FINANCIAL AND COMMERCIAL.

Dominion, Volume 1, Issue 14, 11 October 1907, Page 7

FINANCIAL AND COMMERCIAL.

•'.;' ■:: ' .THE SHARE MARKET. : j \;'y On the.resumption of'.'business' ycster-. dav no improvement, in- the tone ot the market was to be, observed. _Tliere. is dullness, not alone; in the Wellington Stock Exchange, but also on all other' - Exchanges, Melbourne and Sydney .included.- However,, a sale- was recorded yesterday, a parcel of Chnstchurch^leat , shares Jiaving had quittance at £}l™ s -> yielding to the investor £7 12s. 4d. per cent: 'raking the groups there was nothing doing in' Bunks, sellers repeating ' their quotations of £10 for Bank of New Zealand and £5 9s. for Natidnal Banks. Insurance were entirely neglected, l here wefe. no .bids' for. any ot : the. financial shares; but sellers quoted. ■/«.. for Itfan and'- Mercantile, 12s, 3d. for We hngton Investment, and 10s. for Wellington Deposit. In Gas shares there was no change. Peilding ' Gas . shares were called for-'at 175., sellersi asking 18s Besides the sale of Christchurch Meat shares there were buying offers for Gears ' .at-475. 6d., and Meat Exports at66s. Of other descriptions little need be said. Wellington Woollens were wanted ■ at-, - 655;; New Zealand Portland Cement, at 235. 6d., and Wellington Opera House at .£5. 10s. D.I.C. preference shares were ■ • onv'offer' at 23sJ Therewas dullness in ' the mining group also. Talismans firmed, slightly, no doubt because ot the .excellent return. reported on • Wednesday. Buyers wore offering 455./ 9d., with- sellers at.465.. Cd. .Kuranuis'were.on the market at 13d.; and. -New Waitekauri ■ at/Is. 9d.. .... ..'.- .., V.' '■:-■: ■-■■;■: .-.: FINANCE, : 1906-7. ,: : Thanks-to; a ..succession;-of. 'good-sea-, ion's the Commonwealth has enjoyed: an extreme .''measure of;- prosperity, which is fully reflected in the finances, ottuo States. The; revenue,' and ' expenditure of'fiach State forithc year ended Juno 30, 1907, showtho'following results-.-- .. y .'.,- -..■., Revenue. Expendit. NS Wales ... -'■■ jei1.913,272 Victoria .!......... 8 313 241'' -7,501,031 QneSnd ...... 4;307,012 ,: 3,911,797 '£■ Australia , . 3,195,285 . 2,897,612 N Territory- .. .'59,000 - 100.000 ... 3,401,351 3,490,182 - Tasmania, .../ : 970,813 8<0,306 ■ ... ' ' £33,654,178 £30,784,230 New-South Wales''showed a surplus of £1,'493,271, Victoria .£812,210, Queensland ,£396,115, South Australia, ,£297,673 and Tasmania . .£95,447. u \Vest . Australia finished the year with a deficit of £85,828, arid the Northern. Territory by £136,000. The aggregates show a, ■ surplus ot £2',869,888, which is very satisfactory.: "< The brighter prospects of the Commonwealth are; fully appreciated m London.financial circles, and'in the last issue of the. "Bankers' Magazine there appears the following:—"-There•■'is at > present in London upwards of .£20,000,000 ' of' Australian money, on deposit," says this authority,- "which sum represents a small-portion of the value of the immense supplies of grain, frozen meat, wool, dairy produce and minerals exported'to this country, during tho past ; three or four years, and, with , every; prospect of a continuance of favourable trade and-weather conditions, the.out-, .'-look,for. the banks ; and agricultural com- . panies operating at the Antipodes is most encouraging. ', Throughout the Commonwealth there is'now unbounded prosperity, and those influences which for' some 'years co-operated in. reducing the'. Southern Continent- to a condition of bankruptcy have,-at length, bean sup?lantcd by a combination of favourable actors so powerful that already the effects of. the catastrophes- experienced between 1893 and 1903 have been almost obliterated, and it needs but two or three years more of the existing state of affairs to onsure the-removal of the final traces of the''misfortunes through