THE SEARCH FOR OIL.

New Zealand Herald, Volume LXV, Issue 19976, 19 June 1928, Page 7

THE SEARCH FOR OIL.

GEOPHYSICAL METHODS. RISK OF POSITIVE FORECASTS. [BY TELEGRAPH. —OWN CORRESPONDENT.] ' GISBORNE, Monday. Referring to the statement by Mr. J. McGeactiie, managing director of Coal Oil (M.Z.), Ltd., on the subject of the geophysical survey results obtained by the Elbof xesearch engineers, Mr. A. H. P. Moliue, general manager of Taranaki Oilfields, Ltd., said there could be no certainty concerning the existence of oil until '.he reservoir had been actually tupped " I hope the optimism is justified," he remarked, "and I hope the shareholders will have the courage to raise sufficient capital to drill the area and find oil in it. At the same time, I would point out that up to the present 1 know of no authentic instance of oil having been found by drilling on the basis of investigations carried out by the Elbof system. Geophysical methods, particularly the gravitational and seismic methods, have been notably successful in Texas and Louisiana. By these means, a number of salt domes have been found, and it so happens that in these regions oil is usually associated with salt domes, so that it has been proved there that geophysical methods have been very successful, though the application is indirect. "It is not tho oil that is indicated by the torsion balance or other instruments, but the salt domes, and experience has shown that where you have a salt dome, there is a good chance of finding oil. " I strongly deprecate, however, overoptimistic statements, because at this stage of oil biology it is not possible to forecast definitely tho existence of oil in any particular spot, and because, should subsequent drilling unfortunately show the statement to be erroneous, it will tend to handicap legitimate efforts to find oil, which 1 sincerely believe will ultimately be successful, to the great advantage of the community in every way. FIRM DAIRY MARKETS. STRONG TONE CONTINUES. CHEESE DEARER AT HOME. The London dairy produce market continues in strong tone. Cablegrams received in Auckland yesterday show that stocks are lightly held, that the Colonial market retains its firmness, and that the retail price of cheese was to be advanced yesterday. Amalgamated Dairies, Limited, received the following cablegram, dated June 16, from their London manager:—Butter: Finest, 1745; unsalted, 184s; Colonial market firm; Continental butter quiet; Danish, 170s to 1725; spot, 1645, f.o.b. Deliveries of New Zealand, 989 tons: stock, 4921 tons. Retail unchanged. Cheese: 102s, some asking 103s for finest; market firm; Canadian, 100s, c.i.f.; less doing at advance; retail advancing Is Id on Monday. Arrivals, Port Napier and Port Victor. The Bank of New Zealand has received the following advice from its London office as fo the close of business last week: —Butter. 172s to 1745. equal to Is 4.72 d and Is 4.93 d. f.o.b. Cheese: 100s to 102s. equal to 9.05 d and 9.25 d, f.0.b.; both markets firm. PRODUCE IN LONDON-. TALLOW AND HEMP MARKETS. [BY TicT-EGR 4PII. —OWN CORRESPONDENT.] WELLINGTON, Monday. The Department of Agriculture has received the following cablegram dated June 16, "from the "High Commissioner for New Zealand, London : Tallow.—The market is quiet. Present spot quotations are:—Mutton: fine. 42s to 42s 6d per c-wt.; fair to good, 39s 6d to 41s 9d; dark to dull, 37s 6d to 38s. Beef: Sweet, and or mixed, 40s 6d to 445: fair to good, 38s to 40s 6d; dark to dull. 37s to 37s 6d. Mixed: Fair to good, 39s 6d to 40s; dark to c]ull, 37s to 37s 6d. Gut, etc., 35s to 38s.

Apples. —The port Victor is discharging. The condition of the fruit is sound, but as in previous shipment? large Sturmers are badly bruised. The strawberry season has begun and the apple trade is dull in consequence. London prices are :—Statesman, 12s to 14s per case; Sturmer, lis to 13s; Delicious, 10s to 12s 6d; Jonathan, 10s to 13s; Stark and Pioneer, 10s to 12sy Hoover, 10s to lis. Hemp.—Manila : Production still in advance of consumption and market easy. The value of " .T " grade for June-August shipment is £37. Sisal: Market very quiet. Sales reported of No. lat £35 and No. 2 at £33 10s, early shipment. New Zealand market very dull. Nominal values are:—Highpoints, £3l; fair, £2B ss; rejected, £26 ss. Tow, second grade, £2O; third grade, £l7 10s, June-July shipments. Stocks of New Zealand hemp in London on May 31 were 63 tons, against 55 tons at the same time last year. Wool. —The Bradford tops market is featureless, only small weights selling occasionally at somewhat shaded prices, but holders generally unwilling to make considerable reduction. Quotations are about unchanged. BANK'S MODEST PROFITS. EIGHT THOUSAND SHAREHOLDERS. Some interesting observations on the rate of banking profits were made by Sir John Grice, chairman of the National Bank of Australasia, in his speech at the annual meeting. He said there were 8000 shareholders, most of whom were resident in Australia and New Zealand, there being only a relatively small number of names on the London register. " The. shareholders' funds employed in the business of the bank now total £8,000.000, apart from the surplus profits carried forward, amounting to £133,000," be continued. "This large sum is at work earning the 10 per cent, dividend which we are at present paying in respect of the paid-up capital of £5.000,000. No one can say the return is excessive. It is only a little more than 6 per cent, on the total funds." TEACHING SALESMANSHIP. Owing to the rapid development of the salesmanship department of Druleigh College and to the fact that branches have now been established in several of the chief cities of the Dominion, Druleigh College lias separated this part of its activities from the rest of the college. A sister company lias therefore been formed, with headquarters in Wellington, and the general manager of the college, Mr. C. J. Green, has transferred to the new company, having been appointed geflcral manager for the whole Dominion. WAIHOU STOCK SALE. The Farmers' Co operative Auctioneering Company report having held their usual Waihou stock sale last Friday, when a good entry of all classes came forward. There was a good demand for fat cows, which sold at equal to late rates. Quotations:— Sheep: Heavy prime wethers, £2 Is; fat ewes. 303: prime hoggets. 35s 4d: lighter, 20s 6d; stores, 2ls. Cattle: Fat heifers, £5 .17s Gd to £7; heavy fat cows, £8 17s Gd to £10: medium, £fi 10s to £7 15s; lighter, £5 5s to £G; unfinished. £4 5s to £4 15s; stores, £2 15a to £3 12s Gd; boners. 25s to 30s; bulls, £4 to £5 10s; choice Jersey heifer calves, £4 6s; others, £3 10s to £3 19s. The advertised pedigree Jersey cows, on account of Mrs. E. Stewart, realised satisfactory prices,, Fairy Meadow's Twilish brought '24gns.; Cowslip, IGgna.; Fairleigh's Lady. _ QOgns.: Fairleigh's Maid, 15gns.: Fairleigh's Rosebud, 20gns. Pigs: An average yarding of all classes. Market easier for baconers but stores showed an improvement. Heavy baconers made £3 12s to £3 16s; medium, £3 2s 6d to £3 6s: light, £2 12s to £2 17s; heavy porkers. £2 5s to £2 30s; lighter, 33s to 30s; good stores, 21s to 255; slips, 14s to 17s; weaners, Gs 6d to 11b.