FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 47, 19 November 1907, Page 8

FINANCE AND COMMERCE.

THE SHARE MARKET. The week opened rather quietly ..for .investment shares, oaly one sale being-reported, yes- . terday. Leyland-O'Brien Timber, snares soltl. i at 475., cum dividend, yielding to: the investor - £6 7s. Bd. per cent., Bank shares were quiet: • i National were offered at ,£5 9s, but there Have • been no buyers of these shares ■ for: sopie time- „ • past. Insurance shares met with'-fair inquiry.' 1 Standards were wanted at 225.,-Nationals at 275. Gd., cum dividend, and New Zealands at ,£3 195., sellers of the latter holding for .M Os. ed.' Financial shares. were neglected. There was a bid of £1 9s. -for Wellington Trust and » I/)an, and New Zealand and River Plate shares were offered at 295. 9d. Gas shares were quiet. .Wellington Gas shares, .£lO. paid, were, ottered, at JSIB 17s. Gd., Feilding Gas shares were in * domand at lGs. 9d., sellers, at 17s. 3d. Thei.e was slackness in Meat shares, the only, demarid I being for Gears at -195., sellers wanting 51s. There -was no change in Manawatu Rails, nor yet in Wellington Woollens. The demand for , Coal shares has been renewed, possibly because - of the threatened ; £pal'-.strike' in New'Sbuth! .Wales. There was -inquiry for Taupiri. Coal 'shares at 19s. 6d„ and Westport'Coal'shares>at - £1 IJ)3. Kauri Timber shares, 15s.' paid, were in request at' 9s. -3d., sellers holding for 9s. 9d. There was a bid of 235.' for New Zealand Paper. 'Mills shares, 3U' 17s. Gd. for Ward and Co. Brewery shares, and Gs. for Taranaki Petroleum. ; ~ " . THE MINING MARKET. \. This market exhibited less animation than usual: New Zealand Crown shares changed hands at Bs. Id., and was the only sale reported. Several buying offers were .recorded, but sellers declined) to accept the bids made..' The state of the mining market yesterday is disclosed in the table appended:--" ; ; •„ • Buyers. Sellers. Sales! " • , ' . i s. d, is.'d. £'s.d. New Zealand Crown — 0 8 4 0 8 1 Kuranui Caledonian 0 10 0 13 . — Tairua Broken Hills , —0 ,5 -2 -. — , ' Talisman Consolid'd 2 8 6 2 9 6 „ — Waihi ... ... 8 G 6 8 7 6 — Waiotahi < ... 0 3 3 — — Big-River 014 6 — — ... THE WOOL MARKET. , The continued -stringency of the money ! markets, and the prospect that money will be , dearer even than it is now, makes the outlook very gloomy for the London sales,' which begin on Tuesday of next week. The decline : • , o f 10 per cent, recorded at the Wellington : tales is likely to 'be emphasised, and wool giowers may consider themselves fortunate if there is not a further recession in values. It must not be overlooked that thej United States have been very large consumers 1 of the staple, but. with so many thousands of workers out o 1 employment, it is-hopeless to expect the activity of last year. It would not be surprising if American manufacturers returned some of the wool they bought in Bradford and in Australasia.-In the meanwhile, it is interesting to note that the' exports of wool' - from the Commonwealth and New Zealand " show an increase of 172,598 bales for the first; r lour months of the wool year, as compared w 'th the corresponding'period of last year. The following is a summarv of Australasian wool exports from July 1 to October 31, as compared with the corresponding period of last year; the figures are furni6hea by Dalgety and Co., Limited :— 1907. 1906. Increase, 1905. State. Bales. Bales. Bales. Bales. Victoria 82.847 44,586 38,261 40,746 N.S. Wales ... 230,318 147,380 ..82,938 . 204,824 . Queensland ... 66,838 44,991 21,847 49,260 S. Australia ... 55,576 34,493.. ..21,083. - .44,958. I iW- Australia ... 16,545 9,462 7,083 15,304 ■ Total Aus. ... 452,121 280,912 171,212 355,152 New Zealand 28,296 26,910 1,386 - 26,665 Total A'lasia 480,420 307,822 172,598 381,817 Increase, 172,598 bales.'; , Considerable quantities of wool grown in.'one State'are shipped from another, therefore the above table does not show actual production, but total oversea shipments. The ..Western Australian figures for October last are ! estimated. FALL IN METALS. * It is t only by comparing the prices ruling now with those current twelve months ago that we can realise the declension that" has taken place. The following table is "intefestiug:- - * 1907. IMG. Fall. .Per, i • £ £ £ cent.' Copper, spot ... 59 99J 40} 40 Tin, spot 137 1954 58J 30 Tin, 3 months ... 133? IQ6| 58 ' ' 29 Lead 183 19J oj 4 Spelter 21| 27j GJ 11 Pig-iron -51sr4d; 575. 3d. "ss. lid. ""10 Lead shows the .least, disturbance, possibly because of the steady demand from the various national arsenals, but copper and tin' disclose very radical changes in the twelve -months. Copper was rushed up to a high price on extravagant optimistic opinions v pf : the prospect tive demands for the'metal, and the set'back ./has been severe. With respect to copper, the "Engineering and Mining Journal- of New York," in the latest issue to hand,' states that statistics show that the production of electro-* lytic copper in the United States during the first eight months of l 1907 was 532,060,0001b. This was at the-rate of 793,090,0001b. for the year. It estimates the-production of lake copper during the same period at 156,000,0001b.. According to published reports, which are believed to be approximately correct, • the out- '■ put of this grade has- been running' about 10,000,0f101b. ahead of that of 190G, which,"if maintained, would give 231,000,0001b. of lake copper for the current year. In the following table is given the production for the . first eight mouths of 1907 in the first column; the estimated production for the year, if the same rate be maintained, in the second column; and the actual production of 190 Gin the third column. The production of electrolytic copper in 1906 is taken as reported by tho United States Geological Society; the production of lake copper from the "Journal's" own statistics :— 1907. . 1907. "1906. ' 1 8 Months, 12 Months, Actual. Estimated. Actual. Lb. Lb. Lb. Electrolytic... 532,060,000 798,090,000 815,966,781 Lake 156,000,000 234,000,000 ' 224,071,000 Totals ... 668,060,0001,032,030,0001,0if1,037,781 Since these figures were computed, however, a decision to curtail the output ha 6 been made .by the leading producers, and in enforcing this policy they will be strongly supported by

