COMMERCIAL

Evening Star, Issue 20054, 20 December 1928, Page 12

COMMERCIAL

DUNEDIN STARR-BOWKETT. A meeting of shareholders of the Dunedin Starr-Bowkett Building Society was held in the Oddfellows’ Hall, Stuart street, last evening, Mr T. J. Walker in the chair. The 202nd appropriation of £SOO was offered by sale. There being no buyers, the amount was balloted for, and cluster No. 71 was drawn, held by two shareholders. The ninety-ninth appropriation of £SOO in tbo No. 4 group was offered by sale, and £4OO was sold ■at a premium of £ls per cent. The 100th appropriation of £SOO was balloted for, cluster No. 93 being drawn, held- by two shareholders. Tlio fifty-sixth appropriation of £SOO in the No. 5 group was sold at a premium of £2O per cent. The twenty-ninth appropriation of £SOO in tbo No. 6 group was balloted for, duster No. 241 being drawn, held bytwo shareholders. The Chairman, in officially announcing the directors’ intention to start a No. 7 group early next year, remarked that the board was quite firm in the belief that it would not be in the inters ts of shareholders to reduce either the payments or the repayments, since any reduction must make the appropriation smaller, or less frequent, and also extend the life of a group beyond reasonable bounds, so that some might not live to see its termination. Mr Walker added that the old scheme of subscriptions and repayments had worked satisfactorily, and that shareholders were not asking for a reduction. _He went on to remark that a reduction would not fit in with current domestic finance. The Is a week subscription per share meant l-60th of a roan’s earnings when wages were £3 a. week, and if that was not found burdensome it could not bo too heavy now when it meant 1-lOOth of the £5 per week that the same worker was at present receiving. The change that the directors bad decided on, subject to the shareholders consenting to the necessary amendment of the rules, was to make clusters of eight instead of five shares, so that a shareholder sufficiently qualified could draw £BOO instead of £SOO. That would not lengthen the life of a group nor in any way abridge the rights or privileges of any-sbareboldcr. The directors felt sure that this constitutional amendment would find favour with the thrifty and help to make No. 7 a very strong and popular group.

SYDNEY WOOL SALES. Press Association—By Telegraph-Copyright, SYDNEY, December 10. At ilio wool sales 13,037 bales were sold. The market was very lirm, with good competition, and prices were equal to the best of the week, good clearances being made. Greasy merino made aw. ENGLISH FORD COMPANY. Press Association—By Telegraph—Copyright. NEW YORK, December 18. It is estimated that more than half of the 40 per cent, of stocks sold by the Ford Company of England found its way to New York, cither through subscription allotment or purchases ■made at the London market by New York dealers, apparently against the express wishes of Mr Henry Ford that the greater part of the company's recent stock should remain with small investors in England. Approximately 200,000 shares w f ere traded in the kerb market, opening at 9 7-8 and closing at 81.—Australian Press Association. TALLOW SALES LONDON, December 19. (Received December 20, at 10 a.m.) At the tallow sales 598 casks were offered and 163 sold. Prices were unchanged to 6d decline. Mutton: Fine, 45s 6d; medium, 40s. Beef; Fine, 44s 6d; medium, 39s Cd.—Australian Press Association.