COMMERCIAL

Press, Volume XC, Issue 27369, 7 June 1954, Page 10

COMMERCIAL

STOCK EXCHANGES

WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.)

Some notable, price advances were recorded on the Christchurch Stock Exchange during the week for New Zealand shares, scrip afeain being in very short supply. In Australia, because of the return of the Menzies Government, share prices improved and trading was active. Markets in London and Neto York were firm to firmer. Details of the week’s business at Christchurch, with the figures for the previous week in parenthesis, are as follows:—Government stock, £9640 (£3800); local body and company debentures, £6OO (nil); bank shares, 289 ( 959); breweries, 2570 (1600); frozen meat, 200 (557); gas, nil (1066); insurance, 450 (25); loan and agency, 1300 ( 3180); timber, nil (374); woollens. 2400 (800); miscellaneous, 7928 (10,674); unlisted, 1000 (500); total, 16,137 (18,733). There was a moderate turnover in Government stocks, with quotations infrequent and at late rates. Bank of New South Wales sold unchanged at £33, with more wanted at the same price. Commercials of Australia were traded 3d up at 16s 9d, and there was also firmer inquiry for the new shares. Bank of Adelaide rights improved 3d to sell at 7s. New Zealand Breweries were very active, and improved in sales from 46s to 46s 9d. Ballins sold unchanged at 25s 6d, but rose to business at 26s at the close of the week. The highlight among the frozen meats was the sharp advance in New Zealand Refrigerating fully paids which, after selling unchanged at 435, jumped to sales at 45s 6d. Stronger buyers also appeared for the company's contributing shares, as well as for Gear Meats and Waitakis. National Ihsurance remained steady with business and buyers at 27s 6d, but elsewhere business was written at 28s. New Zealand Insurance rose further and sharply to' business at £6 10s. South British were also much firmer in dealings at 64s 6d.

Goldsbrough Mort improved Is 6d to sell at 345. Dalgetys “A” shares sold 2d down at 11? 4d. New Zealand Farmers Ist preferences sold unchanged at 14s 9d. and the “B” preferences rose to sales at 13s 9d. National Mortgage “B” shares rose sharply in light business at 48s. Credit and Finance, which are hot often traded, changed hands at 255. Woolworths were active throughout the week. Feltex (Australia) improved sharply to sell at 27s Bd, -with late business at 27s 9d. Timaru wool, after early business at 295, were heavily traded at 29s 6d. Matheson Minster preferences had their first local dealings for some time to sell at 19s.

In the miscellaneous section Norvic Shoes sold unchanged at 15s. Reid Rubber continued to improve in business from 18s to buyers at 18s 6d. Booth Macdonald ordinaries Were traded unchanged at 6s. Aulsebrook preferences had light business at the firm price of 23s 6d. New Zealand Forest Products continued to improve with latest business at 15s 3d, and the preference shares advanced to dealings at 18s 9d. Wilson’s Cement improved to sales at 15s Bd. McCaskey preferences sold. unaltered at 18s. William Cable Holdings “A” preferences rose 3d to sell at 235. Woolworths ♦Jew Zealand continued their upward movement in business at 22s 9d. McLeod Bros, returned to the sales list to sell at 46s 3d. Mason Struthers sold unchanged at 355. . Coles rights enjoyed a modest turnover at 10s 4d, and the shares sbld unchanged at 15s Id until Friday, when they were quitted at 15s 2d. Wool worths, Ltd., firmed in dealings at 18s. Colonial Sugar sold unchanged at £35 10s. Humes. Ltd., in line with the Australian market, rose sharply to sales at 44s 3d. -Australian Consolidated Industries rose 9d to sell at 36s 6d. In the unlisted section Andrews and Bedven preference were fractionally stronger in business at their par value of 20s. Canterbury Seed improved to 28s 3d, at which price they were fairly actively traded. . COMPANY NEWS Begg’s Accounts.—ln the year to March 31 Charles Begg and Company, Ltd., Dunedin, earned a net profit of £30,077, excluding subsidiary companies. The amount last year was £25,540. To this has been added the carry forward of £12,942 (£ 15,010 kjmaking a total amount of £43,018 (£40350) available for distribution. From this the directors recommend the payment of a dividend of 10 per cent, free of income tax on both ordinary and. staff shares, which will absorb £14,955 (£12,809), the transfer of £12,000 (£15,000) to general reserve, and £2OOO (nil) to dividend reserve. After making provision for these recommendations, which Will absorb £28.955 (£27,609), a balance of £14,063 (£12,941) remains to be carried forward.—(P.A.) N.Z. Loan and Mercantile.—The directors of the New Zealand Loan and Mer-

cantile Agency Company, Ltd., have decided to offer 500,060 Ordinary shares to holders of ordinary stock. The new shares, which will .have a nominal value of £l, will be issued at 22s 6d in the ratio of two shares for every £5 of ordinary stpek held. The issue has been underwritten by Helbert, Wagg and Company, Ltd. The offer will be made to ordinary stockholders registered on May 31. 1954. With this addition of £500.000 the company’s issued and paid capital will total £2,750,000. -Capital already issued consists of £1,250,000 ordinary stock and £1,000,000 cumulative preference stock.—(P.A.) National Bank of N.Z.-—Sir Sydney Parkes, chairman of the National Bank of New Zealand, reported a further steady growth in the “bank’s business in a statement with the accounts for the year to March 31. He said: "This can be regarded as normal development we should expect now that the exceptional factors causing heavy fluctuations in our figures last year have ceased to operate.” Deposit and.current accounts at £44,572,000 are up nearly £4,000,000, but bills payable and other liabilities at £4,600,000 show little change. On the other side of the balance-sheet liquid assets at £26,832,000 equal 45 per cent, of the total liabilities, while investments at £6,314,000 are up by £3,148,000.—(P.A.) GROCERY NOTES This month has started in a brisk manner and business appears to be on a steady level. At the present time overseas quotations appear to be steady for most majpr lines. Tea prices are still firm and the latest reports from Ceylon . show an increase of up to 2d per lb. Pepper Prices Down.—With the recent arrival of a shipment of pepper, the price is -now down to the level of several years ago. At one time the price was as high as 40s per lb. However, it has been falling rapidly during the last few months. The price for loose pepper is now about a fifth of the peak price. The recent decrease has affected the 2oz tins by 4s

a dozen. Margarine Up in Price.—Because of the increase in the price of raw materials, the manufacturers of a widely-used margarine have found it necessary to increase prices. The price for 11b pats has increased by 2s a dozen. English Jams.—So far there has not been any large quantities of English jam on the local market, although several brands have made their appearance. It is many year’s since some of these brands have been available in New Zealand. Most of the jams imported are in jars and it is expected that there will be a steady call for such lines as raspberry, strawberry, and marmalade. Prices are competitive with the corresponding New Zealand products.

Semolina Paste Goods Advance.—A South Canterbury manufacturer of macaroni, vermicelli, and spaghetti, has announced that in future these products will sell at an increased price. This increase is Is 3d a dozen for macaroni and lOd a dozen for spaghetti and vermicelli.