■ market values. There is not .the least .doubt that low' grade mines,- which : 'deperid entirely : upon th??s9pper contents, will havq ( to suspend . operations.' vv» 1

s INSURANCE AGAINST STRIKES, An", interesting development,in .thb 'insurance world has taken place in France, .and one that if it can be carried' out on :a business basis should have a great future beforo it. Insurance against losses incurredthrough strikes is the objective. This is in no sense a commercial undertaking, but is a mutual enterprise destined to group ■together, with a view to defend their common interests in case of strikes, a large number of employers. This Company, established by tho Union of Metal-. ;lurgical and Mining 'Industries,; -is to gome 'extent representative in " tho". .metallurgical world, of the,, Confederation Generalo des Patrons.-~ : By the -.principle- adopted. the mem;beix insure' against the general losses which are-incurred by them owing -.to-the total or partial,icessation,!.of;-;work; and .the .results of the civil -actions:brought;against -theni ; in tho law courts, by their, workpeople in connection with labour.; conflicts. The linioilntito be contributed is a; maximum- of ;30fi- for each IOOOf. insured, but this .maximum* sum .is only called up if it is needed to j>ay; the annual indemnities. The amount of the indemnity,' however, - is- only : pa,yaile- to- the-employer suffering from a strike ii the reason of the outbreak of the strike is in no way due to his own personal action," an'd'if .it' js not ended by .concessions on his part which are deemed to be injurious to the general conditions of tho trade cpnto the general interests' 'of * the ' trade confound great favour. amongst\French manufacof this institution f£opl ; May.'la6t, the sums already .vreach-v-,£6ofl,o]H)i'i » T. NOTES. According to the Bigh' : Cbminissidner's cable, New Zealand-choicest buttpr is quoted.at 118s., ■which is 2s. abov.e the' quotation at the corresponding date last year. With .respect,' to. heinp, thevLondon-quotation for "good fair," -oil "spot,■•is'iS'O, as "'compared with .£36 10s. a year ago, and for JanuaryMarch shipment i!2B 10s., against $36'.' 'Pair current Manila is quoted at £29 10s'., while a year ago it.,was ,as.,high as, ,£42.... ... , At a meeting of".the.'County...of :Boufke Building and Investment Society "held' TnTtfelbourne recently, one of the-, shareholders stated that people in the metropolitan "area-were building at a "ferocious rate.",. It was .the, opinion of some of tho Jeaditig''m'en : that-W'tfere building too rapidly, 1 and- .a. reaction, wonld come. •Tho Mr.\W. ! " T:' :, Wallis7 "remarked that the directors were very careful. "We can see," he continued, "that in fnany cases building is overdone, and many, loans have had to be rejected on that account-.-"-- ' ' Quite lately a Bill was' beforo the Japanese House of Representatives for '.the : purpose of incorporating- the , match industry , of Japan", and' extending markets' abroad."'-Tho number of companies - and ;f. private Jirnis engaged in the . manufacture, of. matches,in Japan is 209, of which 60 manufacture matches for export, and'l49 make matches for home consumption. They employ about 130,000 operatives and other employees, and the wood used for tho' sticks annually amounts about 1ji0.000.000 cubic feet, equal, -according to a Japanese, statistician, to 3,200;000 ordinary telegraph' poles. The other raw, materials imported are valued at 1,500,000. The annual value of matches exported is 5,250,000d01., and those supplied for "home consumption '1,250,000d01. The-principal field for tiie export of matches is China, which - -trays-to-the value of 2,825,000d01.;- next comes Hongkong,- taking l,300,000dol.; Singapore, 502,0fl0dol.; India, 370,000dol.: and - Korea, 175,000d01.

