COMPANY NEWS

Press, Volume LXXXV, Issue 25970, 25 November 1949, Page 10

COMPANY NEWS

STOCK AGENCY MERGER FURTHER EXPLANATION TO SHAREHOLDERS Further explanation of the projected amalgamation of Abraham and Williams, Ltd., with Wright, Stephenson, Ltd., was given by the chairman of directors of both companies, Mr S. C. Sutherland, at the annual meeting of Abraham and Williams this week. Shareholders had been advised of the values under which Wright, Stephenson, and Co. had agreed to exchange that company’s shares with Abraham and Williams’s shares. “Abraham and Williams debentureholders have also been made an offer to exchange for Wright, Stephenson and Co. preference shares,” said Mr Sutherland. “Any ordinary shares under the number of 100 are to be paid -for in cash at an advance of 2s 6d above those shares in excess of that number, the reason for this being that Wright, Stephenson, and Co. directors considered those Abraham and Williams shareholders being paid in cash should receive a higher price owing to being deprived of an investment. “The large amount of work involved in book-keeping made us suggest to small share and debenture holders the idea of accepting cash for their holdings. Wright, Stephenson, and Co. directors, of which you know I am chairman, gave serious thought to the proposals, and the result, we feel, is a very fair and even generous offer. “The offers are conditional on 90 per cent, of Abraham and Williams shareholders accepting before January 31, 1950.”

NATIONAL INSURANCE COMPANY

(New Zealand Press Association) DUNEDIN, November 24. The annual report of the directors of the National Insurance Company of New Zealand, Ltd., to be presented at the annual meeting of shareholders on December 5, states that the net premium income for the year amounted to £2,543,660. The underwriting surplus was £45,620, interest and rents £29,745, and £39,012 was brought forward, making a total of £114,337. The interim dividend accounted for £16,666, and the directors recommend a final dividend of 5d a share (making a total of 9d a share for the year}, absorbing £20,833, a transfer to reserve of £12,500, and a transfer to exchange and investment fluctuation account of £25,000, leaving £39,378 to be carried forward.

Ashburton Gas Co.—From the profitearning point of view the year had been a disappointing one, but in every other respect had been highly satisfactory, the annual report of the board of directors of the Ashburton Gas. Coal, and Coke Company, Ltd. The annual meeting was held yesterday afternoon. The profit for the year amounted to £216 19s lid, which, after providing for taxation, left, a balance of £167 ,5s 6d to be transferred to the profit and loss appropriation account. The sales of gas showed an increase of £528. part of which was accounted for by the price increase granted in January, 1948, and the balance by additional consumption.

Wellington Gas.—This company is paying an interim dividend on preference shares at the rate of 5 per cent, per annum (2j per cent.), less social security tax, payable December 15—ex dividend December 12.—(P.A.)

Dominion Breweries.—This company is pacing an unchanged interim dividend of 6} per cent, on both preference and ordinary shares, on December 12—ex December 2.—(P.A.)

BUTTER AND CHEESE FOR BRITAIN

NEW ZEALAND LARGEST SUPPLIER

New Zealand’s position as Britain’s largest supplier of butter and cheese was maintained during tne first nine months ot the year, according to figures supplied by the looiey street firm oi A. J. Mills and Company, Ltd. Of a total of 263,601 tens of cutter imported into the United Kingdom for the the nine months to September 30, shipments from New Zealand accounted for 110,997 tons, or moie than 40 per cent. This amount compares with 109,905 tons in the corresponding period last year, and 97,207 tons for the first nine months of 1938, when total imports from all sources were 356,922 tons. Denmark, with shipments totalling 77,024 tons, I* as the next largest supplier, while Australia was third, with 59,269 tons. Imports of Danish butter remarkable increase, being more than double those of last year, but were still below the pre-war level of 88,680 tons. Imports of New Zealand cheese, at 79,537 tons, were also more than 40 per cent, of total imports of 190,434 tons. In the same period last year, when imports totalled 118,382 tons. New Zealand sent 77,273 tons. Due to increased purchases through the European Recovery Programme, imports from the United States were more than four times higher than those of last year at 41,648 tons. Supplies from Canada, the Netherlands, and Italy also showed sharp increases. COMPANY REGISTRATIONS Registration of the following companies is notified in the current issue of the "Mercantile Gazette”:— Wocaward (R. H.) and Son, Ltd.—Private company, November 8; 325 A Wilsons road. Capital; £2OOO, in £1 shares. Subscrioers: Christchurch—R. B. Woodward 1334, R. A. Woodward 666. Objects: wire mattress manufacturers and incidental. Gasane (International), Ltd.—Private company, November 8; 84 Heieford street. Capital, £2OO, in £1 shares. Subscribers: Christchurch—L. H. Brake 100, L. A. Adams 50, J. R. Smith 50. Objects: acquire letters patent, licences, etc., and incidental. Thompson (J. C.) t Ltd.—Private company, November 8; Methven. Capital: £750, in £1 shaies. Subscribers: Christchurch—J. C. Thompson 749, M. E. Thompson 1. Objects: chemists, druggists, and incidental/ Dwan (H. O.), Ltd.—Private company, November 9; 87 Hereford street. Capital: £4OO, in £1 shares. Subscribers: Christchurch—H. O. Dwan 375, M. I. S. Dwan 25. Objects: acquire grocery business oi C. H. Ashbey, and incidental. Forgie Bros., Ltd.—Private company, November 10; 807 Colombo street. Capital; £4250, in £1 shares. Subscribers; Christchurch—W. J. M. and H. G. Forgie 2125 each. Objects: storekeepers, grocers, l and incidental. Barrett (P.) and Co., Ltd.—Private compony, Nov. 10; 187 Hereford street. Capital: £BOO, in £1 shares. Subscribers: Christchurch—l. M. Barrett 799, E. F. Barrett 1. Objects: Cartage contractors and Incidental. Christchurch Milk Company, Ltd.—Private Company, November 10; 143 Hereford street. Capital: £25.000, in £1 shares. Subscribers: Christchurch —Canterbury Dairy Farmers’ Co-operative Milk Supply Company, Ltd., 12,500, Christchurch Metropolitan'Milk Board 12,500. Objects: treatment of milk and incidental. Increase of Capital Cromb and Merritt, Ltd.—Capital increased from £1212 to £1470. Straven Gowns, Ltd.—Capital increased from £2OOO to £3OOO. Linwood Avenue Service Station, Ltd.— Capital increased from £7OO to £2OOO. Hobson (F. J.) and Company, Ltd.— Canital increased' from £750 to £4000,. McDonald Motors, Ltd.—Capital increased from £7OOO to £lO,OOO. McDonnell (M ), Ltd.—Capital increased from £lB,OOO to £20,000. MINING Austral-N.Z.—For the 28 days ended November 19, the Austral-N.Z. Mining Company, at Cromwell, operated 246 hours, treating 129,000 yards, which produced 412 ounces of bullion.—(P.A.) Rimu Dredge.—The • return from the Rimu Gold Dredging Company, Ltd., for the clean-up period, November 8 to November 22, was 323£0z from 76,311 yards in 251 hours.