FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 29, 29 October 1907, Page 8

FINANCE AND COMMERCE.

. THE SHAKE •'JIAEKET.';' r - ,v ";■■•■■ The markot/for investment' shares'Jras-life-Jess, and brokers were unable ~to report a ■ single Hi-ansaction. The ■ buying offers --were limited, bids ieing made for" National Bank shares at £a 86.7 Wear Meat, 20s. paid up, at 475., Tarauaki Petroleum; 20s. 1 paid/at ss. Hd., and Wellington Opera House at JCG. .There were sellers of Bank of New Zealand at £0 17s. Gd., National Banks at .£5 95., Loan aud Mercantile at 75., Christchurch Gas at >£10-75., Feildiug Gas at 175., Wellington;, Gas,, >610. paid, at .£l9, Mariawatu Bails at 425., Taupin Coal at 21s. Cd., D.I.C. preference at 235., Leyland and O'Brien' Timber at 175., New. Zealiind Portland Cement at 335. Gd., SKdrJand'Sj prefei-cnco at 19s. Gd., and Tarnnaki Petroleum; «t 12s. \ '■■ • , .'■•"■' .;' '' MINING MARKETS" , '"-' ! There was fair inquiry a sale was mado yesterday vpf.; at. ,£8 ss. These shares value depends upon the%tate.of affairs on/the London, Stock Exchange. ■120,000 Waihi shares held in-'NewjiZealand!;; while about 350,000 aro held in London.'lt is because the London quotations,; are^lo* , .that, values here are depressed./* And ', it,'is/difficultto say what is likely to occur" in 't;h'o'"iihm6(l-' iate future. They are as likely to rise as fall, and everything will .depend upon how London ,is affected ,bj" tho financial crisis. Talismans remain fairly steady, arid they are not influenced in the same way as Waihis, because the bulk of the shares are held within the Dominion.. The movements of the mining market yesterday are shown in the table appended:— ..- . . Buyers. Sellers. Sales. \£ s. d. ■ £~sii&e Talismans 2 7 3 2. 7 9 — " Waihi ... ... 8 3iO 8 6 0 8 5 0 Tairua Broken ' Hills ...■;..-. 0 5 11 - ; N.Z. Crown ... .—. ~ 0 .-7 2., — Tairua Triumph... 0 1 !>;" ';(< ' 1 11" Ngatiawa ... ... 0 2 o r i-0-2—iJ .t'.^^'.. ; ' THE FINANCIAL PANIC.' There appears to bo sonic prospect of.the financial panic ■in New York subsiding,- but too much reliance cannot be placed on the opinions of the New York financiers, who are rightly taking an optimistic view to , bring about a change in the situation. Two or three times in the past fortnight there were reports of improvement, .but' ; 'a 're'crudcs'cence' of the panic soon followed each announcement. No doubt tremendous- efforts were made by Mr. Cortelyou, tlio Secretary to the United States Treasury, and by Messrs. Pierpont Morgan and J. D. '-.Rockefeller, 'but it is admitted that their effortsihavu only slightly relieved the strain. The "'danger 'has, "there* fore, 'not'passed, and a renewal of tlio runs may occur at any time. The break caused by Sunday may produce a calmer feeling; on the other hand tlio dissemination of .exaggerated repdrts, a not unusual thing is: great .excitement, may cause a "rbliDfrarof 'the" panic this week. New York has had a wild time all through the year, and there have been many . failures. The 'more important insolvencies are as follow:— . . . .

