COMPANY NEWS

Press, Volume LXXXV, Issue 25737, 24 February 1949, Page 6

COMPANY NEWS

UNION BANK AFFAIRS

OVERSEAS COMMENT The Union Bank of Australia, like many other companies, is making this year the occasion of various amendments to its articles. Some of the articles need revising because of the new Companies Act. and opportunity has been taken to revise others at the same time. Commenting on the position of the publication of the bank’s annual figures recently, "The Times” said:— * "One of the most interesting revisions deals with the enfranchisement of shareholders on the Australian and New Zealand registers. The new articles provide that notices of meetings are to be given to shareholders on branch registers on the same, day as in this country, and likewise provide for the lodging of proxies at the branch registered office.

“Other amendments provide powers to appoint executive directors, fix the remuneration, pay, or pensions of executive directors or those who undertake executive responsibilities. These powers were hitherto lacking in the articles, but in accordance with the contemporary trend it is evidently contemplated that the appointment of executive directors may become increasingly desirable.” The “Financial Times” comments that continued expansion of the bank’s activities has raised the balance-sheet total by more than £17,000,000 to £122,087,000. Deposits had risen by £13,000,000 to £98,300,000. Evidence of the flourishing state of trade and industry and the effect of higher prices were seen in the rise by more than £6,000,000 to £13,€»j0.000 of remittance and drafts in transit. The revaluation of the £N.Z. led to an appreciation of net assets in New Zealand, but this was put to reserves.

Felt and Textiles (N.Z.) New Issue.— The directors of Felt and Textiles of New Zealand. Ltd., have decided to issue a further 120,000 5 per cent, cumulative preference shares of £1 each at par to provide additional working capital for the company’s operations. These shares will be offered in the first instance to the holders of ordinary shares who are registered in the books of the company on March 1, 1949, in the proportion of one new preference share for every two ordinary shares held at that date.—(P. A.) Taranaki Oil Winding Up.—Taranaki (N.Z.) Oil Development Co., No Liability, proposes to. wind up as soon as New Zealand Petroleum Company, Ltd., is liquidated. A total of 102,120 £1 shares is held by Taranaki (N.Z) Oil in New Zealand Petroleum Co., Ltd., and directors of the former company have to wait until New Zealand Petroleum Co., Ltd., disposes of its plant and equipment. The oil prospecting company, New Zealand Petroleum Company, Ltd., spent more than £1,000,000 searching for oil in New Zealand, and had. substantial financial backing from Vacuum Oil Co. Pty., Ltd., and California Texas Investments, Ltd. Electrolytic Zinc.—The Electrolytic Zinc Company of Australia, Ltd., has declared an interim dividend of 7 per cent., payable on May 6.

IMPORT LICENCES

SCHEDULE CHANGES Import changes and allocations have been announced by the Customs Department as follows: Cotton Textiles —Consideration will be given to applications from regular importers for special licences to import cotton piece goods from British India provided that they are able to produce evidence that they are in a positiofi to obtain quantities in excess of those covered by their basic licences. All licences granted for imports of cotton piece goods from British India, whether by way of basic allocation or otherwise, are available for imports from that country only. Licences will be granted for imports from foreign sources (except the United States of America and Japan) to the extent of 50 per cent, of the value of licences granted in respect of similar goods from the same source in 1948.

Carpets, etc.—Licences will be granted for imports from other British and foreign sources (except dollar countries) to the extent of 50 per cent, of the value of licences granted in respect of similar goods from the same source in 1938. Blankets.—Provision will be made for the importation of a limited quantity of blankets to cover the shortage in local production. Applications from regular importers for licences to import these goods from the United Kingdom or Australia will be considered if supported by evidence that specific quantities are available for immediate shipment to this country.

Canadian Typewriters.—An allocation for imports of typewriters from Canada has been fixed at 100 per cent, of the amounts of 1946 period licences issued in respect of similar goods from the same

source. . Rifles_(.22) and Firearms, N.E.I.—An

allocation for imports from foreign sources (other than the United Stales) has been fixed at 100 per cent, of th* value of applicants* imports of similar goods from the same source in 1938. Sausage Skins.—The existing allocation in Yespect of sausage skins and casings of animal origin from the United States is increased to 100 per cent, of amounts of licences issued in similar goods from that source in 19w Dried Apricots and Peaches. —An cation for imports from Australia ana British South Africa has been fixed at" per cent, of the amounts of licences granted in respect of similar goods the same source in 1948. < Rice Meal..—An allocation has been fixed at AA 100 per cent. 1948. ~