COMPANY NEWS

Press, Volume LXXXIV, Issue 25391, 14 January 1948, Page 8

COMPANY NEWS

NEW CHRISTCHURCH PROSPECTUS SKELLERUP INDUSTRIES, LIMITED The prospectus of Skellerup Industries, Ltd., a Christchurch promotion, calls for the issue of 100,000 5 per cent, cumulative preference shares of £1 each at par, payable 5s on application and 15s on allotment. The authorised capital of the new company is £500,000, divided into 300.000 ordinary shares of £1 each and 200,000 5 per cent, cumulative preference shares of £1 each. The issued capital is 160,000 ordinary shares of £1 each, allotted as fully paid, and comprising the present capital of the company. There is now being offered for public subscription cumulative preference shares to the value of £lOO,OOO. leaving held in reserve 140,000 ordinary shares and 100,000 preference shares. Skellerup Industries, Ltd., was incorporated on November 25, 1947, and has carried into effect an agreement to purchase all the Skellerup family and associates' shares, m the under-mentioned companies for a total consideration of 160,000 fully paid ordinary shares of £1 in the new company:—Para Rubber Company, Ltd., Empire Rubber Mills, Ltd., Marathon Rubber Footwear, Ltd., Latex Rubber Company, Ltd., and Rubber Reclaim, Ltd. It is noted in the prospectus that amongst the assets of Latex Rubber Company, Ltd., is the Solar Salt Works at Grassmere, Marlborough. “Mr John Seeck.” says the prospectus, “who has had lengthy experience as managing-director of the South Australian Salt Company, Ltd., and who has been appointed manager of the solar salt works, reports that salt should be harvested from the company’s property as from February, 1949, but no income from the investment in salt has been forecast in arriving at the value of the assets to be taken over.” “The purpose of this issue,” says the prospectus, “is to provide additional finance' for the maintenance and expansion of the business of the trading companies operating under the control of or associated with the company. The increasing business of the subsidiaries of Skellerup Industries, Ltd., provides opportunity for the profitable use of increased capital, particularly for the purchase of new items of plant and stocks of raw materials, etc. Opportunities for the development of other commercial undertakings are also available.” It is noted that no changes are contemplated in the management of the operating companies, and that the Skellerup associates “will continue the same active interest in the management as they have maintained in the past.” The subscription list will be opened on January 26. STOCK SALES RANGIORA Although there was a fair yarding of pigs at the Rangiora stock sale yesterday, other sections were poorly represented. Prices were as follows: Pigs.—Weaners. 14s to 20s; slips, 225; stores, 25s 6d to 29s 6d. Sheep.—Hoggets. 355. Cattle.—Cows, £24; heifers, £lO. TEMUKA “The Press’ Special Service TIMARU, January 13. A small yarding of 70 head of fat cattle of good quality came forward yesterday at the Temuka sale. Competition was not keen, but values were inclined to harden for prime handy-weight beasts. Prime heavy steers made from £l6 2s 6d to £lB 2s 6d; light to medium steers, £l3 17s 6d to £l4 17s 6d; prime heifers, £l3 17s 6d to £l6 7s 6d; light to medium heifers, £ll 2s 6d to £l2 17s 6d; prime cows, £ll 2s 6d to £l3 12s 6d; light-weight cows, £5 10s to £7 15s. The pennings of fat lambs and sheep were very small. Values held firm at late rates. Prime lambs made from 33s Id to 35s lOd; prime wethers, 36s 4d to 38s lOd; light-weight wethers, to 33s 4d; prime fat ewes, 24s 4d to 26s 7d. TINWALD Values for wethers were slightly higher than ruling prices at the Tinwald stock sale yesterday, an estimate of the appreciation being Is a head. Fat ewes sold at- prices on a par with those ruling at Ashburton last week. Wethers realised up to 37s 6d for lightweights, from 38s to 40s 6d for mediumweights, from 41s to 44s 6d for prime quality, and from 45s to 47s lOd for extra prime quality. Four were sold on account of A.' E. Lovett (Waterton) at the top price. Ewes brought up to. 20s 6d for lightweights, from 21s to 23s 6d for mediumweights. and from 24s to 27s 4d for extra prime lines. On account of C. C. Chisnall (Hinds), five ewes were sold at 27s 4d. Fifteen hoggets made 46s 7d, three 45s 7d, five 45s Id, and 10 44s 7d. Lambs realised from 32s 6d to 40s Id. One steer sold at £9 2s 6d.