NEW CAPITAL

New Zealand Herald, Volume LXXVI, Issue 23507, 18 November 1939, Page 7

NEW CAPITAL

DOMINION BREWERIES ISSUE OF 50,000 SHARES ONE FOR SIX AT 22/6 The directors of Dominion Breweries, Limited, have announced a now issue of capital to shareholders. It is proposed to issue 50,000 ordinary shares of £1 each at a premium of 2s Gd a sliaro to shareholders, both preferential and ordinary, in the proportion of one new share for every six existing shares. The issue will apply to shareholders on the register at November 28, and will be reserved for a period of 14 days. The company also announces an interim dividend of 5.J per cent, share warrants to be posted to shareholders on December 16. The interim rate is unchanged on that of last year, when the full year's distribution worked out at 12 per cent. The present capital operation will increase the issued capital to £350,000, comprising 40,000 £1 participating preference shares and 310,000 £1 ordinary shares. In 1938 shareholders adopted a recommendation increasing the nominal capital by £250,000 to £500,000, the chairman of the company, Mr. L. J. Stevens, stating at the time that it was necessary for the directors to consider appropriate capital provisions in relation to the growth and expansion of tlie company's business. The last issue to shareholders of' a similar amount of 50,000 £1 ordinary shares at a premium of 5s a share was made in August, 1938, when the proportion was one new share for every five existing shares. Two previous issues of ordinary capital were made to shareholders at a. premium of 7s 6d and one at a premium of 2s 6d. In each case the premium was employed to build lip reserves.

Following the announcement of the capital proposals, a parcel of shares changed hands at 34s at the final call on the Auckland Stock Exchange yesterday. The transfer showed a rise of Is 3d on the previous transaction.

NEW ZEALAND BREWERIES

The directors of New Zealand Breweries, Limited, have declared an unchanged interim dividend of 4 per cent. COLONIAL SUGAR INCREASED DIVIDEND 8J PER CENT PER ANNUM OUTLOOK FOR NEW INDUSTRIES (Received November 17. 0.52 p.m.) SYDNEY, Nov. 17 Tlio Colonial Sugar Refining Company. Limited, has decided to pay on November 29 an interim dividend of 17s a share. This represents an increase of 2s a share compared with the last interim dividend, and is at the rate of 8} per cent per annum. The dividend for the past two years has been 7i per cent. The board has issued a statement that the company's operations in the past few years warrant the foregoing increase, and also in view of the reasonable anticipations from the pineapple industry in Fiji and from the working of the building materials factory.

The chairman of the company, Mr. E. R. Knox, stated at the annual meeting in June that the fibre board factory, which was a new industry in Australia, was well advanced, and it was expected that the factory would be in operation before the end of this year. It had been necessary to increase the capacity of the pineapple cannery at Fiji bv the addition of another line of machines, which would be ready for the new crop to be harvested in the summer.

KILLING OF LAMBS GISBORNE AREA PROGRESS 10.000 IN FIRST WEEK [by telegraph —OWN correspondent] GISBORNE, Friday About 10,000 lambs, the first of the new season, have been slaughtered at the Kaiti freezing works this week. Included in the total are a few sheep. Quality, is reported to be of the best, most of the carcases being in the prime Southdown class, with a few prime ci'ossbreds. Weights have been about average for this time of the year, running mainly around 331b. When the new season opened the refrigeration chambers at Kaiti were still holding a portion of the old season's meat, but arrangements have been made to have all of this cleared out by the week-end, leaving the chambers entirely free for the new season's supplies. With the recent enlargement of the freezing space Kaiti can hold considerably . more than 60 per cent of total estimated killings for the whole season. . Some comment has been made in the district regarding the difference of gd per lb. in lamb buying rates hero and those in centres near main ports. In the past the margin had been Jd, as it result of the difference in freezing charges in Gisborne and those in larger centres, and it is pointed out by buyers that this did not cover the full extent of the variation resulting in the revision of the schedule following the announcement of Government payments.

WOOL APPOINTMENT SALES BY BRITAIN LONDON, Nov. 10 Lord Essendon lias joined tlio Ministrv of Supply n.s chairman of ilic eoilinilttoe for tlie sale of wool abroad. He will be responsible for disposal of Britain's purchases, of Empire wool which' are not shipped to England. BRADFORD FIRMS BUSY HEAVY ORDKRS FOR YARN LONDON, Nov. 1(5 The consumption of wool tops for civilian and military purposes is well maintained. More business is offering in yarns than spinners will accept. GOLD AND SILVER LONDON, Nov. 16 'The price of gold is unchanged at £8 8s an ounce. Silver is quoted at 23 5-lGd an ounce spot and 25 3-16 d an ounce forward. 0 AMARU WOOLLEN MILLS The directors of On mam Worsted and Woollen Mills, Limited, have declared an unchanged dividend of 6 per cent for the year ended October 31..