FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 46, 18 November 1907, Page 10

FINANCE AND COMMERCE.

THE SHAKE MARKET. Thero was not much doing ;in investment ■'■■ ishares on Saturday. Two sales were; "Wellington Gas shares, .£lO paid-up,"'at £IS. ■ 155., at which price they'yield'to the.; investor ; £5 Gs. Bd. There were further sellers of'the shares at .£lB 15s. Gd. For bank shares, no change is to be noted.! 'Nationals were again oflered at £5 9s. BaDk of New Zealand shares' : 'were in demand at £9 145., with sellers at .£lO 2s. 6d. In insurance shares, Now Zealands exhibited an easier tendency; buyers offered £3 195., and sellers were willing to accept £i Is. In financial shares, although no business . was done, thciro were buying offers. Equltablo Building shares were wanted at £10 2s. fid., and Wellington Trust and Loan at £1 ss. Sellers' quotations were '12s. 3d. for Wellington Investment, 10s. for Wellington Deposit, 20s. 9d. for New Zealand and River Plato shares, and Gs. for Loan and Mercantile. Gas shares . were quiet, with more sellers than buyers;,lGs. 6d. was offered for Feilding Gas shares, but ' sellers were holding for 18s. Napier, Gas shares : wore offered' at £16 and £J5 10s. for: the. first and second issues respectively. There was inquiry for Christchurch Meat shares at'.£lo..7s v 6d. The financial period of this Company closed on October 31, and, the balance-sheet may be expected in the course of a week or. two. The third issue Wellington Meat Export shares were wanted at £3 6s. Woollen shares were quiet;' the only inquiry on Saturday was for Mosgiels at £3 cum dividend. "■ Coal shares were dull. Westports were in request at £1 15s. Gd., but sellers wanted £7 17s. Taupiri Coal shares were offered at 205., and Westport-Stockton Coal shares at 9s. In the miscellaneous section, there were ..bids of ■ ', 475. cum dividend for Levlarid-O'Bricn- Timber shares, 235.' for New' Zealand Paper;' Mills shares, £6 for Wellington Opera, House shares, *• and Gs. for •• Taranaki Petroleum shares. The holders of the latter appear to have got over their feelings of;, doubt, and now sh&w-; a,disposition'to see the speculation through. Sellers' quotations were, D.I.C. Preference 235., Leyland-O'Brien Timber JBs., New Zealand Drugs £2 12s„ -New Zealand Paper Mills 235. 6d.. and Wellington Opera Hou6o £7 'ss. ';.,,'; The course of sales during the past week is represented bv the followingGear Meats, £2 10s., £2 10s., £2 10s. Wellington Woollens, £3 65., £3 65., £3 6s. "Wellington Gas, .£lB 155., £18 155., : £18'.155. ' Westport Coal, £7 165., £7 16s. '■' " Wellington Meat Export, £4 paid-up, £5 25.; Feilding Gas, 175.; Lcvland-O'Brien Timber, £2 75.; and New Zealand Paper Mills, 235.- 3d. . THE MINING MARKET. _ \ _ This market was comparatively quiet, business being confined to the smalls.- Tairua Broken Hills sold at ss. 3d., Tairua Triumph at Is. 10d., and Champions at 2s. sd. Talismans were,weaker, with prices a shade lower. Waihis were firmer, avid the market was, no doubt, influenced by the very handsome return reported. ■ The position of tho ..mining , market on Saturday is shown in the follow-'. '. ing:—'.'■-' ' Buyers, Sellers. Sales £s. d. £s. d. £s. d. Talisman ... ... 2 7 6 2 9 0 - Waihi , 8 6 0 - . - Waiotahi ... ...030— — Tairua Broken Hills 0 5 1 - 0 5 3 Tairua, Triumph ... — — 0 1 10. Champion (contribu- ' ting) .„ ' ... -' - 0 2 5 Big Eiver ... 013 3 — . • — The sales reported during the week were:— Waihi, £8 55., £8 55.; Talismans, 495. 