FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 52, 25 November 1907, Page 10

FINANCE AND COMMERCE.

THE , SHARE MARKET.'. _. j _ _ No transactions were recorded in investment shares on Saturday, but for all that the marIket closed firm", brokers being favoured with quito u number of buying orders. In bank shares there .was a call for Nationals at £i Is. 6d., with sellers at £o P Bs. 6d.;. Now Zealands were .wanted at .£9 145., sellers, holding for .£lO. Union Bank shares were on sale-at .£62. There was better inquiry for insurance shares. Nationals wore in strong request at 265. 6(1. ex dividend; there were buyers of New -Zealands at ,£3 195., but sellers wanted, £i OS.; 6d. Standard insurance'could have been jilacod' at 225., but sellers stood out for 225. 6d. There was no change in financial shares, except that loan and Mercantile were firinei' owing to the announcement of a favourable ..balance-sheet. "These shares -were in strong demand at ss. 6d. cum dividend, but sellers maintained their quotation of 7s. Wellington Trust and Loan shares'were in request at JE7 95., with no declared sellers; and thero was a bid of .£3 4s. 6d. for National Mortgage. New Zealand- and River Plate shares were on offer at 295: 9d. Gas sliares were quiet, there being more sellers than buyers. : Feilding- Gas shares were in demand at 175., with sellers at 18s.;, and.tthere was a bid of '.£7 25.-Gd.' for Palmerston North Gas. There were sellers of /Gisborno-. Gas.-.-at 535., of Napier Gas'at .£25, and of Wellington Gas at ;£lB 17p.-r.-6d. .In meat shares,-GcaVs were wanted at 495., sellers holding for .£2 12s. Thero were buyers of Manawatu Rails at.425,., /and sellers a<; 445. , Union Steam (shares havo had another advance, and buyers bid : '.£l9 15s. for the stock. Coal sliares were strong. Westports were in demand at .£7 155., and Taupiri. atVl9s. Cd. * Westport-Stockton shares/were.; on We at 9s. In the miscellaneous section , ' thero was a call for ; Donaghy'l?ope and Twine shares: at .£5 "10s., for Kauri Timber at 9s. -Id., and New Zealand Drugs at 495. 9d. There were idlers of D.I.C. preference shares at 235.', and ■' New Zealand • Times" preference shares", at' 235. 3d. • , ... . .. THE MINING MARKET. The feature of tho mining market on Satur- , day was the pronounced upward,movemont.inTalismans, which 'changed "hands at £2 13s. fid.,'and look strong enough to reach .£3. / Big Rivej; shares sold, at 14s. Gd., and'there were furffifer buyers at the price. Tha.,sj:ate,pf, the. . mining market" on Saturday is shown in the table appended:— Buyers. Sellers. Sales. £ s. d. £ s. d. Sβ. d. Komata Reefs .:. >1- 6 ;0-l- 9 , ; - . Kuranui Caledonian 0 1"'. 0 ,0 .1a,..,.— . Waihi Extended ... 0 5 6 — — Waihi Grand June. .— .>2 0 .0.,..,.-.„. Bi» River "../' '.'..''o 14 6 : —',■■'. -VO'U',:G Consolidated Gold ... 0 19 9 '1 1 o'' ; ■' '- " '■ Waihi, cum dividend 810 0 813 0 — talisman 212 6 214 0. 211 0, ■■■ ■ ■ 211 9 ' ' ■ '■ ■ '2;12-u. '• • ■"■ '■ vv *^3&' 2l3 ? THE'MONET "';, Tho Bank of>England return shows>tliiit;"thc antral institution' lost on balance":."l£lv34B,ooo \ in gold for tile week, reducing tho- reserve by .£1,198,000, a'nd ! . lowering ; the proportion'■-, of reserve to liabilities by nearly two points.