FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 20, 18 October 1907, Page 9

FINANCE AND COMMERCE.

- THE SHARE MARKET. Sharebrokers wr.i-e unable to..report dny transactions'in investment 1 stocks,' and but two transfers'in mining scrip. ', Perhaps the races at Trcntham were- responsible for a part of the dullness, nevertheless the general tendency ,is r ! towards quietness. Dealing with tho several groups, of investment stocks, there was,'an offer of .£5 Bs. for National Bank shares, with sellers.demanding- £5 9s. Bank of New Zealand sh'ares'.were 'again offered at' XlO, but tho v quotation'is''evidently above buyers' ' ideas of value,'for bid for. these shares 1 has not beenmade somo. ■ time .- past, In (the. ./■financial,:'group .there'.'.was.-.a. buying.;offer , of £10 fqr.l jSquitable -ißuilding,, otherwise . there was no-change as, compared with, the: previous :.-■ day: Gas,: tijo,"were unchanged, except for the '. fact that .a'-seller 'of' Wellington .-Gas at £10 was announced. ' '.'iWestport' Coal shares fwe'ro' wanted r at 'JG7' 15s: :: 6d., which represents 1 , a . shilling advance on' bid, : and tho oifer of ' £5 .10s:'• for i Wellington Opera House , shares 'twasrepeated. • . .'-For Ivauri - Timber -." • shares, ilss.-'ipaid up, there was an ..offer .'of Bs. '2d.;f-ivith -no rdeclared-sellers.! , The Kauri 1 Timber ;: Company- is,, evidently, doing, a - good business..-.: Speaking: at the . meeting - of' .sltare- •"» holders, of'.tho;.Kaiiri Timber : Company,held. l in Juue./'last/.-Mr.-'W- 'G-' Sharp; chairman, . mentioned that! the company "had' in' l January paid. ,£IO,OOO ;off its'debeiituro debtj and another r thatmonth. Mr'; 1 Sharp' lidded - that the Board >had ! reduced 'the .i Company's , lia-. . bility. altogether., .^8157,000,■'••' leaving-1 .it ; '..with JE7G,OOO i' to. meet.. He added that he hoped -to see .the ,bonds wiped out in a'couple of;-years. According to Melbournpi." Argus,".', a 1 step; in that direction, has , just .been taken, 'a*.,£30,000°; worth of bonds ,ha,ve . now-been redeemed'by the Board. ; There were only five buying offers reported 'on''Change yesterday,''while 'the sell- 1 ' ins offers 'numbered '- lii the mining section a sale of Talismans at 455.. 3d. was ■ reported;-"and-,on'-the strength-of .that buyers; ' have reduced:!their;'.'6ffcrs:,to.,4ss.,,;wliile..seilers. ask 455.. Gd. -Waihi- shares aro getting, weaker. Sellers have .reduced-their JEB 65., but the, :,buying bids', are restricted ~to\£B.' It is'now stated that' sales, of this stock are being pressed by London . holders.', The 1 New Zealand market has absorbed .a very consider-' _ able (Quantity 4 of" l Waihi 'and 1 other, 'mining' shares,j'but- - the ''buying : power 'hero has its limits. A : ' further ; fall,'; under; the circum-- :. stances,seems ', inevitable.-, Ngatiawa scrip changed hands at Is. 9d. • ... , j ;,. " WOOL EXPORTS. , ' : ' The exports of wool from Australasia'for the tluee months, July.l to September,3o, which '- coiiftitntes', ; the first' quarter ,61. tho current ■ year, shows an increase of 45,103 bales, as compared .with the corresponding period of last 1 year, and this increasio is 5000 bales more than , the estimated total .increase for the year. The substantial to be due to the earliness of ■ the season.- The export figures as compiled by, Dalgety and Company, . Limited, are as under:— iIn- ' ' •. .-. 1907.. 