FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 50, 22 November 1907, Page 10

FINANCE AND COMMERCE.

THE SHARE MARKET. Brokers were ablo to report a fair number of sales yesterday, both in investment and mining shares. Of the former, business was reported in Wellington Gas at .£lB 155., Wellington Woollen at ,£3 65., and Leyland-0 Bnen Timber at 455. 9d. ex dividend, the latter, yielding to the investor approximately .£6 Gs. per cent., on tho. basis of the last, declared, dividend.. Dealing with the separate sections,' there was dullness in Dank shares, Nationals, Leing offered at £5 95., and New ■Zealands at .£lO, with no declared buyers. Insurance shares were in fair demand.. National Insurance shares were wanted at 265. 9d. ex dividend, and Standards at 22s.,'sellers' of the latter holding for 235. New Zealand Insnrj.nco phares were on sale at .£4 Os. ffd. Financial shares were steady. •• There was a bid of. ss. for Loan and Mercantile, but sellers wanted 6s. 6d. National Mortgage shares were wanted at .£3 4s. Gd., with sellers at £3 ss. 6d. There was an inquiry for Wellington Trust and Loan at .£7 95., and New Zealand and River Plate shares were agaiiC'bffefed it' 295. 9d. In gas shares, inquiry was made for Peilding Gas shares at 16s. 9d., and for Palmerston North Gas at .£7 2s. 6d:''Napier Gas shares were offered at the old quotations of £25; £15 lOs., and,£3 7s. 6d., for the respective issues, and Wellington Gas shares at £18. 17s. Gd. Heat shares were quiet; 495. was offered for Gears,, but there were no declared sellers. Christcb.ur'ch' Meat shares were on sale at .£lO lQs. Union Steam shares have hardened, and buyers were yesterday offering o£lß 12s. Gd. Manawatu Rails were wanted at 425., sellers asking 445. In coal snares, there was inquiry for Taupiri at 19s. Gd., while WestpoTts were offered at £7 Westport-Stockton.-,at,Ss. 9d. There, was, dujl-. ness in the miscellaneous section. Kauri Tim'-' bcr, 15s. paid, were wanted at 9s. 3d., sellers' price being 9s. 9d. D.I.C. Preference shares were again on sale at 235. Taranaki Petroleum shares witnessed a further,fractional advance yesterday, with buyers offering Bs. «d. There were no sellers. . .

