Commercial News In Brief

Press, Volume CX, Issue 32359, 27 July 1970, Page 18

Commercial News In Brief

Tasminex Report Tasminex NL informed stock exchanges today that the company is engaged in a diamond drilling programme which will complete stage one of the Mount Venn exploration programme by about October 30. The correlation and compiling of the data obtained from this programme is not expected to be complete in a comprehensive form until then. The company warns investors against speculation in any form prior to the release of accurate information. Mt Keith Mine?

Metals Exploration NL is to ; study the feasibility of min ing nickel ore from a large, low-grade sulphide deposit at Mount Keith in Western Australia. Diamond drilling i carried out in the three ■ months to June 30 has en countered wide intersections of ore assaying from 0.54 pei I cent nickel to 0.78 per cent,! over intersections ranging from 120 ft to 1170 ft. Smaller Intersections have yielded values ranging from 1.53 pei cent nickel over 15ft to 068 per cent over 62ft intervals Custom Credit Custom Credit Corporation, I Ltd, has lifted net profit imore than slm, or 22 per I cent, from $4,700,025 to $5,728,497, in 1969-70. The company has raised its dividend for the second successive year. The profit is in line with the gains reported by the other two financiers which have issued 1969-70 results—Associated Securities (22.2 per cent) and the smaller Trade Credits (28.1 per cent).

Endeavour Oil Endeavour Oil Company NL reports a "small hydro-, carbon show” from its gannet' No. 1 well. The well wasj drilling ahead in siltstone at 2791 feet. Wireline logs will; be run when the well reaches total depth. An evaluation of the potential of the well will] then be made from these’ logs.

Comalco Board

Mr K. A. Aickin, Q.C., of Melbourne, has accepted an invitation to join the board as a director. He will represent the public shareholders in Australia and New Zealand. Mr Aickin has had ex-

i tensive experience in the [fields of commercial law and I taxation. > Japanese Curbs • ‘ I > The Japanese Government ( - has decided to try to hold j i Japan’s rate of future economic growth down to the level >iof about 11 per cent • 'annually. This has become > apparent during the rapidly > mounting debate over the de - cision to continue already t long-standing credit controls r James Hardie James Hardie Asbestos, Ltd, Sydney-based building, materials group, will find it

harder to earn higher profits ■this year, the chairman, Mr J. |T. Reid, said in the annual report for the year to March [3l.

Winstone Ltd Winstone, Ltd, Aucklandbased building supplies group, has raised s2m'in debenture stock. The purpose of the issue was to obtain cash for the takeover of Wilsons (N.Z.) Portland Cemen) Company, Ltd, and for general expansion including th' new wallboard factory at Te Papapa. Waihi’s Costs Waihi Exploration, and Mining, Ltd, spent $29;0O8 on exploration and development i costs for the period to March 31. The accounts show ad-

ministration costs were $15,738, making total teists of ,$44,746. This sum, less interest on deposits of $4096, has been capitalised.