HUME PIPE CAPITAL

New Zealand Herald, Volume LXXV, Issue 23060, 10 June 1938, Page 7

HUME PIPE CAPITAL

INCREASE PROPOSED REORGANISATION PLAN FAR EAST COMPANY Negotiations have been opened up by the directors of Hume Pipe <Far East), Limited, with the parent company, Hume Pipe Company (Australia), Limited, with a view to an amalgamatiqn of interests. A reorganisation of the capital of both companies is involved. It is proposed that the capital of Hume Pipe Company (Australia), Limited, should be increased from £500,000 to £1,000,000. Of the £500,000 new shares, it is proposed to constitute 112,500 7J per cent cumulative preference shares of £1 each, preferential both* as to capital and dividend, for the purpose of purchasing the 75,000 shares of £1 each in Hume Pipe (Far East), Limited. Subject to shareholders in the parent company passing tlio necessary resolutions to increase its capital and create the cumulative preferenoo shares, the parent company will offer to shareholders in Hume Pipe (Far East) three of such preference shares for every two shares held.

The directors of Hume Pipe (Far East) for some time have had under consideration the problem of relieving the company of the heavy burden of Australian taxation. Although the company does not earn any profits in Australia, its profits,, by reason of the registration of the company in Victoria, are subject to heavy State and Federal income taxes. It is tinderstood that Australian income tax can be avoided only by liquidating the present company _ and incorporating a new company in Singapore, Hongkoqg, or elsewhere in th<* East, to take over the company's assets, liabilities and undertaking. . Consideration has also been given to overcoming the loss of a public market for the company's shares, and preliminary negotiations have been opened up with the parent company, Hum« Pipe Company (Australia), Limited, with a view to an amalgamation of interests.

As the plan cannot proceed without the consent of a substantial majority of the shareholders in Hume Pipe (Far East), the proposals are being placed before them before being submitted to shareholders *n the parent company If the shareholders in the parent company do not sanction the plan for the amalgamation of interests, the proposals will not be proceeded with.