. THE MINING MARKET. In the mining section, a 'distinct, advance, took place in Talismans', which had'quittance at 50s. 3d. and 50s. 6d. Waihi shares were also in better tone, with sales at ,£8 9s. Ngatiawa shares sold at Is. 10d. The state of the mining markot yesterday is shown in the table appended:— Buyers. .Sellers. Sales. £s. d. £ s. d. £s. d. Big River 0 14.6 i- .■. — . Komata Reefs ... 0 1 i — ■,'—.' Kuranui Caledonian , — 0 11 — Ngatiawa ... .... . — —• '0 MlO Waihi -;.; ... 8 8 9 8 9 6 ""8 0 o' Talisman ... .... 210 0 210 9 210 3 2 10 G ■ THE FINANCIAL CRISIS., ;/,. " The monetary crisis has extended- to" Chili, : where' a serious financial situation;has arisen owing to the unprecedented fall in ; !the , rate:of exchange. What seems to have arisen is'tliat. the rate of exchange has fallen to'.the. gpld point, or to tho point at which.it becomes'; profitable to export gold, and the withdrawals' ■ from the banks have brought about'the downfall of ono and the amalgamation Vof three others with the Bank of Chili. It is difficult to seo how Brazil, and perhaps the' Argentine, can escape tho crisis. In the meanwhile, it is satisfactory to note that there are no new developments in tho United States. Wall Street is hopeful, but not confident, regarding the effects of the currency reform promised by President Roosevelt. Mr. James.Hill, the American railway magnate, denounces Mr. Roosevelt, but Mr. Hill cannot be taken seriously. President Roosevelt has the support of many influential bankers; for instance, the banking houso of John H. Davis and Company sent out the following special • circular early ; last month:—"Politic? are-dominated by demand for regulation of public servico corporations, and when democracy is thoroughly aroused for correction of abuses, it finds a remedy, irrespective of cost. The public, aroused by knowledge of immorality in New York city life insurance companies, fevered by frequent indictments and convictions of corporations and officials for, rebating, suspicions of many '-eenrities, because of the IlarrimanTJnion Pacific examination; exasperated by the law's delays and inaction of public officials, and angered by tho miscrablo scandal of tho Interborough-Metropolitan collapse, is further inflamed by injudicious; pleas from unrepresentative Wall Street circles that prosecution and punishments of violators of the law should stop in the alleged interests of general business. It is very-necessary to realise tho wido difference between legitimate agitation for compliance with the law by public utilities corporations and Socialistic attack on wealth per se. . . . There seems to us only one way tp meet universal demand for reasonable regulation of' corporations..and.that is by concession and cooperation for tho common gobfli 'and not with tho violent' assertions of 'attack ;on vested interests,' or claims of 'war on ■ capital. . Public sorvico corporations, in consideration of privileges granted by tho community, contract with, the people to perform certain services without discrimination. Unfortunately, it had become custom to tako the privilege and ignore the contract." BRITISH AND AMEMCAN IRON' '. AND STEEL. in tho last fifty years, while the production of pig iron has increased in the United Kingdom thrcefojd, in the United States it . has increased thii-tyfold. Within the .last 25. years, while British pig-iron production has increased from 8J million tons a year' to 10 million tons, that of the United States has increased from 5 million tons to 25 million tons. In a quarter of a century, while the United Kingdom has not increased the per capita production of iron by a fraction, the Americans have increased thoirs by 300 per cent. Twenty years ago the United States' exported .£3,000,000 worth of iron and steel goods a year; ten years ago, Jill, 000,000 worth; and in the fiscal year just ended their exports of iron and 6tcel were valued.-at ,£35,000,000. America, too, hue made this headway in the face of difficulties greater than British manufacturers have ever had to contend against. "The Ironmonger" reviews Bome of the ways in which nature has been less kind to the United States than to Great Britain. In tho first place, tho United States has not her ore and coal naturally " assembled" as Great Britain has—they are a thousand miles apart. The American ironmaster must count the cost of assemblage at

WELLINGTON ; SHAKE itIST. Ci

between 6s. and Bs. per ton; in some cases it does not cost his British "confrere much more than Is. 6d. ■■■Apart, too,-from 'British ore being deposited close by coal and furnaces, ample supplies are obtainable from Spain and Scandinavia,-which'.can be landed right alongside our blast-fnrnaeos—as at Jarrow, for ■ instance;— at muc\,'less ' cost for freight than •American rivals can carry their ore from'l^ke..Superior "mines-! to Pittsburg furnaces. iWhilo; ore and .ooal,.'furnaces and seaports—and, it may bo added; foreign markets—are widely separated in ,thc United States, Great Britain has the raw materials, the ,oro. and-the.T coal,' the and the ships,'side by'side." '.""If land" is. cheaper and mining royalties aro lower in 1 the United States that in Great Britain, the latter has a marked advantago in our labour conditions. From all of .which the inference, is drawn that .the British manufacturer has not ret cot to tho end of his tether, and that the United States,- "with all her boasted, resources, is not destined absolutely to dominate the iron trade of the world, though she may exert a powerful temporary influence." 1 ..*" ~, STANDARD OIL .TRUST.'. Amazing disclosures wore made at the hearing of the United States :GovernMnt's suit for tho dissolution of,the Standard Oil Trust. The evidence of the secretary, for'instance, showed that eleven holders controlled the Company, these owning'-over 500,000 shares out of the total of 983,400. The holders, of 10,000 shares and upwards, with the market value of their shares, are as .follow :r- ■..-.,>. , No. of,. Market value. -, , . .■. i- ...-,,, .'. ; Shares. ■ £. J. :D.Rockefeller." J...'"256,851 T; 23,379,752 CH.-Praft ~..;'„;:, ..:-. 52,582, 4,627,216 Harkness Estate ... 42,000 3,696,000 O. H.'Payne' .„ ' '... 40,000 3,520,000 H. M. Flagler 30,500 2,684,000 Jennings Estate ... 17,000 1,496,000 H;'.H: Rogers !.. -,'... . 16;020 ' 1,409,760 Bostwick Estate ' ' ... 15,000 1,320,000 W. .Rockefeller,... ... 11,700 1,029,600 ' Brewster-Estate' ...• 10,000 • BSO.OOO The 'dividends' paid by the Trust from 1599 to 1906, inclusive, amount to .£61,672,000, of which Mr. J. D. Rockefeller's share has been ,£16,035,000. Mr. Rockefeller's averago income from the Trust for the last eight years has been equal to .£2,004,000 per annum, .£167,000 per month, and per day.

