THE WAIHI MINE.

Press, Volume LVII, Issue 17125, 21 April 1921, Page 7

THE WAIHI MINE.

RETURN OF CAPITAL. (FROM OCR OWN OORRESPO.VDENT.) LONDON March 0. Two special meetings of the Waihi GoM Mining Company are about to bo held to approve tho neciesary resolutions (prior to applying to the Court) for making a return of capital to thi extent of 10s per £1 share. The resolution dealing with capital to l-c eubmitted to the shareholders tuns:—"That the capital of the company be reduced from £>M,IM divided in-.o sCO.OOO shares of *1 each, to £250,000, divided into 600.C00 share* of 10s each, and that such reduction be effected by returning to the holders of the 4i5,a07 shares that havs been issued paidup capital to the extent of 10s i «r eliare. such capital no longer being required for the purposes of the company's business, ana by reducing the nominal amount of each of tue 4093 unissued shares of the company from £1 to 10s by writing off lea per shore. It is also proposed that the Articles of Association be aheied by aiding niter article 42 the following new article:— "42 (aa) 11 ai any time the capital of the company be reduced by paying off capi'.ol, the amount to which each shaiehoJder tho.ll become entitled u> reason « «ucn reduction shall be payable within ten days lroni tho date on which the order and minute for reduction :s re(Stored with the Registrar of Companies a-'ainst deposit with the company ot the share certijeat© for the shares in respect oi which tie same is payable." Owios to the numerous transfers of wwe*

that have taken place, it is pointed out, during ithe.33 years of. the company's existence, th« distinctive numbers of the shares are very much split up, and the entering of these numbers causes an enormous amount ti work in tie company's offices. It_ is therefore suggested ithat when "the capital has been reduced, the opportunity should be taken to re-number the Bharea, and a resolution to that effect will- be proposed at ithe second special meeting.

DUNEDIN MANUFACTURERS*

ASSOCIATION. A meeting of the executive of the Dunedin Manufacturers' Association was held on Tues-, day evening. The president (Mr W. B Hayward) occupied the, chair. The following circular was presented to the executive:— "For some time past the executive and members of the Dunedin Manufacturers' Association have watched with great 'interest the progress of the Chamber of Manufacturers Insurance, Ltd. — a company incorporated in Victoria in 1915, asi,an offshoot of the Victorian Chamber of Manufactures. From the outset the operations of this company have been remarkably successful. , The published accounts show that substantial • profits have been made, and that in working expenses a saving has been effected, as compared wfth. the average insurance company, of over 2D per cent, of the annual premium income.. During its existence of five years to June 30th, 1919, the company distributed bonuses to policyholders amounting to well over' £50,000, in addition 1 to paying dividends of 10 per cent, on the paid-up capital, making .substantial contributions to the funds of the Chamber of Manufacturers and building up large reserves. While, admitting that the scale of operations of the Victorian Company is naturally greater than could be expected here, it is nevertheless felt .hat proportionately good results may reasonably be expected from a com? pany formed i on similar lines in Dunedin. It is now proposed to form a company, to be called 'The Manufacturers' Insurance Association of New Zealand, Ltd., with a nominal capital of .£20.000, divided into 20,000 shares of £1 4ach." The chairman said that he intended to call on members in regard to the project within the next few days. The scheme de. . pended wholly on the amount of support given to it. If the support warranted them in registering the company they would go on with it; if not, it would have to die. Personally, however, he did not think there would be any question about the support which ■ would be accorded to the project. He considered they, would have no difficulty in securing the necessary number of. shareholders. They., would not need to deposit a certain amount of money, as they would be dealing with accident insurance only. In Australia the other insurance companies were, now working amicably with the Chamber of Manufacturers Insurance, Ltd. The Association decided to support the movement to have a Royal Commission set up to enquire into the present methods of work on the waterfront, with the object of effecting improvements in those methods.