- Tho jnetal reserve is.' now i62i),247,000, us against £27,490,000, when the. rate'Vas advanced, to 7 I per cent. This high rate proved effective for oho week ,\that is.to say, there was an accretion in the stock of gold in week following Its imposition, but in the second week there Is a loss of metal amounting t0'.81,348,000, as shown above. It is obvious from tho reports from America that the demand for gold in New York and throughout the Western .and .Southern States is still fairly strong, and the' negotiations with the Bank of.France may result in a further rush of gold to New York, in which case London will again be affected. Tho open market rate is now 7s. Gd. per cent., or only 2s. Gd. below Bank rate/ The 6ne-|s too close up to the other-to bo comfortablo,' x and it is just possible that the.money markets are on the eve of another violent disturbance. Trouble appears to be brewing in Germany. On October 1 18 the Bourse at Hamburg was excited owing to the failure of Messrs. Haller Hoehlo and Company, bankers, and now conies news of the failure of- the -Jloeller- Wax-Com-pany, with liabilities amounting to .£450,000, and assets totalling .£50,000. Germany is not done with insolvencies. There is a dearth of credit in Germany, orders are falling ,ofl,- and. the cost of living is greatly increased by the high prices of breadstuffs. It is singular that \ America and Germany have been -the most v active countries so far..is their indnstries, are; concerned, and that both should now be sweltering in financial troubles. . .. .■ '-, i,'

WOOL MARKET. The sixth and closing series of London"wool Sales begins to-morrow, and there is now very clear ovidenco that the market will seo a decline of 10 per cent, in coarse wools'; and a fall of something less in fine wools. Besides the backward movement displayed at the Antwerp sales last week, the quotations-for Bradford tops s-re lower. At the beginning of tho September f.-iles, 40's were quoted at IGJd., they are now ruling at ISJd.. a drop of ljd., equal to about 7S per cent.; IG's were 17',d., they are now IGJd., or Id. lower: common CD's have dn-» clined from 28d. to 27} d., and super CO's from 2Sd. to 28d. Whatever the measure of the fall, it will be on a comparison with the closing quotations of the last series, and these were:— Fine, crossbreds, ■ all grades,. 14d. . to. 17d.; inedium erossbreds, 10d. to.lS.Jd.; coarse crossbrods, 9Jd. (o 121 d.; superior merino, 13} d. to ■Gd.; medium 'merino, 13d. to HJd.; inferior Cierino, Bitl. to Hid. SIBERIAN BETTER. ' "' ' \ ; : The "British Trade Journal" for October, Bays:—"Of growing importance in the provision markets just now is butter from Siberia, of which largo supplies are coming to London, and of which, it is reported, tho consignments will be 20 per cent, more than last year. This butter is produced almost wholly for the English market, and the trade and industry connected therewith may bo regarded as one of the practical results of Prince jSchorlmtbfTs visits to England a few years ago. Last year jver 600,000 cwt. of the product were'imported, though six years ngo about one-third tliat quantity was received. New Zealand and Australian "agents are complaining that it is adversely influencing their butter, for, jt,can bo. ibtaiiied 25 per cent, cheaper.

CANADIAN TRADE. i ,, : ' ■ A summary of tho trade of Canada for the nvelvo months ended July 1, as prepared by Mic Department of Trade and Commerce, is n revelation as regards the growth of Canadian

WELLINGTON SHAKE LIST.

