FINANCE AND COMMERCE

Taranaki Daily News, 27 May 1931, Page 12

FINANCE AND COMMERCE

BRITISH HEMP MARKET.

MANILA TRADE QUIET BUT STEAD

Advice received by the Department of Agriculture from the High Commissioner for New Zealand, London, dated May 22, states that the Manila hemp market is quiet but steady. “K” grade, May/July shipment, sold at £l6 12s 6d, and July/September shipment at £l'6 15s. The output from January 1 to May 9 was 485,000 bales, against 569,000 'bales for the corresponding period last year. Stocks in the United Kingdom at May 1 amounted to 9712 bales, as against "10,762 last year. Stocks in Manila at April 1 totalled 110,000 bales, as against 165,000. The sisal market is dull and easier at closing. Sellers of No. 1 good marks, May/July shipment, £l's 10s; No. 2, £l4 l(te. Buyers’ ideas are 10s less. So far as New Zealand hemp is concerned, a little more interest hate been shown for spot, and offers for close-at-hand shipments are difficult to obtain. No first hand sales ai- reported. The nominal value, April/May shipment, on the basis of highpoints, is £2O. Stocks in (London at May 1 total 24 tons, as against 61 tons at the corresponding time last year. OIL FROM COAL. DEVELOPMENTS IN BRITAIN. Mr. George Hall, Civil Lord of the British Admiralty, recently made some important statements on the research work of the Admiralty in connection with the production of fuel oil from coal. During the last 12 or I'B months, he said, it had been proved that oil produced from coal could be used as a fuel and it gave almost the same results as natural oil. In Holland there was a State coalmining industry, and it was about the only coalmining industry in. the world 1 that was paying at the present time. The Dutch were developing their byproducts works in connection with this industry. ' With proper organisation of power-producing industry in Great Britain, instead of the nation spending as it did in the last year nearly £42,000,000 for the importation of oil, a very large proportion of that money could ibe expended on oil produced from its own coalfields, and thus minimise the present depression of the coal industry.

SHAREMARKET BUSINESS.. Auckland, May 26.—Sharemarket sales: Bank of Australasia, £8 19s; Commercial Bank of Australia, 14s Id; Bank, of New' Zealand (D mortgage), £1 6s 6d; Union Bank, £7 9s; South British Insurance, £2 Ils 10A; Auckland Gas, £1 3s; Mosgiel Woollen (late sale Monday), £6 8s; Waihi Mining, 14s 7d (2 parcels); King Solomon, Is lid (2 parcels), Is ILJd. Christchurch, May 26.—Sales on Exchange: New Zealand Breweries, 34s 9d, 34s lOd; Beath and Co., 235; King Solomon, 2s, Is lOd; Mahakipawa, 8d; Golden Point (10s paid), 8s 6d (two I parcels). Sales reported: New Zealand Government 4| per cent. Inscribed Stock, 1938, £9B 7s 6d; New Zealand Government ’si per cent. Inscribed Stock, 1936, £99 ,ss; Christchurch Tramway, 4% per cent., 1934, £94 (4 parcels); New Zealand Breweries (late sale May 25), 34s 4jd. WELLINGTON HIDES MARKET. At the fortnightly hides and skins sale .held in Wellington last week prices for dry skins were, if anything, a little easier than last sale. 'Salted skins were from par to 3d per ekin lower. Competition, for hides was good, but light and medium-weights, both cow and ox, were about jd per lb lower. Heavyweight ox were on a par with late rates. Calfskips showed an advance of about to i-d per lb. Kip were about id per lb lower than last sale. Tallow was in very poor demand, prices being from 2s io 3s per cwt lower than at the last eale.

OIL DRILLING AT MOTUROA. U ■ “Moturoa Oil Fields Limited’s No. 2 well is drilled to 1750 feet in soft caving shale,, the lOin. casing being run to 1720 ft,” reports the company for the week ended on May 23. MOTUROA OILFIELDS CALL. By Telegraph.—Press Association. Wellington, Last Night. Moturoa Oilfields! Ltd. made a call at 4 p.m. to-day. One shilling per share will be payable on June 10.