COAL, OIL (N.Z.), LTD.

Press, Volume LXIV, Issue 19462, 8 November 1928, Page 12

COAL, OIL (N.Z.), LTD.

A SYDNEY CRITICISM.

Two years ago Cobl Oil (N.Z.), Limited, was formed for the purpose of exploiting coal areas at Westport, New Zealand, South Island, and believed oil-bearing country ,at Weipatiki, in the North Island of New Zealand. Tho' "Sydney. Morning Herald" remarked:

"At that time 300,01)0 shares of £1 each were ottered for public subscription, and there were allotted 67,266 shares. There aro now offered for further subscription 100,000 shares. The vendors received in part payment for their assets and rights 89,700 fully paid shares, 12,501 fully-paid shares have been issued to grantors of additional boring rights, 19,000 fully-paid shares have been issued to Piepmeyer and Co., Kemm, Ges., in part payment of their geogphysical 'Eb. of research. ... It is claimed that the existence of an oil-bearing area on the company's property haß been 'proved by geophysical research. The lull report and charts by those engaged in the work are expected to arrive from Germany in December." Tho • Sydney paper wished to know why the public had been asked to subscribe to shares before publication of the full report. Mr E. A. Goidsmid, chairman of directors of Coal, Oil (N.Z.), Ltd., pointed to a paragraph in the company's prospectus, and relating to the geophysical survey, of the activi ties on the company's leaseß. It reads: "The painstaking endeavour of the Elbof survey leader, Norbert Modriniak, Dip., Ing. r and his scientific colleagues in the proper combination of the various applied methods was eventually crowned by success. Early in June, 1928, the experts were in a position to state that there could be no doubt that certiin leases belonging.to the company, conveniently situated in close proximity to the deep sea port of New Plymouth, would prove to contain large unbroken oil accumulations .extending over approximately 400 acres. The company's June circular letter communicated this highly favourable exploration news to its shareholders." Mr Goldsmith concludes: "It was only with the intention of providing the fullest information to the investing public that reference was made in the prospectus to the final report of the Elbof Council. As a matter of fact this report, which will disclose the most complete scientific information, cannot be made public when it does arrive on account of its highly confidential nature from the company's point of view. The reasons for this every mining man will appreciate. FOREIGN EXCHANGE RATES. RUGBY, November 6. The exchange rates on London avo as foli °" S:_ Par. Nov..l.:Nov.G.

* Governed by price of silver. DEBENTURES. ' (tiNITED FBBBS ASSOCIATION —BT ELECTBIC • .TKLEQEAPH—COPYBIOHT.) (Received November 7th, 5,5 f.n.) LONDON, November 6. Debentures—Dalgejy and Co., shares, £ls 10s; Dalgety and Co., 4 per cent, debentures, £76; Goldsbrough, Mort, 5 per cent., £66,—Australian Press Association. IMPROVED COPPER MARKET, Copper for the first time for several years has moved to aboye £66 : a ton, reports ,ai Melbourne authority. This movement is aicribable very largely to the control exercised over the marketing of : the metal 'by Exporters Incorporated of the United States. That. organisation and its associated concerns have been Bteadily extending their influence : ' in the metal market. Owing to high ,wages. and other coßts copper-mining has dwindled in Australia. The Mount Lyell Company, is the only property of any extent now work- : ed. Mount Morgan is in. liquidation. The present prices for the metal may-induce-in-vestors in New South Wales-to take over the property, as it- would seem that it should be possible to earn profits with the metal ,at its present price.- The .object: of; the Exporters Incorporated is to maintain a stable market for , copper. With copper kept at about £65 a ton the position is different from what it was when Mount Mor- . gan closed down. Then copper was only worth about £55 a ion., SOUTH BRITISH INSURANCE COMPANY. For the year 1927-28 a less satisfactory underwriting surplus was shown- by the South British Insurance Company, Ltd., than during the previous term. A comparison of the figures for the year compares with those for 1925-26 and 1926-27 as follows: 1926. 1927. 1928. £ £.' £