which' the colonics.have passed. To have emerged so rapidly from what in many cases ap- ' peared to bo a hopeless position is a ■' wonderful .achievement, and reflects creditably on all concerned." ■ ■", -. x -PALL INSECURITIES. the end of August the financial papers and financial authorities in London and New York were endeavouring, to arrive at an estimate of the shrinkage in-the values of Stock Exchange Securities'. The losses on the London Stock Exchange have .been ■ enormous, the losses on American railway shares alone being fully £111,000,000, but the position in New York was a great deal worse. Messrs. Henry Clews and Company, tho New York bankers, estimate tho shrinkage at about' £600,00(1,000, and, in'spite of this, not a single :financial house in New York has failed to weather this awful storm. The • explanation given is. that the cleaning out of thcoccounts has notbeen sudden, but; gradual. The Small-fry speculators were. disposed ' of at the beginning of the;'year. The middle-class operators were practically shaW out. last March, and the only people in the market to-day aro either those with great resources! who can &to;yl any kind of a storm, no matter how severe, or smaller people, who own their' stocks almost,/if not quite, outright. Messrs. Henry Clews and Company point out that tllp losses have fallen' upon those best able io hear them, and the causes are now beginning to bo clearly understood. General excess, such as the over-extension of credit, ovpr-issuc of securities, and over-confi-dence have been, the main and the natural reasons for recent reaction. • COMPANY. REPORTS. ~ The accounts of the Australian Alliance Assurance' Company for the year ended August 31, 1907, show that at the end of tho term t)ie amount at credit of profit and loss, including £11.719 brought forward, was £15,454, out of which an interim dividend • for the half-year at the rate of Is. per share was paid in March, absorbing £2500. Out of the balance the directors havo allocated £2500 for the payment of a similar divi.delid,'leaving £10,151 to-be carried forward. The fire insurance account shows promiuins received, £30,937; losses, £16,393; expenses, £7230; commissions, etc.. £1562; leaving a credit balance of £2745 to be carried to profit 'and loss. The marine account shows premiums (less 1 re-assurance and returns) £27,044, and an outgo of £35,737, including losses

£29,545,. leaving a, debit balance of £3693. A,profit of £2020 was made on . the fidelity guarantee and accident'side,' the premiums received being £5916, against £3723 in the preceding twelve'; months. lii the life department renewal 1 premiums amounted to £7418, and in-" terest £8031, while an amount of £42,000 was received from tho. fire and, marine department, that - amount representing the sum allotted to participating policyholders since the last triennial report. The principal disbursements were:— Claims and bonuses, £21,726; surrenders and loans, £1130; special life bonus, £9660; and expenses of management and commission, £2440; : shareholders' (25 per cent, of £3418, as shown in the 1900 valuation, and 25 per cent, of £8617, as shown, in the. 1906 valuation), £3024. The disbursements having been £19,785 less than the receipts, the life insurance fund .was increased from £200,013 during the year to' £219,797. The ■ principal figures' in the balance-sheet are:—Liabilities, capital paid up, £125,000; reserve fund used in business, £40,000; and life assurance fund, £219,797, the bal-ance-sheet total. being £417,456. ■ Assets include:—Real estate, £62,031; money lent on. mortgage, £205,371; bonds'and shares, £59,576; cash, £45,729; loans' on lifo policies, etc., £20,986;. and'.'other items, £23,759. ...