AMALGAMATED TEXTILES

Dominion, Volume 34, Issue 82, 31 December 1940, Page 3

AMALGAMATED TEXTILES

Reduction Of Capital Approved

An extraordinary general meeting of Amalgamated Textiles (Australia), Ltd., in Sydney on■ December 20 resolved to reduce the company’s capital from £666,666 in 1,000,000 shares of 10/4 each, to £541,666, divided into 1,000,000 shares of 10/10 each. The reduction will be effected by cancelling capital, which has been lost or is not represented by available assets, by 2/6 a share on each of the 441,269 shares which have been issued and are now outstanding and by reducing the nominal amount of shares from 13/4 to 10/10 a share. The capital reduction involves the reduction of £55,158 in paid capital which will then amount to f239,0_0, in 441,269 shares fully paid to 10/10 each. At the annual meeting the chairman, Mr W. B. Campbell, said that the pleasing’ result of the year’s operations'was partly due to increased plant and manufacturing efficiency. The output ot textiles rose by 7 per cent, for the first halt of the year and by 21 per cent, for the second half, compared with the output of the corresponding periods of the previous year.

Commonwealth Steel Co.

Accounts of Commonwealth Steel Company, Limited, of Wanatah (New South Wales), in which Broken Hill Proprietary Company, Limited, is a large shareholder, shows for the year ended June 30 a credit in profit and loss account of £18,926. No dividend for the year is recommended. In the year before, when a 3 per cent dividend was paid, the company made a profit of report that £21,019 was provided for depreciation from profits earned, which compares with £19,736 last year. Expenditure on land, ‘buildings, and plant increased by £109,080. It is proposed to make further issue of capital of £109,080 shares. Last year 223,813 £1 shares were issued on a one for four basis.

Canada’s Record Gold Output

Gold production in Canada set a new record in August, when the output amounted to 466,2230z_, valued at £4,487,371 sterling. This brings the total gold production for the first eight months of 1940 up to 3,494,8910 z., valued at £33,638,300, against 3,379,3680 z., valued at £29.678,000, in the corresponding period of 1939. The' increased output reflects the policy of the mines to produce the metal at a rate as high as sound mining practice will allow, in order to bolster Canadian credits abroad and provide foreign exchange for the purchase of war materials.

Dow Jones Averages

<Bv Telegraph—Press Assn.—Copyright.) . NEW TORE, December 28. Dow Jones averages (1926 equals 100) end turnover on the New York Stock

Pukekohe Produce Prices

Dominion Special Service. PUKEKOHE, December 30. The midseason shrinkage in the volume of new potatoes available from growers at Pukekohe is now becoming apparent. The price remains at 4/6 a cwt., on rail, Pukekohe, but a somewhat firmer tone is in evidence than before Christinas. New season’s onions continue to sell at 12/- a cwt., with the demand fairly healthy. Carrots are going away at prices round about 8/6 a cwt. now.

New Zealand Exchanges

Telegraphic rates of exchange, New Zealand on the overseas centres mentioned, were quoted yesterday by the Bank of New South Wales as follows:—■

Exchange compare as follows:— Feb. 8 20 Rail 30 roads, industrials. ...» 31.46 148.40 Shares sold. 870.000 Mar. 6 ..... 31.01 147.97 860.000 May 2 .... 30.66 147.76 650,000 June 24 ..... 25.71 123.76 470,000 July 31 ...... 26.92 126.14 560.000 Aug. 3 ...... 26.96 126.36 120.000 Sept 3 ...... 28.00 129.74 540.000 Oct. 2 . ...... 29.37 134.97 770,000 Nov. 2 ..... 29.22 134.85 470,000 Nov. 25 ..... 29.25 131.96 520,000 Dec. 3 28.00 130.78 450,000 Dec. 9 ...... 27.82 131.46 030,000 Dee. 18 ...... 27.25 129.42 7S0.000 Dee. 22 ...... 27.17 128.89 420,000 Dec. 24 ..... 27.10 ■ 128.41 820,000 Dec. 28 ..... 27.85 130.11 890,000

On. Buying. Selling. New York, dol. to £N.Z. 3.2512 3.2050 Montreal, dol. . to £N.Z. 3.6039 3.5290 Greece, drac. .. to £N.Z. —— 412.70 -fava, florins ..to £N.Z. 6.1S7 6.004 II. Kong, N.Z.d. to dol. India and Ceylon, N.Z.d. 18} 19 1-32 to rupee 22 5-32 22 49-61 Manila. pesos to £N.Z. . 6.559 6.442 Shanghai, N.Z.d. to dol. —— 5. 7-64. Singapore, N.Z.d. to dol. 34 41-64 35 41-64