trade with the United ~States..particularly. The total ' imports . for the year, .amounted to .£73,077,260, as compared with ' ,£59,102,950 in 1906. The imports, from^hq,United States were .£■l-1,242,810, or .£25,666,990 more' than from the Mother Country.. The total, .exports for the year were -valued at ,£53,857,200,, as compared with .£50,150,170. Exports, of, Canadian produce to Gjeat t ßritain wore; valued at J824,990,2M, ~n increase of nearly a'million sterling, \while the exports of Canadian produce to the United States ■• totalled ,£17,391,030, an. increase of £550,000. lhe revenue-naturally shows expansioti.'an.d'thetre.venu.e. .%-!s«' current year 13 * expected' to exceed The rcceipts for lhe first six months show an increase of .62,000,000. •;.•"■ JVORLD'S PIG-IRON/OUTPUT. . • The annual statement of the"'.world's production of pig-iron issned by Messrs. James wat6bn 'and .Company,: Glasgow;'shows that the total make of pig-iron, throughout the world in 1906 was 58,712,322 tons,: ail increase of 4,741,357 tons, over-theVoutput of 1905, and an increase, compared with tho,:production of 1901, of-13,515,701- tons. -In 19QG -.tlio ; United States manufactured by far the'greatest quantity, the output there reaching ■2aj3(n, 191; tons,- an increase, as compared with ' the previous year, of 2,314,811 tons, and "B,Blo;ls&:tt)ns,more' than' in 1901. Germany, with 12,422,177 tons, was the second largest'producer last'year; tho ; make , was-1,434,554 more than in r 1905, and 2,318,236 tons more than the. output*"of 1904. Great Britain was the third largest;"witli an output of 10,149,300 tons, or 55,651-tons more than in the previous year, an increase,, as compared with the production'of 1901; of-1,580,730 tons. France last ''lyeftisi rpro'ducell'if-3,819,032 tons, Russia 2,619,000 tons, Austria and Hungary 1,596,342 tons;" Belgium 1,431,460 tons, and other countries ,1,897,732 Jons. In Great Britain, Cleveland" was, as .usual,-itho largest maker, with 2,639,964. tons, 0r..132,249 tons more than in >1905, land 405,619' tons 'above ■ the output of ,1904. Scotland produced last year 1,451,068 tons, 'being'an increaso of 72,677 tons over the previous year's make, and 111,328 tons larger than : the jpu'tpjvLtfJß.oJU ,--.....

DREDGING. - (BY-TEIiEGRAFH—FKESS- ASSOCIATION.) > DuNßDix, November 24. Dredging returns: Wnikaka Queen, 48oz. 9dwts.; Enterprise, 30oz. 12<lwts.j- Sandy Point, ■23ozrl0dirtsr~l;5grs. 230z. Tdwts?; -Muddy-'Creek, :22oz.;4?dWts.; Alexandra ■Eurelfa," -21oz;y Molyneiix" Hydraulic, 17oz. 4dwts.; Golden Bed, lGpz.; Olrig, 15oz. 3dwts.; Pant.'j Boz.' i ;,lßdtfts.";'.,:' s: '!£:-; (by tblegraph—specm correspondent.) ~''■'",".■'-'i;Ji''J !'.,, T ,.... Reeftox, November 24. rThe•■Big'RiyprMmTO-manager reports that (luring~ ; of the branch jevol'on: thfi changing liWalljStpnc was continued. At the beginning of.<the' week-.there were ten feet of. stonej.in .tlie'tace, liut'Stout out, and thero'-'is- very ■ little-- stono •, thero now. The extension'- of--tlie.--nii(ifn',l6vei;:'aorith was coutinue^;' v bu£'thereof, ;is ! irregular. Seventy-tons of-stone >wefe broken for-tho week, the;batterx/;runrijn'gi. , - "■ STOCK SAiES? [BY TELEGBAPH.