COMPANY NEWS

Press, Volume LXXXVIII, Issue 26832, 10 September 1952, Page 13

COMPANY NEWS

DEVONPORT STEAM FERRY SEPARATION OF SUBSIDIARY (New Zealand Press Association) AUCKLAND, Sept. 9. Shareholders of the Devonport Steam Ferry Company, Ltd., to-day approved the directors’ proposals for the separation of the North Shore Transport Company, Ltd., from the parent body, and for the subsequent bonus issue of shares from the ferry company's reserves. Shares will be marked ex bonus to-morrow. The directors intend to increase the issued capital of the subsidiary from £50,000 to £lOO,OOO. A sum of £15,000 of reserves of the bus company is to be added to the shareholders’ funds of the ferry company, excluding issued capital, thus raising them to £90,778. From these reserves £Bl,OOO will be distributed to the Devonport Steam Ferry Company shareholders by way of an issue of 81,000 £1 shares in the ratio of 27 new shares for every 50 terry company shares held. The remaining 19,000 £1 shares, together with additional shares resulting from fractions, will be retained by the ferry company. After this move the North Shore Transport Company, Ltd., will become an independent concern with an issued capital of £lOO,OOO, of which about £19,000 will be held by the ferry company and the balance by shareholders of the ferry company. There will be no change in the ferry company’s issued capital, which now 1 stands at £150,000. K.D.V. BOXES

IMPORT OF HOUSES FROM SWEDEN CRITICISED (New Zealand Press Association} AUCKLAND, Sept. 9. A rise of £1248 in the year to June 30 carried the net trading profit of K.D.V. Boxes, Ltd., to a peak of £6371. The result was reached after tax provision of £7872, ordinary depreciation of £3406, and special depreciation of £1195. In addition to the net trading profit, sundry capital gains of £l4Ol have been brought into the appropriation account. To mark the company's twentieth year, a bonus of 1J per cent, has been added to the steady 6 per cent, dividend. The distribution requires £4250, leaving £3522 of current income to increase the carryforward to £6389. The directors’ report strongly- criticises the importation of houses from Sweden. These importations, it states, must have serious repercussions on the whole timber and building industry, more particularly as the Australian market has been lost for timber. If persisted in they could lead to unemployment. “Large stocks of pinus are accumulating and unless markets can be fdund for this timber, those sawmillers not in a strong financial position will be forced to close down. Had the orders for the timber used in the imported houses been placed in New Zealand, the consumption of this surplus would have been helped appreciably and millions of pounds of exchange funds would have been saved at a time when they were so badly needed.”

TOBACCO CO. OF AUSTRALIA (N.Z. Press Association—Copyright) m SYDNEY. Sept. 9. The Tobacco Company of Australia, Ltd., is paying a current quarterly dividend o£ 2 per cent. The previous quarter’s dividend was missed. The coming payment will make 6 per cent, so far for the year ending October RESERVE BANK RETURN STERLING EXCHANGE OVER £21,000,000 (New Zealand Press Association) WELLINGTON, Sept. 9. The Reserve Bank holdings of sterling exchange rose by £120,000 to reach £21,004.000 in the week ended September 3. Gold holdings reached the £6,000,000 mark. Advances to the State for marketing show a sharp drop of £1.329,000 to £4ls,ooo—the lowest level for some years. Comparative weekly figures are:— Liabilities

AUCKLAND LOAN (New Zealand Press Association) AUCKLAND, Sept. 9. To-day was the second day on which five Auckland local bodies sold debentures over the counter to finance their joint 4 per cent. 15-year loan of £1,600,000. Up to 4 o’clock in the afternoon the amount taken was £103,20Q in cash and £84,500 in promises, making a two-day total of £187,700. This represented an increase of £75,300 ovsr the £112,400 which was secured in cash and promises within a few hours of the opening of the loan on Monday morning. Details of receipts taken between 4 p.m. to-day and the time local body offices closed were not available, said the collating officer, Mr N. M. Speer, general manager of the Auckland Electric Power Board.

VEGETABLES AND FRUIT

All spring vegetables are now coming forward in good quantities, and a continuation of the recent warm weather should bring dpwn the prices asked for some. New potatoes are still scarce, the explanation given by one retailer being that Nelson growers can get better prices in the North Island, where householders have been through a potato famine this winter. Retail Prices Australian potatoes, 6d per lb; New Zealand potatoes (old crop), 3d per lb, new crop Is per lb; onions, 6d per lb; spring onions, 4d a bunch; sweet turnips, 4d per lb; carrots, 6d per lb- pumpkins, 9d per lb; parsnips, 6d per lb; leeks, Is to Is 3d per lb; artichokes, 8d per lb; cauliflowers, 6d to 2s each; spring cabbages, Is 3d to Is 6d each; spinach, 8d to Is a bunch; Brussels sprouts, Is per lb. Lettuces, 8d to Is 8d each; beetroot, 6d to 9d a bunch: garlic, 2d per oz; green peas. 2s per lb; hothouse tomatoes, 5s 6d to 7s per lb; hothouse cucumbers, 2s per lb; celery, Is to 2s a bunch; radishes, 0d a bunch. « Wolseley apples, 9d per lb: Granny Smith apples, Is per lb: Sturmer apples, lOd per lb; Delicious apples, lOd to Is per lb; dessert pears, Is 2d per lb; winter rhubarb, 2s a bunch; forced rhubarb, 2s 6d a bunch; passion fruit. 4d each; Chinese gooseberries, 2s to 2s 6d per lb; tree tomatoes. Is 6d to 2s per lb. Australian oranges, Is 2Jd per lb; South African oranges. Is 2Jd; tangerines, Is 6d; mandarins, Is .6d; grapefruit, 6d to Is; Meyer lemons. Is Id; New Zealand lemons, Is Id; marmalade oranges, 9d to Is; Australian lemons. Is 6d; Australian pineapples, 3s 6d to 4s 6d.

Bibliography of N.Z. Geology.— Fifty extra copies are being printed of a bibliography of New Zealand geology, prepared by Mr B. W, Collins, district geologist at Christchurch. Mr Collins said yesterday that there had been quite a heavy demand from private individuals and libraries for copies of the bibliography, which was first published in January.

Sept. 3. (£000) Aug. 27. (£000) General reserve 1,500 1,500 Bank notes .. Demand liabilities— 59,521 59,568 State 8,775 7,436 Banks .. .. 48,689 50,299 Other .. .. 360 830 Other currencies .. 26 25 Other liabilities 5,710 5,666 i Total .. 124,581 125,325 Assets Reserve— Gold 6,000 5,996 Sterling exchange .. 21,004 20,884 Other exchange . 2,223 2,272 Subsidiary coin Advances to State415 644 Marketing .. 415 1,744 Other purposes 51,503 50,973 Other advances .. 6.019 6,019 Investments .. 36,182 36,182 Other assets .. / 592 612 ______ Total .. 124,581 125,325