FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 51, 23 November 1907, Page 8

FINANCE AND COMMERCE.

t•':■'■, >u, THE-'SHARE . MARKET. .'-;;..'' ■,'.■ : 'A ".fair"' business--was done -yesterdav_ jin--in- : Vestment shares, .while the buying ] orders were morS/numerous /than usual.: Wellington;.Jn.vestmeht fhares changed,hands at 125.,-yieitt--inß:i-,to;itho -investor 5 per cent, per annum. Therovwas' another sale Leyland-o,Bnen Timber, shares; at,4ss. 9d., at which price the i-e'fcu'rn, is' approximately JEG Gs. per cent. I'or bank'-shares, tliere' was no change./ Buyers offered'So 7s; Gd; for National Bank. shares, Bellers holding-for £o 9s. Bank of. New. icalaSares sale at SlO. There was excellent, inquiry' for insurance shares,, with ■buyers':of Nationals at 265. 9d., New.Zealands at £3- 195.',. and-, Standards ■ at, 225. ,-. ■ In.-; the financial group,-..-business was quiet, except.tor the.-,sale- of -Wellington Investment -shares. National Mortgage", shares were in demand at ,£3'. ; 4s.':6d;, and- .Loan and' Mercantile, at; 55., with'sellers of New Zealand and RiVer Plate a't: ! 29s';: 7 9d. r arid Wellington Deposit at 10s. Gas shares'were neglected. There was a bid oflfs. Gas, but sellers .wanted ISs.-lhcr'e wie-mo- alterationiln the Meat shares;? Gears were wanted at 495.,.and Winst-church-Meats were.offered at £10 105'.,.-Mana-watu-irßails remained at the old quotations of--buyers 42s.,,.sellars>ts. Union Steam.shares ha'v'o hai'dened,iand are now: m, demand-, at £19'.' There w'efe'.bids of 19s. 6d. for Taumri Cbal,'9's: id. -foh'Kauri Timber, Zealand-Drugs, arid Bs. for Taranaki Petroletim.'_-■■'■ •'.'. ; ' f ";A'- " ."' . ', ■'/ ':.'.'• , ;; '':.!.;' r THE ; /I&NING :MARKET.''. Talismans and/Waihis, again had. quittance it enhanced prices, and' both show a strong upward; tendency'.-.The. state of the. market yesterday is disclosed in the-following :— : ,m-^" n V;v/i ', -'.Buyers. Sellers...Sales. "°- 7 !'"..- . ■'"<' ' £. 6 .d. £s.d; '£s."d. Talisman ...' ... 2.11 G 212 6 2.11.6 WaJWA •••■•■'••• 88" G 81 ° ° :8 - 9 ° "Komafa Reefs " ..'.', 01 6 —'' ."-' . Kiiranui Caledonian 0 10 Oil — Waihi Grand Jun't'n-;,,. — ,2. 0. 0. . rr-.:.:-Big/River ■ ...' :% .'■■ 014 6 - '-•-.; ' COMMERCIAL UNION ASSURANCE. This great British corporation exercises a world-wide influence, and transacts fire, marine. I accident, arid/life/business. It is represented in-practically,-every civilised country in the world, and its' 1 progress is one of the. marvels of the insurance. age, and a tribute to-the business aptitude, and perspicacity of British underwriters." With its world-wide'..ramifica-tioflSf-zit -is inevitable but that a considerable time;niust elapse-.beforo a comprehensive .bal-ance-sheet of the,.;tDtal business transacted.for any-given period;can be issued. The.balance-sheet-tfor the ,-v'ca'r,. 190G has only just.' reached Dominion, "and shows in the fire /depart-ment-,"'that Ml" year the sum of £794,9(4 was paid''in settlehieriT: of San bri't the filial result was\a debit balance of ]ess ; tlian 1-alf'tliat.amount, as will, be scpn. from the following figures, which disclose the salienU features /of tho business dpne.in .the past seven years.:—

