COMPANY AFFAIRS

Wanganui Chronicle, Volume 73, Issue 450, 16 December 1930, Page 9

COMPANY AFFAIRS

N.Z. REFRIGERATING CO. AN UNFOUNDED RUMOUR As a result of the circulation of a rumour—which proved to be without the slightest foundation —that the New Zealand Refrigerating Company had decided to call up its unpaid share capital, the company’s shares (10s paid) dropped to 5d on the Christchurch Stock Exchange on Thursday, after having been quote 1 by sellers the previous day at Is 9d. The rumour spread with extraordinary rapidity throughout the commercial community, and brokers received a large number of telephone inquiries from investors who wished to know if it were true (says the Christchurch Times). It was later ascertained by brokers that the rumour was without foundation aud that the company had) made satisfactory banking arrangements for the season“There is not the slightest need for the company to take such a drastic step as to call up its unpaid capital at present,” said a leading broker who communicated with the principals of the company regarding the matter. “The company’s banking arrangements have been fixed on a satisfactory basis for the next twelve months, and the question of making a call on the unpaid share capital has not entered the minds of the directors. Quite a number of people have been worried as a result of the rumour, and it should be given a prompt and emphatic denial.” Only 500 shares were sold yesterday] on the Exchange, at sd. When the matter was discuss d with officials of the company, they confirmed the statement made by the broker that there was no foundation for the rumour. How the rumour originated is a matter of conjecture. It is supposed that it has arisen from the fact that the balance-sheets of most of the freezing companies have shown a loss this year, and that the shares of these companies have dropped all round. A sale of New Zealand Refrigerating, 10s paid, at Is 3d was made in Christchurch on Saturday.

BANK OF NEW SOUTH WALES

SIZE OF SHAREHOLDINGS The distribution of the shares and business of the Bank of New South Wales is strikingly shown in an interesting appendix to the speech of the chairman, Mr Thomas Buckland, at the recent meeting of the proprietors of the bank in Sydney. The total number of shareholders is 8981, and the average number of shares per shareholder is only 42, but if the beneficiaries in estates interested in the shareholdings were included the average would be lower. There are 4529 shareholders who have 20 shares each or less.

The bank’s deed of settlement provides that no person shall hold more than one twenty-fifth of ihv entire paid-up capital of the company, and places a strict limit on the voting power of shareholders. This limit is fixed at one vote for every five shares which shall have been held for three calendar months, and no proprietor shall be entitled to vote in respect of any share over and above 1000 shares or as proxy to represent more than 2000 votes in addition to his own. There are 375,000 shares representing 75,000 votes.

With regard to the bank’s customers, the average credit balance of current accounts is £l7O, the average amount deposited per fixed depositor is £lO2O, and the average overdraft is £1402.