COMMERCIAL COMPANY AND MINING NEWS AND REPORTS

Greymouth Evening Star, 24 February 1948, Page 8

COMMERCIAL COMPANY AND MINING NEWS AND REPORTS

Associated Gold Dredges.—For the week ended February 21 this company’s dredges recovered 611 ounces of gold from 51,866 yards in 241$ dredging hours. Turnbull and Jones— The directors have decided to make a final call of 5s a share upon the members of the company registered on March 1, 1948, in respect of the amounts unpaid on their shares. The call is made payable on or before March 31.

National Mortgage Dividend.— The National Mortgage and Agency Company of New Zealand, Ltd., advise that, subject to approval by shareholders at the annual general meeting in London on April 20, a dividend will be paid at the rate of 5 per cent, per annum for the year ended September 30, 1947 (of which 2| per cent, has already been paid), together with a bonus of LI per cent., making a total of 6j per cent, for the year. Public's Poor Response. — Applications from the public for the issue of £1,250,000 41- per cent, debentures by New Zealand Forest Products, Ltd., totalled £469,500. The balance of £780,500 is being taken up by the underwriters, Messrs J. B. Were and Son, Melbourne and Sydney. The issue was offered simultaneously in New Zealand and Australia and the public lists were closed last Wednesday in terms of the prospectus. The company’s programme of expansion towards the financing of which the issue was made involves a capita) outlay of aproximately £2,000,000 during the next three years on plant and machinery. N.Z. Shipping Company. — The accounts of the New Zealand Shipping Company, Ltd., for the year ended September 30 last show a profit of £277,517, after providing £260,617 for normal depreciation and £289,976 as the initial allowance for depreciation undei' the Finance Act, 1945, and providing £511,105 for estimated taxation on current profits. The sum of £160,000 has been transferred to tonnage replacement reserve and, after the payment of the preference dividend an ordinary dividend of 12 per cent., free of tax, is recommended,'the same as in the previous year. All the ordinary shares are held by the P. and O. Company.