A QUIET TONE

Dominion, Volume 29, Issue 264, 4 August 1936, Page 12

A QUIET TONE

Melbourne Stock Exchange INDUSTRIALS STEADY By Telegraph—Press Assn.—Copyright. (Received August 3, 7.55 p.m.) Melbourne, August 3. On the Melbourne Stock Exchange today the markets were generally quiet. Industrials were steady. Mining stock was a shade easier. Sales: Commercial Bank of Australia, 18/8; National Bank of Australasia, £5 paid, £7; ditto, £lO paid. £l4/3/-; Howard Smith, 19/-. Carlton Brewery, 58/3; G. J. Coles, 79/-, 78/9, 79/-; Australian Iron and Steel, pref., 26/6. Australian Glass, 92/-; DunlopPerdriau, 18/8, 18/7; ditto, pref., 34/6. Electrolytic Zinc, 41/9; ditto, pref., 43/6; Mt. Lyell, 27/3; Broken Hill Proprietary, 73/6, 73/-, 73/3; Emperor, 14/6, 14/5. 3H/2; Loloma, 22/6. Herald and Times, 69/3; Melbourne Electric Stock. 20/-: 'Kauri Timber, 24/6; Myer, 33/9, 33/10}: Yarra Falls, 40/-.

The Sydney Stock Exchange was closed yesterday for the August bank holiday.

GOODLET AND SMITH Share Bonus and Capital Return Goodlet and Smith, Ltd., a company manufacturing builders’ supplies, proposes to distribute among its shareholders 100,000 fully-paid 16/- shares which it holds in Kandos Cement Company, Limited. The distribution is to be treated as a return of portion of the company’s paidup capital. The circular announcing the intention of the directors states that it is proposed to submit a resolution to shareholders for the capitalisation of £66,000 which now stands to the credit of “tax free capital reserve account” by the issue of bonus shares ou the basis of one bonus share in Goodlet and Smith, Ltd. (fully paid to 12/-) for every share at present held in the capital of the company. The directors have accordingly caused the company’s holding of 100,000 shares in Kandos Cement Company to be written-up as at June 30 last to 22/- each, which was their then market value. The surplus that arose from this revaluation was carried to the credit of tax-free capital reserve account (stated in the balance-sheet accompanying the circular at £71,000), and £66,000 thereof is to be utilised for the purpose of satisfying the distribution among the shareholders of 110,000 fullypaid 12/- shares in Goodlet and Smith, Ltd. When that transaction has been completer!, the directors will propose to shareholders a reduction of the company's capital by 10/- a share, which will be satisfied by distribution among the shareholders of five Kandos shares (valued for such purpose at 22/- each) for every 11 shares held in Goodlet and Smith, Ltd. The effect of the resolution will be that the capital of the company will be increased from £66.000 in 110,000 shares of 12/- each, to £132,000 in 220,000 shares of 12/- each. On the distribution of the 100,000 shares in Kandos Gement, valued at £llO,OOO, among the shareholders of Goodlet and Smith, thereby reducing the nominal value of their 220,000 shares by 10/- a share to 2/- a share, the capital of the company will be £22,000. Subsequently, steps will be taken to consolidate these shares of a nominal value of 2/each into shares of a' nominal value of £1 each.

As the bonus shares will be distributed out of a tax-free capital reserve account, the directors state that they will not be subject to any income tax in the hands of the shareholders.

The annual report, covering the period ended June 30, discloses a profit og £11.560, compared with £5233 in 1934-35. Dividend is increased from 7} per cent, to 10 (four interim and six final), and requires £6600. With £12,284 brought forward, £17.244 is carried forward. Timber Milling Costs In their annual report, the directors of the Taupo Totara Timber Company, Ltd., state that "recent legislation has greatly increased the cost of production in the way of higher wages and shorter hours of work, at the same time controlling the selling price. At the moment it is not possible exactly to estimate the effect this legislation is going to have upon our business; we are, however, assured that the rise in selling prices permitted will not compensate us for the extra costs of production.” In the summary printed in this column yesterday, the word “not” was omitted before the word "compensate” in the last sentence.

LONDON MARKETS Tallow, Hemp, Peas and Casein The Department of Agriculture has received the following cablegram, dated August 2, from the High Commissioner for New Zealand, London: — Tallow: Market continues quiet; values nominally unchanged. Hemp: Manila —Japanese and American buying at source. "K” grade for August-October shipment £22. SisalMarket quiet and easier. July-Septem-ber shipment sold at £2O. JanuaryMarch shipment at £2O/5/-. New Zealand —Nothing to report; values nominally unchanged. Peas: Maples—Market quiet; small business haei been done. “A” grade Tasmanian afloat sold at 57/-, according to sample 52/-. New Zealand—According to sample July-August shipment sold 44/- to 53/- according to quality. No. 1 August shipment offered 54/-, Buyers not interested. Blues —Tasmanian not in market. Good business has been done in Danubian and Polish small blues at £8 5/- to £9/5/-. Casein: Market firm on short supplies. Current prices are—French and Argentine lactic £4O-£49. FRUIT AND VEGETABLES Wellington Market Prices Reporting to the Agricultural Department on the fruit and vegetable markets, the local fruit inspector gives the following as a fair average of the prices ruling at auction sales in Wellington during July:— . Apples: Jonathans and Stunners, 4/to (>/- per standard case; Delicious. 4/6 to 9/-; Ballarats, 4/- to 5/6; Washingtons. 4/- to 5/-; Dunns, 3/- to 4/-; Dougherty, 3/6 to 4/6: Granny Smith. 5/- to 7/-. Pears: Winter Coles, 7/- to 9/-; Whiter Nelis and Harrington. Victoria. 5/to 6/- per standard case: P. Barry. 5/6 to 6/6; Vicars, 5/- to 6/-, Passions, 12/- to 20/- per box; lemons (according to grade), 7/- to .14/- pelcase; poorman oranges, 4/6 to 7/- per case; grapefruit, 6/- to 8/- per case. Cauliflowers, 8/- to 15/- per sack; cabbage, savoy, 5/- to 11/- per. sack; spring, 4/- to 6/- per case; lettuce, 3/to 7/- per case; spinach.'' 4/- to 9/- per case; marrows, 2/- to 3/- per case; brussel sprouts, 6/- to 11/- per sugar bag: celery, 1/- to 1/6 per bunch of 6 heads; rhubarb, 2/6 to 4/- per heap of 3 bundles; leeks. 4d. to 7d. per bunch; carrots, 2/- to 4/6 per sack; parsnips. 3/- to 5/- per sack; pumpkins, red squash 9/- to 14/- per sack, greys 7/to 11/- per sack; onions. 5/- to 8/- per cental bag; potatoes, £6 to £7 per ton.