Venturers' Corner There is something very impressive in the trend
of events in the oil industry. Production gro.es steadily ahead, but is so evenly matched by rising consumption that there is no sign of stocks becoming unwieldy. The price of crude oil and of petrol is now remunerative to producers-and distributors, and this year we shall see some bumper profits. For the speculative buyer who likes a low-priced share I suggest that Kern River Oilfields of California 3s. 4d. shares at 5s. 6d. have distinct possibilities. This company, which owns extensive properties in California and in Trinidad, wrote down its capital very heavily two years ago. Since that date profits have been made and the financial position has been strengthened by a new issue of shares.
For the year ended May 31st, 1936, net profit, after deprecia- tion, rose sharply from £2,555 to £33,592, and dividends were resumed with a payment of 5 per cent. Production increased substantially during the year ended May 31st, 1937, ani I shall be surprised if the accounts, due in November, do not disclose a fiirther 'big rise in earnings. The dividend will be payable on a larger.capital, as the 750,00o new shares, issued at 3s. 8d. each last, July, rank this time, but even so I -loOk for an advance in the rate -to at least 7i per cent. - - -CUSTOS.
[Readers' enquiries, or requests for advice, regarding particular shares will be answered periodically as space permits. Corre- spondents who do not desire their names to appear should append initials or a pseudonym to their questions.'
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