FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 42, 13 November 1907, Page 10

FINANCE AND COMMERCE.

THE SHARE' MARKET. .' There was considerable, animation {in/invest-' ' ment stocks yesterday," as, compared' with what' has.been tho.state of the market for the past ; few weeks. Three sales wcro reported. GeaTS, £1 paid-up, changed hands at the magnificent price of 505., tho return to the 1 investor on the basis of the last dividend paid being i per cent. It would be childish to assume that investors are satisfied with so, small''a'-fetum, and what seems probable is that a;bonus'in addition to the ordinary dividend will bo declared, or that the dividend ratefwill ;be' increased. Tho financial year of-the.'.Geap>Comv-pany closes on/'November 30. ':.'vWoUin'Stori Woollen shares sold;'at-^3: ; .Gs.', ; yielding.i£7 ;; ss:.' ' 6d. per cent These sfraresJchahge'd, Hands viously at £& 65., and Wellington' Woollens are more active than the;other woollen shares. Westport Coal shares had Quittance jit i£7'lßs:,. yielding,£G 14s. 7d. ; ■■ per" cent:-y Bank -'shares'we're quiet, but without any change in values. Bank, of New Zealand shares were quoted at • £9 145., sellers' quotation being ~£lO 2s. Cd. ,' National Bank shares were offered at £5 95;, : : with no declared buyers. Insurance were neglected. There was an inquiry for' New Zealand Insurance shares, buyers offering .£4, sellers wanting £i 2s.' The financial year of this Company closes at the ond of tho month. , Financial shares were'dull; the only, demand being for Equitablo Building at .£lO 2s. 6d. Gas shares were very much neglected/' There, were sellers-of Feilding Gas at 17s:■'■'3d.;',-and £10 paid-up Wellington Gas at 17s. Cd. In meab-shares-there was a.call for. Christchurch Meat shares at: .£lO 7s: 6&, and for - the third issue Wellington Meat .'Export:' at £3 6s. Id. Manawatu Rails were-vory firm, with buyers offering 425.; and .sellers holding ".. for -15s. Westport Coal shares wore wanted at £7 15s. fid., and Wcstnort-Stockton Coal shares were offered at 9s. Cd. In tho miscellaneous section" there' was Tathcr more' activity than usual. For. Lcyland-O'Brien Timber shares, 465; cum dividend'was .offered, and; for second issue Kauri iTimber 9s'. 3d., but-sellers of the latter quqted>.9s.; 9d.'\ New .Zealand' .Portland Cement shares had ..inquiry at' :£1 sellers wanting :^l-115,'6d., arid, there'were 6e [. ling offors<of.New. Zealand Paper Mills at 235. 6d., Sharlarid's Ordinary at 195., 'and ton Opera .Hbflse; at.;'X7 ss. Speculators wero in evidenco fpr-cTarenaki Petroleum shares/ offers of ss. being'reported; holders want Bs. THE. MINING MARKET. \ Not much business,was done in tho market, owing, no doubt, to the holiday of tho previous day. Talismans changed hands at 495. ' 9i1., and sellers .have reduced their quotations to this level. The shares show a slight weakening tendency,'? Waihi share's were weaker, v, with buyers at £8 ss..'and sellers at .£8 6s. Gd. Ross Goldfield,shares,.'2s. paid-up, sold at a premium of one : shilling. There was inquiry for Progress Mines and Consolidated Goldfields shares, tho former at 20s. 3d., and tho latter at 20s. Why, the'scrip of theso companies should be neglected ,it, is hard to say, for they are both doing, well. The state of tho mmmg market', yesterday is shown in the table appended:,— : ■ , .' ,;..v, Buyers. Sellers. Sales. . ->' ' .- .; £s. d. £s. d. £s. il. Kuranm Caledonian 0,1 0 0 12' — Kuranui, " ... ' ,';.. '] 0 11' N.Z. Crown! ... , ... ,0 8, 0 _ _ Talisman '■■... :....;,':'_ 2 9 9' 2 9 9 Jf a1h1 ,,,,!■',- '••- 85, 0 8G G - Eoss Goldfields, 2s. :; ■ paid .^>. v .,.,. v ..'.-.., - ' 030 Progress Mines ...10 3 — / — Consolidated .'.'-.Gold-'- '■' ■; ' fields* '_. ... .10 o'— — The Secretary of the Wellington Stock Exchange, received advice by telegram yesterday that the directors of tho May Queen Company had mado a penny call. COMPANY'REPORTS. -'' The report of the directors of'the Taranak'i Oil and.l'reehold Company, Ltd.; for tho year, ended September 30 last, states that the policy of the. directors was to arrange for the drillin" of No. 1 well by contract, and negotiations to this end were entered into .with somo reliable people of good standing. The directors however, declared that there were many objectlo,is. v° t l lis . cours0 ' an(l that no contract could be obtained which would properly safeguard tho interests of the shareholders, and ensure the boring to such depth as mightibe considered necessary. "Wo therefore, with reluctance, decided, that it would-be best to undertake the';.work ourselves,' and -,'we consider we ; are" -'" fortunate' in chgagiV the services of Mr. Wm. Balloch, whoso, testi"monials aro of the highest order,' and'. who'has so far proved himself a'capable and most competent master driller and engineer. Previous to leaving England in August, 19Q6, he was, for twenty years in the employ of •a' leading artesian well' boring firm, for whioh ho carried out very important water and oil works in Great Britain and South Russia. ,"A good portion of the.plant and-machinery was bought locally, but it was found advantageous to send Homo for the casing and steel cables. This saved us a lot of money, but necessarily caused delay in getting to work. Boring was eventually commenced at the be-' ginning of June,, and. has -'since continued steadily, except for. a stoppage-'of'about "a fortnight, when our engineer was prostrated with a severe, attack, of/.tho prevailing epidemic—influenza, complicated by 'pneumonia, brought on by working when ho ought to have laid up. Our experience of tho country has proved very different from that of our neighbours at Moturoa, Omata, Bonithon, Ingle?' .wood, and Durham Road, inasmuch as we have 1 found nothing but hard and solid''formation)?, from's2ft. downwards. This has made the pro- 1 gres3 Exceedingly slow, but the:strata penev trated has been found free from the. faults-and fissures which characterise tho''couhtfy.;about the Sugar Loaves, and which have made it'sb : difficult to shut off water when an oil !scam has been tapped. This experience-induces! tho' belief that wo may reasonably hope": to •bo'.'ffee : from somo of tho difficulties' which'.rctard their piogrcss. Small shows of oil have : been got at several levels, but theso merely serve to indi- ■ cate that- the gas observable on tho faco of oui freehold hus its origin in petroleum. "Expenses of working have been kept as lew as possible, and the directors givo Mr. Balloch credit for carrying on his work-with-ont waste and as economically as is consistent with efficiency. At this dato the directors are 'satisfied with tho company's outlook, uotwithsteiiding the slowness of tho work. Wo believe that —to use n sporting expression—the sharc- ■ holders will have a good run for their money, mil that thero is a fair prospect of our enterprise proving successful, and, therefore, profitable. Funds in hand and to come in will be ample for all anticipated.requirements for the next twelvo months." ' Tho balance-sheet shows that 11,991 contributing shares of £1 each wero allotted, and ;ho amount- paid on samo to the end of the |

