QUOTATIONS FIRM AFTER A DAY OF LOWER PRICES

Press, Volume CXI, Issue 32541, 26 February 1971, Page 16

QUOTATIONS FIRM AFTER A DAY OF LOWER PRICES

The New Zealand sharemarket was weak again yesterday and turnover remained moderately high. Although falls well outnumbered rises, quotations for some stocks appeared to be firming at the end of the day.

There were some optimists in the market, however, and rises of 5c each were shown by A. Bamett, Armstrong and Springhall, and Matakana, while N.Z. News regained 2c. All of the main groups weakened. Insurances were lower, Capital Life and New Zealand Insurance being down 2c and South British Insurance 3c. Breweries retreated, with Ballins 2c and Dominion Breweries 3c lower. New Zealand Breweries remained steady. ' Textiles eased; Alliance and L.W.R. lost 2c each.

Timber stocks were marked down, Tasman losing 5c and Forests Ic. Falls by many other 1 market leaders included 8c | by Alex Harvey, 3c by Feltex,: 10c by Dunlop.

FALLS New Zealand

RISES New Zealand

Price Var’n cc. A Barnett (D) .. 190 5 S’Hall (D) 190 5 Matakana (A) .. 380 5 NZ News (W) . 288 2 R Hellaby rts (A) 42 1 Sanford (A) 136 1

