SIGNS OF THE TIMES

Hokitika Guardian, 6 July 1929, Page 3

SIGNS OF THE TIMES

ANOTHER BRICK T3SUJE FLOATED.

(Auckland Star.)

That there is plenty of money available for investment in New Zea-

land is well known, and it is equally Lite gti.eral plume m the past been diffident about investing surplus funds in anything but gi'i-euged securities.

This is a position operating serious-, ly to the detriment of the country, as many millions of pounds have been sent overseas that could, win a..vantage, have been retained in the Dominion to aid its progress and de-

velopment. That this hesitation to embark in local enterprises is gradually being

removed, has been emphasised in an unmistakable manner by the British and Dominion Investment Trust Company, ail organisation whicli amongst its other activities, recently undertook the floatation of two debenture issues the first one being for Amalgamate! Brick and Pipe Co., Ltd., and the second for Amalgamated Bricks (Wellington’). In each the underwriting agents advertised the issues freely so that the investing public were made fully awar of the terme offered the 'nature of the undertaking, and the class of security offered. Fir m every point of view the organisation was thorough. As a result, t'h e issue of £150,0(30 mado on behalf of ‘Amalgated Brick and Pipe Co., Ltd., was oversubscribed by over £60,(300 within four days of , the publication of the propectus.

The result of the second floatation namely £126,000 at 7} per, cent, on behrjf of Wellington Pff'ttks, i Ltd j have been still more striking. With' i a week v of the advertising of the pending issue and before there he I been 'time to , print and circulate th Q prospectus the issue had been oversub scribed over a hundred oer cent.

, Speaking to a "Star” representative Mr L. J. Stevens, director of the underwriting company, stated that these hesults were gratifying as a definite indication that the public were willing and anxious to invest their surplus funds in Dominion enterprises, where the investment was represented by firmly established business of proved merit connected with primary industries, and possessing assets that provided dependable security.

He added that 'ho prospectus of. the latest issue is 'being proceeded with, and Will bo issued about the middle of the present week, and ap r plications will Ibe dealt with according

to priority. ’ ' It will be someHibie.i before "'allotments can be made, meetings of shareholders in i-bh r>r\-»v»—concer-ned have still to he held before the issue can be completely finalised.