Company News Bradford Cotton’s Note Issue

Press, Volume XCVII, Issue 28480, 9 January 1958, Page 14

Company News Bradford Cotton’s Note Issue

Bradford Cotton Mills, Ltd., will issue £lm of registered unsecured notes bearing interest of 8 per cent, per annum. The notes will be redeemable at part on March 1, 1966. The company will have the right to redeem each £lOO note at £lO2 on any interest date in the year beginning March 1, 1964. In the following year, the company may redeem each note for £lOl. Ordinary and preference shareholders may apply for allotment of £500,000 of the issue. This priority will be available for two weeks before the public subscription lists open.

Timbers, Ltd.—CommonwealthNew Guinea Timbers, Ltd. earned net profit of £162,343 for the year ended June 30, an increase of £21,611. Dividend is again 5 per cent., requiring £75,000. The result is after depreciation £174,742 *(up £52,505). The company’s £IJ million capital is jointly held by the Commonwealth Government and Bulolo Gold Dredging, Ltd. The Commonwealth’s holding of 750,001 shares gives a controlling interest.

Aberfoyle Tin.—The Commonwealth Government should stimulate Australian tin production by assisting the industry in the same way as gold and uranium production, said Mr J. C. Westhoven, chairman of Aberfoyle Tin, N.L., at the annual meeting in Melbourne. Production of tin in • Australia was not capable of meeting requirements and the position would worsen as the Australian tinplate industry expanded.

Hotel international.—Hotel International. Ltd., formed to build a modern hotel and supermarket centre on a site adjoining Essendon aerodrome, will make an issue of 523,550 ordinary shares of 10s each at par. Of the issue, 83,550 shares have been reserved for allotment to directors and associates of the company The balance of 440,000 shares will be offered to the public. .Paid capital after the issue will -be £300,000, equal to the estimated cost of the hotel project, including land ( for both the hotel and shopping centre.