COMMERCIAL COMPANY AND MINING NEWS AND REPORTS

Greymouth Evening Star, 21 March 1947, Page 6

COMMERCIAL COMPANY AND MINING NEWS AND REPORTS

Auckland Gas.—The net profit o' the Auckland Gas Company, Ltd., for 1946, was £2,756 higher at £14,672. The previous year’s net earnings were the lowest since 1942. An unchanged dividend of 2.1 per ' cent, requires £13,309, which leaves £1.363 to increase the carry forward to £2,548. The surplus for the year, including Government subsidy of £17,590, was £56,096, against £83,040. in 1945, when the subsidy was £42,409. Tax provision at £41,424 was £29.701 lower.

Rimu Gold Dredging Company, Ltd. —The return for the clean-up period March 4 to March 18, was 738 ounces of gold from 89,467 yards in 245:! hours. Mining Shares. —Prices quoted in London were:—Broken .Hill North, 64s 4-id; Zinc Corporation, Ills lOJd; New Broken Hill, 40s 4.!d. Tungsten.—The Government buying price of wolfram (world) has risen from 92s 6d-97s 6d c.i.f. a unit to 955-100 s a unit—(London, March 19).

Rayon Factory For Australia. — Courtaulds, Ltd., the English rayon manufacturers, will proceed with their plans to build a £5,000,000 rayon yarn staple factory near Newcastle, New South Wales, as soon as the Commonwealth Government formally ratifies the agreement with Britain to avoid double taxation. Double taxation is stated to make it virtually impossible to manufacture in Australia on a competitive basis.