WELLINGTON. SHAME LIST,

financial year, less calls.in arrears, JE74I lis. .2d.,,.was .£8527 13s. 10d.; calls paid in advance totalled .£307 10s. 4d,'mortgage on freehold property, r d£l26l 175..- 9d. The,,assets show freehold property, .£lOl2 12s.'; machinery and plant, ,£2152 155.; cost of working I No. 1 bore to date, .£645 6s. lid. The cash < balances total Is.

;-;'■;.- KbEEAti.-FISHEEIES; : .. r »lt:.-seems likely that tho world's supply of sardines will in the'future be.fobtained from Korea, while tho sealing" industry is likely to 'receive great;, impetus—resulting in the lower„ingvJof the value of sealskins. -Official expert into ,the marine products of Korea describes that industry as ; being in its infancy, and it is stated that the! seal specie's is to be found along the' Korean coast, especially in tho waters around the islands on the Pacific shores, "hi' quite astonishing abundance Tho coast is haunted by an enormous number, of, these profitable marino animals., Sardines swarm near the shore in great shoals traceable by tho wide rippling areas. According to investigation by the Marine Product Guild at Pusan, the total valuo of the catch by tho Japanese fishermen, who were engaged in fishing in thoso waters during last 'year, reached the largo' figure of .£160,000, while this year a better catch is promised. Tho'French sardine fishing has been more or less', a, "failure for the past two or three seasons, causing a shortage in market supplies. .•■ ', .

