A Brighter Tone

Sun (Auckland), Volume III, Issue 927, 21 March 1930, Page 12

A Brighter Tone

Market on ’Change

By

"Noon Call.”

A BRIGHTER tone all round should follow the announcement of a further reduction in the Bank of England discount rate. The movement is another indication that the itre of world finance is gradually getting back to normal. The reaction out here may be slow. but. nevertheless, it is certain.

fluctuations Price movements on the Auckland market, shown by a comparison of sales over the past 24 hours with the price at the time of the previous recorded sale, include:— Grey Valley Collieries, r.se of sd. Colonial Sugar, rise of 2s 6d. Auckland Gas (con.)* fall of 2d. Business on the Auckland Market Business on the Auckland market I over the past 24 hours included: Yesterday afternoon. Commercial : Bank of Australia. 21s lOd; Auckland fias (con.). 17s and 16s lOd: Colonial j Sugar. £44: Staples Breweries, 48s; Australian Glass. £2 3s: British Tobacco. 425: South British Insurance, »;is: Xew Zealand Inscribed Stock, j 1038, 4-J per cent., £97 ss: ditto* £97 At this morning's early call. —Grey ! Valley Collieries, 275. Timaru Brewery Profits A net profit of £4.506, equivalent to . pproximately 12.1 per cent, of the paid-up capital of the company, is shown in the annual report and balance heet of the Timeru Brewery Com- i panv. Ltd., tor the year ended Februarv 28, 1930. The sum of £9.409 was brought forward from last year, making £13,915 . vailable for distribution. An interim nd final dividend amounting in all to JO per cent, for the year absorbs | L 3.630; directors’ fees took £250, ; leaving £ 10.035 at the credit of profit j and loss. Whangamomona Oil Bore At a recent meeting of the directors of the Whangamomona Petroleum Prospecting and Development Company, it was reported that the drilling contractor had commenced work on the bore. The site of the bore is 12 miles from the Whangamomona township in the Taranaki province and was -elected by Dr. A. R. Andrew, who made a comprehensive survey of the company’s concessions, which aggregate 10,000 acres. The directors intend to drill as rapidly as possible to a depth of if necessary, although information in the company’s possession shows that less footage is necessary to reach the lower formation at Whangamomona than at New Plymouth. Anticipations of the likelihood of finding oil

at Whangamofnona are based on reports made by Professor R. Speight, of | the Canterbury University. Firmer Tone at Midday A decidedly firmer tone was registered in the market for bank shares at midday. Xo sales were made, but sellers were inclined to have higher ideas of values. The insurance and loan and agency group was quiet. In the miscellaneous group Robinson Ice Creams are a little firmer and sellers at 27s are supported by buyers at 255. Kempthorne Prossers are offered at 71s 6d, without driving buyers into the open market. This scrip was dealt with last at 72s four weeks ago. Waihi Gold Mining Company The following information has been cabled to the London office of the Waihi Gold Mining Company: For the period ended March 8 we crushed 17.857 tons of ore for a result of 7,080 fine ounces of gold and 40,956 fine ounces of silver; this includes 1,406 tons mined from the Junction area, which yielded 796 ounces of gold and 15,973 ounces of silver, also 332 ounces of gold and 500 ounces of silver from residues from old Waihi mill site. In the No. 10 level in the drive west on the Empire lode from the London south crosscut the next 36 feet assays 45s 9d a ton; the width of the lode varied from two to five feet and is now small. In the Martha lode the east drive from the boundary, crosscut was advanced a further 36 feet, the assay value for this distance being 30s 3d a ton; the width of quartz is about four feet. Driving west of the boundary crosscut the next 41 feet is of little or no value. We have now holed through to former workings. In the No. 13 level in the crosscut to the south-east we met with a carbonaceous seam at 215 feet in. We have now commenced driving along tlie south wall of the Martha lode at 129 feet in the crosscut. 9 m * Dividends Payable Amalgamated Wireless (Australasia) —interim, 8 p.e. p.u Mar. 24 Dunlop Perdriau—interim, cum. pref., 5 p.c., ord. 3 p.c Mar. 2S Puke.niro Collieries, intermim, 2s a share Mar. 31 British Tobacco—interim, C p.c. Mar. 31 Ilume Pipe Co. (Aus.)—interim, 4 p.c Mar. 31 C. L. Innes—interim, r»ref., 4 p.c. Mar. 31 Bank of Australasia—final, 7 p.c. Apl. 4 Howard Smith, Ltd.—interim, cum. pref., 6 p.c.. p.a Apl. 5 Kempthorne-Prosser Drug Co.— final, 5i p.c. Apl. 8 Milne and Choyce. Ltd.—interim, ord., pref. and deb. stk., S p.c. _ P.a. .. r Apl. 10 New Zealand Breweries—interim 7i P.c .. Apl. 14