16 THE PRESS, FRIDAY, FEBRUARY 26, 1571. QUOTATIONS FIRM AFTER A naij-year ■■■■MM Qj COMMERCIAL 1 BANK OF j F AY III IIIUFK PR If US 1 DEPOSIT fl I B.H.P. nrnfiL prices proju up 10 p.c. The New Zealand sharemarket was weak again yesterday and turnover remained moderately high. Although falls well outnumbered rises, quotations for some stocks anneared to be firming at the end nf i ■ • -A <N.Z.P.4.-B*utsr— Copyright) 57 provoke opposition SYDNEY, February 25. The group net profit of Thomas Nation* wide Transport, Ltd, for the six months to December rose 1261,435, or about 16 per cent, There were some optimists in the market, however, and rises of 5c each were shown by A. Bamett, Armstrong and Springhall, and Matakana, Timber stocks were marked down, Tasman losing 5c and Forests 1c. Falls by many other market leaders included 8c FALLS New Zealand Price Var’n c. c. U/o (N.Z. P.A. 'Reuter—Copyright) to 31,912,825. As previously reported the while N.Z. News regained 2c. by Alex Harvey, 3c by Feltex, 4-8 U Vrill (V) . . 196 . 420 . 71 . 122 87 . 128 . 255 . 353 215 ) 42 135 per annum for SOdays * Opposition mem tralian Government ov steel, and the company For the first 35 minutes of the 45-minute question time in the House of Representatives on Wednesday, OpposiCANB oers have mounted a cone er the possibility of a rii s dominance of the crude increase in the price of steel “in the very near future.” Mr Jones asked if any increase in the price of steel ERRA, February 25. erted attack on the Ausse in the price of B.H.P. oil industry. he would not undertake to change the policy. Mr Stewart referred to B.H.P.’s announced 52 per 1 1 1 interim dividend was tofipercent. The increased profit was after much higher provisions for tax and depreciation. Provision for tax was $605,857 higher at $2,122,613, and provision for depreciaraised from 7 per cent sion of revenue from the North American operation, which was not a factor in the December, 1969, result. The directors said indications were that this year should be considerably better All of the main groups weakened. Insurances were lower, Capital Life and New Zealand Insurance being down 2c and South British Insurance 3c. Breweries retreated, with Ballins 2c and Dominion Breweries 3c lower. New Zealand Breweries remained steady. ‘ 10c by Dunlop. RISES New Zealand Price Var’n C- c. A Bamett (D) .. 190 5 S’Hall (D) .190 5 Harvey (A) Alliance (C) Ballins (C) Brdld (A) CPD (W) Ch Press (C) . C Brick (A) —nts (A) Capital Life (A C S Inv (W) 8 2 2 2 2 5 5 10 2 1 Other rates also availMR J. Met. RITCHIE, who Matakana (A) .. 380 5 ' oo daily basis. tion members concentrated al! would have a serious effect cent increase in pre-tax profit for the six months to Novemhas accepted the invitation tion was $361,092 higher at than last year, with at least NZ News (W) 288 2 Daigety NZ (W) 58 2 their questions on B.H.P., its on prices, and whether the to become a director of $1,059,184. The chairman (Mr K. a 10 per cent increase in R Hellaby rts (A) 42 1 D Brew (A) 111 3 See Your Local Branch or Agent pricing policies, and profits. 3 per cent increase in the ber 30. Scott Group, Ltd, in place of Mr M. O. Barnett, who has retired from the board. revenue. and L.W.R. lost 2c each. Sanford (A) 136 1 Dunlop NZ (W) 310 10 price of steel last year was “Was it due almost entirely FTC (A) 94 1 justified. to the sale of crude oil, and Thomas) says the company Feltex (W) . 365 3 Canterbury Building ister (Mr Gorton), who defended the company as at“Does the Government intend to take any action to does it indicate that EssoB.H.P. have been given too Mr Ritchie is a director of a number of companies, is hopefully drawing towards the conclusion of the SALES IN NEW ZEALAND Fletcher (A) G Fds nts (A) . . 