COMMERCIAL

Poverty Bay Herald, Volume LIX, Issue 17956, 7 December 1932, Page 2

COMMERCIAL

TARANAKI OIL INTERESTS BAST COAST AREAS MELBOURNE, Nov. 2G. Referring to the agreement entered into between Taranaki (N.Z.) Oil Fields, Limited, and Vacuum Oil Company, Limited, at the annual meeting of the former company yesterday, the chairman dt directors, Mr. W. A. Watt, said the arrangement gave him ground for assurance that the East Coast, areas in NeW Zealand would be examined with the benefit of the highest technical skill available, and without any objective other than to develop a commercial oil field. Should the initial'investigation prove successful, drilling would be carried out, and in no half-hearted fashion. 'Che possibilities would be put to a decisive test, anti with tile experience and equipment available to Jlje Vacuum organisation in its \yorhl-widb activities, he felt no apiireViensfph on the score of mechanical difficulties. Three of the leading geologists bf the Vaclium Company had been in New Zealand tor a considerable'timte. and hail commenced a survey of the properties. The Taranaki company was covered for its expenditure, and need not—hs far as the "Vacuimi Company was concerned —provide funds for field work unless it may elect to drill in partnership with the Vacuum Company at Waitangi. Dealing with Moturoa Oil Fields, Limited, in which the Taranaki Company holds 80,000 shares 6f 5s each, fully paid, Mr. Watt said the Moturoa company 'was interested in the productive development of the lands in the vicinity kit New Plymouth, oh the west side of the North Island. Tlio first well put down was a producer of hetween 10 amt 15 barrels a day, and the second had maintained a production in the neighborhood of 20'barrels a day for over 12 piopths. Total production bad reached 300.000 gallons of high-grade oil. 3'reparations for drilling a third well were in hand, and should it equal "the performance of it--predeeessors. ihe Moturoa, according to the figures of the general manager, would become a dividend payer. AUSTRALIAN EXCHANGES IRREGULAR SYDNEY VALUES (Elec. Tel. Copyright—United Press .Assn.) SYDNEY, Dec. 5. Sydney Stock Exchange investors arc still disinclined to enter into normal trade "owing to the unsettled war debts situation and pending the result of the infernal Commonwealth loan. Values; are consequently Irregular'and tending, to" sag. hut hank shares are holding well ‘ This morning’s sales were: —■Lorn inomvealth 4 par cent, bonds, 1941, £IOO 16s 3d; 1961; £lOl 3s fid; British To- ■ -banco, 33s 9d; Gphlsbrough, Hurt, 24s fid.

This afternoon's sales were:—Commercial Bank of Sydney, £l6 10s; National Bank of Australasia, £lO paid, £l2 2s 61;. ditto, £5 pgid, £fi 3s; 'Colonial -Sugar, New Zealand delivery, £53 2s (3d; Huddart-Parker, 30s; 'Henry Jones, 37s 3d; Australian Gas, A shares, £6 18s; British Tobacco, 33s 7Jd; DunlopPerdriau, 16s fid; ditto, pref., 325; Colds] - rough, Mort, 24$ fid; Wiicheombe, Carson, 235; Tooth’s Brewery, 35s i id; Broken Hill Proprietary, 265; New Zealand debentures, 5J per cent., 1937 £lO7 10s; ■Commonwealth 4 per cent, bonds. 1938, £lO2 11s 3d; 1941, £IOO 17s 64; 1944, £101; l£Hu flOl 10s; 1950, £lOl 10s; 1953, £lOl 18s 9d; 1U55. £lO2 10s; 1957, £IOO 10s; 1959, £IOO 17s Cd; 1961, £lOl 10s. Melbourne sales were: —Coldsbrough, Mort, 24s fid; Herald-Times, 555; Mr. Lvell, 225; Taranaki Oil, 2s lid.

THE PRICE OF GOLD (Received Dec. 7, noon) LONDON, Dec, 6. The price of gold to-day fell to £6 Ss 2d. DAIRY PRODUCE MARKETS Joseph Nathan and Company report to-day as follows;—“Butter, finest 84s, first grade 85s. Cheese, white and colored, 61s. Both markets have a downward tendency.” Quotations received yesterday from the same firin ' .were ’.—Butter, finest, 84s to 85s, first grade 82s fo 83s. Cheese, 625.

MOTUROA OILFIELDS Moturoa Oilfields, Limited, which is operating at New Plymouth, reports a:follows for the week ended Dccembei 2:—Moturoa No. 3 well; Prillpd to 423 ft. iii grey mudstone; lOin. casing to 387 ft.. No. 2 well: Produced 83 •barrels (2075'imperial gallons) for five days’ -working. Shippers of Canadian onions to New Zealand have rather embarrassed tliemarket, at any rate so far as Dunedin is concerned, by sending more than are wanted. It seems probable, says a/ Dunedin exchange, that gutting rid of the over-supply will mean a somewhat heavy loss to the senders.