COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1152, 13 June 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. A sale of Gear Ileal shares, £4 paid, it £13 65.. was t.lic only transaction recorded yesterday. The buying and selling quotations were as under:— Buyers. Sel'.err. £ s. (I. £ s. d. National Bnnli — 6 10 Wellington Investment 0 11 6 — Well. Deposit 0 3 o - Palmcrston Gas — <5 2? Christchiu'ch Meat Meat Export (£5) 6 4 0 Meat Export 1525. 6(1.1 ... — 3 6 0 Well. Steam Ferry (18s.) 0 13 6 — Well. Woollen lord.) -' 4 i 0 Well. Woollen (pref.) 3 0 0 - Levland-O'Drien 1 7 u N.Z. Drug 2 ' 0 — Sharland's Preference ... 1 4 0 — Taranaki Petroleum 0 16 0 0 17 0 Taringamutu Totara ... — 21" « LONDON PRODUCE MARKETS. The London butter market has taken a turn for the better, owing to the dry weather in Europe, and the apprehensions of Tooley Street of supplier _ becoming scarce. It is conceivable that if tlia dry v,-oat,her continues less butter will come forward from Normandy and Denmark, but it docs not follow that Siberian supplica will bo affected. The position appears to favour tile Commonwealth of Australia, where the dairy industry is being tarried on through the winter months. The cheese market lias also recovered somewhat, but there is 110 advance in prices. The T.igii Commissioner reports the hemp market steady, with prices well maintained. There is a better demand for forward delivery. All frozen meat is tinner, lamb in particular showing a tendency to advance. TARANAKI PETROLEUM COMPANY. . The directors of the Taranaki Petroleum Company have issued the following circular to shareholder..-, from which it will be seen that for a deposit of £2CCO Mr. J. D. Henry has secured an option extending to November 30. If ho tails to exercise his option the deposit is forfeited. The circular is as follows:— . . The directors think that it is advisable at this stage to place before shareholders the present position of the negotiations for the sale of the company's properties. It is as follows:— As most of the shareholders are aware, Mr. J. D. Henry, the British oil expert, visited our properties during last February. Mr. Henry had several interviews with the directors, and finally lie took to London with him the following conditions upon which the company would soli its property:— "That with a view to affording every facility to Mr. J. D. Henry in his efforts to establish the oil industry in Taranaki, the directors resolve (unless its undertaking has been sold or agreed to bo sold in the meantime upon payment of £20C0 in cash by way of deposit on or before June : 21, 1911, the company will sell its undertaking (excepting moneys due and to become due and oil won) at tile price of 1 £100,000, and a further sum of £10,000 if oil be struck at No. 5 bore before completion of purchase. The purchase money to bo one-half in cash and one-half in fully paid-up shares in an approved company. whose principal object is boring for and obtaining petroleum, and having :i nominal capital of not exceeding J34CO.CCO, with .'1 subscribed capital of not Io:s than £100,CC0 (in addition to shares allotted as purchase money), the purchase to bo com- i pletcd by September 30, 1911, or deposit paid to be forfeited as liquidated dam- ' ages." Almost- immediately upon Mr. Henry's arrival in London the company received the following cables from him:— 1 "Everything h": : been reported to Tny group (meaning principals). Will do busi- ' ncss without loss of time. The whole of my time will go into the business. Will , return as soon as possible to Taranaki to . organise new works. Will pay £2000 de- L posit to secure option six months. Urge upon yon Ihe necessity of Mr. Carter (chairman) to proceed to London as soon as possible." The directors having agreed to the extension of time until November 30, and the deposit having been lodged in the Rank . of New Zealand, Loudon, a- further cable " was received from Mr. •/. 1). Henry urging the necessity of the chairman going to London for tile purpose of facilitating the completion of the ncccssary detail arrangements, and sidling the contract. The chairman accordingly left New Plymoulll for London on .Tune 2. The directors desire to state thai, in regard to other proposals made to them, in 110 case were tile parties concermd nr.--v-.rrd to pay n. substantial deposit. Th:.i the directors from the first regarded a? t essential before entering upon any obliga- J tions binding the-company. 1

