COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1273, 31 October 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. There were no transactions in investment shares yostorday. Investors arc holding off, owing to rumours of a pending strike, and brokers are not pressing their clients to invest in view of the uncertainty of the position. The buying and selling quotations are as under:— Buyers. Sellers. £ s. d. £ s. d. National Bank — 6 2 0 Metropolitan 12 7 0 — Well. Investment 0 11 9 — Feilding Gas — 12 3 Canterbury Meat 717 6 — Christcliurch Meat — 15 0 0 N.Z. Shipping 10 12 6 — Westport Coal 1 8 9 — N.Z. Paper Mills 10 0 — I'aranaki Petroleum — 018 6 Taringamutu Totara 2 6 0 — ADVANCE IN CONSOLS. Consols were on Saturday quoted at £79, while, on October 12, the price whf £77 7e. 6(1., and on September 19 it was £76 16s. 3d. Thero were several factors making for this low quotation. There was an advance in the Berlin Bank rate, with every indication of the Bank of England rate moving up also; the news as to tlu Morocco dispute was less favourable, the withdrawal of Russian money from Berlin, martial law in Spain and Vienna weakness in Paris, a slump in Rio Tintc shares, and the Irish railway strike. Con sols at £76 16s. 3d. was a Tecord low price, for it wae the lowest price sinc< 1831, when three per cents., as they wcr< thon, went down to £74 17s. 6d. The re covery in the Quotation to £79 ic sigui fioant, for it indicates to some extent thai investors are forsaking industrial se curities which can be so readily affectec by labour troubles, for the more stable gilt-edged securities. And this view i: emphasised by the fact that colonial Gov eminent securities show substantial ad vances.

NEW ZEALAND AS AN OIL PRODUCER. When the last mail loft London preparations were beings made for floating tho Taranaki Oil Company, at all events that is to bo deduced from the fact that an article commendatory of the New Plymouth venture appeared in the "Financial Times" of September 19. The article having the above heading is "by a.special oil correspondent," and is as under:—

The time is not far distant when New Zealand will he a. large producer of petroleum. For some years the Dominion has been exploited for oil by some three or four local rompanitv, ncr.o of which, however, appears to have made much progress. tho non-success being auributable to lack of experience and insufficiency of funds. These companies have, however, done much good work and have proved the existence oi oil cn largo areas in the North Island. An English company has also commenced drilling in the South Island with very encouraging remits. At Mokau, in the North Island, so long ago as 1G97 large ouanti'ies of bitumen were discovered on the sea beach, and it is on record that bv removing the ironsand at low water qu.TOlivicr, of petroleum, with numerous jets of carburetted hydrogen gas, bubbled up in many places. Whenever tbc shore is clear of this sand traces of oil can be scon by lifting up the boulders: pas and oil indications also abound throughout the district as far south as Mount Egmont, extending inland some eight to ten mites. It is reported that in the New Plymouth district a number of water wells put down had to be abandoned on account of the strong gas encountered; in others the water could not be iised for domestic purposes owing to its impregnation with petroleum. New Plymouth is situated at the foot of Mount Egmont. on the West Coast, being distant some 250 miles by rail and 172 miles by sea from Wellington. The portion of oil-bearing area that has been tested up to the present time partly surrounds Mount Egmont, and stretches in a northerly direction