FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 55, 28 November 1907, Page 8

FINANCE AND COMMERCE.

: THE SHARE MARKET. ' .' There was a fair amount of trading: in in- , Vestment shares yesterday. Christchurch Meat ; shares again had quittance at ,610 10s., yielding -.- to the, investor. £1 12s. 4d. There was. a sale ; of Mosgiel Woollen shares at 605., the return to the investor being ,£2 ISs. 4d. It Js a sin- ; gular tiling that while investors in Wellington ' : Woollen shares look for a return of £1 ss. 6d., ; buyers of Mosgiels'should bo content with less , than 3 per cent. Tho fact appears patent that a fancy price is being paid for Mosgiels, which,i' of course; may, or may not, bo warranted by J tho prospects of the Company. Kauri Timber .• : shares, 15s. paid up, changed .hands at 9s. 2d., v: and there were further buyers at 9s. 3d., sel'.'■'lers holding for 9s. 6d. Bank, shares revived jyesterday, and there were buyers of New Zea- ' lands at «£9 155., and sellers.at ,£lO.. Nationals ■ were wanted at ,£5 7s. Gd., with sellers at ,65 Bs. 6d. Insurance shares relapsed into quietness, the only shares to meet with any demand being Standards, which were wanted at : 225. New. Zealands were offered at 80s. Gd. ' Financial shares were quiet and' unchanged, . with buyers of National Mortgage at ,£3 ,4s. 0 fid., and* New Zealand Loan and Mercantile at ss. Gd. cum dividend; sellers of the 1 latter were < wanting 7s; and New Zealand and River Plate shares f were offered at 295. 9d. Gas shares were : ' ricglected. There was a call for Hokitika- Gas. 1 at -£1 155., with sellers of Christchurch Gas- •; at d£lo 55., and of Napier Gas at' .£25, ils 10s., ;' aiid-JSS 7s. Gd. for the respective issues. Mana-i t ■ watu Itails-were in as strong demand as ever at 425., but sellers have lowered their quotation to 435. New Zealand Shipping shares were -. ; in demand at ex dividend; for Union Steam -.- shares 10s. cum dividend-was bid; this is more than «£2O ex dividend, and is fully twice . the face value. ( Coal shares wero all firm. ; Taupiri Coals were in demand at Westports at £7 15s. Gd.,-and Westpdrt-Stock-' ton at Bs., sellers of the latter holding'for 9s. In the miscellaneous section there were-sellers : of D.I.C. preference at 225. 9d.;'Manning and ; Co.'Brewery shares at ,£3 -195., .-Ward-and-Co. Brewery shares at £5 2s. 6d.', New Zealand • Drugs at 51s. Gd., "Now Zealand Times" ; ordinary at 225. Gd.,. and Sharland 'and Co. ; preference at 19s. 3d. - ' . -THE MINING MARKET!; : The weakness displayed by Talismans on Tuesday vanished yesterday,, and trading in the shares was up to the'highest level yet touched, ■ for £2 15s. 3d. was paid for the scrip, while on the previous day the :.price realised was .£2 ljs. 9d. Other shares show firmj .ness, .but there is not the same activity as was displayed a week or two ago.. Tho near approach of Christmas and the mining holidays :'. are, no doubt, exercising an'adverse influence. : The state of the mining market yesterday is r shown in the table appended:— Buyers. Sellers.- -Sales. - ' , £s. d. &s. d. ■£ s. d. ; Talisman 211 6 215 6 215 3 Wailii ... ... ... 8 9 6 812 0 — -■ ■ Komata Reefs ... 0 16 — — New Zealand Crown 0 8 7 0 810 ' — [ Consolid'd Goldfields 019 9 110 — Big River - — 015 0 — I-.'