Finance Stocks and mining

Free Lance, Volume XVIII, Issue 971, 27 February 1919, Page 6

Finance Stocks and mining

FEW people realise tlie remarkable changes that liave taken, place during tlie years of war —changes which have greatly enhanced the economic position of Wellington and emphasised its geographical advantages. Owing to the war the Governments of the belligerent Powers exercised control over every phase of' trade_ and civil life. The commandeer of shipping, of produce, of men for service—all contributed in direct and indirect ways to the welfare of Wellington, The shipping commandeer "placed Wellington m a position of importance. The other large'ports had their shipping declined considerably while Wellington maintained overseas and coastal connection.

The commandeer of produce and the ' difficulty of shipping caused a congestion of such, produce in the city, particularly of wool, butter and cheese, and storage has had to be found for the whole of this. What the difficulties; have been in this respect only those who have had to face the problem know. Meat, butter, and _ cheese were of course ' accommodated in cold store, and there h a d been trouble and inconvenience in dealing with those products. Wool has had to be stored anywhere and everywhere, and as the Wellington-Wairarapa-West Ooast district is the principal wool producer in the Dominion Wellington has had _ a trying time in providing accommodation.

Wool has been stored in all the brokers' stores, in harbour board sheds, in halls, in fact wherever accommodation has been procurable, whether in the city or the suburbs. VV 00l has been stored at Island Bay and at Miramar. This trouble ,is now vanishing, as the wool is being rapidly shipped. The calling-up of men "for military service resulted in many homes - being broken up and the furniture sold, while those who, by force of circumstances, have been compelled to take up residence in Wellington have found it imperative ■fco store their goods and chattels and live in boarding-houses until such times as it was possible to rent houses. -35- -x- * . ■»

Storage accommodation has been a very difficult problem for Wellington, anil although a great deal has been provided, it will all be wanted because new conditions have arisen through recognition of Wellington's supreme geographical The freight

from Wellington to Lyttelton, Dunedin, Napier, Nelson and West Coast is the same in all cases, namely, £1 per ton, and there is direct steamer communication with all the places. There is a tremendous advantage in this.

A merchant in Dunedin or Auckland wishing to send merchandise to the West Coast of the South Island or to Nelson or Blenheim has this accessibility to contend with—that there is no direct service between the places named, consequently the merchandise must be sent to Wellington to be transhipped. This means that the Auckland or Dunedin merchant must send the goods to Wellington to be transhipped to the coastal ports. There is the freight to Wellington, the transhipment charges and the freight to Greymouth, Westport, or Nelson, as the case may be. The outside merchants have discovered that it pays better to have their overseas imports landed and stored in Wellington and shipped to coastal towns from here.

It would surprise many people if they knew of the hundreds of tons of merchandise that are held in Wellington on account of merchants in other large centres. The public 6tores, such, for instance, as the Colonial Carrying Company, make a moderate charge for storage, and ship goods as may be directed, saving the merchants a great deal of trouble and expense. This business is expected to increase, and it is quite possible that within a very short period of time public stores on a much larger scale than now exists must be proyided in the city. Large stores are going up in Cable Street, in the neighbourhood of Te Aro Railway Station, and the Harbour Board, it is believed, intends erecting a very large store in the neighbourhood.

The insurance companies doing marine business which accepted war risks must have all done very well, because even the special insurance departments set up by belligerent governments have done well. The American Government went into the war assurance business on September 2, 1914, and up to October 18, 1918, the sum of £369,390,000 was underwritten on ships and their cargoes, mainly those passing through the war zone. The premiums on 24,990 policies aggregated £9,200,000, and the losses only £5,955,000, the profit being thus £3,245,000. Of the insurances all but £61,000,000 was written since the United States declared war. In addition £37,490,000 was written on the lives of merchant seamen since June, 1917, the premiums on which totalled £157,000, and the losses £56,200, a profit of £100,800. The cost of administration was altogether £35,000. * * *

At the Westfield live stock market there was a steady demand for fat cattle, and prices were firm. Steers ranged in price from £12 10s to £22

