SEARCH FOR OIL.

New Zealand Herald, Volume LXVIII, Issue 21020, 3 November 1931, Page 5

SEARCH FOR OIL.

DIFFICULTY NEAR GISBGRNE. i SUSPENSION OF DRILLING. [BY TELEGBAPH. —PRESS ASSOCIATION.] GISBOENE, Monday. Taranaki Oilfields report: — " Tlie management regrets to report that continued difficulty hits been met with in- keeping "VVaitangi No. 2 well open between 1960 ft. and the lowest point reached, namely, 2172 ft. The drilling superintendent and the field staff are now firmly of the opinion that there is no reasonable prospect of carrying this well to the desired objective, namely, a depth of approximately 4000 ft. It has therefore been decided to suspend drilling operations pending a royiew of the situation by the directors and staff. "An announcement will shortly be made as to the company's future programme, and in the meantime the properties are being placed on a caretaking basis." KAURI GUM INDUSTRY. PAST MONTH'S PRODUCTION. A total of 192 tons of kauri gum was received into store by Auckland brokers last month, a decrease of 16 tons compared with the preceding month. The figure, which is the lowest October total since 1918, shows a decreass of 136 tons compared with the tonnage for the corresponding month last year. The gum was of the usual quality, there being a large proportion of chips. Market conditions remain dull. Importers of natural gums in the United States are carrying out extensive research work to try and counteract the inroad upon the natural gums trade which is being made by synthetic gum merchants. * The following table shows the amounts of gum received in the first ten months of the last four years:— 1928. 1929. 1930. 1931. Tons. Tons. Tons. Ton® January . . 278 290 371 158 February .. 307 275 412 231 March. .. 411 240 563 286 April 338 339 441 309 May .. 390 426 374 394 June •. 331 285 247 263 July .. 364 349 309 . 244 August . . 331 317 194 251 September . . 288 323 214 208 October .. 356 534 328 192 Totals 3,394 3.378 3,453 2,586 RETURNING PROSPERITY. BRITISH MOTOR INDUSTRY. COMPANIES' RECORD YEARS. The 100 per cent, dividend declared recently by the directors of the Austin Motor Company, Limited, after a record year, follows one of 60 per cent, for the previous seven months, equivalent to 102 6-7 per cent, for the year. Home sales increased by 26 per cent. In 1929 the dividend was 20 per cent. It was only in 1929 that the company began to pay dividends on its ordinary share capital. ' It extinguished at the same time 4£ years' arrears of interest on the 6 per cent. B preference shares. The company was formed as a private concern in 1905, and was converted into a public company in 1914. It now has an issued capital of £2,150,000, and Austin cars are manufactured in the United States, France and, Germany as well as in England. Sir Herbert Austin, the founder of the company, spent his early manhood in Melbourne, where he was manager for a firm of sheep-shearing machine makers. Ho has built up one of the largest businesses in the world. Not only does he take a personal interest in every branch of his works, but he can also perform every task that any of his employees may be called upon to do. A record year's business has also been announced by Sir William Morris, the other great pioneer of the "family" motor-car. Speaking recently to a gathering of agents at Birmingham, Sir William said:—" The sales of our cars during the year just concluded were more than 27 per cent, greater than in any other year in our history. lam confident that they will be greater than ever in 1932, with a resulting benefit to British labour and to our national prosperity. In my opinion, the position of this country to day is better than it has been for years." UNITED INSURANCE. USUAL -DIVIDEND RATE. Accounts of the United Insurance for the year ended September o0 show a surplus of £52,132, a decline of £16,098. Dividend at the usual rate of 10 per cent, absorbs £45.000. The chief other allocation is £SOOO to reserve for depreciation of investments, making it £35,000, this being the first appropriation to the account for some years. A transfer of £2500 increases the reinsurance reserve to £162,500. There is no addition to the reserve fund this year. A balance of £696 is carried forward compared with £1064 brought into the accounts. The balance-sheet shows specific reserves equal in total to the paid-up capital. There are decreases of £9493 in the contingent account and £26,715 in sundry creditors. Of the principal assets items, deposits are lower by £6850, and mortgages by £3537, and Government stock is practically unchanged. Cash and branch balances are £21,648 less, and debtors £4729 higher. INSURANCE COMPANY'S YEAR. TEMPERANCE AND GENERAL. "5 " , Tho directors of the Australasian Temperauce and General Mutual Life Assurance Society, Ltd., report that for the financial year ended September 30, 1931, the new business completed comprised 2.1.074 policies, assuring £5,421,42? in the ordinary department, 115,752 policies assuring £5,031,749 in the industrial departiiieiitT and 2600 accident and sickness policies insuring £1,381,650. In addition, 4597 life policies included in the ordinary department have been enforced with accident and sickness benefits to the extent of a sum assured of £1,272,106. RABBITSKIN SALE. PRICES SHOW ADVANCE. Jlalgety and Company, - Limited, reports that, catalogues were small at last week's rabbit-skin sale in Dunedin. The quality of the winter nlnns offered showed obvious sifrns of the Ktsnesg of the season. There was a very kdemand.' however, for all grades and prices generally showed an advance on last sale. Low grades were very firm to slightly higher, while good winter bucks were 6d a lb. dearer. Spotted bucks were firm in spite of the" poorer quality, while winter does were 3d to 12d higher. The following is the range of prices:— Runners, to td; summers,- 5Jd; milky, 6ld; springs, 9d; summer broken, 4d; 3rd winter broken. €-d; 2nd, 10d; Ist, ild; 2nd winter 8.5., 12! d: Ist, 18d; prime racks, sd; light. SJd ; 2nd winter bucks. 3fd: Ist, 53Jd; 2nd winter does, 35d; Ist, 491 d; spotted winter bucks, 24d; spotted winter does, 221 d; 2nd spotted winter bucks, 20Jd; Ist outgoing winter does, 17d; 2nd, 15Jd; summer blacks, 4id; 3rd winter, lOd; 2nd, 14d; Ist, 20d; fawns, 12d; Ist winter fawns, 40d; small, Id; hareskins, 6d; horsehair, 13id. HENRY JONES DIVIDEND. The Henry Jones' Co-operative, Limited, Melbourne, will pay a final dividend of 9d a share on December 1. Payment is at the rate of 3J per cent. For the year just ended the dividend is 6£ per cent., against 7£ per cent. ljij,& year.