MERGER CONSIDERED

Dominion, Volume 32, Issue 172, 18 April 1939, Page 12

MERGER CONSIDERED

Selfridge’s (A/asia) Ltd. Moving the adoption of the report and balance-sheet at the annual meeting in Sydney last week of Selfridges (Australasia) Ltd., the chairman, Mr. J. W. Austin, said that the directors had considered the probability of a merger. The proposals would not be put before the shareholders till the board had thoroughly investigated the scheme. The merger, if it was arranged, would be between the company and another large Sydney chain-store organization. Mr. Austin said-that the main difficulties which the coippany faced were finance, onerous leases, and lack of manpower. The position had been further complicated by the fact that the present board had taken over when large .shipments of goods from overseas were beginning to arrive. As a result, the board had had to obtain an additional overdraft of £20,000. Suppliers were seeking the company’s business, but finance would continue to be the main difficulty. During the latter part of the year trading conditions had not been satisfactory, continued Mr. Austin. The company had done fairly well, but all business had been affected. The report and balance-sheet were adopted. Mr. Austin, who retired by rotation and was opposed by Mr. Midlane, was re-elected by a large majority. The other members of the board were also returned. London Fruit Market The Department of Agriculture has received the following cablegram from the High Commissioner for New Zealand, London, dated April 14: — Fruit: Apples ex Wairungi, Rangitiki, and Tongariro—King David apples slightly forward, and some pitted; other varieties and pears in good condition. Market well supplied from Australia, South Africa, and Argentine. The following are the market values of sound-conditioned fruit of the varieties mentioned, the range of prices generally representing the difference between the several grades and/or counts. Variable conditioned fruit of similar varieties proportionately less in value. King David apples, 12/G, 17/G. Jonathan, Dunn’s Favourite, Alfriston apples, 10/- to 12/-. London Pippin apples, 10/-, 11/-. Manawatu Building Society The directors of the .Manawatu Permanent Equitable Building and Investment Society in their sixtieth annua! report, consider the year's profit of £746 as satisfactory under their policy of conserving the society’s interests in view of the financial conditions. The applications to the Mortgagors’ Adjustment Commission have been reduced to one, /he mortgagor having appealed and the final decision not yet been made. In view of the lower rates of interest now ruling, the directors point out that any improvement in the rate of dividends cannot be looked for at present. The directors recommend that the amount of £877/18/1 available for distribution be allocated as followsA final dividend of 24 per cent, on capital shares (malting 5 per cent, for the year), £750; a bonus on investment shares at the same rate, £5l/16/3; carry forward, £76/1/10.