FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 53, 26 November 1907, Page 8

FINANCE AND COMMERCE.

SHARE MARKET.

There was fair trading in the investment market yesterday. National Mortgage dharcs had transfer at 655., yielding to the investor .£6 3s. Id. per cent. There were further buyers ■ of these shares at £3 4s. Cd. New Zealand Paper Mills shares changcd hands at 235., returning ,£6 Is. Bd. per cent. Bank shareshave .relapsed into quietness. ' There were sellers .of Nationals at £5 Bs. Gd. Insurance shares dis- . played' no material change. Nationals were wanted at 265. 9d., and Standards at 225.; New Zealand Insurance shares were offered at' .£4 Is., but there were no -declared buyerij. Gas shares;were quiet. There was again inquiry' for Feilding Gas shares at 175., sellers asking 18s., and there , were sellers of Christchurch Gas at ,£lO 55., and of Napier Gas at ,£25, ,£ls 10s., and £3 7s. Gd. Meat shares are very firm. Buyers were offering ,£lO 10s. for Christchurch Meat shares, with no sellers. Tho firmness of these shares just now is an indication that an excellent balance-sheet Will be issued in the ' course of a fow days. Gear Meat shares are in very .firm demand at 495. For 'transport shares there is strong inquiry. Man&watn ■ Rails were wanted at 425., with sellers at 455. There was a bid of £5 17s. 6d. for Nov/ Zealand Shipping,-and £19 10s. for Union Steam. In coal shares, thero was-inquiry for Taupiri at 19?. Gd., and for Westport-Stockton at 85.,. • sellers wanting Bs. 9d. D.I.C. shares were again olfercd at 235., but the price appears to be above buyers' ideas of values. , Kauri Timber, 15s. paidrup, were wanted at . Ss. 3d., with "sellers at 9s. 9d., -and LeylandO'Brien Timber shares wero procurable at 455. 9d. There was a bid of 50s. for New Zealand Drugs, sellers' quotation being 51s. Taranaki Petroleum shares were on sale at 9s. " ' THE MINING MARKET. The striking feature of the mining market is the steady, appreciation of the scrip of the Talisman Company. After the sitting of the Exchange on Saturday, sales were made at 535. 3d. and 5Js., and yesterday the scrip touched 605., with buyers offering 545. Waihis are quiet, and there appears to be a fear of what may happen iii London, should there be. any further money pressure. The state of tho mining market yesterday is disclosed in the following table:— Buyers. Sellers. Sales. , '< . .£ s. d. £ s. d. ,£ s. d. Xomata Reefs ... 0 1 5 — — Kuranui (Caledonian 0 10 0 13 — N.Z.. Crown ... 0 8 G 0 8 10 — Talisman ...' ... 2?!4 0 2 14 6 2 15 0 iWaihi ... i... • — 8 12 6 ■ — THE WOOL MARKET. The London wool sales will commence to-day, and there is naturally some speculation as • to the percentage of the expected decline. The fall is likely to be comparatively hoavy, because of the abnormal prices realised at the September sales, which were due to special circumstances. The Bradford corresondent of the "Economist" (London), writing towards the .close of 'tho last sales, remarked" In the London sale-room this week there has been < much excitement. Users, especially German and French, but not all foreign, are some of them in a tight corner, and must have wool at any price.' That is'the only explanation, of,a jump in prices, in some cases amounting .to'2di a lb. 011 last sales. No business in siglit'would warrant such prices, but tho squeeze"' is' unquestionably severe." The Americans were very small purchasers at last sales, securing only about 2000 bales, and they are likely to further moderate their demands at the present sales. The ." New Zealand Trade Review" furnishes some interesting statistics respecting the staple. The exports of wool for tho years ended September 30, 1907 and 190G, respectively, showing quantities and values for the several ports are ss under :— North Island. , ( Sept. 30, 1907. Sept. 30, 190 G. ' . lb. £. lb. • £. Auckland ... G,158,381 2G7.80S 4,962,428 216,253 " Poverty Bay 14,488,141 G45.367 12,261,569 494,296 Napier ... 25,373,7351,078,790 24,416,7171,036,427 Taranaki 1,809,467 71,06-1 1,204,623' 45,976 Patea ... 