WILSONS CEMENT

New Zealand Herald, Volume LXXIV, Issue 22754, 14 June 1937, Page 5

WILSONS CEMENT

INCREASE IN CAPITAL ISSUE OF 600,000 SHARES BASIS OF ONE FOR ONE The directors of Wilsons (N.Z.) Portland Cement, Limited, have decided to increase the capital of the company to £600,000 by the creation of 600,000 10s shares, to be distributed to shareholders in the proportion of one for one. The present authorised and paid capital of the company is £300,000 in 600,000 10s shares. Registered in 1018, following the amalgamation of three Auckland cement companies, the company had an original capital of £600,000, in shares of £1 each, which were issued and fully paid. In October, 1933, shareholders approved of a reduction to £300,000 in 600,000 shares of 10s each, by the return of 10s a share to shareholders. The return was ell'Octod by the distribution of some of the company's holdings of New Zealand Government Inscribed Stock, which was converted to 4 per cent 1952-55. Fractions of £5 were paid in cash. In 1936 the company celebrated the jubilee of the commencement of Fortland cement manufacturing by John Wilson and Company at Warkworth by the payment to shareholders of a bonus of 5s a share. Employees of the company with 12 months' servico also shared in the jubilee benefits. There was a sharp appreciation in the shares last week. A fortnight ago fairly substantial supplies were in the market, and these changed hands steadily at 32s Od. Last Thursday, however, values suddenly jumped to 35s and then to 37s 6d. The past year's accounts were published in the Herald on June 4, the balance-sheet revealing a strong liquid position. Against a capital of £300.000 fixed assets stood at £152,059 and floating assets, including £137,715 in Government securities, totalled £326,415.

SHIPPING FREIGHTS AUSTRALIAN REDUCTIONS BENEFIT TO PRODUCERS SYDNEY. June 12 Tho act-Prime Minister of Australia, I)r. Eario Page, to-day announced tho details of tho reductions in shipping freights agreed to by the Council of tho Australian Overseas Transport Association. The reductions will mean a saving of £500,000 a year to primary producers. Among the concessions are reductions of id per lb. in freight on greasy and scoured wool, l-16d per lb. on chilled beef, and an increase of from 2d to 5d a case in the rebate on apples and pears exported from Australia. The Government has agreed to reduce light dues by 3d per ton to all shipping using Australian ports. This will benefit shipowners by about £75,000 a year. The present freight on wool is one and one-eighth pence, plus 5 per cent, less 10 per cent and with an additional Is 9d loyalty rebate to the shipper, or a total of £9 18s a ton sterling. The 5 per cent additional is a relic of early wool shipping days, and was used as a bonus for tho captain of a wool ship for safe transport of the wool. Tho 10 per cent is a concession of recent years. During recent negotiations the shipping companies desired that, in consideration of a reduction in wool and other freights, primary industries should organise better regulation of shipments. Such a condition is greatly favoured by the woolgrowers, who contend that they carry the freight costs of other produce, and that, as wool freights are high in proportion, a reduction should not depend upon tho actions of other primary industries.

MAKING NEWSPRINT AUSTRALIAN INDUSTRY PAPER FROM HARDWOODS Discussing the project tqr the manufacture of newsprint in " the Derwent Valley, Tasmania, Sir Keith Murdoch, president of the Australian Newspapers Conference, said that except in Australia newsprint had never been made from hardwoods, "We have," he said, "a lot of unknown factors to face in starting this industry. Wo must, for instance, get our wood out of the forests more cheaply than has ever been done in the Australian lumber industry. "Then we must put the pulp through technical processes which have succeeded in the past only when applied to long-fibre softwoods. "That," Sir Keith Murdoch added, "is why wo want to do this as newspapers, although wo are newspaper publishers and not newsprint makers. If others had started this industry the terms would have been onerous, and wo do not know how far they would have knocked newspaper costs about. Newspaper costs are, after all, an important consideration for the reading public and for tho trading community.

"We propose to risk our own money in testing this out, and to put up our 30,000-ton plant without going on the market for cash." It is expected that tho venture can lio started with an expenditure of £900,000 of new money, but ultimately it may be necessary to find £."5,500,000.

PRICES OF METALS

TIN RATHER FIRMER LONDON, June J1 Following are to-day's quotations on the London metal market, compared with those of June 10: June 11 June 10 Per ton Per ton .C ad £ B <1 Copper, Rtnn., spot 51 1* " £5 0 0 Copper, stan., 3 mos. 51 10 3 ol 1H 1/ 3 Copper, electrolytic OL 0 0 01 0 0 to to 02 0 0 02 O 0 . Copper, elec., wire bars •• 62 0 0 02 0 0 Lead, soft., spot . '-'•J 5 0 22 2 6 Lead, soft, forward 22 0 3 22 o Spelter, spot .. 20 17 o 20 17 0 Spelter, forward . . 21 1 3 21 1 o Tin. stan., spot .. 218 7 0 24g 2 6 Tin, stan., 3 mos. 21/ 7 (1 217 2 0 Quotations for other metals, with last week's prices in parentheses, are: Pig iron: Home trade, £5 Is (£5 Is). A lit inionv: British, £S3 (£83); foreign, £SB (£SB). Molybdenite: £2 Os 6d (£2) 11 unit. W'ollrain: £3 3s (t.'J Js) a unit. COTTON, RUBBER, COPRA, ETC. (Received June 13, 5.5 p.m.) LONDON. .Tune 12 (Quotations on Juno r> in parentheses.) Cotton. —Spot, 7.0(3d (7.31 d) a II).; July delivery, 6.87 d (7.15 d). Rubber. —Para, 10} d (lid) a lb.; plantation and smoked, 9jjd (9|d). Jute. —June-July shipments, £2O 13s 9d (£2l lis 3d) a ton. Copra.—June-July shipments, South Sea, sun-dried, £l. r ) 15s to London and Rotterdam (£1 o 12h 6d) a ton; South Sea, smoked, £ls 7s 6d to Marseilles and Genoa (£ls ss); plantation, Rabaul, hot air dried, £l6 15s to London and Rotterdam (£l6 l-2s 6d). Linseed Oil. —£32 (£32 ss) a ton. Turpentine.—37s 6d (37s 6d) a cwt.