v ; ~ ~ ... ..,,. MINING. . (it.: TELEGRAPH—SPECIAL TcOBEESPONDENT.) Auckland, November 21. , The. following, is. the,,official report of tho operations in the Talisman Mine-for tho three weeks ending October 4/ 1907:—N0. 10 level; Stoping—the assays from No. 2.Bonanza Block stopes .average.. Xt Gs. No. 11' level: south drive (east vein) -advanced 75ft., total 687 ft., width of'reef, ! .lßin.',.average of assays, ss> 3d. ,At'sß.lft.'-'(i;:crosscut' i has.beou' driven west 26ft., value. No. 12 "rise (main, rcyjY.This'was; started 52ft. south of-No. ; 7 crosscut. (364ft., ; s6uth;:pf No. 4 crosscut).. Measurement , ,: 12ft.-'ree!;\ wider than the riser.varies -averago £5 16s. 12 Winze: ThisVwas.; startcdjinder,, No:' .12- riso; progress, 3ft.'; , .:Tee£ wider''than 'wirirervahies average '£i 10s. : S.toping • IThc average.''T of assays from No. 1 Bonanza Block is 15s. Bd. From No. 2 Bonanza Block stopes.the values average ,£1 17s. Bd. No. 12 level;, south drive (east vein), advanced Bft. j total, -313 ft.; width of reef, sft.; average of assays, £2 19s functioned with main reef.. South drive (ninin- reef) was ad-' vanced 23ft.; total, 478 ft.; width of reef, 7ft.; average of assays, £9 15s. At'466ft. the drive junctioned with the south drive on east vein. No. 12 rise (main reef): Started '414 ft. south of No. 3 crossqut;.progress, 13ft.; reef wider than rise; average of dssays, ,£l2 10s. Bd. Stoping : The assays from No. 1 North Block stopes avorage £2 17s. Cd; No. 2 North Block stopes £1 10s.; No. 1 South Block stopes, £2 4s. 4d. A leading stopo off No. 12 rise has been driven Bft. north' and Bft 'south y values from same average; £IV ;13s. 3d; No; 13 levelNo. 5 ( rise advanced ■' 70ft; total 204 ft.;, width of reef. 4ft.; average of assays,' £i- 13s, lOd. . The/average of assays from the- stopes- off No. 1 north riso ia JE4 7s ■ 4d.

