FINANCE & MARKETS

Sun (Auckland), Volume II, Issue 580, 5 February 1929, Page 12

FINANCE & MARKETS

Fall Follows Rise

Activity in Taranaki Oils

By

“Noon Call.”

SPECULATIVE interests operating on Taranaki Oils on an extremely wide range of prices have provided one of the main features on ’Change over the past 24 hours. Apart from that, however, there has been a very healthy volume of business in sound investments.

r PIIE confirmed reports ‘from New Plymouth yesterday caused Christchurch buyers to run to extremes and .-‘ ties of Taranaki Oils were made there at 13s. In Wellington, also, there was a. sudden firming of the market to see business at 10s. The Auckland market. more conservative as a result of past experience, saw the greatest volume of business on lower levels touching 8s at the highest point. This morning, again, at the early call the scrip Was active, sellers opening at 12s, but dropping quickly to 7s and then to 6a 9d, at which price several parcels • •hanged hands. The market weakened to see buyers at 5s 9d at mid-day.

At the moment, of course, there been little happen to really justify the activity in Taranaki Oil Fields Company scrip. Last week the shares had a market price of somewhere in the vicinity of 2s 6d, and it was common knowledge that the directors, with the end of their surplus capital in sight, were considering reconstruction. Indications from the company’s bores were also far from satisfactory. Nothing has occurred since to change the outlook. Certainly the company has property in Taranaki, but it must be rt mem be red that the recent development at the Blenheim bore is nothing new. rt is estimated that little short of 2,000,000 gallons of oils have been taken from Taranaki bores to date. The Blenheim bore has contributed its share. It seems that buyers, especially across the Tasman, have been operating on the idea that the Blenheim bore was part of the Taranaki company’s properties.

The Blenheim Company, whose operations have apparently been rewarded with a certain amount of success, is a small concern formed to clean out th» Blenheim bore abandoned over 20 years ago. It is this bore which is giving up the oil.

This concern lias no connection whatsoever with the Taranaki Oilfields, Ltd., which left the New Plymouth fields over two years ago and is now

prospecting in the Gisborne and Westland districts. The banking group has a very lirni tone with a wide range of quotations listed. New Zealands are strongly held, with no sellers and steady buyers at 02 s 3d. In the Insurance group. Nationals have seen further business at 16s Id. South British and New Zealands are momentarily too strongly held to see sales on present buyer’s levels. In the Loan and Agency group. New Zealand Loan and Mercantiles have moved up to new high levels, sales being made outside the room this morning at £125, compared with £123 during the week ended January 22. Wright Stephensons now have steady buyers at 23s Gd. Timbers are attracting less and less attention. Kauris were neglected this morning. Leyland O’Briens, with buyers at 32s 6d, being the only scrip receiving support. Wilsons Cements are easier in the industrial group, sellers, weakened to 41s 6d, not securing support.

Business yesterday afternoon: On ’Change—Milne and Choyee (deb. stk.l, 26s 3d; Taranaki Oils. Bs, 7s 9d and 7s 6d; Ohinenturi Mining, 8s 3d. Reported —Kaiapoi Woollens (ord.), 14s; Wellington Woollens, £7 ss; New Zealand Farmers’ Fertilisers, 20s 3d; Taranaki Oils, 6s and Cs 8d: Waihi Mining, 14s 6d. Business at this morning’s eariy call: On ’Change—Hauraki Consolidated (5s paid), 2s; N.Z. Inscribed Stock. 1933, 5i per cent, £lOl 7s 6d; Taranaki Oils, 7s and 6s 9d (three parcels). Reported: N.Z. Loan and Mercantile, £125. * * • Business at mid-day: On ’Change— Timaru Breweries (new issue>, 8s 8d (five parcels). Reported—National Tobacco. 16s 2d; British Tobacco, 48s 7ld; Waihi Mining, 14s 6d; City of Auckland. 1960, per cent, £IOO 10s; N.Z. Inscribed Stock, 1936, 5£ per cent, £lOl 10s.