803,274 34,281 749,473 29.8GG Wangnnui' 7,809,996 337,374 6,083,208 242,702 Wellington 38,948,2751,G50,35G 37,023,6471,518,987 ,95,451,2094,118,040 86,731, GGS 3,584,507 South Island. Marlborough' 3,801,780 197,108 3,469,882 163,337 Nelson. ... 971,264 35.-441 765,040 30,058 Westland ... 182,274 7887 135,230 5374 Lyttelton . 26,037,321 1,301,19426,943,4031,299,143 Timaru ... 12,852,539 023,39511,549,265 525,372 Oamaru ... 4,123,247 184,552 3,881,973 176,776 Dunedin ... 11,953.564 560,47411,457,576 509,257 Bluff ... 8,633,321 398,G3G 7,831,198 356,279 68,555,310 3,311,687 66,033,5G7 3,065,596 Tho totals for the Dominion are 16-4,006,5791b., valued at ,£7,429,727, as' against 152,765,2321b., valucd'-at .£6,650,103.. There is an'increase-in quantity of about 7.3G per cent., and an increase of over 4 per cent, in avcrago price. Tho rate of increase in weight is' in the NorthIsland fully 10J per cent., and equal to about 21,800 bales;'in tho South Island the increase is under x 4 per cent., and equal to about 6300 bales. Tho total increase for the Dominion is thus about 28,100 bales. Wellington is the chief wool centre of the Dominion, tho shipments from this port being nearly 50 per cent, greater than from Lyttelton, which comes second. Wool from the North Island averaged in tho past year 10.35 d. per lb., as compared with 9.91 d. in 1906; and tho South Island averaged 11.59 d., as compared with 11.14 d. per lb. The following table, which gives tho total quantity of wool exported, together with the average value and total value fo reach of the past six years, is interesting:— Average Total value. value. Year. lb. d. .£ 1901-2 155,G52,5G3 4.81 3,141,985 1902-3 1G0,919,G93 G.Ol 4,031,112 1903-4 .!. ... 141,031,099 7.37 4,331,471 1901-5 146,889,767 9.05 5,512,182 1905-G 152,705,382 10.45 6,650,103 190G-7 ''104,006,579 10.87 7,429,727 ' PRODUCE AND OTHER MARKETS. Compared with a year ago, thero is rather a pronounced fall in tho values of certain classes of produce, and of metals. Now Zealand hemp, October-December shipment, is quoted st J328 10s., whilo a year ago sales wero made at JE37 10s. Thero is thns a fall cf .£9 per ton. Frozen mutton is fully a penny a lb. low:r; lamb is lower, but is not so seriously affected as either beef or mutton. Hides, leather, .and basils 6how an easier .tendency.

a year ago; till is quoted at JGI3G, against .£196 155.; pig-iron is at 495. ,9(1., as compared with 615.; silver is now 27 1-lGd., as against 32 7-lGd.;: lead is at .£l7 12s. Gd., against .£l9 Ss. The backward movement is very pronounced, and it may be that values will go lower. HAMPERING BRITISH . TRADE. • British manufacturers are" often accused of not being able to compete with foreigners, and their antiquated methods and obsolete machinery and plant have been assailed pretty freely. It seems,.however, that there are handicaps to British trade made in Britain, and a case in point is that which in the Scotch steel trade in September. ?ifaksrs of steel North of the Border, working under, a combined agreements fixed minimum selling prices to local consumers, and theSe quotations were rigidly exacted from all buyers in tho Clyde Valley, while much lower figures have been accepted from outside—not only foreign,.but also from Belfast and. from several English districts. Several phases of the Scotch steelworkers' protective action havo come to light. For instance, , orders for. tanks. for South America, specified-to be made of Scotch steel, went to Germany, because Scotch constructors were required to pay ,£7'l2s. Gd. a ton, while tho German builder got his plates about 20s. a ton less and, after paying carriage, had' a clear profit. No matter where the material is intended to go—the Continent, India, or the Colonies—if a Glasgow hammer, so to say, strikes it after it leaves the- producers' yards,' then the local minimum prices have to be forthcoming. This is "dumping" pure and simple on the part of the Scotch steelmakers, and there will be little use making an outcry .when the conditions aro reversed. MINING'RETURNS. The Talisman Consolidated, Ltd., report as follows for the three weeks ending' ' October '-'i: No." 10 Level.