COMMERCIAL

Press, Volume XCI, Issue 27695, 27 June 1955, Page 13

COMMERCIAL

STOCK EXCHANGES WEEK’S TRANSACTIONS REVIEWED (By Our Commercial Editor.) A substantial turnover was aeain - o change tSrt/we Christchurch Stock ExchaSF stores S' interest in litle variation 0 ! 5 ’P t Jl e 1113111 showed retail ToVUS Ex- -e e Pt o, ? h Ts e feet m shareholders to reEmporium * ° f £ ° 9s 6d from M yerS h ‘" flg (£2ooo> an h-> c i y rn P anv debentures, £3OO 400 nii shares. 3498 <528,; brew, cues, (350), frozen meat 25 (?qii(l677vncr s h° <4s orL; loan and agency.*3442 (nil,; woollens: 400 UMZ), miscellaneous. 10.779 (20 0051t™ah 5 22784 <2^i B) U '’ ,iStCd - 2440 11 ' 575| 1' Most of the business in the banking sechon was confined to dealing? in ComBank of Australia rights. Opening saies were at 2s 3d. but the price eased quickly to Is 8d and Is 7d. The bank’s Preference shares sold 6d down at £6 7s -^ Rank South Wales continued to advance with sales at £33 15s to £34. ♦«n-n® ries ™.® re 9 uiet with sales confined 29s Balllns ordinaries, which improved to The only sale of frozen meats was that %»F ar X erb y ry Frozen Meat ordinaries at Constant inquiry prevailed throughout the week for New Zealand Refrigerating issues, but no business resulted. Among the insurances, New Zealands, after selling unchanged at £6 16s, improved to business at £6 17s, and later buyers offered £6 17s 6d after the announcement of a bonus dividend. Loan and Agency stocks were active. National Mortgage A. the demand for which remains unabated, sold unchanged at Ils 9d. New Zealand Farmers’ Cooperative ordinaries were firm in business at 15s. United Building Society sold unchanged at 19s 9d. Wright. Stephenson were steady in sales at 465.

There was a sale of Putararp Timber preferences at the unchanged price of 20s 6d.

In the woollens section. Lane. Walker Rudkin sold unchanged at 43s 6d. Feltex Yf ere also unchanged in business at 23s 9d.

Just short of half of the week’s turnover was in the miscellaneous section. Avon Metals returned to the sales list Ski * 6d ’ a « ter a considerable absence. Whakatane Board Mills, which have been inactive locally of late, had light business at 22s 3d. There was a sale of Booth. Macdonald at ss. John Chambers were unchanged in business at 31s 6d McKenzies sold unchanged at 225, and there were sales in the north at 22s 6d. New Zealand Forest Products preferences sold unchanged at 19s 3d, and the ordinaries advanced 3d in a sale at 15s 9d. Macin- * o’ £i al £ y ' Phoenix eased sharply to sell at 6s fid. Speedway Products were cheaper in business at 20s 6d. Wool worths. New Zealand Properties preferences improved in trading at 22s 6d. Aulsebrook preferences (new) sold unchanged at 22s 3d Fletcher Holdings were lightly traded at the firm price of 42s 6d. Radio (1936). ‘io ha M sales at the unchanged price 54s 19S 6 °’ Beaths so, d unchanged at Among the Australian-domiciled stocks Coles were active throughout the week in sales ranging between 15s 2d and 15s 3d. but at the close of the week buyers advanced their offers to 15s sd. against sellers at 15s 9d. Woolworths. Ltd., after selling unchanged at 16s, rose sharply to at at Y« lg aH t J? s ’t. and fluctuated to sales ?<?’ Bl l oken HiH Pt y.. contribut--501(1 un<? hanged at 15s 6d. Colonia] " 5 ' sar„5 ar „i vere active in sales at £33 17s 6d and £33 15s. Electro. Zinc, preferences were unchanged in dealings at 35s n & the -i n \ i J? es ’ M °unt Morgan .sold at 20s fid. and there were better buyers the marklt Lyells ' but -reliefs kept off "Hiere was some activity in the unlisted tholr°n . p ™ d f ntia l Building Society had t fir ‘ n us l n ?s s for some considerable st .i “t’Ss-Zs below par. CorvM.anSlrt an r d ®, alrnon Preferences sold unR ha 2«rt d w at TN ls ’ as dl _? Puntings. at 235. E - ordinaries sold at the TRADING BANKS’ DEPOSITS DOWNWARD TREND in D oE> OS r! S i - h t w e „ five trading banks in the Dominion tell by £13,200.000 from tlle .. record level in April to £293.700,000 3t the end of May, accordling to the lata?? trading banks’ assets and liabilities. Advances in the same period rose by £50,902 to £186,928.867 at May 25—a week before tbe Reserve Bank raised the reserve ratios—were down by £11.700.000 from the April level. After the reduction in total deposits, the trading banks’ balances with the Reserve Bank fell from £49.600.000 to £44.300.000. The statutory minimum was £41,500,000.

Overseas assets on May 25 totalled £36.300,000, against £37,000,000 in April, although compared with the end of Mav figure for 1954 the amount was £4.700,000 higher. The banks’ London assets at £30,700.000 were £474.970 less than the level at the end of April. The principal item in return of assets and liabilities of the five trading banks at the close of business on Wednesday. May 25, are compared with those at April 27 in the following table:—

•Including discounts. Notes of the Reserve Bank held as till money on May 25 were valued at £10,788,752. compared with £10,984,584 a month earlier. The issue and active note circulation at the end of May for the last five years have beeff:— Issue Circulation

A comparison of the aggregate deposits, advances and excess of deposits in May returns since 1951 is as follows:

Fluctuations in the value of assets held abroad on account of New Zealand business as shown in May returns for the last five years have been:—

Overseas liabilities on New Zealand account on May 25 totalled £7,027,685 against £7,300,352 on April 27. Subsidiary Sin held on May 25 « as .. va >?« d g a a ‘ £1,382,803, compared with £ 1,396,a month earlier.

May April £ £ Circulation .. 58.154,993 59,708.390 Free deposits .. 245,864.248 247,512,372 Fixed deposits .. 47.873,357 59.501,637 •Advances .. 186,928,867 186,877,965 London assets .. 30,760.237 31,235,207

1951 .. .. 58,413,219 48.234,669 1952 .. .. 61.876,093 50,390,735 1953 .. . • 62,655,781 52,920,991 1954 .. .. 68,143.405 57,195,087 1955 .. 69.943,745 58,154,993

Deposits ‘Advances Excess £ £ £ 1951 .. 267,511.615 137,635,860 129.875,755 1952 .. 261,556,607 179,861.955 81,694,652 1933 .. 279.542.223 134,609,769 144,932.454 1954 .. 297.201,792 148,081.384 149.120,408 1955 .. 293,737.605 186,928.867 106,808,738 •Including discounts.

London Elsewhere Total £ £ £ 1951 . 37,206,054 4,270,787 41.476,841 1952 24,574,133 5,965,202 30,539,335 1953 29,756.688 3,754,462 33.511.150 19M 27 312,371 4,351,086 31,663.457 1955 30 760 237 5,582.765 36,343.002