STOCK EXCHANGES’ MEETING

Press, Volume XCVII, Issue 28523, 28 February 1958, Page 13

STOCK EXCHANGES’ MEETING

New Procedure For Rights The stock exchanges of New Zealand will impose restrictions on quotations of rights to new share issues. This was decided at the annual conference of the Stock Exchange Association of New Zealand, which was continued in Christchurch yesterday. In a statement, the association said that such rights would not be quoted on New Zealand stock exchanges until the company concerned had sought and obtained permission for such listing from its local exchange. The granting of permission would depend on the company’s complying with certain other conditions, as laid down by the New Zealand Stock Exchange, said the statement. These conditions would be helpful to shareholders, companies, and brokers alike, and should lead to a smoother running of the whole machinery of making new issues. This followed the practice in use in other parts of the Commonwealth. The association intended to inform all New Zealand companies listed on the New Zealand exchange of full details of the new procedure.

Wellington Harbour Loan.—A £397,000 loan for harbour works will be opened to public subscription early in April by the Wellington Harbour Board. The greater part of the loan is being sought for the reconstruction of part of Queen’s wharf, and the remainder for works in connexion with the reclamation at the Hutt river estuary. This would be the first time for 18 years that the board had placed a loan on the public market, the chairman, Mr B. M. Keiller, told the board’s meeting last night.—(P.A.)