COMMERCIAL Company and Mining News And Reports

Greymouth Evening Star, 26 February 1949, Page 7

COMMERCIAL Company and Mining News And Reports

Ngahere Gold Dredging.—The Nga.here return for the two weeks ended February 25 was 335 ounces from 100,861 yards worked in 226 hours. Snowy River Drpdge.—Following is the Snowy River dredge return: 238 ounces, 260 hours, 45,000 yards. Metropolitan Building Accounts.— The accounts of the Metropolitan Permanent Building and Investment Society, Wellington, for the year ended ( February 15, show a net profit of £5899 against £5812 the previous year. The dividend on A shares is unchanged at 6 per cent., with a bonus of 1 per cent, (final 3 per cent./, and holders of B investment shares are again credited with 6 per| cent., plus a bonus of 1 per cent. These payments take £5504 and £5OO is again transferred to the special advances reserve, leaving a carry-forward of £3644, against £3629 brought in.—(P.A.) Bycroft, Ltd.—A bonus issue of shares on the basis of one for every three held is proposed by the directors of Bycroft, Ltd, flourmillers and biscuit manufacturers, Auckland. The recommendation will involve the distribution of 50,000 shares and will require an increase in the company’s capital from £.150,000 to £200,000. A somewhat rare occurrence under pre-sent-day conditions, this announcement of a bonus which was made on the Auckland Stock Exchange yester,day morning, took the market completely by surprise and offers for this well-regarded and tightly-held scrip were immediately lifted from round the usual 62s to 63s up to 655, sales following at 70s —a rise of 9s on last business transacted on December 17. Only two parcels, involving 150 shares in alf, changed hands. For some years the company has maintained its dividend at 8 per cent., but in 1946 a victory bonus of per cent, was added.