,L STOCK'Exchange.-.

(BT -TEtEGBiPH—PEESS : - ; AS.SOCUTrOH.) Du.vedin, November 18. Stock Exchange-sale:. Sailor's Bend, 12s. 6d. D'tiNEDiK.'VNov'ember 18. Stock Exchange quotations:—Dredging stocks T-Bignells; No-Town; buyers' 25;," sellers 3s. 93.; Chicago, buyers 7s. 9d., sellers. sellers 55.: Golden. Treasure, buyers ,£2,/ sellers os.; Island Block, buyers 9d!, sellers" 25.; Lady Roxburgh (contributing), sellers 45.; Manuherikia, buyers 15s.,:sell§rs: 185„",3d.; Mystery 'Flat,"-buyers'i£2-6s;-,-sellers*^2- 105: 6d-. • No-. Towd Creek, buyers 7s. 9d.| skiers Bs. 6d.; 'Pactolus', 'Sellers,^6l.9s.;"Rising 18s. •6d., sellers £1. ■ • ilininc -stoclcs-rßajewood, buyers 55.; Roxburgh Amalgamated, buyers' 6s. Gd., sellers 7s. 3d;r Waijii, buyers.,jGß 6s, Investment-' stocks—National buyers 7s. 9d., sellers -£1 Bs. 3d.; Standard Insurance, buyers £1 Is. 9d., sellers JBI 2s. 3d.; Upion Steam - Ship—Company;--buyers ,£l9; Nationpl- Mortgage, buyers .£3 55.; New Zealand Drug (40s. paid), buyers £2 10s., sellers ■£2 lis.",Otago Daily"; Times',"'buyers £19 15s.

MARKETS.

#HEAT "iND : PRODUCK BT TELZQEAPII—PRESS ASSOCIATION—COPYRIGHT^ -• -November 17. The wheat/and''flqar: afloat:, for the United Kingdom; is -2,105,000, quarters; for the Con tinent,l,36s,ooo' "quarters';:: Atlantic - shipments, 300,000 quarters; Pacific shipments, 110,000 quarters. . Copra—Weak. South Sea, £19 15s. V Linseed.', oil, . ,£25. 15s. . ; ; New': Zealand firm. r Ja'nu'ary-Marclr shipment, .£2B 'ios.' • . Itabluts—Firm. . .Larce .Sj'drioy'-.'o.re , retailing at 13s. Gd. to 145.; to 13s. MEAT. isiS: New Zealand, frozen mutton—Canterbury, light, 4d.; medium, 4d.; heavy, • 33d. North Island, 3jd.; best brands,'3jd. '. •: New Zealand lamb—Canterbury; light, s|d.; medium, 5Jd-i heavy, sd.v' Southland, 51d.' North Island, s\d. . v ' New Zealand "beef—Ox fores,-2|d.; ox hinds, unchanged. , . ■•- ~> .•- „ '* .Elver Plate sheep^Heavy,'.unchanged; lieht 3 3-16 d. ■ • River Plato beof—Ox fores, 2 '7-16 d.; hinds, unchanged. ■ METALS.' ... : Coppot-rOn; spot; io8; -i tljreV-months, £57 las. ''* '*"• Tin—On spot,' ,£l3B 10s.; three'months', U!138 'tMoit, 50sr M;..' i\zz. ■ Lead, £17 15s. ' Antimony,' 411 -to £1& •• j-

