SHAREMARKET

Wairarapa Age, 23 March 1920, Page 7

SHAREMARKET

MONTHLY NOTES.

Business continues to bo brisk. Bank shares are firm, with a rising tendency. Bank of New Zealand have had a sharp rise. On receipt of cable advice.that it is proposed to capitalise £1,000,000 of tho reserve of the Bank of Australasia, by allotting tho proprietors two new fully paid up shares of £4O each for each five held on tho 12th May, the shares immediately rose. Financial shares are about the same as at last report. Insurance are a- little firmer. N.Z. Eefrigerating are again firmer. Huddart Parker sold at a record price—£2 16s. All coal companies are higher. The settlement of the coal trouble has doubtless had something to do with this. Several of the miscellaneous .Companies continue to rise, notably, Colonial Sugar, Ward and Co., N.Z. Drug and N.Z. Paper Mills. There is nothing special to report re mining. Bank of Australasia.—The Bank of Australasia's/profit is £587,822. It is proposed to capitalise £1,000,000 of the reserve by. allotting the proprietors two new fully paid £4O shares for each five shares held on May 12. Gear Meat Co. —The following change in capital has been proposed, that the sum of £368,000 of heretofore undivided profits be distributed among the shareholders on the basis of £4 for every £l* now paid up on their shares. In the case of the fully paid £1 shares, the proposal is that each holder shall receive under the distribution four fully paid £1 jnew shares for each share now held. In the case of the £lO shares, on which £4 only has been called up, it is proposed to apply the £l6 per share under the distribution to paying; up the remaining £6 uncalled on their shares, thus making them £lO fully paid shares, by issuing to each of the present holders of a,£lo share ten fully paid £1 new shares, so thatf each of the preesht holders of a £lO share will become the holder of twenty fully paid' £l shares. They will thus be in the same position as the holder* of four of the existing £1 fully paid shares, as such holder would, under the proposal, get sixteen new shares, which added to his original four shares, would make twenty shares; Ward and Co.—Ward and Co., brewers, Christchurch, have called extraordinary general meeting for a similar purpose. The directors of the company propose to make a call of £1 per share, and distribute £20,000 undivided profits as a bonus to shareholders, which amount will-be applied, in satisfaction of the call'of £labove' referred to in order that the shares of the company be fully paid up. < The existing £5 shares of the company are to be divided into five fully, paid up shares of £1 each., , j Colonial Sugar Company.-—A circular has been issued by the' Colonial Sugar Company of Australasia caljing a special meeting of shareholders!- to consider a proposal to return to the shareholders a part of their capital. The circular explains that during the war the company subscribed considerable sums for war loans. It is now necessary to decide what action should be taken with regard to the money thus withdrawn from business. Under normal conditions a large proportion of the money would be required for extensions and renewals in' the Queensland mills, but the political position in that State renders such expenditure impossible. Besides, funds afe already available when the out-! look is more stable. The board has therefore decided to advise that £650,000 worth of debentures be divided among the shareholders as a returned part of the paid-up capital of the company. The division will be at tho rate of £4 for each £2O share.

[ Adelaide Steamship Company, Ltd. —An extraordinary general meeting was'held*, on the 3rd ult., to consider proposals to reconstruct the Company. It is proposed to form, a new Company, under the same name, with a nominal capital of £3,000,000, in 3,ooo,ooo'shares of £1 each,- to take oyer the old Company's assets and liabilities. Shareholders in the old Company will receive three fully paid up shares in the new CompanV .for each share held in the old Company. The Metropolitan Permanent.—Year ended February 15, 1920. Net profit (including balance forward of £930 6s lid) is £6219 Is 9d. After paying a dividend of 7 per cent and bonus of 1 per cent, placing £IOOO to'reserve, » balance of £962.13s 7d is left, which is carried forward. N.Z. Drug Co.—Year ending Janu-, ary 31st, 1920. Net profit £39,811 2s sd. Previous balance £12,217 Iss —total £52,028 17b W. Interim dividend of 3£ per cent £10,611 13p lid was paid, thus leaving available £41,'417 3s 6d. Out of this if is proposed to pay a4J per cent dividend and 2 per cent bonus £20,880 18s 3d, transfer £7OOO to reserve and leave £13,536 5s 3d to carry forward. :' British Petroleum. Development Co. —Contributing shares: These shares will carry the right to a fully-paid Share in each of six other Companies which will be floated if developments so warrant, and the shares are • therefore quoted as—contributing cum rights. Satisfactory progress is, being made with the boring operations.