— Stoping.—The assays from No. 2 Bonanza Block stopes average - -6s.No. 11 Lovel.—South Drive (East Vein)— Advanced 75ft., total 687 ft., width of reef ISin., average of assays ss. 3d.; at 584 ft. a crosscut has been driven west 26ft. wiijhout cutting anything of value. No. 12 Rise (Main Reef).—This was started 52ft. south of No.'7 "crosscut (361 ft. of No. 4 crosscut), measurement 12ft., reef wider than rise, values average .£5 lGs. 9d. No. 12 Winze.—This was started under No. 12 Rise, progress 3ft., reef wider than winze, values average M 10s. Stoping.—The average of assays from i»o. 1 BonBonanza Block stopes the values average «£1 17s. Bd. No. 12 Level.—South. Drivo (East Vein)— Advanced Bft.. total 313 ft., width of reef r ft., average; of. assays .£2. 195.; junctioned with main reef drive. South Drive 'Main Reef).-; Advance'd 23ft.', total "478 ft;,' width of rej' "H., average of assays £9 155.; at 4GGft. drive junctioned with south drivo on east vein. No. 12 Rise (Main Reef).—.Started 4Uft. south of No. 3 crosscut, progress 13ft.,■ reef wider than rise, average 6f assays ;:U112'10s: Bdl Stoping. -l'.ia assays from No.'l' Norths Block stopes average ,£2 17s. 6d.;, from-No. 2 N'ortK"'Bloclc stopes, J2l 10s.; and from No.' 1 South Block, stopes, .£2-4s. 4d. A . leading stope off No. 12 Rise has been driven Bft. north and Bft. south, values from the same, average <£11 13s. 3d. , N0... 13. LevcU^TNo. u s r ßise,—Advanced 70ft., total 204 ft., width of' reef,,4ft.; average /of assays Jii 13s. lOd.; connected..'. Stoping;—The average from assays from stopes off No. 1 North Rise is JH 7s. ,4d. WOOL SALE. (by telegraph—press association.) 1 Auckland,' November 25. The first wool sale of the season, under the auspices of the Auckland Woolbrokcrs' Association, will be held to-morrow. Messrs. Buckland will offer a' total of 1100 bales, Messrs. Binncy 434 bales, The Auckland Farmers' Union 320 tale's, Messrs. Kingswell and .Company 104 bales. The Loan and Mercantile Company's catalogue will not be finally made up till to-morrow. The quality .of the wool, so far opened, is of good standard, the fleeces being much lighter in greaso this year than last. y MARKET REPORTS. METALS. ' - BY TELEGRAPH—PRESS ASSOCIATION—COPYRIGHT. London;' November 24. Copper—On spot,. ,£59 155.; three months, ,£59 12s. 6d. ■ . Tin—Op spot, ,£130; three months, ,£137 10s. Iron, 495. 9d. Silver, 2s. 3d. l-16d. Shares—Waihi: JSuyers, ,£8 fis. 3d.; sellers, j£B Bs. 9d. Junctions: Buyers,'3os.; sellers, 325. Gd. Antimony, Xll to .£l2. MEAT. Frozen Mutton—Canterbury medium, 3Jd.; other- sorts unchanged. Lamb—Canterbury light, 5Jd.; medium, 53d.; heavy, 5Jd.; Southland, 5 5-lGd.; North Island, unchanged,;..' ■ New Zealand Beef—Ox 'fores, 2 11-lGd.; ox hinds, unchanged. 'River Plijte sheep, l unchanged.'/ River Plate Beef—Ox fores,.2 9-lGd.; ox hinds, unchanged. ; • PRODUCE. , 1 Copra—Slightly easier, with fair business. South sea is quoted at .£l9. . Linseed, oil, ,£25 10s. New Zealand Ilejnp—Dull. Octobor-Decem-ber shipment, JC2B 10s. Babbits—Prices unchanged. Stocks aro clearing well. At the hide sales thero was poor demand. Prices were a shado easier. Leather is neglected, and prices unchanged. Basils generally declined by a halfpenny. First Wellington's, 21Jd. WHEAT. The wheat and flour afloat for the United Kingdom is 2,080,000 quartors; for the Continent, 1,255,000 quartors; Atlantic shipments, 445,000 quartors; I'acifio shipments, 100,000 quartors. Sydney, November 25. The wheat-laden ship Thessalus has arrived from South Australia. Sho was originally chartered for tho United Kingdom, but was diverted to Sydnoy, owing to tho state of tho wheat markot. TASMANIA# BORROWING. BT TETiEOBAPn—rRESS ASSOCIATION —COPYRIGHT. Hobaet, November 25. Tho Treasurer has arranged with the Australian Mutual Erovjdent Society, to con-.

