COMMERCIAL COMPANY NEWS

Press, Volume XCIII, Issue 27859, 6 January 1956, Page 6

COMMERCIAL COMPANY NEWS

N.Z. LOAN AND MERCANTILE

£1,350,000 DEBENTURE ISSUE PROPOSED

(N.Z. Press Association—Copyright) LONDON, January 4. The directors of the New Zealand Loan and Mercantile Agency Company, Ltd., propose the issue of £1,350,000 worth of second debenture stock, in addition to the existing £900,000 worth in consideration of the holders of existing second debenture stock agreeing, the company intends to increase the interest rate to 44 per cent., and guarantees repayment at par before December 31, 1980. Treasury consent has already been obtained. and the proposals have been approved by the trustees. To protect the rights of fixed cumulative preference shareholders, the interest rate is increased to per cent, to protect the holders of the £1.000,000 first debenture stock, the company has undertaken with the trustees that they are entitled .to require the company to repay the whole of the first, debenture at 2} per qent. premium under certain limitations.

In common with other undertakings engaged in the same industry, the com pany’s business is expanding in Australia and New Zealand, says the announcement.

"If the company is to maintain its position in the industry and not to fall behind competitors, further permanent capital is essential."

OVERSEAS STOCK EXCHANGES

The investment market was. steady on the Stock Exchange yesterday. A sharp rise by Oil Search was the highlight of a firm mining market. The shares rose to 13s before reacting and closing at Us 6d. a rise of 2s 3d. Sales.—Commercial Bank of Sydney, €2O; National Bank (12s 6d). 20s 3d; Bank New South Wales, £36 2s 6d; Tooheys, ex rights, 26s 9d; Tooths, 52s 3d; Australian Paper Manufacturers. 22s ijd; Bradford, 36s 6d; Colonial Sugar, £4O 2s fid; Courtaulds. 19s 3d; D. Jones. 55s 9d; Drug Houses, 30s 6d; Dunlop. 30s; Electrolytic Zinc, 47s 6d; Felt and Textiles, 27s 6d; 1.C.1., 43s Pd; New Zealand Forest Ms; Yarra Falls. 325; Mt. Lyell, 31s 6d; Mt. Isa. 80s; North Broken Hill, £5 19s; South Broken Hill. 755; Ainpol Petroleum. 12s lid; A.0.E., paid. 4s: Freney, paid, 4s; Oil Search, Ils 6d; Australian Uranium Corporation. 3s 4d; N.A.U.C., paid, 4s Pd: N.U.D., 7s; Uranium Development. 2s; West Uranium. 2s. MELBOURNE

A firm tone was recorded in the investment section today with rises well exceeding falls. Turnover was moderate. Oil Search provided the highlight of a firm mining section, with a rise of 2s 9d to 12s 3d after earlier sales at 1.35. Trading was heavy. Silver lead stocks continued to gain ground while gold and uranium held steady to firm.

Sales. Commercial Bank. 17s Id; Goldsbrough, 34s 3d; G. J. Coles. 17s 6d; Myer. 13s sd; Ampol, 12s Bd. and pref. 17s 3d: Associated Pulp. 31s 3d; A.C.1., 545; A.P.M.. 225. and pref. 18s sd; Bradford Cotton. 33s fid; Broken Hill Pty.. 41s fid. and new 30s; Courtaulds, 19s 9d; Drug Houses. 30s 6d; Dunlop. 30s Id; Electro. Zinc, pref., 45s 6d; Felt and Textiles. 27s 2d; Henry Berry. 15s 4d and notes 14s: Herald, 21s fid; Kauri, rights, 6s lid; N.Z. Forest. 21s; Olympic, 7s 10d; Pa torts and Baldwins. 21s 7d; Broken Hill South. 74s 3d; Consolidated Zinc. 72s 3d; Mt. Isa. 79s 3d: Mt. Lyell. 31s 9d; New Broken Hill, 59s 3d; North Broken Hill, £5 16s fid; N.A.U.C., 4s 7d; Uranium Development. Is 9d; Uranium Mines. 7s; Emperor. Ils; Mt. Morgan. 29s 9d; Ampol Exploration, 22s 6d; Oil Search. 12s 3d: Ampol. Is paid, 8s; A.C.1., 7s 6d capital paid, 325. LONDON Mining.—Broken Hill North. 90s; Consolidated Zinc, 58s 6d; New Broken Hill 48s; Mt. Lyell. 26s 3d; Mt. Isa. 63s 3d. MINING (From Our Own Reporter) GREYMOUTH, January 5 Gold Mines of New Zealand, Ltd., report that the Arahura gold dredge, during December, excavated 232.000 yards of spoil ! in 472 working hours for a yield of 1 721 ounces of bullion. I