Milliken Brothers', steel bridge builders; Kew Yprk liabilities, £1,300,000. Pope Manufacturing Company lof.. Columbus; capital, £4,000,000." Onion Iron and Steel Company; liabilities, totalling £400,000. ' Otto Heinzo Company of New York. State Savings Bank of SJnjtte Ctly,..,*',-' S Knickerbocker 'Trust Company," New ?Yprk: deposits, £14,000,000. ? '"•" '"' " k ' '• " *'■ "*;". Mayer and Company, stockbrokers, New York; liabilities,i,£6,Ooo,ooortV" : i"!"iiT '< y* i' j *■'■% Manufacturing. Company, with a capital of £10,000.000. The WestinghoHse Machine Company, with s capital of £2.000,0007 The Security Investment Company. The Hamilton Bahk-bf New York; deposits, '£1,250,0.00. TJ'.i, I ;':■ :'■'... Twelfth Ward 'Bank, New York;f'deposits, X5G0.000. ?'■?'*' ' rtV^.'^mUiJ Nevada State Ba'uk' pf Gaison. "i.'^tSr^S 1 ;'*". Willinmsbmg Trust , ' Company ofeßrooklyn; ■ deposits,' £1,750,0q0,.y ,'.•;, ! First Nationabßank of- , Brooklyn jvdep'osits'; - ' £8-}O,ooo. ,-,'... ",-'. .! i£;-Ai<;£:*& Terminal Bank; 'B/ooklyn; deppsii(s;j!ii£2s;ooo." Union Tru.sfr'Company of Providence; , "Rhode Island; deposits,? '£5,750,000. .i'S&li'! 'Milliken Brothers, the Pope Manufacturing Company, and tne Union Iron iind);Steel Company, suspended before tho.pronent/.crisis commenced. One company—the Trust Company of America—suspended, Jiuf,Resumedj.Qp.erationsl The banks are evidently "insisting nbon notice being given for tho withdrawal of deposits, and this should have an excellent effect. SITUATION UiNT.'ER CONTROL.' Leading financiers are , convinced that the situation is now under control, but in an »ariier message it was stated that the scarcity jf money was the greatest difficulty. Aming other proposals for relieving theri- situation is'! that of importing £5,000,000 ill g'6ld4rom"'Kiirope, and it is this operation that will affect the London money market. London is' the only free in Buorpe, besi'dtsi. London controls the output of the principal mines. South African supplies are sent to London, and ro are the Australasian supplies, unless'otherwise directed from London. The loss of five millions in gold would not. under ordinary circumstances, affect London, but the condftions are abnormal. Financiers, or rather it fsho'ild bo said, the Bank of England some ■timo ago made special preparations for meeting the anticipated Autumn demands, and a chojk was; placed on "the prospb'rity,-of-:the American houses (liscflutjtinK'/finance S'bijls'i But this five millions (leinaiidis eiitraordiiiaiy; and London will lie obliged to find the money. 0/ course the rates can be advanced, and we may put on a 7 per cent, rate, but.that, -will not prevent the Yankees gold they require. During the Baring crisis in 1890, London wus compelled ;(o submit to n considerable exporp.'ol 'gdl'd-.!ltd-'tlio ; , Unitc'd Stales. America' has a surplus of wheat to export, and this surplus will exert an influence, on her behalf in intcmatioiinl finaiico. A high bank rate just now would not .bo verv good for industry; it would impose a check' at a time when it needs (lie greatest encouragement, because there .is .just now. an. ebb in the. tide of indnijtrlnl.'activity-.; However, another week or' two : should settle the position. NOTES. "''''■ ' '"•""•■"' Consular-Agent Gustav C. Kothe, of C.issnl, Bt:ite3 that an architect of that city has been granted patents in Germany and other.European countries, and also in th« United States', for an invention'' for the manufacturing of

"glads' , telegraph' and-' telephone poles.- .. Mr. KotHe"writes:—"A factory for : the -manufacturing of glass poles has been built at Grossalmerode.' The glass mass of.which the poles are made is'strengthened by interlacing and intertwining with strong wire threads. Ono of the principal advantages of-thase poles would be their use in tropical countries, - where the wooden poles are soon destroyed by the ravages of insects, and where climatical influences are nuTous to wood. The selling price of,.,the poles has not been fixed, yet, but the Company is.willing to accept 255. for a polo of the length of about 23ft." ... ■'; vlV'.j' Messrs. Phillips and' Eike.V'.'.jthe ' agente-.sin Australasia for B. Bell and Company,' Limited, report that they have received a cablegram from London stating that:' Messrs- Bell and. Company- intended to largely-increase their op'oratiqns.jii Australia, both as .'.regards, the of wnx vestas:.; and" 'wooden No further particulars Mavo been .roceivMas.tb wliore Messrs'. Bejl:dnd;Company intend .tpiextend their, operations'.as yet, but .at-,imayi l l)'e'"that they will enlarge' their..factory iiinSMelbourne for wax vestas, jvhich has been running for a long time, and perhaps start a .factory,for wooden matches in: Sydney. v.How•e'ye'r.Jtheir agents expect to rcceivo full particulars by.mail shortly.- .- ' . .

