COMMERCIAL

Northern Advocate, 7 November 1931, Page 14

COMMERCIAL

BORING FOR OIL. PROGRESS REPORT. (Per Press Association. —Copyright.) WELLINGTON, This Day. Now Plymouth (N.Z.) Oil Wells, Ltd., report as follows under date November 2:—Since last report we have drilled to 2930 feet. The formation during the last 200 feet has consisted of hard, close-grained sandstone, carrying gas and light oil shows. We are drilling ahead.

N.Z. LOAN AND MERCANTILE. NO FURTHER DIVIDEND. LONDON, November 0. Owing to unfavourable results the directors of the N.Z. Loan and Mercantile Agency Co. do not recommend the payment of any further dividends for the year ended dune 3d. PRODUCE MARKET. SOUTHERN QUOTATIONS. (Per Press Association. —Copyright.) CHRISTCHURCH, This Day. There has been a slight easing in fowl wheat, and yesterday’s quotations arc 3/1 f.0.b., s.i. The demand lias been slack for some time, buyers operating in small quantifies. Auckland advices are- to the effect that although the condition of Southern potatoes is good, there is very little demand. A few consignments have Keen sold hi Christchurch at 30/ a fon f. 0.8. There is little business Taking place in the small seeds market.

MINING HEWS. SALE OF GOLD. (Per Press Association.—Copyright.') WELLINGTON, This Day. In view of the recent rise in the price of gold in London arrangements have been completed with: the Bank of Now Zealand by Mahakipawa Goldfields, Ltd., Avhose mine is in Marlborough, for the sale in London, instead of in 'Australia, of the. present and'future. returns of gold. Advice has now boon received from the bank that the Soil ounces of gold,’ which were previously awaiting shipment to Australia, have been sold in London on behalf of the company. The net, price to the company in New Zealand should be approximately £5 10/ an ounce, whereas £4 4/ an ounce was previously received for the gold sold in Australia. The wash-up for October was 112 ounces of melted gold, which will be disposed of under the ne>v arrangements.

Since August extensive development Avork has been proceeding cast of the main drive in the mine for the purpose of proving the ground adjacent lo Nos. 4 and 8 bores. Very satisfactory results have been obtained from the Avasli taken out in this sector. An air compressor, is being installed. This will double the output of wash dirt with a • limited increase in cost.

KING SOLOMON DEEP LEAD. (Per Press Association. —Copyright.) . INVERCARGILL, This Day. The mine manager of King Solomon Deep Lead, Ltd., reports that the wash-up for the avcok Avas 30 ounces, 3 pennyweights.

BUTTER AND CHEESE. I LONDON ADVICES. The Ncav Zealand Producers’ 00-op-erative Marketing Association is in receipt of"the'following cable from London.— Butter: Market sloav. Ncav Zealand, finest, 118/; first grade, 112/ to 113/; unsalted, 117/ lo 120/; Danish, 132/ to 134/.