COMPANY NEWS

Press, Volume LXXXVII, Issue 26465, 5 July 1951, Page 8

COMPANY NEWS

F.A.C. Payments.—The Farmers’ c operative Auctioneering Company, Lt Hamilton, is paying the usual inter preference dividends at the rate of per cent, per annum on August L i July 17. Wattle Canneries’ Premium.—The lai by J. Wattie Canneries, Ltd., Hastiq of one new £1 share for every two Im will be made at a premium of 10s a shi it has been announced by the compai The shares are payable 15s on applicatt before August 1 and 15s on allotment New Public Share Offer.—A public efl of 248,000 ordinary 5s shares at per being made by Chromafuse (N.Z.), Lt which is being Incorporated aa a pub company with an authorised capital £75,000 in 300,000 ordinary 5s shares. T company intends to allot 32.000 shares the vendor company. New Zealand Me Treatments, Ltd., and to hold shares in reserve. The company will opt ate a process of fusing chrome Into t surface of iron or steel to form a stai less alloy. It is claim that practically all ferrous metals, 1 eluding castings, may be treated to gl resistance to corrosion or heat. The pi visional directors are negotiating for la at Onehunga, where it is intended erect a factorv. Applications will be ma for official listing of the shares by N< Zealand Stock Exchanges. Farmers’ Fertilisers —Although the gr earnings of the New Zealand Farmj Fertiliser Company. Ltd., rose furtl during the year ended May 31, » ahi rise in expenses reduced the net pr< from the previous year’s record leveL I result at £68,421 was £3462 lower th the 1950 figure, and was reached af providing £114.791 for taxation a £58,161 for ordinary and special deprec tlon. As previously announced, the din tors have recommended the addition ol 1 per cent, bonus to the .ordinary divide of 714 per cent. This distribution requi £22,270, while the preference dividend 514 per cent, absorbs £8250. The sum £ 12.500 has been added to the general 1 serve, increasing it to £82.500. and 1 plant obsolescence reserve has bj doubled by the addition of £25,000. 3 carry-forward is increased to £52,1N (P.A.)

INFLATION THREAT ‘SAFEGUARDS NECESSARY (New Zealand Press Association) AUCKLAND, July 4. “It is difficult to believe that the ove draft restriction policy reintroduced la month will be any more effective checking inflation than when in open tion from the beginning of 1942 to the er of 1949. a period during which our nwn« in circulation almost doubled.” said Mr 1 J, Kelliher, managing director of D minion Breweries. Ltd., at the annu meeting of shareholders to-day. "In view of these facts, it is to be hop< that effective steps will be taken withe delay, not only to arrest further inf tion but also to provide the necessi safeguards against its twin evil—del tion,” he said. "Existing money should I fully employed before new money ; issued. ."The manufacture of money is t! busiest Industry in the country to-day, al it is physically impossible for products of goods and services to keep pace,” 1 Kelliher declared. "The volume of mon has increased at the rate of £4,000,010 month over the last 18 months. The Go ernment must implement its policy establishing a stable internal price lev and the Reserve Bank has ample powi for the purpose.” What was wanted was a banking ted nique whereby the trading banks wou be able to make loans from money s ready in existence instead of creating ne credit when making advances or buyii securities, he said.

DUNEDIN RABBITSKIN SAL] (New Zealand Press Association) DUNEDIN, July 2. The first rabbitskin sale sinco the er of May was held in Dunedin to-day. Th was also the first sale on which the u creased levy of 50 per cent, came ini effect. There was only a small quantil of skins on offer, the total comprising ai proximately 12 tons, whereas in formi years the fortnightly total offered I buyers varied from 60 to 70 tons at th time of the year. There was a full bent of buye-s present, and competition wi keen as a result of the increased lev: However, auction prices were not quite i high as those ruling at the end of May. On the other hand, compared with tt last auction buyers representing overact and local users paid 9d to 2s per 1 higher for low grades. Medium sorts wei also better by 20d to 30d per lb, and wit ter grades from 30d to 40d. On this bad full winter skins cost buyers from 2s 1 2s 3d a skin. The date of the next sal has not yet been fixed.