..Natal.is not, flourishing financially just now. The past three-financial years have shown deficits aggregating .£526,000, of "which -. J2300,000 i> provided out of loans and .£200,000 by charging, stores on hand to capital, instead of revenue. It 'is argued that the Budget estimates for the current year, framed in July, which placed the-revenue at i£3,&41,000, were unduly siinguinoy ..Natal.-'has a'debt-of ,£21,000,000, an. are'a''of» 351371 "-fiq'u'hre iriile'si ! 'and a population of 1,150,000-mostly black.

The, printing establishments in the United States, including newspaper offices, in 1905, numbered-26,122;-their combined capital was >C7g,5£1',7.55, and. the: valuer of their ontput in tlie year was .£101,196,517. Amongst the npws'ptip'ers, thV ' advertisements -yielded' nioro: by .£6,800,'000 than the sales of the papors, thoiigh 20 years back tho sales produced the larger sunv In tha decado.to 1900 .the. extension of tho evening newspapers was : a most strongly pronounced featuro in the' United States; but from 1900 to 1005 the expansion of morning and j&yening newspapers was fairly level.

..The. "Engineering News" estimates .that in the United 'States labour receives 3 dollars wages' for , ' every ■ one '. dollar received 'asv profit or interest on capital, and that upon that basis the :total .Vages bill is now." ,£2,110,000,000 annually. "'"This is* calculated on the estimate of .there being 23,200,000 wage-oarnors who re'ccivo an average of £91 per annum.■■ The argument extends over a'good deal of space, but amounts to nothing mori; than a rough estimate at the end of it. '■)■£ iai&B COJiS&gSiONEE'S'.VMABiE. The Department of Industries and Commerce has'Jeceived. the following cablegram from the High Commissioner, dated London October 26 1007:- " ■ • ■ ' There has been a better tone in the mutton market this week, in anticipation of small shipments ..from. Now... Zealand.... Eiver Plate, mutton is in large supply, and is being strongly pushed for sale at 3d. per lb. Canterbury mutton is quoted at 3Jd., and North Island at 3Jd. per.lb. The laiiib'.marlief: is steady. .There is a good demand!'' for, prime; quality,, bμt dull .sale for' Heavy carcases. Canterbury lamb is quoted at 5Jd., other than Canterbury at ojd. per lb. V.f Th'e>*beefV,market fis 'weak, with heavy.;sup-, •plies ofVaiverrPlatei'bc'ef..'' 'New' Zealand hind quarters are quoted at 3|d., forequarters at 2Jd.vPer.lb. ~..,„; , . Tlio/buttpr.'inarket is very firm, and is ex-!'citpd.-by/Va J ~'6pe.ciilatiye--demand owing to the fexpeotation" coming forward-. Supplies of butter'oniharidiare small. Choicest •<Nc\v Zeala'nd is::qjiptcd."at;.n2os.;,Danish, 1285.; ■Siberian!' llOs!: p'er'vowt .... : - • ■.'■'.... ;:; TSaircHeesa .irtarkotJs'Cq'uiet;' :W;th a tendency ;inr : faTO!ir';-bf';buyerE;;i''Cnnadiari ; ! maiiufactiire 'is-cfiibted.' at':.6}s:'for"coloured," 'GSs. for white ; vjt'v;''/ , ! ; v i.:'T,he.^iemp;'.market-is dull, and heavy shipments' are expected 'from Manila.;.-' The American disturbance affects the ;market very seriously. Current quotations .Van?-':—Good failgrade on spot, .620; fair grade',on spot, .£27 10s.; fair current Manila on spot, £29; Octo-ber-December shipments: good fair , grade, £27 10s.; fair grade, £26 10s.; fair current Manila, ic£2Brner ton.

