BROKEN HILL EXPANSION

Press, Volume LXXI, Issue 21577, 13 September 1935, Page 15

BROKEN HILL EXPANSION

INCREASING FLOW OF ORDERS COMPANY'S INTENTIONS The Broken. Hill Proprietary Company, Ltd., Melbourne, is entering on a huge scheme of expansion involving the extension and improvement of ironstone properties, collieries, steelworks, equipment, shipping services and electric power plant, and the establishment of industry. The company is increasing its capital, 1,493,854 shares of £1 each being offered to shareholders at 30s a share. With reference to the announcement that the next interim dividend would be at the rate of Is 3d a share (against Is), the directors state "they see no reason • at this stage why the rate should not be maintained." Speaking at the annual meeting in Melbourne, Mr H. G. Darling, chairman of directors, said that with the ever-increasing flow of orders tne company was approaching the point where a great deal more capital could be used, not only to handle the increasing volume of output, but also to manufacture new products, principally tinplates. Investigations into the tinplate industry had been carried out by the company's officers in various parts of the world, and the company was now in a position to start on the work of establishing this industry. Developing Gold Area Mr Darling enumerated many avenues in which the new capital would be used. He said that there was also a possibility that the company's mine at Broken Hill would be reopened in the near future. Prices of base metals were still low. but the position was receiving the careful consideration of the board

The company had been testing a large alluvial gold area on the Macquarie river, near Wellington, for some time. The chairman announced that the company's mining officers, supported by outside advice, believed the working of this ground should prove remunerative and that accordingly a company would be formed to develop the area.' "Conversations are at present proceeding as a result of which it is possible that the company may acquire the whole of the ordinary shares in Australian Iron and Steel, Ltd., in exchange for a parcel of our shares." said Mi Darling. "Shares issued for this purpose will definitely not possess any rights in connexion with the hew issue of 1,493,854 shares. The benefits of such an arrangement will be mutual, as it will prevent unnecessary duplication of plant and effort."

Progress of Subsidiaries Mr Darling referred to the progress of subsidiaries and said the company had increased its interest in "Australian Wire Ropes, Limited, and the Commonwealth Steel Company, Ltd., and it had acquired Bullivants Australian Company Proprietary, Ltd., the selling agents of the Australian Wire Rope Company. On the motion of Sir Lennon Raws the total remuneration of the seven directors was increased from £3200 to £7OOO.

AUSTRALIAN PRODUCE SYDNEY MARKETS (OTHTBD fEBSS AS3OCUTIOir—COFTSiaaX.i (Received September 12, 9.10 p.m.) SYDNEY, September 12. Wheat—Country sidings, bagged, 2s 9d; bulk 2s 9d, equal to about 3s 4d to 3s 5d ex' trucks, Sydney. '* Flour—£ll 7s Od. Bran and pollard—£s 15s. Potatoes —Tasmanian £l6 to £l4; Victorian £l3. Onions—Victorian brown £l2. Maize—White and yellow sa.

ADELAIDE

DAIRY PRODUCE

BUTTER PRICES FIRM

Wheat—Growers' lots 3s 3d. , Flour—Bakers* lots £l2. Bran— £5 7s 6d. Pollard—£s 12s 6d. Oats—Algerian Is 9d to Is 10d.

The South Island Dairy Association, Ltd., has received the following market report from the New Zealand Produce Association, Ltd., London:— Butter—Firm; 112s. Danish, 1255. Cheese —Firm. White and coloured 545.

COLOMBO TEA SALE CPBISS ABBOCUTIOS THLSOBAtt.) DUNEDIN. September 11. Mr L. M. Wright has received the following cabled report on the Colombo tea auction of September 10: —"Owing to annual tea trade holiday last week s. larger sale was held yesterday, 2.250,0001b being auctioned. All grades showed a sharp advance of two or three cents, the quality of the offering being good. At next week's sale 1,900,0001b are catalogued for auction."

PRICE OF SILVER (KttTISB OOTICTAI WIBBLBSS.) RUGBY, September 11. Silver quotations (pence an ounce) were:— Sept. 10. Sept. 11. Soot .. •• 29 3-16 29 5-16 Forward .. 29 3-16 a 9 5-16 PRICE OF GOLD ' (wnva puss* assocutio*- coptrt&st.i LONDON. September 11. Gold (a fine ounce) is quoted:-- £ s. d. September 11 .. .? .. ?0 9| September 10 .. .. 7 0 7J September 9 ...-. •■•■ /. ] % September 6 .. -.. ? i i September 5 .. .. v u . '3 September* .... 7 0 4