COMMERCIAL

Poverty Bay Herald, Volume LXI, Issue 18399, 17 May 1934, Page 12

COMMERCIAL

HESITANT TONE SYDNEY STOCK MARKET (Elec. Tel. Copyright—United Press Assn.) SYDNEY, May 15. On the Sydney Stock Exchange a somewhat hesitant tone was evinced today, mainly owing to the easing in wool prices, altnough it is recognised that the wool sales now being held are mainly of a clearing-up nature. Bank of New South Wales shares were sold down rather .sharply. Government bonds iwere rather quiet, owing to the reluctance of holders to sell. The ordinary investment market was fairly steady, and the turnover of gold and tin ventures was substantial.

Sales: Bank of New South Wales, £32 12s 6d; Colonial Sugar, £64 16s; Associated News, pref., 24s 6(1; Howard Smith, 14s 4d; British Tobacco, 37s 6d; Tooths, 44s 9d; Tooheys, 29s 3d; Dunop Perdriau, 18s 9d; Anthony Hordern, 16s 7.1 d; Farmers, 19s Sd; Hume Pipe, 14s 4d. Mount Morgan, 22s 4£d; Bulolo Gold, £7 15s; Bulolo Deposits, Is 9|d; Kuala Kampar Jin, 17s; Larut Tin, 15s 6d. Commonwealth bonds, 4 per cent., 1938, £lO6 18s 9d; 1941, £lO6 7s 6d; 1944, £IOB 10s; 1947, £IOB 15s; 1950, £lO9 3s 9d; 1953, £llO 2s 6d; 1957, ex interest, £IOB 2s 6d; 1959, £lO9 3s 9d ; 1961, £lO9 10s. Morning sales included: Commonwealth bonds, 4 per cent., 1938, £lO6 17s 6d; 1941, £loo 10s (ex div.)j 1944, £IOB 12a 6d; 1947, £IOB 13s 9d; 1950, £lO9 10s; 1953, £llO 2s 6d; Anthony Hordern, 16s 9d; Broken Hill Proprietary, 48s; Wilcox Mofflin, 13s 4d. MELBOURNE, ALay 15. Sales on the Melbourne Stock Exchange to-day included: Australian Glass, 50s 6d; Herald and Times, 51s 9d; * Electrolytic Zinc, 26s 9d. TAUPIRI COAL MINES HEAVY LOSS LAST YEAR A loss of £12,248 is disclosed in the 35th annual accounts of Taupiri Coal Mines, Limited, for the year ended March 31. This compares with a net profit of £6343 in the previous year. No dividend is recommended on the ordinary capital, but a transfer of £I2BO has been made from tile dividend equalisation reserve to pay the year’s dividend on the 8 per cent, preference shares, which is less the statutory reduction iof 20 per oent. After this transfer the equalisation account stands at £1720. After the payment of 5 per cent, on the ordinary snares following the 1933 annual meeting, there remained a balance of £3104 in the profit and loss account. This amount has been increased by the transfer of £1645 from the income tax reserve account not required. With these amounts written off the year’s loss, the debit balance in the profit and loss appropriation account stands at £7499. The directors recommend that £II,OOO appearing in the accounts as accident reserve should be transferred to the profit and loss appropriation account. If this is done there will be a credit balance of £3Ol to ne carried forward after the year’s loss is extinguished. MOTUROA OIL FIELDS PRODUCTION OF WELLS The following report has been received from Moturoa Oil Fields, Limited, New Plymouth : Moturoa No. 4 well, completed April 20, lias produced up to May 12 7000 Imperial gallons of crude oil from sands encountered! at 2135 ft. and 2175 ft. respectively. The well is in good mechanical condition, with the water properly cemented off, and is now producing apEroxirnately 300 Imperial gallons daiiy y self-flow. It is anticipated that the production will be improved when modern production methods are applied. Moturoa. No. 2 well produced for eight weeks ended May 11 547 barrels (19,145 Imperial l gallons). Total production to date equals 522,204 Imperial gallons. HASTINGS STOCK SALE FIRMER BEEF MARKET The market for fat cattle at the Hastings stock sale yesterday was slightly firmer in all classes. The entry totalled 360 head, the quality of which was very mixed, with many indifferently finished beasts. Freezing buyers entered competition more strongly for ox and cow than last week. Bullocks sold up to £7 4s for four well-framecl Shorthorns. Heifers soldi to £5 17s 6d and cows to £s' 15s.