190 G. crease. State Bales.', Bales. Bales. Vicloria .. 18,0lf " u»732 7,212 N. S.,.'Wales ... 95,721 ! 71,651 24,070 Queensland:. ... 39,415 30,256 9,119 South-Australia; •' ... 2,893 '! 2,155 - 738 ♦Western Australiay...•: 5,425 '3,801 ' 1.C21 Total, Australia ■ ... 1(52,308 , 119,638 i 42,760 JSjeA-Zealand' ... ... '25,441 1 23,098 2,343 Total Australasia' . 187,839 ; 1.12,736' : 45,103 Considerable quantities of wool, giwn in one are,shipped from another,-therefore the alicve -.does not show '.actual production, • but total oversea,shipments. . ..• , Australian .figuresfor. September estimate. ..jT ~ ■ ' ■ " GOLD PRODUCTION. .The gold production of Australasia is deC!casing. _ Taking, tho figures for the first nine mcnths of the current.year the production in tlio Commonwealth 'is less bv some 233 000 ounces, while if New Zealand is included tho tailing oil is increased to 2G5.000 ounces as. compared'..with the same period of ' year., rhe following is a comparative i statement : ' , ■. • ' - - - 1900. ; '1907. . Fine Oz. Fine. Oz. Victoria. ... ... ... 599,-139 521G02 . ..New South Wales... ... 195,885 18^*473 Queensland l;.',':, ; 391,244 • 341|873 , Western Australia : ... 1,315,G53 1 247 15G fcouth • Australia ... . ' 11,630 ' 13'dOO - Tasmania , '... 54,000 . . 4d|ooo Total, Commonwealth ... 2,587,851 2,354 104 '. New - Zealjind ... ' ... 391,320 359,418 Iotal, ( Australasia ; ' ... 2,979,177. ~ 2,719,522 -NOTES. '.. . ' The_ : development of industries and agriculture in the Argentine Republic is causing a , steady; increase ,in the for lubricating. 'Oils o£. all .kinds. Five years ago the imports wore only _ 5,800,000 kilos.,, in 1903 they -, were 8,800,000. kilos., . and .last : year they amounted to 14,600,000 kilos., representing a value of 1,400,000 gold pesos (lp. equals 45.). The oils imported come chiefly from tho United States, England, and.Russia, only a small trade-being done by France;, Germany,: rind Belgium. ■ According to particulars furnished by tho Austrian Consul at Buenos Ayres, tho oils are sold in drums : ("tambores") of 20, and -JO kilos, net. - A- leading Buenbs' Ayres firm' retails some of the best-known brands at the following-prices: Cylinder , oil, 0.20 peso per, kilo., 5.25 pesos'per 20-kilo. drum, 10 pesos per 40-kilo. drum; standard cylinder and valve oil, 0.33 peso per - kilo., 7.75 pesos per 20-kilo. drum, 15 pesos per 40-kilo; drum; lubricating oil, > 0.19 peso per kilo., 5 pesos per 20-kilo. drum, and 9.50 pesos , per 40-kilo. drum; engine oil, 0.24 peso per kilo., 5.75 pesos per 20-kilo. drum, and 11 Vsor per 40-kilo. drum; heavy machinery., oil. «0.28 peso per kilo:, G. 25 pesos per 20-k'ilo. drum, and 12 pesos.per 40-kilo. drum.. Another firm does a'good business in special oils for churns and butter-making machinery, which they sell , in 200-litre casks at 80 pesos gold. i For many years past the copper-trade has been accustomed to rumours that aluminium was likely soon to compete with copper for a share in electrical work. Aluminium cables have been used in America for some time, and they are now being made in England. No doubt'with copper near ,£IOO per ton the new '■"metal;." talcing into account its low specific gravity, can be employed to advantage; but the time is far off when it .can be considered as a serious competitor with copper, simplv because there is not nenrlv enough of it.' The .make of aluminium, which 20 years am was

WELLINGTON SHAME LIST.