"•'•• "'"'Premiums.' Losses. Expenses. Surplus, n ~,'.::,;. ' £..". £ £■■■£.- e ' '.1900"..;' 1,412,030'- . 711,749 .440,970 ,-. 250,311 i .•1901'.;.M,G64,407'r 1,094,803 559,937 9.G67 J 1902". 1,740,052, 981,507 578,893. 179.G52 , ■1903 . 1,771,820 862,759 613,708- 295,353 , 1904 19G7 712' 1,091,895 G54,56G 220,851 ; 1905 '.'.. ■ 2 T ,074,730 937,920 750,196 .38G.G74 1900 ... ' 2,301,052 "; 1,861,032 825,116 .325,036 ! •This- gives an; average profit of £87,660 per jinniim,on tho fire .business.. From the marulo department, £350,000. has been, transferred to , the. profit nnd lpss account in the seven years, , the amount transferred last year v bemg £(0,000. Tho accident branch exhibited a surplus of £27,058 on the past year's business. -The , .premiums received by this department totalled - £196,993, (he -losses, aggregated £101.136, and { the. commissions and expenses £63.799. Tho t interest received [on the investments' of the j Company exceed the amount of the dividend. , Tlie" present dividend paid to the shareholders ' absorbs the sum of £150,000, while the.items of interest: show:—Fire . deoartment, ■ £70,983; ■ marine department, £22,027; accident, department, £5850; profit and loss account, £4iT423; total, £151,083. 'The Comnany has nearly three. .- millions sterling invested in Government and . municipal securities, and railway debentures, , debenture stocks and shai'es, besides which tVere-are' mortgages on ; property, loans on ;. 'policies, and freehold and leasehold property. The Commercial Union is exceptionally strong, and because of its strength it will always cbm- . mand a big business. . ' ;■' 3V" THE/MONEY MARKET. .'- ■•'■ --•" ;'". New York iff'not clear, of tho financial panic; "arid there appears to be a recrudesence of the demand for gold, the premium rate for which ; ;isa"ain advancing.'' A week or two ago it was stated that cable. transfers were being dealt in at 490 cents per pound sterling. Commenting, on this, an. authority said:—'.rho statement, that sterling exchange has risen to 4.9 dollars, per £1 means that the American dollar 'is.worth rather" less than 4s. .I'd. This deprc- ■ elation,'would, as a rule, cause an exodus of American gold to London, as tho gold would flow where it is valued most highly; Bnt gold ~ is "going from London to Now York, and the depreciation of the American currency, is due "to the fact that gold there is unattainable. It is'explained-in tho cables that the advance in the premium rate is /partly due to tho tanks having purchased money for the purposo 'of'subscribing't'o'new Treasury votes.. The ex- - plnnation • appears" a littlo peculiar, becauso 'the Treasury has been helping the banks in every-possible way. and is not likely to want ::from them the gold that they cannot spare. •It is more likely that the New York banks aro experiencing a' frerfi demand for the.metal by the number of aliens whom tho ." Daily Mail" , reports have been dismissed from omploymcnt in American industries, .and ire now returning to Europe. These aliens would naturally wish to take with them their : savings, and the call on tho banks for some Dither >in gold or in credit transfers on European capitals would be a disturbing factor. Jt is obvious that-Nov? York wants more gold, and whether tho metal is obtainable from Paris or London, it will help to keep up the monetary stringency. ■"■:; GERMAN FINANCES. , . ■'■;; ; There has',)Korij"for some time past extraordinary stringency in.Berlin. Tho'bank nito there js generally a half per cent, above the •'Bankof England discount rate; consequently ' it is now 71 per cent., if not more. Thb'Gerr man Chancellor of the Exchequer, Trince ■ Bulow, has announced his intention of borrow--,'ing,.-£30,500,000,:,0f which £13,000,000 is to -ho ' obtained bv means of credit operations,to .meet .','noii-rec'urring .extraordinary expenditure,, and

WELLINGTON SHAME LIST.

