COMPANY AFFAIRS

Wanganui Chronicle, 2 June 1949, Page 10

COMPANY AFFAIRS

DIVIDEND PAYMENTS Harlev Chambers Ltd.: Annual, preference, 5 p.c.; ordinary, 7 p.c. (unchanged»; payable June 21, ex June 21. Annual meeting, June M. Morris Hedstrom Ltd.— Final 5 p.c.. making 10 p.c. for year (unchanged); payable June 30, ex June 17. Dental and Medical Supply Co., Ltd. Annual 6 p.c. ; payable June 21, ex May 27. Annual meeting, June 21. (Last year 6 p.c., plus 50th jubilee bonus 3 p.c., total 9 p.c.) B.H.P.’S PROPOSED NEW ISSUE IS APPROVED The Capital Issues Board has approved the application by the Broken Hill Co. Ltd. for permission to raise £6,942,400 by the issue of 4,628,300 shares of £1 each at a premium of 10/- a share to shareholders of the company, pro rata on holdings. Shareholders wifi receive details of the issue on or shortly after June 6, 1949. Consent has also been obtained for the issue of 2,299,993 £1 ordinary shares at par by Australian Iron and Steel Ltd. to Broken Hiu Proprietary Co.. Ltd., which holds all of the existing ordinary shares in Australian Iron and Steel Ltd. MOSGIEL WOOLLEN CO. Shareholders of the Mosgiel Woollen Factory Co. Ltd., at a special meeting on June 2U, will consider a resolution that 1155 shares remaining unallotted be offered to shareholders at a premium of £6 a share in proportion to the number of ordinary shares held. ’lhe full amount of £lO a share, including premium, will be payable on application. When the 1155 shares have been disposed of, the capital of the company, standing el 1'25,000 shares of £5 paid to £4 will be subdivided into 125,000 shares of £1 paid to 16/-. UNION INVESTMENT The Stock Exchange Association of New Zealand has received advice from the secretary of the Union Investment Co., Ltd., Mei.bourne, stating that the directors are con ducting negotiations which justify them in suggesting to shareholders that they should not dispose of their shares until finality is reached and an official statement made. ANTHONY HORDEN Greatly increased expenses reduced profit £rom larger sales by Anthony Horden and Sons Ltd. for the year ended February 23, said the chairman, Mr. S. G. Rowe, at the annual meeting. The wages bill had increased by about 21 per cent, in the year. The company could carry such increases only if turnover rose and profit margins were not whittled away by prices control. NEW BYCROIT FACTORY The largest biscuit factory in the Dominion is being established by Bycroft Ltd., on the new site the company has secured at Otahuhu, shareholders were informed at the annual meeting of the company in Auckland last week. At a special meeting held alter the annual meeting shareholders approved of the directors’ proposals of a bonus issue to shareholders of one £1 share fully paid for each three shares held. This issue is made from the reserves of the company and increases paid-up capital from £150,000 to £200,000. ANTHONY HORDEN The directors of Anthony Horden and Sons, •Ltd., had preferred to obtain finance by a long-term mortgage advance as an alternative to seeking additional permanent capital, said the chairman, Mr. S. G. Rowe, at the annual Meeting in Sydney last week. I'hey believed this was the better method of financing the higher price structure oi present trading and expansion of the business. The diminished purchasing power of apparently adequate reserves made in the past lor replacement of trading slock and plant now made increased provisions necessary—-a problem that would continue while rising costs and higher prices remained the trend. CON SOLID ATE D FI NAN CE The Capital Issues Board has now granted ■permission for the issue by the Consolidated Finance Corporation Ltd. at par (4/-) of ,i 17,56/ ordinary shares of 4/- each in the ♦ i.-op irtion of one new share for every two held as at the close of business on May 23, 1949. Applications dose on June 8. Previously the company had advised that such new issue would be at a premium of fid a snare. DIVIDEND FAY M ENTS Ballin’s Brewrries, Ltd.: Interim 3 p.c. (unchanged? on fully paid shares; 3 p.c. on capital paid in respect of contributing shares; payable July 31, ex June 17. VSoolworths (N.Z.), Ltd.: Interim, ordinary. .5 p.c. (unchanged); payable July 15, ex June 18. (Last year, interim 5, final 10, total Loloma (Fiji) Gold Mines, no liability, will pay a tax-free dividend of 5d a share on July 29 out of dividend received from (beat Boulder Gold Mines Proprietary. Ltd. the previous dividend was fid a share paid m September, IMS. Loloma acquired, 727,770 stock units, representing nearly .”.0 per cent, of issued capital, in Great Boulder last year. CONSOLIDATED ZINC Terms of the issue of 2.500,000 per cent. £1 cumulative preierence shares in the Consolidated Zmc Corporation, Ltd., have been announced in Sydney., The shares are payable 5/- .sterling, or its equ.valent in Australian currency, on application, and 15 - sterling on allotme'nt. By a diieclivc of the ('< inmonwealth Treasurer, allotments in excess of a total of 500,000 shares cannot, be made on applications recieved in Australia. Subscription lists open and close on June 15. Issued capital, including the present issue, will become £11,024,573. in 4,4<0,626 prclei cnee shares, and 6,547,947 ordinary snares. Proceeds of the issue will be applied to re pay a loan raised by the Broken iliu Corp, iAt!, to purchase the capital of Sulphide Corp. Ltd., to replace working capital of lhe gi( up used to take up additional shares in New 8.11. Consolidated, and to meet commitments of subsidiary companies. Assets cover on the preference <af:tai is more than 40/- a share. Average pc fills for the last 10 years would cover preferenre dividend requirements (£21)1,448? almost four