Increased Business

Sun (Auckland), Volume III, Issue 843, 11 December 1929, Page 10

Increased Business

British Tobacco Selling

A NOTICEABLE increase in business is registered on 'Change although in many cases shares remain at low levels. British Tobacco are selling freely at 455.

Buiir.ess on the Auckland Market Transactions on the Auckland market over the past 24 hours included: Yesterday afternoon: —Commercial rkink of Australia £ I 6s id; Auckland Gas. .El ss: Waihi Gold Milling Company, 13s 8d; Alt. Lyell, £2 Is 6d; New Zealand Government War Loan. 1939. 4£ per cent., £IOO 3s; New Zealand Breweries (deb.). £ 1 Bs. At this early call:—Bank of Australasia. £l2 17s; British Tobacco. £2 ss; Taranaki Oil Fields, w 9d: New Zealand Brew eries (deb.), £1 Bs. At the mid-day call: —Bank of New South Wales. £4l 17s 6d: Goldsbrough, Mort (rights), 5s 3d Mount Bye 11, £ 2 Is 6d. Mine Managers' Reports Mine managers report as follow: Occidental-Una.—"During the week gold to the value of approximately £53 was banked, won mostly from hangingwall leader. One and a-half tons treated at the School of Mines yielded 6oz of gold. Work is still being continued with limited staff on hangingwall leader, which will average about nine inches in thickness of heavily mineralised quartz, and at each breaking down strong dabs and colours of gold < an be seen in stone.” Tui Gold Alining Company.—“ The winze in No. 2 has been sunk a further four feet; the reef lias pinched and is now eight inches in width, the stone is • »f a good appearance, strongly mineralised and is carrying a little gold.” Market at Micfday Little improvement is registered in the banking section. Commercials of Australia sold last evening at 26s Id. Australasia are still weakening, a sale taking place this morning at £l2 17s. Nationals of New Zealand are unsupported. New South Wales are easier. Buyers have atlvanced tlneepence for Bank of New Zealands. Union of Australia have buyers at £l3 7s 6d; sellers £l3 12s 6d. Insurance section is quiet:, little business being recorded. New Zealands are unsupported this morning. South British are also easier. Burns Philp have steady buyers at 395. Bycroft remain unchanged. Kompthornc Prosser have buyers at 735, with shares unoffered. Paper Mills have keen buyers at 20s. Local body debentures in several cases have advanced but fail to draw sellers. Government Bonds and Stock are in demand at market rates. Indications of Oil at Gisborne The Taranaki Oil Company, Ltd., reports: Gisborne No. 2 well: Kunning drill ,)ipe circulating mud and cleaning out .veil; slight bu* - show of oil

in the return of mud. Boilers not steaming satisfactorily so arranging to increase the height of the smokestacks. Kotuku Xo. 1 test hole: Drilled to 963 ft with last 80ft in soft shale; conditions prevent carrying test hole deeper. Further operations subject to detailed geological examination of cores. British Tobacco Proffts Xet profits of the British Tobacco Company (Australia), Ltd., for the year ended October 31 are shown in the report and balance sheet at £1,011,307. Dividend on tho ordinary shares has been increased bv 1 per cent, to 11 per cent, for the year, and the final quarter’s dividend is now due. This is the second report of the new company, which was formed in September, 1927, to take over the assets of th© English company of the same name. The amount of preference capital was unaltered. the dividend being increased from 6 to 65 per cent., while tho ordinary capital \yas increased from £5.810,328 to £8,134,459 by a bonus issue of two new shares for every five then held. In 1927 the old company declared a net profit of £786,876 and paid £89,084 in preference and £ 696,354 in ordinary dividends. The accounts of the new company for the two years compare as follow: 1928. 1929. Brought forward. £1.106 £7,659 Xet profits .. .. D1G,506 1,011,307 £917,61-2 £1,018,966 Dividends— Fref., 6i p.c. . i 96,507 96,507 Ordinary, p.c. . 10 1L Amount .. . . 813,443 594.790 Carried forward. £7,659 £27,668 The new company appears to be following along the lines laid down by the old directorate, that of showing a net income little more than sufficient to meet dividend requirements. Nothing is ever disclosed relative to the true value cr accumulated reserves of its subsidiaries. Dividends Payabie Due Tattersfield, Ltd.—final, 4 p.c. Xow Devon port Steam Ferry—interim, 3p.c Dec. 14 Gear Meat Coy.—final, Is and bonus, 6d . .. Dec. 17 Mount Lye 11 —final, 2s 9d share Dec. IS Kauri Timber—3 p.c. p.a Dec. 19 Singapore Hume—interim, 5 p.c. - Dec. 19 Goldsbrough, Mort —interim, 5 p.c Dec. 20 Morris Hedstrom —interim, 4 p.c Dec. 31 British Tobacco—quarterly, 3 p.c .. Dec. 31 National Bank of N.Z.—interim, C p.c Jan. 1 Victoria Xyanza Sugar.—interim, 25 p.c Feb. 25