COMMERCIAL.

Poverty Bay Herald, Volume LX, Issue 18204, 27 September 1933, Page 8

COMMERCIAL.

BUTTER STOCKES LOWER EXCEPTIONALLY LARGE SALES Sales of New Zealand butter in London, last week were, exceptionally large, ami stocks were reduced, after a slight increase the previous week. The Now Zealand Dairy Board’s report, which reached Gisborne to-day, shows that deliveries of New Zealand butter last week totalled 2560 tons, the largest weekly clearance this year, and CO tons greater than the year’s previous largest during the last week in July. Deliveries for the week ended September 5 totalled 2277 tons, arud a year ago, when stocks remaining in store totalled 3341 tons, only 1274 tons were delivered during the week.

As a result of the heavy sales of New Zealand butter last week, the stocks were reduced from 6788 tons to 6113 tons. Only 96:") tons of Australian remained in store after 535 tons had been delivered.

The range of 105 s to 106 s to which the market reached last week was equal on the average to 12.66 d per lb., f.0.b., although at 110 s butter is worth 13.08 d per lb., f.o.b. While New Zealand butter rose in England last week, Danish fell slightly, and was quoted at 118 s per cwt. and the market for it described as quiet. The market for New Zealand butter was firm, and an increase of Id per lb. to Is Id was expected in the retail price. The Empire Marketing Board’s estimate of all stocks, of butter -was 963,511 boxes, compared with 715,820 boxes at the corresponding period last year.

SEARCH FOR OIL Drilling was commenced on Monday on tho Moturoa Oilfields, Limited, No. 4 well at Ngamotu Beach, New Ply* mouth, after nearly four months of preparatory work. Tho drilling of the first 50ft. is expected to bo slow, owing to sand. The eastern and western limits of the field have been more or less defined by the company’s three other wells. Tho site was tho unanimous choice of the consulting geologist, Dr, A. R. Andrew, the managing director, Mr. C. N. Taylor, and tho chief driller, Mr. K. i'l. Pedersen. It is intended to erect two large tanks for the collection of debris in drilling. Thus contamination of the beach will he avoided. A pipe lino to carry any oil produced will he built to the storage tanks at No. 2 well. BRITISH STOCK MARKETS (British Official WirclcHS.) lire. 2 p.m. RUGBY, Sept. 26. The stock markets closed with irregularity. British funds remained steady ; Japanese bonds closed weak; and Kaffirs became linn on the news that the strikes at the mines had been called off.