FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 65, 10 December 1907, Page 8

FINANCE AND COMMERCE.

THE SHARE MARKET. -. Yesterday was the dullest day experienced l ou the Exchange for some weeks. No business was done in investment shares, and the buying orders were comparatively few. Bank of £$w Zealand shares were on sale at £9 ■ 17s. Gd. ex dividend, but . there were no buyers. were, wanted at £5 75., sellers quoting ,£5 Bs. Insurance shares were neglected, 1 the only bid made beinj; for Standards, which were wanted at 225. " Financial- shares were very quiet.' New Zealand and River , Plate eharec were offered at 2Ss. 3d. There was not business offering in gas shares. . There was a bid of £7 2s. 6d. for Palmerston North ■ Gas, with sellers of Christchurch Gas at .£lO 2s. 6d., Feilding Gas at 18s., and Napier Gas at £2b, £lb 10s., and c£3 7s'. Gd., for the respective- issuee. Meat shares, were slow, Christehureh Meat, .£lO paid up, were wanted at .£lo' 10s. The price demanded by sellers wes JEIO 12s. 6d. Wellington Meat Export shares, £5 paid up, were on sale at ,£6 15s. For transport shares there were bids of 435. for Manawatu Bails, which represents a slight advance, due, •no doubt, to the knowledge ' that' the Government has given notice of intention to acquiro the line; For New Zealand Shipping "chares there was an offer of £S 7s. 6d., which dhows that the shares have firmed. Taupiri Coal shares were wanted at 19s. .6d.,,'and there were sellers of Westports at .£7.i7s. 6d., and W.estport-Stockton at 10s. Sellers quoted.22s. 6d ,for D.I.C. preference, 455. 9d. for LeylandO ! Brien Timber, and s£s 2s. Gd. for Ward and Co. Brewery shares. , ■ .. t THE MINING MARKET. This market was unusually quiet yesterday, and only one sale, was reported. May Queen scrip changed hands at Is. sri. Talismans ' show an advancing tendency, and Waihis were firm. The state of the market is shown in the following table:— J ■ ■■■■ ■■;■■ Buyers. Sellers. Sales//. £s. d. £s.d. ■ jj-'s/d;" Komata Reefs ... 0 1.8 — .. — ••.:■■ Kuianui Caledonian 0.1 0 0 13 ''■ — "•'■• Ma? Queen, Ltd. .;.I'M 0 16 0 '1'.5 Talismans ... ... <2U > 0 215 0 - ; Waihi ■~..■840 860 ■ — ••,- COMPANY REPORTS. )' The directors'. report of the Kauri Timber Company for the year ended August 31 last, to be submitted to the shareholders at a meeting to be held to-morrow, states:—'Tew opportunities offered for acquiring kauri bush during the past year, and stocks of both sawn timber and logs are unprecedcntedly small, the amount of cash in hand being proportionately N largo. Such .conditions naturally lent themtelves to a reduction of our ■ debenture debt, which was accordingly reduced by ,£50,000 during the period covered by the accounts, and ny a further payment of ,£30,000 on, October 1 last. At its present reduced figure of ,£46,400, this should not be a source of much further anxiety. Another loss by fire to the extent of -: nearly has been sustained. This is admittedly the great danger in connection.with . all timber industries, and the strictest precautions are being taken and no expense on ore-extinguishing appliances spared to reduce this risk to a minimum. ■ ■ . t " After providing for this loss, depreciation of mills and machinery, and appropriating a further .£25,000 in reduction-of Accumulated Assets Depreciation, the balance' of profit and loss, including ,£8289 65." 9d. brought forward' from. last year, amounts to ,£37,398 17s. '5d., out of which it is proposed to pay a dividend of 5 per cent., absorbing ,£29,250, and carry forward to next year this balance, .£BI4B 17s. sd. "Your directors consider that the time has now arrived for a careful estimate and revaluation of our kauri forests, in view of their undoubted appreciation in value." The balance-sheet of tho Ashburton Gas, Coke Coaipnnv, for the year ended September 30, shows that a revenue of .£3515 3s. . s'!. was obtained from gas, meter rents, fittirgs, and residuals, and there was brought toiward from tho previous year £~>W 4s.' lid., making a total of ,£lO3l Bs. 4d. The expenses in the aggregate amounted to .£2378 13s. 4d., leaving a credit balance of ,£1055 13s. Out of this, ,£209 has been applied to writing .down plant, a dividend of 8 per cent, has been paid, leaving a balance of ,£575 15s. to be carried forward. ... ■

