COMMERCIAL

Grey River Argus, 13 August 1937, Page 3

COMMERCIAL

(Per Press Association], WELLINGTON, August 12. Sales, morning call: Wool worths, Ltd. £6 4s (two sales). Sales reported: (National Timber 10s: Myttons Limit!ed £1 17s lid. Unofficial list: Wooli worths Limited £6 4s 6d, £6 5s (four sales), £6 4s 6d (odd lot). | Sales, noon call: Four per cent, (bonds, 1955, £lO5 ss; Bank of New ! Zealand 44s 9d; South British Insur- | ance £5; Australian Pulp and Paper 33s fid; Colonial Sugar £47 17s fid. AUCKLAND, August 12. Sales: South British £5; Renown Coal Ils fid; National Timber 10s; Broken Hill Pty. S4s, 83s 9d; Dunlop 24s Id, 245; Radio, 1936, 25s 6d; Wilson’s Cement 20s 3d; Gillespie’s Beach Is 4d. Unlisted: National Tobacco 60s 6d. Sales. 12.15 p.m. call: Bank of New Zealand 44s 9cl; Aust. Glass 95s 3d. 95s 6d; Wilson’s Cement 20s 3d, 20s sd; Mt. Lyell 44s 6d; Stock, Nov. 3S/52 31 per cent. £lO3 10s. CHRISTCHURCH, August 12. Sales: Australian Glass 955~ 3d (2); Electro. Zinc (ord., cum. div.) 60s. 60s Id. 60s 3cL(3); Electro. Zinc (pref, cum. div.) 60s lOd; Felt and Textiles 42s 6d; Taranaki Oil 4s 9d; Woolworths (South Africa) 17s, 16s lid; Broken Hill South (cum. div.) 49s 6d (3), 49s 4d; Mount Lyell 44s 8d (2); Mount Morgan 12s Id (2); North Broken Hill 78s, 77s lOd. Unlisted: Woolworths (Svdney, ord.) £6 3s (2). DUNEDIN, August 12. Sales: Dunlop Perdri-au Rubber £1 4s; New Zealand Drug £3 14s; Wilson’s Cement £1 0s 2d, £1 0s 3d; Broken Hill Pty. £4 3s 6d (2); New Zealand Breweries £2 10s 3d; Mount Lyell £2 4s 9d (2); Myers Emporium £1 17s 6d. LONDON, August 11. Gold 139 s 6d, dollar 4981, franc 132 27-32. AMERICA’S GOLD RESERVES. TO STAY “FROZEN.” NEW YORK, August. 11. The Washington correspondent of the Journal of Commerce says that President Roosevelt will not give consideration to the Republicans’ gold proposals and will not change h's policy of sterilisation. It is estimated by the Treasury moreover, that hoarded gold in Europe, which in September totalled two billion dollars, does not now exceed half a billion. It is felt that this considerably reduces the danger of the United States being swamped with gold imports. TO KEEP PRICE UP. COFFEE DESTROYED IN BRAZIL LONDON, August 11. The “Daily Telegraph” says that thirty per cent, of the 1937-38 Brazilian coffee crop will be burnt, or dumped in the ocean, in order to keep up the United States wholesale price of sixpence a pound. A total of 481 million bags of the cheaper varieties have already been destroyed, only thirty per cent, being put on the market. BOBBY CALF TRADE. AUCKLAND, August 11. With the killing season at its height, it is estimated that 50,000 bobby calves passed through Ihe five freezing works in the Auckland pro I vince last week. While the variations in price which have marked this year’s operations in the trade make it difficult to assess the aggregate value of the stock that was killed, authorities consider that at least £23,000 has been returned to the farmers. Peak conditions are expected to prevail foi' about three weeks, and it is considered likely that both this week and next week at least 50,000 bobby calves will again be despatched to the works. For some weeks, killings, have been heavy, and although the point may be passed within less than a month, thousands of calves will continue to be killed in later weeks.

Staples to Liquidate OVER £1,000,000 INVOLVED. Notice has been issued by J. Staples and Company, Limited, hotel owners and investors, in brewery interests, Wellington, that the company proooses to go into voluntary liquidation. The special resolution, which provides for the appointment of Mr. C. S. T. Harden, accountant, of Wellington, as liquidator, will be submitted to an extraordinary meeting of shareholders in Wellington, on September Ist. The proposed winding-up is the expected outcome of the sale of the company’s licensed hotel interests in New Zealand Breweries, Limited, which negotiated what is regarded as the biggest cash transaction ever made in New Zealand. It is estimated that in the liquidation shareholders will receive something over £1,000,000 for their paid capital of £350,000. An option to New Zealand Breweries, Limited, to purchase certain tisensed hotel properties was ratified by shareholders of Staples and Company at the end of May and it is understood the cash involved in this deal was over £500,000. Included m the properties was the sale of the Central Hotel, Wellington, at £45,000. A holding of 76,000 shares in New Zealand Breweries, Limited, was owned by Staples and Company at the time of ratification of the option. The market, value was approximately £230,000, but since, the New Zealand company, to finance its expansion, has made an issue of 546,135 £1 snares at a premium of 5s in the proportion of one new share for every two held. It is probable, therefore, that the holding of the Staples Company has been considerably increased. Upon liquidation these holdings will be distributed pro-rata' among Staples’ shareholders.