COMMERCE AND FINANCE

Otago Daily Times, Issue 21244, 27 January 1931, Page 13

COMMERCE AND FINANCE

■ THE SHARE MARKET. DUNEDIN STOCK EXCHANGE. There was a sale of Bank of New Zealands reported on the Dunedin Stock Exchange yesterday, later offers of 45s 6d failing to attract a seller at less than 47s 3d. Buyers of Bank of Australasias increased their offer to £8 7s 6d, hut sellers remained firm at £9- Christchurch Gas shares were asked for at 255, but sellers failed to respond. There was a slight improvement in thV offer for New Zealand Breweries shares, buyers quoting 33s 9d. . The best selling quotation, however, was 34s 9d. Waihi Grand Junctions improved to 2s 5d (buyers), the offer meeting with no response. Sale reported: Bank of New Zealand, 46s 9d. • The following are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage: — BANKING. Bank of Australasia— Buy- £8 7s 6d, eel £9. , Bank of New Zealand —Buy 45s 6d, sel Commercial Bank-—Buy 14s 3d, sel 14s 9d Commercial Bank (pref.)—Buy £5 ss. Union Bank —Buy £7 10s. INSURANCE. National Insurance .Co. —Sel 13s 9d. . N.Z. Insurance Co.—Buy 40s odStandard Insurance Co. —Sel 48s. SHIPPING., Huddart, Parker (pref.)—Sel 20s. U.S.S. Co. (pref.)—Buy 19s 6d. COAL. Kaitangata—Buy 2s dis., eel par. Westport-Stockton (pref,)—Sel 3s. LOAN AND AGENCY. Goldsbrough, Mort —Bel 18s 6d. National Mortgage —Sel 545. National Mortgage (“B ) Sel 30s. MEAT PRESERVING. N.Z. Refrigerating (cont.) —Buy Is, eel Is 4d i MISCELLANEOUS. Auck. Amusement Park (ord.) —Sel Is. British Tobacco—Buy 27e 6d, eel 295. Bruce Woollen - Co, (ord.) —Buy 10s( eel 12s 6d. Bruce Woollen Co. (pref.)—Buy 15s. D.I.C. (ord.)—Sel 20s 6d. Donaghy’s Rope and Twine —Sel- 355. Kaiapoi Woollen (pref.)— Sel 15 s _6d. Milburn Lime and Cement —Sel 30s. M‘Leod Bros. —Buy £l9. National Electric—Sel 13s 6d. N.Z. Drug Co.—Buy 50s, sel 51s od. N.Z. Express (pref.)—Buy 15s. ■ N.Z. Paper Mills-.:(ord.)— Buy 17s 6d, «el 18s 6d. Smith and Smith (pref.)—Sel 18s. Christchurch Gas—Buy 255. Wilsons (N.Z;) Cement —Sel 38s. BREWERIES. N.Z. Breweries, Ltd.—Buy 33s 9d, sel 34s 9d. _ N.Z. Brfeweries Debent.—Buy 21s. Dunedin Brewery—Biiy 10s. MINING.' Waihi—Buy 15s sd. Waihi Grand Junction —Buy 2s sd. Mount Lyell—Buy 18s 4d, sel 19s 3d. Kildare —Buy Bd, sel Is. ; Okarito —Buy 5s Id, sel 5s lid. Paddy’s Point —Sel 3s 6d. Golden Progress—Sel 10s 6d prem, Blenheim Oil—Buy 30s, sel 795. King Solomon —Buy sd, sel Bd. . WAR BONDk 44 per cent. Bonds, 1938 —Sel £97 15s. 44 per cent. Bonds, 1939 —Sel £99 15s. 44 per cent. Inscribed, 1938 —Sel £97 ss. 44 per cent. Inscribed, 1939 —Sel £97 £s. 54 per cent. Bonds, 1936 —Buy £99. 5i per cent. Inscribed, 1933—5 el £99. , NORTHERN EXCHANGES. (Per United Press Association.) The following business was done on ’Changes yesterday;— ■- Auckland. —Sales: Auckland Harbour Board (1960), 54 per cent., £97 10s; Commercial Bank, 14s 8d (two parcels); Union Bank,. £8; South British Insurance, 52s 6d; Dalgetys, £6 12s 6d; Australian Glass, 24s 6d; King. Solomon Mines, 6d; Waihi 6rarid Junction, 2s 4d; Mount Lyell, 19s; Electrolytic Zinc, (pref.), 15s 9d. Wellington. —Sale reported; Auckland Gas Company, f 1 3s 4d. - Christchurch; —Sales: Aust. Bank of Commerce, 14s (two parcels); Commercial Bank of Aust. (cum div.), 14s 6d, ]4s sd; Union Bank of Aust. (cum div), £7: ,18s-. 6d; National Insurance, 13s 3d; New Zealand Breweries, 345; British Tobacco, 28s; Mahakipawa, BJd (two parcels) Sales reported: New Zealand Government 5J per cent. Inscribed (1941), £96 10s, £96: New Zealand Government 54 per cent. Inscribed (1933), £99 7s 6d; Mount Lyell, 19s; Commercial Bank of Aust.'(cum div.), 14s 7d; Union Bank of Aust. (cum div.), £8; Australian Bank of Commerce, 14s.