The cocksfoot seed market is quiet, and buyers ,(\re.,..not keen to do business. There is no. change in prices to report since last week. ~ . . The wool 'market is firm, and there is a general and active demand. LONDON MARKETS.. ... .V <-~ ..., ,- PRODUCE. : •.. '• '■'' ' • ■ • ■-• London, October 27. , ~l|lew... Zealand beof, ox. fores, 2Jd. per lb.; jliiyerl'latej ox fores, 2Jd. per.lb.; other meats unchanged." '' '• ' '•■''-■ New Zealand hemp ;s weak. October-Decem-ber shipment, ,£2B per ton; January-March, £27 10s. There is good demand for Colonial rabbits, as the English marketed are in poor condition, owing to the weather; but importers arc uuablo to raise prices. There is a fair trade in hares at Is. 10d. '? ...•..." .METALS.-. ... ..,.. ■' Silver, 2s. id. per ounce';' ; '. ■"■■>. " "Aiitimony, Sl2 to'-'ifiH. ■•; : ■-'■' Copper, on the spot, .£SB 15s.'; three months, £58 10s.; electrolytic, £51. ■>' Tin) spot, 'JEM 3 per ton; three months, £U2 'lOs. "- ■ ; " ■■'■• "' :■ : ■■:■■■■ ' ' .. Lead, ss. '<■■ .-'■■',: ■''"'^BUTTER. : Sydmkt, October 28. Butter advanced a further 2s. per cwt. tn:day:,;., . ..,~ ■ . ; ■ ■~ ■• :. ; , New PwimtiTii/. October 26. Cabled advico from London states that butter; ex Atlienic, has been sold at 12ls. : v . PUNEDIN STOCK. EXCHANGE. "'[BY TELEOIiAPU.—FRESB ASSOCIATION.] Donedin, October 28. Stock Exchange quotations:— ! Dredging, stocks: Hignell's No Town, buyers 2s. !)d., sellers 45.; Chnrlton Creek, buyers 45.; .Chicago buyers ds., sellers Bs. j Enterprise,

sellers ss. j Golden Bed, sellers 7s. lid.; Manulicrikin, buyers 10s., sollors 125.; Matau, buyers 35.; Mystery Flat, buyers Us.; Nelson Creek, buyer's 7s. Gd., nollers 11s.;, Pactoliis, buyers 205.; Hice and Shine, sellers 225.; llising Sun, sellers 20s. Mining stocks: Barowood, buyers 55.; Talisman Consolidated, buyers 4Gs. 7d., sellers 17s. Gd.; Wailii, buyers .08. sellers £S Is.; Ngatiawas, i.uyors Is." 10d.; Kotnata Beefs, buyers Is. id. Investment stocks: National Bank, sellers .£5 9s. Gd.; Bank of New Zealand, sellers .£10; National Insurance, buyers .£1 Gs. 9d.; Standard Insurance, buyers .£1 Is. Gd.; Westport bcockton, buyers Is. 3d. (prem.); Westport Coal, sollors .£7 ISs.; Now Zealand Coal and Oil, 'sellers 2s. 3d.; D.T.C. (Ordinary), sellers Gs.; Trustees' Executors, sellers .£3" 75.; Kaiapoi Woollen, buyers .£5; Afilburn Lime (2fls. paid), rollers .£1 Bs.; Jfosgiel Wool lon, rollers £3 Is.; Now Zealand Drug (40s. paid), sellers .