TYRE FACTORY PROPOSAL

Evening Star, Issue 22630, 23 April 1937, Page 12

TYRE FACTORY PROPOSAL

NO CLAIM TO GOVERNMENT CAPITAL MERELY SECURITY FROM DUMPIKS ASKER [Per United Press Association.] CHRISTCHURCH, April 2.3. The promoters of the proposed New Zealand tyro factory are in agreement with the .statement by the Hon. D. G. Sullivan that the Government has not intimated any intention to contribute to the capital of the company. It was stated to-day that the proposal was placed before the Minister as an alternative proposal should the Government not wish to foster a company in which the whole capital is in the hands of private enterprise. ■The original proposal placed before the Minister, on which its decision has not yet been given, is for a company whose capital is entirely owned in New Zealand and by New Zealand citizens, in contradistinction to several other proposals submitted the Minister by foreign companies, and broadly on the lines set out for the subscription of the original capital of the Reserve Bank. A considerable portion of the capital required is already available. A canvass has shown that, with all the facts before them, many motor owners will subscribe for shares. It is understood that other proposals for an exclusive license have been submitted to the Minister by various foreign interests, but New Zealanders who are interested in a New Zealand-owned company consider it unthinkable that the Government should allow this industry to pass under foreign control. It is considered that if the Government gives the scheme support the prices of tyres will be little, if any, higher than at present. What is asked is security against'dumping and uneconomic competition. BRADFORD MARKET. Press Association—By Telegraph—Copyright LONDON, April 22. (Received April 23, at 12.40 p.m.) The Bradford market is verv firm. Topmakers are disinclined to make concessions in view of the light offerings at the wool sales on April 27. The consumption of yarns is well maintained. Tops quotations: Merinos, seventies, 41d, sixty-fours, 39d; sixties, 37Jd; cross-breds, fifty-eights, 34d; fifty-sixes, 32d; fifties, 27d; forty-sixes, 24]d; forty-fours, 24d (the last two are nominal). BUTTER AND CHEESE. Press Association—By Telegraph—Copyright LONDON, April 22. (Received April 23, at 1 p.m.) Butter: Quiet. Danish, 110 sto 112 s. Choicest salted New Zealand, 107 s; Australian, 108 s, Unsalted, Australian and New Zealand, 108 s. Cheese: Steady. White and coloured New Zealand, 68s 6d to 695; Australian, 67s to 67s 6d. ■ . BEETSUGAR. Press Association—By Telegraph—Copyright LONDON, April 22, (Received April 23, at 1 p.m.) Beet sugar, 6s 2|d. METAL MARKET. Press Association—By Telegraph—Copyright LONDON, April 22. (Received April 23, at noon.) Copper.—Standard, £69 17s 6d per ton; forward, £57 6s 3d. Electrolytic.—Spot £64; forward, £66. Wire bars, £66. Lead.—Forward, £26 2s 6d; spot, £26. Spelter:—Spot, £25 15s; forward, £25 15s Tin.—Spot, £269 7s 6d; forward, £264 15s. Silver.—Fine, 20 5-16 d per oz; standard, 21 15-16 d. MOUNT LYELL SHARES. Press Association—By Telegraph—Copyright LONDON, April 22. ' (Received April 23, at 1 p.m.) Mount Lyell shares are quoted af 35s 9d. PAPER MILLS DIVIDEND. The directors of New Zealand Paper Mills Ltd., at a meeting this morning, resolved to recommend payment of dividend at the rate of 4 per cent., making a distribution to shareholders of 7 per cent, for the year ended March 31. The dividend is to be payable on May 22. SALES ON ’CHANGE: THIS DAY. Christchurch.—New Zealand Government 4 per cent. Inscribed Stock (1946-49), £lO2 10s; Bank of New Zealand (cum div.), 44s 6d (2); New Zealand Guarantee Corporation, 4s 9d; Westport Stockton Coal (pret.), 4s; Christchurch Gas, 295; Anthony Hordern, 19s 7d (2); Dunlop Rubber, 21s (2),, 20s lid; Electrolytic Zinc (pref.), 59s 8d; G. J. Coles, £5 5s 6d; Wilcox, Mofflin, 14s; Broken Hill South, 49s 2d; Mount LyelL, 46s 6d (2), 46s 5d (3); Mount Morgan, 15s sd, 15s 6d (2)'. Sales unlisted: Wool worths (Sydney, ord.), £7. Wellington.—Union Bank, £ll 7s; Broken Hill, £4 2s 9d, £4 2s sd: Electrolytic Zinc (pref.). 59s 6d; Farmer and Co., 24s lOJd; North Broken Hill, 72s 8d; Union Bank, £ll 17s; 4 per cent. Stock (1946), £lO3. Auckland.—First call: Taupiri Coal, 17s: Cement, 33a 6d; Bank of New Zealand, 44s 6d; Donagby’s Rope, 545; Electrolytic Zinc, 58s lid; Coles, £5 5s 6d; Union Bank, £ll 6s 3d; New Zealand Loan and Mercantile, £SO. Noon call: Bank of New Zealand, 44s 6d, 44s 9d; Mortgage, 265; Dominion Breweries, 435; Electrolytic Zinc (pref.), 595, 59s 3d; Broken Hill, 82s 3d; Coles, £5 5s 6d; Woolworths (Sydney), £7; Wilson’s Cement, 33s 6d.