£17,500,000: by the issue, of bonds, in order to .strengthen :extraordinary resources. 'lias indulged.'..in 'a very ambitious policy of trade of colonisation, and of build-: ihg up a big navy; and this has taxed Germany's financial resources to tho ntmost, and mado her merchants constant borrowers in the .money .markets of'other nations. Tins strain is telling on Germariindustries, and what with heavy taxation-and .slackening of work wo outlook is very gloomy. .. '■-. ■:':. THE WOOL. MARKET./. ~ ■',The, -Antwerp wool sales,' which opened on Thursday, though; not an accurate barometer, arc, nevertheless, indicative ■of tho market prospects. Fine wools were: lo.wer by 10 per cont., • and; coarse wools by 15 per cent.,; and, out-of a total of 3263,.bales,offered, :864 bales, or about 20 per; cent.', .were sold., The London sales bogiri.on-tTuesday- of-next'.week, and .if the decline is: : ho more; than "the /above there, will bo no great-cause-for-'complaint, ■• .'•.

OTW ZEALAJ^;'£ : MERCANTILE. '' ( 'jmessago' was:■' received yesterday morningiby- the abovei Company from its Eondon'-'offictf:-^'.*The:annual meeting will be'held on December-5./-Annual'report and- bal-. ance-sheet. J After £9956'.: written'-, off London 'ihvestmc'nts,'f.and:. , £sß,oo0 1 -;, carried to leserve, Board of Directors recommend 'payment of a .dividend:at ; 'thb :rate.of;.s ; 'l?er':cent. per annum, less income-tax, leaving £133 to be carried forward. The report also states, that ,£IOO,OOO out of surplus .realisation, of properties under the scheme of arrangement, 1897, has-been carried to-capital reserve; hence ' itho total reserve of tho New Zealand Loan and Mercantile Agency Comnany, Limited, is ,6315,000. In addition, the' New Zealand Land' Association, Limited, has carried ,£75,000 surplus realisation of properties .to a capital reserve account." , i .MINING. ' talisman: consolidated. Mr. C. D. Morpeth, secretary of th i Wellington Stock Exchange, was yesterday advised that tho following cable was sent to the London office of the Talisman Consolidated Gold Mining Company:—"No. 11 level south, progress 124 ft.,-, assays averagers. 2d. No.. 12 winze, progress 17ft., reef wider than winze, assays average £2 65." No; 12 level south, progress 47ft., -width of reef 4ft., assays average £10 17s.' Gdl No: 12 rise, progress' 19ft., reef •wider than rise, ,: '-nssays- averago. £13 10s. No. 13 rise, progress 32ft., .width of reef 3ft., assays averago £2 lis; No; 13.1ev0l south, No. 8 rise, progress 22ft., width of reef 27in,, assay value •Is'. 5d." ■'■ ■;■■:.' j', . . STOCK EXCHANGE. . (FROM OUR- SPECIAL CORRESr-OOTENT.) Auckland, November 22. Stock Exchange: AVaihis are hardening, today's salcsbeing at e£B 12s. 6tl. Sellers now ask £8 135., and there are buyers at ,£8 12s. 6d. Talismans also continue firmer, business being effected to-day at 525. Cd. and 535., whilst sellers how' want '545. 9d.', and there are buyers at 535. 9d. Other:sales to-day include: Waihi Extended, ss. Sd.; Tairua Broken Hills, 4s. Bd., 4s. 7d.; Komata-Reefs, is.' 7d.; Golden Bolts, 2s. lid., 35.; ..Crowns, Bs.. 6d. ..to Bs. 9d.; torias,- Is. 5d.; Thames, Is. 7d., 3s. Bd., Is. 7d. ; May Queen, 1 Is. 2d.' '" ''. '" . ; ' /'■./.::///DREDGING: ' [ ' (BY ' TELEGnAriI-—KtESS ASSOCIATION.) '. ..:;.... /Dijnemn,. November 22.. Dredging returns ':■—Kopiitai, 113oz. lGdwts.; Mystery Flat, 730z. 16dwts.; -Waikaia, 4b'oz.; Manuherikia, 390z;; Kura,' 38oz. Mwts.j Chicago, 30oz. Odwts. Ogrs.; Masterton, 290z. 4dwts.; Molvneux Kohinoor, 240z. 7dwts. 21grs.; Central Charlton, 21oz.'Cdwts.; Charlton Creek, 20oz. 18dwts.; Hartley,,and/Riley, 130z.; Garden Gulljv Boz.sdwts. . .-: ' ' / : WELLINGTON .'PRODUCE. MARKET.

