COMPANY NEWS

Evening Star, Issue 23094, 21 October 1938, Page 6

COMPANY NEWS

N.Z. PAPER MILLS UNCHANGED INTERIM DIVIDEND DISTRIBUTION OF 3 PER GENT. The directors of New Zealand Paper Mills Ltd., at a meeting to-day, authorised the payment of an interim dividend at the rate of 3 per cent., with proportionate dividend on the new shares recently allotted. The distribution will be made on November 15, and the share transfer books will be closed from November 2. to November 15 (inclusive). The dividend is at an unchanged rate, last year’s distribution of 7 per cent., including a final of 4. YARRA FALLS CHAIRMAN LOOKS AHEAD The chairman of Yarra Falls Ltd. (Mr A. C. Wilkinson) informed, shareholders at the annual meeting in Melbourne that the lower profit earned was due to the decline of 33 per cent, in wool prices and increased wages. Some of this loss of profit had been regained by increased turnover. Advances in cost of production resulting from the increase in wages and from higher manufacturing costs had offset the fall in raw wool prices to such an extent that they would not now gain any advantage they might have expected from declining wool prices. The severe drought meant the clip this year would be poorer in quality and returns would show a decline. ALLOY STEEL The chairman of Australian Alloy Steel Ltd. (Mr J. I), Miller), at the annual meeting in Sydney, said that there had been a remarkable improvement in the finances of the company and of its subsidiary, Hadfields (Australia) Ltd., since the present board assumed control in February. After referring to the improvement in results in the latter half of the year compared with the six months ended December 31, Mr Miller said that special attention had been given to the sales organisation. TASMANIAN PAPER MILL COMMENCEMENT OF OPERATIONS The paper mill at the factory of Associated Pulp and Paper Mills Ltd., South Burnie, Tasmania, began production in August, The birth of this industry represents an epoch in the commercial history of Tasmania. Many tons of wrapping paper and white papers have been produced, but for the time being the paper is b,eing made from imported pulp, as the pulp mill is not yet in a position to begin production. The coming into production of the large plant at Burnie is regarded as an event, not only , to Tasmania, but to Australia, as it marks the beginning of a new phase of Aus tralian industry based entirely on the use of Australian raw material. AUSTRALIAN STOCK EXCHANGES

Press Association—By Telegraph—Copyngtn SYDNEY, October 20. The Stock Exchange is generally active, with little change in values. Government loans are very firm.

Oil Search 0 8 7 MELBOURNE, October 20. The share market is without much change, but a hardening tendency is noticeable.

SYDNEY MARKETS Press Association—By Telegraph—Copyright SYDNEY, October 20. The wheat market is quiet, hut prices are steady. Silo grain is quoted at 2s 10?,d, bagged .‘ls 3£d. Flour, £8 ss. Bran and pollard, £5 10s. Potatoes; Tasmanian, £ls 10s; others, £l4. Maize: Yellow, 4s 9d ; white, 4s 7d. DOLLAR AND FRANC Press Association By Telegraph—Copyright LONDON, October 20. (Received October 21, at 11 a.m.) The dollar is quoted at 4.762. The franc is quoted at 178 11-16.

Bank of New South Wales £ 31 s. 5 d. 0 Colonial Sugar 48 6 0 Associated News (pref.) ... 1 3 3 Dunlop, Perdriau ... ... 1 0 7i Nestles (pref.) 1 16 6 Australian Glass 4 16 0 G. J. Coles 3 19 3 Tooth’s a 15 0 Toohey’s ' ... i 10 9 Kandos i 6 4 Berlei (pref.) ... i 10 0 General Industries 0 18 0 Felt and Textiles ... ... i 11 6 Adams ... 0 14 6 Mark Foy i 0 10 Standard Cement i 0 0 Millaquin Sugar i 19 0 Wool worths i 1 3 (first pref.) 2 1 0 Mount Lyell 1 10 4

Commercial Bank of Aust. £ 0 s. 1C d. 11 E.S. and A. Bank D 5 G National Bank (£10 paid) 14 2 0 British Tobacco 2 8 G Carlton Brewery 0 5 6 G. J. Coles a 19 0 Aust. Iron ami Steel (pref.) i 7 3 Australian Glass 4 13 9 Dunlop, Perdriuu 1 0 9 (pref.) 1 18 C Goldsbrough, Mort 1 8 6 Henry Jones ‘ Herald and Times ’ 2 8 0 2 17 O' Yarra Falls 1 1C 0 Imperial Chemicals (pref.) 1 2 7 Electrolytic Zinc 2 4 6 (pref.) o 7 9 Mount Morgan 0 11 0 Mount Lyell 1 10 3 Broken Hill Proprietary 2 18 0 North Broken Hill o 10 G Broken Hill South 1 12 9 Emperor 0 10 0 Loloma 1 4 0