- MINING. ELECTROLYTIC ZINC* COMPANY. 'The following is- the production statement of the Electrolytic Zinc Companyof Australasia, Ltd., for the-four weeks ended January 7, the figures for the previous four weeks being given in parentheses;—Zinc, 4157. tons (4190 tons); amount used at works 50 tons (60 tons); lead, 410 tons (370 tons); silver, 53,000 ounces (49,000 ounces). The following advice has been received from the secretary of the company: — Consequent upon tire continued very, low prices of metals and the general financial position/ the .board of directors of Electrolytic Zinc Company has, as was indicated by the chairman at the last annual meeting of shareholders, decided: not to declare a dividend on the ordinary shares of'the company for the half year ended December 31 last, and to postpone consideration of the payment of a dividend oh the cumulative preference shares until after the close of the current financial year. STOCK SALE. ..(From Our Own Correspondent.) BALCLUTHA, January 26. Friday’s stock sale in Balclutha was reminiscent in some respects of the sales of a decade and more ago, before the era of boom prices for lamb and mutton. Prices were down by 3s and 4s a head compared with those ruling at the sale held a fortnight previously. Good tat ewes sold at from 6s to 9s, and best fat wethers 16s to 235; lighter wethers, 9s to 11s; fat lambs, 9s 6d to 13s. Of the store sheep penned, two-tooth ewes sold at 9s 6d; sound-mouETied ewes, ss; fail-im-mouthed ewes (in wool), 4 S 6d; stove wethers, to 10s; store lambs, 4s to 7s. Cattle were represented by a line ot calves, which sold at Pigs commanded good values —viz., 19s to 26s for suckers. Messrs Fraser and Co., selling agents for Otago and Oamaru Egg Circle, report as under:—Eggs; Poultry farm eggs. Is Id market easier. Butter: Separator pats, 7d to 7id per lb; bulk ,8d per lb. Tallow, 12s to. 14s per cwt. Pigs: Good bacon weights, 7d; overweights, 3d to 4d; porkers-, 6Jd to 7d per lb. Potatoes: Oamaru, 12s to 14s per cwt. Chaff, to £6 10s per ton, sacks extra. Whole fowl wheat, 6s 9d to 7s per bushel. Bulk honey, 5d per lb; 101 b tins, 5s 6d to 6s. Poultry: Supplies are increasing. Uhite Leghorn hens, 3s to 4s; heavy breeds-, 4s to'os; cockerels, 2s to 8s; roosters, 2s to *V6d; ducks, 4s to os; ducklings, os to 7s cd (all per pair). Turkey gobbler*?. Is to Is I'd per,lb, live weight; hens, lid to Is. We stock Palmer’s cluck food, Perfection meat meal, leg rings Is per dozen (special quotes for quantities). Agents for Champion egg crates, Moreg poultry spice. . Consignors please note that all pigs and poultry must arrive not later than Wednesday morning of each week. We have a stock of poultry crates on hand jor the use of our clients.

