Commercial news in brief

Press, Volume CXI, Issue 32522, 4 February 1971, Page 14

Commercial news in brief

Rothmans earns more

The group net profit of Rothmans of Pall Mall (Australia), Ltd, rose 18.7 per cent to $1,688,775 in the six months to December 31, after much higher tax but lower depreciation. An unchanged interim dividend of 8 per cent has been declared. Wall Street easier Traces of profit taking appeared in heavy early trading on the New York stock market, the Associated Press reported. Although the market was well defended, it closed lower; the Dow Jones average lost three points. The volume of more than 22m shares set a record for trading in one day. Madagascar oil

Bounty Oil, Ltd, has been advised that Chevron Overseas Petroleum, Inc., a subsidiary of Standard Oil of California, expects to spud in the first off-shore well in the Madagascar concession on or about February 24. Bounty Oil has a 25 per cent interest in this concession; its other partners are Oxoco (15 per cent), and the Frontier Petroleum group (60 per cent). Subject to the approval of the Malagasy Government, Chevron can earn a 50 per cent interest in the concession by spending a minimum of $3.5m on exploration within the area, after which Bounty will retain a 12| per cent interest.—(P.A.)

Kariere Gold The Kanieri gold dredge, working on the Taramakau River, m January won 8290 z of bullion from 318,000 yards of spoil, worked in 495 hours. C.LG. confident In spite of industrial unrest, sales of Commonwealth Industrial Gases, Ltd, should be a record this year and profits continue their upward trend the chairman (Mr K. O, Humphreys) says in his annual statement to shareholders. For the year to September 30 last the company reported a 16.9 per cent increase in net profit from $3.37m to $4.52m. A. Yates profit Arthur Yates and Company, Ltd, Auckland-based seedsman, lifted net profit by $7OOO to $186,000 in the year to November 30, the directors say in a preliminary report. Sales rose by 9 per cent to $5.63m. The final dividend of 6 per cent makes an unchanged 10 per cent—payable April 2. Merchant Finance Merchant Finance and Investments, Ltd, announced yesterday that it has taken over al! the 45,000 shares of Phoenix Enterprises, Ltd, Wellington, at 125 c a share. Phoenix will change its name to New Zealand Finance Corporation, Ltd, and capital will be increased to 200,000 100 c shares. A public debenture issue will shortly be made.

Offer unconditional Credit Services Investments, Ltd, has received acceptances for more than 51 per cent of the shares of the Midland Trust, Loan and Deposit Company, Ltd, and has declared the offer unconditional. The date for acceptance has been extended to March 1. METALS

LONDON, Feb. 1. £ £ Buyers Sellers a ton a ton Copper .. .. 432.00 432.50 Tin .. 1444.00 1446.00 Lead .. 110.25 110.75 Zinc .. 115.25 115.50