high commissioner's cable. The Department of Industries and Commerce has received the following cable from the High Commissioner, dated London, November 16, 1907.:- ' t The mutton market is quiet, but steady. Stocks of Now Zealand l mutton are light, and are firmly held in few hands. River Plato , mutton is in large supply, and .is being strongly pushed for 6ale.. Canterbury mutton is quoted.at 3|d., North Island, at 3|d. per lb. Tnore is a good demand for all lamb, considering the lateness "of season. Canterbury ■is quoted at '53d., other than Canterbury at 53d. per lb. The beef market is ' dull, and'.supplies of River Plate beef'are heavy. Hindquarters are quoted at 3}d., ■ forequarters ■ at: 2|a. per lb. ;■ The butter market is firm. Demand.is good, in anticipation of small arrivals for some time, although buyers are holding back ex-. fiecting prices to go lower. Choicest" New Zeaand butter is quoted at 118s.; Australian, 1175.; Argentine, 1175.; Danish, 122s.Siberian, 110s. Tho cheese market is quiet, Trifh less demand. Canadian manufactures average' 625.' per cwt. The hemp market is quiet, and prices are irregular, as demand is principally speculative. New Zealand good fair, on ' spot,' 16! quoted at ,£3O; fair, in the same'position, ,£2B. 10s.; both nominal, Nothing offering here. January-March shipments are quoted as follow;— Good fair grade, .£2B 10s.; fair, .£27; fair current Manila, £23 10s. A large supply is expected. The cocksfoot seed market is quiet, and buyers are not keen to do business. Prices are firm at 755. per cwt. ' Supplies from River Plato for October, 1907, are as follow:— Mutton.—London, 57,533; Liverpool, 162,700; Hull, 7317; Newcastle, 7080; Southampton, 2297; Cardiff, 3100; Ireland, 900; total, 759,827. Lamb.—Liverpool, 317. The following are the current quotations for Bradford tops:— 36's, low crossbreds, Is. 2Jd.; 40's, low crossbreds, Is. 3}d.; 44's, medium crossbreds, Is. 4Jd.; 50's, halfbreds, Is. 10d.; sG's, quarterbreds, 25.; 60's, merinos, 26. 3Jd. LIVE STOCK MARKETS. Tho New Zealand. Loan and Mercantile Agency Company, Limited, report:—At Himitangl on Monday we had a fair entry of both sheep and cattle, which mot with a, fair demand, and very little was turned out unsold. Sheep—Hoggets raado from 145.-9 d. to 16s. 3d.; cull ewes and lambs, 16s. lOd. to 18s. 4d.; ewes with ,100 per cent, lambs, 21s. 4d,; fat ewes, 19s. Sd.; woolly wethers, 21s. 3d.; rams, lj guineas. Cattle—Yearling heifers, 225. 6d. to 235.; two-year heifers, 365.; heifors in calf, ,£2 3s. to ,£2 55.; yearling steers, £.1 6s. to ,£2 125.; bulls, 30s. to £2 15s.

