FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 43, 14 November 1907, Page 10

FINANCE AND COMMERCE.

• THE SHARE MARKET. 'A fair amount of business was reported yesterday. Gears, £1 paid up,-again «hangeihands at the high pneo of 50s. Geai,, Company is exceptionally well' managed, and it is not unlikely thatthe bonus or increased dividend which investors seem to expect mIL to forthcoming. Wellington Meat Exports,; JE4 paid up, had quittance at .£5 25., fielding to the investor .£6 ss. 6d. per/Cent.'Feilding Gas shares sold at 175.,' and; sellers have now advanced their quotation' to 18s. Tho market displayed very few ' change's ,:';in.,.quotations. Buyers of Bank of New Zealand shares appear, to have withdrawn, sellers' ideas "of rvalues , being much above tho assessment fixed by buyers. National Bank shares we're Ton offer at £5 9s. There was better inquiry for insurance shares. New Zealands were in demand at £-1, sellers holding for £i 2s. Standards wero in fair demand at 225., with no sellers. South British shares were ;on offer at £5 12s. ■ 6d.| Financial shares wero quiet and unchanged. The bid of .£lO 2s. 6d. for Equitable Building shares was repeated, but holders expect to do better. In Gas'shares, sellers of Wellington Gas, £10 paid up, have reduced their quotation by 2s.'-6d. to 15s. • In meat shares, besides the sales mentioned above, there ■was an inquiry for third issuo Meat Exports, at £3 ss; 6d. Manawatu Rails we're easier, with sellers at 445., and. buyers at 425. Wellington Woollen shares "vwere. on< off er..at . £3[■■■ 6s. 6d. Holders look for an improvement in theso shares, owing to the disablement of the Kaiapoi Woollen Company through the K fire, and also because woqt is likely to rule, at a lower level. Leyland-O'Brien Timber shares, wero in demand at 4fis. 6d., cum dividend, with selers at 475. Gd. / ■

THE MINING MARKET. ' For the first time, for 'many days there.wero no sales of mining shares ■ reported.--r : , The market is hevertheless'firm, as the following table will show:—■.,;."■..:. ■-~. ' - . "•.■.■'- ■ ■ • . ..'••"•', Buyers. Sellers. i '■■'■,'■'-.'■': £ s. d. .£ s. d. New Zealand Crown: ;,;;■'... 0 8 3 0 8 7 Talisman ... .".'.-.:. 2 9 0 2 10 0 Waihi ... ... ... 8 4 0 8 6 0 New Una ...... ... ....,.,0 0 5 — '' COMPANY REPORTS. ' .The balance-sheet of tho New Zealand Shipping Company, Limited, for tho year ended June 30 last, submitted to the shareholders in London on October 8, shows that the net profit, after deducting depreciation, insurance; and Colonial charges,' and. directors' fees, amounted to .£42,143 45. , 7d.,' and there was brought forward £13,751: 12s. Bd., giving an available balance of .£53,894.175. 3d. The balance of the interest account absorbs .£21,442 is. 5d., the dividend .for.the year at the rate pf 5 per cent, per annum accounts for ,£23,692, leaving .£10,700 15s. lOd. , to be. carried forward. Ihe fleet of steamships, sixteen in number aggregating 101,383 tous, are .valued at _£974,.f97, the investments of the company'total ,£83,911, and the property account stands at .£44,370. ' The report of tho-. Colonial Consignment and Distributing Company, Limited, for the vear ended June 30, states that the ■ profit and "loss account, including ,£llßß;brought forward from tho previous year, shows earnings of .£29 858 irom which must be deducted'depreciation and debenture interest, amounting to ,£l2 252 leaving a balance of .£17,605. Thore has been applied in payment of.pne year/s dividend on cumulative preference 'shares, at tho rate of 6 per cent, per annum, J4500, leaving .£13105 The directors now recommend a-dividend of s per cent, free of income-tax, on the ordinary shures,- leaving X 1855 to bo carried . forward d,«rrr, pl ' 0V A ed . c °r ditioni ; of the'pastoral inl dustry in Australia, and the continued nrospentyjn New Zealand, have'led to "om^ - **»* dMC toi <* J" the half-yoarly 'meeting of the shareholders of the Bank of Australasia;' held' n W d » n f ? n tl p«>lober 8, the chairman said with regard to the Board's policy:-" I am not disposed to prophesy regarding tho maintenance or otherwise'of the relatively high price which Mists for what still continues to bT he moTt important product of Australasia, namX wool, hut the price of land-is too apt to fio run up to a figure which could only V justified by the supposition that, the prico'of wool is to be maintained at the point at which it at the time being stands; and without, as. I have already said, being prepared ito' say-that prices may not, at least for some time be o maintained; yet it behoves us, as careful bankers, not to forget that it very generally, happens that a period-of high prices is followed by one of low values, especially,when the averago rules higher than the'ordinary lev»I touched in good g times. Although, therefore we are prepared to offer reasonable facilities to our customers, the position as I have explained iHs always before us, and our officers in Australia and New Zealand, upon whom it rests to carry out the policy of the directors, are encouraged to act with reasonable-caution-in their endeavours to expand thejbnsiness." ..'': .' THE WOOL MARKET.' : - "■ ' ; ■ The wool-selling in Now Zealand will bo opened ir. Wellington to : morrow, when it ;s expected that from 1500 to 'ZOOO bales of wool will be submitted. Wool brokers anticipated a larger catalogue, but owing to tho continued wet weather shearing has beon delayed. 1 ,, "4 good attendance of buyers is expected. Tho London wool sales begin on Tuesday, November 26, and the trend of values for the new,clip fs naturally causing Borne interest. Generally, the opinion held is that values will rulp on a lower level than at the corresponding sales -'of,' last year, but there is a diversity of opinion ns to the amount 'ol the decline. Some .think that the recessioO'.will not exceed ldT to ljd. per lb., while others maintain that the' fall will be nearer 2d. to 3d. Tho conditions prevailing now are different to what they wero a year ago. First of all, there is the fact thac loan-owning commands a higher rate than for any period during the'past thirty-four years;, secondly, tho tide of industrial activity is on the ebb. Manufacturers are,, no doubt, sti.l busy, but they are mostly working "on tho ac cumulated orders of the past. Now. orders an not coming in as freely, and presently much machinery will have toibo thrown idle. Then we have tho financial prostration in thj United States, where a readjustment of values is forced upon the business community. Thj crisis of the past few weeks has prostrated the country, which must now endure a perioj of rest and recuperation after the long period of exhausting, unbridled financial, industrial, anil mercantile enthusiasm and hysteria through which it has passed. The Americans have in the past p-jven very substantial eup-

