FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 56, 29 November 1907, Page 8

FINANCE AND COMMERCE.

WELLINGTON SHAKE LIST.

' THE SHARE •■ v -■■' The volume of business reported on 'Change jfcsterday was within small compass. Mana- • *atu Bails had quittance at the high-price i jf 435., yielding £3 ss. Id. per cent, to the intestor. These shares are being bought on the prospects of the return on voluntary liquidation after the sale of the' lino to the Governoient, yielding in the neighbourhood of .£2 Us. 3d! per share. There are still buyers of these shares at 425., sellers wanting Us. There was a ; sale of Kauri Timber shares, 15s. paid up, at 3s. 3d. For bank''shares the:bids~of : ,the past - tew days were repeated. Nationals were wanted at £51s. 6d.,:.sellers holding,for :£o > Bs. 6<l ; New , Zealands ! were in -demand at £'J 155., ■■■' sellers' quotations being <£10. Insurance / shares were quiet. There was an inquiry tor ' ■ Standard Insurance at 225., and New Zealands : were offered at; £i : Os.. Cd Financial :shares. -■ wore neglected. For Loan and Mercantile, os. .- ■ 6d. was again bid, and New Zealand, and River Plate shares were offered at 295. : 9d. bas shares exhibited no changes whatever. Peild- , irig Gas shares were again wanted at 175., with Boilers at 18s. Sellers' quotations for other shares were:—Christchurch Gas, J2lO 2s. 6u.; : Napier Gas, £15 10s., 7sr6d,'-'for the several issues;, and Wellington Gas, £18 -■"' 17s. Cd. and .£9 9s.' for the respective issues. . Meat shares' were neglected. Christchurch Meat shares were oil sale at .£lO 12s. .fid.. And. £b ss. For Jicw Zealand 'Shipping "shares-'.£6 '< was ■ bid, and and for Union Steam, ;',£2o 55., , cum dividend. Coal shares were .again firm, with buyers of Taupiri coal at 19s; 6d., Westport Coal at £7 15s. Cd., and .Wcstport-Stock-ton at Bs.'3d. 'In the miscellaneous section, : D.I.C. Preference were offered at the reduced. • prico of 225. 9d., Manning and Co. .Brewery shares at ,£3 18s., New Zealand Paper Mills at. 235. 3d., and Wellington Opera House at ; £1 ss. Buyers of the latter bid .£6. .. ; ■" ■ ' THE MINING 'MARKET;' 5 ;: V--'.The. mining market. ■ was, comparatively quiet, and the nearer; we'get-:torthe tholiday period the quieter"iwill 'the" market -become; Talismans had quittance yesteraay at £2 155., . showing a slight relapse. Waihis were ne- . glected, for there was ho bidding for them. The 1 state of the mining 'market yesterday is disclosed in the table given below:— : ,• ■■■..'■ ! ■.-"Buyers. Sellers.-^Sales,.-, . ■ 'JB-s. d. £ s. d. ■■ Xomata Reefs .-..' ..: (K 1 .6 . 0 1; 9..'£-*j£;>; ■ Talismans '2,U 0 2 15 6-2' la. '0, Waihi .1.' , ...-; 8 12 O,:;-;:;:-^^: Ngatiawa ... .0 18 — /■ r..:-r-? ; ■■ Champion ' ... 0.210 »!«SSt Big River ... ... ... '" — ■ 0 15 O^-"':-.;-"-" Consolid'dfioldfields ,0-19 9 1 1 %^h ' ' L.C.C.' TRAMWAYS. : #' It is still difficult to appraise the real earning capacity of the London Count}- Council Tramways, "for the process of conversion from horse to electric traction has not yet- been brought to a conclusion. Notwithstanding : the manifest drawbacks of this state of affairs, the financial results for the past year exhibit • a distinct improvement as compared with ' 1005-6.' The following analysis of the figures shows what has been done during the last ■ three years:— . Total . Net Debt. Jiur-. Receipts. Revenue. Charges; plus:Tear. £ ■. £ ■ ■'■:■£-■-■ '■-■£•■' 1901-5 ... 