SECOND EDITION. COMMERCIAL

Poverty Bay Herald, Volume LII, Issue 16200, 25 November 1926, Page 8

SECOND EDITION. COMMERCIAL

I TARANAKI OILFIELDS THE YEAR’S OPERATIONS Tlio directors of Taranaki Oilfields, Lid., in their annual report for the year ended July 31, express regret that they have to report the abandonment, owing to tho lack of encouraging . indications, of the wells at Tarata, and Moturoa, as well as tho No. 1 well drilled for the subsidiary Waiapu Company. The board states that these disappointments do not, in tho opinion of the company’s, technical officers, carry with them any gem eral condemnation of the extensive areas covered by tho company’s oil rights, which have not yet been tested by the drill. On fho contrary, while drilling has been proceeding, tho company’s territory in other regions lias been subjected to careful investigation with a view to tho compilation of data Which will! enable tjie inumorous stratus to ho graded in the. order of their prospects. In dealing with the future, the hoard writes that no prophecy can be made, but the directors are unanimous that the wider experience and more detailed knowledge gained concerning the company’s properties justify a continuance of their confidence in the outlook. Evidence io available that several areas are definitely worth testing, and the aim of the board is to act upon these recommendations as promptly as possible. Three subsidiary companies have been established to hold oil rights in the east coast district of the North Island as follow: —Gisborne (-N.Z.) Oil Fields, Ltd., Waitangi (N.Z.) Oil Fields. Ltd., and Waiapu (N r .Z.) Oil Fields, Ltd., and in each of them the company holds, a preponderating interest. The balance-sheet shows that the company holds 40,000 £1 shares, fully paid, in the Gisborne company, purchased for £56,500; 150.000 £1 shares, paid to 2s, in the Waitangi company, £15,000; and 150.000 £1 shares, paid to 2s, in the Waiapu company, £15,000. The paid-up capital to July 31 was £424,671, in addition to which there is an amount of £3546 10s allotment and first, call unpaid, while a second call, amounting to £36,022 10s, was due on November 1. Other liabilities are provision for inepme taxes, £339; sundry creditors, £7165, and deposit account £9934. The property account now stands at £125,909, an increase during the year of £7640; in addition cost of freehold properties is shown at £3650. General development has reached a. total of £12,188. Cost of drilling the Tarata bore is shown as £28,754, and that of the Moturoa bore as £21,305, a total of £50,059, as against expenditure of £20.136 at the end of July, 1925. Buildings, equipment, stores anu tools, under various entries, represent £35,424. Sundry debts amount to £18,348. deposits, advances and accrued interest to £B<ußs7, and bank and cash accounts to £8951.

MURCHISON OIL CO. The following report has been received from the Murchison Oil Co: Boring operations have been suspended as a result of casing trouble. The driller reports having withdrawn the six inch casing, and that, he is now drilling on the shoe-joint to clear the hole and hopes to succeed. Mr. J. Bassett, resident director, reports that present, operations for clearing the bore are proceeding with the greatest skill and care and he feels certain they will succeed!!, but they will take time.

Dalgety and Co., Ltd., aro in receipt of the following cable, dated November 24, regarding the London wool sales: “No tVool sides have been held to-day, owing to the thick fog. Tallow prices are nominally the same.”

THE SHAREMARKET (Per Pres? Association.) AUCKLAND, this clay. •Sales on ’Change; Moanataiari, 6s; Alburnia, 4,s 3d ; Ivawarau, 3s 8d ; Lucky Shot, Is 3rl; Auckland Gas, con., 13s; do, paid, 23s &il; 5i per cent. Stock, 1936, £IOO 15s. Reported, sales: Pukemi ro* Collieries, £3; Northern St cun) 6s Bd. WELLINGTON, this day. Reported sale: Neiv Zealand Breweries debenture bonds, 255. CHRISTCHURCH, this day. N.Z. Breweries (bonds) 25s (5); Dalgetv and Co., £ls 15s; Mount Lvell (cum. div.), 28s Hid (2). Reported sain: Bank of New Zealand (rts.), (is Bd. DUNEDIN, this day. Sale on ’Change: National Bank, £7