STOCK '"EXCHANGE. [BY raiiEOBAFH.—PRESS ASSOCIATION.] ;.;; Dunkdin, November 21. ' Stock Exchange Sale :-New Zealand Drug (£2 paid), £2 10s. 6d. (BY TELEGRAM—SFECIAI, CORRESPONDENT.) ;■ i Auckland, November 21. Stock Exchango chief sales:—New Zealand Insurance,. M. Os. Gd.; Waihi, ,£8 10s. 9d £S 125., £8 11s. Dd.i Talisman, 51s. to 525."| Crown, Bs. 4d.; Golden Belt, 35., 3s. lid.; Waiotahi, 3s. Id.; Waihi Extended, ss. Bd., ss. 7d and ss. Bd.; Tairua ; Broken' Hills, 4s. lOd. C ■'■■ ..'.LIVESTOCK SALES. .PALMERSTON. The New Zealand Loan and Mercantile Agency Company, Limited, report as follows:— At Palmprstom North on Thursday we had a good'yarding,'consisting principally of grown steers. Only S pens of sheep camo forward, but they sold well. We quote: Sheep—Fat woolly hoggets, 255. 6d.; mixed hoggets, 17s. Gd.;.,ewes and lambs,.27s. Gd. .Cattle—Yearling steers, £2 9s'.; yearling heifers, 225.; store cows, 20s. to 375.; forward cows, M is. to .£3 10s.; cows in calf, £3 55.; empty 2-ytar heifers, £1 to £2 Bs.; cows and calves, £2 155.; low-condi-tioned stcern, £3 12s. to ; 2 to 21-year stcors, £A;' bulls, 275. 6d. to .£2 10s.; aleo, in conjunction with Messrs. Dalgety and Company, 3-year shorthorn steers at .C 5 10s. Messrs. Dalgety. and Company roport:—Tho following prices were realised at our Palmerston sale yesterday:—Aged ewes, with lambs at foot, 10s. 9d.; fat wethers, 225. Gd.,- fat and forward ewes, 17s. 4d.; 2J-yoar steers, £i 10s.; 2 to steers, £A 25.; 18 to 20 months' steers, £2 18s.' ~,,, '. HUTT. Mr. H. Ernest Leighton reports':—At my Hutt stock sale held on Wedßeeday,- i ya.rdings wero fairly heavy, but did ridV'inolude anything really first-clMs. The attendance was goocft and ■ prices all round satisfactory. ' I sold: Tip dray, .£10; spring cart, £1 10s.;.gig, .£l2; harness, £2 to it 15b.; cows and calves, £2 i!) 5, Gd.; light harness horses, from .£l2 lla. to .ClGhacks," from'';£B to ,£l2 ss.'- , .. Messrs. Abraham and Williams report on their Taihape sale on Wednesday as follows:—Entries wore largo* than usual, .owing to the

ronds hoing in hotter condition and tho season advancing. Bidding was brisk for both shcop and cattio. Wo made a total clearance of sheep. Wo quote: Woolly hoggets, 225. Gd.; wethers, 255. Cattle—One-year to eighteen months' steers, ,C 2 17s. Gd.;. yoarling heifers, 325. 6d. to 355.; two-year steers, .£3 135.; twoyear heifers, £2 25.; throe-yoar steers, from .£■l 25., and £i 10s. to £5 7s, Gd.; three-year heifors in calf, £S 17s. Gd.; dairy covs, «£3 to £a; shorthorn bull, £1 17s. 6d.

