THE WEEK IN SYDNEY

Press, Volume XCIX, Issue 29370, 24 November 1960, Page 21

THE WEEK IN SYDNEY

12-Point Fall, 26-Point Rise (N.Z. Press Association— Copyright) , . SYDNEY, Nov. 23. Share prices feH sharply on Wednesday, November 16, .after the announcement of economic restraints- by ’the Federal Government, the Sydney Stock Exchange said in their market review today. -x However, first reactions proved to be unduly pessimistic and the market recovered on the next four days to level out at the week’s close, the review said.

The share price index fell 12.21 points on Wednesday, but rose 26.42 ' points in the next four days to close at 294.12, a gain of 14.21 over the week.

Market confidence appears to have been generally restored and. while no substantial upward movement is expected, falls should be less severe than in recent weeks. The view said a feature of the market's recovery was a revival of takeover activity. Myers, Farmers

Myer Emporium, Melbournebased department store group with the largest turnover of Australian retailers, has made a takeover offer for the Sydney department store. Farmers. The review said Farmers itself has only recently taken • over the Western Stores' group of New South Wales country department stores —its first move outside the Sydney metropolitan area. Myer, whose interests are almost Australia-wide, has been expected for years to expand to New South Wales, with Farmers the obvious target. After the announcement of the offer of one Myer 5s share (including rights to the forthcoming one for two bonus issue), or 32s cash for each Farmers’ 5s share. Farmers jumped from 20s 114 d to 35s 6d, but have since reacted to 31s 9d. Myer has fluctuated around 395.

Farmers’ directors have not yet made a decision on the offer and, although it is an attractive one. they could reject it. Takeover offers by Australian Blue Metal for Concrete Enterprises, Tutt Bryant for Gibson Battle, and Concrete Industries for Jaywoth Besser have all befen accepted by directors and recommended to shareholders, the review added. Aulsebrooks’ Dividend Up (New Zealand Press Association) WELLINGTON, November 23. 'The interim ordinary dividend of Aulsebrooks, Ltd., Christchurch, biscuit and confectionery makers,- has been raised from 2% per cent, to 3 per cent, pividend on the ordinary shares, which are unlisted, was 6 per eent. last year, after nil the previous year. The interim preference dividend of 2Vz per cent, has also been declared. Both dividends are payable on December 8, ex that date. The books will not be closed. NEW COMPANIES Company registrations notified in the “Mercantile Gazette’’ include the following:— Ferris (George) and Company, Ltd. Private company. October 10; 78 Lichfield street, Christchurch. Capital: £4OOO. Subscribers: Christchurch—G. Ferris 3500, M. J. Ferris 200, B. L. Ferris 100, R. L. Philpott 200. Objects: Manufacturer’s representatives. agents and incidental. Howden’s Tyre Service, Ltd. Private company. October 27; Wairoa road, Rotorua. Capital: £llOO. Subscribers: Rotorua—A. .J. Howden 900, M. E. Howden 200. Objects: Rubber and plastic merchants, garage proprietors and incidental. Lacy’s Tyre Service, Ltd. Private company. October 31; Hakiaha street, Taumarunui. Capital: £lOOO. Subscribers: Taumarunui —R. V. Lacy 800, P.' E. Lacy 200. Objects: Rubber and plastic merchants, garage proprietors and incidentals Flewellen and Lipscombe, Ltd. Private company. October 31; 99A Orbell street, Christchurch. Capital: £5OOO. Subscribers: Christchurch— N. J. Flewellen 2500, K. W. Lipscombe 2500. Objects: Manufacturers of structural steel, mechanical engineers and incidental.

Garryleigh Farm, Ltd. Private company. November 1; 96 Herestreet, Christchurch. Captal. £lO,OOO. Subscribers: Okuku, North Canterbury—J. G. Humm 7500. V. A. Humm 2500. Objects: Farmings and incidental.

Keiman (D. C.), Ltd. Private company. November 1; Windsor Building, Canon street, Timaru. Capital: £lO,OOO. Subscribers: Geraldine —D. C. Keiman 8000 pref.. D. C. and M. D. Keiman jointly 2000 ord. Objects: Farming and incidental.

Airport Services, Ltd. Private company. November 1; Memorial avenue. Christchurch. Capital: £3OOO. Subscribers: Christchurch— F. S. Parry 2500, L. I. Parry 500. Objects: Service station, garage proprietors and incidental.

1.J.W., Ltd. Private company. November 3; c/o. I. J. Wilson and Company, public accountants, 208 Oxford terrace. Christchurch. Capital: £2OO. Subscribers: Christ-church—-M. L. Wilson 100 ord., I. J Wilson 100 cum pref. Objects: Carry on the business of an investment company and incidental. Warwick Credits. Ltd. Private company. November 3; c/o. Smith. Cormack. Ashton and Wheelans, public accountants, 227 Manchester street. Christchurch. Capital: £l5OO. Subscribers: Christchurch—J. W. Wheelans 1. Oxford—G. A. F McLaughlin 1499. Objects: Lend and advance money and incidental. Anti Bora. Ltd. Private company. November 3: c/o. D. H. Kern ah an. public accountant. 226 Armagh street. Christchurch. Capital: £2OO. Subscribers: Christchurch —J. van der Loon 100. Lincoln —G. Volk 100. Objects: Preserving, processing, curing and treating of wood and timber and incidental.

Tattersfield Year.—Net profit of Tattersfield, Ltd.. Auckland bedding and carpet manufacturers and wool scourers, declined by 5.1 per cent, to £32.583 during the year ended September 19. In 1959 the net profit was a record at £34.344. The latest orofit was reached after providing £33 650 for taxation, compared with £36.000 in the previous year, and depreciation £3264 lower at £10.386. —(P.A.)

Wellington Loan Filled. — The Wellington City Council loan for £142.00> was fully subscribed by yesterday afternoon —one week before the closing date. “This is most gratifying,” the City Treasurer. Mr O. S. Drawbridge, said It was the first time a council loan had been fully subscribed for some time, be added.—(P A.)