9d.; New Zealand Crown, Bs. 10d., Bs. 10d., Bs. 10d., Bs. IOJd.; Ngatiawa, Is. BJd., Is. 9d.; Tairua Broken Hills, ss. Id., ss. 2d., 55.'3d.; Champion, 2s. 7d., 2s. 5d.; and Tairua Triumph, Is. lOd. THE FALL IN VALUES. V The drop of 10 per cent.'in the'value of.wool recorded at the Wellington wool sales on Friday last has brought home to the business community that a change has come over the trade situation of the Dominion, but-it is doubtful whether-the full meaning of the decline in values is understood or appreciated. Wool and sheepskins have declined, on the ' average; 10 per cent, as compared with last year, and here are some other backward movements that are worth noting:— .. 1906. ' 1907. Pall. Per £s. d. £s. d. £s. d. cent N.I. mutton 0 0 i} 0 0 3J 0 0 11 .23 NX lamb ... 0 0 5J 0 0 5 0 0 Oi 9 HJ. beef fores 0 0 4 0 0 2f 0 0 12 31 N.I. beef hinds 0 0 V 4J 0 0 ,3i 0 0 1 22 F. m. tallow 118 6 113*9' 0 4 9 12 G. b. tallow 116 9 111 G 0 5 3 11 Mixed tallow 115 G 111 0 0 4 6 12 iN.Z. hemp ... 3G 10 0 29 0 0 710 0 20 If we apply these percentages to the total values of the" commodities affected and exported during the year ended September 30, 1907, wo will arrive at some approximation of '■ the actual monetary loss to tho country. The following is, therefore, interesting:— . '■.-■£ Wool 10 per. cent. 742,972. \ Shcopskins ... 10 percent. 78,613 Frozen meat ... 20 per cent. 659,835 Hemp ... ■20 per cent. 172,856 ' Tallow 12J per cent. 70,033 £1,754,339 . If values go no lower, and, assuming that butter and cheese and kauri gum realise as much as in the past year, and that tho gold yield will be as good,' the income of the producers will be less by £1,750,000, and to that extent there must ho economies. It is very likely that the imports will decline, and less money will be spent in wages. There is, of course, tho fact that wheat, flour, and oats are selling at big prices, but thero is no gain to the country in that, for it is merely taking • the money out of one pocket and nutting it into another. Thero is no export of these products, because thero is no surplus available for export. THE IMMEDIATE PROSPECTS. Is the slump temporary or otherwise? That Is the question uppermost in the minds of those interested. Some fancy that as soon as the Bank of England discount rate'is reduced "everything in tho garden will bo lovoly," but those who indulgo in such optimistic views cannot rightly appreciate tho American crisis. Tho currency stringency in tho United .States indicates a completo collapse of confidence. The people who aro fortunate to possess it aro hoarding their gold, and all the appeals of .the secretary of tho United States Treasury will not induce them to lot go their hoards. Hi the meanwhile the position is going from bad to worse. In the iron and steel trados of Pittsburg thousands of men aro thrown out of employment; cotton spinners, railwaymen, and lumber men have been turned off in thou-

sands, and their idleness must throw others put of,.work. Then, again,-;what is to become of; the; accumulations ofV.stpßl": billets, structural .is'teol, rails, the raw tho stocks ;of'.copper and I'ead, the lumber, the manufactured goods of-all kinds; for- which there must now necessarily be. a ■ restricted market and slow sale in the United' States? We may .be sure that tho • hard-pressed:-Yankees will soek'to dispose of these goods, in other markets, and to sell them as Quickly as possible, because the money, is needed. There- will presently