NEW PAPER WORKS

New Zealand Herald, Volume LXXIII, Issue 22401, 23 April 1936, Page 7

NEW PAPER WORKS

TASMANIAN PROJECT LARGE COMPANIES' SUPPORT SHAREHOLDING DETAILS Further details of the company which will lie floated with a nominal capital of £3,000,000 to manufacture paper in Tasmania, are given in the report of Amalgamated Zinc (do Bavays), Limited, for 1935. Burnie, Tasmania, has been chosen as the best locality and cortain interests responsible for the flotation of the project have acquired a freehold mill site there, together with freehold _ forest areas and other concessions in the locality. The construction of a mill with a capacity of 15,000 tons of fine paper a year will be commenced before tho end of this year. Of tho authorised capital. 1,200,000 £1 shares will shortly be offered as a first issue. Some 300,000 will be taken iip jointly by North Broken llill. Limited, Broken Hill South, Limited, Zinc Corporation, Limited, Electrolytic Zinc Company of Australasia, Limited, and Australian Glass Manufacturers Company, Limited. Amalgamated Zinc (do Bavays), Limited, or its nominee, will havo tho right to tako up 150,000 shares. There will bo 325,000 £1 contributing ordinary shares offered for public subscription, shareholders in the interested organisations having priority of application, subject to limited rights of application to vendors and Tasmanian residents; 150,000 fully paid £1 deferred shares will bo issued to Gerald Mussen and others as consideration for rights at Burnie and other matters; 100,000 fully paid £1 deferred shares will ho issued to Tasmanian Paper Proprietary, Limited, as consideration for its assets, including concessions at Kermandie. Tasmania. Amalgamated Zinc owns approximately half the capital of Tasmania Paper, tho other shareholders, according to latest information, being Electrolytic Zinc Company, North Broken Hill, Australian Paper Manufacturers, and a number of English interests, including Austral Development, Limited, and Edward Lloyd, Limited. Deferred shares are similar to ordinaries, except that they will not rank for dividend until distributions totalling G per cent have been paid on tho 950,000 ordinaries now to bo offered. The directors of Amalgamated Zinc propose that the amount necessary to tako up 150,000 £1 shares should be transferred to an investment company, to bo styled Zinc Investments Proprietary, Limited, which will act as nominee for Amalgamated Zinc. BUTTER IMPROVES INCREASE IN LONDON HEAVY BUYING REPORTED Prices for New Zealand butter on the London market show a rise of from Is to 2s, choicest salted being quoted at 87s per cwt. The market is firm and heavy buying in the early part of the week has brought about tho improvement. The cheese market is quiet but steadv, with values practically unchanged at 53s 6d per cwt. for both white and coloured. Merchants have received tho following cablegrams, dated April 21, from their London principals:—

Now Zealand Producers' Co-operativo Marketing Association, Limited.—Butter: New Zealand, 85s to 87s; Danish, 100s. The market lias improved owing to heavy buying in the early part of the week. Cheese: White and coloured, 53s to 53s 6d. The market is steady. A. H. Turnbull and Company, Limited, front W. Weddel and Company, Limited. —Butter: Danish, 102s; New Zealand, salted, 87s; Australian, 86s. The market is firm. Cheese: White and coloured, 53s 6d. The market is quiet. Joseph Nathan and Company, Limited, from Trengrouse and Nathan, Limited. —Butter: 87s. The market is firm. Cheese: 53s 6d. The market is quiet, but steady. TUNG OIL BONDS INCORPORATING COMPANY EFFECT OF RECENT ACT Formed under the provisions of the Bondholders Incorporation Act, New Zealand Tung Oil, Limited, has been registered in Auckland with a capital of £IOO,OOO to incorporate into a company the holders of the fourth issue of bonds of the New Zealand Tung Oil Corporation, Limited. The fourth issue was the last made by the corporation and had just commenced when the Act was passed, consequently only 107 bondholders are a fleeted. The commission is still investigating the three earlier issues, which will be combined into a separate company. There are 67 holders of £3O bonds and 40 holders of £ls bonds, and these are to be allotted cither 30 or 15 shares, paid proportionately to the amount paid on the bonds. Practically all the bonds are held in the South. The objects of the company are "to take up or otherwise acquire lands for planting and cultivating tung oil trees." The directors are Messrs. .1. P. Stevenson, W. .J. lloldsworth, It. A. Spinley and 11. H. Corbin. In addition to tlio directors subscribers of one share are: —Dorothy G. Talbot and Messrs. It. A. Lippincott and J. K Bay. PRICES OF METALS AN EASIER TENDENCY LONDON. April 21 Following are to-day's quotations on the London metal market, compared with those of April 20: April 21 April 20 Per Ton Per Ton £ s (1 i' b d Copper, Bttin., HPot . . 37 1 10J 37 5 7i Copper, stun.. 3 most 37 8 11 .17 10 it Copper, electrolytic 41 6 0 'lll- G to to ■ll 15 0 -II 15 0 Copper, elect., wire bars 41 15 0 41 15 0 Lend, soft., spot • 15 18 9 15 15 0 Lend, soft, forward . . 10 0 0 IS 18 i) Spelter, spot . . '. . 15 1 3 15 1 8 Spelter, forward IS 1 3 15 1 8 Tin, stun., spot . 207 2 6 207 12 (i Tin, stan., 8 nios. . . 202 17 6 208 10 0 WHOLESALE EGG PRICES SEVERAL CHANCES MADE Wholesale prices for first-grade hen eggs have been advanced by Id a dozen. B grade eggs are reduced by Id a dozen, while second-grade duck eggs have declined 2d a dozen. Values are as follows: — Hen, first grade, 2s 4id a dozen; B grade, Is lOjd; C grade. Is 7Jd: duck, 2s 2Jd, Is llid and Is 7Jd. NEW PRIVATE COMPANIES The following private companies have been registered in Auckland: Bonds Stationery Company, Limited, booksellers, Hamilton. Capital, £ISOO in £1 shares. Subscribers: M. S. McXicol, 1400 shares; Jean McNicol, 100 shares. Ales. Shand and Company, Limited, bakers, Iluntlv. Capital, £2OOO in £1 shares. Subscribers: A Shand, Janet Shand, £750 shares each; 11. W. Shand, 500 shares.