AUSTRALIAN STEEL

Dominion, Volume 28, Issue 285, 29 August 1935, Page 12

AUSTRALIAN STEEL

Merger Rumours Unconfirmed

The report that, the Broken Hill Proprietary Company, Limited, Melbourne, is negotiating with Australian Iron and Steel, Limited, for a controlling interest in the latter company has been referred to Mr. 11. G. Darling, chairman of directors of the Broken Hill Company, who refused to comment on it, while the principals of Australian Iron and Steel were equally reticent. The Melbourne "Argus” states: “Interest attaches to the suggestion that, the companies may join forces, because the large profit of £670,442 shown by Broken Hill Proprietary Company. Limited, this year, of which only £298.800 is required for the dividend declared, has led to much speculation concerning the method that may be adopted by the company to use its surplus profits. Australian Iron and Steel is in need of capital, as cumulative preference dividends were withheld for some time because the company required funds for new plant. "Ordinary shareholders in Australian Iron and Steel, Limited, are Howard Smith, Limited, Dorman, Long and Company. Limited. Baldwin's, Limited, and holders of ordinary shares in Hoskins Iron and Steel Company, Limited, which joined with Dorman, Long to form Australian Iron and Steel, Limited, in 1928. It has been suggested that the two English companies, Dorman Long and Baldwin's. may not wish to meet the uncalled liability on the shares that they bold, and that the introduction of new capital therefore would be welcome.”

N.Z. Pound Abroad

« Based on the figures quoted by' the Bank of New South Wales, the New Zealand pound, compared with its original rnr value, is equivalent to approximately: in London. £l/0/1 in Australia, 1(1/4$ in U.S.A. 16/54 in Canada. 9/74 in France. 10/5 in Italy. 9/6 in Germany. 9/04 in Java. £l/7751 in Japan.