NATIONAL MORTGAGE CO.

New Zealand Herald, Volume LXVII, Issue 20480, 4 February 1930, Page 7

NATIONAL MORTGAGE CO.

CAPITAL TO BE INCREASED.

ISSUE OF B ORDINARY SHARES.

A circular has been issued by the National Mortgage and Agency Company of New Zealand, Limited, inviting shareholders to subscribe for 125,000 B ordinary shares of £1 each at a premium of 15s a share. On the eve of war in 1914, actually on July 29, shareholders of the company meeting in London sanctioned an increase in tho authorised capital to £1,500,000 by the creation of 250,000 preference shares of £1 each, to carry a 6 per cent, dividend, and 25,000 ordinary shares of £lO each—the paid-up capital then being £200,000 in ordinary shares paid to £2 each. The advent of war caused an indefinite postponement of new capital issues and it was not until August, 1920, that the directors decided to issue the 25,000 new ordinary shares, to be paid to £2, at a premium of £1 5s each. Tho new capital dates from October 1, 1920.

According to the present circular, a 1 special meeting held on January 15 do- ' cided to convert the preference shares ' into £1 ordinary shares. They are to 1 bo known as B ordinary and the £lO c shares as A ordinary shares. The direc- " tors have now decided to offer half the ( authorised number- of 13 ordinary shares on tho terms stated. With this addition, the capital of the , company will be £375,000. The revenue | fund at September 30, 1928, was £300,000. , The preliminary announcement of the j company's results for 1928-29 is due this j month. , i NEW ZEALAND'S TARIFF. ; I CRITICISM IN AUSTRALIA. , A SUGGESTED CONFERENCE. [from our own correspondent.] SYDNEY, Jan. 23. It is strange reading, indeed, to find that Australians criticise New Zealand's ; tariff policy because it affects Australia's trade. In the way of tariff consideration New Zealand has nothing to thank Australia for. Quite the reverse, in fact. Time and again the producers of the Commonwealth have cried out as soon as some New Zealand product has obtained a footing here, and the Government has always been too ready to place a prohibitive duty on the offending article. Butter, bacon, hams, potatoes, have all come under the ban, besides many other products, and New Zealand trade has suffered while local industry has been bolstered up. Of course, it would probably be much better* for both countries if there was reciprocal trade worthy of the name, but up to date Australia has wanted all the benefits on her side. Reciprocity in those circumstances is impossible—one country asking all and giving as little as possible. Australia has a fixed policy of protection —protection almost run mad—and nothing will ever change it now. Well, then, Australia should be content and should have little desire to interfere with the fiscal. policy of a sister Dominion. Now wo have the secretary of the Victorian Grocers Manufacturing Union bringing under the notice of the Minister of Customs an allegation that the New Zealand Government is giving preference to foreign countries over Australian-made goods. Mr. F. J. Riley claims that this is an act of reprisal against duties placed on New Zealand goods coming into Australia, and he suggests that another conference between the two countries should

be held. Mr. Riley saysln the matter of macaroni, vermicelli, spaghetti, and similar goods, the duty for the Australian article is 30 per cent., foreign 20 per cent., and Canadian and British free. This shows that foreign goods have a preference over Australian goods. It is quite evident that New Zealand has not adjusted its tariff for the purpose of securing the manufacture of these goods within the Dominion, but that the action is taken as a reprisal against duties placed on New Zealand goods coming to Australia. It may be that a conference between the two countries might determine a tariff that would permit a reciprocity of benefit to both. It is understood that the New Zealand Government is ready to meet the representatives of the Commonwealth Government in conference, but up to the present representatives of Australia have not been chosen." VICTORIA NYANZA SUGAR. DIVIDEND OF 15 PER. CENT. The accounts of the Victoria Nyanza Sugar Company for the year ended April 30," 1929, were issued in Melbourne recently. They show that the net profit was £79,342, against £59,008 for 1927-28. The balance brought forward was £24,420, less interim dividend paid on October 17, 1928, out of profits for the period ended April 30, 1928, £15,000; dividend paid on February 25, 1929, out of profits for period ended April 30, 1928, £7500; and interim dividend paid on February 25 out of profits for the year ended April 30, 1929, £7500. The directors propose to write off £17.004 for depreciation, leaving a balance of £56,758, out of which they paid a further interim dividend of 7£ per cent, on August 31, amounting to £22,500. It is proposed to pay a final dividend for tho year ended April 30, 1929, at the rate of 5 per cent., amounting to £15,000, and an interim dividend of per cent, for the present year. These dividends, totalling Is 6d, will ho paid on February 25. The 5 per cent, dividend will make a total for the year of 15 per cent., the same rate as in the previous year. Tho board recommends transfer of £15.000 to the reserve, making tho fund £30.000, and leaving £4258 to carry forward. Tho managing director, Mr. G. R. Mavers, in his report on the company's operations in Kenya Colony, says that I 5723 tons of white sugar were manufac- | t tired during tho season. There were ! 80,982 tons "of cane crushed, comprising 39,546 tons purchased from farmers and 41 435 tons of plantation cane. It is estimated that 92.000 tons of cane will be availablo for crushing in the 1929-30 season, comprising 42,000 tons of plantation and 50.000 tons of outside farmers ° n The balance-sheet shows subscribed capital unaltered at £300,000. Assets total £380,384, including mill buildings, plant and improvements £142,161, tramways £44,861, and development account £41,968.