Company News NEW LOMBARD SUBSIDIARY

Press, Volume XCVIII, Issue 28888, 7 May 1959, Page 25

Company News NEW LOMBARD SUBSIDIARY

N.Z. Guarantee Acceptance

Lombard Banking. Ltd., has formed a new subsidiary with £ 10,000 capital, to bring the company’s total of New Zealand subsidiaries to eight. The new company is called the N.Z. Guarantfee Acceptance, Ltd. It is a private company, with an office in the A.M.P. Buildings, Wellington. Subscribers are Lombard Banking (9999 shares) and Mr P. B. Watts, of Christchurch (one). Objects are to carry on business as hire purchase financiers, merchants, etc. Other Lombard subsidiaries in New Zealand are the New Zealand Guarantee Corporation, Wellington: Automobile Finance, Auckland; South Island Finance Corporation (and its subsidiary. South Island Guarantee Corporation), Worcester Finance Co.. Lombard (New Zealand) and Lombank (New Zealand), all based in Christchurch; and Otago and Southland Finance Corporation.

S.I. FINANCE DEAL

Shareholders Accept Lombard Offer

More than 90 per cent, of shareholders in South Island Finance Corporation and its subsidiary South Island Guarantee Corporation, Ltd., have accepted the Lombard Banking offer for their shares. This was announced last evening by the chairman of the South Island companies, Mr D. W. Bain.

The offer was 23s for preference shares and 57s 6d for ordinary shares in South Island Finance Corporation and 23s for the preference shares in South Island Guarantee Corporation. Lombard offered to purchase a minimum of 99 per cent, or “such lesser percentages as the purchasers shall decide," of the issued capital of the two companies.

Traders Finance And U D.C.

(New Zealand Press Association) AUCKLAND, May 6.

Acceptances of the offer by United Dominions Trust. Ltd., for shares in Traders’ Finance Corporation, Ltd., were close to the required amount of 90 per cent, by this evening, said the general manager and secretary of Traders' Finance, Mr A. J. W. Sims. Traders’ Finance shareholders were asked to forward their acceptance forms to United Dominions Corporation (South Pacific), Ltd., in Wellington not later than today. However, said Mr Sims, it might be a day or two before total acceptances were known.

NEW COMPANIES Company registrations notified in the “Mercantile Gazette” include: Spectacle Dispensers, Ltd. Private company, April 16; 84 Hereford street, Christchurch. Capital, £lOOO. Subscribers: Christchurch, W. D. Goode 501, I. A. Pringle 499. Objects: manufacture optical and surgical appliances and incidental.

Mclntosh (W. H.), Ltd. Private company, April 21; 280 Innes road. Christchurch. Capital, £lOOO. Subscribers: Christchurch, W. H. Mclntosh 999. C. F. M. Mclntosh 1. Objects: carry on business as builders and contractors, etc.

New Brighton Cash Timbers, Ltd. Private company, April 23: 665 Pages road. New Brighton. Capital, £6OO. Subscribers: Christchurch. J. N. Scott 200. A. J. McMaster 200. T>. R. Ritchie 200. Objects: carry on business as sawmillers, timber merchants, etc.

Harf red Trading, Ltd. Private company, April 23; c/o. Messrs Hicks and Ainger, public accountants, 177 Hereford street. Christchurch. Capital, £lOO. Subscribers: Christchurch. D. A. Mason 90. M. C. Mason 10. Objects: carry on business as indent agents, brokers, merchants, etc.

National Mutual.—The bonus payment this year was the biggest for more than 20- years, says the National Mutual Life Association of Australasia, Ltd. The total bonus allocation amounts to £9.060,000 —24 per cent, higher than last year’s allotment. The association has 100.000 policy holders throughout New Zealand. This bonus payment is the main feature in the association’s eighty-ninth annual report, which shows that another new business record was set in the financial year to September 30. 1958.

New Broken Hill Consolidated.— Final dividend is lOd a stock unit, making Is 4d for the year, free of United Kingdom income tax, compared with ss, less tax, last year; which was equivalent to 2s lO’id free of tax. The dividend is payable on July 1 and the shares will be ex dividend on May 19. Net profit for the year was £476,317, compared with £1,057,096 for the previous year. Provision for depreciation. £696,303 (£1,591,313 previously) and for taxation £219,986 (£534.217) (PA.)

Australian Newsprint Mills.—Newsprint production by Australian Newsprint Mills, Ltd., Tasmania, for the nine months ended March 31 was slightly higher than in the corresponding nine months of last year. The directors state that costs of production and selling prices did not vary significantly and results tor the full year are expected to be approximately the same as those for last year.

K.P.N.Z. Drug.—Shares issued in the recent l-for-14 bonus distribution by Kempthorne Prosser and Company’s New Zealand Drug Co Ltd. will not rank for the interim dividend payable in September of this year. They will rank pari passu with old shares for the final dividend, payable in April of next