to the sea, and it is expected that this portion of the Hand will be the first developed. Experts who have visited this district report that it is one of the biggest prospective fields in the world, with enormous possibilities, oil being found in all directions and surface conditions indicating that there is a wide oil-bearing zone. Samples of tho oil obtained in the district have been tested in this country, and aro reiw-ted to lie of exceptional quality, an'd to resemble in character and purity Pcnnfvlva.nian petroleum. At Jtoturoa three welis have been drilled all of which have got oil. one having given on average nearly <0 barrels per day. These wells ra-:*e from 25-CO feet to 3CCO feet deep, and with experienced drillers boring is not considered difficult. The climate being good, work can be carried out continuously, which is a great advantage. enabling a well to be drilled in about three months. The New Zealand Government have shown their willingness to foster the petroleum industry and have undertaken to dredge tho harbour to enable t''e very largest boats to berth; there is pls~o excellent wharf accommodation, and it "is fully expected that the port of Moturoa. wiLl be an important base for toe shipment of petroleum. The general imports of petroleum anil I residuals into the Dominion amount to about half a million pounds sterling por annum, and with Australia, importing annually nearly 20 million gallons of kero-sene'alone-after allowing for the oil being produced in New Soeith lVa.es— there is a good market ready at hand. Then, again," the Admir.-Jty are watching events very closely, and have from time to time caused investigations to lie rr.ac.o as to quantity of rrudc oil being i produced. This Department has also jnstitutrd inquiries as to the suitability of Mo f uroa as an oil fuel base, and it is reported has promised that in the even, of a good supply of petroleum being obtained tho Naval authorities will take a good deal of their supplies from New Zealand. In the near future, with rapid strides being ma-'Je in the use cf oil fuel for power purposes, there snould be a constantly increasing demand, so that with the further developments of the New Zealand fields oil should always command a fair prirc and at the same time mar.e the colonial markets independent o. f.vrrign supplies. It is the .opinion of those able to speak with autnorny th.-u with good management and ample funi.s for development She New Zealand oilfields have a very great lr.ture. Customs duty collected at tne port of Wellington yesterday amounLeit to ilcol Is. 6d.

NATIONAL .INSURANCE CO. The directors of the National Insurance fio'imanv. states a. Press AKr.cia.tion telerram from Dunftdia, have added -EIS.CCQ to the reserve frnid, and recommended payment of a- divided of Is. 3d. per share, ir-akins a, total distribution ol 2s. iu»r share for the year ended beptenwer J), while £29,25f 13s. 6d. has been earned forward.

Dion COMMISSIONER'S CABLE. The C'oinnicrce "r.j Tourists Division of the Department of Agriculture -'-as received tile following cablegram from the 'High Commissioner tor hey /.e.Jai.d, dated London, October 28. (Note.-Uuota-tions, unless otherwise specified, are average market prices on spot.):— "\iutton.-Tlio market is timet, but steady; a- poor demand conOuues. but stock is moderate. Medium and he.ivjvreights arc iceUing. very scape. Cajiicrbury, <£d.; Xortli Island, oid.; ewes, ai,u. ''tomb.—The market is dull, and there is verv little business dome, at about quotations already given. (Last weci; s qiioU'--tious.— Canterbury, 55.; other. ti an GauIprburv. 4':d.) Stocks of lamo m hand are light. New season's River l'late arc sellin: at ; .3d. per lb. . „ , Beef.