. , . TIIE WOOL SALES. ' The sixth and closing series of London wool sales opened on Tuesday, and, as was expected, i. the market opened weak and with a decline of 74 to 10 per cent; for most ■ descriptions of ' wool. The tension in the money:market with : the Bank rate at 7 per "cent, was snfficient ! to bring down values, but there is also the : feature that there is a set back in industrial i' activity, and mail advices show that the woollen trade has begun to feel the influence. , Orders are not coming in as freely as. fo(merly. The fall registered at -the current' >• London is in comparison with the closing . - prices of tho last, scries, and these, according i'\ to the Produce Circular of the Bank of New ■ Zealand, were for average quality, as under:— • New Zealand Merino. . . s. d. s. d. . Scoured ... ... ) 1 111 to 2 0 ' • . Grease 1 Oj to 11J Pieces, scourcd 110 to 111 • - Pieces, grease ; ... 0 101 to 0 111 New Zealand Crossbred. . Fine, scoured 1 9 to 110 Medium, scourcd 1 31 to 1 4J , Coarse, scoured 1 11 to 1 2 , Fine, grease 1 2 to 1 21 Medium, grease ... ■ 010 to O'll Coarsei grease ... 010 to 0 10J , . Lanibs, grease ... 0 101 to 0 111' Pieces, scoured ... 1 11 to 1 21 Pieces, grease ... 0 7| to 0 8J Commenting on the condition 'of ' crossbred ' • wools the Circular says:—" An unusually large [ portion of the clip this season has been very \ seedy, and thousands of pounds have been lost j to growers through the depreciation in value which has resulted therefrom. Farmers should ! ' therefore do everything in their power to pre- ; vent the ' biddie-biddic" getting into tneir Wool, as its presence, particularly in lambs' ' wool, means a heavy loss to the'm." MARINE INSURANCE. ' The results for tho year promise to be very serious for marine underwriters in Great i. Britain. It is stated that many Lloyd's underwriters and companies -have had extremely ! . heavy settlements, and it is anticipated by -. those who are able to judge that tho next pub- : lication of companies' accounts.will reveal the. fact that marine insurance has'recently been carried on at a loss. Many of tho older - marino insurance companies are' said to be living, so to speak, on their own fat. They : have been skilfully financed in the past on sound and conservative lines, tho btilk'of trading profits in tho years of plenty having been applied'to increase the reserves" carried forward, so that if. has become possible to pay handsome dividends out of the interest earnings on the accumulations. This very fact, however, is an eleiuoiit that is apt, in a certain way, to militato against successful trading. ' After all, marine insurance companies are not investment trusts, and surely they are in the business in order, if possible, to make a profit out of the underwriting for their shareholders. Somo of them, as at present circumstanced, would bo able to wind up all their existing marino insuranco business by working out their unexpired risks, and thereafter would be in tho position ; 'of being able to earn for their proprietors, solely from interest on tho surplus funds invested, inclusive of the paid ltp capital, dividends at least equal to to what their shareholders for a long timo past have been accustomed to receive. Or they could divide their surplus assets in a winding lip of tho company, so as to givo to shareholders'' a

WELLINGTON SHAKE LIST.

