P. AND O. CAPITAL.

New Zealand Herald, Volume LXIV, Issue 19792, 12 November 1927, Page 9

P. AND O. CAPITAL.

PROPOSED ISSUE APPROVED.

.• y..:., '„ • • • BOTH CLASSES OF STOCKHOLDERS

(Received November 11, 5.5 p.m.) A. nncl N.Z.-Sun. LONDON, Nov. 10. Shareholders in the Peninsular and Oriental Steam .Navigation Company met to-day and approved the issue of new capital to both classes of shareholders.

Notice was given by the directors, on September 6 of a * proposal to issue £1,000,000 additional deferred stock, to be offered in the first place to existing holders of both preferred and deferred stock, U) proportion to their holdings, at £2OO for £IOO of new stock. The i £2,000,000 thus obtained will bo used to pay for a new steamer of 19,000 tons now being built on' the Clyde, and for several cargo steamers of 10,600 tons. When the proposal was submitted to a special meeting in London on September 14, objection was made to the proposed allotment of stock to preferred stockholders. The .chairman, Lord Inchcape, replied that the company was absolutely bound by its charter to offer the stock on the same terms to Doth classes of stockholders. The meeting was adjourned, and subsequently it was announced that the board was obtaining further legal advice. Evidently, its interpretation of the charter has been conclusively sustained. Early in September, the deferred stock was quoted on the London exchange at £297 10s. The price rose to £3OO on September 5, but by September 13 had fallen to £267 10s, subsequently recovering to £275. Sales were made on October 7, the latest report available at £270. The preferred stock was quoted at £92 17s 6d on September 1, and rose tp par on September 7. Early in October it was selling at £96 to £9B. One of the points made on behalf of the protesting stockholders was that the two bonus allotments of stock had been made to deferred stockholders only. These issues were made in December, 1919, and December, 1920, by capitalising reserves to the respective amounts of £190,705 and £201.345 Other issues of stock have been made in recent years in payment of fleets acquired by the company, including the British India, the New Zealand Shipping, and the Union Steam Ship. The present capital of the company, is £3,040.000 in 5 per cent, preferred stock, and £3,592,518 in deferred stock. As the former represents approximately 45.83 per cent, of the total, the preferred stockholders will have the option of subscribing .about £458.300 of the new issue, the deferred stockholders receiving the balance of £541,700. LOAN ' AND MERCANTILE. v " - *." DIVIDEND' OF 7i. PER » CENT.

(Received November 11, 5.5 p.m.)

A. and N.Z.-Sun. LONDON, Nov. 10. The directors of the New Zealand Loan and Mercantile Agency Company have declared a final dividend for the year of per cent.

With the mterijn dividend of 3 per cent, paid on the year is per Cent.* absorbing £75,000. as against 7 per r cent. *in each of the la&t two years, -and ;6, per cent, in 1924. The dividend is subject to English income tax. . . I. MARKET REPORTS. FRUIT AND PRODUCE PRICES.

The increasing quaiftHles' of strawberries' and gooseberries and the comparative scarcity of lemons \veie the most interesting features ol : yesterday's sales at the Auckland City Markets. A decided improvement took place in the quality of strawberries, buyers not being slow to realise the change on earlier parcels. A 1 though not officially quoted, a few plums arrived, mostly suitable for cooking pur poses only They wore sooh disposed of. Owing to the bulk of the shipment of bananas off the Tofua having ripened simultaneously for this truit fell considerably. Fresh supplies of green bananas are due from Fiji by the Waipahi next week. Gooseberries are now at the height of the season and are selling at 6s 6.1 to 7s 6d a case.

The field produce market was oversupplied with cabbage, lettuco and potatoes. As a result prices reached a lower scale and competition for most lines of vegetables was not very..: keen. Ihe new season's nfarrows were .offered at prices ranging from 2s to 8s a dozen. French beans realised Is fid to 2s per lb., and broad beans were quoted at 2gd to 3d per lb. Large quantities of rhubarb were also received, values decreasing fid a dozen on late rates. Moderate supplies of hen eggs met with ,i keen demand, the,, approach of Christmas accounting in a measure for a more spirited inquiry. Farmers'-butter, which was in fair quantity, sold at Is 3jd pe' lb- . .. 1 . ■ t «■ The following priced were realised:—

