COMPANY NEWS

Evening Star, Issue 22913, 22 March 1938, Page 6

COMPANY NEWS

N.L GUARANTEE CORPORATION i - INTERIM DIVIDEND AN UNCHANGED RATE [Per United Press Association.] WELLINGTON, March 21. The New Zealand Guarantee Corporation declared an interim dividend of ijd a share, payable on April 1. The distribution is at an unchanged rate. Last year the company paid a total of 9 13-18 per cent. AUSTRAL DIL NEW SHARE ISSUE The directors of Austral Oil Drilling Syndicate N.L. have decided to make an immediate issue of 626 shares of £5 each. The 313 existing shareholders will be offered two of the new shares each. Arrangements have been made for 300 of the shares to be underwritten on the basis that all applications up to that number are credited against the under-writers’ obligations. With the proceeds of the issue, the management' states, the drilling of the first of five new pilot wells, for which the company has an agreement with the Federal Government for an advance on the £1 for £1 basis, will be proceeded with. Present negotiations by the directors may result in the formation of a new company to take over part of the company’s interest at Lakes Entrance (V.), and drill thereon four more pilot wells, for which it has undertakings that the Federal Government will make advances on the £1 for £1 basis. . , . A Should this proposal be carried into effect it is intended to carry on an extensive prospecting campaign on theleases and licenses which Austral Drilling retains. AMALGAMATED ZINC INTERIM OF l\ PER CENT. Amalgamated Zinc (De Bavay’s) Ltd. lias declared a dividend (the sixty-sec-ond) at the rate of 5 per cent per annum for the half year ended December 31, payable on April 8. Dividend warrants will be posted direct to shareholders. Transfer books and share registers closed at 5 p.ni. on March 17. SHARE STAMP DUTY VICTORIAN AMENDMENT Under the Stamp Duties Act passed by the Victorian Parliament last year it became incumbent upon every company in dealing with transfers of shares not listed on the Stock Exchange to submit such transfers, together with the relevant balance sheets, to the Comptroller of Stamps, for assessment of the correct stamp duty. _ The Taxpayers’ Association of Victoria recently suggested to the comptroller that there were many bona-fide transfers of unlisted shares presented for registration which could be dealt with more expeditiously if submission of the transfer could be avoided, and the companies concerned protected from penalty. The comptroller has now agreed that there will be no objection to the registration of such transfers by companies in terms of the suggestion of the Taxpayers’ Association, namely, in all cases where the company’s auditor certifies that in his opinion the consideration is not less than the unencumbered value of the marketable securities transferred, and the company, within seven days of registration, furnishes certain specified particulars to the stamp office. However, a transfer without consideration or upon consideration of less than the unencumbered value of the marketable securities must be_ submitted to the Stamp Office of Victoria for adjudication. PUBLIC TRUST OFFICE

STATEMENT FOR FEBRUARY Estates of a value of £549,712 were reported and accepted for administration by the Public Trustee during the month of February, 1938. The total value of the estates under administration by the Public Trustee on March 81, 1937, was £60,770,814, and the new business for the 11 months ended February 28, 1938, was £5,405,715. Grants of administration made by the court in favour of the Public Trustee numbered 206 for the month. During the month 394 new wills appointing the Public Trustee executor were prepared on behalf of testators and lodged for safe custody, and 336 existing wills were revised to provide for changes desired by testators. The total number of wills now held in the Public Trust Office on behalf of living persons is 90,209. VALUABLE BUILDING SITES MR SAUL SOLOMON'S PROPERTY Messrs Park, (Reynolds Ltd., in conjunction with Messrs James Samson and Co., under instructions from the Perpetual Trustees Estate and Agency Company Ltd., offered at auction last evening 12 building allotments fronting Granville Terrace and Harcourt street, Roslyn. This was the late Mr Saul Solomon’s well-known garden. There was a large attendance of the public, and keen interest was displayed in the auction sale. The following sections were sold, the prices and purchasers being given:— Section 5, £450, Mr H. J. Graham; section 6, £875, Mr D. W. M‘Cay: section 7, £3lO, Mr E. H. Hodge; section 8, £270, Mr D. H. L. Brett; section 9, £285, Mr T. G. Cole; section 13. £375, Mr D. W. M'Cay. The remaining sections were withdrawn for private sale.