178 72 2 3 tempting to stave off price increases. In his first answer, Mr Gorprevent B.H.P. from increasgood a deal to the detriment and chairman of NMA fairly long discussion .about the Union Steam Ship Company of New Zealand. “We do not intend to depart in any substantial from the financing method originally proposed," he said, “nor to run any risk that T.N.T. should over-reach.” He says plans are in hand to extend the “T.N.T. Train” G Bay (W) . 106 1 Society ing the price of steel, similar to the action taken by President Nixon when the American steel industry threatened to increase its prices in 1970?” Mr Jones asked. “Has B.H.P. over the years received great assistance and protection from the Tariff of the Australian motorist?” Mr Stewart asked. Company of New Zealand, Ltd. AUCKLAND 800 Mot. Speca, 155; 300 Merc. Fin, 120; 1200 King, 100; 500 N.A.F., 180; 2700 N.Z. Brew, 113; 200 N.Z. Cement, 128; 1800 Forest 360, 362, 361; 300 N.Z. Ins, 348; 500 N.Z.M.C., 125; 300 News 288; 300 N.Z. Refin, 395; 200 N.Z. Utd, 865; 600 Refrig., 106; 800 N.Z. Stool, 124; 125; 400 Prop. Sec, 165; 100 Pye, 57; 300 Brierley, 225, and 200 new. 215; 1000 Bay, 107; 200 Haywrighta, 105; 110° Wattle 123, and 150 new, 120; 100 Walton. 108; 100 L.W.R, 133; 200 Manthel, 182; 100 Marl. Luce, 140; 300 Merc. Fin, 120; 300 O’Brien, 34; 500 NX. Brew, 113; 3200 Forest, 360. 381, 362; 400 N.Z. M. C, 126; SOO Refrig., 106; 100 Nthrn Steel, 115; 600 Tlngey 59; 100 Rothmans, 210; 100 Sth Brit, 550; 200 U.D.C Hawkins (A) Wattie (W) LWR (C) M Fin (A) M O’Brien (C) . M Specs (A) Nat Ins (D) Neil Holdings (A NZ Cement (W . 138 . 123 . 153 . 118 2 1 ton said that rising prices could only be curbed if there was an increase in productivity. He bad been asked by Mr C. K. Jones (Labour, New South Wales) about a B.H.P. statement which forecast an Mr Gorton said that he had noticed that some oil companies had been complaining about the pricing policy for Australian crude oil but the complaint had been that the price set by the Australian Government was too low, not SYDENHAM M. CLUB Profit rises Salat-3500 A. B. Conaol, 40; 1450 Harvey, 425, 420; 100 Alcan, 198; 500 Alliance, 71; 100 Ampol, 81; 2000 Am. Pac, 48; 2100 Yates, 175; 100 A.C.I.. 100; 100 Beath, 78; 1800 Broadlands, 88, 87; 125 B.H.P., 1550; 1300 128, 100 Comalco, 485; 500 Con. brick, 387, 3*5, 353, and 200 nto, 215; 700 Cap. Life, 42; 300 C.S.I, 130; 500 Daigety, 58: 5200 Dorn. Brew., 113, 112, 111; 100 F.A.C, 300; 400 F.T.C.. 94; 800 Feltex, &85; U00 Firth, 135; 100 Fletcher 178; 600 Gen. Foods nta, 72; 200 Hawkins, 138; 1600 Wattle, 123 and 100 new, 120; 400 K. Prosser, 117; 200 Matakana, 380; 200 March. Fin.. 110; 500 Mot. Holds, 75; 600 Mot. Specs, 155. 154; 200 Nell, 92; 100 King, 100; 3000 N.Z. Brew., 114, 113; 100 Fmra’ Fert, 90; 1400 2 4 [ {CBS? 154 345 ) 92 1 128 3 3 3 2 Building Society - House, St., Board to develop the steel industry in Australia?’’ Low earning rate Mr Gorton said that the 1970 increase in the price of Australian steel could scarely have been inordinate. Since that time B.H.P. had been earning between 6.25 and 6.5 per cent on Tlngey, 59; 200 Rlckstan, 28; 400 SkeUerup, 275; 1000 S, Brown. 175; 200 U.E.6, 117; 100 U.S.S. pf. 135; 1200 Winstons 120 113 NZ FF (A) 90 2 too high. 15,1 p.c. The Sydenham and Suburban Co-operative Money Club had another good result last year, with profit 15.1 per cent higher at $101,110, and exceeding service between all eastern 125; 400 St hl nd Meat, 163; 1450 Sth Brit, 552, 550; 600 Tasman, 320; 800 Trans. Nel, (110), 110; 3200 U.D.C., 175; 3800 U.E.B, 116, 117, and 100 nta, 112; 800 Winatonea, 118; 500 W’wth* N.Z., 86: 1500 Wr. Steph, 107, 106; 1500 Zip, 37, 38. Mining, oil.—1500 Amoil, 15; 2200 Con. Silver, 23; 900 L and M OU, 28: 750 M.I.M, 400; 1200 Mining, oil—5700 Amoil, 15, 17; 3100 Con. Sliver. 