larger amount-, of cash than is .represented in the present market quotation for the shares. Then, why aro such steps not taken? Surely, because-the'companies expect to make more money for their shareholders through continuing their trading operations. ' And this, no doubt, is a legitimate object to have in view; 'it is really the only j'aison d'etre for their continued existence as" commercial undertakings. Yet, at the present moment, and until rates are placed upon a sounder, footing, there are only a few offices making a profit out of trading. The accounts of some important institutions, indeed, have, for a'series of recent years, shown a distinct loss frqri; underwriting. Dividends have been kept up with really wonderful consistency, and the fact has been pointed to _with legitimate prido that the profits to shareholders have been made quite independent of trading transactions. But something else has contemporaneously 'happened in not a few-instances. Trading losses have had to be made good through a depletion of reserves. It is :.a long, lane that has no turning, but underwriters ;^nd;marine insurance companies are waiting a lougei- time -than usual for emergence from the dark forest, and it cannoi be denied vtliat ;for this they are, or some of v th'em. are, themselves to blame." WOOL SALES. . 'Auckland, 'November 27. The-first'wool sale of the season was held today, .when-.4375: bales-were offered, being an iiicrdq'se of 365 bales', on the opening sales last yeai ' A decrease in prices was anticipated owing chiefly to the tightness of the money market, but it was rather surprising that this extended-to-fine 'wools."'" The "decrease ranged from to 3d. for both qualities. The wool was in really excellent condition, and showed an all-round improvement ntf'quality. • ("nTO Auckland Farmers' Ifn'ion, Ltd., opened with' 'a catalogue of 3GO bales? Prices ruled from lid. to 2d. lower thaii at the correspond-ing'-sale held last 'season. - Bine crossbreds' realised from' BJd. : to fljd, c lots 'fronv the Ivaipara selling well; coarse breeds made 7}d. to Bd., and soiled, from 6d. to 7d. ' G. W. Binney .and Sons offered 440 bales of cross and "halfbred, wobl;-..which, like most of that ..Offered'-at the. .sale,' whs. light in grease, lljck was the 'best prie'e ''offered for six .bales of. - 'h!ilfb'red.';Svool this' was • not reaching tho'' owner's reserve, 'lid;':- was'",the ro'alisc'd for a consignment; from; this'Bajf- of Islands; 7d. to 9}d. was the-'average lvalue '.of,\ crossbreds. Pieces were a .drug,:;and suffered'a ,drop : of ; 3d.-. per lb, on '- •'"■ ■■ ' New Zealand Loan and' Mercantile Ajgeiicy, Ltd., catalogued 2019 bales, and cleared mbsfc.-'of the lots submitted. Most of the wool Was crossbred of fine quality. Mr. P. 11. 'Gib-\ son; of Whakapirmi, topped the list with llld. for 10 bales.of fine crossbred wool. Linton Bros., of Batley, Kaipara, roaliscd lid. for a consignment r of 100 bales. Bales of hnlfbred woo! from Waiheke, in the name of Mr. Jas. Bruce, brought. lid., and six bales of crossbred JPW. .Shrppshirps.jwere. well competed for up to IOJd., and the top price of this class of wool was 10id., received by Messrs. Coates Bros., of Matakohe, Kaipara, for 12 bales. Thioughout thero was a noticeable