COMMERCIAL

Grey River Argus, 19 March 1941, Page 9

COMMERCIAL

STOCK EXCHANGES. WELLINGTON, March 18. Sales: Late yesterday, Traders Finance 8s 6d. To-day, Broken Hill, £_. 1S March I’67' Sales: Bank of New South Wales £29, National insurance 19s 3d, Bioken Hill Proprietary 17s 8d (2), !(-> 9d, 17s Bd, (4), Mount Morgan 10s (2). Unlisted: Associated Gold Dredges (Us pd.> 13s. Reported: Westport-StocktOn Coal cord.) 2s od (2), Broken Hill Proprietary (late) 41s’ 6d. SYDNEY, March- 18. Bank of New South Wales £26 Bs. Dunlops 21s, Australasian Paper 35s 9d, Australian Gas £5 5s oct, Kanieri Gold 22s 6d.

BROKEN HILL RIGHTS. WELLINGTON, March 17. Due to delay in the arrival last. Monday at Auckland of notices from the Broken Hill Proprietary to New Zealand shareholders, the Stock Ex change Association has cabled to me company asking for an extension o time, stating that it will be impossible for many shareholders to complete their transactions in connection with the new share issue, and lodge their papers hi Melbourne by March 31 owing to the various Government regulations to be complied with, and the irregularity of mails from New Zealand. The company s reply, .received over the week-end, is that" an extension time cannot be granted, but that documents posted by March 31, and bearing a New Zealand postmark qf that date will be protected. This leaves a fortnight for shareholders to complete their business. The Stock Exchange Association recommends that those who are not taking up their new issue shaies should arrange to sell without delay, as a permit to sell has first to be obtained from the Reserve Bank before delivery can be made in time for the buyer to complete his application for permission to send the documents foi registration. Those shareholders who are sending their acceptances to Australia with scrip tor shares in other Australian companies to be sold there to create funds to support their applications, should do so as early as possible, to be certain that the documents will arrive in time for the sale to be completed and funds to reach the Broken Hill Company in Melbourne by the end of this month. Shareholders in New Zealand who are considering the purchase of further new issues shares from those not intending to exercise their right will need to apply to the Reserve Bank for permission to operate on their Australian credits before instructing their brokers to buy. As the Reserve Bank will be handling numerous applications, these should be made without any delay. One of the difficulties encountered in this issue is due to the failure to supply direct to the shareholder a form of renunciation for the use of those wishing to dispose of their rights. A small supply of these forms arrived in Auckland last Monday, and temporary distribution was made to other centres. Arrangements were made by the association for printing extra copies, from which another distribution was mailed on Saturday. A further supply will go forward from Auckland early in the week. In view of the fact that all documents must be completed, accompanied by authorised Australian funds, and posted by the end of this month, the executive of the association advises that it may be necessary to close dealings in the rights some few days before March 31, to allow sufficient time for a buyer to comply with the various regulations in force. Any decision in this respect will be announced later.

As some shareholders appear to be mistaken as to their rights to draw cheques on their Australian accounts, or to give instructions for payments from other forms of credit they may have there, the Stock Exchange Association draws attention to an earlier announcement by the Reserve Bank that application must be made for permission to operate by cheque or other authority.