LOANS REDEEMABLE.

Star (Christchurch), Volume LXVI, Issue 20455, 7 November 1934, Page 11

LOANS REDEEMABLE.

Chancellor on Australian Issues. PENDING CONVERSIONS. British Official Wireless. (Received November 7, 12.45 p.m.) RUGBY, November 6 The Chancellor of the Exchequer, Mr Neville Chamberlain, agreed to an immediate Commonwealth of Australia loan for the purpose of refunding, in addition to certain maturities due in December, January, April and May next. The following loans are redeemable at the option of the borrower during next year: Western Australia, 5 per cent, 1935-45; South Australia, 4 per cent, 1917-80; Tasmania. 4 per cent, 1920-40. Mr Chamberlain wishes it to be understood that this does not in any way imply withdrawal of his* request regarding the optional conversion of trustee securities. Mr Bruce’s Statement. (Received November 7,2 p.m.) LONDON, November 6. Mr S. M. Bruce announces the under-1 writing to-morrow of the following conversion loans under the Obdigatory Redemptions Act: 1934 South Australian, £759,400 32 per cents. 1935 Tasmanian £137.750 A\ per cents. 1916- South Australian £1,559,150 4 per cents. 1915-35 Western Australian £2,235,007 3 per cents. 1915-35 Western Australian £463,110 31 per cents. 1920-35 Western Australian £2,496,711 3i per cents. All are to be converted to 3£ per cent at £99. He also announced similar terms for the following optional conversions: 1917- South Australian £2,175,815 4 per cents. 1935-45 Western Australian £3,744,863 5 per cents. 1920-40 Tasmanian £1,000.000 4 per cents. All will yield 60s per cent per annum. The prospectus is being issued on Thursday. Lists will open and close for cash on Friday, and conversion applications close about November 16. NOKOMAI GOLD. Sale to London Company Announced. Per Press Association. DUNEDIN, November 6 The secretary of the Nokomai Gold Mining Company, Ltd., reports that the company has agreed to sell all its undertaking and assets for the sum of £65,000 to the Nokomai Gold Dredging Company, Ltd. (London). The material terms of sale are, briefly, as follows: £15,000 in cash and the balance of the purchase money (£50,000) to be paid by the issue to the vendor company of 500,000 fullv paid up shares of 2s each in the capital of the London company; in addition, in consideration of the vendor company agreeing to sell upon these terms, a third party agreed to pay and has since paid to the company the sum of £2OOB. This means that the total amount payable to the company in cash and shares is £67,008. The company has also received from Industries, Ltd. and Vulcan Steel Construction Company. Ltd. respectively the deeds of release from all claims and liabilities by the company to either of these firrqs. DORMAN LONG AND CO. Revised Reconstruction Scheme. Proposals for a revised scheme of reconstruction of Dorman Long and Co., Ltd., have been issued, showing that the capital loss has been £9,000,000. It is now proposed to write down the capital from £11.248,146 to £2,007,271, the 6 per cent preference capital to be reduced from £1 to 15s per share, preferred ordinary capital from £1 to 5s per share, and ordinary capital from £1 to 2s per share. Second debenture holders will be asked to change 60 per cent of their, holdings into new 5 per cent stock, and for the remainder to take 6$ per cent non-cumulative first preference shares, equal to half their holdings. The alterations altogether will save £255,000 j'early in fixed charges. The debenture-holders’ committee reports that the profits earned for some months past would pay the new fixed charges, depreciation, bank interest, amortisation, and some dividend on first preference capital. Petitions for a reduction of capital from £11,248.146 to £1,750,000 were refused in the Chancery Court last November. COMPANY AFFAIRS. Australian Iron and Steel. Directors of Australian Iron and Steel, Ltd., have decided that no payment of dividend will be made on November 1. but they have advised shareholders that the improvement in trade has been maintained. Should this improvement continue, they will consider recommending: at the next annual meet- 1 ing a payment on account of the arrears of preference dividend. The last payment of preference dividend was for the year ended November 30, 1930. For the year ended November 30. 1933, the company's net profit -was £70,359, compared with £2203 the previous year. Herald and Weekly Times. Directors of the Herald and Weekly Times, Ltd., will recommend to shareholders, at the annual meeting on November 15, payment of a dividend of 5 per cent on ordinary shares in respect of the six months ended September 30, making the total dividend for the year 10 per cent, the same as' in 1932-33. Payment of a preference dividend of 31 per cent for the half-year is recommended also. Share registers will be from November 2 to November REAL ESTATE. Messrs Ford and Hadfield, Ltd., real estate agents and auctioneers. 131-133. \\ investor Street, report that, following upon their having offered for sale by public auction the property at the corner of Hardy and Collingwood Streets, N<-w Brighton, comprising five-roomed bungalow, having sold same privatelv to Mr llislop. 6