less than 100 . tons per annum, has, of course, increased wonderfully, but even at the present time 'tho-total output is less than 10,000 tons, whereas 1 -the : quantity of coppctf- used every year in the electrical"industries alone is-about.' half a million tons. Were tho whole output of aluminium, devoted to the making of electric cables, it could not displace more than about 25,000 tons' of copper, and this is scarcely enough to affect .the markets. ' That the time will come when a cheaper method of transmitting electric power will be discovered few experts doubt; and that such a discovery "will , play havoc with tho interests of .coppor producers; 'but the fear of aluminium is probably , groundless. •, : In a paper read before tho Bordeaux Congress of Sugar Chemists in France, M. Francois Dupont, formerly President of tho French Association of Sugar Chemists, propounded a scheme' for increasing sugar consumption. Averring that scientists, physiological and hygienic, agreo' in recognising the high value of sugar as food, and in recommending its use in large, quantities in the diet of. human beings, ■ M. Dupont said, that 'increase in the present rate 'of .consumption'' could bo secured by . it into tho manufacture of bread. When mode with a.' proportion of 5, 10, or even 15 per cent, of sugdr, bread, according to this authority, becomes lighter, morel agreeable to the taste, hap a higher alimentary value, and He estimates that if 5 per cent. of,, sugar were ,introduced jnto tho daily bread requirements of, France alone the increased consumption of sugar thus brought ■ about would amount annually to 820,000,0001b.; that is'to say, it would absorb the entiro' excess of production. With a! bread containing.lo per cent., tho'increase in sugar'consumption would be more than'the. actual average 'production of France nt the present time'/ and : still ' the not'bo eating as much 1 sugar as the Englishmen does ordinarily, and not within a third of as, much as the Australian does.,: ■-,- A con-' dition .;0f... this; extended.,( itso: ; ( of-.sugar,, of, course, is that, tho commodity, when applied to bread manufacture, should be freed from taxation. M. Dupont dwylls in quite a pretty, way upon, the far-reaching national advantages of this' novel method ,of "restoring the sugar industry ■ and the culture of sugar , beets to their .former prosoority." "• i It; would seem that consumers of farina are in for a rather expensive season. For some time now prices have been very moderate indeed; in fact, superior German'farina at one tinio fell, almost to the price of superior Dutch. However, tho rainy summer on'the Continent has now; told its '• talc. The potato crop has been greatly injured Jv rain not only in Germany but in Holland also, ' and one of our best authorities has computed tlint tlijs season's production of potato starch will not exceed two-thirds of the average. Certainly this sounds ominous. This week the price. of 13.K.M.F. farina was raised iil per ,ton. .A little over, twelve months ago superior v German sold nt .£8 12s. 6d,per. ton f.o.b. Stettin; to-day the prico at tho samo port is ill12s. Gil. These facts speak for themselves, aud it is clear that the present is rather'a critical time for'' buyers. , ! ' According to the statistics just published, Germany exported artificial indigo to the value of ;31.G million marks during the past year, against 25.7pillion,marks in 1905, 21.7 million in 11901, and' 7.6 million in 1898. The largest imported, of this product was Japan, taking 6.9 million, marks. China imported it to the value of 5.3 million murks, the United' States. 4.5 million.marks, Russia .3 million' marks, AustriaHunjjary '2.7"million marks,, Great Britain 2.6. million marks, tho other principal importers being Holland, France, and. Italy. During the past year there': has been! a 'slight improvement in tho price of, the artificial product, due chiefly to the agreement between tho'Badischo Company - and Meister Lucius hnd Bruiining. In- 1895 , Germany imported "natural indigo to tho vnluo of 21.5 million marks; in 1898 this had , Hfink to 8.3 million marks, whilst last year only 800,000 marks' worth was imported. Consumers .of shellac have for some t.imo past been feeling the inconvenience of High prices. The two principal varieties, "but-, ton' and "oriinge" lac, aro ; both used in largo quantities by hat''manufacturers in Denton, Stockport, Ilyde, and other places round Manchester.'' Button lac is made, in flat cakes, more or less circular in form, aud except to the expert, is • a. material whose exact value it. is .extremely difficult ; to gauge. Its appearance, its, smell, the sound it makes whenbriskly broken, tho feel of. it, and