COMMERCIAL

Gisborne Times, Volume LXXIII, Issue 11954, 26 May 1933, Page 2

COMMERCIAL

STOCK AND SHARE MARKET

(U.P.A. by Elec. Tel. Copyright) SYDNEY, May 25.

Stock Exchange sales this morning were: Bonds, 4 per coni. 1938, £lO3 10s; £4 per cent. 1959, £103; Broken Hill Proprietary, 32s 41 d; British Tobacco, 3-is 10-id; Dunlop Perdriau, ISs 3d; li'enry Jones, 395; Tooth’s, 80s 3d. ‘ lh-css Association) AUCKLAND, May 25. Sales oji Change: Mount Lycll, 20s 9d; AA'aihi,' 21s lOd; Union Oil. 2-ls: New Zealand Newspapers, 24s 3d, 24s 6d; South British. G-ls 6d; Commercial Bank, pret'., £8 16s 3d; Colonial Sugar, £56 10s: Auckland Gas, debentures, 61 per cent. 1932, £lO4- 10s WELLINGTON, May 25.

Sales on- Change:; Colonial Sugar £SO 7 s Od, £SO 10s; Fanners’ Auctioneering. R pref., 12s. CHRISTCHURCH, 'May 2.5.

Sales on Change: Commercial Bunk of Sydney, £ls 17s Gd; Electrolytic Zinc, ord., 18s 2d : 18s Id’; Consolidated Gold, 10s Cd; Nokoniai, 4s 30-k'i (2) ; AA'aitahu, 4s 6d paid, 7s. Reported sales: New Zealand Government 4 per cent, inscribed stock, 1955, £IOO 10s (2); Staples Brewery. 255; Death and Co., F.fc 3d DUNEDIN, May 25. Sales on Change: AYaitahu, 7s; Gillespie Beach, Is Gd.. Reported sales: Donaghy’s. 38s; New Zealand Drug, 65s Gel; AV'ilson s Cement, cum. div.. 31s Cd; AYaitahu, 7s; Big River, Is 6d : Lawson's Plat, Is 7d.

SEARCH FOR OIL OPERATIONS NEAR WHATATUTU A report issued by Taranaki (N.Z.) Oil Fields, No Liability, Melbourne, states that the ATicuum Oil Co.’a geologists have found it impracticable satisfactorily to assess the prospects of the AA’aitangi structural area in advance of tho completion oif the thorough geological survey which they are making of the whole GisborneEast Cape region, embracing AVaitangi and the many other structural areas contained therein and controlled by the Taranaki Co. It has been suggested, therefore, that the A\ raitangi area should he included 1 in the general arrangement, according to which the Vacuum investigations are to ho directed toward the-location, by the end of 1934, of the drilling sites. An agreement was made in June, 1933, by Taranaki Oil Fields with the Vacuum Oil Co. Proprietary, Ltd. (of Australasia) with tho objecC of further testing and developing the concessions of the Taranaki Co. on the East Coast of the North Island'

OIL COMPANY TO LIQUIDATE. The Blenheim Oil AVells Re:-I.‘ma-tron.. Company, Limited, New Plymouth, ha, s gone into voluntary liquidation. Tho company was formed in 1927, with a capital of £SOOO, since increased to £20,600, to- undertake the reclamation of the Blenheim well, which iwas sunk in 1913, and at -2170 ft. produced a considerable quantity of oil. The flow was as much as-50 ba.rrels a day . for a time. Difficulties arose, and although subsequently deepened to 5726 feet, a record, depth for the Dominion, the well flowed only intermittently in the following' years. Tho Reclamation Company, working on the assumption that tho main oil. sands existed at a' depth, where the. original .production ' occurred/ was successful early in 1929 in inducing a small flow, reports of which led to a considerable inflation in share values. I'lie sc rose withiir a week to over £7,, and fell almost a s quickly. Further troubles led to a docision to abandon tho old hero and sink a new ouq nearby. Although the new well was drilled to the required depth, ' a satisfactory How was never obtained. \

; WRIGHT, 'STEPHENSON.. AND CO., LTD. ANNUAL MEETING. The Iwonby-seventli annual meeting of the members, of AVrigh t, Stephenson and Co.; Ltd., was'held at tho head office"--of the company; Customhouse '"Quay. AVellington,. this week, a large number of shareholders attending. !///■' ■

Pair

" The profit and loss account, including £27,166 2s Id brought forward from last year showed a credit balance of £57,524 17s Id. From thi s had been deducted the interim dividend on preference shares, pawl ,on' October 5 last, amounting to £6246,- and provision for bad and doubtful debts and unpaid interest, amounting to £98,223 19s Bd, leaving a debit balance of £46,945 2s '7d. which has been transferred to reserve account.

WILSON’S PORTLAND CEM ENT SHARP FALL IN PROFITS

DIVIDENDS UNCHANGED AT 10 PER- CENT

With profits lower than they nave been for a. decade, the directors of Wilsons (N.Z.) Portland Cement • <». arc able to recommend payment "! the usual 10 per cent, dividend as a result of substantial reserves bailo up in more prosperous times. 1 i view of trado conditions and the general outlook, the board has come to tho conclusion, that a rc-adjustnie H <>i i«pffal is advisable, and tlieir proposals in this connection are embodied in a Circular that- accompanies the annual report and balance-sheet.

The accounts, which are for the '-"'ar ended March 31, show the net profit for the year, after making provision for depreciation, bad debts and faxes is £39,999 To this is added the balance brought forward from last year, namely £OS.34G, less interim dividend paid on November 28, £30,000. leaving available for appropriation £7B, 315. This the directors recommend should be disposed of by tile payment of a final dividend at the rate « f 10 per cent, per annum, absorbing, £30,000, and that tlic balance, £48,315, be carried! forward.

LONDON AVOOL SALES (Messrs Murray Roberts and Co., Ltd., are in receipt of the following cable from their London house-. “Tho wool sales continue iwith a. good tone. Competition is keen, Home and German buyers operating freely. Crossbred greasy fine advanced 5 per cent, coarse to medium except inferior, 5 to- 71 per cent, scoured fine 5 per centother descriptions par to 5 per cot.; slips 5 per cent.”

LONDON DAIRY PRODUCE. ] MARKETS 1 I The New Zealand Loan and Uo'--cuntilo Agency Co., Ltd., .have re* ceivecl the following cable from their London olfico under date May r. ; Butter, 79's to 80s per cwt.; cheese, jwkitc, 475, colored, 53s to 545; market slow. | AUSTRALIAN BUTTER. j NATIONAL BRAND AY AM TED FOR OVERSEAS

(U.P.A. by Elec. Tel. Copyright) (Rcc. May 25, 9.55 p.m.) SYDNEY, May 25, At a eoiil’crouco of dairy factory managers and secretaries, approval was expressed of the adoption of a national brand for Australian butter sold overseas. Iho c-onc u-cnce recommended that the Export Control Board should offer a prize for the best design.