AMERICAN OIL MERGER.

New Zealand Herald, Volume LXIV, Issue 19808, 1 December 1927, Page 9

AMERICAN OIL MERGER.

NEW ZEALAND OPERATIONS. DISTRIBUTION OF PRODUCTS. A. and N.Z. NEW YOKE, Nov. 29. The Guaranty Trust Company has announced the flotation of four million 10year 4J, per cent, gold bonds (£BOO,OOOI of the Union At/antic Company. The announcement states:—"The Union Atlantic Company, 50 per cent, of the stock of which will be owned by the Union Oil Company of California, and 50 per cent, by the Atlantic Refining Company, has been formed to develop the economical transportation and distribution of the products of both companies in Australia and New Zealand. "The new company will own all the common stock, to the amount of £300,000, of the Union Atlantic Oil Company, Ltd., which has been incorporated in Australia and has already acquired valuable land sites for the erection of storage facilities, as well as for bulk terminals at the principal ports of entry to the Australian and the New Zealand markets "This issue will be used for advances to the Union "Atlantic Oil Company for the construction of such facilities as terminals and other purposes." The Auckland Harbour Board has granted a lease for a period of 50 years to the Union Atlantic* Oil Company, through its Sydney office,., of seven sectiions at Freeman's Bay reclamation, where the yachting clubs until recently had sites for hauling up their boats. Oil tanks for storage will be erected on the site.

HENRY JONES CO-OPERATIVE < PROFITS FOR PAST YEAR. AN INCREASE OF CAPITAL. The not income of Henry Jones Cooperative, Ltd. —whose headquarters are m Melbourne, and who have New Zealand interests —for the year ended October 31 was £159,10'3, the increase for the year being £19,307. Sources of income were:—Within the Commonwealth, £125,497; outside the Commonwealth, £35,205: these amounts comparing with £118,746 and £23,548 as shown fo,r 192526. An interim dividend of Is a share in June, and absorbed £45,549 The directors now recommend the appropriation out of income earned within the Commonwealth of a dividend at the rate of 9d a share, and out of the income earned outside the- Commonwealth an additional dividend of 6d a share. These two allocations will absorb £87,092. and the balance of £26.461 is added to the general reserve. The state that the profit* earned by the associated companies dur ing tho—last year had been quite satisfactory. However, in accordance with the conservative policy laid down at the in ception of the company, the board proposes paying an interim dividend in June next, of 9d a share. This will absorb an amount slightly in excess of the usual half-yearly disbursement, and the board notities shareholders that the payment is subject to profits during the current halfyear being sufficiently maintained. The capital of the company has been increased from £910,984 to £1,393,476. This change arises from the fact tha>t the directors decided that it was desirable to bring capital more into line with the value of the assets as represented by investments in associated companies. As a conseqqeii&a a distribution of ono fully paid £1 share for every two shares held was made to shareholders on the register of the company on Iviav 25. A block of 50.000 shares was set aside for allotment to employees on special terms and 27.000 of these shares have been allotted to employees who have rendered long, loyal and efficient service.

As the company is a holding concern, its assets are given in. the single item of shares and interest in jam manufacturing and fruit companies in the-Commonwealth, South Africa, New Zealand and England, the total" being £2.020,833. WOOL SALES POSTPONED. HEAVY FOG IN CITY. A. and N.Z.-Sun. LONDON. Nov. 29: The London wool sales were again postponed to-day owing to the fog. It was pitch dark at 10 a.m. in the city. LOAN FOR PALESTINE. BRITISH STATE GUARANTEE. (British Official Wireless;.) (Received November SO, 7.5 p.m.) A. and N.Z. RUGBY. Nov. ,29.

Another overseas loan made its appearance to-day, the underwriting being arranged for the issue of £4,500,000 in 5 per cent, stock of the Palestine Government. This loan is guaranteed for both principal and interest by the British Government. The price of issue will be 100£ per dent. TH£ A.M.P. SOCIETY. HUGE SUM IN 1926 BONUSES. The A.M.P. Society announces in another column that no less a sum than £2,693,424 was distributed in cash bonuses to policy holders during the year 1926. This constitutes a record, and provided additions to the fiurns assured of about £4.620,000. All participating policies effected in the ordinary department of the society on or before December 31 next will share in the bonuses to be divided <vt that date. This great life assurance .society offers policy contracts under the most liberal conditions, so that members joining now will reap the benefits arising from the continued satisfactory progress of the society. CHICAGO WHEAT MARKET. A. and N.Z. CHICAGO, Nov. 29. Wheat.—December, 1 dollar 27 1-8 cents per bushel ; March, 1 dollar 31 3-8 cents j May, 1 dollar 33 3-8 cents. SOUTHERN EXCHANGES. [BY TELEGRAPH. —PRESS ASSOCIATION.] WELLINGTON. Wednesday. The following sales; took place on the Stock Exchange to-day:—BanJc of New South Wales, £45 12s (>dj Wellington Gas (ord.), 27s 6d (two); New Zealand Government Stock, 4f( per cent., 1938, £96 15s; Taranakt Oil, 10s 9d. CHRISTCHURCH, Wednesday. The following sales took place on the Stock Exchange to-day :~-Bank of New Zealand (cum div.), 60s 2d; New Zealand Refrigerating .(con. ), £ls sd; Kaiapoi Woollens (17s paid), Bs-9d; British Tobacco, 545; National Bank of Now Zealand, £6 17s 6d, £6 1.8s; Union Bank (new, first instalment paid), £6i; Dalgety and Company, £l3 Is; Wellington Gus, 27s 6d; New Zealand Breweries, 43s 6d. DUNEDIN. Wednesday Thfi following sales took place on the Stock Exchange to-day :—National Bank of Australasia, £l7 LOs (two); Dalgety and Company, £l3 Is; New Zealand Drug, 665; Mosgiel Woollen, £6 12s 6d; Milburn Lime and Ceme.nt, 32s 9d; Upper Nsvis, 27s 3d; Dunedin City Corporation, 6 per cent., 1932, £102; Bank of New Zealand, 60s 3d (two).