NEWS IN BRIEF

Press, Volume CXI, Issue 32536, 20 February 1971, Page 20

NEWS IN BRIEF

Fashions Holdings

The group net profit of Fashions Holdings, Ltd, rose 5.5 per cent to $104,294 in. the year to November 30. A final dividend of 9 per cent is recommended, making an unchanged 15 per cent for the year. The dividend will be paid on March 17, ex dividend March 13.

West Coast Hotels

West Coast Hotels, Ltd, a private company, of 39 Tancred Street, Hokitika, has been registered. It has a capital of $405,000 and the subscribers are Dominion Breweries, Ltd, $145,000, Westland Breweries, Ltd, $75,000, Hotel Harihari, Ltd, $185,000. The directors are Messrs W. S. Otto, N. J. Musto, J. A. L. Martini, and W. J. Gutberlet. Objects: hotelkeepers.

A.T.H. negotiating

The Auckland traffic fees subsidy to Auckland Transport Holdings, Ltd, ceases on March 31, the company announced. Negotiations for the sale of the undertaking to the Auckland Regional Authority, or Takapuna City, are taking place, the directors report.

Harihari No. 1

The Harihari No. 1 well, in Westland, has reached a depth of 6722 feet; drilling progress in this well, which has a projected total depth of about 10,000 feet, has been considerably better than was originally expected, New Zealand Petroleum Company, Ltd, announced. Evaluation logs were run in the well at a depth of 3010 feet and subsequently, 9 5-8 inch casing was cemented at the same depth. “Because of the wildcat nature of the well, and the lack of previous drilling in the area, evaluation logs will be run at just below 7500 feet in order to better appraise the formations drilled between the depths of 3010 and 7500 feet.” Australian wine Last year Australia produced a record total of about 63,100,000 gallons (282,304,000 litres) of wine, an increase of 11,200,000 gallons (50,915,190 litres) over the previous year. About 31,600,000 gallons (141,197,000 litres) of the estimated production was used in distillation. Production of beverage wine, including added grape spirit, was ♦ 33,700,000 gallons (153,200,000 litres). Consumption during 1969-70, including exports, was estimated at 25,500,000 gallons (115,929,000 litres). Offers withdrawn

Shareholders of Michaelis Bayley, Ltd, have defeated the resolution to return 30c capital, an*d an interim dividend of 12Jc a share, 6c of which is being paid from the reserves of the company, has been declared. Eastralian Securities considers that its present offers are not consistent with this reduction in the underlying assets of the

company, and its offers of January 29 are withdrawn. Hydrocarbon show

Timor Oil, Ltd, says that its Suai Loro No. 1 well encountered a coarse gravel at 4130 ft, which gave good indications of hydrocarbons. Fishing was being carried out for a drill string.

Minsec cancels div.

Mineral Securities Australia, Ltd, has announced that the interim dividend that was to be paid after closing of the books on February 26, would not now be paid.—(P.A.Reuter.)

Australian display An Australian pavilion will be a feature of the New Zealand Easter Show, taking place in Auckland from March 26 to April 13. Hie products of more than 40 Australian manufacturers will be on display at this pavilion.