—The market remains very llat. Chilled supplies of River Plate lieef arc heavy. Nominal quotations :-Ncw hinds, 3id.; lores, 2„d. per lb.; chillcu hinds. 3>.d.; fores. 2{d. per lb. Butter.—The market is quiet, but F.caii;,, after the decline. Danish, 10/s.; Siberian. 1155.; Australian, 1275. per cwt. Ohcese.—Tlio market is quiet. 'Ino aemand is improving, but prices arc unchanged. Canadian, G9s. to 71-3. per cwt. licuip—The market is Quiet with sm.Tll business doing. Holder,? are firm. J.cw Zealand Rood fair, on spot, per ton, —20 c - • fair cradc, £13 55.; fair current Manila £W ss. October to December shipments'— Good fair,. £20 IBs. 6d.s fair crade £19 12s. 6d.; fair ciii Tent llanila. £23 ss. The output from Manila, for the week was 24,CC0 bales. Cocksfoot Seed.—The market is firm, oivins to the recent drought. Ail incrcaeiag demand is anticipated during the coming season. Danish is quoted at 755. F Kauri'Gum.-The market is quiet but Steady; 320 packages offered mil 50 sold at Thursday's sale. Dark brown selected, icscraped, £6 to £8 7t=- 5d.; daxk bio.vn :sss ef«;sa" s chin s , cood, 40s. to tCs, Wool.—The market is eomcwhat steadier. WHEAT AND FLOUB. Uy Telerrapb—"rcss Association- -Copyrickt London, October 20. The wheat and flour ailcat for the United Kingdom totals MIO.KO quarters; for the Continent, 1.255.CL0 quarteis, Atlantic shipments, 2'd,Us); laciho shipments W.COO. The total chipmenta to Europe durins the week counted to 1150CCD quarters, ir.eludins 2WCO f.om Aiientina 285.C00 Russian. Ma.lAO Danubmn, <2,K0 from India, and 70,000 from AustlSeven thousand tons of South Australian and Victorian October-November shipment sold at 365. 9d. LONDON MARKETS. London, October 29. Hemr -Market dull. Good to fair Octo-ber-December shipment realised £Ji. Cottoa— £d. per U-. ,] ute.—October, £20 12s. 6d. Rubber.-fe. 4id per lb. Copra—After advancmß uto and ten shillings, tho market relapsed. For -v-uth Sea, iii bags, closed nominally at C 25 ts. iIETALS. London, Octobcr 29. Corper.-On the spot, £55 3s. 9d.; turee, months. £56. , Tin—On the spot, £18510s.; three months, £156 15s. Lead, £15 lis. 3d. _ Galvanised Iron-First quality, £14; eec-ond, £13. ..... Tin-plates.—Coke, los. lid. I'encing Wire, £8. Angle steel, £5 10s. FEILDING MARKET REPORT. Messrs. A. U. Atkinson and Co., Ltd., of" Feildins. report on their weakly sale as follows—Considering the unfavourable weather there was a fairly good yarding of piffs. Weancrs of good quality were forward, and prices realised wore up to last week's rates. Poultry was ajaiu in short supply, and the demtind was very keen. A good quantity of pollard, bran, and wheat was marketed, and furniture and sundries sold well. Poultry (at per pair): Hens, 3s. 6d„ 3s. 9d., is., 4s. 3d.. 4s. 9d.; roosters, 3s._ 6d., 3s. 9d., 45., 4s. 3d,; cockerels and chicks, 95., Is.; bantams, 2s. Pigs- .Suckers. 4s. to 35.; weaners, Bs. 9d„ 9r 5d , 9s. 9d., 1C«. 6d., Us.. 12s. 6d. to 155.: steers'. 17s. 6d„ 215., 225. 6d.; porkers, 18s., 205.. 275. 6d.; sow, 30=.; horses, to £10. Produce: Potatoes, 66. 6d. sack; onions, 2s. 6d. per 281b. bag; wheat, 4s. 6d. per bushel; pollard, 13s. 3d. per 1501b. bag; bran, 6s. 6d. per bag; factory ham, 9Jd. per lb. On Wednesday, wc held a successful sale of furniture and household goods on behalf of Mrs. Younger, of Monmouth Street. NOTE'S. Last year the United States produced 13,710,135 kegs of iron and steel rails, and, even so, trade was not brisk. Argentina is tacltlins the problem of ODtton-gi'owiug, and recently made her first shipment of 2CO tons. That is one of tho world's great products, and Arsentina may booomo a big factor therein.

