COMPANY NEWS

Evening Star, Issue 22896, 2 March 1938, Page 8

COMPANY NEWS

WESTPORT-STOCKTON COAL PRODUCTION OF OIL The hope that a plant for the production of oil from coal by the hydrogeneration proc'css would be designed for use in New Zealand at an early date was expressed by the chairman of directors of the Westport-Stockton Coal Company (Mr William Hardie) at the annual meeting this week. English production of oil last year, he said, had gone up from 54,000,000 gallons to 92,000,000 gallons. All the latest developments in the production of oil from coal were being clos.ely watched from New Zealand by the Minister of Mines, Mr Hardie added. Referring to the Westport-Stockton Company’s mine, Mr Hardie said that a good deal of development work had been done during the year. “We have opened up a large area of coal in our West Dip area. The coal in this section is undoubtedly the best coal that was ever mined from the Stockton coalfields. The coal is very hard, and contains less than J per cent. ash. Your directors inspected the mine and workings at the end of the year, and they are pleased to report everything is in good working order, and capable of producing a much larger output. Prospects for the present year appear to be fairly good. It would be very unwise for me to forecast how the year is likely to finish, for quite a lot could happen in the coal mining business in a short space of time,” he said. NEW ZEALAND DRUG COMPANY Kempthorne, Prosser, and Co.’s New Zealand Drug Company Ltd. advises that the transfer books closed yesterday until March 22. The dividend announcement is expected early next week. GREY RIVER DREDGING FINAL CALL.. By resolution of the directors of the Grey River Dredging Company Ltd. it was decided that a call (sixth and final) of one shilling and threepence a share (making the shares of the company 10s called) be made upon the members of the company in respect of the amount unpaid on their shares. The call is payable to the company before March 25. SOUTHERN PORTLAND CEMENT SIX YEARS’ PREFERENCE DIVIDENDS. Six years’ preference dividends are paid by Southern Portland Cement Ltd. for the carryover at October 31, 1936, and from the profits of the year ended October 31, 1937. Profit for the year was £52,401 against £43,232 the previous year. With £105,856 brought forward, £158,257 was available. The six years’ dividends, subject to the Interest Reduction Act, account for £78,351, and £79,905 is carried forward. The report states that trade in cement has continued to improve, but is still very much below the productive capacity of the cement works. B.R. (RADIO) LTD. For the half-year ended December 31 the directors of B.R. (Radio) Ltd. have declared interim dividends at the rate of 7 per cent, per annum on preference shares and at the rate of 8 per cent, per annum (unchanged) pn ordinary Shares. Dividends are payable on March 10, and books close on February 28. This is the first _ ordinary dividend since the ordinary shares were listed on the Stock Exchange. REDUCED 5 PER GENT. PRICE OF WOOLLEN GOODS AFFECTS ORDERS SINGE AUGUST As from yesterday woollen goods manufactured in New Zealand were reduced in price by 5 per cent. The reduction will be effective on all orders placed since last August, many of which have been filled by the use of wool purchased during the 1936-37 selling season. It is explained that tho reduction is consequent on the lower prices this season for raw material, and has been agreed upon by all the mills in the Dominion. Twelve months ago, when the raw material was at an improved value, a rise in the price of all manufactured goods was announced, and the change now being made is the first since then. ANTWERP FUTURES Press Association—By Telegraph—Copyright LONDON, March 1. (Received March 2, at 11 a.rn.)’ Antwerp futures are steady. March, 24|d; May, 24Jd; July 24Jd.