743,885 237,017 173,057 01,890 1005-6 ... 814,621 273,133 210,558 62,575 1906-7- ... 1,418,090 • 331,321 324,056 ; 9,665 • The capital expenditure on the undertaking up to March 31, 1907, amounted to .£6,946,310; the total debt-paid up-ttrtho same-date"nmounted . to; ,£603,173 out-of revenue, and ,£209,573 from the proceeds of sales of horses and old materials, etc. The debt outstanding • oii March - 31 last was or, deducting £24,658 for the value of 'surplus land, .£6.108,906. ' The system on April 1, 1905, included .about r 30i miles of electric tramways, and during- tho year a further length of about 28! miles was opened, making a total of about 59 miles. During tho year- 183,003,068 passengers were carried on tho electric cars, and 131,105,027 on . the' hiirso cars, p making » *otal of 314,227,090, on 30,130,297 car miles.run. The, traffic receipts from electrical working averaged 11:95(1."a car mile, and tho total receipts, including advertisements, etc., 12.23 d. a car mile, as compared with 12.37. in 1905-6. The average fare per . passenger was 1.05 d., as compared with ,99' d, Expenses per car mile, including 1.37 d. for power, worked out to 7.06 d., or, including debt charges for power (.69(1.), to 7.75(1. In ISOS-C the expenses were 8.04 d. a'car ciile,;including 2.78 d. for power. Traffic expenses per car mile romuined practically stationary, but the cost of repairs increased from l.llu. ,to 1.29 d., and ( ' general expenses from ~COd. to '.81d;' '■'" HEMP PROSPECTS. The High Commissioner, in his last cable |ram to tho Department of Industries ant Jommerce, says:—"..Tho-hemp -market is ratliei unsettled on account of Manila offering freolj at lower prices." It is the Philippine product that affects the Now Zealand product for gritic or ill. The war between the United; State: and Spain was the first disturbing factor, thei came, the guerilla warfare with, the Filipino and more recently the Islands were visited by ; destructive tormado. Those adverse condition, materially affected ,tho production of Manili hemp, with the result that manufacturers o cordage were forced -W ( turn to other fibres fo Biipplies, and so a demand originated for Nei Zealand hemp. Tho scarcity of supplies fo a number of years, together with the increas ing demandparticularly for binder twine, owin; to tho expansion of wheat cultivation, com bined to maintain the values of the raw'fibr at a comparatively high level. The high price Eaturally induced an extended cultivation o iibro plants, and the discovery of new ones The known fibre plants, such as sisal an phormium tenax, take some years - to ' read maturity, consequently it is only now that th planations of earlier are at yielding point, an as time goes on the yield will increase, b( cause fibre cultivation has received the atter tion of growers in many countries. The Phili[ pine Islands, passed into tho possession of th Americans, and, consequent on their entei prise, there have been pronounced develo] rnents in tho growth, preparation, and marks of Manila hemp. According to the fibre expert of the Phili] pino Bureau of Agriculture, the opportunity for increasing the production of Manila hem are almost unlimited. The production of hem has grown rapidly in recent years, the export; tion having been in 1880 but 51,000 tons; i lSflfl, 50,000 tons; in 1900, 89,000 tons; and i u>os, 128,000 tons; while the value has incrcas( from .