WILSONS CEMENT

Press, Volume CI, Issue 29829, 23 May 1962, Page 17

WILSONS CEMENT

Bonus Issue Of One-for-3 (N.Z. Press Association) WELLINGTON, May 21. Wilsons (N.Z.) Portland Cement, Ltd., Auckland, proposes to make a one-for-three bonus issue from pre-1957 profits. This will entail the issue of 800,000 10s shares which will raise the paid capital of the company from £1.2 million to £1.6 million. The shares sold in Auckland on Friday at 17s 9d. At March 31, 1961, reserves stood at £900.672. including £415,779 estimated to have been earned before March 31, 1957. The proposal will be submitted to a special meeting which will be held after the annual general meeting in July. The directors have also recommended a final dividend of 4j per cent., payable on July 4, ex dividend on June 21. This maintains a steady total dividend of 8 per cent.

Business Personal

Mr A. Downer has retired as managing director of Downer and Company, Ltd., a position he has occupied since he founded this flrm of civil engineers and contractors 30 years ago. Mr Downer will continue his personal association with the company both as its chairman, and as deputy-chairman of directors of the parent company, William Cable Holdings, Ltd. Mr Downer has been succeeded as managing director by Mr M. T. McLean, who has been general manager for some years. Mr W. D. Williamson, the firm’s chief engineer, has been appointed general manager.

Overdrafts Down

Overdrafts fell £14.0 million during April this year At £210.2m they were £21.5m below the comparable 1961 figure. This year overdrafts rose £23 0m in the months of March and April, compared with a rise of £33.®m in the same months of 1961. State Borrowing.— Net Government indebtedness to the Reserve Bank was £BO 9m at the end of April this year, according to preliminary statistics from the bank. This figur. shows a rise of £lB 6m in a month and is £ll2m higher than the April 1961 figure

Potato Shipments

Up to last Saturday. 38 006 sacks of potatoes had been shipped from Lyttelton. 14.844 sacks in the last fortnight. Details of shipments for the fortnight, with season’s totals in parenthesis, were as follows:—Auckland 8190 sacks (22.172); Wellington 1112 (2522); Napier, Gisborne 4029 (5962); west coast of North Island 1513 (2455); Fiji and overseas nil (48961. Total shipments to May 27 last year were 15.923 sacks, tional arms were practically

Gordon and Goth.—Gordon and Gotch (Australasia). Ltd., advertising contractor, wholesale newsagent and stationer is lifting the ordinary dividend from IS 2-3 per cent, to 18 1-3 P® r £ent. for the year ended March 31. Last year Interim and final dividends were each 8 1-3 per cent., but this year the company has increased the final £ H F«r cent, and the 'total distribution to 18 1-3 per cent.