GAS SHARES AT AUCTION

Dominion, Volume 29, Issue 300, 15 September 1936, Page 12

GAS SHARES AT AUCTION

Sale in Sydney A total of 25.000 “A” shares in the Australian Gas Light Company was sold bv public auction at Sydney Inst Tuesday for an aggregate of £181,838/8/-. The shares, which are of a nominal value of £0 each, were realised at an average premium of £l/5/5. In accordance with the Gas and Electricity Act, 1935, the shares were offered in parcels of 16. representing the nearest multiple to £lOO nominal value, and it was stated that a reserve price had been fixed in accordance with that Aet. The auctioneer took the first sale nt £( 8/-. After a number of transactions at that figure, the price fell to £7/7/6. and then by fluctuating stages to £7/5/-. at which the sale terminated, with many buyers still unsatisfied. Great interest was shown by financial Miterests, and many Stock Exchange brokers or their representatives were present. Fully 1560 different transactions were needed to complete the sale, and Mr. Crammond disposed of the whole of the offering in one and n half hours. _ The average price realised was £7/5/5.648. At this figure, the shares show a net return to shareholders of 4.92 per cent, on the current dividend basis. The previous increase of issued capital made by the Australian Gas Light Company was in October, 1928, when 3.>,000 “A" shares were auctioned. On that_oeeasion, the average price wa« £6/19/6.548. and the total sale £244.204/18/6.

Claude Neon, Sydney

Claude Neon Ltd. (Sydney) reports a net profit of £21,536 for the year ended June 30, compared with £16.440 the previous year, and £10,163 for 1933-34. The dividend is maintained at 15 per cent.. requifipg £18.357, and £10.,0 is tnuisferred to general reserve, leaving £5378 to be carried forward, against £3199 brought forward.

At the annual meeting, shareholders will be asked to approve of an increase in the directors' combined remuneration, from £BOO to £lOOO a year.

Burma-Malay Tin, Ltd.

Burma-Malay Tin. Ltd., a holding company, shows a net profit of £3360 for the year ended March 31, compared with £21.322 for the previous year. The result was arrived at after providing £425" Io convert Australian currency figures in the accounts to sterling. The total involved in the adjustment was £14.253. of which £lO.OOO was a reserve established previously A sum of £1531 is written off investments. The principal items of revenue of £l2 000 are div’dcmls £B5BO and interest £?1?5. With £7562 brough’ forward and £5575 transferred from re serve, the amount available is £16.498 i) ; vidcml< of 2/- st” per share require c il O”7 leaving £-!”(»'’ to he carried lor-

The director, state that, as many of 'he company’s investments are as yet nonuroduetive of income other than interest on debentures, the income for the year is no indication of the company's earning iiower. which fbev aplic"uite. will, be aimnicnted hr ilividcmls from Ksoeiiiti'il companies in the near f"'nro Prosoect Ing was carried on nia'iil'* in New Zealand. and also in Australia and New Guinea. The cost for the year ' was £34.703 Scout borii'” i« betug carried out on the Palmer I'i'’"r. Ouedisland area The eoinuanv hold-' share interests in the Briseis Couso’td.itoil. Mntnki Junet’on. llal""' Re< ! n. Kain Renong. and Sydney Siam. Thalane. companies. •n.„ dirr-'-fors are investigating the possibility <>( "uiiinnii’” the last-named pro nni’fv. Sh”'’es in Kain and Kenong are valued in tb» balance-sheet nt 17/3 and IST respect iveh-

Bulolo Gold Deposits Option

The directors of Bulolo Gold Deposit* Ltd. report that the company has taken an option over a large potential dredging area situated at Graytown. Victoria, and arrangements will be made at an earlt date to carry out preliminary twtlng operations. Should results be satisfactory. negotiations will be entered Jnto for the disposal of the area. Advice from the New Guinea property states that 13,000 cubic yards wash was treated during 445 working hours for a recovery of 2070 z. gold.

Year 1934. £ ended .lune 30, 1935. £ 1936 £ Net profit .. 10,103 16,440 21,536 Dividend, p.c. 10 15 15 Div., amount 9.000 13.708 IS,357 To reserve . . — 4.000 1.000 Forward 4,527 3.199 5.37S