COMMERCIAL

Grey River Argus, 29 August 1939, Page 11

COMMERCIAL

WELLINGTON, August 28. The Stock Exchange Association lias received the following cablegram 'from the Broken Hill Proprietary Company. The chairman at the annual meeting, referred to the general misapprehension by the public about lhe percentage of profits on capital, which is exaggerated by the fact that most of the company’s shares were issued at a substantial premium, and the shareholders subscribed much more in cash to the funds of the company than,is shown in the subscribed capital. As £4,459,790 was actually subscribed in premiums by shareholders, in cash, the directors decided'that it was desirable to issue shares for approximately a like amount, which will work out at about 64 shares for each 100 shares now held. Tfie directors are considering steps necessary to give effect to this decision. Since no part of such issue would come out of past profits, it would not be a bonus issue in the ordinary sense. It will be recognised that it will not enable the company to earn a larger amount of profits, and no greater amount will thereby be rendered available for dividend purposes. Further particulars will be advised to shareholders in due course.

N.Z, SHARE MARKET. CHRISTCHURCH, August 28. Sales: British Tobacco 50s Broken Hill Pty. (Cum Bonus) 76s r 9d 775, 77s 6d;; Broken Hill Pty (New) 77s 9d, 77s 6d; Electro Zinc (Ord. C.D.) 54s 6d; Woolworths (Syd. Ord.) 24s 9d, 14s lOd. Reported Zealand Breweries 36s 3d. A DIVIDEND. DUNEDIN, August 28. At a meeting of the Board of Directors of Kempthorne, Prosser and Co. (N.Z. Drug Coy.) this afternoon, an interim dividend of 3b per cent for the half year ended August 31 was declared.