COMMERCIAL

Poverty Bay Herald, Volume LX, Issue 18257, 28 November 1933, Page 2

COMMERCIAL

MOTUROA OIL FIELDS GOOD PROGRESS ON NO- 4 WELL Good progress has been made with the drilling of the new well at Moturoa. Dining the last, four weeks the bore has been taken from the 660 f- level down to 1800ft.' a distance of 114011-. On .Saturday Moturoa Oil Fields. Limited, received the following report for the four weeks eeded November 2o; Moturoa No. 4 well drilled to 18COit. in sandy shale and sandstone formation. The Bjib. casing has been run to 1 <Bott. Moturoa No. 2 well produced 318 barrels (11,130 Imperial' gallons). lot, 1 production to date, 458.434 Imperial gallons.

FROZEN MEAT MARKETS

CLEARING OLD LAMB STOCKS Most frozen meat markets in London remain firm, according to quotations from the end of last week, the one mam exception being lamb. Only bouth Island stocks remain, and an endeavor is being made to clear these before the new season’s come on to the market-, and tiie result has been a weakening in values from id to gd. There is no change in quotations for mutton and beet. Ligntweight porkers remain unaltered, but medium and heavy declined £d per lb, leaving baconeis unaltered. The first of the new season’s Australian lambs, from Victoria, arrived on the. market last week, and were quoted at 7d per lb for 361 b and under, with 6fd ruling for 37 to 421 b. New seasons Argentine lamb, which was selling at 7d a fortnight ago, declined a further gd last week, and was quoted at 6|d for 361 b and under. . The Meat Board’s review of the markets is as under: — “Lamb. —The demand is weak, and, with'sellers forcing sales of old season s lamb in view of early new season’s lamb arrivals, values have eased. “Mutton.—Wethers are meeting with a fair demand. For ewes, the market is steady and unchanged. “Beef. —Lower prices of Argentine chilled beef are affecting the demand for frozen beef. ’ “New Zealand porker pigs are steady for lightweights,' with a fair demand, hut the market is slightly weaker for heavyweights. New Zealand baconer pigs arc quiet, with prices nominally unchanged.” N.Z. RIJTTRR STOCKS LOW RETAILING AT lOcl A LB. Stocks of New Zealand butter in London continue to he reduced, in the face of heavy arrivals. Last week’s deliveries, according to the Dairy Board’s weekly figures, were the lowest for several weeks, and amounted to 1638 tons, compared with 1900 tons the previous week. At the end of the week, only 2600 tons remained in store, a reduction of 200 tons from the stocks of a week before. A year ago 1982 tons were delivered and 1981 tons remained in store.

Australian deliveries totalled 1062 tons last week, a decrease from 1400 tons .lie previous' week, and left 590 tons in store, compared with 875 tons a week earlier. A year ago, 1650 tons of Australian butter was delivered, leaving 1175 toh.s bi store. The market price of 77s to 80s ruling on November 24 was equal to 9.05 d per lb, f.o.b. The demand then was reported to bo better at the lower price after ah irregular market. The retail price of lOd per lb was general for New Zealand butter in the north of England. The market started this week with a further 2s per cwt. decline, and New Zealand supplies are quoted at 745. Cheese has gone back a further Is. | Messrs. Joseph Nathan and Company report to-day as follows: “Butter, 74s;' the market is weak. Cheese, white 48s, colored 475.” GOLDEN BANDS DIVIDEND Golden Sands Mining Company lias declared a fifth interim dividend at the rate of 5 per cent., payable on November 30. SYDNEY STOCK EXCHANGE SYDNEY, Nov. 25. Suloe, on the Sydney Stock Exchange to-day included: Commonwealth Bonds, 4 pov cent., H)3S, £lO4 10s; 1041, £105; m'7, £1,05 2s fid; 1953. £105; 1957, £104; 19u9, £lO4 10s. Commercial Bunk of Sydney, £l7 7s; Australian Gas, A, £7 7s; Tooths, 43s 3d; Associ- J 'ated News, prof'., 20s l?.d; British Tobacco, 38a; Brokep Hill Proprietary, J 39s (id; Colonial Sugar, £Ol .10s; Dunlop Perdriau, 19s 3d: Gpldsorough Mort, 30s 4PI; JLpstrq Hoiscry, 17s 3d; Millaquin Sugar, 3Os (id; Wilcox Moffiin, 11s 4d. LONDON STOCK EXCHANGE. LONDON, Nov. 24. On the Stock Exchange to-day the markets were quiet owing to the fobsjegre international outlook. British War Loan. 3J per cent., was quoted at £IOO 7s fid. The fal} of the French Cabinet had no effect'on the foreign bond section, and both Frcpch fours and 41 per cents, were quoted 5s higher. Trans-Atlantic favorites were steady and oils ail'd rubbers harder, but most of the other markets were dull.