LOCAL AND OVERSEAS MARKETS.

BLENHEIM OIL BORE. (Per United Press Association.) NEW PLYMOUTH, January 26. The Bleqheim bore at Moturoa became active this morning when following a strong flow of gas oil flowed for about an hour. It is estimated that there were several hundred gallons from 2177 ft level. Later, a high pressure of gas continued to shoot out oily mud at intervals of a few seconds. A GUSH OF OIL. SATISFACTORY RESULTS ANNOUNCED. (Special to Daily Times.) NEW PLYMOUTH, January 26. Rumblings and violent eruptions, reminiscent of the Rotorua geysers, have charged the atmosphere at Moturoa once again with the odour of oil and petroleum gas. Nineteen months’ boring by the Blenheim Oil Wells Reclamation Company, Ltd., at Moturoa, has resulted in a satisfactory flow of oil, mud, and gas. At 9.15 this morning the depth was 2177 feet, when a violent gush commenced that lasted intermittently until late this afternoon, when the well was sealed to allow of accumulation. There was a showing of oil for the best part of an hour this morning, followed- by frequent discharges of mud and gas until early this afternoon, when further and more promising volumes of oil flowed. Oil was the main constituent this afternoon for three or four hours, according to a statement by Mr W. P. Martin, chairman of directors. This morning’s flow •was estimated arbitrarily up to 1000 gallons of oil, while it is considered that more than 1000 gallons was obtained this afternoon. Two shifts were being worked and good progress had been made in the past fortnight from 2140 to 2177 feet, during, whicn there have been small shows of oil, but no gas. The bailing tool was in the bore this morning, but owing to the use of the new blow-out preventer the blow-out was kept under reasonable control. This device consists of a steel cap screwed over the opening, but containing a small aperture allowing the passage of a wire hawser attached to the bailer.Even through that small opening oily slush was spa'ttered high up into the der-rick,-while the platform round the well was plastered with a thick coating. “We are all very highly pleased with the result so far, and it looks very promising,” said the chairman of directors. * The present gush is from a bore commenced in June, 1929. A well was/sunk to a good depth when the trouble began in August through losing the drill stem. Three months were spent, in vain fishing for the tool, but the drillers side-tracked by cutting a hole through the casing. The first sign of oil occurred at a depth of 2140 feel, and small quantities were noticed from that stage onwards, but there - was little, if any, gas until the present strata was entered. The drillers consider this showing to be a better one than that at the Moturoa bore some few weeks ago.. It is expected the bore will clear gradually and that oil at that level will flow quite freely. The, present bore is a few feet away from the old bore brought in by the late Ritter Von Federowica, the Austrian geologist, whos.e Taranaki activities were disturbed during the war. It is believed that Federowica returned to Austria and was killed on active service. DAIRY PRODUCE. The National Mortgage and Agency Company is in receipt of the following cablegram from London:— Butter: Market quiet. New Zealand finest, 115 s to 116 s; New Zealand first grade, 114 s to 115 s; New Zealand finest unsalted, 118 s to 120 s; Danish,- 130 s to 1325; Australian, 106 s to 112 s. Cheese: Market dull. New Zealand white and coloured, 54s to 565; Canadian white and coloured, 74s to 755. The above prices, based on ’the- sight' draft premium' in exchange of 6 per cent., are equivalent to:—New Zealand butter, Hid to-llfd, f.0.b.; New Zealand cheese, white and coloured, sd, f.o.b.