decrease on the values of the corresponding sales last wools showing a drop of from .lid: .'to* ljd., 'and doafser' - wools from 2d. to 2Jd. • ' TIMARU" WOOL SALE. (BY TELEGRAPH—PRESS ASSOCIATION.) Timaru, November 27. At the wool sale here to-day, buvers were apparently indifferent, and the.sale'lacked anipiation; , Crossbred was' neglected,- but there wits" fair competition for half-bred, so long as buyers could secure it within their limits. Prices-'we're about on par with those ruling at the;recent'sale at,-Christchurch,-but showed a drbp' of 15d;~to 21d;, compared with the corresponding' salei of lashyoar. • -The range of prices was:—Halfrbred, 9Jd. . to 12d.; three-quarter-bred, 9d. to JOd.: crossbred, TJtlj to 9d.; merino, 8d„ to 81d.; pieces, Gd. to 8!d.; locks, 3Jd. to 4.Jd. - LONDON WOOL SALES. Tho .Now. 'Zealand- ..Loan and Mercantile Agency Company, Limited, have received the following cablegram from tho London office, dated November 26:—Wool—As compared with last sales' closing rates, prices aro about 71 to 10 per cont. lower for coarse crossbred,'fine crossbred, medium crossbred, crossbred slipe, and merino. Competition by both Homo and foreign buyers is fairly active. Messrs. Murray, Roberts and Co. have received the -fillo'iving wool' market cablegram .from their London House, Messrs. Sanderson, Murray and Company, dated November 2G, 1907: — "Sales have been opened with :i good attendance of buyers and moderate competition. Market has declined 10 per cent. Faulty and inferior descriptions of the new clip, greasy wool, show the greatest decline. Slipe wools show the least decline, with an irregular market. There is a poor selection of greasy crossbred offering, and not suflicient -to test-t)ie--market." ■ • Messrs. Dalgety and Company, Ltd., Wellington, havo received the following cablo message from their London office, dated November 26:—" Sales opened with a good selection. There is a large attendance of buyers, and competition is animated. Super merino wools—Prices are on the average 5 to 8 per cent, lower than the closing rates of September series. Good and medium merino wools, 10 per cent, lower.' Short, wasty, and oarthy wools, also faulty, merino pieces, 10 to 15 pel" cent, lower. So far hardly any crossbreds havo been offered; prices are lower by 8 per cent. . 'TAJUNAKX FARMEBS' FIRE SOCIETY. ThiL/faranaki Farmers' Mutual Fire Insurance Sopioty .now has insurance for <£193,000, tho premium rate 'charged to insurers being 10s. per cent. The'average, of tho risks held is <£250, and tho accumulated fund now amuonts to .£I2OO. The Society has been very fortunate, for it c has not had a. single loss so far.; . STOCKSALES. (BY TELEGRAPH. —FRKSS ASSOCIATION.) CiinisTcnußcii, November 27. At tho Addington live stock market to-day thero was a fairly largo entry <5f all classes of stock, and a good attendance. Fat cattle wore rathor easier in consequenco of a more plenti-ful-supply: "Store" sheop' sold well, also fat sheep, but fat lambs were oasier. Pigs wero in good demand, and storo and dairy cattle mot with a fair sale. Thero was a modorato yarding of storo sheep, and a good demand,

