GENERAL CABLES

Hokitika Guardian, 3 July 1930, Page 5

GENERAL CABLES

CABLE AND WIRELESS LTD. (United Press Association—By Electric Telegraph.—Copyright.) (Received this day at 10.30 a.m.) LONDON. July 2. The Cable and Wireless Ltd. are not paying a dividend on A. and B. ordinary stocks only paying interest on 5) cumulative preference stock. LONDON, July 2 Following the announcement that Cable and Wireless Lid. are not paying dividends, the shares fell sensationally. A from 36) to 30] and B from 16] to 12] preference. 87 to 75], making a total drop in market capitalisation of about 10 millions and over 20 millions compared with the highest prices last vear.

INTERNATIONAL COMMUNICATIONS.

(Received this dav at 12.25. p.m.) LONDON, July 2.

The report of the Imperial International Communication states the reductions in rates for all classes of traffic already made it is estimated, invovled an annual loss of eighty thousand sterling. The report adds provision was made in the report of Imperial Wireless Conference ,including the fixing o-f the standard net revenue at £1,850, 000 sterling, any excess beyond which was to be allocated ns to fifty per cent-, to reductions of rates. The present position is a complete reversal to that contemplated by the conference, as reduction rates have been and are being put into force in advance of receipt hy Company of those surplus profits. Therefore the company asked the advisory committee to allow the company to recover later the loss revenue from these reduction from the aforementioned fifty per cent, excess when such excess is available. x

HIRE PURCHASE BUREAU. LONDON, July 2. A hire purchase bureau covering houses with a capital of JO millions sterling has been established in London. All hire purchase agreements will he registered, and thus firms will be able to estimate the extent of customers commitments and whther they faithfully carry out their argeements. In order to prevent the trade secrets of one firm becoming known to another, all information will pass through the bureau which is ns secret as a clearing house of the big banks. Motor agents, furniture, gramaphone i and lug departmental stores are supporting the scheme.