COMPANY NEWS

Press, Volume LXXXIV, Issue 25551, 20 July 1948, Page 6

COMPANY NEWS

WOOLWORTHS LTD, SYDNEY N.Z. SHAREHOLDERS ABLB TO TAKE UP NEW ISSUE (P.A.) WELLINGTON, July a The directors of Woolworths, Ltd. (Sydney), announced to-day that the permit, sion of the Reserve Bank of New Zealand for New Zealand shareholders to take up their full quota of shares in £ company’s new issue had been obtained subject to the following conditions plications for new shares will be receivai by Woolworths, N.Z., Ltd., Wellington, ts« gether with the subscription money quired, and the New Zealand company will act as agent for Woolworths, Ltd, (Sydney). New Zealand shareholders who have no liquid funds in Australia will pay to the New Zealand company subscription money in New Zealand aftrency. New Zealand shareholders wiw have liquid funds in Australia (that,X trading- bank current account savings bank accounts, or funds available on demand held by third parties) will lodge their applications, together with their Australian cheques, or orders of sub. scription money, with the New Zealand company. If the New Zealand shareholder has some liquid funds in Australia, but not sufficient to pay the whole amount required for his quota of shares, he will lodge with the New Zealand company Mi Australian cheque or order for such amount as he has available in Australia and the balance in New Zealand currency, The conclusion of these satisfactory arrangements is due to the fact that the new issue of shares by the New Zealand company (in which Australian sharehclders are substantially interested) has synchronised fairly closely with the new issue by the Australian company. In the ultimate result there will be no low et overseas funds to New Zealand. On the issue of certificates for new shares, shareholders must, of course, comply with the Finance Emergency Regulations, 1940 (No. 2), and furnish l the Reserve Bank of New Zealand with the necessary return application forms, and instructions will be issued to New Zealand shareholders ta due, course. Wellington Gas Dividend.—The Wellington Gas Company. Ltd., has declared its usual interim dividend of 3 per cent, on ordinary shares (ex July 26).—(PA.) BIG FALL IN DAIRF OUTPUT "j® . EFFECT OF DRY SEASON IN MANAWATU The production of butter in the northern Manawatu district has been so affected by drought conditions from January onward that the combined outputs of fivt factories situated between the Manawatu and Rangitikei rivers fell 700 tons during the last six months. This is a reduction of one-third compared with the corresponding period lasi year on the basis of the current export purchase price. The fall in production represents a loss in payment for butterfat of £157,000. The figure relates to tM five butter companies only, and uoes not take into account the loss to those producers who supply cheese factories. A conservative estimate of the total inewao lost to dairy farmers in the district through drought conditions would M £20,000 for value of export produce by-pro'ducts. As a result of the auturfin droughtthete was not sufficient butter from currenti manufacture to supply local requirem«W Consequently, it is still necessary to supplement local supplies with butter ’W’ drawn from cold storage. 1 STUD JERSEY HERD DISPERSED ; Breeders and buyers from all parte ol the South Island attended a dispersal at Stirling, last week, of Mr E. H- =■ Smith’s “Koromiko” stud Jersey nero* This herd was founded on the Sounuse Majesty blood lines. There was keen competition, and top price of 185 guineas was paid by JProsser (Canterbury) for the old cow Koromiko Flighty (v.h.C.). sales to Canterbury buyers incluaw. Koromiko Fickle, 1321 guineas, and Koromiko Linda, 60 guineas, Greenway (A®“ burton); Koromiko Charm, 105 gulnew D. Watson (Canterbury). There was a complete clearance, cows averaging 60 guineas, and rising tiro-year-old heifers 47 guineas. , ‘