COMMERCIAL

Press, Volume LXXVIII, Issue 23718, 17 August 1942, Page 6

COMMERCIAL

LONDON STOCK EXCHANGE (Received August 16, 7.10 p.m.) LONDON, August 15. . Buoyed up by the Solomons Islands news, the stock markets closed the week generally cheerful, without, however, a commensurate buying movement. Some fairly large transactions, helped the improvement. Among gllt-edgeds New Zealand and Australian stocks are moderately active. Among Government bonds, New Zealands still command preference over Australian, partly because of the geographical position and partly because New Zealand’s sterling debt is not overburdened with a mass of stock carrying Interest at 5 per cent. Consequently short-dated New Zealands will enjoy a reasonably free market and it is only in the case of longdated stocks bearing a low rate of interest that the minimum prices have produced a freezing process SEARCH FOR OIL IN TARANAKI (P.A.) NEW PLYMOUTH, August 15. The New Zealand Petroleum Company reports that the Devon bore has been advanced to a depth of 5390 feet, the formation being unchanged. This represents an advance of 575 feet in the last fortnight. MINING Snowy River.—The Snowy River dredge return last week was 140 ounces from 30,000 yards in 128 hours. Slab Hut.—The Slab Hut dredge return last week was 53 ounces from 14,650 yards in 117 hours. Maori Gold.—The Maori Gold dredge is undergoing general .repairs, but it is hoped that dredging will be recommenced about August 24. For 44 hours’ dredging and a clean-up of the tail chute, a return of 290z 3dwt was obtained.