port to" the wool market, but they: will be unable to continue that support in-tho immediate •future. The wool sales in Sydney- show that a/marked decline has taken place';' and the same may be expected in Wellington/to-morrow. '•".'* 'COMMONWEALTH TRADE.' 'The trade returns of tho Commonwealth of Australia for tho nine months ended Soptember 30 are "very satisfactory- The: imports of merchandise 'aggregated as compared Arith',:531;317,193 for the corresponding period 'oM9OG, showing an incfeaseof .£5,513,077. The-, imports of gold, however, were, less by .£444,344. The ■ exports of merchandise for .the nine months'totalled .£38,575,506, or .£7,815*895 moro than for the corresponding period of lost year, but as the exports of gold for the period decreased by .£6,321,866, tho net. increase ot exports waa only £i; 494,029. '~: )-,-, ' i r~ ■•■ / ■ THE WHEAT MARKET. . Mark Lane reports a further'decline of Gd. per quarter of 8 bushels, and tins .brings the total- 'fall in-tho value- of the'.coreol up to about 4s. a quarter.' Tho easier, tendency of the-market 'is fully reflected, in the wealth,-, .where; milling . wh,eat .\t quoted at 4s. 4dj to'4s. IOJd. a bushel, and flour at £U to, ;JEl3.' per', ton. .There is no change to report jin;- tho position of affairs in tho Dominion of New' Zealand. How, much longer tho absurdly high prices arc to bo maintained it is difficult to say, but no doubt those who were carried away by an undue optimism, and paid, or contracted to pay, fancy prices for the cereal, will "endeavour fti "get back their, money from consumers. There is absolutely.no warrant for the present high quotations ruling in New Zealand, and those'who think there will be a recovery will bo very much disappointed. The United States,.will, have to sell a great, deal more wheat--than.the. statistical surplus, ■and America'can "spare'a lot of wheat, by ■ greater ,use of maize. ,

