BONUS SHARES

Dominion, Volume 32, Issue 143, 13 March 1939, Page 12

BONUS SHARES

Australian Consolidated

Industries DETAILS OF PROPOSALS The proposal of the directors of Australian Consolidated Industries, Ltd. formerly Australian Glass Manufacturers Co.i Ltd.—to make a bonus issue of 11 ordinary shares for every four shares held was announced in "The Dominion ’ on March 4. Details of the issue and reorganization plans have now been obtained from' Melbourne. It is proposed to convert into ordinary shares n surplus of £2,558,814 from the realization of certain assets, and to distribute this as a bonus issue to shareholders. , A circular from the directors states that an expert report upon the sectionalization of the company’s businesss and the expansion of its capital structure has been considered by the board and its recommend:!tions adopted. Range of Activities. The main purpose of the plan was to assist the management to meet the position which arose as a result of the rationalization o’f the industry in recent years. For this purpose, the following companies have been formed or are in process of incorporation : — A.C.I. Engineering Proprietary. Limited. to take over the engineering side in Melbourne and Sydney. A.C.I. Metal Stamping and Spinning Proprietary. Limited, and metal-spinning and capmaking sections of the Sydney works; A.C.I. Plastics Proprietary, Limited, plastics section of the Melbourne works; A.C.I. Fibre Packages Proprietary. Limited, cardboard and printing sections in Sydney; A.C.I. Investments Proprietary, Limited, to take over shares in subsidiaries and associated companies and to handle the company's investments generally ; Queensland Glass Manufacturers’ Proprietary. Limited, Queensland branch works; New Zealand Glass Manufacturers Proprietary, Limited, the New Zealand branch works; and Australian Glass Manufacturers Company Proprietary, Limited, the glass-making activities in Australia, except Queensland. Purchase by Subsidiaries.

The sale of the company’s assets to the new subsidiaries has been almost completed, and the realization of assets not acquired with a view to resale has shown a substantial surplus. This surplus has been credited to a special fund, and the board recommends to shareholders that the bulk of this fund be converted into fully paid ordinary shares. It is then proposed that the company issue 11 fully paid ordinary shares for each four ordinary shares held on March 15. The bonus shares will be allotted, it is hoped, by March 31. - ■ It is intended to raise nominal capital to £5,000,000 by the creation of 3.000,000 new ordinary shares of £1 each. In future the parent company will derive its income from dividends received from its subsidiary companies, control of which will be entirely with Australian Consolidated Industries, Limited, whose directors will also be directors of all the new companies.

Lodging of Transfers. In reply to a request to accept transfers for registration in time for the bonus issue forwarded by the Strathallan, leaving Wellington today, the company has informed the Stock Exchange Association that it is impossible to accept transfers for the new issue after tomorrow, March 14. LONDON WOOL SALES' Prospects For Next Series By Telegraph.—Press Assn.—Copyright. (Received March 12, 6.30 p.m.) LONDON, March 11. Wool ia firm. Prospects for Tuesday's wool sales are generally regarded as good. The Bradford tops market is exceptionally firm, though busineew is small. The impression is that the market will open fully equal to the closing prices of the last series, with any movement likely to be in sellers’ favour. Murray, Roberts and Co., Ltd., have received the following wool cablegram from their London agents, dated March 10:—The following vessels have arrived in time for the consignments of wool by them to be offered in the next series: Akaroa, Sultan Star, Waimarama. FROZEN MEAT TRADE Shipments For February

The New Zealand Meat Producers’ Board is advised by cable from its London office that the shipments from Australia, South America and South Africa to the United Kingdom during the month of February, 1939, were as follows: — Australia: Cat-eases .mutton, 78,319; carcases lamb, 281,594; quarters beef (frozen), 62,102; quarters beef (chilled), 29,335. South America: Carcases mutton, 3394; carcases lamb, 225,158; quarters beef (frozen), 2593; quarters beef (chilled), 373,832. South Africa (including Southern Rhodesia) : Quarters beef (chilled), 4072. The shipments from New Zealand to the United Kingdom for the same period were as follows: Carcases mutton, 418,090: carcases lamb, 1,071.167; quarters beef (frozen), 8674; quarters beef (chilled), 28,019; carcases pork, 66,471; bags boneless beef, 36,714. Retail Prices In London The New Zealand Meat Producers’ Board has been advised by its London manager that the following retail prices were being 'quoted for New Zealand lamb and mutton retailed in London during February, 1939. These prices represent a fair average of the prices quoted by the better class shops in Loudon for the best quality of New Zealand lamb and mutton. NEW ZEALAND LAMB. Per lb. d. Legs 12 Shoulders 11 Loins 11 Necks 6 Breasts 3 Forequarters 84 Hindquarter, $ Il NEW ZEALAND MUTTON (Wethers). Legs Si Shoulders 71 Loins 7-i Necks ’.. Breasts 3 Fair Demand For Lamb The Bank of New Zealand, produce department, has received the following advice from its London office as at close of business last week :—The market for wethers is dull. Trade in ewes is slow. There is a fair demand for lambs, the market for heavyweights being weaker and lightweights remain steady. Larger supplies of chilled beef have caused prices to weaken. Wethers, light. -Id. to sd. a lb.; heavy. 3d. to 3Jd. Ewes. 2d. to 3d. Lambs. 2's, 7tl. to 7 1-8(1.: B's, 6 7-Bd. to 7(1.: 4's, (i'ld, to 6 7-Bd.; seconds, OJd. to 6 7-Sd. Chilled hinds, 4d. to 5d.; fores, 3d. to SJd.