The New Zealand Farmers' Co-operative Distributing .Company,' Limited, report as follows: —Maize, ss. 3d,; wheat, milling, 6s. 9d.; fowl, 65.. Gd.; inferior," Gs.; market very firm- Oats, Ga'rtoris, A.grade, 4s. 6d.; firm. .Oats, crushed, :4s. 9d. per:,.bushel; : horse I'beans, crushed, 4s,' Od. per bushchrpollard,'£7 : -55.-; bran, £6 ss.j sucrosinc, 200's, 15s. 6d., 100's, Bs. 6d.; prime oaten ; sheaf chaff, £7 .1Q5.. , ... . Potatoes.—New Zealand, £5; Canterbury Up-to-Dntes, Lapstone' Kidneys,- -Eldorndos, Circu-lar-Heads,'£6 10s.-Oiiions,-.£B per ton. Butter, . separator, 9Jd.; milled, Bd.; dairy pats, BJd.-' per lb. Eggs, fresh, Is. Id. to Is. 2d. per dozen. Bacon, sides, Bd.; rolls, 81d.; hams, ■BUI. Honey, 60's, 4ld. ' Beeswax, Is. fid.; fungus,.'43d;; walnuts, sd. to Gd. per lb. : Porkers, 70's to 90's, IJd.;! 90' a" to ' 100\i\i.; heavy pigs, 3Jd. per lb. .''■" Cabbage, 3s. to 45.; cauliflowers, 7s. 6d. to lfls. 6(1. per sack; green peas;.'6d. per.peck; asparagus, 65.; rhubarb,. 6s., per dozen; carrots, table red, 6s. Gd. per, sack; carrots, horse, £2 155.; swedes, £3 10s. per' ton;,parsnips,. 3s. per sack. ..;.._■■' Apples, dessert, 14s. 6(K; apples, cookers, 10s; oranges, Sydney, 12s;; pines, 10s.;' mandarines, 13s. Gd.; passion fruit, 19s/ Gd.; bananas, 12s. Gd . ' ....',.; Cocksfoot,, 7d. .-to, 6d ; ; ■ per lb.; rye grass, 6s. Gd. per bushel. ■ .'...'■'■•' Poultry.—'ljible; roosters; ss. od.; cockerels, 6s. to Gs. Gd.; table hens, 3s. Gd.; diicks, 65.; ducklings, 7s. Gd.fgecse,' 75." 6d., all at per pair. Turkey gobblers, 9d.;.turkey hens,-Bd. per lb., live weight;' Dressed- poultry—Roosters, Bd.; liens, i\d.; turkey gobblers';"" 9d.; turkey hens, Sd. per lb. - '' , LIVE'STOCK AND PRODUCE SALES. Messrs. A. 11. Atkinson and Co. report as Follows regarding their Foilding sale:—Pigs--Werners, Bs. to 13s.;'slips, 18s. to 205.; Poland China boar, t £2; Poland China sows, 4 months old, 30s. Poultry was in keen demand.—Hens, 2s. to 2s. Sd.; roosters, 2s. to 25.,'7d.; ducks, 2s. to 2s. Gd.; geese, 2s. Gd. Potatoes, 10s. sack. Bacon—Factory sides, Sd.; hams, B*d. Dalgetv and Co. report as follows regarding the Fcihling sale •.—There was a large entry of sheep and a small entry of cattle. The yarding totalled 5000, principally hoggets, There was a good demand for all classes of stock. Cull to medium hoggets, 14s. 2d.. 15s. Bd., 15s. lid. to 16s. ,Id.; good mixed hoggets, lSs.; empty woolly ewes, lGs.; fat cows, £4 155.; veal calves, 21s. Gd.

The New Zealand Loan and Mercantile reports—At Feilding on Friday we had an average entry of both sheep and cattle. Sheep sold well,.and there was a good demand for cattle, especially. for young steers, while heifers and