' •'■" NOTES. ' i. The valiiablo. discoveries., of copper ore at Mount Radiant, Karamqa, are shortly to be exploited, and a developing company is to bo launched in Wellington for tho purpose. Several assays have,,been made of tho stone from the outcrop,'and the , reports are distinctly good. The price of copper, has declined, during the past few months, nevertheless the present quotation is fairly high, and if, as it is alleged, there is a vast deposit, the' cost per ton for recovery! should be- small enough to leave a fair margin of profit. The reports are so distinctly encouraging'that further exploitation seems to be fully warranted. The Norwegians must have an expansive idoii i of the speculating proclivities of the British public, for the following advertisement appeared in "The Times" (London), October I:— ,: Who will risk the expense (about ,£500) of an attempt to catch tho sea serpent and other largo submarine animals by a special implement? Particulars will bdsent on applicatipn to; 500 L'arseii poste: ressanto, Svelvfky Norway.' References supplied if required." The results; of. September: from the' Scottish shipbuilding yards have not come up to expectations, and, although' the record for nine months is a few tons ahead of any previous nine months, the output for September is more than 9000 tons down from that of the September of 1906 or 1905. It is,the lowest out.put since 1903. It.was ..reported that there was a "remarkable'scarcity of new orders The Board of Trade report on strikes and lockouts in 190G, states that tho duration of disputes was equal to about three million working days.. "The number, of workers involved was 217,800,- as against 93,500 in 1905. Questions of -remuneration 1 were the ; most fertile cause of dispute. Tho result of strikes over wages was, "on the "'whole, in "favour of employers only 17 per cent, of tho work people affected bem£ ablo to attain their object, whUst 35. per cent, were unsuccessful,, and 46 por cent arranged compromises.'■. ,■-•—*■

■ ::i\ . , MINING.:.".". TALISMAN CONSOLIDATED. ;_(** TEMOItAPH-SrECUI, CORRESPONDENT.) ; ..V; '-, ;'■, . • ~* AvcKLAH.D,,;Novembor 13.' Matters as between"'the New Zealand shareholders4n the, Talisman Consolidated and the Home "directors, of the' Company have now been satisfactorily settled. Soon after the public meeting held _in Auckland, at which representatives of the Wellington Committee were prosent, the Auckland Committee appointed received a cable from tho London Board practically conceding all that tho colonial shareholders asked, with the exception that instead of two directors retiring, as was th(? wish of the New Zealand shareholders, it was agreed by the Board that one should retiro immediately. Tho place of the latter was, it was agreed, to be filled by a nominee of the Now Zealand shareholders- The'.cable also stated that at the : ;next'annual meoting:(in June) another vacancy would occur, and that colonial aliare.iolders should then.have the opportunity of nominating-a v .second 'director. On receipt of this cable the Wellington Committee was communicated with, and for some time stood out for ■ two directors rotiring immediately. They.subsequently,agreed, howevor, to the proposal that; the i :.:;Auoklan.d , :- l Committee should accept '.the 'oho director how, and nominate anotherr',fpr. tho 'annual meeting.oi'September 10. The.Auckland-Committee received a communi,cation from. Mr. .Staasfield,. mine' managor, to the'effect that the ■ Committjco of, shareholders Id,'toridon,.".working "with^the.Wellington Committee,'.:, had '..'nominated, as .directors Mossrsi Auld>ind Foskett; and'inquiring if this was with'tho'approval.of the Auckland Committee Phis communication was received' prior to tho arrival in London of Mr. Michio, who had been chosen as nomineo for the vacant directorship by the joint Committees of New Zealand shareholder's. The Auckland Committee, therefore, replied that tlioy did not support the nomination of Messrs. Auld and Poskett, and requested the Board to await tho arrival of Mr. Michie. Shortly after that gentleman arrived in London ho cabled to Wellington declining nomination. This, of course, loft tho matter open. The Wellington Committeo then urged the Auckland Committee to accept the nomination of Mr. Auld. Thie the latter declined to do, as they felt they had been appointed with tho express object of having the colonial shareholders represented by a New Zealander resident in London. The Auckland Committee aplced' tho Wellington Committee to co-operate with them in selecting some gontleman having that qualification. Tho names of soveral prominent new Zealanders resident in I,ondon wore considered by tho two Committees without any docision being arrived at.

