A Better Tone

Sun (Auckland), Volume III, Issue 799, 21 October 1929, Page 10

A Better Tone

Market on ’Change By “Noon Call.” THE -week opened on 'Change this morning with a slightly better tone in the market i'or several banking shares. All factors considered, quite a satisfactory Monday morning’s business was recorded. FLUCTUATIONS |tu a considerable degree the uncer-

Price movements shown by a comparison of sales on the Auckland market over the past 24 hours with the price at the time of the previous sale include: National Bank of New Zealand, rise of 6d. Renown Collieries, rise of 3d. Business on the Auckland Market Transactions on the Auckland market during the morning included: At the early call: National Bank of New Zealand, £6 15s 6d; Renown Collieries, 16s 6d. At the midday call: Auckland Cas, 24s lOd. Grey Valley Collieries A net Hrading profit of £ 20,358 is shown in the fifth annual report and balance sheet of Grey Valley Collieries, Ltd., for the year ended September 30, 1929. This amount, which is arrived at after payment of interest on debentures at £2,313, works out at approximately 20.3 per cent, of the paid-up capital of the company. The sum of £2.995 went to pay an interim dividend of 3 per cent.: £5.500 was written off for depreciation; £6,011 is put aside as provision for taxation; general reserve gets £2,500. Out of the balance the directors propose to pay a final dividend at the rate of 5 per cent., which will leave a balance of £522 to carry forward. This company had a severe explosion at its mine not long after it opened and this gave it a severe setback. This is the first year in which it has paid a dividend since; the directors report that everything is now auguring most favourably for the future, and that the output has increased during the year from 550 tons to 700 tons daily.

New Taranaki Oil Company Registered with a capital of £IO.OOO in £1 shares, the Whanga Petroleum .Prospecting and Development Company has been formed at New Plymouth, where the bulk of the shares is held. The objects of the company are stated as: To produce, refine, store and distribute petroleum products, etc. Market at Midday. Indications of a slightly better week shown at the opening call this morning were not reflected in the business at midday, when a quiet tone was registered. The banking group is steady, but practically no business is recorded in the group. The loan and agency section is dull and depressed, continuing to register

luinty of the market as to the near future trend of the overseas market for primary produce. Auckland Gas shares hold very firm, and further sales are recorded at last week’s slightly improved price of 24s lOd; at this price the return on investment is approximately £ 6 Cs lid per cent. The miscellaneous group is very quiet and, in several instances, wellknown shares were not even inquired for by either buyers or sellers this morning. * * * Mine Managers’ Reports The manager of the Golden Age Mining Company reports:—‘During the early part of the week Fox’s leader was met with and a distance of 15ft lias been driven. The leader at present is about Gin wide. The ore shows very favourable indications and is incased in a good class of andesite for making gold.” The manager of the Lucky Shot mines reports:—“ln the stope above the No. 2 winze a rise is being put up for another stope. The reef is 12in wide and gold can bo seen freely in the ore broken out. In the drive north of No. 2 winze at the intermediate level the face has been extended 4ft. Here also the leading stope has been started, the reef is 4ft wide, showing strong dabs of gold, and a few pieces of picked stone have been selected.” The manager of the Alburnia Gold Mining Co. reports:—“The drive north on main Orlando lode from crosscut at winze has been extended 3ft: a total of 217 ft. The reef here averages 15in wide but is still very mixed with mullock. The rise on the cross leader off drive north on liangingwall branch of Orlando lode has been risen 4ft: a total of 25ft. The leader up to the last few feet averaged Bin wide .and showed colours of gold. The hard country that came up from the footwall has pinched the leader at present. In the Whau level drive north on dropper off Sons of Freedom reef lias been extended 3ft: a total of 14ft.” Dividends Payable Due. Amalgamated Brick and Pipe Co., interniim, 3 p.c Now Milne and Choyee—S p.c., p.a., shares and deb. stk. halfyear Now British Tobacco—pref., intermira, 6i p.c. p.a Oct. 31 Aus. Iron and Steel—pref., interim, “i p.c. p.a Nov. 1 Waihi Gold Mining Co.—ls a share Nov. 1 N.Z. Guarantee Corp.—lod a share, fully-paid ord., 7 p.c. pref.. 4d con. Oct. 12 Broken Hill South—ls 6d a share .. . .. . Nov. 15