COMMERCIAL LITTLE CHANGE AT AUCKLAND WOOLSALE

Greymouth Evening Star, 14 February 1947, Page 8

COMMERCIAL LITTLE CHANGE AT AUCKLAND WOOLSALE

(F.A.) 'AUCKLAND, Feb. .12. With bidding for the most part remaining around floor price levels, the third Auckland wool sale was held in the Town Hall to-day.. There was little variation from the general trend at recent auctions in the south. Except for wools which were keenly sought on the Continent, bidding was not very brisk and rises of Id were rare.

The offering of 36,678 bales was one of the largest ever made at Auckland, and the sale continued from 9 o'clock in the morning until 9 p.m. In spite of their long and arduous day, buyers maintained keen competition for finer sorts. Until selling finished, between 50 and 60 buyers were on the bench, including representatives of Bradford, America, Continental, and New Zealand firms. The keenest bidding was heard when bellies, pieces, and lambs’ wool came under the hammer. The top price of the day for the new season’s greasy wool was 29-1 d for t\vo lines of super halfbred. For slipe wool, the top price of 35 Id was realised for a line of superfine crossbred lamb.

COMPANY NEWS Stocks and Debentures.. —Prices ol bank shares and other corporation stocks and debentures (sales where not stated otherwise) are:—Bank of Australasia,' £ll/1/101; Corqm. Bank of Australia,,b. £l/0/9, s. £l/1/3; E., S.-, and A. Bank, £6/9/41; Bank of New South Wales, b. £3l, s. £32; British Tobbaco, b. £2/3/6, s. £2/4/6; Goldsbrough, Mort. b. £l/6/6, s. £l/7/6; Dalgety, b. £9/15/, s. £9 17/6; National Bank of New Zealand, £3/0/101; Dalgety 4 per cent. Debentures, b. £ll2, s. £115; New Zealand Loan and Mercantile, 4 per cent. Debentures, b. £lO3, s. £106; Loan and Mercantile (ordinary stock), b. £95, s. £100; P. and O. Deferred, middle price, £3/13/6.—London, February 11. Tungsten Price Increase. —The Government buying price for tungsten ore (world) has been increased. The last price was 80/- to 85/- a unit, and to-day’s price is 85/- to 90/- a unit. —London, February 11. Mining Shares.—Prices quoted in London for mining stocks are: — Broken Hill North, 55/6; Broken Hill South, 26/U; Zinc Corporation, New Broken Hill, 33/-; Mount Lyell, 17/9.—London, February 11.

Joseph Nathan arid Co., Ltd. —In a statement at the annual meeting of shareholders of Joseph Nathan and Company, Ltd., in London, at the end of January, the chairman, Sir Harry Jephcott, said that the policy of the board, repeatedly declared in recent years, of directing the company’s resources into those channels offering the greatest scope for- development, had now been brought to its full consummation by the disposal of the company’s .principal freehold property in New Zealand and an agreement for the sale of Joseph Nathan and Company (N.Z.), Ltd. Except for an investment in a subsidiary company and some small properties, the company had only one asset —its investment in Glaxo Laboratories, Ltd. Under those circumstances there no longer remained any useful or rational purpose in the continuance of Joseph Nathan and Company, Ltd. Indeed, to continue it would have the effect of making it cumbersome and difficult for the directors to keep sharehr’ > fully informed of the corr.pcj .■ .. livities. The report was adop'ed, und at separate general meetings and a subsequent extraordinary general meeting resolutions were passed authorising the voluntary liquidation of Joseph Nathan and Company, Ltd., and the exchange of stock in Joseph Nathan and Company, Ltd., for equivalent, stock, class for class, in Glaxo Laboratories, Ltd.

Wairakei, Ltd. —A resolution that Wairakei, Ltd., should be voluntarily wound up was passed by shareholders at an extraordinary meeting recently. Mi’ J. A. Gentles, _ the formei’ chairman, who was appointed liquidator, stated that he hoped to make a return of capital and pay a liquidation dividend at an early date. The company’s property at Taupo was recently sold to the Government as a national asset for a total of £57,716. Dominion Investment and Banking Association.—The directors report satisfactory progress and have declared an interim dividend on A shares of 21 per cent (unchanged), payable on February 27. Cox Bros. (Aust.), Ltd.—An issue of 140,000 ordinary shares of 5/each, fully paid, has been made to Genoa Investments Pty., Ltd., as part payment of the purchase of a freehold property in Melbourne. Bradford Cotton Mills, Ltd. —Employees have been allotted 9900 employees’ shares at par. The shares rank for dividend with ordinary shares. They may be transferred only with the consent of the directors, and at par. Wellington Trust.—The directors of the Wellington Trust, Loan, and Investment Company recommend g dividend for the period ended Decembei' 31 at the rate a £5 paid-up share, making a distribution foi’ the year of 4 per cent. The transfer books will be closed from February 10 to February 25 inclusive. — (P.A.) Mount Isa Mines—Mount Isa Mmes, Ltd., proposes to increase its paid-up capital of £1,944,202 by about £2,000,000 to provide finance for a new copper plant and other facilities. This was stated by the chairman (Mr. J. Kruttschnitt) at the annual meeting of the company in Brisbane. Shares will be offered to shareholders under conditions to be announced soon. . miningFnews Grey River.—The Grey River Dredging Company, Ltd., reports the following returns: —Two weeks ended February 12, 250 hours, 182,963 yards worked, 407.45 ounces return; January, 545 hours, 418,085 yards, 950.27 ounces return.—(P.A.)