UNION STEAM SHIP CO.

New Zealand Herald, Volume LXVII, Issue 20604, 1 July 1930, Page 7

UNION STEAM SHIP CO.

B PREFERENCE CAPITAL,;

NO'ANNOUNCEMENT OF ISSUE.

[nr TELEGRAPH. —PRESS ASSOCIATION.] DUNEDIiV, Monday.

It will doubtless bo news to preference shareholders in the Orion Steam Company of New Zealand, Ltd., to learn,that in addition to the original 1,0)0,000 of 51, per cent, preference shares 1 hat have been, in existence for some ysars, the company has, apparently at some time prior to September 30, 1928, issued 1,000,000 of ;>er ce it. H prefe - ence shares.

In commercial circles it is int known to whom these shares were issued, but it is certain that they were not offered to the original preference shareholders, who would no doubt bo interested to know exactly what are the rights of the B preference shareholders.

'lho Union Company is r, subsidiary of the P. and O. Company, which some years ij.go acquired all the ordinary shares, ami uo accounts are published, i'he. authorised capital is £3,000,C00, of which, it has previously been understood, £2,000,C0G had be m issued in ordinary and preference! shares of equal amounts.

SIIEEP FOR AUSTRALIA.

LONGWOOL3 IN IDEMAND.

LOCAL CROSSBRED!! NEEDED

One effect of the depressed, wool market will be a Keener demand for longwool sheep, in the opinion of Mr. H. Henley, a well-known Australian pastor;.list, whoso Bassett Downs Estate, Covra, New South Wales, has recently had ,-in accession of Mew Zealand pedigree Steele.

Air. Henley, who is proc-;edirg to Honolulu by the Aorangi, stated yesterday that the movement in Austral a ir .favour of

crossbred sheep is gs.ining in momentum. Australian farmers were really only just beginning to go in for ihe fertilisation of pastures, as had been the New Zealanu practice for years. Personally, he found that the Dorset Hprn was the best straight-out fat lamb, although the Uomney was the best for duel purposes. Komneys imported to Australia from New Zealand, however, were :nuch abova the Australian type and were ideal for crossing with Merincs. lie believed there would be an extensive tride in Romneys as far as Australia was concerned in the. future.

Last January Mr,. Henley visited New Zealand with Mr. W. R. Glasson, president of tiie Australian Long vool Sheepbreeders' Association anf rcade several (purchases of New Zoalanc sto:k which he took Dack to flis atatioa. JS'ew Zealand was famed abroad for its Romneys, ho said, and Australia was bound to draw upon this country for some of its breeding stock. Romney crossbreds figured largely in the prize list of the fat lamb classes at the Sydney Royal Show. "As far as prices are concerned, I do not think wool will bo any worse than it is," said Mr. Henley. "When thfe Australian season' opens in August I believe we will find tlmt present prices will be maintained."

DOMINION'S FLOCKS.

DETAILS OF SHEEP RETURNS.

MARKED INCREASES SHOWN.

The full details of the returns of sheep in the. Dominion on .April 30, 1930, a summary of which was published in the Herai.ii yesterday, aro as follow?: —

Final Interim K 'turn. Return. Increase. 1929 1930. Auckland .. 1.',34,171 3,330,465 566,31* G isb'ne-Hfuvke's . Bay . .. 13.V95.33S 6,941,23-1 145,915 Wellington-West Coast .. .. 6,((38,934 6,222,853 163,919 Js'orth Is. totak 15.ii88.441 16,434,052 876,208 Marlborough-Ned-eon-Wesilaiid . 1,456,9i2 1,509,010 5.,05S Canterbury- _ Kuikoura .. 5,5"7,573 6,029,390 20C.91i Otago .. .. 6,1''8,413 6,635,338 456,92-5 South Is. totals 13,462,935, 14,172,738 709,800 Dominion totals 29,(151,385 30,637,390 1,586,008 COSTLY PROJECTS. AUSTRALIAN SCHEMES. The Australian Minister for Agriculture stated recently th;,t tho charging of' full interest on al\ works, including the Eurrinjuck dam to the partially-developed Murrumbidgee irrigation area, was generally admitted to be on unfair burden. Though there have been profits over working expenses of £933,614, tho total loss to the end of las', financial year, allowing for interest and depreciation, was £4.293,778. Amending legislation would be necessary to reduce tho interest bill. Construction of the Sydney bridge hris been responsible to date foir the expenditure of £2,500,00) in, Australia, though nearly another £1,000.(00 has been spent on importations. The value of import.itions for the bridge were:—Steel, 35,349 tons. £512,949; machinery ;ind damn, £395,815. OIL-BORING REPORT. [CY TELEGRAPH. —PRESS ASSOCIATION'.] NEW PLYMOUTH, Monday. Moturoa Oilfields, Ltd., report that lVr the week ended c'une 28 iS'o. 1 well w;t<i drilled to 1572 ft. in grey s'ialo and sandstone, Gas pressure i 5 increasing and a lOin. cement cnsir.g was put in at 1572 ft., using six. tons of cement.