SENSATIONAL COLLAPSE

Sun (Auckland), Volume II, Issue 492, 23 October 1928, Page 12

SENSATIONAL COLLAPSE

NEW GUINEA GOLD SHARES STAMPEDE TO SELL (United P.A.—By Telegraph — Copyright) SYDNEY, Monday. A sensational collapse was witnessed to-day on the Sydney Stock Exchange in the values of the shares in the New Guinea Gold and Osmiridium Company. The concern was lately acquired by an English company, the New Guinea Goldfields Exploration, Ltd. The shares are only paid up to half a crown. They had been rising steadily until the first call to-day. when 20s 6d was paid for more than 1,000. Then a cablegram from London was received giving the results of recent tests, and dissociating the com pany from the exaggerated reports of the richness of the field. A rush to sell the shares set in. Holders lowered their demands to 10s 6d, but the best buying quotation was 10s. Many speculators in the shares stand to lose heavily. AIR COMPANY REGISTERED A private company recently registered is that of New Zealand Airways, Limited, Dunedin, with a capital of £2,000 in £1 shares. The subscribers, dll of Dunedin, are: PI. M. Mackay (1,400), G T. Wright (500), U. J. Brewster (100). The objects are: To carry on the business of aircraft proprietors, carries, mail contractors, manufacturers of and dealers in. hirers, repairers, and warehousers of motors, aircraft, and other conveyances by land or air, and incidental. CHICAGO WHEAT MARKET Reed. 11.36 a.m. CHICAGO, Monday. Wheat.—December, 1 dollar 122 cents a bushel; March, 1 dollar 17 7-S cents; May, 1 dollar 20i cents.