£1,000,000 in 1880 to ,C 4,400,000 in 190 With the adaptation of machinery to the pr paration of hemp for marketing, the area cu tivated will, doubtless, greatly increase, ai us tho world is constantly demanding all tl

hemp which-, the Philippines can at present offer, there is reason to believe that this industry may be greatly developed, and the exports ,of. this article may, it is said, alono amount to ,£20,000,000. While in New.Zealand the costs of'production and manufacture have steadily, increased, we may bo sure, that the Americans will bring down the costs of pro? duction of Manila hemp, and there is little chance of the product being subject to the trust .system, because of the, competition of sisal and New Zealand hemp. The producers of-fibre ;in\ the Dominion must face the ques- ' tio'n of reducing the cost of production. There is a disposition at present see whether or not the.market, will recover, because some think that the high rates for money in : consuming centres have aJTected the value. Dear money has played its part in bringing down—values, but tho main cause, and the one that is certain to continue, is the in-, creased production of Manila hemp. ,We must ■change our- industrial methods;' for years now the costs of production have : been increasing, and manufacturers havo winked at the advances, because they were able to console themselyes with "we can get our price." Hemp at £2d\ ids.- c.i.f. London is'not at the profit point, and if there is another drop-of 20s. or. 30s. ■a, ton' many • millers will: have to close '(Town.-!.. Steps should be now taken to see how ■best.-tq cheapen , the ;■ cost; of production. . .AUSTRALASIAN-GOLD YIELD. ■ The-golcHproduction'of Australasia this year promises 'to bei very, much lower than in 1906 or 1905, and the heaviest decline is shown by all.the other States "have" produced less." Tho production of the Commonwealth during the first ten months of the. year amounted, to 2,620,771 fine ounces, of the value of\£ll,135,000; showing a falling off as compared with the corresponding period of last year of 272,589'0unce5, valued at. .£1,058,000. .The figures, for the ten .of the. three years compare as under-:; — ' .— ..-.. Fine Oz.'" Fine Oz. Fine Oz. ■ ;." ,' --. .1905. 1906. 1907. •...:■':■ ■ ■ .■. r .Ls'.Ounces. 5 Ounces. 5 Ounces. Victoria -'•;•:. •j..V..;.;6.0.7,90i;: ; - 64,8663 579,176 N.S..v.Wales:'. r .r"«2i9;965v , 229,793 ,204,139 Queensland-r.:C-"/.482,p52''' 439,716 350.183 /VV- Australia-'i ' 4,629,975 ■ 1,502,188 1,397,273 .S.'jAustralia'-v..;.-- -16,500';, 13,000 10,000 60,000 50,000 ■'C(Stemoiiw;Siltii^;-;3,Qi6,893!; '■ 2,620,771 ; fcv.Zealaia;;:^;v4l0 > '' 445,635 353.578 Australasia ... 