COMPANY AFFAIRS.

Star (Christchurch), Volume LXVI, Issue 20485, 11 December 1934, Page 9

COMPANY AFFAIRS.

Mount Morgan Interim Dividend. RATE OF 10 PER CENT. SYDNEY, December 10. The Mount Morgan Mining Company will pay in Sydney, on January 10, its fifth interim dividend at the. rate of Gd per share in Australian currency, in respect to the quarter ending December Brian Boru Annual Meeting. (Special to the "Star.”)* GREY MOUTH. December 10. The annual meeting of the Brian Boru Gold Dredging Company was held at Grey mouth this evening. Mr 11. W. Kitchingham presided over an attendance of twenty-five shareholders. The retiring directors. Messrs F. Siegert (Christchurch) and C. Watson (Gfeymotith) were re-elected. The remuneration of the directors yvas fixed at the same amount as last The chairman will be elected at the first meeting of directors. The report and the accounts of the company were received and adopted. The meeting lasted for nearly four hours. Melbourne Co-op Brewery. Melbourne Co-operative Brewery Company-, Ltd., has declared a quarterly dividend of 4d per share, payable December 15. WANT N.Z. CUSTOM. Australian Fruitgrowers Appeal. United Press Assn.—By Electric Telegraph—Copyright. SY’DNEY T , December 10. Replying to a deputation of fruitgrowers w’ho said that they felt they were “being sacrificed on the altar of the potato.” Dr Page (Federal Minister of Customs) said that the negotiations with New Zealand had been reopened and that every endeavour would be made to secure a market there for Australian produce. OTTAWA AGREEMENTS. Large Increase in Exports from Britain. British Official Wireless. RUGBY', December 9. The President of the Board of Trade (Mr Walter Runciman), speaking at Leith, reviewed the effects of the Ottawa agreements. He said that in every case, with the exception of Newfoundland, there had been a large increase in exports from Great Britain. Figures for the first ten months of the current year, compared with those for 1932, showed an increase of £17.300,000, or over 23 per cent. The total imports from the thirteen countfies with which Great Britain had trading agreements (excluding Russia, where the figures were not complete) had increased in the past ten months from £36,000.000 in 1932 to £46.000,000. Dealing with the Government’s shipping policy, Mr Rtinciman said that Great Britain had patiently put her case before foreign countries in the World Economic Conference, and not one of the big subsidy-paying countries would pay any attention to her complaints. Scandinavia was ready to adopt the same free shipping policy as Great Britain, but other countries were determined to continue in their own way. That yvas one of the principal reasons why the Government had adopted the subsidy scheme of dealing with shipping problems. It would use the subsidy against subsidy-paying Powers to ensure that the British shipping people got fair play, without which there would be no peace in the mercantile world. The Government wished to benefit the industry as a whole, in all its branches and ramifications. Its policy extended beyond mere freight arrangements for tramp shipping. If circumstances required, the Government would look into the position of Imperial connections. MONEY AVAILABLE. Britain Favourable to Mining Ventures. Per Press Association. WELLINGTON, December 10. Mr Oliver Reece, general manager of the Ilodgkinson Goldfield. North Queensland, arrived by the Makura trom San Francisco after a visit to Europe. He says that the feeling at Home generally is very favourable towards mining ventures. “If you have really anything worth •while to offer, the money is there,” he said, lie added that he could raise a million potmds in London in twentyfour hours for sound investment. TURNS AWAY MONEY. Sank Offered Too Much on Deposit. Birmingham Municipal Bank is the first and so far the only one of its kind in the position of having more money offered on deposit than it will accept., states an English exchange. The last annual report showed that the amount standing to the credit of! depositors was more than £17,000,000. an increase of £1,727,904 on the figure for the previous year. The explanation of the refusal appears to be that the success of the bank might be imperilled by having to pay interest on a larger sum at the present rate of 3 per cent—it has been as high as 3} per cent—in the present position of the money market, with the very low rate of interest on money at call. It is gathered that the bank, estate j lished primarily to .encourage thrift among the citizens, has been compelled to turn away money because of a tendency to use it as a channel for investment by those in a position to deposit large sums for the sake of the interest to be earned— a purpose never contemplated at the time it started.

The interest paid during the last year to depositors amounted to no less a sum than £460,672.