WOOL SALE, (nr TELEGitApn—rKEss association.) CimiSTcatmcn, November 21. Tho first annual wool sale of this season's series was held to-day, when catalogues, comprising 5548 bales, wore submitted, as compared with 8549 at the corresponding sale last year. There was an attendance of about fifty buyers, representing Home, foreign, and local interests. I'he wool this year is not nearly so bright ?s last season's "clip, but is much lighter in. grease. The catalogues were made up chiefly of small farmers' clips, with a few larger ones. Tho salo was a dull one, there being vary littlo competition, except for a fow of tho best lots of. half-bred, and a large proportion of the lots were passed in. As compared with tho last November salo, p.riccs wore from lid. to 2Jd. down, and in some cases probably even moro. Tho highest price recorded for half-bred was 13d., eleven halts of the 2 N. dip reaching this figure. E.C.H. half-bred reached only 121 d., as against 143 d. last year, r.nd cashmere half-bred was passed in at llJd., and was sold last year at 143 d. The following shows the rango of prices, as compared with the corresponding salo of last year :— 1906. 19*7. d. d. d. d. Merino ... ' ... 9 to 10J ... 9J to 105 Superior J-bred ... 13 to 14} ...,, 12 to 13 Medium J-bred ... 11} to 12? ... 10 to 11J Inferior J-bred ... 1)J to 10J ... 73 to 93 Superior 3-bred ... 12 to 13j ... 10 to 10} Medium J-bred ... 101 to 11} ... 8J to »}■ Inferior 3-bred ... 8J to 10j ... 7 to 8 Superior, crossbred ... 12 to 14 ... 10 to 103 Medium crossbred ... 101 to 11? ... 8J to 93 Inferior crossbred ... 9 to 10 ... .GJ to 8 Long wool ... 9 to 11J ... 8} to !) Best 1-brod pieces ... 10 to 11 ... 8 to 103 Second |-bred pieces 71 to 91 ... 5J to 7} Crossbred pieces ... 7J to 9\ ... 5 to 8j Locks ... 41 to 61 ... 3 to 5 PRODUCE MARKETS. [bt telegeafe.—pmss association.] CimiSTCHDRcn, November 21. . Flour has dropped in price 30s. per ton, and is now ; d612 10s., against .£l4 previously. Bran is reduced from .£5 15s. to £& 155., and pollard from £6 10s. to £5 10s. PRODUCE MARKETS ABROAD. BT TELEGRAPH—PRESS ASSOCIATION—COPTRIGHT. , London, Novembor 20. At tho tallow sales, 778 casks offered and 598 sold. ' Mutton, fine, 355.; medium, 335. Beef, fine, 345.; medium, 31s. Tho American visible supply of wheat is 62,521,000 bushels. Stdnet, November 20. Wheat.—Milling, 4s. 3d. to is. lOd. ■ Flour, £11. Bran and pollard, Is. sd. Oats, 3a. Cd. to 3s. 7d. Barley, nominal. Maize, 4s. 9d. Potatoes—Tasmanian, £2 to £3. Onions—Victorian, £4. Butter; -107s. to 109s. Cheese, Bd. to 9d. Bacon, BJd. to 10|d. Meldotjene, November 20. Wheat, 4s. Bd. Flour, .fill'. Oats—Algerian feeding, 3s. 3d. to 3s. 5d.; milling, 3s. Gd. Barley—Cape, 4s. 3d., Maize, 4s. 3d. Bran and pollard, Iβ. 3d. Potatoes, .£2 ss. ' to JC3. Onions, .£3. Adelaide, Novembor 20. Wheat is quoted at 4s. 4d. for farmers' lots, and 4s. Bd. for parcels. Flour, Jill 15s. Bran and pollard, Is. Gd. Oats—Algerian, new, 3s. to 3s. 2dv LONDON MEAT MARKET.

Natter, November 21. The Colonial Consignment and Distributing Company cables that frozen meat prices aro unchanged.

