BANK OF AUSTRALASIA.

New Zealand Herald, Volume LXV, Issue 19924, 18 April 1928, Page 9

BANK OF AUSTRALASIA.

INCREASE OF THE CAPITAL.

SYSTEM OF ALLOTMENT* Following the recent decision of the proprietors of the Bank of Australasia to issue 100,000 new shares of £5 each at a premium of £6 a share, advice has teen received that the share!! have been allotted in the proportion of one new share for every eight shares held on April 13 last. Provisional warrants, each representing one-eighth of a share, have heen issued for the fractions where the proprietors' holdings have not been exactly divisible by eight.

At the meeting in London which approved the proposed increase in capital, several shareholders offered the opinion that the proposed premium of £6 was excessive, and the chairman promised that the directors would consider the matter. It has been decided, however, to adhere to the original premium, so that the total cost to proprietors will be £ll a share. The payments on the new shares will be due as follows:—£3 on May 14, £3 on June 13, £3 on July 13, and £2 on August 13. An approved holder of eight provisional warrants, presented at the inspector's office, Wellington, on or before May 7, will receive an allotment of one share.

The additional capital is required to meet the bank's increasing businoss. In taking this step the Bank of Australasia is practically the last of the leading Australian banks to make si new issue of share capital within tho last 18 months. Tho present paid-up capital of the concern is £4,000,000, and tho reserve fund £3,850,000. The new issue will increase the paid-up capital to £4,500,000, and will add £600,000 to the reserve fund. In the allotment letter posted to the proprietors on the New Zealand share list, it is stated that non-payment of the first instalment on the shares now offered by May 14 is liable to be regarded as a relinquishment of the right to an allotment. Instalments may be paid in full on tho due date of tho first instalment only. Interest at 5 per cent, per annum will be paid to October 15 on instalments from the date on which they ars payable, or on payments made in full Dm or before May 14' from that date. Interest at 6 per cent, per annum will be charged on payments in arrear, but without prejudice to the right of the directors to forfeit any shares on which payments are not made in due course on the above-mentioned dates.

Should a proprietor desire to take up only a portion of the new shares to which he is entitled and to sell the remainder, application must be made to Wellington for new allotment letters, denunciation of the shares in favour of other approved parties will be allowed, provided such renunciation is endorsed on the allotment letter before the first instalment is paid. After payment of the first instalment transfer must be by deed prepared by the bank. The new shares will rank on an equality with the old for any dividend payable' in March or Apr il, 1929. In the case of any default of payment, tho shares will be liable to forfeiture at the option of tho directors. *

PROSPERITY OF CANADA.

LAST YEAR'S MARKED PROGRESS

Canada's progress during 1927, as revealed by the statistics,, shows that the year was one of the most successful in the history of that Dominion. Mineral production reached a new high record of £48,354,000. The wheat crop amounted to 444.024,700 bushels, an < increase of 35,000,000 bushels over 1926. The oats crop showed an increase of 69,000,000 bushels. The national debt was reduced by over £8,000,000. The total foreign trade increased bv £9,400,000.

POVERTY BAY APPLES. LARGE INCREASE IN YIELD. If allthe apples available -for export were shipped, Poverty Bay's export,s this season would exceed 23,000 cases, which figure not only eclipses the previous largest - quantity sent away from Gisborne, but is also nearly double the shipping space booked earlier in the season. However, it will be possible to send away only 7000 cases of the remaining 11,000 cases offering. \ i This season has been such a wonderful one in Poverty Bay that the estimate of 12,000 cases reached at the beginning of the seaso:n has proved to be underestimated to the extent of nearly 100 per cent. The amount of shipping space booked by Poverty Bay growers already has been exceeded, tho total amourt sent away to date being 12,196 cases.

Recently the growers came to the conclusion that they would not have any difficulty in securing another 11,000 cases for export, and application was made to have the space for 7000 cases on the steamer Maimoa, duo at Gisborne to load this quantity on May 14. increased to 11.000 cases, but the attempt was unsuccessful.

STOCK SALES.

GOOD DEMAND AT HAMILTON.