3,427,304 3,338,995' 3,004,349 The figures are, of course, approximate, but they are near enough, to indicate that there is a substantial falling off in production. "■' MINING.' ■'... The' Wellington Stock Exchange has been advised by the manager of the Undaunted Gold 'Mining- Co., Ltd., that the total return is Gloz., cleaned, in a portion of the tailrace. STOCK EXCHANGE. ""..Stock sales:':;lsland-Block, 9d., Is.; Westpor't-Stockton Coal, 2s. 3d. . V":' .""'LIVE STOCK/MARKETS. / ' Messrs. Dalgety and Co., Ltd., report as follows on their Palmerston sale,, yesterday:— ■ We-had-agoodyardiug of cattle,'but a small entry of sheep. We quote :—2J .to 3-year steers, £i 7s. 6d. to £i Us.; 2-year steers, <£3 3s. 6d. to i.£3 10s/; empty forward cows, J33 7s 6d.; store cows; - 38s.;'yearling steers, .£2 Bs. 6d.; cull yearling steers, 215.; 15-montbs heifers, 345. to 365,; fat.,shorn ewes,. 14s. 6d. ,Tho,,,New Zealand Loan and Mercantile Agency Company, Limited, report as follows :— At /PalmeVstdn North- on Thursday, a heavy yarding of cattle, came forward, and met with a good demand, toung cattle sold well, and there was a marked improvement in heifers, while- forward cows also made good values. With the exception of two pens, a total clearance was effected. We quote:—Cattle—Yearling heifers -(small),- 205.; yearling heifers, 31s. Gd:rto,'3ss.. 6d.; 18 months' heifers, 38s. to £2 75.; yearling steers (inferior), 38s. 6d.; yearling steers, .£2 11s. 6d.; two-year steers (bad colours), £2 9s. 6d.; store cows, 235. to 335.; for.ward' cows, .£2 ss. to £3 65.; light fat cows, .£3 16s.'to £i 12s.;'cows and calves, £2 to .£2 55.; forward bullocks, .£6 12s. Gd.; .bulls, £2 17s. to £3.25.. Gd.. .. v •■ • LONDON WOOL SALES. The Department of Industries and Commerce has received the following cable from the High Commissioner, dated London, November .27,. 1907:—The wool sales have commenced, and there are plenty of buyers present, with competition among them. Business was quiet at the .begmning,-but imnrovetl during thn progress "of * the/sales.: .Business prospects are good; prices h» ve . however, declined on account of the condition of thb money market. Fine merino is quoted at Id.- per lb.; heavy merino and' crossbreds at an averago of Id. per lb. lower than last sale. ... •;." FROZEN MEAT. The C-.C. and D. Co., Ltd., London, to'day cabled that prices of frozen meat aro unchanged. ■ ; .- LONDON MARKETS. . . METALS. ~''• OT TBLE-GHAPE— PBESS ASSOCIATION—COPTMOHT. London,, : . November 27. Silver is quoted at 2s. 2}d- ■' . : Copper—On spot, JEGI 15s.;' months, b6GI-12s. 6d. ■ ■■ '■ . ■'-■ - Tin—On spot, £138 55.; three months, .£139 15s. . . '■; Tron, 495. 7d. .'"."'■■;' Lead, ss. At the tallow auctions 732 casks offered and 2-12 6bld. Prices were unchanged. WOOL AND WHEAT. ; At. the wool sales 9719 bales; wore offered. The assortment of merinos was good. There was'a large attendance, and good competition compared with the closing' prices of the October sales. Merinos averaged a 10 per cent, decline, and crossbreds (which were mostly slipes) a "t\ per cent, decline.. Subsequently competition improved. The opening rates wero fully maintained! London, , November' 27. The American visible supply of wheat is 62,092,000 bushels. . .