£2 10s. 3d.; Uonagby Eopo, buyers Jib 12s. 8(1. ' DREDGING. EETUKNS. [DT TELEGBATCI.—rRESS ASSOCIATION.] _. ' DuxisDiK, October 28. The following returns from working dredges are announced:—Waikaia, 117oz. adwt.; Rise and Shine 11, 590z.; Rising Rim, Siuz. 13dwt.; .Waikakn United 11. 490z. '9dwt.; Blackwator River, 370z. sdwt.; Molynoux Hydraulic, 3foz. Hdwt.; Mnsterton, 290z. 13dwt.; Rise and Shino r, 250z. Bdwt.; Waikaka United I. 230z. 12dwt.; Electric 11, 220z. ladwt.; Koputai, 220z. Hdwt.; Molyneux Kohinoor, 220z. 9dwt.; Waikaka Queen, 220z. Sdwt.; Charlton Creek, 220z. sdwt; Aloxandra Lead, 220z. - 9dwt.; Muddy Creole, 20oz. 3dwt.; Sandy Point, 2!!oz. 2dwt.; Central Charlton, 19oz. lOdwt. ; Chicago, 19oz. sdwt; Kura, ISoz. 14<lwt.; Golden Bed, 17oz. Gdwt.; Now Trafalgar, Hoz.; Olrig, 13oz. ldwt.; Alexandra Eureka, lloz. lOdwt. ; Punt, 10oz. sdwt.; Lady Roxburgh, Boz. Reeftok, October 26. Pactolus I, 30ox. 3dwt,; No. 11, 270z. lidwt.; Callaghan's Creek, 230z. lOdwt. ' . AUCKLAND MINING. (FROM OUR OWN COBRESI'ONDIINT.) AuCKLANn, October 28. - A_ Waihi message states that Mr. W. M. Jackson is making an application to the Borough Council on behalf of the Waihi Paeroa Gold Extraction Company, Limited, for permission to make a road through the abattoir reserve at Waihi for the purpose of carting macliincry to tho river tailing plant. He stated that a company had been formed to work tho claims, and a sum of ,£IG,OOO was to be provided as working: capital, and of this sum it was proposed to spend .milO on the Wailii properties in now plant and reorganising the mill and other works. Ho was instructed to givo the Council a definite nssnrnnco that this amount was forthcoming, and that ,£4OOO was already in the bank. Ho asked that tho application bo granted, and pointed out tho immense benefits such an undertaking would bo to Waihi. Tho Council decided to grant the application, and to subsidise tho construction ot tho road up to .£SO. In this conn[t« I may add that tho Ohinomuri' River contains thousands of. tons of tailings, amongst which are those which formed tho residue of' all tho ore treated by the Waihi and other companies in ytho early days beforo tho introduction of the cyanide treatment. • The extraction in thoso days was so much less than it is nowadays that great quantities of .tailings wore, allowed o find .their way into the river bearing several pennyweights of gold. If there tailmgs bo raised they will pay f or S terest. UT . em ™ !m <d to is of in-