A member said that if they could introduce a system of permanent employment, with a superannuation- Bchcrno, they would go a long 'vay to remove the present difficulties experienced on the waterfront. WELLINGTON OPERA HOUSE CO. The annual report of the Wellington Opera House Company, Ltd., states: —The net profit for the year amounts to £2931 ■3s Bd. Adding this to the amount brought forward in appropriation account last year, makes that account .total £4318 Is 2d. Out of this .there has been paid dividends to the amount of £2817 7s Sd,'leaving a balance available of £ISOO l3s 9d. Th-j director now propose a further dividend of 3 per cent, on the preference shares (making the usual 6 per cent, ior the year), which will amount to £358 13s 6d, and 3 per cent, upon the ordinary shares, making 6 per cent, for the year, which, will amount to £6OO, a total of £1458 13s 6d, leaving a balance of £42 03 3d to be carried toward. During the year the Board has invested in the Discharged Soldiers' Settlement Loan the sum of £9OO, bearing interest at tho rate of 5i per cent, per annum. J. C. Williamson, Ltd., have taken a further leasa of the Grand Opera House at an increased rental. This leas© will expire upon tho same date as that of the Old Opera House, and it J3 anticipated that a further increase in the revenue will be obtained after that date. SALE OP CLYDESDALES. At the Ashburton Sow Ground yesterday the New Zealand Farmers' Co-op. Association, in conjunction with Wright, Sitepheneon and Co., offered by auction part of Mr John Shearer's Clydesdale stud. Buyers were.present from Dunedin, and all parts of Canterbury. The*eale started with, a seven-year-aid mare by Sir. .which was quickly sold ait 56gs. Other mares by Premder Montgomery, Premier Jewel, Premier Pride, ; and Dunure Fabric, respectively, brought 48gs, <sgs, 30gs, 34gs, 49gs, 85ga, 46gs, and 49gs. The imported ■ mare, Nelly Campbell, by Sir Hiawatha, was purchased by Mr Peter Shearer at 152gs, and her colt foal by Dunure Fabrio for 87gs. Other foals sold at 51 gs, 17gs, 80gs, 42g», and 42gs. A three-year-old filly, Queen Lizzie, by Baron Bold, was bought by Mr Mcllroy, of Ashburton, it 95gs. Other foals and two-year-olds brought, respectively, 40gs, 51gs, 19gs, and 27gs. A dry maro. Premier Pandora, brought 36gs, and wet mareo brought up to 40gs. The staliion Dunure Fabrio was started at BOOgs, and ithe bidding rapidly reached 900gs, at which price he became the property of Mr Peter Shearer, who evidently intends to breed from the same horse his father has been so successful with. Other entires brought 53gn, SBgs, 30gs, and 40gs, respectively. Two-year-old fillies brought 34gs, 26gs, 27gs, and 28gs. The pioi ot the two-year-olds, however, brought the handsome figure of lSlge. This was Glen Foliola, by Dunure Fabrio, who was purchased by Mr J. A. Johnson, Bushy Park, Palm erg tan, Otago. Yearlings brought 24gs, BSgs,, 56ga, and up to 80gs. A f«ur-year-ol(i gelding brought 67Jgs, a two. yearlings £sl each,, and two-year-olds £2oj £23, £32, and £35, respectively.

HOyET CEOP PROSPECT. The Director of the Horticultural Division of the Agricultural Deportment has received from the apiary instructors the following, reports concerning the honey crop prospects:— Wellington.—Extracting is just about finished throughout the district, and good crops have been gathered everywhere, excepting in Poverty .Bay. The nectar supply has now been completely cut off everywhere. Prices are firm, as reported kst "month. Beeswax is quoted at 2s per lb. Section ioney is available at Is 3d per lb. A few lines are already forward for export at the various grading stores. Christchurch and Dunedin.—The season is practically finished. Extracting is in progress' in many districts,. Beekeepers are busy putting their bees into winter quarters. A few small lines are forward for export. Prices are firm. - BURNSIDE MARKET. (press ASSOCIATION TEIJ3GBAM.) DUNEDIN, April 20., There were good yardings in all departments, at Burnside to-day and, itaken all over, the sale was not a good one. Fat Cattle.—There was.a yarding of 291 head, comprising only fair quality animals. The supply was much in excess of butchers' requirements, and there was a further decline in prices, the decrease being from 20s to 40s per head, as compared with last week's rates. At the close of the sale there was a decided slackening, and a good number of pens were passed in. Medium weight prime bullocks were quoted at 30s per 1001b, with extra prime a trifle over this figure. In some cases cow beef did not make 20s per 1001b. Prime bullocks made £l7 to £2l, medium £ls to £l7, light and unfinished £lO and upwards; prime heifers £l4 to £ls, 10a, medium £ll to £l3; cows, light and aged, £7 and upwards. Fat Sheep.—There was a yarding of 2346 head, composed r.rincipally of ewes, very few prime wethers being offered. Competition was fairly keen, and prime wethers were disposed of at prices on a par with last

