AUSTRALIAN WAR DEBT.

New Zealand Herald, Volume LXV, Issue 19976, 19 June 1928, Page 7

AUSTRALIAN WAR DEBT.

CONVERSION LOAN TERMS. NET RETURN OF 5 J PER CENT. The recent improvement iti tasnetarv conditions is reflected in the terms of the Australian conversion loan, announced at the beginning of this month. Last year's conversion offer was on the basis of 5J per cent, stock at with currencies of 5, 10 or 15 years, the effective rates of interest being £5 lis lOd, £5 8s lid and £5 8s per cent, respectively. The present conversion offer is also of per cent, stock at 983,, but the option comprises only two currencies, seven or 14 years. On the shorter tenu, the yield, allowing for redemption at par, is £5 10s 3d per cent.; the longer term represents £5 8s Id per cent. The 5 per cent, debt maturing on September 15 is £21,018,620, but the Federal Treasurer has asked for a total of £20,000,000 in cash, or conversions, the balance to bo covered by tlie National Debt sinking fund. Interest at the rate of per cent, will be allowed on cash subscriptions from the date of lodgment. Holders of maturing stock applying for conversion will receive the new stock on September 15, with a half year's interest at 5 per cent., and for every £IOO of stock exchanged, a cash payment of £1 10s. The subscription list will be closed on September 14. The issue has been underwritten by the Commonwealth and the other Australian banks. KAURI GUM PRICES. CONTROL BOARD QUOTATIONS. The Kauri Gum Control Board reports that prices obtained during the fortnight ended yesterday were as follows :• — White Gum. Seven-eighth range white, 170s; washed range white, 85s; bold range nuts, 70s; small range nuts, 50s; chips and dust, 32s to 355. Black Gum. —Seven-eighth black, 140s; washed steel, 85s; brown gum medium, 48s to 50s; ordinary black, 34s to 40s; good, clean nuts, 275; small nuts, 24s to 255; sifted chips, 22s to 255; medium chips, 17s to 20s; poor chips, no sales. FROZEN MEAT PRICES. LONDON MARKET VALUES.' The Bank of New Zealand has received the following advice from its London office as at the close of business last week: —Frozen meat: Prices for wethers aro maintained with difficulty. The ewe market is expected to decline owing to high prices checking the demand. The lamb market is firmer for seconds, while firsts remain steady. The present demand for beef is good and is likely to continue so. Wethers, light 7cl to 8d per lb; heavy, 6d to 6§d: ewes, 5d to 6d; lambs, twos, lOd to lOid; eights, 9|d to lOd; fours, 9J,d to ox hinds. si,d to 6d; fores, 3|d tn 4d: cow hinds, to s'd; fores, 3id to 3'i.d. CORDON AND GOTCH. PROFITS FOR HALF-YEAR. The net. profit shown by the report of Gordon and Gotch for the half-year ended March 31 was £47,973, as compared with £41,947 for the period ended September 30, and £38.383 for the corresponding six months of last year. The usual dividends at the rates of 8 per cent, on preference and 10 per cent, on ordinary capital absorb £4OOO and £25,000 respectively. The sum of £IO,OOO has been transferred to general reserve and £9OOO to the contingency reserve. The directors report that the company's business has been well maintained with a satisfactory net return. AUSTRALIAN GLASS. DIVIDEND OF 10 PER CENT. Since its inception in 1922, the Australian Glass Manufacturers Company has annually shown an increase in profits. The amount for the year ended March 31 was £184,597, as against £179,358 in the previous year. The 9 per cent, preference dividend absorbed £15,750 and the usual 10 per cent, on ordinary capital, £93,047. The directors have added £55,000 to reserves and carried forward £72,031, an increase of £20,800. DUNLOP RUBBER CO. BUSINESS IN NEW ZEALAND. A recent cablegram from London stated that a company had been registered to take over the New Zealand business of the Dunlop Rubber Company. This is explained in a circular issued to shareholders by the directors of the Australian Company, in which they are invited to sanction a proposal that, notwithstanding the provisions of the agreement of last September between the Australian and the English companies relating to the registration of a New Zealand company, the Australian directors shall have authority to soil the whole of the New Zealand business and assets as a going concern to the English company. The Australian board has recommended this course in preference to the original scheme under which the English and the Australian companies wcro to have equal interests in the New Zealand company. VALUABLE JERSEY BULL. IMPORTATION FROM AMERICA. [Br TELEGRAPH.—OWN CORRESPONDENT.] HAMILTON. Monday. An acquisition to the Jersey blood in the Waikato is the importation of the American show bull, Fairy's Eminent Raleigh, by Messrs. Alex. Morel land arid Sons, To Rapa. Fairy's Eminent Raleigh has annexed more prizes as a two-year-old in 1927 than any other Jersey bull :n the Uuited States. Among other honours the bull has the distinction of taking championship honours at the Central States Exposition. The bull arrived at, Auckland to-day. This latest importation is the highest-priced bull to arrive in the Dominion. SOUTHERN EXCHANGES. [BY TEtiEGRAPH.—PRESS ASSOCIATION. } "WELLINGTON, Monday. The following sale was made on the Stock Exchange to-day:—New Zealand Refrigerating (10s paid), 8s 7d, 8s Bd, 8s 9d. CHKISTCHURCH, Monday. The following sales took place on the Stock Exchange to-day:—Christ-church City, 5$ per cent., 1955, £101; Commercial Bank of Australia, 29s 7d; Commercial Bank of Sydney, £27 2s 6d; National Bank of Australasia (£5 paid)_, £9 0s 6d; Union Bank, £l4 18s (two) ; Bank of New South Wales, £49 12s 6d (four); Holden's Motors, 32s 6d; New Zealand Refrigerating (£1 paid), 18s 4d; New Zealand Refrigerating (con.), 8s 7d; Quill Morris, 19s 7d; Tarauaki Oil, lis; Mahakipawa, 3s lOd (two), 4s (four), 4s Id (six), 4s (six),,