even tho taste of it are considered carefully by the trained buyer. Orange lac is also used extensively in the manufacture 'of varnish. It is usually met with in thin, shivery flakes, and is much easier to judge than the other. It is only three or four years since tho price of shellac was just one-third of what it is to-day; aud no one appears to know thfi real cause of the advanco. It has been attributed to the growing demand of the electrical trade and to the increasing use of high-grade varnishes, but it is doubtful whether either -or both >01 these explanations is adequate. It is true that the demand increases rapidly every year, but, it is equally true, that the supplv seems to .increase pro ratuj Probably the truth is 'tnat';thG' standard of purity in the supplies 13 lower than formerly, India may' ship arge quantities of sliellnc, but this season almost every quality has been inordinately adulterated with resin and other gums' It has been suggested also that tho .high prices have induced, cfireless gathering, which will prove injurious to future crops. But official interest has been turned lately to tho cultivation and harvesting of shellac with a vi»w to maintaining lip quality of the crops, amfit is hoped that tins may result in the maintenance or improvement of the standard. STOCK MARKETS. . , CnniSTCinjitcii, October 17. At the Aldington yards yesterday there was a moderate entry or stock. Fat cattle were easier. l i at lambs were lower in price on account of greater numbers, and fat sheen were firmer on account of a .smaller yardintr Store sheep were mtlier dull of saie. Pish of .all classes were apmn in keen demand. There was a dull sale of store and dairy cattle* Tho entry of store sheep was a small one and consisted principally of small hoggets! There was not a .very keen domaud, the bidding beinf? slow. A line of 271 wethers made l!)s. fill., end hoggets sold as follows 374 ut 17s. Gd. (a good line), 75 nt IGs. 10d., 328 at 15s Oil., 122 at 15s. 5d., 52 at 15s. Gd., 37 at 13s. 10il„ and 33 at 13s. Bd. A few small lots of inferior ewes anil lambs sold nt 7s. 3d. to Bd, 3d., all counted. * Fat lambs.—About 110 wero penned, nnd met with less competition on account of the larger supplv. Prices ranged from 15s. to 21s. Several lots were passed. Fat sheep.—The yarding was smnller than for the past -few weeks, there being fewer sheep from the south. The first shorn sheep

of tlio season were on offer, but tho largest I)on was passed in. The sale opened at prices rather firmer than last week, and tho demand kept up until tho end. Primo wethers, 255. to 31s. fid.; others, 20s. Gd. to 245. Gd.; primo ewes,. 225. Cd. to 2Gs. 3d.; othors, 19s. Id. to 225. j'primo merino wethers, 18s. 9d. to 21s. 10(1. Fat cattle—Tho supply of beef totalled 257 head. A good proportion were of good quality, but there were some large unfinished steers, and very light heifers. Bidding was not so keen as of late, and prices showed a decline, especially for anything not really prime. Tho steers brought £7 12s. 6d. to .£l2 10a.; extra to •£l-1 ss. j heifers, £5 10s. to i! 9 10s.; cows, .£5 15s. to .£lO 17s. Gd.—equal to 325. Gd. for extra prime, 275. Gd. to 30s. for primo, and 325. to 3Gs. for medium, per 1001b. A large yarding of veal calves made ss. to 455., according to size and quality. Store and dairy cattle.—There was a large mixed, entry, mostly young sorts in low condition, and there were few buyers. Small yearlings made 10s.; 15 to 18 months, 275. to 355.; 2-year heifers, ,£2 2s. to £2 Bs. 4d.'; and 5-year steers, £7; dry cows, 15s. to ■£•! 7s. Gd. The dairy cows were aged and medium sorts, and were dull of salo at ,£3 to £7 10s. Pigs.—There was an averago yarding, and all classes wero in strong demand at high rates. Heavyweight baconers made £i to £1 lGs.j lighter, 50s. to GOs. (equal to 5Jd. -to sid. per lb.); heavyweight porkers, 10s. to 465.; and lighter, 355. to 38s; (equal to Gd. per lb.); largo stores, ?355. to 385.; medium, 255. to 305.; weaners, 10s: 6d.; for small, up to 18s. Gd. ; Messrs.' Dalgety and Co. report that at their Palmerston bale yesterday there was a small ontry of sheep. Pat ewes made to 21s. There was a good entry of cattle; 2J to 3-year steers made Si 10s.; fat bullocks, ,£8 10s. to i£B 135.; store cows, £2 2s. Gd. to £2 is. : Tho New Zealand Loan and Mercantile Agency Company, Ltd., report:—At our sale at. Palmerston North yesterday a small yarding of cattle enme forward, and met with a good demand. There was/a good entry of sheep, consisting wholly of hoggets. We quote:—Fat cows, £5 135.; forward bullocks, .£6 Bs. Gd.; fat and forward bullocks, £7 45.; store cows, 335. Good' mixed hoggets made 17s. Gd., and culled 'hoggets 13s. 3d.