In tile United States, according to the rensus returns far 1910, there are 6,340.357 farms, with a total area of 873,729,003 acres, of which 477,448,C00 across are improved. Of the tol-al farm*, 3,933,705 arc hold by the freeholders, and there arc 2,349,254 tenants r.nd 57.39S held by manners. Then there are 5,42'J,592 white farmers ar.ri 917.465 roloured. The total capital value of tho farm land i<? set down at £5,790,951.000: that of the buildings thereon at £1,2-64,126,K0, and that of the implements and machinery at £2 r j7,453,CC0. maliine the total capital valuation £7,332,450,C00, or an nvcr•ase of £3 Bs. per acre. The average area per farm is 133 acres. MINING NEWS. WELLINGTON SHAKE MARKET. A fair business w?6 done in Waihis yesterday, but at lower rates. With the exception of Waitangi all shares were neglected. The day's sales were as under-.— "Waihi, 625. (til-it call), 625. (second'call). Gls. 6d., 61s. 9d., 625. 3d., 625. 6d. (third call). Waitangi, 3s. 2d. (third call). The buying and selling quotations were as under.— Buyers. Sellers. £ s. d. £ s. d. Con. Goldfields 0 16 0 018 0 Kuranui Caledonian — 0 14 May Queen 0 2 3 — Moanatajari 0 0 9 0 1 0 N.Z. Crown — 0 3 1 Saxon 0 16 — Tairua Mines — 0 010 Talisman - 2 9 9 2 10 9 Victoria — 0 10 Waihi 3 1 6 3 2 6 Waihi Grand Junction... 1 12 6 1 13 0 Wsitansi 0 3 0 0 3 3 Watchman 0 1 9 0 2 0 Ross Goldfields 0 1 10 0 2 0 Worksop Dredge 2 7 0 2 8 0 STOCK EXCHANGE. (By Telegraph—Press Association.) Auckland. Octobcr 30. Business done:— May Queen, 2s. 4d. Waihi, £3 Is. 6d., £3 2s. 3d. Grand Junction, £1 12s. 3d., £1 12e. 9d. Business done at the 3.15 p.m. call today• ~ Occidental (con.), 4d. Talisman (con.). £2 Its. 6d. Waihi, £3 2s. 3d. Waihi Grand Junction, £1 13s. Wilson Cement (ord.), £2 Os. Sd. Dimodln, October 30. Stock Exchange quotations Dredging stocks: Blackwater, buyers 65.; Electric, buyers 3s. 9d., sellers 4s. 3d.; Hartley and Riley, sellers 145.; Island Block, buyers 2s„ sellers 45.; Masterton, buyers 6s. 6d., sellers Bs. 6d. Mining stocks: Consolidated Goldfields. sellers 15s. 6d.; Kuranui Caledonian, sellers 1« 3d.; May Queen, sellers 2s. 5d.; New Sylvia, sellers, Is. lOd.; Waitangi, sellers 3g. 3d.; Talisman Consolidated, sellers £2 lis • Waihi, buyers £3 Is., sellers £3 35.; Waihi Extended, sellers 25.; Waihi Grand Junction, buyers £1 12s. 7d„ sellers £1 ""investment stocka: National Bank, sellers £6 Is. Cd.; National Insurance, buyers £1 18s. 6d.; Westport Ooal, buyers £1 13?. 3d., sellers £1 195.; D.1.0. (ordinary), buyers 6s ; Milburn Lime and Cement (£1). seller* £2; Mosgiel Woollen Factory, buycs £3 12=.; New Zealand Drug Co. (£2). -eiler= £2 10s ; New Zealand Portland Cement, buyers £1 125.; "Otatro Daily Times," sellers £2 Us. Stock Exchange sales.— Westport Coal. £1 6d. Sales reported:—Waihi Grand Junction, £1 12s. lOId.; Westport Coal. £1 Bs. 9d

THE WAIHI MIKE. (Br Telt'craoli.—Press Association.) Wailii, Octobcr 30. The crosscut in the ll&ft. level in the Weihi mine lias penetrated the Martha l-cef from the hansing-wa.il side, and is being- advanced towards the north of footwall section of the lone. some 15 to Ztft. of quartz lias so far been exposed the •■-tone being of a brown oxidised and rubbly nature, which points to its being low crade. The oilicial assay values are, how-»,-er, not yet available. Tile sinking of the shaft to exploit the property at a still creator depth has been commenced, and tiiis work will be pushed on as speedily as possible. REEFTON RETURNS. (By Telegraph.—Press Association.) Resfton, Octobcr 30. The return from the Puctolus dredge for 104 hours ia 21oz. lldwt. The New Uig River Company's yiold is valued at £2251).