—PRESS ASSOCIATION.] Pahiatua, 23. At the pig sales to-day there was only a moderato yardyig, owing to rain. The quality, however, was good, nnd prices advanced. Weaiiers, Ids.; slips, 18s. Gd.; stores, 235. Gd.; two sows in 63s..each. .-'■ .. Slessrs. Hudson and Easthcr, of Levin, held their monthly sale of stock on Friday at their yards, Shannon. Prime porkers ranged from 355. to. 395. ;"mediiim. porkers'Jwero sold.at from 30s. to 355: 'About-150 pigs'were sold, ; -100 of which went to Wellington. ■ ■■';"': ''~) '.' )' '~', » j.J ■ LONDON MARKETS. .BX..TELie.RAJ?H—PRESS..: ASSC-CIATION—COPYRIGHT.. London, November 22. The Bank of' England roturn-issued for the week ending Wednesday, November 20, is as under:— ~,...,. ". ~:,..::;: .' ."" lesoE Department.. Note Issue' '£47,1)!)6,0C0. Gov.'dbbf £11,015,00 - -~,.: .-.„ . ;■ othersecuri- '■• ' '"'"• ' ■"' ; •■■""'tiqs"""... 7.431,000 Gold.-;._ ... 29.247,000 ' '" £-17,096,000 . i17.G06.000 Banking DErAimtHNT. - rroprloiors' ' Govt.-Becuri-£11,553,000 ties ... £14,332,000 Public do- . Other sccuri- - - - posite.-.:.. ■ 7,700,000.-.. ties ■ ... .H. 006.000 ■ : Other ae-'•" :"' "Notes '''... I8,p7(>,O0O . : positn: ... -43,191,000, Coin... ■ i... 1',239,000. i Eest, 7-day ■' ; ;; ; ; ■ - i and other '„, ,; ; .'" ';,/'- '- ''■',■ bills ... 3;ilil,oCO ■ ■-V''■■.;" .'■■' "Jcco.iS3Jooo.vr:'«-";;-, £6n,i53,600. Tlie lcadirigiiterhs of-tKe Bank of England return aftofd. tho .following co'iuparison:— ! .'. '" '.'. This week. Laet'weoli. Last year. £ £ £ Bullion . ... 20.247,000 30,'.95,000 23,8yr.000 liesevvo ... ... 1f1.815.0J0 21.1W.1W1 !!U>i,(X» Noto circulation 2),02U,000 29.3*1,000 28,224.000 "-' Doposila'.:", '~.;."" 51.-281.000 52,050,000 32,023.000 .'- ' Proportion '■■-.-„■'~ '.;■•:.? reserve to liabilities ... 38.78 40.52 10.32 GOVERNMENT SECURITIES. The following are 'tho'latdst quotations for Gbvernrnent' , sccitritio's with', a" 'comparison of those ruling last .ive'ek , :— -'•

.THE MONEY MARKET. Tho Bank rate of discount is unchanged at 7 per cent. The open market rate for best three months' bills is ,£6 17s. 6d. per cent., an increase of 3s. 9d. per cent., on the rate ruling last week. . COLONIAL AND OTHER PRODUCE. Wheat.—The markets aro quiet, although fairly stoady; but American financial troubles aro causing nervousness. There is nothing doing in cargoes; 465. is being asked for Australian now crop, January-February shipment. Thero is a quiet trade in Australian epot at 435. Gd. to iCs. per quarter of iSOlb. Floiir.— The markets arn steady, with little business. Australian is offering at 30s. to 30s. Gd., ex store. Butter.—Thero is a fair trade reported. unaltered; choicest Australian, salted and unsalted, His. to 1165., and a few lots quoted, at 118s.; New Zealand, 118s. to 120s. Sugar.—German ljcot, unchanged at 9s. 4d;; first marks, 10s. lid. ■ Wool.—The Bradford market is quiet. Common 40's, 15id. lb.; -i 6's, 16Jd. lb.; others unchanged. THE METAL MARKETS. ' ; Copper.—Spot, unchanged at .£59 per ton .three months, ,£sb 15s. per ton. Tin.—Spot, 30s. lower at JJI3S 10s. per ton three months, 40s. lower at ,£I3G 15s. per ton. • Lead, Jil7 12s. Gd. per ton. Spelter, «£2O 15s. per ton. Iron, 50s. 7d. per ton. ■ Silver, 2s. 3Jd. . , ; Dividend warrants for the half-year ended September 30 last are now obtainable at.the Wellington office of tho National Firo and Marine Insurance! Company of New Zealand.

