Brierlev tries for more Corn shares

Press, 26 February 1977, Page 16

Brierlev tries for more Corn shares

NZPA London Brierlev Investments, Ltd, is negotiating through a subsidiary to buy a further 12 per cent equity interest in one of London’s oldest commodity traders, the Corn Exchange Company. The secretary of the Corn Exchange (Mr S. G. Jones) said that Brierley Investments is negotiating for a block of 341,000 shares. The extra 12 per cent interest would give Brierley Investments, and its associates, about 20 per cent of the company’s issue capital, Mr Jones said.

The lOp shares are currently selling at about 130 p. The block of 341,000 shafts was formerly held by a large British property-dealing company, William Stern, which crashed in 1974. The Corn Exchange — which has its own properlyauthorised coat of arms and operates under a special act of Parliament — was established in 1751, Mr Jones described it as the only large exchange left

in Britain. It provides facilities for trading in cocoa, sugar, rubber, and soya bean oil.

It has a substantial twowav trade . in vegetable seeds, mainly grasses and some root vegetables, with New Zealand, but its main overseas business was with Britain’s European Economic Community partners, Mr Jones said.

Gold price improves

The price of gold continued to improve on Thursday, rising 70 cents to $U5140.13 an ounce on the London Bullion Exchange. But the metal closed below the highest price of $141.38 because of expectations for a high price at next week’s International Monetary Fund auction. Dealers said the late setback reflected profit taking on the United States account which spread to London encouraging trading towards the close.