COMPANY NEWS

Press, Volume LXXXVII, Issue 26524, 12 September 1951, Page 9

COMPANY NEWS

NEWTON KING’S CAPITAL PLANS

Pending the announcement of a plan for the rearrangement of the company's ( capital structure, shareholders of New- , ton King, Ltd., have been advised by , the directors not to dispose of their shares. The directors state that the scheme will , benefit both preference and ordinary shareholders. Presentation of the accounts and announcements of dividends for the j year ended April 30 will be delayed until October. ■ The company’s present authorised and Issued capital Is £204,529 5s in 174,500 cumulative preference shares of £1 each , and 200,195 ordinary shares of 3s each. ; In July. 1929 a the authorised capital was ; reduced from £500,000 to £280,029 5s by ; writing down the ordinary shares from • £1 to (Is and by cancelling the 49,805 unissued and forfeited ordinary shares. Preference dividend arrears of £34,027 were i also cancelled at the same time. In July, 1930, authorised capital was reduced to its present level by the cancellation of the 75,000 unissued preference shares. An improvement in net profit last year enabled the company to extinguish the preference dividend arrears and to declare an ordinary dividend of 4 per cent., the first for 20 years. Land Company’s Dividend.—The New , Zealand and Australian Land Company, Ltd., has declared a final dividend of 3% per cent., less U.K. tax, making B’,< per . cent for the year ended March 31. For the previous year a total of 10 per cent. I was paid. This is apparently the maximum ! dividend allowable under the limitation ' of dividends, says Reuter’s financial correspondent. But for this the final would have been 10 per cent., making 15 per cent for the year. The group profit, after charging tax and deferred repairs, is £5tg440,340, an increase of £5tg226,944. This was after taking in proceeds of the Australian war-time wool realisation scheme of £5tg128,483, subject to tax. Whakatane Issue.—Rights to the new issue of ordinary and preference shares by Whakatane Board Mills, Ltd., will not be saleable. The company states that, with Its very large list of small shareholders and with the desirability of naming a minimum allotment, such a scheme would not be practicable. On a quota basis, shareholders would be entitled to approximately 37 shares (15 preference and 22 ordinary) for every 100 held. However, both ordinary and preference shareholders may apply for any number of either class of shares. The directors have reserved the right to allot a minimum of 50 shares, but may allot a lesser number to bring holdings up to multiples of 50 shares. Applications from New Zealand shareholders will close on November 20, shares becoming ex rights on October 15, when the shares also become ex dividend. . Bartholomew Profit Rise.—A rise of £1241 to £3002 in net profit, and an increase in dividend to 10 per cent.—the highest rate for 25 years—are features of the accounts of the Bartholomew Land and Timber Company, Ltd., Hamilton, for the year ended July 31. The dividend of 10 per cent compares with an 8 per cent, dividend and 2 per cent, bonus In the previous year, and absorbs £5OOO. Fire insurance reserve is credited with £l5OO. ' raising It to £7OOO, leaving £1502 to increase the carry-forward to £Bl6O. The directors state that timber production was I ’ well maintained except for the last month of the financial year, when heavy floods ’ caused considerable damage to the tramway. The damage has now been repaired.—(P.A.) t Chromafuse Goes to Allotment.-r The Stock Exchange Association of New Zealand has been advised by the organising broker that Chromafuse, N.Z.. Ltd., went

to allotment on Monday. The company intends to erect a plant in Auckland immediately and hopes to be ready to begin operations within six months.—(P.A.)

VEGETABLES AND FRUIT

Retailers at present have plentiful supJlies of grapefruit, lemons, and Austraian oranges. There are no bananas. Cabbages are scarce and dear. Fair supplies of cauliflowers are available. The retail price of Australian oranges is now Is 4>, s d >er lb, but in spite of this latest price ncrease stocks are rapidly going into consumption. Retailer!' Price! Lettuce (each), 6d to 2s 6d; cauliflowers (each), Is to 3s; rhubarb (bunch). 2s: cabbages, Is to 2s 6d each; spring cabbage, Is to Is 6d each; spinach (bunch), 8d to Is 3d; potatoes, 2Jd per lb; beetroot, 4d to 6d a bunch; passion fruit, 6d each; garlic, 2d an ounce: lemons (New Zealand), Is OJd per lb; tomatoes, hothouse. 6s to 9s per lb; radishes. bu->ch, 4d; onions, 7d per 1b; turnips (bunch), 6d; pumpkin, lOd per lb; apples. 6d to Is per lb; cooking apples, 6d per lb; swedes. 2d per lb; celery, Is to 3s 6d a head; pears, 6d to Is per lb; Brussels sprouts, Is 3d to Is 6d per lb; tree tomatoes, Is 6d to 2s per lb; kumeras, Is 4d per lb; Chinese gooseberries, Is 6d to 3s per lb; New Zealand grapefruit, Is per lb; New Zealand oranges, sweet nav-’ls 6d to Rd each; Australian oranges. Is 4>,4d per lb; New Zealand mandarins. 3s 6d per lb; bananas, SVad per lb; pineapples, 5s to 6s each.