WELLINGTON SHAKE LIST. ~ g| »*£ -11- ...; Y,m PalaUp Blanco g| shar0 . Bnyj . r _, ££}£, Inverter. Txiyiva jj ' s £ £ £ ■£ s. <3. £ x -£ t, d, : NowZealand ' - - J.CCO.COO 581,673 Si 3j . 10 ' SU » ' 2 6 "' ■ 0 10.,, 0- 1,8 10 3 National - - • -.375,000 S35.318 . » 15 12, , 6 8 0 -.5 0-0 . ■.. NaHmS nU^ 0E .' - 100.000 ma® . ;. J nnl«.-' '»• • J'j-5 '• : 1 ' . 9 " ' ' SU 1 Nevr Zealand . - SCO,000 . 856,7852 8 . 10 . ■ W, 0 j; J'g;,®,' Boutll Britilh - - - .100,000 512,400 ; U X . ; aqlM. 30 ..., - ' .. ~«g.: ft -- , G „ Btanflari - . - -.76,000 62,163.; • i ■ -unlM,, 10, : V ' . : EquiSoBuikiintf - . CO,000 . . M500 . 5 ; 5') 10* 10 3' 8" i0 50 '1° 3 .; 6 ~.' <18 8 Metropolitan Baildins 21,000 5,220 10. nil; -7 - " -„mV . ■ Wellington layout. - '50,000' ■' 3,033- -IJ '."4.'.-. .6. > „ }j; 'S'" 5 - i: « 0 Wol'gtonTniBtisLoan 101,350 99 620 5 5 ' I S 2 11 n I 4 Si"#! J »' National Mortgwja - Ml,000 112 250 2 8 10 3 3 6 3 5 0 8 10 «J. g. N.Z. and River Plata - SCO,000 ' 230.308 | ' -nd' 7 190 J'? 'n ; J ? l\ ' q , a loan and Mercantile - 135.-22J 157,358: ,' 1 '84' 5 , 6 »\ . 0.6 6 a 1 a AncH&na GAS - - • - 1E0.3TO 8MB- *> •nil", 16, ." 0 Or 11 6 0Chlistobnxoh - - 152,000 55.087 - -,5- ' ml -JO- - ■ ■ » J .0 „ ... Feilding • • 10,806 103 1 ,m - 0 16 3 0 17 3 017 0 Gisborno - • - 17,100 9,230 -1 ml 121 212 0 Hawara ; • . M50.' ...&f f. ---i- - - s}0SSST"? : : 10 Si! , 5? ' ,. .. - ...... ffl.057) w palmeretoaNorth I 27.000 . Jl'Jg ■*'&. '~i ' M T I 6 • ' "J J J Wellinfiton - -. . .57 988' . '.10 :,ml 10 1817 - 6 l5 -;.?.C ,. 5 «. 8 CantMbn^ 41 ?' . .[ ' 183,727 ..50,071 74' 1 24 8 ' ' « J'. . Cbristchurch - . 165,920 54,337 10 ml,-v•• ? v8-. ' 10.-J -10 12 -6 \ 1° S i Gear - - - . W()0( j| . 6W«... 1 -'ML,?. ;qO„ . c..?.. 11 0 ) 210 0 i 0 - ;«U. ■ . | j •; 6 .' B ;6 . .. 105,766 J 53,767 .jg, .y, ...» 8 6 0 . . I;# 7, '3 Wangsnol " ; 4S,eC0 . U.itX; & ■ oil .&. ■ - 170.000 121.453 1 1 2 2 0 .1 5 0 -,-.3.3 0, 3 6 8 JUL Shipping* - - <73,840! U3,T51 8 nil. . 5 * 0 • i/i. •' kqi UnionStcam - - £00,000 i72,592 10. nil. • . .10 18.10 0. : -;18.ip- ( . 5 8 1 Wgtn. Steiun Ferry • 46,250 65 •; 1 • • v 6 v "_ .[ • . Westpbrt - • 280,003 117,215' 34. lV- ■ 15 • .i "'716. 0 ' 7 17 0 ; y i6., 0 . ; 611 7 Saupiii - - • - £2,500 5,339 1 nit' , 7J 019 6- 1 > 0 ■.0 - <. . woollen. . ■ Kaiapoi- - - - 100,000 32,651 5 nil. 6 MONStel' - - - 83.497 WSli '34 14 . ,1: S 0 0 • . • Wellington - - t0,UH 21.3(3 1 '1 6 ' 8 4 8. ''3 -fr-O- T 5 6, 11ISCULLAJ<E0D3.~ """ ' :' PooaghyBopo - - 47,000 — 10 n !J — 5 12 6. : • > . Xeylaod&O'iirioa' - • 85,000. 37J61 1 nil 15 2 7.0 2 8 0 ; .fc-7 0 . ft 7,8 ilnuricoviil© lima - 7,000, 203 1 8 1 5 0 .,, »y H.Z.Cftndlo • • - 10,003 10 ml - 10 0 0 • > yXDrngs - - - • £00,000'• • 2 m ' 7 212 0 2 12 0 : I» T XPaper Milla - 04.755 "1ATI f 1- -:M< . ,7':. "U* 133 IAS 619 WJ5.Comoafc- - - 40,000 - 8,948 1- -.ml•- 4.8-' •-••-110 -6 111 6 " <»<*■ Msmjiiig & Co. - 06,(XU 37,670 4 1 10 4 0 0,' . , mrd&Co. • - £0,000 80.655 ..4 1 ,10 4 17 6 5 2 6.:. •. Wgto. Opera Housa " 18,630 1.705 ,5\ . nil 8 600 750 Wgtn. Frash Food •" 28,201 - n H:.' " Whitcombo Jc Tombs- 46,250. £0053 v mj-; 10 & $ 0 410; 0. . ' .-t . 6barlkad>Limited '1. * nil *■ 1h . 010 3 ;• ":v v •