OVER-SUBSCRIBED

Evening Post, Volume CVIII, Issue 85, 7 October 1929, Page 12

OVER-SUBSCRIBED

WERES INVESTMENT TRUST

Australian Press Association—United Service. (Received 7th October, 11 a.tn:) ■•••-■ MELBOURNE, This Day. ' A new issue of 750,000 shares in AVere's Investment Trust has- been over-sub-scribed." Applications were approximately for. 900,000 shares'. ' ' [Were's Investment Trust, Ltd., was formed in July last year, and the first issue was of 500,000 ordinary shares of Cs each; a further issue of 250,000 shares of the same amount was made in November last. Both issues were greatly over-subscribed. The company's business is similar to that of the great' English and Scottish Investment Trust Companies buying and selling approved investments, underwriting. The chairman of Were's Investment Trust Mr. W.F. Geaeh, informed shareholders at the. last annual meeting that the purpose of the company was "to enable jointstock co-operation and of insurance to be applied to investment and dealing in bonds and stocks and shares." There is "a comparatively' large shareholding in Were's Investment Trust in New Zealand. The company's year ended 30th June, 1929, net profits were £10,331 19s 7d, from'which a dividend at the rate of G p.e. per annum ■was paid for three months to 31st October WS, leaving a. credit of £9253 17s Cd. -This was disposed of at the annual meeting tin 14th August last by payment of a dividend at the rate of 6 p.c. per annum for eight months on-"old" shares and for five months on "new" shares, absorbing £6562 10s; transferred to general reserve ■ £ loOO; transferred to investment fluctuation reserve £1148 6s 7d; and carried forward £43 0s lid. The percentage of investments in which the company was interested as at- 30th' June, 1929, was as fol-' lows:—Bonds and debentures, 10 371 per cent.l banks, 17.949 per cent.; building soy %m^' 16 44 per cent-; Pastoral companies, 8.208.per cent.; insurance, 4.221 per cent • § a ~,oand e)ectric» .6-231 Per cent.; trustee, 3.328 per cent.; shipping, 4.078 per cent.; other transport, 1.243 per cent.; motor and , allied industries, 5.689 per centonioc?' m ver cent"; manufacturing, J0.198 per cent.; amusements, 1.395 per cent.; investment trust, .262 per cent • newspaper, 1.396 per cent.; mining 9.747 per cent.; other investments, 1.147 per cent.; total, 100.00 per cent.J