Commercial News In Brief

Press, Volume CIX, Issue 32217, 9 February 1970, Page 13

Commercial News In Brief

Parker Lamb The chairman of The Parker Lamb Timber Company, Ltd (Mrs M. E. Lamb), has denied rumours that the company is going into liquidation and will be wound up in March. Mrs Lamb also said that the company has resolved to sell vacant land in Onehunga that it does not require. Several offers had been made for the working assets, but had not been put to shareholders as they were not sufficiently attractive. Metal Forecast An Australian geologist, Mr H. J. Ward, the managing director of Geotechnics Australia Proprietary, Ltd, said in Wellington this week that intensive mineral exploration in the North Island could reveal substantial deposits of copper, lead and zinc. Exploration similar to that now taking place in Western Australia was required, he said. Big companies were not examining all the prospective areas, and small companies, which were too limited to achieve much were handling most of the exploration.— (P.A.). London Sharemarket After recent inactivity, Australian shares again dominated the London stock market. Poseidon surged to a new- peak of £125 before reacting to £ll2 10s on the company’s denial of a rumoured fresh nickel discovery and possibly share-split North Flinders, Boulder, Samin, Tasminex, Kia Ora, and Charterhall were among issues to lose part of early gains, while Eastmet reversed an initial rise. Norseman Gold was an isolated easier spot Oils were generally firm.

Aspro-Nicholas Nicholas Australia. Ltd, reports that sales and profits for the six months to December 31 were both higher than for the previous corresponding period. The directors said that as these figures included the results from the recently acquired Aspro • Nicholas group no meaningful comparison of the consolidated results could be made with the corresponding six months of the previous year. London Gilts Gilts moved ahead over a broad front, with gains of* more than a point at the long I end of the market Home and* foreign investment was stimu-: lated by hopes of falling in-| ternational interest rates, and I the United Kingdom January gold reserves. The upward movement continued on Thursday, in spite of an unchanged United Kingdom bank rate. Humes Improves The group profit of Humes, Ltd, the huge Melbournebased pipemaker, was expected to rise in the six months to December 31, the directors said yesterday. Interim dividends would be 3} per cent on A and B preference shares, and 6f per cent on ordinary shares, payable March 26; ex dividend February 24.—(P.A.). Healing Canning Healing Canning (N.Z.), Ltd, a subsidiary within the Healing Industries group, has increased its capital from 840,000 to $60,000, equal contributions to the increase coming from A. G. Healing and Company, Ltd, and W. Canning and Company, Ltd, of Birmingham, England.