COMMERCIAL

Nelson Evening Mail, Volume LXI, 30 November 1927, Page 11

COMMERCIAL

ARMSTRONG-VICKERS FUSION (By Electric Telegraplw-Copyright) (A.P.A. and "Sun") LONDON, 28th November. Meetings of holders of various classes of shares and debentures in Armstrong, Whit-worth's, passed resolutions for fusion with Vickers, some debentureholders angrily protested against writing off £11,000,000 Similar meetings of Vickers' shareholders also adopted the resolutions. (Received 30th November, 8.35 a.m.) LONDON, 29th November. Mr Frater Taylor, speaking at the Armstrong, Whiteworth meeting, said they did not yet know the fulJ measure of adjustments necessary in respect, of losses' in trading ventures, as even now they would have difficult situations, to clear up, especially the large contracts with New Zealand, in regard to which friendly discussions were going on with the New Zealand Government.

P. AND 0. DEBENTURES LONDON, 28th November. , P.„and 0. debentures are quoted at £267, ' . BANK OF NEW~SOUTH WALES SYDNEY, 28th November. The report and balance sheet presented at a meeting of the Bank of New South Wales for the year ended 30th September last, showed the net profits, after deductions of various charges, to be £1.226,247. to which is added £171,925 undivided balance. From this is deducted interim dividends at 10 per cent. paid for the quarters ended December, March and June last, totalling £515,625, leaving a balance of £882,547, which the directors recommended to be dealt with as follows: 'Pavment of a dividend of 10 per cent, for" the quarter ended 30th September, - absorbing £105,596; bonus o,f 10s per share, absorbing £185,58o; augmentation of reserve fund, £240,760; and balance carried forward, £170,615. SYDNEY WOOL SALES SYDNEY, 29th November. • The wool sales repeated yesferday's features. Comebacks and crossbreds sold exceptionally well at very full prices. LONDON WOOL SALES Messrs Levin and Co., Ltd., have received the following cable from their London agents, dated 26th November, 1927:—The auctions are proceeding with strong competition. Continental and Home buyers operating freely. Catalogues are being well cleared. The following prices are current:—Merino, super, 2Wd, average, 24id; fine halfbred super 56/58s, 26k1, average 24J,d; medium, super 50/565, 21d to 23d per lb; average 21d; coarse, super 48/50s, 20d to 21d per lb, average, 19d; fine crossbred, super 46/48s, 18d to 19d, average 18d ; medium, super 44/465, 17d to 18d per lb, average 16d per lb: coarse super 40/445, 16id, average 15d; low, super 36/40s, 15d to 16d, average 14£d. Pieces, 13d to 15id. Bellies, 13d to Locks, B£d to 9Ad per lb.