COMPANY AFFAIRS.

Auckland Star, Volume LIX, Issue 232, 1 October 1928, Page 4

COMPANY AFFAIRS.

INVESTMENT TRUSTS

ANOTHER AUSTRALIAN COMPANY

Quite recently the Investment Trust movement, which has shown remarkable development in the United States and in Great Britain in the last few years, was extended to Australia by the formation of Were's Investment Trust, organised by the! well-known firm of Melbourne brokers, J.j B. Were and Son. Scarcely has the es-j tablishment of this concern been completed when the prospectus of another, with similar objects, is announced. This is to be known as the Australian Investment Trust, Limited. The capital is £1,000,000, in shares of £1 each. Ordinary shares, numbering 300,000, are offered for public subscription, 10,000 shares of £1 each are to be allotted as fully-paid shares to the promoters, and a further sum of £3000 in cash is to be paid to the promoters, upon fulfilment by them of the conditions embodied in an agreement between the trust and the promoters; 690,000 shares are to be held in reserve. It is stated that 100,000 shares have already been applied for. Commenting on the new venture the "Sydney Morning Herald" says: The promoter is the Phoenix Investment Company, Limited. The consideration paid for the promotion is high. There is no tangible asset so far as can be discovered handed over to the trust for the consideration in fully-paid shares and in cash stated. The promoters have acquired a quantity of information concerning the results of trust abroad, have analysed the movements of securities on the Australian markets, and are stated to have incurred heavy expenses in obtaining legal and other expert opinion. They have also instituted negotiations, which, it is stated, should result in valuable connections being established with similar institutions in England and America. For these services the agreement is to allot the Phoenix Company 10*,000 fully-paid shares and to pay £3000 in cash;

PACIFIC CABLE BOARD

LESSENED RECEIPTS. LONDON, September 29. The annual report of the Pacific Cable Board for the year ended March 31 last shows that traffic receipts were £80,017 less than in 1926-27. The report says this decline was entirely due to the competition of the beam wireless service. The principal loss was in cfieap traffic. Ordinary traffic was not seriously affected. AUSTRALIAN RUBBER FIRMS. Mr. W. A. Watt, M.P., chairman of directors of Barnet Glass Rubber Company, Ltd., at the annual meeting of shareholders said that a little time ago the directors were favoured with an opportunity of joining in conversations proceeding between the Dunlop and Perdriau Rubber Companies in connection with amalgamation. The directors, however, took the view that the amalgamation proposals had not zcen sufficiently developed to warrant them proceeding further in the matter. That was where they stopped, and where they were still.