Hoirevor, von Friday last tho London Board again' catiled through Mr. Ptansfield stating that thoy would accept tho nomination of Mr. Auld, and asking the Auckland Committee for tho sato of harmony to waivo any further opposition. This tho Auckland Committee unanimously decided to do. Thoy communicated with the.Wellington Committee stating that thoy consented to Sir. Auld lieing nominated for tho vacancy to bo immodiatoly declared, and also requested, Mr. Stansficld to cablo to tho London Board to the same offect. It is understood that at tho annual meeting the director retiring will not seek rc-olection, but that tho vacancy will bo filled by a nomineo of tho colonial shareholders. It is hoped that by that time the Committees will bo able to select somo New Zealander resident in London prepared to fill tho position. Tho London Board will call a meeting at once for tho purposo ■of enrrying out their promises to New Zealand shareholders, such as tho alteration of tho articles of Association, tho reduction of directors' remuneration, and so on. The Mr. Auld referred to is a solicitor practising in London. • WAIHI GRAND JUNCTION. [UT TELEGHAFH.—TRESS ASSOCIATION.] Auckland, November 13. Waihi Grand Junction's return from 3680 tons was ,£5979. STOCK EXCHANGE. (bT TELEGEAPn—PRESS ASSOCIATION.) Bunedin, November i 3. Stock Exchango sale—Manuherikia, 16s. CUSTOMS RETURNS. The Customs returns at Wellington yesterday amounted to .£3076 4s. Bd. GRAIN MARKET. [dt telegbaph.—press association.] Dunedin, November 13. There is no change in the oat market, either in values or demand. The principal business is in email lines for local feed, but sales are slow. Prime milling is up to 45.; good to best feed, 3s. 10d. to 3s. 2d.; inferior and medium, 3s. Bd. to 3s. 9d. (sacks extra). The wheat market is quiet, millers not being keen operators. Holders, are firm, and fewBales are being effected. Prime milling is quoted at from 6s. to 6s. 2d.; medium milling and fowl wheat, ss. 10d. to Gs.; broken and damaged, ss. 3d. to ss. 9d. (sacks extra).

LIVE STOCK SALES. (DT TELEGRAM!.—PRESS ASSOCIATION.) Dunedin, November 13. At the Burnsido stock market 1890 sheep were penned, a medium yarding, comprising ■ principally good quality wethers. The sale opened dull, but improved as it advanced to the extent of 2s. per head. Best wethers, 275. to 295.; extra, 30s. 3d.; medium, 23p. 6d. to 255.; inferior, 20s.'to 225. 6d.; best ewes, 19s. to 245;; extra to 275. 3d.; medium, from 16s. to 18s. Lambs: 117 penned, a large yarding.. Prices were tho same as last week. Best lambs, 19s. to 225.; medium, 16s. to 17s. 6d.; inferior, 13s. to 14s. .Cattle: 187 yarded, a fair entry of medium quality cattle, and tho prices obtained wore firm at last week's rates. Best bullocks, .£ll 10s. to ,£l2 17s. 6d.) good, £9 10s: to <£10 10s.; medium, ,£8 to ■£!); light, and inferior, £b ss. to'dCG 55.; best cows and heifers, «£9 to .£lO 155.; good, ,£7 15s. to £9 ; aged and inferior, £i 10s. to £5 10s. Pigs: 176 yarded, a full yarding, including some woll-finished bacon pigs from South Canterbury. Theso realised high prices in good competition, tho top price being £5 lls. Storo pigs also sold well, late rates being moro than maintained. Suckers, 16s. to 205.; slips, 235. to 285.; stores, 335. to 385.; porkers, 435. to 486.; light bacorierfl,- 535. to 605.; heavy baconers, 70s. to 80s.; choppers, to £!> lls. ■ . FeiijDino, November 13. The. New Zealand Loan and Mercantilo Agency Company, Feilding, report on their Apiti salo' as under:—At this Bale :on Tuesday both sheep and cattle pens were fairly woll filled. Bidding for all classes of'stock was good, and a complote clearanco was effected. . Fat shorn four-tooth wethers made 18s. 6d.; mixed woolly hoggets, .El os. 10d.; mixed hoggots, 18s. 2d.;. mixed ages owes and lambs, 225. Bd.; empty heifers, ,£2 10s.; yearling heifers, 255.; dairy heifers, 325.; springing heifers, £3'Sβ., £3 15a., ,£4 12s. Gd.; store cows, £2 155.; dairy cows. £i 10s.. £i 155., £H 2s. Gd.; yearlings, mixed, 21s. 6d., 305.; yearling 6teers, £2/ 2s. 6d.

