Late Commercial—

Sun (Auckland), Volume III, Issue 660, 11 May 1929, Page 11

Late Commercial —

OF INTEREST TO INVESTORS ISSUE OF 8 PER CENT. PREFERENCE SHARES The attention of investors is drawn to the advertisement in this issue announcing tlie increase of capital to £ 160,000 of the Reliance Loan, Mortgage and Discount Corporation, Limited, by the issue, of 100,000 £1 ciimulative preference shares at 8 per cent. - • This corporation, whose olfices are situated at Auckland, is the largest financial organisation in the Dominion operating and financing on every class of security. It is conservatively estimated that the securities backing the issue will be worth approximately £IOO,OOO. when the new capital is called up and invested., A strong feature of the corporation’s policy, and one that will inspire confideiioe in the discerning investor, is the fact that all mortgages and securities are negotiated on a minimum margin of 50 per cent. On chattel securities the margin is considerably greater. Messrs. Morris. Duncan and Gyllies, and Messrs. Gilflllan and Gentles, two well-knowh Auckland firms of auditors, have issued an independent certificate regarding the opera.tions of the corporation, in which it is stated that the earnings on the present capital of £60,000 arc sufficient to pay an 8 per cent, dividend on the new issue of 100,000 preference shares paid up to 10s a share, even if this new capital remains uninvested. Copies of the prospectus may be obtained from any branch of the National Bank of New Zealand. Ltd., from the corporation's broker. Mr. Campbell Paterson, G.P.O. Box 1206, Auckland, or 23 Sliortland Street, Auckland: at the corporation’s office, 308 Dnworth Building, Customs Street, Auckland. or from Messrs. Chambers, \\ orth and Chambers, public accountants, Shortland Street. Auckland, or from any registered sharebroker.