GEOWTH OP INDUSTRIAL ASSURANCE. That tho, industrial, form of assurance has .already made considerable progress in Australia is well known. That the fact of our oldest and largest society having adopted this form of contract will givo a stimulus to this •branch is also certain. But to what extent the industrial risks have grown in the United Kingdom is not so generally known. According to' the Latest returns made to the Board of Trade, \lho amount of industrial insurances in existence at tho present time in tho United Kingdomr.andv;lreland .exceeds '250 millions sterling,'and' the-number of policies in force is more than 25 millions. As the wholo estimated population of the three kingdoms does not much exceed 40 millions,'this means that there is, on the average,'more than one industrial policy in force for every second inhabitant, bo he or.sho man, womani or child, and whatever bo his or her. position in the social scale. The average' amount of policy is a little less than ,£lO. The amount of industrial, ijisuranco in ; force, is . nearly twice what "it was 12 years ago. Tot'the limit :of development, does not yet , seem., to have been reached, for" all the leading:industrial offices aro at present transacting an increasing amount of new business. Possibly, the greater part of the increase may. take tho form of duplicates, many individuals being now insured by more than tho policy. But by far tho greater number of people' of small incomes must now ,bc insured in this way.

PRICE OF SILVER.' DT TELEOEATH—TEESS ASSOCIATIOK-rCOPTEIGHT. "■•.'-'; " ~-.'; London, Novembor IL •' Silver.is quoted,at 2s. >2Jd.- ','_ " " ' LIVE STOCK SALES.. [BY TELEGEAIH —OWN CORRESPONDENT.] PAniATUA^'November 12. Messrs. Abraham and Williams, and Dalgety and Company held their sales to-day. There was a poor yarding of sheep, but a fair entry of cattle. Mixed hoggets made to lCs. 4d.; prime springing cows, £S 55.; others, to 425. Cd.; heifers, in calf, 855.; two-year-old, 475. 6d.; .yearlings, 275.; Jersey yearlings, 345.; fat cows, {£$,; yearling.;'steers, 525. .Bulls—Two-year-old /Ayrshire,'• three and a half-guineas; shorthorn; three guineas. ' .'

