Healthier Tone

Sun (Auckland), Volume IV, Issue 930, 25 March 1930, Page 10

Healthier Tone

Market on ’Change By “Noon Call.” NEWS of a further reduction in the Berlin bank rate cabled during the past 24 hours should give fresh impetus to the return of confidence ir sound investments. Throughout the whole world there are signs of a return to sta,ble finance and tills must be reflected in a practical manner on the New Zealand market in the near future.

Fluctuations 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 recorded sale, include: National Bank of New Zealand, fall of 3d. National Timber, fall of Id. * * * Business on the Auckland Market Transactions on the Auckland market over the past 24 hours, included the following: At yesterday afternoon's call: National Bank of New Zealand. £5 IDs 6d; Whittome, Stevenson, £2; New Zealand Breweries, £4 Is 6d. At this morning’s early call: Auckland Gas, 2 3s 6d; Farmers’ Trading (A pref.), Its 3d; Borought of Mount Albert, 31)63, 52 per cent., £lOl. At midday: Auckland Gas, 23s 6d; Renown Collieries. 15s: National Timber. 8s sd: Auckland Gas, 6$ per cent.. 11)35, debentures, £lO-. Market at Midday Although there is a generally brighter tone in the market for most sound ♦docks, little actual business has been accorded. The biggest feature of the banking group has been the drop in Bank of New rfouth Wales scrip, sellers asking £3B 17s 6d, compared with sales last week at £39 17s 6d. Commercial Banks are also a little easier. Auckland Gas scrip continues active at 23s 6d, a price v/hiem allows an approximate return of 3.8 per cent. Renown Coal ordinaries saw their first recorded sale since the middle of February at an unchanged price of 15s. There is a steady demand for Government and local body securities and quiet trading is recorded in the section. Occidental Una in Liquidation Shareholders of the Occidental Una Gold Mining Company, at a meeting yesterday, decided to go into voluntary liquidation. The chairman, Mr. J. McCormicK. said the liabilities totalled about £SOO. of which £2OO was guaranteed by the directors. Crushing bad not turned out as much bullion as was expected, and the directors had found it difficult to collect calls. On the motion of Mr. McCormick, it was decided that the company could not, in view of its liabilities, continue ;in business, and that it was advisable to wind up voluntarily. Mine Managers’ Reports Mine managers report as follow: Alburnia. —Development work continues to bo carried out in a splendid class of country. Waiomo Sulphide. Development work is being carried out in payable «»re in both the No. 2 and No. 3 levels. The exploration of the Broken Hill section is being made with a view to

transporting pa.'/auie or - trom this section to a point of connection with the main aerial tramway. It is intended in the immediate future to open up the Paroquet section, which was a prolific bullion-producer in the upper levels. Tlxe ore from this section became s>o complex as depth was attained that no convenient method of treatment could be obtained. This ore is ideal for the extraction of its bullion and base metal contents by the company’s new oil flotation plant. Moanataiari:—Good progress has been made in cutting out the chamber fit the bottom of the shaft, and it is now nearly three-quarters completed. The country rock in the chamber is of a splendid description and is interlaced with mineral and quartz seams. Colours of gold are occasionally seen in the stringers, but there is too much country rock to save the stringers for Ti i.— We are now on the hanging wall, but the reef is still split up into ribs of quartz. The country is a little milder and is well mineralised. A rib of quartz about three inches wide is coming in from the hanging wall country, but not enough work has been done to see where it will junction with the reef. Hauraki Mine Progress The manager of the Hauraki Plains Consolidated, Ltd., wired yesterday: “Secured 101 b specimen stone from cross reef in 300 ft level; gold showing." About five weeks ago the directors of Hauraki decided, owing to financial considerations, to discontinue operations after the present stock of coal was exhausted. At this juncture two trtbuters were given permission t.o explore the 300 ft level, and the latest discovery is the result. The leader evidently is a cross-reef junctioning with Legge’s Reef. Possibly it is the downward continuation of that run of gold, which was lost just below the 220 ft level. The present company was formed for the purpose of testing this supposed downward run of gold in Legge’s and the other system of reefs. Dividends Payable Dunlop Perdrlau—interim, cum. pref., 5 p.c., ord. 3 p.e Mar. 2S Pukemiro Collieries, intermim, 2s a share Mar. 31 British Tobacco —interim, 3 p.c. Mar. 33 Hume Pipe Co. (Aus.) —interim, 4 p.c Mar. 31 C. L. Tunes—interim, pref.. 4 p.c. Mar. 31 X.Z. Guaranteed Stock —interim, and 4cl on 8s pci., lOd on fuily .fid., 7 p.c. on pref ..Alar. 31 Timaru Breweries —10 p.c April Bank of Australasia —final. 7 p.c. Apl. 4 Howard Smith, L,td. —interim, cum. pref., 6 p.c., p.a Apl. 5 Kempthorne-Prosser Drug Co.— final. 5} p.c Apl. S Milne and Choyce. Ltd.—interim, ord.. pref. and deb. stk., 8 p.c.

P.a Apl. 10 New Zealand Breweries—interim 7i p.c Apl. 14