COMMERCIAL

Poverty Bay Herald, Volume LIX, Issue 17948, 28 November 1932, Page 2

COMMERCIAL

FROZEN .MEAT MARKET SMITHFIELD QUOTATIONS (Eloc. Tel. Copyright—United Press Assn.) LONDON, Nov. 26. Following are the latest frozen meat quotations at the Smithfield market: New Zealand sheep.-—Canterbury and North Island selected crossbred wethers and maiden ewes, 48 to 561 b, 4|d; 57 to 641 b, .41(1: 65 to . 721 b, 4,pi. North Island, 48 to 561 b, 4Jd; 57 to 641 b, 4-jd ; 65 to 721 b, 4J d; owes, under 481 b, 3? ( d. Patagonian sheep.—Wethers and/or maiden ewes, 50 to 601 b, 3fd. New Zealand lambs. —Canterbury, 3611> and under, 7,pi: 43 to 501 b, sjd; second quality, average oGib, s§d ; other South Island brands, 43 to 501 b, sfd; selected North Island brands, including ’Downs, second quality, average 301 b, sgd; other North Island brands, first quality. 361 b and under, none offering. Australian lambs.—Victorian, first quality, 361 b and under, 6§d ; other States, first quality, 3611/ and under, s|d ; all States, third quality, s|d. Argentine lambs. —First quality, 361 b and under, 6jd ; 37 to 421 b, sjd; 43 to 501 b, 5-pl. Patagonian lambs.—First quality, 361 b and under, 4jd. Argentine chilled beef. —Ox fores, 160 to 2201 b, 3|d; ox hinds. 160 to 2201 b, 6£d. New Zealand pigs.—First quality, 60 to 1101 b. average 901 b, sf-d; 111 to 1201 b, s£d Australian pigs.—First quality, 60 to 1101 b, 5Jd; 111 to 2201 b, 5Jd; others unchanged. MOTUROA OILFIELDS LAST YEAR’S OPERATIONS The directors of Moturoa Oil Fields, Ltd., in their report for the year ended August, 31, state that the No. Swell has produced a steady flow of oil throughout the year, .the total production to date of this report being 8000 barrels, equal to 280,000 Imperial gallons. The oil has found a ready sale, the whole of the output having been taken by the N.Z. Refineries, Limited, a New Plymouth concern, at a satisfactory price, and the proceeds of itlio oil sales, after meeting production costs (including proportion of overhead expenses) have been devoted to further development work. The production account for the period under review shows a profit of £936 Os 2d, and this amount has been carried to credit of development account, together with the balances of interest account and transfer fees account.

With only one well in operation, tint production costs are naturally much higher, and as the field develops, the cost of production per well will materially decrease. All efforts have, therefore, 'been directed towards drilling further wells, and the directors decided that a preference share issue would be tho best method of securing the necessary capital; 40,000 shares of the unallotted capital were, therefore, converted into cumulative participating preference shares :of 5s each, carrying a right to a fixed cumulative preferential.dividend of £6 per cent, per annum, on capital paid up, with right of participating pari passu with the ordinary shares for further dividend after a dividend of £6 per cent, has been paid on the ordinary shares; also the right in a winding up to payment of dividend and to repayment of capital in priority to all other shares, but not to uiv further right to participate in any profits or surplus assets. The shares were first offered to existing shareholders, and afterwards to the public by prospectus dated August 23, 1932. Up to date of this report 15.175 of the shares have been allotted or subscribed for. The first allotment was made after the annual balance date, and the shares are at present called up to 3s.

The drilling of the No. .'1 well 'lras been actually commenced, and it is expected that the oil-bearing strata ‘will lie reached in about live months. Everything points to the No, 11 well proving as successful as the No. 2 well. Mr J. B. Donald retired from the board during the year, and Messrs. H. B, Hart (Dunedin). .1. W. G. Brodi.e jjij.il C. E. Richardson, Wellington, were appointed directors. Messrs. Hart;, Brodie, Richardson, and 11. B. Williams offer themselves for re-election. Mill. B. Hart was appointed i-lipirman of directors, until .the forthcoming annual general meeting. SYDNEY STOCK EXCHANGE INDUSTRIALS STEADY SYDNEY, Nov. 25. On the Stock Exchange business is slack, the market being Without npju-e- ---; eia-blc alteration. Colonial Sugar showed a further improvement. Industrials are steady, and Commonwealth loans 'practically unchanged. Sales: Bank of New South Wales, £3O 12s 6d; .Colonial 'Sugar, £54; Burns, Philp, 40s; Milla-quin Sugar. 23s (id; Henry Jones, 38a; British Tobacco, 34s 10-Jd; Australian Gas, A, £7; Golds- • brojjjgji, Mort, 24s -6<l; Dnnlop-Pordriau, prof., 31s 9d; Tooth’s, 3(is (id; South Broken Hill, 47s 9d. Morning sales: Commonwealth bonds, 4 per cent., 1938, £lO2 11s 3d; 1941, £IOO Ion; 1944, £lOl 2s (id; 1953, £lOl J2s Gd; 1955, £lOl 17s (id; 1957, £IOO 7s Gd; 1959, £IOO 10s; 1961, £IOO 18s 9d, £IOO 17s Gd, £IOO 10s 3d; Winc'licombe, ‘23s. MELBOURNE, Nov. 25.

Sales: Commercial Bank, prof., £8 8s; IMralil-Times, 56s.Gd; (loldsbvough, Mort, 24s Gd; Zinc Corporation, 28s.