COMMERCIAL

Press, Volume XC, Issue 27489, 25 October 1954, Page 14

COMMERCIAL

STOCK EXCHANGES WEEK’S .TRANSACTIONS REVIEWED (By Our Commercial Editor.) Another aDDreciable turnover was reChanel Christchurch ExchJSKrt 1 h^ t a7 ee s' ", hen 25,410 shares a 13nt d i£ a ?i? s ' . Aust rahan shares sagged A K™"}® £ace .° f a falling demand. Zea Eland "e q c U I rYtie° r ' tlnUed lor SOUnd New for tlle week ; with th® thS. f ?J the P re ™us week in parenthesis, were as follows:—Government nanv’rt^h 60 ? (£543 °)l local body and comyM^SF nt iy es ’ ni l (£1600); bank shares, 330 (1305); breweries, 300 (200); frozen 500 at (200?- ( iJKn gaS A 100 (1343 > ; insurance, ouu (200), loan and agency, 5502 (3006); shipping, 196 (200); timber, 100 (nil) - (14°373P S - (750 i ; n>iscellaneoS. 12.088 unUsted - 4500 7 i ri \ < J3F r +A n Gover nment stock was very light, and there were few offerings. gS KT ir \- ban J^ n ? issu es were not extensive. National of New Zealand rose sharply to sales at £5 Ils 6d, only to S?l e V 1- close to buyers at £5 Bs. A parcel ot Commercial Bank of Australia, winch have had ah. improving market of late, sold at 17s Dominion Breweries were firmer in busi+46sj New Zealands eased slightly to dealings at 48s 6d, and sales elsewhere were recorded at 4ds Canterbury Frozen Meat were’very firm in sales at £25. New’ Zealand Refrigerating contributmgs sold at 22s 6d in line with sales in the south. Christchurch Gas edged further downwards in light business at 17s 9d. New Zealand Insurance gained fractionally m sales at £6 14s 6d. Loans were very active. Dalgety’s "B” ?n ar ,A J were fr eely traded at 12s 9d and 12s 10a, and the company’s "A” shares were firm in business at 12s 9d. National Mortgage ‘ A’’ shares continued to be in inef demand, with sales unchanged at 16 s . 6a. and buyers prepared to carry on. Wright, Stephenson contributings sold at the firm price of 295. New Zealand Loan and Mercantile had their first local business for some time to sell at 28s 6d. New Zealand Farmers’ Co-operative ordinaries sold at the firm price of 13s Id, with more wanted at the same price. Union Steam preferences, which for months have had constant buying support improved fractionally to sell at 26s 9d, but relapsed to 26s 6d when an odd parcel changed hands. Kauri Timber improved to a sale at 265.

Timaru wool advanced to sales at 325, with no further sellers. Korma Textiles preferences had light business at 20s. Felt and Textiles (N.Z.) ordinaries changed hands at 34s 6d. Lane, Walker, Rudkin had firming inquiry, but sellers remained

Turnover in the miscellaneous section was 12,088 shares. Ross and Glendining rights were very active throughout the week at the steady price of ss. Wilsons Cement eased fractionally to sell at 14s 7d. New Zealand Forest Products, after light business at 15s 4d, improved to buyers at 15s 6d. Whitcombe and Tombs dropped to dealings at 31s. Woolworths, New Zealand, also lost a little ground in light business at 21s 9d, representing the low return of about 22 per cent, to investors. Norvic Shoes were fractionally firmer in a sale at 14s 6d. Donaghy’s Rope were lightly traded at 475. M.K. Manufacturers’ rights sold unchanged at 12s. Claude Neon (N.Z.) sold at 52s 6d. William Cable Holdings were firmer in business at 34s 9d, cum new issue. Whakatane Board new ordinary fully paids changed hands at 21s sd. Greater Crystal, which are frequently quoted but seldom traded, had light business at 22s 6d. Gadsden ordinaries sold unchanged at 30s 6d.

Broken Hill Proprietary had a reasonable turnover at the very steady rates of 33s and 33s Id. Coles showed little alteration in sales at 15s and 14s lid. Ampols improved to sales .and buyers at 235. Woolworths, Ltd., were slightly easier in sales at 15s. British Tobacco had light business at 26s 4id. Colonial Sugar returned to the sales list at the reduced prices of £34 10s— £34 7s 6d. Mt. Lyells eased fractionally to sell at 25s 3d. The unlisted section had a busy week. Tasmans were active in sales at 5s lOd to 6s. Kaiapoi Woollen ordinaries were steady in ousiness at 27s 6d. Aulsebroks preferences (new 10s paids) had their opening business at 12s. Fletcher **C” preferences also had opening dealings at 21s 6d. R. and E. Tingey ordinaries improved to sales at 16s 2d and 16s 3d. Mackintosh Caley. Phoenix had light business at 7s. Tekau Knitwear preferences had opening sales at 21s 6d.

GROCERY NOTES Summer lines are turning over more rapidly, particularly with the continual hot weather. Such lines as jellies, cordials, extracts, condensed milk, canned fruits, salad dressings, and cold setting custards are selling well. There is still much shipping coming forward, and the goods arriving include canned fruit, dried fruit, and many English lines for the Christmas trade. The service from Lyttelton is still difficult, and in some cases ships have left port many days before the cargo arrives in merchants’ warehouses. Green Peas.—A number of canners of green peas are asking merchants to place firm orders for the new season’s pack. Until the present time wholesalers have been booking forward orders for spread delivery in the coming year. So far the response 1-as not been particularly good, as large stocks are being held by some grocers. However, this month is one in which canned peas sell most readily, and sales have risen sharply since the beginning of this month. Pepper.—For the last few months the pepper market declined considerably and prices have fallen far beyond those expected. Now the latest reports from the East indicate that prices are firming and increases ca- be expected in the New Year. New Zealand Canned Fruit. —Nn information has been received from any local canners as to the effect of the heavy frost that was experienced a few days ago throughout the fruit-growing districts. It is known that considerable damage was sustained, and it can be expected that this will reflect on thfe canning indus*ry. Last season crop prospects were excellent right up to canning time, when a serious change in the weather brought about an exceedingly low pack. Dates.—This is a line which is starting to sell more freely, particularly where bulk dates are concerned. For a time it appeared that there would be a carryover of stock at the New Year, but now there will not be much quantity about when the new season’s shipment arrives.