Business Gossip

Sun (Auckland), Volume 1, Issue 91, 8 July 1927, Page 2

Business Gossip

Sun Insurance Office Ltd stantially increased business in aJi partments is reported by the Sn sura nee Office Ltd. for 1926. Th* funds of the company are now a million pounds more than in?!? 1 The total dividend payment f OP was 21s a share, less tax, and i absence of untoward ciVcurnsta are interim dividend of 11s a B'aui** promised for June next. ****

London on New Zealand Th# o of New Zealand advises an alt# in the London exchange rates iIV* the Bth instant. For the present* following rates will be charged- 1 tk On demand.—Buying: 30s per count. Selling: 10s per cent, du.-w,* 5 - 30 days.—Buying: 41s id per count. 60 days.—Buying: 52s 6d per cent j count. u 90 days.—Buying: 63s 9d per cent * count. w** 120 days.—Buying: 75s per cent * count.

Telegraphic Exchange.—is per cent ■ount. '*«'

London Wool Sales.—Under d,July 6. the High Commissioner f New Zealand in London cabled as f - lows: —"Wool sales opened yestertb with very full attendance and br? competition. Merino offerings are nr? cipally second-hand wool, and ©win to firm limit withdrawals are num'eous. Compared with closing rates f last series. Merinos and fine crossbr? are par to 5 per cent., and medfoS and coarse crossbred fully 5 per ce-. dearer. There are 141,500 bales avai able for the series, of which 65,000 ar* New Zealand, 52,000 Australian. 17,000 South American.”

Murchison Oil Activities.— «amp> of gas and oil sent to Auckland for analysis represent the latest develop ment in the operations of the Murch ] son Oil Company. The company's bore has now been drilled to 2,315 ft. A re sume of the indications of petroleum met with at the depths stated is a '< follows:—l.l7oft.. slight show of oi]«n bailings: 1.880 ft.. small showing of flammable gas; 2,050 ft., sample of bailings analysed: deep yellow-brown colour; 0.086 per cent, of oil recovered: 2.100 ft.. sample of bailing analysed: mineral petroleum oil of specific gravity, 0.957; 2,225 ft. small she wing o; inflammable gas: 2,260 ft, slight showing of inflammable gas, apparently petroleum: 2,300-2,305 ft.. sample of inflammable gas taken and oil showing in bailings, 2.335 ft.. sample of oil taken—probably from 2,300 ft.

South African Trade Brighter.— A vast and welcome change has taken place in South African conditions during the past few years. The old depression has been cast off. and trade, on the whole, is showing increased vitality. Such improvement we shouid expect to find reflected in banking returns. states the “Times,” and the final dividend announcement of the Standard Bank of South Africa for the past financial year seems to indicate an expansion of earnings. A year ago the directors marked their hopeful view of the outlook by paying a bonus in addition to the dividend which had be'come customary. That they were not unduly optimistic is proved by the fact that they are now in a position to repeat the bonus, making a total distribution on the shares of 16 h per cent, for the period, and. while making similar allocations from profits, to add £16,000 to the carry-forward. MINING NEWS GOLDEN AGE.—Under date July 7 the manager reports:—“The drive south-east on footwall of reef has been advanced a distance of Sft for the week. The leaders are opened out in width. One is 12in in width and looks well and would expect it to make good value at any time.” NEW WAIOTAHI.—The mine manager reports for week ended July 21:— The drive hillward for the W&iot&hiCambria reef has been advanced lift, and two sets of timber have been placed in position. The country is now of a blocky nature, with heads and mineral seam through it. A slight flow of water is making through the heads. The indications are that the break has been penetrated, and that the face is again in solid country in which it is expected to meet with the reef. LUCKY SHOT.—The manager reports for the week ending July 7: —Driving north-east on main reef has been advanced Bft for the week. The reef maintains its width. It is heavily mineralised and is carrying a great deal of antimony. It still continues to show gold when broken down. No. 3 reef: We are breakout for timbering and secured 101 b picked stone on the fourth as reported by wire. Driving west on main reef, we fired a round of holes in this face to-day. The reef is 10ft wide. There appears to be a leader coming in from the footwall. Up to the time of reporting, no quartz has been brought to the surface. Two stulls were broken away in the old level which had to be replaced. HAURAK!. —The manager reports a*' follows: “Owing to the recent heavy rains increasing the incoming water, and delay? in having to adjust the winding engine and repair one of the bailing tanks, the water came up about Bft in the shaft. The water has again been lowered to within 6in of last week's measurement. The present weather conditions are better and the machinery is again running well and we hope to soon have the water lowered sufficiently to examine the gland and stuffing box of the bottom plunger, and when this plunger is working the unwatering will practically be completed.”