COMPANZ. . r;iaDp , Jgj. .jg New • - 2.COO.0OO 581,675' Si - S 4 " 10"; '!»"V'O 1 ■ 0 10° 810 a National.. - . - 375,000., '835.318 24 ...15 '12' i-;.t.,fi:,0 6 B U, .INSURANCE.. ..,...,.,,.,,. ,. , . -•"••/-•• , „ ' , - „ ... , . National - - - ICO.OCO '•:. '.:2-i9.339 4 nnltd. 15 . ..IlS'J ] I J * 7 ° B ". J NewZcaland ." - • 300,000 ' '-''BS6.785 't. .,,.'.6 10 ',-.i»..0...,!>, « 3 0 , Eonth British . ...- - 100.000: : 613,100 I- nnltd. SO ■■■••■'•''• J *i 9 , - „ «' 1B 4 Standard - ■-. : ' •- ■ .'• 76,000 v j:£2,168K. S unltd. 10 :; 1:8..0 120 130 ,616 1 EqnitabloBuildlnS - 60,000 44 509. 6 / 5;' 10 10 6 0 10 3 8 4 IB 0 Metropolitan Building 21.000 . 5,220. . 10 'nil 7 'W.A..? . Wellington InTost. - 60,000. -3,033 i ' : :i 6 ■■■••■ 012 0 -. ..' Wol'gton Trust* Loan 101,250 '30,620 '5 -,'S , 8 ' ; T « 0 TWO g°° National Mortgage - 200,000 \]1«,!50... , 2 8 „10 8.3 6 ,8 5 0 M «»• N.Z.andBiverl>lato - 300,000 .23O.308 ■ • -'-1 . nil .hi 1 0,0 .10 0 J J 1 S toon and Morc&atiifl - 135.223 167,358 "'i 8£ 6 "',.._' 0 7 0 OfiO U1J GAS. ' - ■" • ' Auckland • . - 160,370 E0.653 6 nil 16 14 0 0 14 6 0 Christohurch . - ,152,000 £5,067 6 nil 10 . 10 5 0 . Foilding . ...... 10.805 103 1 nil.' -■''.'•■ ° "J 017 0 , Gisborno - . . 17,100 0,239 ■ 1 nil .13j. ....: : ' .' 2.13 0 •. Hawera -• .. 8.250 604 J 1 10 1 1 0 13 0 Now Plymouth .. - .18,000 S.159 6 nil 10 __ >« 0 • Kapior - ... ) 10 nil "15 26 0 0 - ; ■ , „V- ... . «,Q57 £2,517 5 ,6 16 1510 0 . . . _ •-_ J - --I- 0 --15 , "3 7 0 PalmorBton North " 27,000 11,092 44 4 10 II 6 7 8 6 (l| Wellington- -- . „,,,,„' .67083 10 nil 10 . 1814 0 1817 G 1816 0 668 i • MEAT.' ,\ -■■. •'.,'')".'•.'•.,.■.;':" , ',:. > 1 Wh ■. •■ '.' j ;•_■■'•» ;-. ' Canterbury -." • ' : '183,727 '■■"■' 30,074 -'' 74' -24" •■8 „ ''' '15,2" 2" ,'»', n n ■tig i Cbristchurch ,- 165020 64337 10 nil. 8 10 .7 6 1012 6 1010-0. 713 4 Gear ... - mm .[ 65,193 1 nil. .10 »»-0 I.M Wellinfiton Meat Ew ) 6 nil. 8 . . i 105766t B37E7 A < 1 8 5 0 0 5 2 6. ,, ,, 105.7b5j y 8 361 3 6 6 3 6 0 87 3 Wanganoi „ 11,404 5 niL 8 TEAN3POBT, W. 4; M. Kailway - 170.000 121,453 1 4 ,7 2 3 0 .260 , 2; 8 0 368 N.Z.Shipping \- - 473,840 113.751 • • 8. nU.' • 5. ■• b 0.0 . •... DnionStcam '-. - COD.000 472,593 1" niL 10 18 10 0 1810 0 6 8 1 ' Wfitn. Steam Forry '. 46*0 65 1 niL 6 018 0 •' 'WcBtport ■-''.-. : SEO.OCO U7.215 34 14 -. 15 7 15 6 717 6 ? 16 0 614 7 l'aupiri - - - - 82,500 5,339 1 nil 74: 019 9 1.0 6 ' Eaiapoi- - . . 100,000 32.854 5 nil.... .6.. Woegiol- .'' - ... 83,457 17,212 34 14 4 ■„„,., Wellington: - '■-'■.-' W,000 . .24,388,- 1 1 .6 ,, , .3 6 6. 3 6 0 7 5 6 MISCELLANEOUS. ', • ■'■; •■-' '• - ■' / ;' DonaghyEope - . 47,000' - '"' 10• no/ - B13 6 "! Leyland & O'Brien 35.000 ■ B7.761 1 nil 15 2 6 0 2 6 0 MauricoviUo Lime 7,000 205 1 nil 8 15 0 K.Z. Candlo- - 10,000 - 10 nil — 10 0 0 N.Z. Drugs - - r 200,000 34,514 2 nil 7 210 6 311 0 N.Z. Paper Mills' "''04.756" --'1.177-' ' l"-''nil- 7 13 6 13 6' "'1">S 7J E19 0 N.Z.Cement-- . ' 40,000', ■','. S.OJ3..' •■ ,1: nil,.:. '8 110 6 111 6 . .'.:. ... Manning <fc Co. - ' OG.000 37.670 4 1 10 400 — '. ■Ward&Co..-. - " , £0,000 .S0.655 . ,4 1 10 , 6 2 6 Wgtn.Opera Houso " - 18,630 ' 1.705 6/ nil 8 / 6- 0 0 7 5 0 ' Vlgtn. Fresh Food . * ■ ■ 28,261 — 1 nU — 0 8 0 ■Whitcombe & Tombs- '46,250 E0453 5 nil 10 16 0 410 0 bharland.Limitod 48,676 8,3U 1 nil 74 019 0