WELLINGTON 8HAME ' LIST. COHPATC _■ . Paiaup . ; |alanco .g* «*£? , Buyor .;: W, I'ffi, latter. KewzS 3, . , -iaxwoo W5; f •«*■■ -jo- '.""* , National - - ---376.00): ' 83M1B. , ■.», ■•. 15 -..,, 13.. 6 8.0 5.00 .. ,. . JMtaSF**? I'- 100.0O) : S1M 39 - J unlW. IB. 16 5 ...lVl •'.i'.tO till . Sew Zealand ■•-■■•. >S0O.00O:, 336.T85 * -8 10, .*.<> .0 ;i 4 2 0 ... ; ._ SSSS5"* , -■-:■■■■-rsffi .:SS.-. 1 &Jk#>^J"i : :■.**• 6lM sJtM?K« 0 : rjMOo':-. :^eB: 5 B : ,io/ ■»':»;:»!' lie-.B.e; ■>;>,■,• 4« « MetropoUtan Building ! 81.000 '6,229 10 .ml. ' WOO.- fl -.■•-. ■■;?.-,,,. ■WellingtonInvost. - 50,000 3,033 I 1 , 6 Bli.J ,.-'»■„.„• « . . Wel-gtonTrnst&Loen '101,350 39.620 0 6 8, ' J * J 1 - 5: rl 1 ? 2 - 5 Jo National Mortgage - 200000 1W.25O 8 8 10 83 6 3 5 0, .';«.,■< 0 .6 S 0 K.Z. and Eiver Plato - 300,000 530,308 1 ml. ,, .J , ,..1 0,0,. ,l,.P ; 0 q?? loan and Mercantile- 135.S33 , , ,1£7.368 ,.- -i- .84 st-.y .0 7 ,0. , . 0 5. 6 . 9 19. . . -180,3m' "v5 nil'. 16 H • 0 o; / I4;5 0 ,. Christchnrch - - 162,000 65JB7 ■. J: nil 10 ".■; 10 5 0 fl FoildiBg - - - 10,805 103 1 . ni - 018 0 017 0 ' Giaborno ... 17,100 B.239 \ nil jaj ? , 2 ■ ' Hawera . . . 8,M0 6W J i 10 X 1 0 13° , , .w??;;,")."« ,i f 1 - $1- '■ ;;s;. •■»■ 1 4 s' ■»"•' ■•»• »" ! !!! '.gsS?.: |h|" S,il J -" ,!l! . ! «! «> '"•^' ; "r i,? H «-■...1.1 1 !!i !!! .K'S ■!!! Wineannl " ll.«i'' ; 6 nil. 8 ..'..•■ V.rfKfSSST - 170.OX) .H1.4SJ 14 7 2 3 0 8 4 0 2 3 0 3 6 8 Wgta. Steam Ferrr - 65 , 1 mi. 6 018 0 .-.-■. . . aocro 217,215 ' 3i li 15 .7 15 6 717 0 J 16 0 6H 7 Kwa^i°- 0IiI i EN '. . . ■I0bfln">;3M5l • ' f nU. ■"■ 6 '■ - . . EeioW..: K00O ,37.761... 1 ml ,15 ,11.1 2 7.6., •;■...-., MooriceviUeLuno 7,003 203 • 1. „ .• 8 ■•■. ; . -..J 5 0 , •- - SinSSioni - «!™ UT7 i »«} j in is 6 ritt -Bia o . ■ «,000 S,0i8 1 nil 8 110 6 1116 JUnningiOo. - ' 06,000 37,670 4 1 10 i 0 0 ; : ■Ward&Co. -. . ■ 60,000 30,655 4 1 IB J. »• ■ ■Wgta. Opera Home - 18.630 1.705 5 nil 8 6 0 0 . .; 7. 5 .0 . _. Jf . • . Wgtn. Freeh Pood • 26,261 — 1 °*i — 080 ., ■Whitoombe&Tomba- E0.153 6 m 10 1 6 0 r 410 0. ' . ■ . fiharl4Dd.Iiimitea 48,676 8.3U 1 7i 019 0 ; ,. : • .