PROSPECTING FOR OIL.

New Zealand Herald, Volume LXV, Issue 19838, 7 January 1928, Page 7

PROSPECTING FOR OIL.

AUSTRALIAN RESTRICTIONS. COMPANY. DIRECTOR'S VIEWS. Confident that there is a favourable prospect of finding oil in payable quantities in Australia, Mr. J. T. Moate, chairman of directors of the Standard Oil Company of Australia, returned to Sydney recently from the oilfields of South America, and is intent upon furthering oil prospecting in the Commonwealth. ""During the past ten years, Mr. Moate remarked, "we have carried on geological survey work in Australia and Tasmania, and we believe we have unearthed certain indications that will lead to extensive developments. We are hopeful. of finding oil in payable quantities, but I do not propose to say where."

To encourage prospecting for oil, Mr. Moate said, there would have to be an amendment of the Commonwealth mining laws, because there was little hope of successful results when the work was restricted to an area of 160 acres. That was ridiculously Bmall. He contrasted this with the enormous fields owned by the company in Bolivia and Chili, comprising areas of 320,000 acres and 25,000 acres. Extensive boring operations had been carried out by the company, which was an Australian concern, in South Australia and Tasmania, and these would be continued, Mr. Moate said. Asked whether he had an interest in the recent discoveries at Roma, Mr. Moate said that at one time ho might have been interested, but he was not favourably impressed with the appearance of the field He had a small interest in New Guinea fields, but development there was hampered by injurious Commonwealth restrictions.

POVERTY BAY OPERATIONS. [JBY TELEGRAPH. —PRESS ASSOCIATION.]! GISBORNE, Friday. | The Taranaki Oilfields Company reports that Waiapu No. 2 well has been drilled to 2908 ft. in shale, with a B£in. diameter casing to 2890 ft. Gisborne No. 1 well is drilled to 2140 ft. with an Biin. diameter casing to 2120 ft. in shale from 1935 ft. to 1940 ft.; also from 1960 ft. to 2000 ft. and from 2045 ft. to 2060 ft. The balance was through sand. r ____ , Samples of sand between 2000tt. and 2050 ft., treated with chloroform, show definite traces of oil. There was a showing of gas from 2060 ft. to 2065 ft. Gisborne No. 2 well transport has been delayed by rain, and the company is now nearly ready to commence construction work.

AUCKLAND STOCK EXCHANGE.

REOPENING ON MONDAY.

The Auckland Stock Exchange, which has been closed since December 22, will reopen on Monday. FROZEN MEAT PRICES. LONDON MARKET VALUES. ■ - Dalgety and Company, Limited, report having received the following cablegram from their London house, dated January 5; Frozen meat: Now Zealand prime.North Island lamb, 361b. to 421b., lid; 28lb. to 361b., llid; second, quality, to lOd. The market for New Zealand lamb is firm, owing to light stocks. 1 The demand runs principally on finest qualities. New Zealand prime North Island mutton, 561b. to 641b., 5 3-8 d; prime North Island ewes, 481b. to 641b., sid ; prime North Island mutton, 641b, to 721b., 5 l-Bd. The market for New Zealand mutton is firm and the demand moderate. Australian lamb, third quality, 6£d. The market for Australian lamb is quiet and unchanged. The demand is poor. Australian mutton, f.a.q., 301b. to 551b., sd. The market for Australian mutton is steady and the demand quiet. Beef: Argentine chilled hinds, 6^d; fores, 4|d. Pork: English, 9£d to 10£ d; New Zealand porkers, 801b. to 1001b., Bid; New Zealand porkers, 1001b. to 1201b., 8d; 'New Zealand baconers, 1201b. to 1701b., 6£d; New Zealand baconers, 1701b. and over, 6d. The market for new season's lambs is likely to decline on the arrival nf larirp.r snnnlies.

WHEAT CROP PROSPECTS. THE POSITION IN OTAGO. [BI TELEGRAPH. —OWN CORRESPONDENT.] DUNEDIN, Friday. Business in the grain trade is not back to nomal and there is practically no business in wheat, oats or seeds. The improvement in the weather Conditions has had a good effect on the wheat crops in the Otago district and the latest reports are that they will be heavier ■ than those of last year, The crops, however, will' be a little later in consequence of the slower growth' caused by the wet, cold months at the beginning 0! the season. There will not. be the usual bulk of straw, but the wheat coming into head appears to be heavier than that of last season. Conflicting reports are being received from Canterbury. An exceptionally heavy yield of wheat was obtained in the 1926' 27 season, but it is not expected that the yield will be as large this season. Some inquiries have been received for oats during the past few days, but, owing to the small quantity now held here, no sales are reported. CHICAGO WHEAT MARKET. A. and N.Z. CHICAGO, Jan 5. Wheat. —March 1 dollar 29§ cents per bushel; May, 1 dollar 31 cents; July, 1 dollar 264- cents. MEAT FROM SOUTH AFRICA. The New Zealand Meat Producers* Board has received a cablegram from its representative at Buenos Aires,' South' America, advising the following ship ments to the United Kingdom for the fortnight ended December 22, from Argentina and Uruguay;—-Chilled beef, 252,22.5 quarters; frozen beef, 8900 quarters i frozen mutton, 224,250 carcases; frozen lamb, 244,650 carcases. The quantity shipped to the Continent of Europe during the same period was as follows:—Frozen beef, 76,148 quarters; frozen mutton, 5400 carcases; frozen lamb, 2300 carcases. LONDON TALLOW PRICES. The New Zealand Loan and Mercantile Agency Company, Limited, has received the following cablegram from its London office, dated January 4;— Tallow: We quote present c.i.f. and e. values for the following descriptions—Fine mutton, 39s 6d per cwt.; good beef, 40s; mixed, 38s. The market is firmer.

MELBOURNE PRODUCE. (Received January 6, 6.5 p.m.) A. and N.Z. MELBOURNE, Jan. 6. The following are to-day's quotations on the Melbourne produce markets:— Wheat.—Quiet, 5s 4£d. Flour.—£l2 10s to £l3 10s. Bran.—£6 10s. Pollard.—£7 10s. 1 Oate.—Milling, 4a 3d 4o 4s Sd; feed, 4s to 4s Id. Barley.—English, 5s 6d; Cape, 4s 6d7 Potatoes.—£4 10s to £5. Onions.—£4 10s.