fomalo sorts generally showed a considerable improvement. Medium hoggets made lGs. Gd.; aged ewes with lambs, 19s. 9d. to 225. 9d.; shorn two-tooth wethers, 13s. 10d.; fat hoggets, 225. Gd.; yearling heifers, 235. to 265. Gd.; 18months' heifers, 355.; forward cows, £2 to X 2 125.; fat heifers, M Is. Gd,; fat cows, £i 10s. to c£G 15s.' ' •;. HIDE AND SKIN REPORT. Dalgoty and Co. report having held their usual fortnightly sale of skins and hides, lhe Olivers, were present i nusual force, but competition was lacking in spirit. Tho catalogue comprised some very nice lines of skins and hides, and prices realised were satisfactory. The market was lower for skins to the _ extent of id. to id., and hides of all descriptions showed an ea'sier tendency, particularly m calf' skins. They quote as follows:—Sheepskins— Pine crossbred,' Bd. to SJd.; medium' erossbreds, 7id. to 73d.; coarse crossbreds, Gjd. to 7!d.; dead, SJd. to GJd.'; inferior and broken, ,SW. to Gd.; pelts, 4d. to'lkl.; crossbred green, 7s: 2d. to Bs. Hides-Ox, heavy, 601b. to iO b., fld. to GJd. per lb.; ox, medium, 501b. to GOlb., 43d. to Gd. per lb.; cows, medium, 4jS<l. to 4|d. per lb:; light, id. to 4id.:per lb.; calf, prime, 51(1. to ss. per lb. Horns, !)s. Gd. per 100. Tallows, in casks, .CM to JE2S 10s. per ton; in drums,. 21s. 3d. to 225. per cwt. Notc.-Tho next- skin and, hide sales will not be held until December .20,..1907.

Murray/ Roberts and Go. report:—Wo catalogued 2000 skins and 400 hides. Bidding was slow, at an average of a ; farthing per lb. lower for skins, and about an id. to \a. per lb. for medium hides. Good sound weighty ox hides made about equal to late rates. Calf were easier, by gd. per lb. Tallow sold about at par with last sale. We quotei:— Skins—Fine crossbreds, B}d. to B}d. per.jb.; crossbreds, medium coarse, 7d. to 7Jd. per lb.; dead and hoggets, 5Jd. to.6Jd. per lb.; pelts, '9(1. to Is. 9d. each. Hides-Ox, medium, sid. to ssd. per lb.; ox, light, 4Jd- to sd. per lb.; cow, good medium, 4Jd. to sd. per lb.; cow, light, 4d. to 4id. per lb.; damaged hides, 23d. to 3Jd.;calf, sound, s}d. to sid. nor lb.; calf damaged, 3kl. to 4d.; calf, badly damaged, l|d. to 2}d. per lb.'. Tallow-Casks, 245. -6d. ,tp 2Gs.>per cwt:;-tins, 20s. to 235. per cwt.

' Messrs. Levin and Company report as follows on their salo yesterday :-W e held our fortnightly sale, offering 3200 skins, GOO hides and calfskins, and a quantity of tallow and horsehair. ' There was. a • good attendance of buyers. No wool was offered, as all bale wool is being held over for the second wool sale of tho season,, to bo held on December 6. Skins.—Tho market was easier by id. per lb. ton dry. and Gd. each on green skins. This is owing to-weak oversea, markets. Via nuoto: Merinos, 7d. to Bd.; fine - crossbreds, M. to BJd.; coarse crossbreds, 7d. to 73d.; dead skins, Gd. to 6{d.; dead hoggets, sd. to 6d.; dry pelts, 4d..t0 5d.; green skins, ss. to 75.;10d.. Tallow.—Firm. Parcels in shipping order, £2G; tins; .£l7 to .£23; rough fat, £13. Horsehair, Is. to 15..4 d. per lb.; horns, Gs. to' 20s "per lmndrod; cowtails, Is. to Is. Gd. r per 'dozen. '. * , ;•■ Hides.—Hides were weak m sympathy with Melbourne' and Sydney markets to extent of fd. per lb.. Calfskins-.wero lower by 1d... We quote: Ox hides (extra heavy), s!d. to Sjd.j ox hides (GOlbs. to TOlbs.), 5Jd. to'sJd.; ox hides (501bsT to 591b5.)„ 4Jd.'to 5M.; cow hides,-4d.-. to 4id.; calf skins (best), sd. to 5Jd.; calf skins (cut • and slippy), 2d. to 4d.; hides (cut and slippvj, 2d. to 3d.; stag hides,. 2Jd. to 3Jd.; bull 'hides, 2Jd. to 3»d. Our next sale will bo held on Friday, Do-, comber 20. The salo fixed.for December 6 will not be, held, owing to the second wool sale falling on that date. ■\-