■ WEUINCTON ,,SHAKE LIST. . ■• >Vh,, S g| Liabn- & rmcEg. , Vioia ;.: COMPANY, r, gf & ' Buyor . Bcllo , t . InT <° lor . National - - -'375,000 33j ' 31B 2 * 15 12 58 0 000 gS^-.vvffl^s,,.}:^/!-'^: 0 '' yi 170 6U1 •^:--<i ; « : ss viv tti ■■:. ■ BqnitabteJtaLV- ' mOT ■.«§§ « ? 10 WOO 1050 1036 4 IS 0 Metropolitan Building 21.000 1°. ml 7 12 0 0 rj|-.- ■{ ■■-.■'• .1 -• v ■? . -2 • -• • j SS,: ; S : §#■ ; | J .11 I 34 ° G5 ° . Loan and Mercantile -. .135,2a . **!•**>. t .4 6. O 7 0 ■ AncMaJ'^:' '.''^'"mSTO "'"'|-g"." '= ""'nn" , 16 MOO 14 5 0 Ohristchurch,-•■■-■ - 153,000 -• "W 5... m - 10 ■ 10 70 Tfnililin"' - - - 10603 «iiS 1 ml — ■ 0 17 0 0 18 0 ■tasr?-; 5sSS).- 'i*i - :■ i s ■ : ■■■■■■ - - " ::£0 ' 0W ■•- • V 2 } .V , .' 8 800 : ■ : : *.%&•■ r-$--£ m oVo Wo 1010 ° 7194 U ; ■ * I ." S2.D00J- 4 (i JO 105766f 767 4 1 8 52G52 6 • "•:. " . h, «•.!.,-}/■■!"■'.« ? ■ 23 ,-8' .'36 0 3 GO 3 6 0 C 7 3 ■yrangamii " \ : i &&M 1:™$.'■■ 1 6 1 "»• '* > s s .6 sf:«r. ■, ' ; W.&StSaUffaT' - 170.C00 , ?°n7 5 ? J - 7; '■ ' - ' -I-S S 2 2 ° 368 SMSST- : : a ? r % :.i< ..S!b,. ig moo 60 ° 18100. 6 . 81 Wetn.StoimFerry,;,» ;,vl6.m. '...,,I 0 , ;. ; 1 ; 6 . 018 0-,,. wc 6 tpor C t ? : ' ■ z 'wM';: : ■$'■ .•«:';: : 'if- .-> : ie':V' I i'ii.':o . 717: o 6i3-o. I'aupiri- - - .-- -'iSJ.60) '.'6.3J9" 1 nU. '74 OWO :i 1 C / Kaiapo° OI,L - I3N '. - 100,000 f^... -A '■""•-■ 6-- 5 0 0. ,., -..-.- MosAol - - -• ' - Kl,«7 17.15il.ir. 3*- Hj 2i«- 2-1B <0;' '- 3 0 0 ■ . ■ ■ Wemngton - - - MMMO ".3W' ' --4" '-I-- 6' " } Gt -'l'f C 360 786 MISCELLANEOUS. ■ . ■ ■• ; ,; ■ '• ■ : • ■• ' ■ ■ ■■■'■■ '■ ' ■ ' DonaKhyKopai';-- . 47,080 „-. 1? ni - H f / Lcylaud&O'HrioiT - 35,000 34,0b 1 nj 15 .2 6 6 2 7 0 JlauricevilloLiiau-:,.. .7.000 J . i» . .8 .150 H.Z.Candlo- - - 10,001) — 10 nil — 10 0 0 ■M.l!.Drwrs - - . W,m -34.5U . S 2 ,- oil 7 , 210 6 2110 , , SI Vapor Mills . m>55 -U" h Vnil , 7, 13 6 1:4 0 J 1 3 75; : 619 0 H.Z.Comont- - . 4U.C00 ' W»- "1 "-nU :'. :.8■; .1.10 .6, ."113 6 ' ■ Mannins&Co. - ,. 08.COJ W.b(0 i .l'.i.io. . -i ■■ ■■ ■ i 0 0 Ward & Co. - - . £0,000 <*>•!*» -4 1 ;10 ■ •■ 6 2 6, ■ Wgtn. Opora Hoaso 18,630 l- 7t " f n;J 8. • 6 0 0 W«tn. Frosh Food . BS,ail . ;~^~ ■•..•* • "jf. —"■■.. 0 li' u ■ . ■. . . ■ - ! ■VVliitcombo & Tombs 4ti,'25O . 'M4o3;.,. _6 ...nil .■, 10 i :. . . . - 410 0 .' ,■'.-.. blmrlaad. Limited "1B,676 .0.611,. -.1 nil,. ,7a . ■. . 019'6 .'.'.-.- • .. .