LONDON MARKETS. .1 London, October IG. Consols are at .£B2 7s. Gd., against .£B2 12s. 6d. at last quotation. Copper—On spot, ,£s9' 55.; three months, £57 ss. Tin.—On spot, J!i37 155.: threo months, JEI3G ss. ■' • Wheat—An Australian cargo sold at 435. 9d. The American visible, supply of wheat cast of. the' Rockies is 58,3G8,000 bushels ,as compared with 59,301,000 bushels last week. At the tallow auction 1757 casks .wero offered and 146-1 sold. Mutton—Pine 355. 9d.; medium, 335. Gd. Beef—Fine, 31s. 9d.; medium, 325. Gd. ; DUNEDIN PRODUCE MARKETS. Dunedi.v, October IG. The past week has been one of the most oxciting of the season in respect to the wheat market, aud the result was a sharp" rise of fully 3d.'to 4d. per. bushel., Within the past few days a further advanco. occurred. More sales were mado at the advanced prices thad were possible at 1 the quotations a week ago. Fowl wheat is particularly scarce, and is rapidly saleable at ss. per bushel. Prime milling is now quoted at ss. sd. to ss. Bd. per bushel, medium to good ss; 2d., to ss. 3d., whole fowl wheat v.p .to 55.,. broken and damaged 4s. 6d, to is. 10d. / TALLOW. : ; , The New. Zealand Loan and Mercantile! Agency Company has received the following cablegram from London, dated October 16:— "We quote present spot values for the following descriptions of tallow: Fine mutton 345. 9d., good beef 325. 6d., mixed 325., per cwt. Market active.". , . .MINING RETURNS, [nr ;TELEGEArii.—PRESS ASSOCIATION.] ' ' Auckland, October 17. The IComata Reefs Goldminiiig ' Company crushed 2100 tons during the four weeks ended October 5 for ,£4338, the (highest return of the present year. The total from the mine to date is 4201,518. CUSTOMS RETURNS. /The Customs returns for Wellington yesterday amounted to £1776 165.. i lid.

.' ".■'::!:'' '■:'/■ ■'■,'„ V, ■J ?e8 ? n '° 1 ' !§- 2 ' Ltahil- .-3.3 PRICES, yiold ■ rnirpAwv Capital Fundand Kg- ., _• gs . _ to . C °yg-;, ; MaUp v •:»£££ #j .&& ■ Buyer. Sailor. ™ Investor. • BANKS. 1 'r ■'•;£•■:. X ' £ : ; . • £ £ s. d. X s. d. £ s. d. £ s. d. New Zealand '-, -, . - ,2,000,000. 581,675, 3J . 3J ,. 10 10 0 0 - National ...-■•,, - , 375,000. 335,318 S4 15 12 5 8 0 5 0 0 INSURANCE. ' ' ■ ■••■'■: ' National. - - - 100.000 238,243 J unltd.' 15 16 0 17 0 17 0 511 1 New Zealand. :■■'.■..;. - '800,000 336.785 . s . ; 8 ■ 10. ■ 4 2 0 ' South British -' - 100,000 512,109. 1 , nnltd. 30 . ■ , : ,'Btandard.. -"■ ■ . ; -' 75,000. 62,168 2 unltd. 10 l 1 0 . 1 2 0 ■/' j. ' FINANCIAL. >■<•'•' '-:••. ■;-. ■ ■>'■'■- '■■'.- ,„ . " ,'- .„ ' -.- Eqnitablo Building > - 60.000 44 590 5 , ?