LATE COMMERCIAL.

Ashburton Guardian, Volume 57, Issue 253, 6 August 1937, Page 6

LATE COMMERCIAL.

LOAM AND MERCANTILE CO. A FINANCIAL PROPOSAL. (United Press Association — Copyright, i (Received This Day, 11.25 a.m.) , LONDON, August 5. The directors of the New Zealand Loan and Mercantile Agency Company have drawn up a scheme to deal with arrears of dividend on the 6* and o pei cent, preference shares. They propose to pay in cash the arrears and a year’s dividend to June, 1937, on the 5 pei cent, and to cancel the arrears on the 6£ per cent., also the current dividend, converting this class of capital into ordinary stock. Second preference holders will receive £70,000 cash and £250,000 worth of ordinary shares, which the existing ordinary shareholders will provide by surrendering onefourth of their holdings. The latter will also surrender another quarter for cancellation, scheme will enable dividends to be paid far sooner than is at present possible. The city editor of “The Times” considers the scheme a reasonable solution of a complicated problem. PIGS AND POULTRY. PRICES RULING TO-DAY. The following prices were ruling at the weekly sales of pigs and poultry in Ashburton to-day:— Pigs —Baconers, £4; stores, 20s to 395; weaners and slips, 14s to 18s. Poultry—-HenSj 2s 4d to 3s 4dj roosters, 2s Id to 6s 4d; ducks, 3s Id to 4s 7d.