Commercial.

Poverty Bay Standard, Volume IX, Issue 989, 22 October 1881, Page 2

Commercial.

Mr. W. K. McLean reports as follows :— During the past month a large number of South Pacific Petroleum Company’s shares have changed hands at prices ranging from 2s 6d to 3s, fifth call paid up. Most of these (about 4000) have come over from Sydney. By this it will be seen that the voting powers of the New Zealand shareholders have been very largely increased, which is a f urther argument in favor of the Directorate being removed to Gisborne. There is little or no demand for shares at the present time, owing, no doubt, to the suspension of boring operations at the Company’s works, pending the receipt of pipes and proper boring apparatus from America. In Southern Crosses there are only two or three small transactions to report, viz., 100 shares @3s Id; paid up call, 4s. 50 „ @3s 2d; „ „ „ 50 ~ @3s sd; ~ „ „

The shares in this Company are in good favor, both in Gisborne and Napier. Holders being unwilling to place them in the market now that boring operations have commenced. Further reports on the value of the paraffin, from both mines, are expected at an early date, which, if favorable, will restore confidence and give impetus to future operations.

Messrs. Ratcliffe and Piesse report upon the operation of the market, during the present week, as follow : —Business of late in oil shares has not been very stirring for several weeks past, but we are happy to be able to state that there have been more enquiries of late for “ Southern Crosses.” Several parcels have changed hands during the week at 2s 6d, seventh call paid, being an advance of 3d per share since our last quotation. South Pacifies still remain at 3s, sixth call paid ; but no business has been done in them at that figure.