■• .10 10 0 0 10 5 0 • Metropolitan Building .21.000 . ,5,229 10 nil £ 12 0 0 ,, .' Wellington Invost."; : 50,000.' 3,933 j 4 .J 012 3 . WgtonTriist&Loa'n. 101,250 -30,620-. 6 6 '8 : 7 10 0 710 0 5 6 8 National Mortgago - 200,000 112,250 . .. 2 8 , ■ 10 •, 3 3 0 3 5 0 3 4 0 6 5 0 . N.Z. and River Plato,--, 300,000, 230.308. ,1 ■ "l 1 I 1 0.6 1 ] 2 2 , Loan and Mercantile- '135022'" 157,358. . j M 5 . : . .0 7 0 . . . Auckland-'- •• - " - 160,370 ' -.60,553. - ■' nil 1« . 14 0 0 11 5 0 Christohurch.-.,- - 152,000 ,, ;; 55,037 2 ni ; 10 . 20 7 6 Feilding. . -• '- - .10605 .103 ? ni - ,0 17 0 018 0 017 0 'Gisborno ':- .'-• ! - ' 17100 0,239" 'J ' nil 12} 213 0' .213 0 Hamra:."''■'.• . :- . 8 250 ' .'601 . j ' * < ■ ]° n 11,0 13 0 J »»»f?g 1010 ° "»'* • -.;,,.; :-.- :T ''"Sv.T , 270 27 ° , Wellington Meat Exp.; : •■:')'. , i:,'. : ■■; J .■ • nil. ,8 6'12 C .. 1057G6J 53,767 , ' I '8 6 2.6 " , • . '.""■"■"J M '"" '4 ■■■#■■:■ 8 3 5 6 3 7 0 3 6. 0 6 7 3 \Vangarini ! .',,':" .'«,850 'UM' ' 2 ? ■ ' m1 -' 8 356 5 5 0TRANSPORT.-. . v*..' .,'.: ' , ■ ■»•„'■■' W. & M. Railway ,(r 170,000 121.45-2 .. \ 7 ..... 2 2 0 N.Z. Shipping.: r. ir ,,173310. .112,751 £ ni." 5 '6 0 0 . n n ' Union Stcain" "■•..',-600.000" 472,59-2 '-° m. ■ 10 1810 0 ■ ■■ .■ . 1810.0, 581 Wsta. Steani'Feriy.■•■•■•• 16,250--.■-.. 65 . f" nil.. , c 018.0 - ■ COAL.-,.:'. . i; . '.... ,. ■-...■ -, -.,. - 1 . . ■ . .-,-' ■Westport - - - 260,000 U7,215. ;, H" 15 '7156 laupixi.- --- 82,500 : 5,339 « nil... 74 0190 '110 . WOOLLEN. '■• - ■" ■' x - .,('■' . ' Kaiapoi-;.■.- ■,- - iOO.OOO ..■32,851., nil.... . 6 5 00 . . ' Mosgiel- ,- .:■;.,.•■ - , 83,457 «,152 » . - lj 2i ' 218 6. 3 0 0 ■ ' ■ n .Wellington--' - ■- '60,000.' 24,363 M • ' 1 ■■ ■ b ■ 3 5 0- 3 7 6 3 5 0. 7 7 8 '■ H1SUELLANEOUS.: •:■■■:■"■■ >'-■-. 4 ' ' ., ■••'/■..:••.: BonaghyRope.i'r- -. ...47,000.; . .—' ,„.. n | .. . — ■ , , 5 7 6. . ' Loyland &, 0,'Briou' ,'■ ■ ..'35,000.. . 24,065. : ? 0 nil 15 2 5 6: 2 6 6 ilauricevillo Lirao,.-,',. 7,000 . n |J" 8 ■ ' '1'5.0 ■.-.'• .- N.Z.Uandlo'- --• M - '10,000' -: - ' i*' ■" -. :■• ■. ■■■ 10 0 0 . N.Z. Drugs-'.- "--..;■ £00,000 •' 344W ::■ ™: n '.} I 290 2 110 . N.Z. i'apor Mills ■:.- -W755-". U77. ..? .»! : 7 13 6. 140 .1-8,71 519 0 •■"■'", N.Z.'Cement- :.-.'-.•;40,000. . ,2,W8 .: 1. nil 8 1106 . Manning Jt Co. - '.-' ' 96,000 '■ ' 37,070 } ' : ■} JO 10 0.-/ Wardi-Co. -'-' :■"-"■ fO,CU)', - £0,6M :j .-.. 1 ,10 ■ - 626 Wgtn. Opera House ....' .13,630 ;. ! '1.70a.... , *.. ,,n . ■_. 8 5 100, "Wgtn.Fxe6hFood. \." 2S°61. .: -• . .■?. ' ? . 0' V! 0 Whitcomuo & Tombs •-.46.450"- '£0,153 "J. ■• ni ' J? 110 0: ' Sbarland.Limited .'. : 48,676 ■'■ 9.3U.. 5 .nil.. .74. ..,,-, .018,0