Briefs

Press, 26 April 1984, Page 26

Briefs

L and M gold

Gold mining in the Shotover River produced a non-taxable B" of $404,655 for NelsonL and M Mining. Ltd. in the year to October 31. This is an increase of 65.75 per cent over last year's figure of $244,144. However, the company says no tax or dividends will be paid this year. The chairman, Mr Peter ’Grayburn, of Auckland, says, however, it is the directors' policy to see that some reward for shareholders' confidence is forthcoming in the near future. Total gold won last year was 1877 field ounces which sold, after processing, for $1.133M. McKee crude

Crude oil from the North Taranaki McKee oilfield is now helping supply the Marsden Point refinery’ About 1000 barrels of oil a day are now being produced in the interim production period while a permanent system is under construction. Oil flow, which began on April 19, will increase to about 2000 barrels a day. Rainbow popular

A Rainbow Corporation, Ltd, issue of 5 million shares of 20c each at a premium of 30c opened and closed last Thursday heavily oversubscribed, said directors. The company is proceeding with allotment and hopes to be listed in the first week of May. NZIG issue

The directors of NZIG will call a meeting of shareholders on June 26 to authorise increasing the authorised capital from SIOM to SSOM by the creation of S4OM ordinary shares of $1 each and to approve a one-for-one scrip issue from revenue reserves to shareholders on the register on July 10. An interim dividend of 12c a share (1983 10c a share), on the existing capital, payable on June 29, has been declared. The directors expect the final dividend for the year to September 30 will be not less than 6.5 c a share on the increased issue capital. U.S. prices

Strong food price declines overcame the first petrol price hike in six months to hold United States consumer prices to a rise of 0.2 per cent in March. It was the smallest over-all gain in three months. The lion’s share of the credit went to cheaper meat, poultry, eggs, and fresh fruit. This more than balanced a 1 per cent rise in petrol prices.