COMMONWEALTH DEVELOPMENT

Press, Volume LXXXIX, Issue 27065, 13 June 1953, Page 10

COMMONWEALTH DEVELOPMENT

Finance Company Established CHAIRMAN’S STATEMENT (N.Z. Press Association —Copyright) (Rec. 7 pun.) LONDON, June 11. The £15,000,000 Commonwealth Development Finance Company has been established and had started business. Sir Frederick Godber, the chairman, announced today. This is the company envisaged in the communique issued at the end of the Commonwealth conference last December. The statement that the company has started business is taken to mean that the company is now examining applications for help, not that it has already lent money for a project. The company will not provide all the finance needed for a particular project. Its resources are •too limited. It aims instead to supply the essential porition that no-one else is able to provide. The company will stipulate, it is understood, that projects are sound and have reasonable prospects of being remunerative and successful; that applicants are ready in appropriate cases to put up a reasonable amount of their own money; that they have taken steps to raise as much capital as can reasonably be expected in their own markets; and that they will provide expert management.

Subscribers of Capital The company’s authorised capital is £15,000,000. of which £6,750,000 is being provided by the Bank of England and £8,250,000 by leading industrial, commercial, mining, shipping, and financial interests in Britain and the Commonwe'alth. It will operate throughout the Dominions and the colonies, and will aim at encouraging projects which increase the Commonwealth’s resources and strengthen the sterling area’s balance of payments. .

Only 10 per cent, of the authorised capital has been called up for a start, but the company can borrow up to twice its issued capital, and intends to finance its operations mainly by borrowing. The company proposes to co-operate with other Commonwealth and international bodies such as the World Bank. The announcement today said the company had taken temporary offices in “The City,” London's business area. GRAIN AND PRODUCE MARKETS (By Our Commercial Editor.) Markets are quiet but very firm. There is no overseas business at present. Farmers generally have not a great deal to sell.

Stocks of most lines of small seeds in New Zealand are not much more than will be required to fill local requirements between now and next harvest. This generalisation refers particularly to ryegrasses, cocksfoot, and cowgrass. A comparatively small surplus of white clover should be available for export. Quotations to Farmers Quotations to farmers for various lines of small seeds and other produce are as follows: Potatoes.—Sutton Supreme, £2O a ton Red Dakota, :19 15s; anv other variety £lB 15s. All prices f.0.b., sacks extra. Wheat.—Tuscan varieties, Ils a bushei on trucks. Premium of 6d for Marquis and Is for Hilgendorf. Ordinary price increments: April, Id a bushel; May, 2d; June, 3d; July, 4d; August, 4ld; September, sd. Special increments, inclusive of ordinary increments for wheat held on the farm and delivered to the mills direct from the farm on which it has been grown: April, 3d a bushel; May, 4d; June, sd: July. 6d: August, 6d; September. 6d. Ryegrass (M.D.).—Certified perennial mother seed. 18s 6d a bushel; p.p., 18s; uncertified, 10s. Hl mother 'seed, 18s 6d a bushel; standard, 18s; uncertified, 10s Italian, mother seed, 12s 6d a bushel, standard, Ils 6d; uncertified, 7s 6d. White Clover.—(M.D.) mother seed. 3s 3d per lb; p.p., 3s Id; uncertified, 2s lOd Red Clover (Cowgrass).—ls 9d to 2s per lb. machine dressed. Cocksfoot.—ls to Is 6d per lb, certified depending on quality. .. Browntop.—(M.D.) 98/90’s. 2s 9d per lb Lupins.—7s to 7s fid a bushel, on trucks (sacks extra) Onions.—£3o a ton (sacks extra): price nominal. Malting Barley.—Preferred varieties, 8s 6|d a bushel; other varieties, 8s OJd (al! prices f.0.r., sacks extra). Cape Barley.—Bs Old a bushel (f.o.r. sacks extra). DUNEDIN (New Zealand Press Association) DUNEDIN, June 12. A better Inquiry has been evident in the seed market this week, probably as a result of* the large Government tender that has been called. The tender will close this week-end. This inquiry embraces the usual variety of seeds, including perennial and Italian ryegrasses, and clover, cowgrass, cocksfoot, dogstajl, and other grasses will be required for sowing areas in the North Island.

COMPANY NEWS Clyde Engineering.—The company reports that the ’'directors have decided to allot a further parcel of the unallotted preference shares. Shareholders are entitled to one preference share for each 10 ordinary shares held, but applications may be made for a greater number of shares.”—(P.A.) Milne and Choyce.— The. capital reorganisation scheme of Milne and Choyce, Ltd., will be put into effect on Friday, June 19—nearly two years after it was proposed. On that date all preference shares and debenture stock will be cancalled and replaced by ordinary shares on a £1 for £1 basis and a bonus issue of one for one will be made to existing ordinary and preference shareholders. Later, a cash issue of 80,019 new ordinary shares will be made at a premium yet to be fixed but “more in keeping with present market conditions than the original premium of 30s a share.” These moves will increase the company’s authorised capital to £500,000, of which £350,000 will be issued and fully paid.—(P.A.) Company Registration.—KoWhai Bedding Plants, Ltd. Private company May 27; 8 Kowhai terrace. Capital: £lOOO in £1 shares. Subscribers: Christchurch— C. D. Le Comte 900, E. Le Comte 100. Objects: Nurserymen and incidental.

BRADFORD TOPS QUOTATIONS (N.Z Press Association—Copyright) LONDON, June 11. Bradford tops quotations are as follows:—Merino: 70’s, 180 d; 64’s, 164 d; 60’s, 146 d. Crossbred: 56’s, 99d; 50's, 84d; 46’s, 83d per lb.