vert .£300,000 of the 4 per cent, loan into 35 ]' er cent, at 95. This saves tho cost of renewing tho loan in London. HIGH COMMISSIONER'S CABLE. Tho Department of Industries and Commerce has recoived tho following eablo from the High Commissioner, dated London. November 23, 1007:— ' Tho mutton market is quiet, but holders aro firm. There is a better demand for mutton for forward delivery, and general confidence in tho maintenance of present prices. Canterbury mutton is quoted at 3jd., and North Island at 3|d. per lb. The lamb market is a shade weaker, and demand is falling off. Canterbury lamb is quoted at 53d., and other than Canterbury at 51d. per lb. The beef market is quiet, but rather steadier. IJind-quarters are quoted at 35<1.; fore-quarters at 2Jd. per lb. Tho butter market is firm, with improved demand, and a good enquiry is expected until Christmas. Choicesi; New Zealand butter is quoted at 118s.; Australian, 117:;.; Argentine, llSs.; Danish, 1225.; Siberian, 110s. per cwt. Tho checso market is quiet, with a tendency in favour of buyers. Canadian manufacture is quoted at G2s. per cwt. The hemp market is rather unsettled on account of Manila offering freely at lower prices. Good fair grade on spot is quoted at .€2O 10s.; fair grade, .£2B 10s.; fair current Manila, JE3O. October-December shipments are quoted as follow:—Good fair grade, £2S 10s.; fair grado JC27 10s.; lair current Manila, .£29; and January to March shipments are quoted at £28 for good fair grade, ,£27 for fair grade, and J3S 10s. for fair current Manila per ton. The cocksfoot market is.quiet, but holders aro firm. There are light stocks on hand, and 110 pressure to sell. Bright, clean 171b. seed is quoted at 755. per ton.