. ■ Bcrorvo of ,',;.„■ «j ■ ' PRICES.. , ''.',■ YioM COMPAQ. . , pftldupi . - s . , InT0Btor , • BANKS..' ■.■■' ' : '■.?■£ ■ £ r £ ' S■:■' "t •:{>?; .$■■- ,n . 110 d 2 . IKcw Zealand ■•,,. - !,CCO,0CH 981,675 3i . 3i" ;10.' V °";.";»I! .,?2 ..2. 2.-,vS-, ' " •. Blul! \ ' KaUonal - .-.,-.: 375,000 S35.318., v .« ...18.' ,-?,?,,".«*... . INSURANCE.■•■,'■. ■ "- , . . .•■■•..'..■-. ■,:<-; .•.■■■. ■■■—'', R -''n './'."*"'. "X» n 511 1 Kational - ■-..'- : I00.OX) ( : 249.339 ", } unltd.- 15 .'.'i.-S".:: •■ , . n .f e - . • KcwZealnna '....- 800,000 V 336.780 .■■'2' ,8 10 3 " •? ■ Jio'Vo;'-' . EoathUrltiEh 'v ;: - . 100.000 ■ - OIWOO' 1 nnltd. 30' . „..' '' .i;'f.;|\ - « ■'■ Ct.- a 0 616 4 Etendard -■-■.•■-■ 75,000' ■ £2,168 • "1 niiltd. ' 10' J a ° l-h- -.- 1 . 5 .... Ea«itSjSBSi- : - ■^■■•«D09'- : 5 .:"::io7.!io;. ...m-e . Metropolitan Building :; ,21.000. .: 6.589. 10 nil ..I;,.,-., ..... •.•■-■(, jK;,^- , 0- : 5 0 0 Welliuston Invest.;. - .MiOOO ■ 3,933 ,i J .6 'Xnn •.'MS.-il-:o- VilO'Q' : '660 WelWon Trust* Loan '101,450 S0.C20 ' B ' ; 5 -■ 8 J •■»-«, 4yf *j> |:|' .'e'e 8 KationelMotlgoSo ...,-,,- 500,000 112.KB. - ... B. . 8 10 ? ■ J n"--l'-e'SJ^-lCfl , 6 'ns'O K.Z,BndBiYBtl'late - 300.0CO. 530,308 1 nil 7 . ■ J-ift 4f 9 1:0 lean and Mwcantilo- 135,222. 157,353 4.. tt ■ 6 . „.,»,.. ,.":,.. V'" ■■■.' ■: "lSJ.370 '• • E0.553 . : S. ;.nil' 7 15; ">. ,«. L° i , ' j< !| J- v ■ ?^ z \ ; :.- ir'S:-. M S* .1- .vSl! .--; :voi8,o,,.:bn o A Gisborno -■- - 17,100' 3,239 J nil Wl a130 ■ ; ■., ;:;.■;.. Hawera , - . - 8.M0 7J5 S i 10 ... 1 , . . > . ■■■ . KewVUmonto -..- ,38.000 3.1CD V : .5 ml 10. vv T15.0, ,. . K T r -- : :.: **\ " f | , -j.j- .- : : •. S^ rb >, Un ','' '' -' S'«7 10 $1 8 10 7 6 1010 0 ...1010 0 TH i Christahurch - . 106,930 «337 - 1 ? ,"; .»- ." 9 0' a u< 0' - '• ?-10 0 100 / ■■ Gear .... BiTO J £6,19a, nU. ( 10 _ ■■:\felIli«tonUeatBxp- . _ : « «"• .8, B „ „ _ B 2', 6 . 5 2.0. 65 6 . .. » . 105.766J 63.767. ■,».- 0 ■-,. 3 .: 6 ' 0 ■ f " . tfonsanul " ' 45.850 ll.