''•'•■ The: x New Zealand Loan and Mercantile Agency, Company, Limited, report as follows:— There was a fair attendance of buyers at ycs : terday's sale. Wo have to report' a drop of about/Jd. per lb. in sound-pelted skins; from Jd. to Id; per db. in damaged, and about Id. in hides to'Hd, in calfskin's. Our catalogue comprised about 900 skins, 150 hides and calfskins,' and a quantity' of tallow. AH wool is. being: hold over for' salo on December 6. We quoti):— *','' Sheep skins.—Halfbred and fine crossbred, 7|d.. to BJd. per lb.; crossbred (coarse), 7d. to 73d.; dead, sl'd: to Gid.!' broken and inferior, -2]d. to "5d.; green skins, .from 6s. to 7s. 3d. eaeli; green lambs, from.:ls., to Is. Gd.'each; green pelts,' from Is. Gd. to Is. lid. each. - ' -Hides.—Ox (light), 4d. to 4Jd. por lb.; cow (light), 4d. to 4Jd. per lb.; out and damaged, 3d. to 4d. per lb.; calf (sound), 4ld. to 5Jd. per lb.; calf (damaged), lid. to 4Jd..per lb. Cowtails, Is. 3d. to Is. 4M. per dozen. Tallow, mixed, in odd packages, 17s. Gd. to 225. 3d. per. owt; rough fat, 14s. per cwt. ■'Messrs'. Ab'faiiarii arid Williams, Limited, report on \ their sale as follows:—Wo ofTerod a fair quantity of wool, skins',! hides, rind tallow. Prices for skins and hides weroeasier, ospcci-, ally for anything of a faulty description.- We' quote:—.,-, .. Deadwdol, 6Jd. . '■ ':,-',' ,'-•'!■'. Skins.—Fine' crossbred, medium to coarse crossbred, 7d. to 7Jd.; dead, SJd. to 6Jd.; damaged and broken, 2}d. to' 4\d.j black, 4'd. to 5Jd.; inferior pelts, 9d.; butchefs' half dry and green, Gs. 4d. to. Gs. 9d., to 7s. 3d., to 7s. Gd.; -lambs, Is. 4d. . . Hides.-M"dium ox, 5Jd. to 5Sd.; light, 4Jd. to'sd.; medium cows, 4}d. to 4k1.; light. 4Jd. to 4}d.; cows and ox damaged, 2?d. to 3}d. .Tallow.—ln casks, 255. 6d.; in cases, 21s. Gd.; rough fat, 145.; tins, 18s. "Owing to. the' next wool salo being held on December G, thoro will, not be any sale of skins arid hides.until December 20.

' .■ THE ■POTATO ■ jrARKET. [bt telegraph.—press association.] ' ....:' Dunedin, November 22. The potato market is still depressed. One firm reshipped 200 bags to Melbourne ■ for the reason that they would not realise freight nnd charges. Prime whites now are offered nt from"£2 to .£2 ss. a ton, and soft and inferior from 30s. to 355. '■ •■: PRODUCE MARKETS. . . (BT TELEGRAPH—TRESS ASSOCIATION.) CiiRiSTOmiRCH, November 22.' Flow has dropped in price 30s. per ton, and is now £12 10s., against .£l4 previously. Eran is reduced from £5 15s. to £4 155., and pollard from £6 10s. to £5 10s. : , WOOL SALES. London, Novombor 21. , .The Antwerp wool sales 'opened slow; 3263 bales were offered, mostly odd lots, and BG4 sold. Merinos declined by 10 'per cent., and crossbreds by 15 per' cent. METALS. London, November '21. Copper—On spot, £58; throe months, £58 155.; electrolytic, £60. Tin—On spot, ,£135 155.; three months, £137 10s. . Iron, 51s. 3d. Lead, £18. Silver, 2s. 3d. P. AND O. COMPANY. BT. TELEGRAPH—TRESS ASSOCIATION—COPTEIGnT. , London, November 21. Tho P. and O. Company pays a dividend on deferred shares of 65 per cent., and. a bonus of 3 per cent.

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