COMMERCIAL

Poverty Bay Herald, Volume LX, Issue 18206, 29 September 1933, Page 4

COMMERCIAL

SYDNEY STOCK EXCHANGE MARKET FAIRLY STEADY SYDNEY, Sept, 27. On the Sydney Stock Exchange, despite some irregularity, gains were more numerous than falls, though pastoral stocks were inclined to ease. Sales: Bank of New South Wales, £34 ss; National Bank, £5 paid. £6 17s; Queensland National Bank, £5 12s 6d ; Colonial Sugar, £59 17s 6d; Mercantile Mutual Insurance, 20s 3d; Australian Provincial Assurance, 12s lOd : Howard Smith. 13s scl; Associated News, 19s: British Tobacco, 37s 3d ; Duulop-Perdriau, 19s Id; Tooths, 40s; Tooheys, 23s 6d; Electrolytic Zinc, 26s 9d ; Henry Jones, 38s 6(1 :* Anthony Hordern, 12s; ditto, prof., 20s 4jd; Meggits. 22s 3d: Lustre Hosiery, 16s 7^d; I" armors, 14s: Standard Cement. 16s 9d; Berlei, 27s 9d ; Australian Glass, 49s 6d; Automatic Totes. 15s 9d; David Jones, 33s 3d; Broken Hill Proprietary, 40s 4^l; North Broken Hill, 90s; Mt.‘ Morgan, 49s 3d; Bulolo Deposits, Is 10d. MELBOURNE, Sept.- 27. Sales : Anthony Hordern, pref., 20s 2d : Melbourne Steamship, 28s 6d; Howard Smith, 13s 3d; Dunlop-Perdriau, 19s; Herald and Weekly Times, 43s 4^d: Mt. Lvell, 26s 9d.

MOTUROA OIL FIELDS PROGRESS OP NEW* WELL Drilling started on Monday at the Moturoa Oilfields Limited No. 4 well at Nganrotu Beach, following some ton; months of preparatory work. 1 lie drilling of the first 50ft. is expected to be slow, due to sand. The eastern and western limits of tie field have been more or less defined by the company s three other .wells. The site was the unanimous choice oi the consulting geologist, Dr. A. R. Andrew, the managing director, Mr. C. N. Taylor, and the chief driller, Mr. K. E. Pedersen. It is intended to erect two large tanks for the collection of debris in drilling. Thus contamination of the beach will be avoided. A pipe line to carry any oil .produced will he built to the storage tanks at No. 2 well.

EXPORT OF BUTTER N.Z.’S ADVANTAGE OVER AUSTRALIA When accepting the reduction of freight on butter and cheese offered by the overseas shipping companies, the Australian Dairy Produce Export Board requested that the new contract entered into with the shipowners should he dated as from August 17, the date from which the meat contract operated. Private cable messages have been received by butter traders in Melbourne stating that the shipowners have acceded to this request, states the Melbourne Argus. Elxports of butter and cheese consequently will receive a refund of 7£ per cent, on freight paid from August 17 to date.

Although the concessions offered by shipowners on freights of butter to London for this export season afford some relief to the dairying industry in Australia, traders in Melbourne regret that the shipping companies could not determine tho freights on the same scale between Australia and Britain as between New Zealand and Britain. Jn the negotiations it was pointed out to the shipowners that the steamer mileage showed very little difference between the voyages. At the new rate of 4s a box, less 7j per cent, and plus .18 per cent, of the cost of exchange of remitting freight to'London, tho cost gave

New Zealand a useful advantage, an exporter pointed out. The cost of shipment from Australia was now approximately £8 14s 8d a ton, and the charge from New Zealand to Britain was £7 5s 4d a ton. During tlio currency ot the present Australian freight contract, Ne\y Zealand would he able to quote to an advantage against the Australian product.

HASTINGS STOCK SALE STORE MARKETS PIRM An easing in the fat slock markets, hut with both store cattle and store sheep remaining firm, was noticed at the Hastings stock sale on Wednesday. With the demand slackening off toward the end of the sale, values for prime quality entries in the fat cattle section were slightly lower than those ruling at last week's sale. Bullocks, medium to prime, £5 16s to £8 2s 6d; others, from £4 2s 6d; cows, medium to prime, £3 15s to £5 7s; others, from £2 2s 6d; heifers, medium to prime, £4 2s 6cl to £5 12s 6d ; others, from £3 2s. Store cattle sold well, farmers competing strongly for an offering of 750 head. Cows, £1 15s to £2 17s; heifers, to £1 JBs; steers and bullocks, £2 8s to £5 Is.

For fat sheep values showed a further easing on last week’s rates, and ewes constituted the greater portion of the entry. Ewes, medium to prime, 17s to 20s 6d; others, from 12s; hoggets, to 17s; wethers, medium to prime, 19s to 23s 3d; others, 17s; lambs, 17s to 19s 6d.

Store sheep met a keen demand, values being fully firm on last week’s rates. Ewes, 8s 3d to 15s ; ewes and lambs, all counted, 10s to 14s 6d; wethers, 13s 3d to 19s; hoggets, 14s 2d to 19s.

MINING AT CROMWELL OVERSEAS CAPITAL ATTRACTED It seems safe to predict that out of the present revival in milling, following recent rich strikes, will come a pronounced and stable development in mining, again establishing it as one of the great industries of tho future, writes the Cromwell correspondent of the Otago Times. This will come from the development of deep leads. That these exist in many parts has been a well-accepted opinion jjy laymen, and their opinions arc supported by the latest scientific methods of geophysical survey. Likely areas are at different points in Central Otago, and particularly in tho Alatakanui district, and are now attracting overseas, and, in particular, Australian capital. A visitor last week was Mr. Joseph Kelly, mining engineer, of Brisbane, representing. the Golden Central Exploration, Limited, Sydney, lie spent several days in Cromwell and Alatakanui, and at the latter place inspected on behalf of the company mentioned ail area of 1700 acres. This has been subjected to close Government survey recently by the geophysical system, and in the near future it will be thoroughly tested bv the latest modern methods, plant for which is now on the way out from England. This particular lead is estimated to extend over 60 miles, varying in depth from 50ft. to 100 ft., and if it contains payable gold it bolds out wonderful possibilities. Mr. Kelly, a, man of wide experience, considers the lead similar to deep leads in Victoria and South Africa.

Mining interests in America and England arc also being attracted by propositions of this nature and big developments are anticipated

WAIKATO STOCK VALUES SHEEP VALUES HARDENING Stock markets in the Waikato an: exceedingly firm. It is not thought that there will be any shortage of cattle, but a keen demand for store sheep is anticipated. Considerable business is sheep has been done with Poverty Bay owners, according to one correspondent, and, as was anticipated, values advanced. Although .l-vear breeding ewes had reached lAs in (lisbonie, owners were bolding for further improvement. Voting sheep, particularly, were greatly fancied, and there were prospects of values hardening.

Very few sheep are being seen at the various Waikato stilt' centres, and there was not much offering privately. That the season ahead is going to be a frisk one there can lie no doubt, but it is apparent that supplies must be drawn from elsewhere. The earlier operations of exporters have left (the district very bare of hoggets, which, s n rule, lire fairly plentiful at this season. Small lines of ewes and lambs may be expected and are sure to be highly valued. Present values are: Kwcs, with lambs, 10s to 12s (all