■-. THE BUTTER TRADE. In' their, annual . trade, covering the period to 'Juno 30,. Messrs. ' Wcddell .and Co. give.the;;nverage top. prices'realised-for Australasian butters in tho past ten seasons. The prices aro • as under:— ;vAverage prico ■ per cwt. . Season. i. s. d. •-,; 1897-8 ■;■ ... ... 100 1898-9- ... ... ..'.".- ... 104 0 ' : .1899-0 ... . ... 101 6,.'- ' ■ 1900-1 ... ... ... ... 108 5, . : 1901-2 ... ... ...'. ... 109 6 " ;' -.1902-3 ... ... .... ~ ... 107 11 . . -1003-4 .„./ ... ...' ...' 99.11, 1904-5 ... ... ' ... ... 104 5 1905-6, .-... ;.. , '.;;' ..." 109 10 ; ■■.-' 1906-7 ... .-.:. ..', . ... 108 9 • Average ... ...106 0; The highest average in'the decade was 109s, lOd. per cwt.; realised in tho season 1905-6, the averngo was only 4d. less in' 1901-2, and .it will be noted that when the average'gets between' 109s. and 110s. a reaction follows. Thus the high average of 1901-2 was followed by a slight fall in the following season, and a slump in the, season later. We-appear to be having a repetition of this movement. ■ With respect to supplies, the. review .states that the total quantity drawn from tho colonies and the foreign countries was 219,277 tons, or 3784 tons over that of the previous year, and 334 tons more than in 1904, the year of previous highest record. " This total import/' says the review, "compared.with the preceding year, shows a dcclino of 177,177 tons from the colonies, but an increase of 3784 tons from foreign countries, against an increase of 6390 tons colonial,' and C 206 tons foreign for the twelve months ended June 30, 1906." The increase is' very small,' furthermore,- the unfavourable season in Britain warranted a largo increase in the oversea trade to make up the deficiency, i" This, is the more inexplicable," says Wcddell's review, "as owing to tho growth' of population— nearly half a million a year—and the average increase in.the imports of dairy produce for the previous ten years of, 7500 tons nnnually, it was reasonable to expect a considerable , augmentation. The probable explanation' of this unexpected decline may bo found in the high prices which hnvo ruled generally during the last twelvo months for both butter and cheese, checking the consumptive demand. In the case of butter, these prices, certainly drove consumers to buy the cheaper butter mixtures which are so "plentiful," • , LONDON MARKETS. By Telegraph—Press Association. ■■''./. London, October 9. At the tallow auctions 2375 casks offered and 1775 sold. Trices x were unchanged! Eight thousand quarters of Victorian . wheat, September shipment, sold at 435. Silver, 2s. 5 15-10 d. Copper,—On spot, £63 155.; three months, £61 155.; electrolytic, £64. Tin.—On spot, £152 10s.; three months, £119. Load, £21. . LONDON MEAT MARKET.'' : v By Telegraph—Tress Association. Napier, October 10. The C. C. and D. Company, London, cablo the following report :—The frozen .meat market is weaker, witli a tendencydownward. To-day's quotations . are :— Canterbury mutton, 4d.; Napier, ',Vellingron, and North Island, 3Jd. LambFirst, old.; second, sd. Beef—Hindquarters, 3fd.; foreqtiartors, 2Jd. DALGETY AND CO.'S REPORT. Messrs. Diilgoty and Co. report as follows, on their Palmei-ston. Stock Sale: There was a good entry of sheep, chiefly hoggels,' ewes, and lambs. Fat sheep (mixed) miulo 18s. Gd.; extra prime fat ewes, 215.; ewes with lambs at foot, 18s. ad.; Shropshire ewes with lnmbs at foot, 22s 3d.- Fat •'bullocks (medium weights) brought £8 14s. By Telegraph—Press Association. Pat.mehston North, October 10. The New Zealand Loan and Mercan- : tile Agency Co., Ltd.. report as follows: i At Hiinatangi on Monday an average • entry of cattle came forward, and.a fair 1 sale resulted. The Himatangi year- • lings were passed in at £2 "s. At Palmerston on Thursday' a small i. yarding of cattle, and an average entry , of sheep, wore penned.. All fines of . sheep were quitted at fiiir values. f On Wednesday we held a dairy salt . on behalf of Mr. ,1. Robinson, Rongotea. ? Cows made up to £10 10s.; trap mare, 1 £18; sows, in pig, £3 15s. to £5 12s, od.; 5 empty sows, 17s. Cd. to 325. 6d.; weaucrs,

