SALE OF ASSETS

Timaru Herald, Volume CXLII, Issue 20510, 31 August 1936, Page 16

SALE OF ASSETS

NEVIS DREDGING COMPANY By relegrapn Pies? Association DUNEDIN August 28 At the annual meeting of the NevisDiesel Electric Dredging Co., Ltd. tonight, the sale was confirmed of the company’s assets to Milbum and Co., of Auckland, which floated a company named the Cromwell Hydro Electric Dredging Ltd., which had exercised its option over the whole of company’s assets. The terms of sale were £4OOO in cash payable in instalments spread over nine months to April 1937, and £ll.OOO in a mortgage debenture over the whole of the coiqpany’s assets. The debenture was for a term or two years and bore interest at 5 per cent, per annum. The annual report, which was adopted on the motion of the chairman, ”r J. L. Mclndoe stated that the cash payment- of £4OOO would pay off most of the company’s liabilities, leaving nearly all the mortgage debenture free for ultimate distribution among the shareholders. EXCHANGE RATE United Press Aasuciatio! By (fiiectic Telegraph - Copv Utbt (Received August 30, 6.30 p.m.) LONDON. August 29. Closing rates on London were:— New York. 5.03 1-8; Paris, 76 13-32; Batavia, 7.36 i. HIDE MARIET United Press Aaowciatiuu -Hv Electric Telegraph Copv tght (Received August 30, 6.30 p.m.) LONDON, August 29. Hides at the Smithfield meatworks are quoted:— Dry salted—Queensland, 35ib to 451 b, 6 3-8 d; 301 b to 401 b, 6}d; 251 b to 351 b, 6 1-8(1; 201 b to 301 b. 6 l-8d; New South Wales, 6 5-Bd, 64d, 6 3-8 d and 6 3-Bd. Wet salted -Queensland, 501 b to 601 b, 4 7-8 d; 40 lb to 501 b, 4 5-8 d; New South Wales, 5 l-8d and 4 4-8 d; Victorian, abattoirs, 4 5-8 d and 4 3-Bd. MARKET FOR APPLES United Press B» .Mectrl* TeleE T aph Cowritrh* (Received August 30, 6.30 pun.) LONDON, August 29 New Zealand 'ex Rotorua): Stunners 5/3 to 6/-. WHEAT FUTURES United Press Association —By Electric Telegraph—Copyright {Received August 30, 6.30 p.m.) LONDON. August 29. Liverpool futures are quoted: October 7. 0 3-8; December 6/11B; March 6/7i. MINING NEWS By Telegraph—Press Association GREYMOUTH, August 28 The Nemona dredge return was 79 oz. 2dwts lor 105 hours work. DUNEDIN, August 29. The Gillespie’s Beach return was 115 oz 12dwt for 122 hours’ work. GREYMOUTH, August 29. The Maori Gully return was 240 z sdwt for 132 hours’ work. The Golden Sands return was 21oz 9dwt for 18 shifts. The Argo Dredge return was 640 z for 133 hours’ work. FRIDAY'S CLOSING PRICES United Press Association —By Electric Telegraph—Copyright (Received August 30. 6.30 p.m.) LONDON, August 29. Friday's closing prices were:— Cotton: Spot 6.70 d per lb; September, 6.28 d. Rubber: Para. lOid per lb; plantation smoked, 7 11-16 d. Jute: August-September shipment, £l7 76a ton. Copra: August-September shipment. South £l3/15/-; smoked. £l3, 5/-: plantation Rabaul, £l5. Linseed Oil: £27/15/- a ton. Turpentine: 39 9 per cwt. WINCHCOMBE CARSON, LTD. A profit of £57.883. for the year ended June 3O.as against £46.033. an increase of £11.850. is disclosed in the accounts of Winchcombe Carson, Limited. woolbrokers, stock and station agents, Australia. The dividend on ordinary shares is raised to 8 per cent for the year, against 7 per cent. The distribution requires £40.000, and after £lO.OOO is added to reserve (increasing it to £170.000) and £lO.OOO set aside for alteration to buildings, £6lBO is carried forward, compared with £8296 brought into the accounts. Paid capital is unchanged at £500.000. The directors state that in spite of the smaller wool clip, the company again handled a very satisfactory volume of business, both in New South Wales and Queensland. (Continued on Page 13)