COMMERCIAL

Poverty Bay Herald, Volume LXVI, Issue 19881, 7 March 1939, Page 7

COMMERCIAL

TARANAKI OIL

NO LIABILITY COMPANY

Application has been made in Melbourne for registration of Taranaki (N.Z.) Oil Development Company, N.L., with a nominal capital of £lo° in shares of £1 each. The shareholders are Sir Colin Fraser, Sir Walter Massey-Greene, Sir Alexander Stewart, and Mr. W. A. Watt, Mr. H. G. Brain is the manager. The object ol the new company, which will expand Later, is to provide further funds for the activities of New Zealand Petroleum Company, Limited, as outlined in the annual report. At the annual meeting in December the chairman, Mr, W. A. Watt, said the plan foreshadowed had been devised to give shareholders opportunity to deal separately and independently with their interests the royalty position and the right to maintain indirectly a capital participation in New Zealand Petroleum Company, Limited. He expressed the hope that it would be possible to put before shareholders proposals which would involve the formation of a new noliability company to take over from the Taranaki company the right to subscribe capital. It was intended that Taranaki shareholders should have the right to take up, pro rata to their holdings, shares in the pew company. The Taranaki company itself would be concerned only with royalty payments on oil won by New Zealand Petroleum Company, Limited. The necessity for finding further capital to maintain an interest in New Zealand Petroleum Company, Limited would be unavoidable, whether the well now being drilled near Gisborne, New Zealand, became a producer or not.

LAMB BUYING RATES

FURTHER DROP OF ]D

A further reduction of id per lb has taken place in the buying rates for fat lambs killed at the Kaiti freezing works, and this week's schedule now is: Up to 3Glb, Old; 37 to 421 b, Gid; 431 b and over, Gd; seconds, si'd; shorn, -j.d less.

Light and medium weight porker pigs also have declined id per lb, and the schedule now is: Porkers.- —801 b and under, s.i'd; 81 to 1001 b, 51d; 101 to 1201 b, sid: Baconers. —121 to 1601 b, No. I grade 5.’.d, No. 2 grade 5Jd, No. 3 grade 4:,'d; IGI to 1801 b. No. 1 grade 4id, No. 2 grade 41 d, No. 3 grade '4id; 181 1o 2001 b, 3Jd; 2001 b and over, 3! t d; choppers, 2£d.

N.Z. SHAREMARKET

(Per l’ross Associution.) AUCKLAND, this day

Sales on ’Change: Scottish and Australian Bank, £5 4s; South British, £2 4* Gd; Felt and Textiles, £1 12s 9d; British Tobacco. £2 10s; Sanford, 4s; Woolworths, Sydney, £1 2s 8d; stock, 15/1/1953-57, 3j per cent, £9l 10s.