week's rates, while medium wethers and ewes were a- trifle firmer Wether mutton Bold at about 3Jcl per lb, and ewe mutton up to 2Jd. Extra, prime wethers .made 243 6d to 28s, prime 20s to 245, medium 16s to 19s, and light and unfinished 13s and upwards. Extra prime heavy ewes made up to 30s, prime 18s to 21s, medium 13s to 15s 6d, light and inferior lis and upVards. Fat Lambs.—There was a large yarding of fair quality. Competition was a good deal keener than at the four previous sales, freezing operators bidding much more freely. Prices as a consequence were firmer. Prime lamb was worth up. to 5Jd per lb, 6d being touched in some instances. Extra prime made 26s Gd, prime 17s to 225, medium 123 to 15s Gd, light and unfinished 9s and upwards.

Store Cattle.—Under 100 head were yarded, and prices were weak, at last'week'srates. Three-year-old Hereford steers made . £6, two-year-old Hereford steer 6 and' heifers £3, good forward two-year-old Shorthorn cross steers £6, well-bred vealers 30s to 40s, • and store cows £2 and upwards. Pigs—Over 100 fat pig 3 were yarded, and met with & weakened' demand. Prices were back as compared with the last two eales. Small lots were numerous, and prices for these fell off considerably towards the close of the sale. CLEARING SALE OF CARPETS, RUGS, AND KAPOC. i Jones, McCrostie Company, Ltd., effected it 'clearance of carpets, rugs, and kapoc at the sale by. auction, in tVeir rooms yesterday, disposing of the whole 99 lots. Rugs sold from £2 10s to £7, and carpets from £3 up to £23., Sixty-two bales' of kapoc realised £125. The total .realisation amounted to £B4O. 6 THE" CITY MARKET. Report of weekly' sale:—Pulley and shafting £2 10s, set 2-horso trees 325. (id, s.f. plough £6, set of harness £3 10s, part set £2, box glass £2 15s, do. 355, churn 16s, express £5 10s, d.f. plough £lO 10s 4 ret scales £1 10s. couch 21b, horse rugs 30s to 37s 6d, frame 12s 6d, 80 sides meat 5s to 7s 6d, wheat 295, bwrley 20s to 225, oats 10s to 14s, Poultry: 2 pair of Black Polish. White-crest-ed hen and pullet 28a to 30s p?r pair, hens 4a 6d to 10s Bd, backward puTlets 9a 6d, roosters 4s 6d to 10s, ducks 7s 3d to 9s 9d At the first sale of eggs at auction stamped realised 3s and seconds 2s lOd. A clearance was made, and, the various consignors , were pleased beyond expectation. Having held - clearing sale at John's road. Belfast, when the- principal items sold were:—Boiler £47 10s, digester £3O, jacket pan £25, vat £2, shed £5 10s, windmill £5 6s, tank £4 10s, 3-roomed cottage. £l9, si. plough £7, stove .-22, dray £7 ss, 3 horses £4 10s, £5 15s, £9 15s, store pigs 30s to £2 5s each. There was a good attendance, and / very satisfactory prices throughout H. O. Smith, Auctioneer, Tho City Market. £478 THE FARMERS' SALEYARDS. Messrs F. P. Claridge and Co. report having sold by public auction: —B. geld £17.105, blk geld. £lO, b. mare £ll, ,b. mare £l2 15s, h mare £lO 15s, blk. geld. £lO, piebald geld. £9 15s, b. pony geld. £9 Bs, b. geld. £9 ss, b. mare £B, mare and foal £9, blk. niare £6, b. geld. £7 10s, and numerous other prices; gig £36, express £37 10s, gig £l9, turnout £2O 10s, gag £2O, cart £lO, gig 518, trap £2l, spring £23, spring dray £32, gig £6 10s, box cart £B, sulky £7, set harness £4 10s, set harness £2, set harness £3 15s, col., h. /and w. £2, set harness £2 2s 6d, sad. and bridle £6 12s 6d, set harness £2 13s, r. whip 19si, 7 h. covers . 40s, 9 at 57s 6d, 2 at 355, ? cow covers* 80s, 3 h. covers 52s 6d, 27s 6d, traces 15s, winkeTS 12s, sad. and breeching £5, set harness £3 10s, set h. £4 15s, puam 80s, stretcher 12s 6d, stretcher 10s, stove 20s, stove £2, dehorner 27s 6d, s.f. plough 60s, pump 20s, w. barrow 27s Gd, lawn mower 30s, rag matt. 15s, gent's cycle £5 10s, pram 12s, churn 10s, .copper (large) 30s, suite furniture £4 ss, pr. lamps 18s, pr. lamps 265, grubber 27s 6d, 1-leaf harrow 18s, large quantity of mutton 6s and 6s 6d per side (great demand for tfhis). La/rge quantity of sundries as usual. ' Grain: Oats »t your own price. 13s and 16s per sack; chaff, large quantity, 8s lid to 5s 3d per sack, s.i.; hay in large quantities for, shipping. Poultry: Hens, 6s 2d, 5s 3d, 6s, to 6s 6d per pair; roosterß, 4s 3d to 7s 6d per pair; oucks, 7s to 9s per pair. Crates sent to any address; just drou us a line and we will forward. F. P Claridge an* Co., Land and Estate Agentß, Auctioneers, St. Asaph ' street and Tvnm street. 5483 CHRISTCHURCH STOCK EXCHANGE.