«H 6 V nil. 8 :'■";'''" .' ' W.SS - 170,000 HUB.. J ' '; '■ 7; ■ v?' 2 " 3 6 8 Wetn. Steam Ferry -. 46,850 65 1 ' nU. ■ 6' " ' oibu,:,. W eB - - ££0,000 -117.215 Si ' ii ' 15 .,'.$_£ ">?*■' *». ° ' 6 " ' laupW- - • - .62,500 5,339 -I' 'nil. ■'• '7i'. "O'lO 6 1 0.0 WOOLLEN. , • Kaiapoi- - • - 100,000 SS.854 6 nU. 6 ■ Moagiol - • - - 83,457 17,212 .34 11' 4 3 0 0 ,..,.. 0 rsi , tVellingtoa - - - EO.COO . S4,3« -..-. 4. ,: 1. • • .6 .-.-■•, »-6< 6 v-S 60 . 1 s n MISCELLANEOUS.- . '. .-</'■■'<> ,, ', ': ''' J. '„'■':. :')'-..■".,. " N.Z.Drugs - - - SOO.000 ' S4.5M S ml 7 S 9 9 S W 0 ■ KZ/PaperMilU - 94,755 1J77 :1 ...n ■.7;. "'-' • 1 ,? ? X 3 3 6 K.Z.Cement- - - 40,000 ■ 2,013 1 " nU 8 110 6 111 6 • llonning&Co. • ■ ■. 96.CO) 37,670, i 1 10 1 0 0 Ward & Co. • ■ . 60,000 Efl.055 ' 4 1 10 4 17 6 62 6 50 0 6 00 ■Wgtn. Opera House 18,630 1.705 6 nJ 8 600 750 ..,.-. , Wetn. Fresh Food " £8,281 - J nil - ,.„.... Whitcombe& Tombs- UXO MJ53 6 nU 10 16 0 410 0 ■ . Eharland,Iiimited , iS.676 Mil 1 ml « , 019 0. ■■ ,-i . ,, ...

'. ' '■ Variations Pricb " > ™?J|J cd . • •• ' ■. ' •:■''.''.■.' : last week. : ; ' £ s, .a. I 23% Imperial Consols... ... ft! 0 0 Unchanged 4 „ NiS.W-.-lS03Jan.-JuIy ... 105.0,0 Unchanged U „ N.S.W.'IBIS Mar-Sopt '..'. ft*. 0 0 5s. higher 3 „ N.S.W. 1035 Apl.-Oct. ... g3' 0--0 , 20.1. lower 4 Vic. lffiOJan.Jlily 10110.0- Unchanged 34 „ Vic. 1021-6 Jan.-July ... 97 "0' "0 Unchaneed 3 „ Vic. 1029-49 Jnn.-July ... 6810- 0 Undiluted 31 „ S.A.lOlG.lan.-July ... 98 0 T) ' Unchaneod ■1 „ B.A. lOiejan.-Jlily ... 85.0 0 UnchanBctl 3 „ Q , l , (limi-30Jan.JuIy ... IO1' 0 0 Uuchmicod 3J „ Q'l , dlB21-3O.Tan.-.Tuly ... 9710 p Unchanged 3 - Q , rdlD&47.Ian.-.Tuly ... 81' 0 0 Unchangcd 3 „ N.Z. 1920 May-Nov. ... 10110' 0 Unchanged 35 .; N.Z. 19WJan.-July ....:'CO :0 0 Unchanged 3 „ N.Z. 1010 Jan.-Jnly ... 8110 0 Unchanged 4i .. W.A.liWO-35.Ma»-Nov ... 05 0 0 UncllnnBcd 3 „ W.A.1915-35May-Nov ... 83 0.0. Unchanged 34 „ Tae. 192W0 Jan.-July ... .97 0 0 Ms. lo.wor 3 ,, Tas.lffiKMOJan.-July ;. 68 0" 0 Uncliauged