'' r.nib.1 iw!iS D- 2 Uabil - ■Sβ PRICKS. TMd C0MPAOT ' p ™ W/W "a? ~; KwaStoP".. - uefim «wns :•'■ 4'■ 4 io oh o, .10,0 o 810 0 310 a K»tional -, • - ,375,000 535,318 .» IS , ; 12 6 7; 6; .•'; 6;5 .0. ,...,..•■ Nntional - - - ICO.00O ' ~ : i onitd. 15 2 "Fi!' VT i ■ * * °- ■ 5n * XewZealftnd - - 800,000 836,786 t 8 30 '"*;■» »•■.'':.., EouthBritish - - 100,000 v .'512,400 I nnltd. SO ;„..;,. .:.v,f 13 0 ■,,•■ . Etandmd - . - 76,000. ■ 82,183 V 2 unltd. ,10 U3.-.V0. , ; .l 3 (). 1 -3 0.616 4 EauSteMidiig - tB.000 ,, '■ •■-tisitt" : s 5 ; /io ' 10"a'ei S' .B:Ji;: '10 a -6. ■ «i9 9 Metropolitan Building H.O00 ; ■-' 6,229 •.-. l » . nil :', ...7-. ■-•■. ■•■■•■ ■*•■;■ ,"! Wellington Invest. - W.000 ■ 3,933 :. 'i ;j ,i -• f'6- 1.'». "I"- -l':-.' ? ■ „',"„%,' * x n Wd'gtonTtust&Loan '101,150'. 30,620 ;/O6;.,:.: S/./! ,;;.eV: ,.k'.\0 .0,, :,;T.K 0 710 0 . 5 e 0 National Mortgago ■:. ' ' ■'■llS i !60.' , ; ■" • : : -I li .■Iβ;, >.;'3«4 -6- ,- B 6 '6 |j° J * ° K.Z.andRiTorl'latei- SOOCCO':' :S!SO3O3:: ; .VI: -nil ;■•: - --T; 0- ; ; ; J.'.e.;9,! f. 6 r * J5 0 Lean and Moreautila-. 135.223. li7,368V -:.8i '..VS.' " 0:;'S 0,.,..0,:e'6 v, : ,<J:.6 6 9 19 GAS. ' " •'■ ■■' ■ - ■ -'-I"-:.'-.'- . -. ■ ' .>•,•■,■,-;.■. • '■'■-'•■■' • Auckland - - - 180,170 ' JE0.5K': ;: B ■ "'I I 6 14 - °"' 0 ' ?Ji" I ° n ' "'• ■ Chriskhuroh • . - 152,000 46,067 ,6 nil 10 la J ° . ,„ „ FeUdiny ■- . ■ . "10J05. 105 . 1' - nil ■ - 016;9 >, ;017. 3 ...01T- 0 Gieborae . - - 17100 9,239 1 nil " 12i ' 213 0 Hawera - - . 8,250 745 5 1 10 ' „ „ Kcw Plymouth - - 18,000 3,169 6 nil 10 715 0 Jiapior - - - . 1 10 nil 15 SS 0 0 ., .-. - _- . «,967[ SUIT .5 J.. ,.15 15.10 0 . , - Patoorrton Korth '. 27,000 11,00-2 <i I 10 (II T J 6 6 6 t Wellington - - . liitSla \ WS68 » nil 10 1817 6 IB 15 0 6 6 8 "meat. * ..-.■■ ...... Waneanni " . <5£50 11,«M -fi.'.nU,-; 8 . ■■- TBANSPOBT , ■W. & M. BaUway - 170,000 121.453 1 4 ' 7 2 2 0 S 4 0 ,2 2 0 3 6 8 N.Z.Shipping - - 4733« 113,751 8 n>1. -5 ■ ■•■' 6 0 0 ■ • - Union Bteam . . GOO.COO «72,5M 10 nil. 10 1812 6 , ,1810 0 6 t 1 Wgtn. Steam Pern , - 46,250 65 1 nil. . 6 ' 018 0 ■Wratport ... SEO.O0O 07.215 3i li 15 716 0 717 6 716 0" 614 7 lanpiii- - - • 62,500 1 71 019-6 10 0 Baiapoi- - - - ,100,000 82.85* 5. »* e ■ • • . , Moeeiel- - - - 83,457 17,212 Si 11 4 3 0 0 • • Wellington - - - 60,000 24,3(8 1 1 6 866S6'.O TS6 MISGEIiliANEOUS. ., EonaghjBope - • 47,000 - 10 n>1 ■ • 613 6 ■ ■ ' ■ . . „ l^yland4O'Brioo - 85,000 SJ.761 1 nil 15 3:5.0 ' 2 7.0 , IS 9 6 6 0 ManricoTilleluma 7,000 SJM 1 nil 8 15 0 . Candle - - - . WOO - 10 nil _ 10 0 0 MJ5.Drne8 . - - 00,000 M,514 S ™ ' T ■ 312 0 S la 0 ! Paper Milla . 04.755 1J77 1 "1} T 130 133 13 3 6 19 H^.Cement- - - 40,000 2,018 1 Wl 8 110 6, 111 6 Manning & Oα. ■ . 86,000 57,670 i 1 10 • ';;..: 10 0 Waxd&Co. - . £0.000 S0.655 4 1 10 117 6 6S6 5 9 0 800 Wgtn. Opera Hoaea," ■ 1,705 \ 5 ml 8 6 0 0 7 5 0 Wgtn. Fresh Food -' - 1 nil • _ . ; - WhitoombaiTomha- S0.1S3 6 ni 10 i6 0 410 0 ••,: KiadaBd.I,imited *S.67ii 9JU • 1 ■ nU 7J 019 0 . ,' ■■'