FRUIT. Apples, Stunners 11b to 14s 6d a case. Dougnerty 8s to Us fid; Canadian. 20s to •21s; pears, Nelis and Cole, repack. 12s to 15s a case; P. Barrys, 5s to lis; oranges, Rarotongan. 20s to 21s 6d; Australian Valen cias, 17s to 2t>s a case. Australian Common, 12s to 15s; lemons, local, fresh, 6s to 16s ■. cured. 15s to 20s; tomatoes., hothouse. Is to Is 9d per lb.- Rarotongan, I4s_ to 16s; tree tomatoes, 7s to lis; gooseberries, 6<» 6a to 7s Gd; loquatf, C~ to 6s 3d a 'case; grapes. Californium "25s a keg; banfmas, repack, ripe. 'ss to 13s a case; seconds, 8s to -10s; strawberries. Is 2d to Is lOd a chip.

FIELD PRODUCE. Potatoes, Southern. 10s to lis 6d per cwt.; new, llri to 2}d per lb.; kumaras, lauranga, >s Gd to 14s 6d per cwt.; Island. 9s to 10s fid, pumpkins, ordinary, ,15s to 255; swedes, 2s &s Gd bag; onions. 17s to 19s a crate; cabbage, Is to 6b a sack; on. benches. Is to 3s a dozen; cauliflower. 3s to 7s 6d a sack; on benches. 2s io, 7s a dozen; lettuce. 2s to 5s a Casef rhubarb. 2s to 4s a douen; spinach, Is 3d to Is 9d n dozen, leeks, 2d to 3d a bundle; spring; onions. 3d to Is Cd a bundle; marrows. 2s to Ss a dozen; cucumbers, hothouse, 8s lo os a doren; broad beans, 2§d to 3d «er ib.; radish, 6d to lOd a bundle; French beans. Is 6d to 2s ner lb.; peas, 3d to 5d r>er I >.. asparagus. 2d to 9d a bundle; carrots, parsnips. beet and turnips. Is to 2s a dozer bundles. PRODUCE.

. Hen eggs, 'a 7*d to Is 8d a dozen: duck. Is 6d a dozen; farmers butter, la to 13 ;Ji<l por !b ' POULTRY.

Cockerels, prime, -heavy. 7s to 5a each; li"ht Is to 6s fid; fat roosters, heavy, prime. 2s" Gd to 3s each: light. Is to 2s bd; hens, heavy. 4s fid to 6s-each; light. 2s bd to Is. drakes, prime; yourifr, 3s fid to 4» fid each, smaller. 2s to 3s fidturkey, • gobblers, 22s each; ducks, young, 4s to 5s each.

HIDES AND SHEEPSKINS. S '\LES A T WELLINGTON. [BY TELEGRAPH. —PRESS ASSOCIATION.] WELLINGTON. Friday. At the hide and sheepskin, sales to-day dry sheepskins sold well up to recent rates, well wool led salteds bem| slightly easier. Ox and cow were firrti at last sake prices, while super and medium advanced Tallow was also fi rar at fast sales rates. The range of prices, was as fol iO\VS. • ± ;■ Sheepskins.— Ha,lfbred, 9d to I4id; fine crossbred. lOd to ltd; .medium coarse crossbred. 10ld to 13d; short to half wools. 8d to lljd; lambs. 9d to 14d; d«sad and' damaged crossbred, 8d to ll|d; interior and badly' damaged, 4d to 8d; pelts, 4d to 8d; damp. Raited and green, 4a to, 12s 6d lambs, salted, 2sj 3d to &s 10d; hides, ox," extra heavy. 9d' to lOidij. OX, ttefcvy, IQJd' to 103 d; ox, medium,,>"9id,to lOJd; ox, light. 9Jd to 101 - cut, slippy and inferior, 8d to 9id; cow. heavy, 9d to 10} d: cow, medium. 9d to llSd; cow, light, 9i to lljd: cut. slippy and inferior, 6d-to 10} d: bull, stag, 3jtd to 6d: yearlings. lid to 12ld: yearlings, BJd to 12Jd; calf, superior, 13d to 175 d; calf, medium to good, 121 d to 161 d: calf, damaged, 3d to 14d. Tallow.—ln oas'l»;' 22b 6d to 255; in tins, etc., 18f> to 18s Bd. Horse Hair.—2sld to 87i<5.