PURCHASE OF SHARES

Dominion, Volume 29, Issue 217, 10 June 1936, Page 12

PURCHASE OF SHARES

Trustees, Executors and Agency Company STATEMENT BY CHAIRMAN Dominion Special Service. Dunedin, June 9. ‘'l can say without hesitation that the standing of the company is better to-day than ever it has been in the past.” stated Mr, G. R. Ritchie, chairman of directors, at the fifty-fourth annual meeting of th’ Trustees, Executors, mid Agency Company' of New Zealand, Ltd., when the shareholders commended the efficiency with which the company was conducted, and expressed appreciation of the expansion of its business. Mr. Ritchie reviewed the figures in the profit and loss account and balance-sheet and stated that prospects in regard to the company's trust and agency business were brighter than they had been for some time. The total assets at March 31 last amounted to £4,506,100, which was the highest figure yet reached in the company’s history. “It may be fitting.” continued Mr. Ritchie, “that I should refer to the purchase from the Public Trustee of the parcel of shares which had been acquired by agents of the N.Z. Investment Executive Trust. Your board considered that it was imperative that we should acquire these shares, for, while companies such as ours are now protected by Act of Parliament against any similar attempt in future; nevertheless the board felt it was undesirable that the block of shares in question should fall into the hands of an outside concern. “The individual members of the board pledged themselves to the purchase of the shares at a price which -was in excess of what the open market then valued them at. It was. they felt, the proper thing to give shareholders the first opportunity of taking the shares up in proportion to their existing holdings at the cost price and a circular was sent to all shareholders along these lines. “The"bulk of the shares have now been disposed of, but there is still a balance remaining, and any shareholder who would like a further opportunity of acquiring his quota at the same price is invited to get in touch with the manager. “I feel certain that you will agree with me that the directors completed this purchase nt some inconvenience to themselves solely in the interests of shareholders, and, indeed, more particularly in the interests of the large clientele of the company. “I need not enlarge on this except, to remind you that it was stated that this company was capable of great expansion as it had some £4,500,000 of assets. Whether trust assets to be carefully administered in terms of various wills can be considered assets of the company is open to question. We prefer to regard such so-called assets ns sacred trusts which require to be administered with the greatest care in terms of the different wills. This transaction finally rings down the curtain on this episode, and with the legislative protection now afforded I say without hesitation the standing of the company is better to-day than ever it has been in the past.” The report and balance-sheet were adopted, Ihe motion carrying with it authority for payment of the dividend. Sir Janies Allen and Sir John Sinclair were re-elected directors.

HEMP AND TOW GRADINGS

Good Increase Last Month

Gradings of hemp and tow last month show an increase compared with those for May, 1935, the figures being as follow: —

Of the hemp graded last month 3910 bales were classed at Wellington, 935 bales at Auckland. 719 bales at Bluff. bales at Picton, and 19 bales at Blenheim. The hemp was graded as follows: — 92_bale,s good fair. 1141 bales high fair, 125,5 bales low fair, 033 bales common, 51" bales rejected, and S bales condemned.

DAIRY PRODUCE FIRM

N.Z. Butter Advances to 112/-

Joseph Nathan and Co., Ltd., have received from their principals, Trongrouse and Nathan, Ltd., London, the following cabled advice, dated June 8: —New Zealand butter, 112/- per cwt.; firm. New Zealand cheese, 62/-; firm.

Dividend and Call List

N.Z. Breweries—final. 4 pc Tune 10 Bank of New Zealand—final. 1/per share June 12 Perpetual Trustees—final, 1/- a share June 12 Waihi G. Junction—ld. a share .. June 12 Broken Hill South. 2/6 a share June 13 Oaniaru Woollen.—lnt 21 n.c. .. June 15 National Timber—final, 2} p.c. June 15 Gisborne (Ins—ll n.c .. ..' June 17 Robinson Ice Cream—fi p.c June IS Gordon and Gotch half-yearly pref. 8 p.c., p.a., ord.. 12 p.c.. P-a June 18 Hume Steel—pref., int., 7} p.c., P-a June 20 Mount Lyell -int., 6(1, a share . tune 22 Blackwater Mines—final 2/- sterling per share, tax free .... June 23 Goldfields—interim I/- sterling per share, tax free June 23 Australian Glass—final, pref., 4} p.e.. ordinary, 10 p.c - June 24 Wilsons Cement—final. 9d. a share and jubilee bonus, 5/I) slinre Juno 24 Farmers’ Trading—final ord.. 5 n c. I nne ?■' Goldsborough Mort—final, 5 p.e. June 26 •lorlh Broken Hill—2/li a share and bonus 1/ a share .. June it. British Tobacco—quarterly. !■] p.e. June 30 Morris, Hedstrnm final, ord., 21 p.c ’. June 30 National Mortgage—int.. 5 p.e. p.a. July 1 Goodyear Tire—half-yearly pref. S p.e., ji.a July 1 Nestle and Anglo-Swiss Milk (Australasia). Ltd.—ord, quarterly. 7 p.c.. p.a July 1 Zine Corporation—2/(> on pref., and ord., milking 1/6 for the year, mid first half fixed cum. dividend of 2/- on pref., nil in English currency, less income tax July 1 I’iaeer Development—int.. 50 cents (Can.) a share Inly 2 Bulolo Gold—int.. 1 dol. 40 cents (Cnn.) a slinre Inly 2 National Bank of N.Z. -final, 2 p.e. July 11 Calis.Falrymend Sugar—final 5 n.c July 18 Broken Hill Pty.—s/- a share on new issue lune 30

Base. Metals Market

Telegraph—Press Assn.—Copyright (Received Juno 9, 9 p.m.) London, June 8. The ofllci'il London (middle) quotations for Monday, ns reported by the Australian Mines mid Metals Assueimion. emu. pare with those previously cabled »s follow:—

Hemp May, 1935. Bales. 1928 May, 1936. Bales. 3G46 Increase, Bales. 1718 Tow 395 467 Stripper slips . 24 41 17

.lune 5. June 8. • ii|mT £ a d Standard. spot . —— 30 1 1* Ditto, forward . — 3(1 11 10* Electrolytic .. -10 0 o 10 2 ti to -10 10 II 40 12 « Wire bars .... .. JO 10 0 10 12 6 Lend— Spot .. 15 8 9 15 <i 3 Forward .. 15 0 3 15 8 0 Spotter— Spot .......... .. 11 2 0 14 .') 0 Forwa rd ...... .. 11 7 6 It 8 II rinfSpot .. 1S7 10 0 1S7 17 I! Forwa rd .. 1S5 10 0 1S5 13 [1 Silver— Standard, per oz. , 19 15-16d. 20 l-1«d. Fine .. 2nd. 21 5-Sll. f America n. , 43 cents a lb.