■..,::..■' Heserro- ';e,2 rA . u ,: .. PIIICES. ■ .". TieW ' '• /-mroA»nr Capital • Fund and «!;,S. '3? '■" ■ r 'i' to .. - I C0MFANT " ■ ■ WJ-. |S' gf &2? Buyer,. Seller, ~r. ■'.■'■■ banks. . : * *",' i'V *#^']q ; o'o- ' iio o 1w a a ' "KwZealand - - 8000.000;:: -;.SG1.6T5 ,, 8|, ,34 10 «" ° V 1 ? H . JMU * Rational - - -, 875,000.., :335.318 . .'!$.,' 15 ,18., B J,, ° : 6 .. B , 6 •.:■,.','-, INSUEANCE. '.-.•.,.,:.;.«•..• ...........••...,..(.• .-■ .W ■•, i » o till Uational - - - ,100.000 ■ 849,339; ,4 unltd. 15, J » J „' . . l * ° * * -NewZealand • -1300,000 386,786 ". ■,.. 2.' 8 ,10 8 lu » J.". 1 ' Boutb British . - ..lOO.COO .. .512,400 •■ 1 ■-nnlU. - 80 ..-;,. °"- " . , - . - , 6 , Btondnxd - - -."75,000 B2.183 1 unltd. 10 12 0 12 6 „ I ,2 .0 b lb t EoZ™id?ng - ?$&£%m ! - r»>->":-A 9 . , .-.: 419 > Metropolitan Building :,';',Jl',000:'"' '•'..'. 5,229 10, nil 7 '"'<■;• nin-n n u 'ft'' .5 0 0 Wellington Invest. - ,..3,83S 1' ,.■.« 6- ..■ - . :'S'w/n, : Aoo' 5' 6 8 WePgton Trust* Loan 101,250 - •'39.620 5 6 .... 8 , \ » °" .'"'.°! 6 3 1 , Rational Mortgago . SCO.000 ',112,550 9 ' 8 ■' 10 "3 j» g lO'Q. • ■ 4 15'0 K.Z. and Kivor Plate - 300.CCO SS0.306 1 nil 7 1"° J»» ■ ,- : Jag Loan and Mercantile - ; 136,223 ', ...157.356,,. ,..J. , «„..„ , 6. ... J" s 4 °, „.., Vv u ,, ; u .. 0 -. -. Auckland - - .-'1E0.370' '•■-- 60,553 ' : " ■:'• 5 "nil ;■<" •/»:■ .. }* °.' ? ! ' . ?o J fi ""•' ' " '' Gisborno - - - 17,100 9.230 1 nil 12} * " u ■ - Eawcra .- - . . 8,050 715 ! i . JO ,. „ • . ■■ ■ ■ KewPIymouth ..•-- 18,000- - 3,150-—fi-~mj JO--- '«« . : . Kapler - - - - 1 10 nil 5 f ° 0 „ - - . . iWl\ 22,517 5 5 .15 "10 0 ftlmerrto*North I , tfW IMB _ lg:. i ._». __M «_...„„. , JiJ.-J. | J * Wellington-- - - j 2J ; 570 | S7C68 10 nil "10 g g . 0 . . '■MEAT. ' " -i.i ''.' a nn ' Canterbury - - : - 153,727 M.OT4 . 1} ty 8 in 13 fi 1010 0 rig 1 Cbristcnurcb. - - 165.920 64,337 W ni. 8 1013 6 MM 8 T^.J ■Gear - - - : " 92.000}- K ' 1M -i" ■ "e'- " • Jo"" ? " ' ' Ellington Meat W 1 , „ ' ; -J ; "f .. g • « 0-0 "'5 »'*'• ■ 5-2 0 656 „ , „ 106.766J. 63,767... J » -; s -, 6 ' a '- - - . 1 6 0 673 , Wancanui ',', «,8£0 11,404 5 nU, 8 TBANSPOET. , , „ oon oinoin n51 \r.'&M.BaU W ay - 170,000 121.452 1 4 T- | g " | * • S 3 ° S S J K.Z.Shipping - - 473.S40 ...113.T51 .„. 8 m . . 5 , 6 0 0 /6.0 0 ■ BnionStoam - .- CCO.000 10 m. 10 20 5 0 . . . 1810 0 58 1 •Wgln.StoamPerry - 46,250 " 65 ' 1 nil. 6 oja o Weetport 0 ". - - .i-mm UT.IB. 8) « « J« 'j 716 6 716 0 114 7 aaupiri - - - - 62.500 5,339 1 mi. 7i 010 6 10 0 •ft'OOLLEN. ■ '■■••■.,"'•. ■'.''' ' ■'' • Eaiapoi- - - - 100.000 S2.854 * ..5 '.'»". ■ ■'• 6 ,'nn 91B 4 Uoitfel- -.-•'- 63,457 17,214 9i lj i S 3 0 . . 3 0.0. 2 18 4 Wellington - - - - 10,000 ,24,353 4 16 S 6 6 ,.3,6.0. 1 6 6 MISCELLANEOUS. _ • H#% .. -■ . .,. n DonaehyBope - .- 47.000 - 10 nil _ 610 0 „,„.'.,..„. s „ n / I*>1Iand&O'Brien - ,35,030 37,761 ., ., 1. . ") ,-j .15. 3 5 0 2 5,0 2-5 9. 6 6 0 MauricevillaLuna '■- '7.000 .aK,,'V'l.: J"! -..'.' "8- ". . " " 1 5 0 ..K.Z.Candle- - :- .10.000 - .10. nil ,.;- . ,..-■,, ,100.0 -. M Z Drtu! - . . £00000 3i&i '2 .' nil ' 7 ■ S10 0 5 11 6 . ■ BiSSrBmi ' - jJffiS : .Jfll,. .■..!..,"«, ••':. rl',n }■,?»■ 133 ' 6 ° 5 K.Z.Ceineht- A '- 40,000- ...2,043'.. '1' -nil B 110 6 1 11 S .. • Monning&Oo. . . 06,00) 37.670 4 1 10. : 318 ?.,». o nn Si- - WOOO S0.655 V 4 1 10 417 6 «! ' 50 0 800 Wetn.Opera Hpuaa ". 10,630 1.705 5 <"\ 8 6 0 0 7 5 0 Wgtn. Fresh Pood " - J "Jf-'-' ■-': ,:... :.,,„. Whitoombe* Tombs- £0.153 5 nil 10 i 6 0 410 0 bharland.Limited 48.616. 9.3U, 1,, ml • U , •■ . 019 3 . . .