15s, and cows and heifers from £6 '10s to £16. Fat cows sold at Rangiotu at £10 to £10 10s; at Palmerston North at £11 10s; at Te Horo at £9 15s to £11 7s 6d; at Masterton at £11 to £13 12s 6d, and at Feilding at £9 10s to £12 17s. At Marton fat heifers realised £8 17s 6d, at Hunterville £11 ss, and at Feilding £13 12s 6d to £16 12s 6d. At Addington, the prices were: Extra prime steers to £25 12s 6d, prime steers £16 to £19, ordinary steers £13 15s to £15 15s; prime heifers, £12 15s to £15 17s 6d; extra prime cows £16 7s 6d, prime cows £12 17s 6d to £15 2s 6d, ordinary cows £9 7s 6d to £12 10s.

At Westfield extra heavy prime wethers made 38s to 39s 9d, heavy prime wethers 35s 6d to 37s 6d, medium to heavy prime wethers 32s 6d to 355, light and unfinished 25s 6d to 325; extra heavy prime ewes 30s to 345, heavy fat ewes 26s to 29s 6d, other fat ewes 23s' to 255, other ewes 18s to 225. At Feilding fat wethers made 26s Id to 30s 9d, at Marton 33s 6d, and at Te Horo 355. At Marton fat ewes made 27s 6d to 28s, at Feilding 25s to 28s, and at Levin 275. The prices at Addington were: Extra prime wethers to 41s, prime wethers 34s to 40s, lighter 27s to 33s 3d; extra prime ewes 375, prime ewes 33s to 355, medium 29s to 31s 9d, lighter 20s to 28s 7d.

At Westfield extra heavy prime lambs sold at 29s to 325, prime lambs 25s to 27s 6d, lighter 21s to 245, unfinished 14s to 17s. 6d. At Johnsonville prime fat lambs realised 235, at Marton 22s 6d, and at Te Horo 265. The Addington prices were: Extra prime lambs to 35s 6d, prime lambs 27s 6d to 335, medium 24s 6d to 275, light 23s 4d.

At Westfield, large choppers and heavy baconers sold at £5 10s to £7 10s,small choppers and light baconers £4 17s 6d to £5 ss; large porkers, 75s to 85s, medium porkers 60s to 725, small 43s toi 58s. At Addington choppers realised £5 to £9 12s 6d; extra heavy baconers £7, heavy baconers £6 to £7, medium baconers £5 to £5 15s; best porkers 75s to 995, medium 60s to 70s.

Investment shares are very steady with prices well maintained. Bank of Australasia, buyers £128; National Bank, sellers £6 9s; Bank of New Zealand. (old), buyers £13 17s, (new) buyers £18; Union Bank, cum rights, sellers £62; Metropolitan Building, buyers £11 6s; National Mortgage, buyers £4 10s 6d; Loan and Mercantile (pref.), buyers £66; New Zealand and River Plate, buyers 40s 3d; Wellington Investment, buyers 10s; Wellington Deposit., sellers 8s 6d; Wellington Gas (pref.), buyers 17s 6d; National Insurance, buyers £3 10s; New Zealand Insurance, buyers £12 7s; South British Insurance, buyers £7 7« 6d ; Meat Export (52s 6d paid), buyers 51s; Auckland Trams (pref.), buyers 16s 9d; Huddart-Parker (ord.) 3 sales 395; Union Steam (pref.), buyers 21s; P. and O. Deferred Stock, buyers £392; Wellington Woollen (ord.), buyers £7 10s; Westport Coal, buyers £1 lis 6d; Waepa Colliery, sellers 18s; Kauri Timber (15s paid), buyers 15s 6d; D.I.C. (pref.), buyers 20s 6d; Golden Bay Cement, buyers 18s 9d; New Zealand Paper Mills, buyers 22s 3d; Sharland and Co., buyers 30s; Wellington Cordage, buyers 22s ; Wilson's Cement, buyers 15s; Inscribed Stock, sellers £97; War Bonds, buyers £96 15s.

* * -35- ' ■» . In the mining market there were buyers of Talisman at 10s, Wailii at 44s 3d, and Grand Junction at 13s.