COMMERCIAL.

Gisborne Times, 31 October 1928, Page 2

COMMERCIAL.

TARANAKI OIIr FIELDS LTD

Followingris the report of the week ended October 27, 1928: ... Grjs.borneViNp. : 1 well; Drilling suspended, decided to leiivo; Gi-inch diacasing in well. Cause' of difficulty appears to be gas at high pressure. -Gisborne No. 2 ell: Drilled to 1775 feet in shale; 10-inch diaemter casing to 1752 feet. Running full time from October 29. STOCK AND SHARE MARKET (Press Association.? AUCKLAND, Oct, 30. Sales on ’Change: Renown Colliery ?ref., 3s; Hikurangi Coal, 11s 3d; National Insurance, 16s 'Bd; Bank of New Zealand 61s 3d; Soldiers’ Inscribed 5} per cent, stock. £lOl ss. CHRISTCHURCH, Oct. 30. Sales on Change; Mahakipawa. Is 5d (5). FARM PRODUCES vs ' - NEW SOUTH WALES United Prcaa Assn. by El. Tel. Copyright (Australian Press Assn.) (Received Oct. 30, 8 p.m.) SYDNEY. Oct. 30. Tbo wholesale, price of butter has been reduced one penny per lb to 186 s to 188 s per ewt., owing to heavy arrivals from Victoria and Queensland. Bacon is cheaper, due to large supplies, including considerable quantities of the iNew Zealand product. In order to check competition from the Dominion, some ot the largest traders are reducing price one penny per pound for most cuts,. Curers of standard brands are expected to follow suits in order to protect theninterests. Quotations are; Sides 13d, to 15d; shoulders llid to 12d; flitches 12d to 14d. WHEAT PRICES HIGH

UnKod Presß Assn, by El. Tel. Copyright Australian Press Assn.-—United Service. LONDON. Oct. 29.

Wheat cargoes are firm, 6d to Is dearer in sympathy with the sharp advance in America and the reduction of the Canadian crop estimate. Buyers. with reserved parcels are quiet owing to American prices. Liverpool futures December 9s s§d, March 9s 5Jd, May 9s s«d. CANTERBURY FARMERS’ CO-OP. PKOBOSAL TO WRITE DOWN CAPITAL. (Press Assooiation..> TIMAR.U, Oct. 30. The thirtv-fifth annual meeting of the Canterbury Farmers’ Co-opera-tive Association was held to-dav.

Mr K. McKenzie, chairman of directors. said the trading profit for the year was £19,161. As indicating the improvement in finance, he said the liability to the Lank and depositors in 1923-24 was £698,544. compared with £427,826 in 1927-28—a decrease in four years of £270,718. The past year’s working showed a decrease of £3OOO in expenses, chiefly salaries and overdraft interest; increased earnings of £6BOO in . the past-4 years, ancl-...deposits had. been reduced almost half. The report and balance sheet were adopted and the meeting agreed to alter the articles of association to provide for a reduction in the number of directors from twelve to nine, live to represent dopos’tors and four the shareholders, the directors to he paid an aggregate of £I2OO per year In order to stabilise the financial position and restore the association to a dividend paying basis, the directors recommended' the writ ng down of all ordinary and preference shares by 25s each. The ordinary and C anfl D preference shareholders agreed to the nronosal. hut- the A and B preference shareholders rejected it. The matter so far as the two latter groups are concerned will come up for re-consideration.