COMMERCIAL

Press, Volume XC, Issue 27375, 14 June 1954, Page 13

COMMERCIAL

STOCK EXCHANGES WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.) Markets were active throughout the week on the Christchurch Stock Exchange. Because of the holiday on Monday, trading operations were confined to four days, and turnover at 13,293 shares must be considered fairly substantial. The buoyancy of markets was well sustained. In Australia, markets appeared to have steadied appreciably. Details of the week’s business at Christchurch, with the figures for the previous week in parenthesis, are as follows: Government stock, £5700 (£9640); bank shares, 1275 (289); breweries, 1090 (2570); frozen meat, 500 ( 200); gas, 400 (nil); insurance, 190 (450); loan and agency, nil (1300); shipping, 525 (nil); woollens, 950 (2400); miscellaneous, 8088 (7928); unlisted, 275 (1000); total, 13,293 (16,137).’ Government securities were overshadowed by interest in the new £30,000,000 national development loan. ..London domiciled stocks were quiet in the banking section, but other issues were actively traded. Commercial of Australia and New South Wales both had improved buying inquiry. A. and N.Z. Bank rose by 2s to sell at 38s 9d, and subseqently receded to business at 38s 6d. Commer*s. after selling early in the week at 16s 9d, rose to sales at 17s Id. This bank’s new shares improved to business as high as 16s 9d. Among the breweries, Ballins improved 6d m sales at 26s 3d and 26s 6d. New Zealand Refrigerating paids again sold at 45s 6d, and there were better buyers for C.F.M. ordinaries and for Southlands. At Dunedin, the last-mentioned stock jumped to sales at 89s. Both issues of Christchurch Gas improved appreciably, the contributings selling at 6s 9d and the ordinaries at 17s. 3 4^i 1 B tations in 1316 insurance section were slightiy erratic for both New Zealand and South British, but Nationals and standards improved to sales at 28s and £5 respectively.

For the first time for many weeks no business was written in the loan and agency section which, however, remained very buoyant, especially for New Zealand Farmers’ Co-operative, Wright, Stephenson, and National Mortgage issues. Sales in the shipping section were confined to several small parcels of Union Steam Ship preferences, which changed hands 6d up at 25s 6d. Other shipping issues had good inquiry. »o K 2 iapoi w ° ol ordinaries rose to sales at 28s 3d and 28s 9d. Feltex (Australia) again sold at 27s 9d. Other woollen issues were in keen demand, but scrip was in short supply. A-C.I. had sales at 36s 6d. Claude Neon (New Zealand) rose Is to sell at 525, and buyers were prepared to go on. New Zealand Forest Products weakened slightly, sales taking place at 15s 2d, early in the week, but at the close they were on offer at 15s without attracting buyers. The same company’s preferences sold unchanged at 18s 9d. Ampol improved 3d to sell at 275, and buyers increased to 27s 3d at the close without attracting sellers. Colonial Sugar were unchanged to sell at £35 10s. Coles lost 2d during the week in sales at 15s Id and 15s, and the rights again sold at 10s 3d and later a I ?. d ' R eid Rubber preferences sold at 19s 3d and 19s 6d, and the ordinaries rose to business at 18s 6d. Whakatsme Board had business at 19s. vVoolworths, New Zealand, were unchanged in business at 22s 9d. Booth Macdonalds gained Id to sell at 6s Id. British Tobacco lost 3d when traded at 275. Fletcher Holdings gained 2s in business at 425. Dunlop New Zealand gained Id to sell at 20s 4d. Electrolytic Zincs rose sharply in sales at 27s 9d. Broken Hdl Proprietary were stea d y j n a sale at 365. Mason Struthers (10s paid) sold 3d up at 18s. Woolworths, Ltd;, finished the week with a sale at the fractionally lower price of 17s. lOd. Business in the unlisted section was confined to the sale of a small parcel of Matea Forests at the slightly cheaper price of 2s 6d.

