ACCIDENTS AND FATALITIES.

Taranaki Daily News, 11 June 1921, Page 6

ACCIDENTS AND FATALITIES.

BETIRED FARMER FOUND SHOT. By Telegraph. Presx- Associaticn Christchurch, June 10. William John Grand, a retired farmer, aged 44, was found this morning in an outhouse at his residence in the city with a revolver wound in his head. lie was taken to the hospital and died shortly afterwards. PROSPECTORS MISSING. Greyniouth/ June 10. Two men, Walter Angel and Maurice Moore, who went coal prospecting at the .Stillwater Bush early yesterday, did not return. Search parties found their horses, ’but no trace of the men. HAWKE’S pAY FARMERS’ BOND ISSUE. 8 PER OHNT. INTEREST. An announcement of general interest appears in another column concerning the issue of £150.000 of 8 per cent, bonds, by the Hawke’s Bay Farmers’ Coop. Association, of Napier. Of this issue, £75,000 are now offered to the public.

The liberal rate of interest offered will no doubt attract considerable attention among investors, especially as the 8 per cent, per annum is to be paid free of income tak.

The Hawke’ii Bay Farmers’ Co-op. was established thirty years ago, and has made steady progress. The prospectus states that the unprecedented drop in values of wool and live stock has so materially affected farmers’ returns that the Association, like other similar institutions, is being practically placed in the position of having to finance the large majority of its numerous clients for a second year without any appreciable return for the first year—only a small percentage of the past season’s wool clip has so far been realised, and a considerable proportion of the surplus live stock is still held. Hence the need for additional capita! and the reason for the flotation of these Bonds.

The result is, however, an attractive opportunity for investors, who are enabled to secure a substantial return for their capital, by means of the convenient Bearer Bonds witli Interest Coupons attached—both of which may be sold or transferred without troublesome formalities.

While bondholders will have no specific or floating charge on the assets of the Association, they will rank in priority to shareholders. The prospectus shows the following security supporting the issue:—Paid-up capital, £162,175; uncalled capital, £91,070; reserves and undivided profits, £76,742; total, £329, 987. Other figures show that its net profit on capital during the last ten years has averaged 17A per cent. During the same period the Association’s total assets have risen in value from £86,719 to £520,243 (uncalled capital, at present £91,070, is not included). Merchandise sales lutve increased from £64,493 in 1910 to £463,667 in 1921. The Association has a healthy reserve fund of £7l - 772.

The Board of Directors consists of: Major-General Sir Andrew Russell. K.C.8., K.C.M.G. (chairman), E. C. Clarkson, W. A, X. Couper, H. Gascoyne, W. H. Guthrie-Smith, J. W. Hardin?, R. D. D. McLean, Arch McLean, L. McKay, R. H. Tod. The high rate of, interest makes these Bonds an exceptionally profitable investment, particularly as the bondholders are assured of at least five years’ currency. The Association has for many years regularly paid its ordinary shareholders S per cent., and consider that the bondholders at this time are entitled to a similar return.

The Bonds are in denominations of £25, £5O, and £lOO. Interest will be payable half-yearly, on presentation of tile coupons to any branch of the Union Bank of Australia, Ltd., or to the Association’s head office, Napier, or branches. The prospectus has now been published, and is obtainable at any of the addresses just enumerated, or from any member of the Shock Exchange.