Approximately, the following is the position at the present time:— JC s. d. Ordinary .shirr?, £0.870 at 20?. (fully paidl 66.870 0 0 Preference share?. £1 eachAmount ealk-d upon. 10,504 at 6s. 3,151 <1 0 6,0-17 at 3s. 90/ 1 G 90,923 5 0 Amount, to be paid when opj.ion cxerciscd (£oO,OCO cash, -£50.000 share-) ICO.CCO 0 0 Additional amount to lie paid if oil struck at bore No. 5 ... IOXCO 0 0 Oil in stock. 25C.CC0 gnUons fapprox.) n( 2<l. per gallon 2,083 0 D CjisU in hand and moneys due If; the company 3,250 0 0 £115,333 0 0 This-is not taking into account the cost of continuing, the company's operation?. Shareholders must understand that these I figures are only approximate, and are I given to them so that they may fairly gauge the position. C. E. BKLLRIXGKI!, Acting-chairman. If the company strikes oil in No. 5 bore, and the expenses of the company with the liabilities, if any, do not cx<ved £S?c3, the shareholders will rcceive £55,Ci0 in cash and £55.000 in shares, that is about 12s. Id. in cash and three fully paid pharos in the new company for every five pounds shares (fully paid) now held. If oil i:i not struck before the transaction is completed then the distribution v.iil be equal to about lis. per share cash, and one share in tho new company for every two now held. At best, it means about 245. Cd. for every £1 share fully paid now held, or 225. in the event of No. 5 bore not showing up I with oil» * 1 Customs duties collected at the port of Wellington yesterday amounted to £1826, Bs. 6d. HIGH COMMISSIONER'S CABLE. Tho Commerce and Tourists Division of the Department of Agriculture has received tlie following cablegram from the High Commissioner tor New Zealand, dated London Jrjie 10. (Note: Quotations, unless otherwise specified, are average market prices on spot.):— Mutton.—The market- is steady, and there is a moderate demand, but holders are firm. Canterbury, 33d.; North Island, per ib. Lamb.—There is a good demand for all lamb. There is an cucle-ivour amongst holders to raise the price of lamb. Can-. terbury, 4£d.; other than Canterbury, 4yd. per lb. . j Beef.—Stocks of New Zealand beef on I hand are light, in consequence of which the prices are firmer. Supplies of Ameri- ! can chilled beef are large. New Zealand hinds, 3gd.; New Zealand fores, 2£d. per lb. Butter.—The market has been favourably affccted on account of the dry : weather; there is a better demand. Choicest New Zealand butter, 1055.; Australian, 985.; Danish. Ills.; Siberian, 93y. per cwt. Cheese.—Tho market has recovered, and there is a better demand. The average price for the week for finest New Zealand, per cwt.. is 58s. Hemp.—Tho market is steady, and prices well niantained. There is a, better demand for forward delivery. Now Zealand good fair, on spot, per ton, £21; New Zealand fair grade. £20; fair current Manila, £20; forward shipment Now Zealand good fair, per ton, £21 10s,; fair grade, £20 55.; j fair current Manila, £21. The output from ' Manila for tho week was 25,000 bales. Wheat.—Tlie market is very quiet, noi thing doing; prices are nominal. New Zealand long-berried wheat, ex granary, | spot, per quarter of <61b.» 365.; short-ber-ried, 355. Oats—The market is quiet but steady. New Zealand oats, short* .Sparrowbills, ex granary, spot, per .quarter of 3841b., 20s. 6d.; Danish, per quarter of 3201b., 17s. 6d. ' Beans,—The demand lias considerably fallen off. New Zealand f.a.q. old crop, per 5G41b.. 355. Peas.—The market is depressed at pre* rent, but think it will soon improve. There is more demand for forward shipment. New Zealand peas (partridge), per 5(i41b., 6d. Eggs—The market is quiet but steady; there is' a general and active demand. Moderate supplies coming forward. Italian, per 120, Os. 3d. to 9s. 3d.; Danish, 7s. 9d. to 9s. 9d.; Hungarian, ss. Gd. to Bs.; Russian, ss. Cd. to 7s. Poultry.—The market is firm; there is a general and active demand. Chickens:— Average prices: American. B*d. per lb.; Russian, Bd.; ducklings, 6d. per lb.; turkevs. gd. per lb. Pork.—The market, is flat; there is scarcely any demand, tho weather being too hot. Average price, <id. per lb. FROZEN MEAT. By Telegraph—l'rcss Association—Copyrighl London, June 11. The Frozen Meat Trade Association's Sinithfield market auotations for the undermentioned classes of frozen meat aro based on actual sales of not less than one hundred carcasses of mutton or lamb, or twenty-fivo quarters of beef of fair average quality. The quotations arc not for selected lines, but for parcels fairly representative of the bulk of the shipments now oil the market. Tho nriecs which follow aro oil an average a farthing per lb. more than the value ex ship, this difference representinc an average cost in expenses, handling, conveyance, and selling tho meatsJune 3. June 10. Mutton— d. d.

TAKANAKI OIL. U3y Telegraph.—Press Association.) New Plymouth, Juno 12. Mr. J. D. Henry, the petroleum expert, cables to Messrs. Watkins and Fox that the situation in London has very greatly improved with reference to Now Zealand oil, and that he is confident of success in the dotation of tho new company.

Canterbury, light- $ *3 Canterbury, medium ... 3<{ 35 Canterbury, heavy 3j 3J Southland — ~ North Island, be.?t 3J 33 North Island, ordinary... 3.t 3[! Australian, light 31} 37-16 Australia!!, heavy 3* 3J River Plate, light 3j 33 River Plate, heavy 3} 3i New Zealand ewes 3\ Australian owes «M 3 5-16 River Plate ewes 3J 3i Lamb:— Canterbury, light 43 5 Canterbury, medium ... <3 <3 Canterbury, heavy 4*. Southland 4 9-16 <3 North Island, selected... 4 9-16 <:] North Island, ordinary... 4 7-16 4:} Australian, best 4} 4.t Australian, fair 4 4 4fl Australian, inferior 4 4 River Plate, first 42 4 7-16 River Plate, second 4£ 4£ Beef:— New Zealand, ox fores... 25 2$ New Zealand, ox hinds... 3£ 33 Australian, ox fores ... 2 7-16 2 7-16 Australian, ox hinds ... 3 7-16 3 7-16 River Plate, ox fores ... 2 9-16 21 River Plate, ox hinds ... 3 9-16 Si River Plate, chilled fores 2j| 2,1 River Plate, chilled hinds 3i 3a