FINANCE AND COMMERCE

Taranaki Daily News, 25 February 1931, Page 12

FINANCE AND COMMERCE

WOOL MARKET VERY FIRM. PRICES FULLY MAINTAINED. By Telegraph—Press Assn. —Copyright. Rec. 9.40 p.m. Sydney, Feb. 24. The offerings at to-day’s wool sales totalled 9867 bales, of which 9509 were sold, also 1128 privately. The market was unchanged from the previous day and prices were very firm for all descriptions and competition was keen. Greasy Merino sold up to 20 jd. THE LONDON MARKETS. PRICES FOR METALS. Rec. 7.20 p.m. London, Feb. 23. Copper, standard: Spot £47 Is 3d, three months £47 Os 7ld. Copper, electrolytic: Spot £49 17s 6d, three months £49 17s 6d. Wire bars: £5O ss. Lead: Spot £l3 18s 9d, three months £l4. Spelter: Spot £l2 12s 6d, three months £l3 3s 9d. Tin: Spot £123 2s 6d, three months £124 Ils 3d. Silver: Standard per ounce; fine 13 id. ENGLISH WOOL MARKET FIRM. SPINNERS SHOW RELUCTANCE. By Telegraph—Press Assn.—Copyright. Rec. 7 p.m. London, Feb. 23. Bradford tops are firm. Spinners are endeavouring to. keep the market level and are following only with reluctance anything advancing and difficult to obtain. QUIETNESS IN WHEAT MARKET. Rec. 7.5 p.m. London, Feb. 23. ‘Wheat cargoes are in quiet demand and are mostly threepence down owing to easier foreign advices. There is poor inquiry for parcels with quotations 3d to Od down. Quotations for futures are:—London: February-April, 20s 4d. Liverpool: March, 4s sd; May, 4s sjd; July, 4s 7d; October, 4>s 9d. SHAREMARKET TRANSACTIONS Auckland, February 24.—Stock Exchange sales: Bank of New Zealand, 47s 6d; Union Bank, £6 10s 6d; South British Insurance, 50s 6d; Auckland Gas (late sale Monday), 22s 6d; British Tobacco, 27. s 6d; Mount Lyell, 10s Id, 19s 4d; Moanataiari Mining (3s 2d paid) 6d; King Solomon, 2s Id, 2s. Christchurch, February 24.—Sales on Exchange: Commercial Bank of Australia, 13s 6d ,(2 parcels); Goldsbrough Mort, 18s 7d; North Canterbury Freezing, 10d; New Zealand Breweries, 33s 9d, 345; British Tobacco, 27s lid (6 parcels); N.Z. Drug Company, 50s 6d; King Solomon Mining, 2s, Is lid (2 parcels); Mahakipawa Goldfields, BJd, 9d (3 parcels). Sales reported: N.Z. Refrigerating (10s paid), Is 6d; Commercial Bank, 13s 7d.

WAITANGI OIL-WELL BORING. CAVING-IN DELAYS PROGRESS. Gisborne, Feb. 24. Taranaki Oilfields, Ltd., reports as follows: Waitangi No. 1 well: “Progress delayed by caVing about 1040 feet, accompanied by a considerable amount of gas. Pumped mud into the formation, after -which ran 240 bags of cement through the tubing to 1920 feet. The gas is not shut off. Will resume operations on March 24.”

COAL, OIL (N.Z.) LIMITED. ■Coal, Oil (N.Z.), Ltd., forwards the following report of the Omata No. 1 bore for the week ended on ■ Saturday: “Drilled out the cement. Drilling in soft formation, at 23-7'B feet.” ./ . -■--la' TALLOW AND HEMP. LONDON MARKETS DULL. The Department of Agriculture -has received the following cablegram, ''dated February 21, from the High Commissioner for New Zealand, London: — Tallow.—Market very quiet. Certain amount of busines in mutton (fine) and mixed (fair to good) at 6d decline. Inferior qualities not desired. No auction until next week. Hemp. —Manila market dull under pressure of selling due to heavy receipts. “K” grade March-May shipment sold down to £l7 10s. Output January 1 to February 16, 158,000 bales against 17’2,000 hales at same period last year. Stocks in United Kingdom on January 31, 9033 hales against 8448. Sisal: Market quiet and average closing values unchanged. New Zealand: No interest shown and quotations nominally unchanged. No first hand sales reported. LUCKY SHOT THAT MISSED. MINING VENTURE WOUND UP. “We’ve tried our hardest to win gold. We were getting good stuff for a while, and were consequently optimistic; but it. disappeared. You can’t blame the directors for its disappearance. We tried and tried, but unfortunately to no purpose. I have never sold a share, and was as confident at first as anyone. When things were going to the bad, and we directors talked of closing down, the supeiwisor asked for another month’s trial. We gave it. Then he asked for yet another, and wb granted the further extension. Then we opened the mine to tributors, and they couldn’t make more than half pay, let alone pay us anything. To have continued under these circumstances, and to ask shareholders for more money would have been dishonest.”

This was the spirited reply given, says the Auckland Star, by Mr. E. W. Inder to certain shareholders who objected to the winding up of the Lucky Shot Mining Company. * . . When the motion to wind up came before the meeting there were present eight shareholders. Mr. S. Rawlingson moved an amendment that liquidation be not agreed to. Considering the amount of money' that had been spent on the mine he thought further efforts should be made before abandoning it. Further representations should be made to the Government for subsidy. Mr. Cranwell seconded the motion, and in a heated speech strongly attacked the directors and criticised their policy. He claimed that business had been conducted in a hole and corner manner. The cltfiirman, Mr. R. Sheath, after replying to Mr. Cranwell’s assertions, assured the meeting that the, directors had gone very seriously into the matter before recommending the winding up. The small amount of cash in hand was rapidly dwindling away, and it was considered unfair to make fresh levies on shareholders. If Mr. Cranwell ,and his friends still had faith in the mine they would have a golden opportunity to secure it at a cheap price. Ultimately the motion to liquidate was carried by five votes to three, and Mr. H. P. Maguire was appointed liquidator. After the meeting Mr. Cranwell mentioned that there was every indication that the mine would be carried on under fresh arrangements.