23, 24; 900 L and M OU, 26; 3100 Mlnvest. 35; 200 N.Z. Pet, 170; 1000 Sthrn Cross ct(, 3. DUNEDIN Sales.—400 Alcan, (196), 198; 200 A. and B, (125),100 Ampol, 81; 100 Springhalt, (185), 190; 500 Barnett, 1190), 190; l«i NZ FP (A) NZ Ins (A) NZ M Corp (W NAF (W) N Steam (A) P Impey (A) . Prop Sec (W) . Pye (A) SkeUerup (W) . . 361 1 2 2 3 2 1 5 1 3 VEHICLE FLEET OWNERS Enquiries invited from fleet owners for Vauxhall - Bedford He said that some companies which might have found an oil field with small flows would not feel encouraged to go ahead because they considered the price set was too low. “That is what has been complained about,” he said. mainland capitals. On overseas operations, Mr Thomas says operations in North America were affected by rising costs and the general slowdown in the United States economy. Indications are that 1971 D 125 . 180 86 93 . 165 . 57 . 275 continuity assured shareholders' funds,” he said. In reply to Mr F. E. StewMr Gorton said EssoB.H.P. had entered into an $100,000 for the first tinsel The dividend credited to should be considerably better than 1970, with at least a 10 Forest, 362 360 361; 200 N.Z. Ins., 348: 700 N.Z. M.C., 126. 125; 500 N.Z. Steel, 125, 124; 100 Mlnveat, 35; 200 N.Z. Pet, 170; 1600 Republic, 35; 200 Walhi, 30. S Biolab (A) Sth British (A) . . 118 . 552 2 3 art (Labour, New South Wales) who asked for a review of the Government’s oilprice policy, Mr Gorton said that Australia was getting arrangement to supply oil from Bass Strait at a fixed price for five years. The price was set at $1.89 a barrel, and the overseas price was 42c or 43c a barrel members' accounts in the year to December 31 increased to $10,649 to $79,634. Total members' funds rose $184,905 to $1,735,165; the funds consist of accuper cent increase in revenue. Nthn Steam, 86; 200 Impey, 93; 200 Prop. Sec, 105; 700 Pye, 57; 500 Brierley, 225; 050 Hellaby rts. 41, 42; 400 Rothmans, 212, 210; 500 Sanford, (137), 137 130; 600 SkeUerup 275; 1000 Biblab., 118; 100 S. Brown. 125; 1100 Sth Brit., 552; 300 Tappenden, 170; 500 Tasman, 320; 600 Taupo, 135, and 400 nta, 130; 500 Trans Nel, 110; 500 T, Jones, 51; 2500 ILD.C, CHRISTCHURCH Sales.—3300 A. B. Consol, 40; 400 Harvey, 425; 100 Alliance, 71; 500 BalUns 122; 30 B.H..P, 1550: A.C.I.. 190; 500 Bing H., 56; 200 Capital Life, 42; 50 lasman UDC (W) .. 175 Winstone (A) .. 118 W Horton (A) . . 285 Overseas fPotorsi Total revenue for the latest six months jumped by 49.4 per cent, from $34.2m to $51.Im, because of the induComalco. 490; 200 Cooks Wine, 20; 300 C.S.I., 135; 400 D.LC, (197), 197; 10,500 Dom. Brew, 111, 112; 100 Coles, 96; 300 G. Bay. 106; 100 LC.LN.Z, 208; 1400 Wattle 2 5 L.M.V.D. PHONE 66-298 oil “far cheaper” than it 200 Cooks Wine, 20; 300 Begg, 42; 2300 Chch Press, 255; 1500 C.F.M, 146. and 2000 pf, 67; 100 C.S.R. 124. 123; 100 Nat. Ins, 345; 2900 N.Z. Brew, (113), 113; 1000 Forest, (360), 362; 300 N.Z. Steel, (124), 124; 300 Rothmans, 210; 1100 Sth Ampol -(A) 81 1 166 ST. ASAPH STREET. could in any other way, and more, Mr Gorton said. mulated subscriptions of $1,483,480, reserve fund ol $172,329, dividend equalisaNew aluminium BHP (C) . 1550 15 Aust, 700; 500 Con. Brick, 357, 355; 3800 Dom. Brew, 111, 112, Comalco (A) Email (W) . 485 71 5 I.C.I.A.N.Z chairman 175; 1500 U.E.B., 117, 116; 500 W., Horton 285 : 2600 Winstone, 118; 200 W’wth* Syd., 95; 500 Zip, 37. Brit., 552; 400 U.E.B., 118; 300 tion account $27,500, and the carry-forward in the profit-and-loss appropriation of 113, and 300 new, 110; 100 Dom. Fert., 113; 500 FJLC., 300; 1000 Waitakl, (160); 200 Winstone, 118. G J Coles (D) . 96 2 / — _ ___ ' Feltex, 365; 600 Fletcher, 178; 200 Gen. Foods nt* 72; 100 G. Minin*, oil—1000 L and M OU, Wwths (A) 95 7 ■■■ MM 1 t nr nress installed 26. Peko (A) 1120 40