14b. i slips, 10s. to 155.; porkers. 255. Himatangi sheep, mixed ewes and wothe'rs, 17s. Sn. Cattle—mixed yearlings, 275. fid.; yearling steers, £2 18s.; store cows, 21s.'to 31s. Gd.j forward cows, ,£2 to ,83 Is.; fnt cows, £5 10s. to .£5 18s.; springing cows, £i 10s. to J64, and up to £6; springing heifers, .£3. Pigs— weavers, 12s. fid.; stores, lfis. to 20s. Palmcrston North: Cattle—yearling heifers (small), 135.; store cows, 21s. Cd.; fat cows (light), £3 IBs.; springing heifers, £3 155.; sheep, ewes, and lambs, 20s. 6d.; ewo hoggets, 18s.; mixed hoggets, 17s. ADDINGTON STOCK SALE. By Telegraph—Press Association. CilßiSTcnuncii, October 9. Thero was ■ a ■'moderate entry of stock at tho Addington market to-day. Tho yarding of store sheep was small, and comprised 'mostly- hoggets and cull wethers. . Competition was limited and prices were ; dull, a number of lines being passed in. Fat lanlbs sold freely, prices ranging from 19s. to 2fis. . The yarding of fat sheep was moderate. Primo"'wethers, 255. to 31s. 3d.; lighter, 19s. to 245.; prime ewes, 21s. to 21s. Gd.; others, ISs. to 205.; prime merino wethers, 21s. to 245. ■ „ ' Competition for fat cattle was well sustained,, and prices for really primo beef wore firmer. Steers .£7 ss. to Xl 3, heifers, .£7 to £W, cows, £i 17s. Cd. to .£9 15s. Veal calves sold at 7s. Cd. to 50s. About 200 head of store cattle were entered, mostly backward conditioned young sorts.- There was not much demand. : Sales', wore made as follows:— Yearlings, 20s. to 305.; two-year-olds, 505.; three-year steers to £i 2s. Cd.; threeyear heifers, JE3; dry cows, 20s. to £3. The dairy cows—a poor lot—fetched from £3 to There' was a. moderate entry of all classes of'pigs and a keen demand, prices being very firm all round. Heavy baconers: brought £3 to .£5 Os. fid.; lighter, 48s. to 555. (equal to 5Jd. to Cd. per lb.); large,porkers, 40s. to 475., smaller, 31s. to 38s. (averaging Cd.), large stores, 255. to 355.;' medium, 225. to 245.; wcaners, 15s. to 215.; -'■ sooth british insurance c0m- .... :: pany. By Telegraph—Press Association. - Auckland, October 10. At tho annual meeting of tho South British' Insurance Company the chairman said the year had opened satisfactorily, but during, the second half a bad cycle throughout Australasia had affected the year's results. While fire and marine business went so indifferently, the accident .department,justified'.'its creation. The....ciperienco, of the leading lire insurance companies of the world in the past twelve months tended to show how important it . was alike to the public and the shareholders that, the reserve funds should be largo enough to meet any emergency. It would be the policy of tho directors to augment the reserve on every possible occasion. Ho regretted that fire business iu New Zealand was still in an . unsatisfactory • condition, being quite insufficient to cover the losses and expenses, and leaving no margin for conflagrations and contributions imposed on the companies for the upkeep of fire, brigades,'which would cost them something like - ten per cent, of their revenue iu fire board districts.. In Auckland fire district the companies' contributions would amount. to 8J per cent, on the revenue—a most oppressive charge. He expressed the hope that it would bo'possible to secure such an improvement in fire rates as would give tho companios not only sonie •margin over losses and expenses, but a reasonable provision for conflagration contingencies. The report and balance-sheet, already circulated, were adopted, together 'with resolutions converting the company into a limited company. ' CUSTOMS RETURNS.. . The Customs returns at Wellington, 'yesterday, amounted to .£3130 2s. Bd.