THE MARKET BASKET

PINEAPPLES CHEAPER j CAULIFLOWERS SCARCE j Most retail prices for fruit remain unchanged this week, although Queensland pineapples are cheaper, now selling at from Is to Is 9d each. Hothouse tomatoes are slightly cheaper following the arrival of island tomatoes by the Matua last Friday. Island oranges brought by the same ship also are lower in price. Hothouse beans are selling at from 3d to 9d higher than last week, and cauliflowers, which are fairly scarce, also show a sharp increase in price. Cabbages are coming forward in oetter supply, but the prices remain steady. Prices are: — FRUIT Apples, cooking, 3d; Delicious, 3d and 4d; Golden Delicious, 4d and sd; Russet. 3d; Granny Smith, 3d and 4d; Jonathan. 4d and sd; oranges, Californian, Sunkist. Is 6d to 2s 6d; Island oranges. Is to 2s per dozen; lemons. Is to is 6d; bananas, sd; salad, 4d; grapefruit, Sunkist, 6d; coconuts, 3d and 4d each; pineapples, Queensland, Is to Is 9d; tomatoes, hothouse. Is 3d to Is 6d; island, Is: hothouse grapes, '2s Od to 3s 6d per lb; Winter Cole pears. sd; Winter Nelis. 4d; cookers, 3d; guavas, 6d per lb; Chinese gooseberries, Is Cd a dozen; persimmons, 2d. VEGETABLES Kumaras, 3d per lb; onions, 3d per lb; rhubarb, 4d to (3d a bunch; radish, spring onions, 2d; cabbages, (fd to Is 3d; cauliflowers, Is to 2s; lettuce, 3d to sd; silver beet, 3d per bunch; pumpkins. 2d and 3d per lb; potatoes, l'/ a d to 2d; outdoor beans. 8d to Is per lb; hothouse beans, Is 6d to 2s; carrots, 2d a bunch; parsnips, 2d a bunch, beet, 2d a bunch; marrows; 6d to 9d; celery, 4d to 8d; special quality, lOd and Is; spinach, 2d and 3d a bunch; chokos. Id to 2d each; tree tomatoes, yellow and black. 4d; extra choice. 6d. MEAT Beef.—Rump steak, Is 4d; undercut. Is 6d; beef steak, 8d; sirloin, lOd; prime ribs, Sd; prime ribs (boned and rolled), 10d; wing ribs (three chine bones). 9d; topside (415 and pver), 7d; bolars, 7d; chuck rib, sd; rolled back rib, 8d; corned round. Od; corned brisket (boned), 6d; brisket and flat rib, 4d; thin flank, 3d; gravy beef or shin beef. 6d; minced beef, 6d; tripe, 6d; dripping, Od; suet, 4d;' sausage, 4d; sausage meat, sd; whole shins or legs, 2d; half-shins or legs (thick end), 2Vad; half-shins or legs (knuckle end), 2d; ox kidneys, 38; ox tongues, lOd; ox tails, 6d; whole loins, 9d; whole rumps, lOd. Mutton.—Sides, Bdj whole legs, lOd; cut legs, 10/jd; leg, shank end, 61b or under, lid; forequarter, 7d; shoulder. 8d; shank end of forequarter, 7V a d; necks, best end, Sd; necks, scrag end. 7d; loin, 9Vsd; middle loin chops. Is Id; leg chops. Is; rib chops, 7d; neck chops, best end, Od; stewing chops, 7d; flaps, 4d; cutlets, trimmed. Is 3d; sheep's fry, 9d; kidneys, 3d; tongues, 3d; sheep's head, dressed, Od; sheep's brains. 3d. Now Season's Lamb. —Forequarter, Od per lb; hindquarter, Is; legs, Is 3d; loins. Is; sides, lid; lamb chops. Is 2d. Veal fillets, lid; loins, lOd; shoulder, 7d; cutlets and veal steak, Is 3d; chops. 3s; forequarter, 6d; rolled veal, 9d; veal rump steak. Is 3d. Pork.—Log, Is; loin. Is; foreloin. with blade, 30d; pork chops. Is Id; corned hand, 30d; corned belly. Is; pork sausages, Sd. FISH Schnapper and terekihi. whole. 6d per lb; fillets, lOd; smoked, lOd; skinned fillets, with wings lid; without wings. Is; steaks, 8d; terokihi, kippored fillets, 3 s 3d: trevalli, whole, 7d each; smoked, Sd; smoked fillets, 4d and ftd; John Dory, fillets. Is 2d; mullet, whole. Kaipara. Od each; Auckland, 7d per lb; smoked, Kaipara, Od each; Auckland. lOd per lb; flounder, 3s per lb; lemon fish, od per lb; silver strip, Gd per lb; hapuku steaks. Is 2d per lb; smoked. Is 3d; moki steaks, Sd per lb; smoked. Od.per lb; kingfish steaks, 8d per lb; smoked, Od; salmon, Is 3d per lb; smoked, 3s 4d per lb; cod, fresh, fid per lb; smoked, Is 6d; gurnard, whole, 2d; fillets, lV a d each; smoked, 6d; barracouta, whole, sd; fillets, Gd per lb; smoked. Sd; cream fish, l%d each; frostfish, Gd per lb; hake, whole, Gd per lb; smoked. 8d; kippers, Scotch. Is per pair; crayfish, 9d and 30d per lb; smoked schnapper roes, 2s Gd per lb. BACON AND HAM Bacon.—Best rashers, 3 s 7d per lb; shoulder, rashers, 3s 5d and Is 4d per Ibi rib rashers, Is 7d; by piece, shoulder cut, lOd to.ls 2d. Ham: Bashers. Is 7d; pieces, Is sd; whole hams. 3s 4d; half-hams, Is sd. BUTTER AND CHEESE Butter.—Factory, first grade, Is 4yad pier lb; second grade, Is 4d; farm butter, Is Id per lb. Cheese: Mild, Is; tasty. Is 6d and Is Bd. EGGS Hen, A grade, 2s lOd; B grade, 2s 7d; C grade, 2s 2(1; duck, A grade, 2s Od; B grade, 2s 4d. GRAIN PEST MENACE

PROBLEM BEING STUDIED r (Received June 9, 6.5 p.m.) British Wireless RUGBY, Juno 8 A scientific survey by the Imperial College of Science and Technology, under the direction of the Department of Scientific and Industrial Kesfearch, has been undertaken for the purpose of considering the storage of grain and to evolve methods of dealing with the ever-increasing menace of grain pests, particularly of weevil. The latter is the worst known among those which bore into grain and breed with alarming rapidity. The amount of damage for which this pest is responsible has in recent months caused various sections of the industry and others concerned to consider the best steps for dealing with the problem. As a result, a standing conference representing the various interested parties, has been : established,