GRAIN AND PRODUCE MARKETS (By Our Commercial Editor.) Markets remain quiet but healthy. A small amount of overseas business and local trading is reported. Comparatively small quantities of seed —much less than usual—now remain in growers’ hands. Merchants are of the opinion that a general resistance to high prices of ryegrass is setting in from all quarters. It is reported that growers still hold comparatively heavy holdings of onions. Ruling prices to farmers are £35 to £37 10s a ton according to quality. Quotations to Farmers Quotations for small seeds and various lines of produce are as follows:Potatoes.—White, £l6 5s a ton; Dakotas. £l7 ss, Aucklanders £l7 10s f.0.b., sacks extra. Undergrade £3 10a a ton less for all descriptions. Onions.—£3s to £37 10s a ton on trucks. Wheat.—lls 6d a bushel, Jan., Feb., and March (on rail, grower’s nearest siding), with the usual variety increments, plus the monthly holding increments. Ryegrass (M.D.) —Certified perennial mother seed, 28s a bushel; p.p., 275; uncertified, 19s. Hl: mother seed, 275; standard, 265; uncertified, 19s. Italian: mothei seed, 255; standard, 225; uncertified, 19s. White Clover (M.D.)—Mother seed, 39d per lb; p.p., 3s 8d; uncertified, 3s sd. Red Clover (Cowgrass).—2s 6d per lb m.d. Cocksfoot.—ls to 2s per ib, certlfiedepending on quality. Oats.—Gartons: 6s 6d to 6s 9d a bushel according to quality. Algerian: 5s 6d to 5s 9d a bushel; Duns? 9s to 10a a bushel Black: 8s to 9s a bushel. Lupins.—6s to 6s 6d d bushel, on trucks (sacks extra). GROCERY NOTES rhe demand for winter lines is still increasing, and supplies of tapioca, breakfast cereals, soups, hot beverages, pearl barley, split peas, and rice are plentiful. Goods are steadily arriving in Lyttelton, although there has been a slight delay in goods coming through to the city, particularly sugar. Hops.—A good crop has been experienced in the Nelson area, and there will be sufficient for the retail trade. This has not always been the case in past seasons. The price is expected to be slightly in advance of previous costs. Egg Preserving Paste Price Increases.— The manufacturers of a very widely-used egg paste have Indicated that their product will in future retail at a higher price. The small size will sell at Is 9d and the large 2s lOd. Spaghetti and Minced Beef.—A North Island canner is introducing a new line on the market. It is a combination of beans, spaghetti, minced beef, and tomato sauce. Already it has met with success in the North Island. This line will retail at 2s a 16oz can. Prunes.—At the present time there is a temporary shortage on the local market of Australian prunes. However, reports have been received that stocks are now ready for shipment, and importers have in some cases received an indication as to what grades the packers are able to su .PP l y- * s expected that higher grades will be available than was the case last year. STOCK SALES STUDHOLME JUNCTION (From Our Own Reporter) „ , WAIMATE, June 11. Values were firm for the large entry ot fat sheep at the Studholme Junction sale, and a good clearance was made. head lamb prices rose several shillings a A medium yarding of fat cattle and a small yarding m the store section sold at late rates. Values were:— Cattle.—F at steers, good £3B 17s »6d to £4l 2s 6d, medium £32 7s 6d to £37 12s 6d, light down to £25 12s 6d; fat heifers, good £37 7s 6d to £34 12s 6d, medium, £22 2s 6d to £25 7s 6d, light down to £lB 12s 6d; fat cows, good £2B 2s 6d to £3O 12s 6d, medium £lB 2s 6d to £2l 17s 6d, light and aged down to £l4 2s 6d; bulls £l2; dairy cows, springing £2O to £22; cows, runners £23 to £25 2s 6d; steer calves £8 15s to £l6 15s; heifer calves £7 J.Os to £l6; 18month heifers £l6, steers £2l. Sheep.—Fat lambs, extra heavy £5, good 71s Id to 80s Id, light to medium 58s Id to 68s Id; fat wethers, extra heavy 99s 7d, good 79s 7d to 87s Id, others 52s Id to 71s 7d; fat ewes 37s Id to 46s Id; Romney cross wether lambs 45s 6d to 62s 9d; f.m. ewes 265.