COMPANY NEWS

Press, Volume LXXXIII, Issue 25310, 9 October 1947, Page 8

COMPANY NEWS

LABOUR AND MATERIALS SHORTAGES AFFECT HUME PIPE COMPANY Hume Pipe Company (Australia), Ltd., would not proceed any further with its plant expansion scheme until the manpower position improved and adequate supplies of materials became available, said the chairman, Mr A. J. McLachlan, at the annual meeting in Melbourne. The company had orders on its books, and plant was available, but it could not proceed at full capacity because of the shortage. The marked increase in financial turnover and the Increased cost of capital goods and all services had necessitated considerable additional finance, Mr McLachlan said. Compared with the prewar basis of operations such costs were estimated to have risen by 40 to 50 per cent. “We now have a period of full employment which has resulted in the turnover of labour reaching a record level." Mr McLachlan said. “Production is adversely affected under such conditions, and cost of manufacture is materially increased.” Proposals to extend existing industries and to establish new manufactures without increased coal production, were only ’“pious aspirations,” he added. SALT FROM CANADA

RESTRICTION ON IMPORT LICENCES Unless importers can produce evidence that adequate supplies of salt are not available from British sterling sources, they will not be permitted to obtain it from Canada under their 1948 import licences. Previously licences for imports from Britain could be used for obtaining Canadian salt, but now a special application has to be made to the Customs Department. The Canterbury Chamber of Commerce has also been advised by the Customs Department that importers can now import plain tablecloths and table napkins from Britain under 1948 licences issued for the import of textile piece goods other than moquettes. Basic allocation - licences in accordance with the 1948 schedule will be issued for imports of nails and tacks from Canada.

BANKS AND DEBENTURES

LONDON QUOTATIONS (N.Z. Press Association—Copyright) T . ... LONDON, October 7. Latest quotations for banks and debentures on the London Stock Exchange are as follows, sales being specially noted:— co „?!? k So Australasia, buyers £8 13s 9d. sellers £8 18s 9d; Commercial Bank of Australia, buyers 16s 3d, sellers 17s 3d- E «^ a i? d e A A B^ nk „ (sale) ’ £5 17s 6d ! Union Ba “ k buyers £7 15s, sellers J 5s J B A nk New South Wales (sale), £29 2s 6d; British Tobacco (sale), 395; Goldsbrough Mort, buyers 255. sellers 275; Dslgety and Co. (sale), £8 7s 6d; National ~ N , ew Zealand, buyers 50s, sellers 52s 6d; Dalgety and Co., 4 per cent, debentures, buyers £lO4, sellers £106; New Zealand Loan and Mercantile, 4 per cent, debentures, buyers £lOO. sellers £102; Nev/ Zealand Loan and Mercantile, ordinary stock (sale). £9l; P. and 0., deferred middle price. 55s 6d. Mount Morgan Ore Reserves.—Published ore reserves of Mount Morgan, Ltd., have been increased by 534.173 tons and the total metal contents increased by 58,2820 z of gold and 6028 tons of copper. Reserves of sulphide ore at June 29 are estimated at 5,743,477 tons, containing 1,170,5450 z ot gold and 109,700 tons of copper, averaging 4.oBdwt gold and 1.91 per cent, copper. In addition, "indicated material” stands at 2,520,799 tons, averaging I.6ldwt gold and 0.46 per cent, copper.