arise.coinplaints. of .''dumping,"., and from recent mail advices it is - apparent that this "dumping" business is already, affecting Great Britain. In September German steel was undercutting British steel in Britain, iandi Yankee steel; will do tho same. This, if carried very far, will throw British workers, out of employment, and that is really what we-must expect. Apart from this a decided recession in industrial activity, and presently it will be half-time for the-: factory workers. When the industries of Britain are inactive there _is poor hopo for Ne.w--Zealand produce. Tho immediate prospects,;.-tnerefore,\are not very promising, but there, is no roccasion for uneasiness. There must fallow '■. a readjustment of values locally. Land must--bo-'assessed at'a lower price; farming land, !on..the. average, is worth 10 per cqnt less to-<lay.'than it was a year ago, because the produce of the land is selling for 10 per cent. less. Land values must decline in country and city, but that will not distress any but those who have been gambling in real'estato.' Possibly, too, there will have to be a readjustment of wages; otherwise there may be more unemployed than the conditions .warrant. ~,. , -. „ a: , ARGENTINE'S EXTRAVAGANCE. The extravagant rate at which Argentine is borrowing'capital is 'neatly summed up by the " Buenos -Ayres- observes :— "Several railway bills will probably become law. Tho Deputies have passed ono which will establish communication with Port San Antonio and San' Bias. ;Indeed, if all'.the schemes for municipal improvements, and increases of the capital of the Bank of the Nation should.be carried into effect, at least ,£40,000,000 ofh'e'w capital must -be-introduced' into the 'country." .. \ ' ' DREDGING RETURNS. , [BY TELEGRAPH.—PRESS'ASSOCIATION.] ' >-'■■•■.. ''Rebpt'onl'November-IG. .'. .Pactoluß •No.-.1," 33oz.i.lldwt. for 105 hours; No. 2, 41oz. 13dwt - for ■ 200 hours; Callaghan's Creek, ■25oz.'10dwt. for 108 hours. ... Dunedin, .November IG. .Roxburgh'* Jubilee,.. 260z. 3dwt.; NoTown Creek", '450z.';" Rising' Sun, 430z. 6dwt.; Blackwater River, 30ozi; Rise 1 *a.d Shine .(No. 1), 300z..8dwt.;-Rise,,and.Shine (No.'2), 3t!bz. Cdwt.; New Trafalgar, 350z. 13dwt.; Punt, 12oz. The following" additional'dredging returns are to hand:—Sandy Point, 270z. : -ldwt. 12gr.; WaikaTca'United No; 1, 220z. 12dwt.; Golden Bed, - 20oz. .ldwt; Enterprise, 18oz. ldwt; Olrig, 17oz. 9dwt.; Alexandra Eureka, 13oz. Bdwt; Molyrieu'x .Hydraulic, 12o"z. Bdwt - DAIRY PRODUCE EXPORTS. -.■■'■ Auckland, November 16. '■, There will be shipped to Wellington to-day, for transhipment to London, 12,455 boxes of butter; also 100 boxes for South Africa, and 54 boxes for ths Islands; in all 315 tons, representing a fortnight's supplies for export, and the largest output of the present season. In the graders' opinion, considering tho lateness of the season, the butter is coming in very well. Latterly, has been-steadily improving," especially ;j in •• factories /.using '■ pasteurisation. '- •' - •'- "" ~ ■-. -• LIVE STOCK SALES. (bt telegraph—special correspondent.) ■ "'•; PahiatuaV November 16. At the pie sales to-day there was a good yarding, and prices were, slightly in advance of last week's' rates. '. Weariers; made from 12s. to Ms.; slips, lls.'Gd: to' lGs.-'stores, to 215.; sows, 245. 6d.;.sow, with litter, 105b. -.■■'..';.,* gOAL; OUTPUT. ' ' [bt telegraph.—press association.] .••■■:'■_'.- Westport,-November 16. The Westport Coal Company's output for the week was 8808 tons 3cwt.

