INVESTORS HESITANT

New Zealand Herald, Volume LXXIII, Issue 22583, 23 November 1936, Page 5

INVESTORS HESITANT

LONDON MARKETS QUIET INTERNATIONAL SITUATION INDUSTRIAL ISSUES CHEERFUL (Received November 22, 7.r> p.m.) LONDON, Nov. 21 Nervousness due to Continental developments, notably the rebels threat to bombard Barcelona, ami the American Reserve Hoard's proposal to check speculation, arc the chief reasons for the security markets finishing a somewhat, quiet, if steady, week dully. Although the international crisis now is almost :i weekly affair, the results so far are so intangible that investors apparently think the crisis can only affect the markets if it threatens .specific British interests involving a threat of war. Nevertheless, the legal position regarding blockades, rights and search on the high seas and the background of intensification of Kuropean antagonisms, has caused a limitation of operations. Another reason is the brokers' reaction after last week's heavy settlement. Dealings in the British £100,000,000 loan opened at J-16th discount and closed at par. Applications up to £SQPO were fully allotted, and others received 88 per cent of their requirements. The issue caused quietness in the gilt-edged market, including Dominion stocks. Industrial shares generally are cheerful. MOTORISTS' PETROL CO. PREFERENCE SHARE RIGHTS VARIATION PROPOSAL CARRIED ■[BY TELEGRAPH —I'RESS ASSOCIATION] WELLINGTON, Saturday ' Tho result of a postal ballot of preference shareholders of tho Associated Motorists' Petrol Company, Limited, on tho resolution to alter tho rights of preference shareholders by increasing the rates of preference dividend to 10 per cent and cancelling special rights relating to tho purchase of petrol, was announced to-day by tho chairman of directors, .Mr. Charles Todd. Mr. Todd said that of 80,825 votes cast 50,517 were in favour of the resolution and •21 IS against. Invalid votes numbered ,'(590. The proposal was therefore carried. BRITISH ZINC INDUSTRY FOREIGN SUBSIDY DANGER ADEQUATE PROTECTION URGED LONDON. Nov. 20 In tho. course of a speech at tho annual meeting of the Imperial Smelting Corporation to-day, Sir Robert Home, who lamented the fact that the British zinc industry lacked protection, said the development of the German industry by subsidies must have important. repercussions throughout the world. "It is vita; to Britain," added Sir Robert, "adequately to protect the industry against foreigners and to arrange for the regulation, of Empire imports with the Dominions."

NEWSPAPER CONSOLIDATION COMBINED SYDNEY INTERESTS Proposals for the consolidation of the interests of Associated Newspapers, Limited, and Sun Newspapers, Limited, Sydney, are to be placed before shareholders of Associated Newspapers nt the annual meeting early next month. If the proposals are agreed to, ns is expected will be the- case, Sun Newspapers, Limited, will go out of existence. . The question has been under consideration for some time. It was felt that with tho virtual winding up of S. Bennett, Limited, which published the Evening News and Sunday News and the sale of the Telegraph to Consolidated Press, Limited, there was no need to have two companies, Associated Newspapers, Limited, and Sun Newspapers, Limited, looking after the same interests. Associated Newspapers hold air the shares in the other company, and it is considered that it can do the ; performed by the board of Sun Newspapers. . • If the proposals are adopted it is anticipated that great saving will be effected in taxation and other expenditure. In view of the proposed scheme, Sir Hugh Denison, chairman of Associated Newspapers, Limited, is also acting in a similar capacity for Sun Newspapers, Limited. Sir John Butters is deputychairman.

NEW COMPANIES SOUTHERN REGISTRATIONS Registration of the following new companies is contained in tho Mercantile Gazette: — PUBLIC McKenzie's Department Stores, Limited, Wellington.—Capital: £500,000 into shares of £1 each. Subscribers: Wellington: S. W. Kelly, 13. Van Stnvern, J. H. Turner, J. R. McKcnzic, T. B. Gusscott, L. V. Moses, A. W. Duncan, 250 shares each. Objects: 'I o acquire and hold any shares, stocks, debentures, debenture stocks, bonds, obligations and securities issued or guaranteed by J 11. McKcnzic, Limited, or by any company subsidiary thereto, to carry on business, of drapers and furnishing and general warehousemen, and incidental. Investors (New PlymouthL Limited, New Plymouth.—Capital: £SOOO into shares of £1 each. Subscribers:—New Plymouth: W. F. Short 200, A. S. Allen 250, J. McL. Auld 500, P. S. Carroll 200, Bcndalls (New Plymouth*, Limited. 250, G. W. Price 250, H. N. Roue 200. H. H. Skclton 200, F. H. Jackson 200, J. Kibbv 200, W. H. Luseombe 200, E. Dingle 200. Auckland: S. Trieklebank 200. Objects: Investment company and incidental. PR IV ATE Andrews (Kaponga), Limited, Kaponga.—Capital: £2500 into shares oi £1 each, of which 900 are preference shares and 1000 ordinary shares. Subscribers:—Kaponga: li. J. Mills, 900 preference shares; lv. Andrews, 15u9; E. Andrews, 1. Objects: To acquire tho business of a grocer and general storekeeper, now carried on by H. J. Mills at Kaponga. New Zealand Produce Export Company. Limited, Wellington.—Capital: £2OOO in shares of £1 each. Subscribers: —Wellington: A McKtnnon, 1990; Susan E. McKinnon, 10. Objects: Buyers, sellers, importers and exporters of 'wool, skins, hides, pelts and incidental. . . _ McKav (W. G.), Limited, Groymouth.—Capital: £2OOO in shares of £l. Subscribers.— Greymouth: W. G. McKav, 1200; T. E. Coates, 50; H. G. McKay, 750.' Objects: Acquire business of W.'G. McKay, engineer and building contractor.