UNITED MOLASSES.
At the recent meeting of the United Molasses Company, the chairman, Mr. F. K. Kielberg, was able to report a notable expansion in the company's operations during the year under review, and in view of the progress made and the statements made by. Mr. Kielberg with regard to the position of the industry, and the need for up-to-date organiza- tion, it is not surprising that an increase in the company's capital should be proposed. The capital is to be increased by 2,000,000 ordinary and 1,000,000 6 per cent. preference shares of £1 each, of which a portion of the ordinary is to be issued at once to ordinary shareholders on the basis of one for every three shares at the price of 12 10s. per share. It is also proposed to give the directors, principal officers and managers, and members of the staff the right to subscribe for 20,000 shares on the same terms. These as compared with the existing market price constitute a distinct bonus.
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