COMMERCIAL

Press, Volume LXXXIX, Issue 27186, 2 November 1953, Page 14

COMMERCIAL

STOCK EXCHANGES WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.) Allowing for the short trading week, business on the Christchurch Stock Exchange last week was on a par with the previous turnover. Markets were active and fairly steady, with first-class Nev/ Zealand securities still in very short supply. Demand was widespread. In Australia markets were almost unchanged. Cabled advices from London indicate a definite firming tendency. Turnover for the week, with the previous week’s figures in parenthesis, was as follows:—Government stocks, £4995 (£4515); banks,-402 (409); breweries, 150 (nil); frozen meats, 225 ( 30); gas, nil (633); insurance, nil (180); loan and agency, 1800 (1180); shipping, nil (200); woollens, 1000 (300); miscellaneous, 6735 (10,773); mining, nil (2200); unlisted, 950 (nil); total, 12.262 (15,905). An active inquiry persisted for Government stocks, and there was very little variation in prices. Buyers predominated. New Zealand Breweries rose 3d to business at 41s 9d, with buyers prepared to carry on at that price, but no further sellers were attracted. The banking section was active. Nationals rose 3d to sell at 695, and were later wanted at 69s 3d without attracting any sellers. Bank of New South Wales shares were wanted at £3O at the end of the week, sellers holding off the market. The bank's rights were freely traded throughout the week at £7 and £6 17s 6d, and the market was hardening at the close, buyers offering £6 19s, with sellers Is away. New Zealand Refrigerating paids had. business at 37s 6d, and Canterbury Frozen Meat preferences returned to . the sales list in a deal at £7 10s. Dalgety’s issues were active on a rising market. The company’s A shares rose 7d to 10s 6d, and buyers for the B shares offered 10s Id, but the few sellers about were wide. New Zealand Farmers’ Cooperative A shares sold at 12s 6d, and the ordinaries were unchanged at 12s 3d. Timaru Woollens were active with sales and buyers at 25s 6d (unchanged). Felt and Textiles (Australia) sold 9d up at 25s 3d on a cum dividend basis. There was a full list of buyers for all woollens. Hay’s, Ltd.’s shares sold at 73s 6d and 735. Broken Hill Proprietary dropped 6d in business at 36s 6d, and later haa sales at 36s 9d and 36s 6d respectively. Kcmpthorne, Prosser’s New Zealand Drugs were unchanged in dealings at £5 13s. Milburn Lime was traded at 26s 6d. McKenzies sold 3d up at 15s 9d. Whakatane Board ordinaries changed hands at 17s 9d. The rights to the new issue of British Tobacco were fairly freely traded at 6s 3d and 6s. Dunlop New Zealand preferences sold unchanged at 16s. Woolworths, Ltd., sold at 15s, and more were on offer at the close of the week at 14s lOd, but the most buyers would offer was 14s 7d. D.I.C. had dealings at 26s and 26s 3d. Radio (1936). Ltd., reached the sales list in light business at 14s 2d. Beaths sold at 52s 6d. New Zealand Paper Mills were traded at 335. Skellerun preferences were unchanged at 21s 6d, as were William Cable Holdings at 28s 9d. Reid Rubbers were unchanged at 14s.

Among the unlisted stocks Macintosh, Caley. Phoenix were traded 3d down at 18s 6d. and Matea Forests gained 3d in a sale at 2s 6d.

MINING GREY RIVER DREDGING (From Our Own Reporter) GREYMOUTH, Nov. 1. The Grey River Dredging Company, Ltd., during the clean-up period from October 13 to October 28. won a total of 398.90 ounces of gold from 170,000 yards of material, excavated in 2611 hours.