AUCKLAND, April 20. Sales on 'Chang©:—l93B war Loan £7B 2s 6d; Talisman (con.), 4s 9d; Soldiers' Loan, £B9. Sale reported:—Bank of Now Zealand 47a. ,«. DTTNEDIN, April 2a Sales on 'Change:—Bank of New Zealand,' 475; New Zealand Insurance, 25s 8d (two).

! AUCKLAND STOCK MABKET. (SPECIAL TO "TSE PRESS.") AUCKLAND, April 20 The price of beef at the Westfield fat stock market to-dav showed a slight improvement on last week s rates. Extra choice beef realised £2 per 1001b, «s against £l 18s a week ago. Choice and prime beef sold at from £1 12s to £1 18s per 1001b, this being an advance of 2a. in each instance. Ordinary end plain beef showed a rise of Is per 1001b. The price of sheep showed an advance on late rates of from 2s to 3b a head. Competition for pigs was spirited, and values were firm

LIME. The Mount Somen Lime and Stone Co., Ltd., having installed mora power and crushing plant, are now in a position to supply Carbonate of Lime fox immediate delivery. Order for delivery now, and save disappointment later on. THE MT. SOMEHS LIME AND STONE CO., LTD., 173 Cashei street, Christcburch. 'Phone 4158. Box 637, Christcburch. I

YESTERDAY'S TRANSACTIONS. Sales reported:—Standaii 6d. Latest quotations: — J Insurance, £2 3s 1 Buyers. %ellei rs. £ s.d.. £■ 8. d. DEBENTURES— "N.Z. Govt. 4i per cent. Inscribed, 1938 '■77 10 0 — N.Z. Govt. 4jj per cent. Bonds, 19S8 77 15 0 ' — N.Z. Govt. 5 per cent. Inscribed, 1927 89 0 0 _ N.Z. Govt. 5 per oent. Bonds, 1927 89 0 0 N.Z. -Govt., 5J per cent. Inscribed, 1933 88 10 0 . N.Z. Govt., 51 per cent. Bonds. 1933 88 10 0 89 0 0 BANKS— Australasia (cum rights) — 82 0 0 Austra'.asia, "Rights .. 12 0 0 14 10 0 New South Wales 29 3 9 29 15 0 New Zealand .. 2 5 0 2 8 0 Royal Bank (cum. div.) — 1 5 9 Union of Australia .. 11 7 6 11.11 6 INSURANCE— National 2 15 6 ■ New Zealand 15 6 1 6 0 Standard 2 4 0 LOAN' AND AGENCY— Dalgety end Co. 11 0 0 SHIPPING— P. and 0. Deferred Stock ' (cum. div!) ' 320 0 0 , Union (51 per cent, cum pref.) ;. — 0 18 3 FROZEN MEAT— N.Z.' Refrigerating (10s paid) — 0 15 6 MISCELLANEOUSBooth, Macdonald (61 per cent. cum. pref.) 0 17 9 Burns, Philp (South' Sea) (cum. div.) .. — 1 13 0 D.I.C. (6 per cent. cum. pref.) 0 19 9 N.Z. Farmers' Co-op. (£2 paid) ' 1 12 6 1 15 0 Whitcomhe and Tombs 2 10 0 2 12 6