especially for forward weathers. The entry of fat lambs was the largest for tho season, mid the quality was mostly prime, though thero wero a few lots that were in only storo condition and brought low prices. I'rime mot with fair competition, but only two export buyers were operating, and prices ranged for standard weights from lis. to 16s. 9d.; tegs, 17s. to 18s. lOd.; and small lambs, Bs. to 12s. 6d. There was a moderate entry of fat sheep, and competition was confined to butchers only. Tho supply not being beyond requirements prices wore rather firmer. Woolly muttons made 275. 9d.; best shorn wethers, 18s. to 21s. 9d.; extra, to 245. 3d.; lighter, 10s. Cd. to 17s. (id.; best shorn ewes, 16s. to 205.: extra, to 21s. Gd.;'others, I.ls. to 15s. 6d. The yarding of,fat cattle totalled 302, and with a few exceptions tho quality was medium. Owing to the larger numbers there was a slight declino in prices. Steers brought ,E7 7s. 6d. to „Cl 2; heifers, .£5 7s. 6d. to .£lO 155.; and cows, <£t lis. to o£9 12s. 6d., equal to 255. to 275. fid. for prime, and 20s. to 245. for medium per 1001b. Veal calves sold at 4s. Gd. to .£3 Is.; and small down to Is. Gd. A good yarding of storo cattle included somo useful lines of 18 months and two-year-olds. There was a fair demand at the following rates: 15 to 18 months, 31s. to 405.; two-year steers, «£3; two-year heifers, ,£2 ss. to ,£2 155.; three-year steers, •£4 ss. to ,£4 18s.; three-year heifers, ,£3 lis. to £3 12s. Gd.; dry cows, 17s. to «£3 4s. An inferior lot of dairy cows sold at £3 15s. to ,£6 lis. Tho entry of pigs was a medium one in point of numbers, and the quality in fats was chiefly prime. _ There was a good all-round demand, and prices were -without change. Choppers sold at £3 15s. to ,£5 lGs.; heavy baconers, „£3 to <£3 155.; light, 50s. to 575. G(i. (equal to 5Jd. to 5Jd. per lb.); porkers, 40s. to 455. (equal to Gd. per lb.); large stores, 30s. to 365.; medium, 275. Gd. to 305.; woaners, 20s. to 2Gs.; and suckers, 15s. to 20s. METALS AN;D SHARES. London, November 26. Bank shares are unchanged. Silver is quoted at 2s. 2 11-16 d. Copper, on spot, .£62 55.; three months, JIG 2; electrolytic, <£G3 10s. : Tin, on spot, .£139 10s.; threo months, ,£l4l. Iron, 50s. Gd. Lead, <£17 iOs. MOSGIEL WOOLLEN COMPANY. [BT TELEGRAPH.—KtESS ASSOCIATION.] Dunedin, November 26. At the annual meeting of the Mosgiel Woollen Factory Company, the Chairman of Directors (Mr. John Roberts), in moving the adoption of the report, said that wool last year commanded enhanced prices, and the company had to pay more for its requirements, the result being that prices for the manufactured article had to oe raised materially during the latter half of tho year. The output had been sold at fairly remunerative prices. The mill had been fully employed during tho' year, and the company had still a fair quantity of orders on hand. The presont- indications pointed to the possibility of securing wool at a lower price this year, and the speaker looked forward to a satisfactory year. The sales for the past year showed 'a small increase over the previous year. Th'o profit for the year was £5093 3s. 5d., as against £2483 Is. lOd. for tho previous year.

