COMMERCIAL

Greymouth Evening Star, 19 January 1939, Page 8

COMMERCIAL

GOLD AND EXCHANGE.

[BY CABLE —PRESS ASSN. —COPYRIGHT.]

(Recd. January 19, 11 a.m..1 LONDON, January IS

Gohl 14S/71, dollar 468, franc 177.<Sterling is firm in all centres, following the Stock Exchange General Committee circulating a request from the Bank of England asking members to co-operate in the elimination ol undesirable exchange business. Ihe step is regarded as aiming at the completion of restrictions against exchange speculators. LONDON WOOL SALES. (Reed. January 111, 1 p.m.) LONDON, January 18. AL the wool sales, 8353 bales were offered, including 2920 New Zealand; 7525 were sold. There was a very good selection, and’ competition increased, resulting in full to firmer rates. New Zealand greasy halfbred, Crosland, 10d—10}d. Greasy crossbred, Crosland, Old —9i,d.

POVERTY RAY OIL-SEARCH

GISBORNE, January 18

Much better pleased with the outlook at Totangi No. 1 site, where drilling is being continued, the officers of tlie New Zealand Petroleum Company, Limited, are now hopeful that they may be able to correct the deflection of the hole which has been a source of trouble to the company since mid-December. IL was learned to-day that, though the early indications as to the setting of the special cement poured into the well a week ago were unsatisfactory, the drill had encountered greater resistance at a greater depth. Apparently the cement had set much harder at. the lower level and if this improvement continues the immediate difficulties may be disposed of within a. few days. In the latest, effort to cement the hole, the depth was reduced to less than 1800 feet, nearly 700 feet, of drilling being sacrificed for the time being. The drill has now reached 1840 feet, and is still above the point at which the deflection previously became serious. The question now to be settled is whether the setting of the cement will be hard enough at the trouble-spot to force the drill out of the old course and back to the vertical. Exploration is proceeding cautiously, the hole being advanced by stages with. a. drilling bit of small diameter, and then reamed out to the required diameter by a larger bit.

STOCKS AND SHARES

WELLINGTON, January 19

No noon sales. Morning sales: Wellington Gas, ordinary £l/10/-. Sales reported: BrokenTTill £2/18/4; Woolworth’s Limited, ord £l/1/11. DUNEDIN, January It). Sale reported: National Insurance 15/6. CHRISTCHURCH, January 19. Sales: 100 British Tobacco 50/-, 100 Broken Hill Proprietary 57/6, 200 Dunlop Rubber 21/-, 21/1. 50 G. J. Coles 82/-, 100 Woolworth’s (Syd., lord.) 21/9, 100 Mount Morgan 10/5. 50 Grey River 17/1. Reported: 160 Dalgety and Co. £7/15/-. SYDNEY, January 19. Sales: Bank of New South Wales £3O/2/6, Associated News 21/3, pref. 23/-. Australian Iron and Steel pref. 27/6, Dunlop Perdrian 20/71', Henry Jones 47/9. GILLESPIE’S BEACH. Tlie secretaries of Gillespie's Beach Gold Dredging Company, Ltd., advise that the dredge is not at present working, as some alterations and improvements are being effected. N.Z. REFRIGERATING CO. CHRISTCHURCH, January 19. The accounts of the New Zealand Refrigerating Co., Ltd'., for the year ended October 31 last, reveal a drop of £19,738 in the net profit, (he figure being £48,190, compared with £67,928 last year. The gross profits are £91,134, compared with £112,413 last year. The directors report that the balance available for appropriation is £85,376 (including £37,185 brought forward, which they recommend should he dealt with by the payment of a dividend of 51 per cent., by addition to reserve for rebuilding and renewals, of £12,000, and carrying forward' £38,379.