COMMERCIAL

Poverty Bay Herald, Volume LIII, Issue 16374, 23 June 1927, Page 10

COMMERCIAL

CANTERBURY PRODUCE MARKET CHRISTCHURCH, June 21. The outstanding incident of the market this week is the ordering by Auckland merchants ot a consignment of Tus'manion potatoes. It is understood that halt' a dozen merchants arc involved, that, the quantity is 300 tons, that they are booked for shipment by the Kartigi, due in Auckland in about, a fortnight's time, and that the price is £4 10s a ton. It is stated that 'Auckland merchants oversold Canterbury potatoes fairly heavily before the advance in price., and the present importation doubtless is ''esigned to weaken the market to help them to "get out." The quantity concerned represents only half a week's supply for the northern city., The report has had a slightly steadying feeling in local trade circles, though it has not /depressed prices to any extent. Prompts arc £5 2s lid f.o.b. S.I. a ton, Julys £5 12s (id, and August-Septem-bers £(i. the later months showing a weakness. Wheat is quiet; at about 5s MM a bushel on trucks. Reports of good rains throughout the dry parts of Australia may nft'eet the export of New Zealand oats. A Cartons are quoted at 3s ,">d a bushel, f.o.b. NATIONAL MORTGAGE DIVIDEND (Elcc. Tel. Copyriglfl— United Press Assn.) (N.Z., and A.P.A., and Sun.) LONDON, June 21. The National "Mortgage Agency Co. of New-Zealand has declared an interim dividend of 7J per cent, tax free. (SYDNEY WOOL SALES SYDNEY, June 22. The wool sales have concluded. The next series commences in September. 1 There was good general competition in ; all sections. The market showed all the best, features of the previous day's sales, with no material change in conditions. Greasy merino sold to 26£d. ■ -• - WOOL TRADE CONDITIONS In its latest bulletin dated May 5 appears a summary of the views put forward on the general situation in regard to raw and manufactured woolby the Wool Textile Delegation. It is stated that" the high prices established at the London sales had little influence on consuming centres, and market conditions had shown a quieter tone with prices nominal, and actual business much reduced. New business had not been encouraging and in spite of the, high wuol basis semi-manufactures" had tended slightly in buyers' favor. The bulletin further states that realisation of current clips had been very satisfactory and that the movement through machinery to the consumer had received no serious checks. "No ;■ pressing in prices on accouut of-wool supplies is likely, and the future depends on the ability of the trade everywhere to carry through to the consumer recent arrivals, wilich is a question of the amount and taking up of existing contracts and. the outlook for new 'business." On the whole the .delegation considers that wool prices do not seem likely to suffer much reaction if the normal amount of new business comes forward. In the interval, according to latest cable messages, the position has improved considerably, for good business has been done, and the indications are that there wil be no drop in values for some time to come. The probability is that wool will stabilise at about the rates 'current at the March sales in Nov Zealand, that is, for crossbred ' wool;—Dominion. 1 waihi mine-: improved , prospects disclosed; The New Zealand Herald's correspondent at Waihi states that there has been a long' run of disappointing' assay values in the development of the reef- system in the bottom workings* ot, the Waihi mine (No. 15 level}': Material improvement has recently been disclosed, however, in the exploration of tire north section of x\lartha reef and the Edward reef going south. That a certain amount, of payable ore' would be obtained on a brancVpf the parent lode at this depth was expected, as fair values had'been followed down for a considerable distance in a "vyinsie sunk. from the leyef above, but as the section is only a loop running off the Martha, and hud shown ' low grade material where investigated on its downward trend west of the winze in question, it was not anticipated that the run of ore on the branch in the bottom level would add materially to the ore reserves. Exactly- what the discovery will mean as far as the future of the mine at a depth is concerned will not be determined just yet, but' up to date the results have exceeded expectations, with values ranging from 33s 6d per ton over a width of 19ft., and only one wall iii hand, to rather over £4 and, up to £4 14s over widths of sft. to Bft.

The development is distinctly encouraging, especially in view of the fact-. that qwtrU of milling giude is still being followed in the drive going east beyond the point at which the ore body has widened 1 out to upwards of 231 t, FILMS, The British Film -Service Lid. held its annual general meeting of shareholders iii Christchurch recently. The folJowing directors were re-elected : Messrs G. H. Hurley, Basil Seth-Smith, Vincent" M. Beebe, Robert Malcolm, W. J. Braemar, aud Dr. I. R. Hennossy. The chairman of directors. Mr Braemar, said" that although thV company had' met with strong opposition from its very inception it had surmounted all obstacles,' and the Film Exchange would begin operations early next month.. Several big attractions had been secured, and. more wore in the company's vault j'cady for -release. It was now the company's intention to release one big special each month, together with, the ordinary programme. Tho chairman drew attention to the groat activity in the film industry in Qrea|» Britain, and said that there was not the slightest doubt that within the next few, months Britain would be in a position to suppiy enough 'fiims to fill 20 per cent, of the Dominion's requirements. Shareholders must not expect an easy victory, for the foreign opposition was nighty organised. Yet considering the small' amount of business, required to pay the estimated dividend they hud little to fear from such opposition. After further discussion it was decided to offer 10,000 shares that were hold in reserve, a number of which was already applied for.

The presence of petroleum in the bores put down "by the Murcliison Oil Co., Nelson,' has been demonstrated by an analysis" made by Mr. A. J. Parker of samples of mud from the Love' from 2050 to 2100 ft. Mr. Parker reports-that in tho first sample oil was present to the extent of 30 fluid, ounces per ton. ■ From the second sample brown oil was extracted which, upon analysis, proved to ,bo petroleum. The geologist of the, company, Mr. Spencer, referring to ; this, reported that it might "be regarded as a distinctly encouraging! sign, particularly ajj it occurred] among typical oil-bearing strata suehj as limey mud stones. Tie consider-j ed that the oil had found its way in conjunction with gas from lower tertiary beds, but had not been able to penetrate further upwards through [ the practically impervious capping. Mr. Spencer recommends that the company keep oil drilling until the lower tertiary beds are pierced, when the main oil horizon will be found.