.. WELLINGTON 8HAHE LI8T. hubs ■ * 4 io-:om:o 10a « :: «■»» .0. 310 a Rational - - ".... -- ; 376X00 •'335.318 . .Si . 15 .12.. r «^ ;0j , M °. U INSURANCE. .'' .'.•■■•,.-■ ■■• ,'V't'" ' ■••■ •"•«" , „ »,, , National ' . . . JDO.0M. 84M39 | unltd. 15" T, 1 ', ,D - BU * New • r ,• '- SCO.OOO' . 336,785.' 8 8 30 -310 0 ,4 1.0 A . ; . ... Booth British ';•■, ' - 100,000 512.J0O 1 tmlM. ...30. -. . . • .■ -5.12 .0 ■;•. ■•■•.• , ... . . ,. . Standard -.•...- '75,000 '83,183' I nnltdV ■- 10 r ■ 1;2i-_0-, ■; -1. 3 6 > ».* 2 0 6 16 1 ' - : 50.000 , « S9D'-"'• 5 \ 6 ( 10 , ,10 .3 6 . 10. 50 ... ..J0\3 ' 6,, 4 18 0 • Metropolitan Building 21J0) 5,23 10 nil: - ,-'7; ■■.'.'.:',::, [;,'.: -,;'„•'."».- ■■'i'v. ;; ••-,. Wellington Inrest; .-.:; 50,000 3,033 1 ■ J .. : 6 : .., , ..-; •. ,-.,.'.-J", A.' w..'.' .. ... Wel'gtonTnirtALoan ','101,250 29.620 ■. 5;.- ■ S V ■• 8 ■ 0,, >■- 7 13..0 ;.7-10 0 6 6 0. National Mortgage ■ 200.000 112.250 .,8 ,8/ 10 " 8.';3 6 ■; 3 : 5 .0 -., 3 .4 .0 668 N.Z. and BITOT Plato - 300,000 230,308 :'1 nl 1 1 0 0 . , ,, .1 9 .0 , ... .1 ■ D, : 6 4 15 0 Loan and Mercantile - 135,221 157,358 i 84 5 "" :,;,.°,;;S';.9.: :i9. 5 6 - » 1 9 Auckland ' . .'. 1£0.'370 ' 80,553- '%, ■'•"'nit 16 ;\ if jjj; 0 ''ji i?2' i'';'' .'! . , Christchnrcb. . - ,163,00) '65,087. , .6 -M :" 10 •'.'■'.;.• . -S ,?■•„•'--'«.,. "»•■ ' Feilding ... i 10,805 103 ; 1. nil - ?.« .6 0180 ;;,0170. Gisborno ... 17,100 9,239 1 nil 121 • 3 " 0 ■ Hawera ... 8,250 694 , 2 ..1 10.1 - ..,,■,-..■,..-- „,- . . . 0,957) S.51T ; .5- -.,5 -;16 ... . ; 15.10.0 FalnWrton North I £7,000 •11,031 44 J 10 HI •,',» « « « < ••Wellington- - . mso \ W988 J 2 nil J2 1815 6- -18.16 0. 568 ■' MEAT, ' ' « "n"n". 'V-. ■ / Canterbury - . " 183,727 30,074 '4 84 8 ,S,S .' '•«';-•«• .,„ ; Cbristchornh - I . . 64,337 . , - 10 ... , nil.,.. ,-8 ,,10 ■■T ,6 , .lOlS 6 , , 10. 0:0 T 12 4 - Gear - - •' oam,! 65.1« ; '! ' m'."..' "HX ,"3;.9 ;6; 6; : ,:;2'.10,.0. 100 "WWf '"4 ' '6'' 10 ".:•.. •■:• •■, J nil. 8 > «'o'-«" : i <, ,1 B k 6 ' ., 106766> 63 767 < 1 8 5 0 0 B:S_6 ; . -,,S 2 0 656 W '™) , M ;,' Si 21 8 3 6 0\ •.».-■ ,',3 6 0 6 7 3 ■ffangonni " , <5£50 , 11,401 5 nU. 8 '" "™; W.&MfBaUwaf" - 170,000 121.453 14 7 , 2 ; 3;0 ; 8 4 0 ;> : ;if 0 3 6 8 N.Z.Bhipping , - 473,840 113,751 8 m. 5 „■.... ••■6 0 0, -■.:•■...': nnionSteam - - £00,000 472,593 10 nil. 10 .1810.0 •■■•■. ." • 681 \ •'Wgtn.SteamJerrr ■ MM 65 J , , 6 .: ', ■ . -I 18 ; 0 .'. < ," ' ' Wwtport - - Sffl,000 117,215 54 V 16 715". 6 7 IT 0 I IB 0 614 7 Sauplri- - - . 62,500 5,330 ■ I- ' nU. 7i . ' . ' 1 0 0 WOOLLBS. •■„■' ' , Kaiapoi- - - - 100,000 32,861 5 nil 6 ,.,-■: Moasiol - • ■ - 63,457 17,213 34 U 4 800 Wellington - - ." - £0,003 24.368 * 1 6 _ 3 6 0 _3 6 0 i S 6 MISCELLANEOUS. ...„-.-.. ------- BonaghyBope - • 47,000 - 10 nil - 513 6 Leyland&O'Brien - 35.000 37.761 1 nil 15 2 7 0 2,8 0 > 8,7 0„ 6 8 0 MauricetilleLima - 7,000 203 1 »>', 8 15 0, •,■,,. N.Z.pandlo- - . 10,000 - 10 nil 1 ' — 10 0 0- -- •'. " N.Z. Drags - • •:'■- £00,000 • 2 . nl 1,; - .7-; - 512 0 S12 0 . •■ N.Z.PaperMilla - W,756 147T ' ' 1 nil.: ,7 13 0 1 3 6 ; X 3'3 6 18 K.Z. Cement- . . 40,000 2,018 1 nil 8 110 6 111 6 Manning&00, • 96,000 87,670 , 4 1 10 4 010.. ■'■;;;•. Ward & Co. - - 80.000 ' 30,655 ' 4 . 1 . 10 6 2.6, ■<., Wgtn.OperaHoosa ' 18,630 1,705 1 .6 nil' • 8 f O 0' . I 5 0 .;. Wgtn. Fresh Pood ' 28*1 - ' 1 nij - ..-, ,' .,, .'.i'. \ Wbitcombe <t Tombs- SOJiS 6 nil 10 4 6 0 - 410 0 - Sharland. Limited 4b,676 9,311 1 nil 74 - - 019 3 . •"