt and Textiles (N.Z.) improved sharply to sales at 30s. Felt and Textiles (Australia) advanced appreciably to dealings at 23s 9d. Broken Hill Proprietary improved to sales at 35s and 35s 6d. G. J. Coles were active during the week in business ranging between 15s and 15s 6d, with heavy trading at the latter price at the end of the week. The market for these shares was weaker on Friday in other New Zealand centres, sales ranging between 15s 3d and 15s 4d. Woolworths, Ltd., after selling at the slightly reduced price of 14s Id, improved to sales at 14s 4d. Eiectro. i Zinc ordinary shares were firmer in dealings and buyers at 22s 6d, and the preferences were also fractionally stronger in sales at 21s 3d, with later buyers prepared to pay more. A.C.I. ordinaries improved to dealings at 30s. Colonial Sugars enjoyed a price increase to sell at £37 ss. Woolworths, New Zealand, improved to dealings at 19s and 19s 2d, and Woolworths New Zealand Properties preference shares had a reasonable turnover at 22s 6d. Reid Rubber preferences advanced to sales and buyers at 17s 6d. Wilson’s Cement gained considerable ground over the week. After selling 8d up at 13s 9d, these shares had later business at 14s 6d. Humes New Zealand preferences were in steady demand at 22s 6d, with sales at that price. D.I.C. preferences sold unchanged at 23s 3d, and the ordirnay shares were also unaltered when traded at 23s 9d. McCaskey’s preferences eased to dealings at 17s 6d. New Zealand Forest Products ordinary shares continued to improve, with sales at 12s. Skellerup preferences advanced to business at 21s 6d. Fletcher Holdings were steady with sales at 29s 6d. Midland Motorways preferences sold 6d up at 23s 9d. Weeks ordinaries had further business at the unchanged price of 40s, whilst the company’s preferences returned to the sales list at 235. Two parcels of Donaghy’s Rope changed hands at 37s 6d, and a large parcel of McKenzies was traded unchanged at 13s 9d. Sales in the mining section were confined to Mount Lyells, which sold unaltered at 15s 6d. nong the unlisted stocks, Canterbury N— Seed returned to the sales list in a transaction at 30s.

LONDON WOOL SALES

JULY SERIES BEGINS BUYERS CAUTIOUS (N.Z. Press Association—Copyright) LONDON, July 10. The tone of the market was subdued when the July series of London wool sales opened today, says a report issued jointly by the Committee of London Woolbrokers and the London agency of the New Zealand Wool Commission. A total of 10,735 bales was catalogued, of which 7527 were from New Zealand. Slipes, of which large quantities are available for the series, predominated, and just under 1000 bales of New Zealand greasy wool, with a similar quantity of scoureds, were submitted. Best competition was for a small quantity of New Zealand greasy crossbreds which consisted of clearing-up consignments from last season’s clip. Both the Home trade and the Continent bid freely, and prices showed no quotable change from the May basis, the longerpreparing wools being in best demand. Most of the scoured crossbreds comprised off-sorts from Wellington. Competition from woollen spinners was quiet, though steady, and prices for most lots were 2J to 5 per cent, lower than in May. Slipes met a hesitant reception, and withdrawals were noticeable. With large quantities to be catalogued during the next fortnight most buyers bid cautiously, and no firm basis has yet been established. The majority of lambs were 5 to 10 per cent, cheaper than in May, but seconds moved only a little in the buyers’ favour, and sheep were seldom much as 5 per cent, cheaper. An official range of quotations will be issued later in the series.

STOCK SALES

STUDHOLME JUNCTION (From Our Own Reporter) WAIMATE, July 12. There was a good demand for fat cattle and for a line of 20 head of spring-calving dairy cows at the fortnightly stock sale at Studholme Junction. There was a medium yarding of fat cattle and a small yarding of stores. The entry of fat sheep was very small. There was a sharp advance in values for a small entry of store sheep. Values were:— Fat steers, £35 2s 6d to £47 2s 6d; fat heifers, £25 12s 6d to £3B 12s 6d; fat cows, £2O 2s 6d to £2B 12s 6d; bulls, to £l5 10s; 18-months-old to two-year-old steers, £l7 10s to £25 ss; springing cows, £l9 to £32. Sheep.—Fat wethers, 70s Id to 87s Id; fat ewes, 45s Id; two-tooth wethers, 62s to 68s 6d; six and eight-tooth Romney cross ewes, in lamb, 83s 6d to 92s 6d; fiveyear three-quarterbred ewes, in lamb, 55s 6d; full-mouth three-quarterbred ewes, in lamb. 41s to 475; wether hogget, 50s to 60s 6d.