COLONIAL SUGAR CO.

New Zealand Herald, Volume LXIV, Issue 19608, 9 April 1927, Page 9

COLONIAL SUGAR CO.

CAPITALISING RESERVES. ONE BONUS SHARE TO FIVE, (Received April 8, 5.5 p.m.) A. and N.Z. SYDNEY. April 8. Tho directors of the Colonial Sugar Refining Company will ask shareholders, at the half-yearly meeting to be held next month, to agree to the capitalising of £975,000 from the reserve fund, representing undivided profits, in the form of a bonus ( issue. The proposal i 3 to issue 48,750 shares at £2O each in the proportion of one to every five now held. _ The" present capital of the company is £4,875,000 in fully-paid £2O shares. With tho addition made at the last half-yearly meeting in November the reserve fund amounts to £1,350,000. The balance of undivided profits at October 1 was £310,809. DALGETY AND COMPANY. CAPITAL ISSUE APPROVED. r % £500,000 IN ORDINARY SHARES, Advice has been received by cablegram from London that a special meeting of shareholders in Dalgety and Company, Ltd., held on Thursday, passed a resolution authorising the proposed new issue of 100,000 ordinary shares of £2O each, £5 paid up. The new shares are to be offered to the company's shareholders early in May in the ratio of one to every two existing ordinary shares held, exclusive of fractions. The cablegram adds that the terms of issue will be announced probably to-day. The present capital of the company is £1,000,000 in ordinary shares paid to £5 and £500,000 in 6 per cent, preference shares, fully paid. For the last three years the dividend on ordinary shares has been 17 per cent. At June 30 the company had £2,475,454 irredeemable debentures and £503,992 terminable debentures. The reserve fund stands at £1,000,000, invested mostly in Government securities and undistributed profits amount to £211,412. At the last annual meeting in London in November the chairman, Mr. E. WParker, said the board had been considering various methods of increasing the company's resources in the direction of fresh capital, but, beyond putting out an issue of 4g per cent, irredeemable debenture stock, amounting to £250,000, it had not then definitely decided to take further steps. He was convinced, however, that before long it would have to do something in this direction. The company's wheat operations locked up a very large sum and, in addition to these outgoings, although during the past year conditions had much improved in West Australia, the company's clients in that State had had to lean very heavily upon the company to restock their properties and carry on with a view to resuming their normal activities. Parts of Queensland had suffered from want of rain, and teed in some districts entirely disappeared, so that squatters had had to resort to hand feeding to save their flocks. Therefore, in that State, too, the company must be prepared for contingencies. PRODUCE IN DUNEDIN. POTATO PRICES EASIER. [BT TELEGRAPH.-r-OWN CORRESPONDENT.] DUNEDIN. Friday. Odd parcels only of milling wheat have been on offer during the week. Considering the outlook of the market, the prices secured must be considered fairly satisfactory from the viewpoint of the grower.Sales of good quality Tuscan have been made at 5s 6d per bushel, sacks extra, on trucks, and 6s has been obtained for velvet. Millers do not appear to have any anxiety regarding the purchase of supplies for their immediate requirements, and some of them have already sufficient stocks to last them for a few months. Fowl wheat has a better inquiry and lines have been Shipped to the North Island. Several Canterbury forward sellers are at present, on the market as buyers to meet their commitments, and from this it may be taken that they, at least, are of opinion that the prices to growers are now about on a bedrock level. Owing to the broken Weather very few lines of oats have been offering in Otago and Southland during the past week.Values remain much the same, but there is a little firmer tendency as compared with the position a few weeks ago. The business passing, however, is not very, great. A grade Gartons are worth .nominally 2s 3d to 2s 4d, and B grade 2s Id to 2s 2d, sacks extra, on tracks, country sidings. The quality of the oats in the Otago district, as shown by samples that have reached the market, will be, only, fair. The wet weather when the crops were ripening was the main factor in causing the deterioration. Local shipping prices are still too high to permit business with the North Island, where merchants are securing their supplies from Canterbury. The chaff market remains firnf at last week's rates and good quality if, saleable at about £4 15s per ton, sacks extra. The demand "is practically eorlfined to best quality and other grades are very slow of sale.

The potato market has eased a little 'in the face of larger supplies. Values are nominally £4 to £4 10s per ton, sacks -'n,' for good table tubers. Specially good lines are worth a little more. Shipping values in Canterbury for immediate delivery have improved, and sales have been made for early April delivery at as high as £5 2s 6d f.0.b., s.i- The better demand has been caused through a teinporarv shortage of supplies in Auckland. Both ryegrass and crested dogstail remain firm at recent rates. New Zealandgrown cocksfoot is lower in price than for some years, and as the quality is much above the average it is expected that it will meet a good demand. FEILDING STOCK SALE. .[BY TELEGRAPH. —PRESS ASSOCIATION.] FEILDING. Friday. About 6000 sheep of good Quality were yarded for to-day's sale. An improved demand waj> shown for all lines. The yarding comprised a large on try of well-finished rape lambs, which made good prices. Breeding ewes were also in demand, rwo-tooth ewes made 19s to 20s 6d; four arid five-year ewes. 12s to 17s sd; forward empty ewes, <s 0,4 * 0 19s Id; four-year ewes, 17s *a to 173 Id; black-faced lambs, lis 4d to 15s K ; woolly lambs. 12s 3d to 15s Sd; fat blackfaced lambs. 16s to 19s lOd; pet lambs. 2,5; fat wethers, 22s to 24s 9d; fat ewes. 12s .o 15s 8d; ewe lambs, 33s 3d to 16s 3d; twotooth wethers, 18s to 21s There was a good yarding of all classes of cattle and a fair demand. Dairy stock sold well in advance of late sales. A full yarding of fat cattle met with a much better wale than of late Store cattle met with good competition, a few pens bei "S passed in. Springing Jersey cows. £Sr to ±lO 10s; springing heifers, £9 Us 6d, good fat cows, £5 5s to £5 17s 6d; bullocks, £7 4s; good quality fat bullocks. £9 to 7s ' : PROPERTY SA' ES: The estate of the late Rev- i ather Patterson. comprising a large residence wxth a cottage and ou+buildinsts and four sections fronting Takapuna Beach, was offered -at auction by Samuel Vaile and Sons, Ltd., yesterday. The propertv. portion of which fronts Gibbons Road, off the Strandt is one of the best buildinsr sites in Takapuna. The bouse was sold for £1525 and one of the sections found a buyer at £775. The other sections failed to .-each the reserve. The same firm also offered tor sale a section of 3i acres in Melrose Road,. Hulsborotishr r It was offered under the_ concmci of tft« registrar, of the Supreme Court and boon in by the mortgagee for £7OO.