Adding to the surplus income, from interest and rents of £126,150, the Board had available £218,126. The sum of £75,000. is al-: lotted to the reserve fund, and £SOO to the sinking funds of leaseholds. Dividends for the year aggregate 2s 5d a share, and absorb £124,657, leaving £12,969 to be added;.to the' Valance brought forward of £180,342, making the total to be carried, to the new account amount to £193,811. Capital is unaltered at £1,031,640, reserve is £625,000, reserve for unexpired risks £524,000, reserve for losses outstanding. £174,548, investment fluctuation fund £101,053, and sinking-funds of leaseholds £19,117. Bills payable and sundry open accounts ' aggregate £240,360.' Of assets of £2,973,508, premises, loans on mortgage. Government and other securitiesaggregate £2,540,003. Oash stands at £162,605, branch and agency balances £224,800, and sundry debtors, etc., £46,100. SILVER. (BHITISH official wimless.) (Received November 7th, 6.5 p.m.) RUGBY,.November 6. Silver quotations are: Spot, 26 11-16 d; forward, 26Jd. —Australian Press-Association. GOLD. (Received November 7th, 5.5 p.m.) LONDON, November 6. Gold is quoted at 84s llgd peroz.—Australian Press Association. BRISBANE WOOL SALES. (UNITED PRESS ASSOCIATION—BY BLECTBIC TELEGEAPH— COPYBIOHT.) BRISBANE, November 7. At the second series of wart sales, competition was keen. AH the boat features of the Sydney .and Melbourne markets were noticeable. Prices showed a 5 per cent, increase, The top price for greasy merino was 27id. —Australian Press Association. JOHNSONVILLE STOCK SALE. [THE P&ESS Special Service.] WELLINGTON, November 7. At . the Johnsonville sale held to-day the sheep penned comprised mostly ewes, but a greater proportion were shorn, ' The cattle were of good quality, and comprised medium-weight bullocks, with a few pens of lighter weight sorts. The cows offered were heavy and in good condition. .■ A good sale Of all classes of stock resulted in prices for sheep being on a par with last week's rates, woolly ewes, if anything, being slightly easier. The lambs - submitted were of good quality, and a keen sale resulted. Prices for cattle were on a par with late rates. Bullocks mado £l2 17s 6d, £l4. £ls 2n 6d, £l6, £l6 2s 6d. £l6 10s, £l7 7s 6dV £lB 7s 6d, £lB 15s. to £l9; cows. lieht £5 15s: heavy, £lO 17s 6d. £l2 7s 6d. £l3 2s 6d to £l3 10s: wethers, 31s to 31s 3d; ewes, woolly 35s 6d. 365, 36s 9d, 37s Id, to 38s; ewes, shorn 27s 9d to 28s 6d: lambs. 295, 31s 3d, 325, 32s 2d, 32s Od, 33s 3d, to 33s 94.

Paris, fr. to £1 •• 25.221 124.10 124.15 Brussels, belgaa to £1 . 5 34.89 34.89 Oslo, kr. to £1 18.159 18.19 18.19 Copenhagen, kr. to £ 1 18.159 18.19 i8.19 Stockholm, kr to £\ 18.159 18.14 18.14 Amsterdam, fl. 12.107 12.091 . 12.032 Berlin, Reichmarken , to JS1 . 19 ! .500 20.36 .' 20.36 Montreal, dol. to £1 4.86| 4.85J 4.851 New York, dol. toil 4.861'4.84 15-16 4.84 29-32 Rome, lire to JE1 .. 25.22J — .. — Calcutta, st. to rpc. 10 to gold £1 — — ' Batavig, 12.107 — 1218 Prague, kroner to £1 Geneva. Milan . * • • ■. I 24.02 25.22 92.46 163i • 25.20 92.55 1632 25.20 92.60 Vienna . 34.58J 34.495 34.475 Helsingfora .. 198.23 192J 192} Madrid . • • • 25,221 30.055 30.075 Lisbon ' ' .. << , 4.50 1071 107| Athens 25.22J . 375 375 Bucharest. ... •■ 25.22$ 8023s 805 Bio de. Janeiro .. 16.0 ' 5 29-82 6 29-32 Buenos Aires' • . 47.62 47 15-32 47J Bombay .... 18 181-16 18 3-32 (Shanghai .34J 313 '. 31 i jHong-Kong Yokohama 24.58. 1 24J 22 5-32 242 22 31-32

Net premium! 939,533 1,046,758 1,038,047 Losses 521,003 617,562 628,559 Expenses 818,359 311,805 322,518 Surplus 100,171 117,886 86,976