'WELLINGTON SHARE LIST. I-'-: BANKS. £ £ . £ £■: £ £ b. a. £ s. d. '.£ s. d. £ s. d. -Now Zealand - . -2,000,000 E81.G75 3$ 3i 10 10 0 0 ., ' National - ' • '. •- 375,000 335,318 2$ 15 12 5,B 0 5 0 0 .- INSURANCE. ..- ■■ ; '■■■ ';.,.,„„ c11 1 National ' - - 10O.000 238,243 J unltd. 15 ISO 17 3 HI 6 11 1 . NowZealand - - 300,000 336,785 2 6 10 i 2 0 Sooth British ■:--.•- 100.000' 312.499 1 nnllii. 30 - Standard - - 75.000 82.188 3 unltd. 30 110 120 '■• FINANCIAL. ■ Equitable Building - 50,000 44 500 5 5 10 10 0 0 10 5 0 . . Metropolitan Building 21.000 5,220 10 nil .7 12*0 0 .. Wellington Invest. .50,000 3.033 : \ 4 6 0123 ■ ■.' ■/■ TYel'gtonTrust&Loan 101,250 30.620 5 :5. 8 7 8 .0 7 8 O 5 8 1 - National Mortwwo - 200,000; 112,250; 2 ■ 8 • 10 3 3 0 3 5 0 .3 4 0 6 5 0 N.Z. and River Plate-.800,000; 1 nil 7 1 9 6 110 0 . Loan and Mercantile - - 135,223; 157,358. J 84 5 0 6 0 0 7 0 • Auckland -,..•.>- 180370 83,552- 5 nil 16 14 0 0 14 5 0 '. . Christchurch .-.-:> - 152,000 55,037. .5 nil 10. 10 7 6 . .'■,- ..'. 10,805- 103 1 nil - 017 0 018 0 1017. 0 ■ . Glsborne"'--. - 17,100' 9,239 1 nil .12} . 213 0 - Hiwera .-,'---'8,250- - 6*1 3 ,i 10 .110 130 . New Plymouth - . - 18.000' 3,159 5 nil; 10 715 0 ... ■ ._ , Napier - - - '- 1 ' 10 ml • M ■ 25 0 0 .*"^ or -. ..'.. T.' 40.057 22,517 5 5 - 15 . 16 0- O •V," ';■■; :-■..: J 19 15 310 0 Palmerston North - 27,000 11,092 44 ' 4 10 7 2 6 7 2 6 6 6 4 ■_.' jm#* -■•-.,- m # 0 \ 10 ml 10 1.0. ,. ■"'-"' iss': ::'K-IS 8 '"&' "\ »» o jSiS j' mo o > . Wellington Meat Exp. 1.0 nil. 8 612 6 ;.-„.,,„,- 105,766(53,767. .4 ■ 8 g f g' - „" , 0 356 68 3 ■ ■ Wanganui ' " '■'• 45,850 11.404 5 nU. 8 3'5 6- 5 5 0 - •■ ■.. TRANSPORT. ' ''-.,. , ■ „ „ „ •: -W.&M. Railway -170,000 121,452 1 .4 -7 ,-, -2 3 0 N.Z. Shipping •' "- 473.840 113.751 8 nil. 5 6:0 0 ■ ; UnioSstcam ' -.,- CC0.000 472,592 10 nil. 10 1810 0 18 10 0 ' 6 8 1 Wgtn. Steam Ferry. - 46,250 65 1 ml.. 6 018 0 Westport.' - : '-"'-'280,000 117,215 3i 14 15 714 6 '',■'. '''"'■. Taupiri- -'.:.-■ - 82,E00. 5,339 1 nil. 75 019 0. 1 1 0 . aiapoi°. OL^. EN -'-'':-'lb0,000' '32,851 5 . nil.: .6 .5 0 0 5' 0 0 '■ Mossiel-■■--- 83,457 ' 17,152 3J-14- ,24,215 0 „ ' * „ V « '« EOioOO .24,368' 1 1 6 .8 5 0 37 6 3 5,0 7 7.8 MISCELLANEOUS. <•'. ' -; ■ -. '-' .,. v . . , .. DonoghyRbpe - -.47,000 '■■-■■ 10 m 1 - 5 7 6 ■ Leyland*O'Brien - 35,000 34,085 1 ni 15 2 6 6 2 6 6 MauricovilloLimo - '7.00O;: r„203 1'ni 8 : -,l - 5 " ' ■ NZ Candle- ■-■ -' 10,000r .—. ; 10 nil — 10 O O .,, NZ Drug's -'."."- 500000' 34,511 2 nil 7 2 0 0 .311 0 , ■H±S3S-MUto- ■■■''. *W" 1.177- 1' nil 7; 1 3 6 1 4.0 .13 7 5 19 0 N:Z.:Cement-..;.:-.. 40,000' 2.W8 1 ml 8 136 115.0 Manning & Co. - - .06,000 (37,670 4 1; 0 , •Ward&Cd. - - -"SO.000. '30,655; 4 1 10 ._ 5.20 ,..,;. Wgtn. Opera House' - 18,630 1,705 5 m 6 510 0 Wgta. Fresh Food '- .28,261 - : In. -02,0 . . : ,. • WhitcomboA Tombs- 40,250 , 30,153- 5 nil 10 410 0 . . Bharland, Limited -■ 48,676 ;; 9.3U l'ml 74 . .- ,018 0 ■ . : ■