[BY TELEGRAPH. —OWN CORRESPONDENT.]

HAMILTON. Tuesday

The Farmers' Co-operative Auctioneering Company, Ltd., reports:—At Hamilton today. there was a full yarding-of all classes of stock. Beef' maintained "* late values, medium steers making up to £l3 153:, best cows, £8 10s to £9 12s fid: medium weights. £7 5s to £8 7e Gd; light, £6 5s to £7; best runners, £4 Is to £4 19s; light vealere. £1 19s to £2 17a 6d. The demand for mutton was also firm. Good wethers sold at from 32s 3d to 335; unfinished sheep, 27a to 29s 6d; ewes, to 24s 3d; lambs. 22s Id to 20s; smaller sorts, from IBs 6d. A largs entry of good quality bullocks were slow of sale at auction, but sold ultimately at full market rates. Good ETeroforda made uc.to £9 53; Shorthorn 3. £8 10s to £9 103. A line of Polled Anprus cow 3 mode from £5 9s to £G 2s; forward cows. £3 103 to £4 17s Gd. A large yarding, of piss drew good competition and all were cleared. Best baconera made from £4 to £4 8s; light weights, £3 5s to £3 15s; porkers,, £2 10a to £3: light, £2 to £2 7s Gd: slits. 18s Gd to 27s 6d: weaners, 4s Gd to 9s Gd.

RATES AT CAMBRIDGE. New Zealand Loan apd Mercantile Agency Company, Ltd., report:—A full yarding came forward at tlic Cambridge stock on Monday. Competition was good for beet and fleshy cows. Store cattle sold readily. Pigs werf yarded in exceptionally heavy numbers and met with poor Kidding. Quotations are:—Fat cows. £5 17s 6d to £] 17s; fat heifers. £4 15s to £5 16 s; forward cows. £3 12s to £4'6b; store ;cows. £1 10a to £2 14s; 18-month steers, £4 4s to ±a ss; 20-montli heifers in calf. £5 to £6 10s; yearling heifers. £2 5s to £2 12s; bulls. £3 to £3 ss; shorn lambs, to IBs 6d: black face lambs. 15s Od. Pigs: Posters. £1 Bs> to £1 16s; good stores, £1 2s IjO £1 f»s; others. Its to ISs; slips, 8s to j2s; weavers. 5s to 8s: others., 2n to 4u 6d; breeding sows, £1 7s 6d to £2.

PRICES AT TATJMARUNUI. [jlY TELEGRAPH. —OWN CORRESPONDENT.]

TAUMARUNUI, Tuesday.

At the Taumarunui slock sale to-day there was a large yarding of sneep and cattlo. Nearly 2000 sheep were yarded and the cattlo numbered over 600 bead. A few pigs came forward but there was little demand for this class of fetock. A particularly large number of farmers and buyers were present, from Wanganui, Marlon. Ohakune. Raetibi, Ohura, Makere, Te Kuiti and Waikato. Two-tooth wethers made up to 2(>s o>d, and the demand for lambs was good. Some of the cattle yarded were of very fine Quality. Fat cattle were in great demand. Wearier pigs made 10s. Two-tooth wethers made 20b 6d; mixed aged wethers. 21s. 225, 235, 243, 25s to 25s 6dJ small ewes. l J s to 18a 9d: best, ewe lambs, £1: good wether lambs. 18s Id; other ewe lambs, 16s lid to 17s sd: small wether lambs. 15s to 10s; mixed sex lambs. 13s 6d to ISs 6d: cull lambs. 93 to 11s; Rom■nev and 2-shear rams, ligns. Pest fat bullocks, to £l2 10s; othei - fat bullocks, i' 9 ss. £lO 15s, Pl2 list <r>* £l2 os: mnall fat bullocks, £8 ss; three-year-old steers, £9 7s 6d': three and n-half yc'nr bullocks, £ll Is: forward bu'llorlis. £G 16s, £7 10a (o £7 Us; fat rows, £4, 12s. £5 12s, £8 16s to £7; email three-year steers, £7; two: .aud-a-half-year steera, £0 6s; fat heifers, £5 14s; speyed heife're, £6 13s.