COMPACT ■ Capital " SS __ — T ■ ' ' FaldUP ' vSf .M"* Buyer. Seller. I°T°°tor. ; ' "RAKTTfl d ,'T'" ' » „ * £ i'. d.' £ & d.- ', J>; B. d. ■& 8. d. r Few Zealand . - E.OCO.OOO 981,673." 'Si Bi 10 ■ 015 ° J 9 2 ? 910 0 3 10 3 . National . . 815,000 335,313 ii 15 ". '13 . 'G'7 6 6 . ? '. 6 .' . !■■-.■ INSURANCE-. ... . .. ■ , i-:'KaUon«l - - - ICO.OOO :'249,339 ■ i unltd.: 15 ' 1 ® n r - \ i- .SewZealand • - SCO.OOO .330,765- : .2 :.. 8 ' JO". 819 0 J,® „ ' Eouth British . - 100,000 512,400 1 unltd. SO-. ? , "„ « r ir t . Standard ... 75,000 B.188 J oulM. 10 120 lit 1-3.0 " I. FINANCIAL. , ' ■ .'-rt, V.' ''.'J „■ , . , 0 „ ' : Equitable Building - £0.000 . ' 44 S09.v- .5- 5 30 *0 2 6 .,30 6 0 10„ 2 6 418 9 . Metropolitan Building 21.0CQ --6,229' -10'- nil 7 nVo-V n'k n «; 0 0 . Wellington Invest. - 50,000 J,. - % 6 ,i : „ - 915 2- '? n £ k«R ! 'Wol'gtonTrasiAIiOan 101,250' £9.620 - 5 5 • 8- X.®.-® • 712 0 . ? f , , National llortsaeo . £00,000 118.SB0.- '9 8 10 "J * ® , „ „ • ?, ?' J« i N.Z. and River Plato • SOO.CO) 530,208 , 1 nil 7 * ® ® 12 2 i 5 5 J 1 ? 9 ' Loon and Mcrc&nUlo - 135, W ' 157,358 1 -. 04 —6 .0 5 ..® ' ■ QAS. •• iv- - n \'"< i Auckland - . . 160,370 60,558.. : 6- - nil. •' 16: ; M,'®, ft- ..ii .5-'2v : Christchurch - 152,000 ' 65,067.., . "5 nil. -10 -S is-n' 1 "D i? 0 . . Feilding . - . . 10,605' -i -103 1- - nil : ° 17 '-° ®{® ®' 0170 f Gisborno . . . 17,100 9,239 1 nil. - 121 a IJ u. . f Hawera ... . 8,250 715 J | 10.. _ „ r Now Plymouth - . 16,000 3,159 5 nil 10 2 5 „ . - . - |. 10 nil 15 ° . i- ' -• * - W&l\ £2,517 5 5 15 5S2 '• ' • • « *) « 1 fl ' 15 -0(0 Palmcrston North . . S7.000 11,003 . 4i _ 4 10 T.J_? 19 7 Jj. ® /5 5 f : ' Wellington - - . ""57CSS"" "10 nil 10 18 17 6 18 16 0 6 6 8 „ • — . mfil "!■ 5 5 10 "• MEAT. ■ o n n '■ ' • Canterbury - - - 1E3.T27 SO,074 7j Bi a 8 ® 0 • . ■ Christchurch: - - 165,900 5)337 10 nil. 8 1012 0 1010 0 J12 4 . dear-- - - - wm) l 85,193 1 nil. . 10. ., 2 ?:'0 : 2 1-3 .0 .2 10 0 4 0 0 - - - - £4 ' 00 °f • 4 6 10 Wellington Meat Exp. j ,. " ,5 nil. 8 ;• * ■: 4 ' . • . - ... 105,7661 K.767 1 8. f : ® ® ,» « «- , | Wftufianni !! <5,850 ll,40t 5 nil, 8 \TKA2ISPORT. — _ n - „ „ „ „ - 0 • V?. & M. Railway • 170,000 121.43 1 4 ,7 330 230,280 368 i. K.Z.Shipping - 473,840 113,751 - 8, nil.-, 5, " 6 0 0 6. 0 0 . -- "UnionSteam - - 600,000 472,5M 10 nil. - 10 , 20 0 0 .. • 1810 0 6 8 1 Wgtn. Stoam Perry • 46,259 *' ' 65 *' "1 nil. 6 018 0 "Wertport- - -■ ££0,003 .117,215 3i lj! 15 7 15 6 7 17 6 716-0 614 7 1'aupiri.... 8W03 5,339 1 nil. 74 0 19 fa .100 i, .WOOLLEN. «. Eaiapoi - - - - 100,003 22,854 - 5 nil; ' ' 6 • „ fl ifl . . ilOf«i0l - ' - - - - 83,457 17,212 Si li A 3 0 0 3 0 0 2 18 4 • Wellington - - . b0;0QQ . £4,393 4 1 6 5 6 6 : 3 6 0 7 5 6 - MISCELLANEOUS. - , . Donaghy Rope - • 47,000 . — 10 nil ! — 510 0 • Leyland & O'Brien 35.000 87,761 1 nil ,, 15 . 2, 5 ; 0 5 5 0 .8 5 9\ .660 ' -UauriceviUoLima - 7,000 £ttl 1 nil 8 • ; 15 0 . Candlo - - » , 10,000 - 10 nil — 10 0 0 .. * • K.Z.Drag k - - - £00.00!) 2 nil ' 7' •' 910 0 '211 6 '• • S.Z.l'aperMills - 94,755 1477 1 nil 7 1 3 0 1 3 3 1 3 3 . ;\6 0 5 •: K.Z.Comenfc- * - 40,000 2.018 -1 ' nil Q 110 6 1 11 6 i • WonnintidrCo. - . «j,C03 37,010 4.1 10 .3 19 0 ; Word & Co. - - . 80.1XW 4 1 10 4 17 6 5 2 6 6 0 0 8 0 0 ' "Wgtu.OperaHonsa 18,630* 1,705 * 5 nil 8 6 0 .0 ' 7 .5 0 • Food — 1 nil — » .: "Whitcomb© & Tombs- £0,153 6 nil 10. 4 6 0. 410 0 i 'fSharland, Limited -48.670 : 1. nil 74 C19 3