WELLINCTOH ' SHAME LIST. _ , „ Iier 5 rT0 , »8 MIL PRICKS. YIOM rmn»Mv Capital Fundond • — to ■ »"»»■ {£5 & S.',t Ja » OT . M... I a •.•SBF. ■.»» i :*' i ■!!I 1,5v national - - - 576,000 335,318 S? 15 W 5 7 6 ,, 6 8. b , INSURANCE. " •' , . . , n sn i Rational - - - JCO.OOO 2*9,330 } unltd. 15 J n 1 T 1 New Zealand - - KO.QOO 336,76/) !1 8 30 319 0 J J 0 Bouth British - - 100,000 512,408 • X unltd. 30 , , . . ' „ ' .« 4 Standard - - - 76.000 62,188 J unltd. 10. 13 0 12 0 1 2 0 6 16 4 Equitttbte Building - 50.000 ,44 509. . 5 . 5 • 10 10 2 6 : }° s 0 10 2 6 4 19 0 Metropolitan Building .21.000, 5,2-23.„ .10 nil " 7 ;■ . . „ . c n n Wellington Invest. - 50,000 - 3,033,, ■ -i 1-6 " £ j n Wel'gton Trust A Loan 101,350 S9.CS0\ : 6 ' ' 6' i 8 .1?9. °. ..i- 1 ? X | , .National Mortgage - .SCO,000 . -J12,SS0... . S , •• 8 -10. • -f * • . n'o' 1 'i o # 4 15 n K.Z. and Bivor Plata ■ SOU,GOO • QS0.308 1- nil 7 * ' ° :..i.» I ."'l ii o l o Loan and Mercantile - 135.3J1 157,358 '. : 4 8J 5 0 5 0 0 7 -0 0 5 6 8 1 9 Auckland ... 180,370 EC,553 5 nil 16 " 0 0 , \* * 0 &ji Christchurch - . lRflOO 55,087 • 6. nil- 10 . n .» »•» ... . M. I Feilding - 10.J05 103 1 nil . - 017 0 ° ° 017 0 V& Gisborno - - - 17,100 9,239 1 nil 121 i u u «> Bawora ... 8,250 7-J5 J i 10 & New Plymouth - - 16,000 3,159 5 nil 10 7 » " Napier - . 1 10 nil 15 «00 - „ ■ - 1 - . 49,9571 , SS.517 5 5 15 ®. Pataereton North I 17,000 11,092 4j 1 10 ' 1 ' ® j * Wellington - - . J24 570 ', £7 868 10 nil )0 18 17 6 18 16 0 668 "meat. " . Canterbury - . - 163,797 S0.074 7} 9i 8 8 0 0 „ ... . ChiKtchurch - - 165,9M 54,337 10 ml. 8 " 10 0 10 10 0 TM 4 Gear ... - rorm l HUM 1 nil. 10 290 2 12 0 2 10 0 400 - - C!,000 l 4 .6 10 Wellington Meat Exp. '' 6 - nil. 8 . • •- -■*-' . _ . ,, .. 105,765) 63,767 .8 *°° ,« ».« \ J J J « | Wamainui " 45,850 11,4« 5 nil.: 8 - ■ TRANSPORT ' I W. & M. Railway" - 170,000 121,453 1 4 7 fa 0 15 0; SJ't 368 K.Z. Shipping - - 4T3.SM 113.751 8 nil. 5 5 17 G 6 0 0 _ Union Steam - - 100,000 472,593 . 10 nil. 10 19,10 0 1810 0 5 8 1 "Wetn. Steam Ferry - 46,430 Co 1 DiL 6 C18 0 < V?efitport° AI !' - - SfiO.OOO 117,315 34 lh 15 7 15 0 7 17 6 716 0 6 H 7 laapiri.... £2,500 5.S30 1 . nil. 7i 010 G 10.0 WOOLLEN. £&i&poi.... 100,000 52£5i 5 nil. . 6 iiosgiol .... 83 t 457 17,212 & li i 300 Wellington - - - 10*000 , 24,$J« i 1 6 366 3.6.0 ¥56 MISCELLANEOUS. ... . ,-DonaghyRope - - ',(7.000 ' - 30 nil- 510 0 • Lowland & O'Brioa - 35,000 - 37,761 1 Bil 15 250 2 50 35D 660; UtturicevUlo Linw - 7,000 £Of 1 nil 8 ' .15 0 •JUS. Caodio • - • 10,00) - - 10 nil - 10 '0 0 , ; ; KZ.Drag - - - 54,511 2 nil 7 210 0 9 11 0 ' " K.Z. Paper Mill* . 94,755 UT7 1 nil 7 130 133 130 618 R.Z.Cemeiit- - . <0,003 8,018 ' 1. vnil 8 110 6 1 11 6 Manning & Oo. - . ftj.COJ S7.6TJ 4 1 10 400 Ward & Co. - - tO.OuO 4 1 10 4 17 6 6*6 500 800 >Vgtu. Opera House . 18,630 1,705 5/nil 8 600 750 ( Wt'tn. iVosh food " Sfc.SSl —' 1 nil — Vrbitoombe & Xombs* 4(3,250 £0453 0 nil 10 '4 6 0 <10 0 bharland. Limitod 48.0Vt» 1 nil t|' C19 0