j- THE WOOL TRADE J ',■ Messrs. Willans and Overbury, in their I annual Colonial, wool report for the period from November, 190G, to October, say:—The cjoso of the year leaves crqssbreds in a posiI tion which growers, comparing to-day's values ! with the average of'former years, will proh- | ably consider satisfactory. The previous seasen's New Zealand clip, composed of wool ! gercrally superior to that sold this year, : reached in the earlier part of .1906 a point [ constituting a record in price, aritl it "was j iaidly within the range of probability that '; suc'i a levol could be maintained all round. ' grades of crossbred, always a limi- ' /'-c\ quantity, have been in very keen demand I it every ; series, and judging from the few ' lots sold at the September-October auctions I ' ai-y fully, up to the best point of last year. ', / Medium finalities havo been relatively the i cheapest wools to buy, but the position of r cciirso crossbreds at this date shows little alI teiation from the level of values existing at ; tlvi commencement of tlie ssason. Some doubt • wa<; felt as to the future prospects of crossj bn.'ds at the April-Jfay series of this year! a L , peiiod coinciding with the arrival of heavy I shipments from New Zealand, since, though j t!i.? influence may h<.: indirect, it is clear that I a large increase-''in the production of fine wool might modify the position of coarse grades, ■when values for these arc considerably above t'.ie average of past years. In this connection it may bo pointed out that the comparativelysmall fluctuations experienced in orossbreds are J at least to some extent due to the judicious • holding over of wool which has been one of i th'j features of the season, and that growers j / jn the Dominion have profited by the London I system of auctions, which, occurring affixed ! intervals, enable those responsible to regulate i the amount offered, and to correct any temI pciary excess in supplies by not forcing upon I-, , '..the trade, within a short period, wool which j Trill be eaggrly purchased later in the year j : when new arrivals are becoming scarcer. j NOTES. ' The High Commissioner cables that the ' wool market is a shade weaker, especially 1 ... for second-class quality. f The present London quotation for good fair ' gtiulo Now Zealand hemp, on spot, is ,£29 per ■: ton. A year ago the quotation was £39. ■ Tho arrivals of meat'in the United-Kingdom : Jiom tho River Plate during the month of

November totalled 215,743 carcases, of mutton, Mid G217 carcases lamb, as compared with 13a,759 carcases mutton, and no lamb/ in tho conesponding month of last year. . . • The interim dividend at the rate of 10 per cent., per annum, declared by tho Bank of New Zealand, was paid to the shareholders in Wellington yesterday. • .. • The profits earned by the Kauri Timber Company on. timber and stores sold, gum and flax royalty, etc., for the year ended August 31 last, totalled =6130,100 10s. 10.1., "The Times",, (London)., predicts that wheat, barley, and oats will all be, dearer in 1908 than they were in 190 G. ,'■- ' The Press Association cable message states that Now Zealand hemp, January-March shipment, is qnoted at ,£2G ss. If this is correct there will be trouble in 'the ■ hemp inilline industry. , Lead has declined V further 10s. per ton am' nt ,£ls ss. is at .the lowest level reached tbi.i year. ■ ■'' ■ ' . ■ • British trade continues to .show expansion tho figures -fo>:November exhibiting an increase of in the -imports, and .£2,887,000 in Iμ exports, , as compared with November, 190G, •■According to the statistical information compiled by the Department' of Agriculture at Buenos Ayres, the, Argentine crops will yield 4,920,000 tons of wheat, 1,080,000 tons of linseed, 460,000 tons of oats, and 6,000,000 tons of maize. ■• t ,; ; ■■ y,;""^ ■' ■ ■ „ ■" : MIJJJN(fc ' . : We have received-from,..Mf; James Williams, consulting engineer/ Dunedih, a neat littlo pamphlet on "Gold Dredging," issued by James Poll6.ck,\Soils'.and 'Co., Ltd., of Londop./ 'Itvspeaks'-.inter.;alia of certain improvements .whioh-thoy; claim to be introducing in their 'designs. ' It, has long been recognised that dredges allpw a largo percentage of tho gold which they encounter to escape them, arid if the claims, set forth ill this brochure prove to be soundly based—on which we arc, of course, hardly competent to speak—there is no doubt that a notable advance will- havo been made in the metallurgy of tho-subject. Tho important points touched upon are, briefly (1) the "sizing" is carried further than is usual; (2) means are provided for governing the amount of fblack sand" caught with tho "gold;. (3) tho cyanide process is employed for the final recovery of the gold.. .• Certain, patented appliances for obviating wear are installed, notably a bot-tom-tumbler shaft bearing with forced lubrication and a-special lubricant. Mr. Williams, it may' bo mentioned, gained tho silver medal at the Christchurch Exhibition for an essay on the mineral resources of New Zealand. '..■ : '<•■■. . .■"

DUNEDIN' STOCK EXCHANGE. ■ (BY TELEGKAPn— WtESS ASSOCIATION.) ■.: ■ • DuNEDtsf, December 0. Stock Exchange quotations.—Dredging stocks —Alexandra Eureka, buyers Cs. Oil., sellers Bs.; Eltctric, buyers Bs., sellers 125.; Golden Bed, sellers ss. 9d.; ©olden .Treasure, buyers J2l 165.; Masterton,- buyers Us.; Molynetii Kohinoor, buyers 25., sellers 35.; Nelson Creek (Preference), sellers £1 Ss. Gd.; New Trafalgar, sellers 19s ; Notown Creek, buyers 7s. 3d., sellers Bs.; Fiietolus, buyers .£1 11s.;. Rise and Shine, buyers 195., sellers £1; Rising Sun,-buyers 195., sellers 19s. 9d:;..Sailor's'Bend, buyers 10s. Gel., sellers 12s. 3d.; Waikaka Queen, buyers ss. Mining Stocks—Barowood, buyers 55.; Kurunui Caledonian, buyers Is. 3d., sellers Is. Gd.; Talisman"- Consolidated, buyers £2 \l4s. Gd., sellers £2 15s. Gd.; New- Zealand Crown Mines, sellers Bs. 2d.; Waihi," sellers £8 Gs.; Golden Belt, sellers 35. , Gdl; Old Hauraki, buyers Is. lOd. Investment Stocks—Bank of New Zealand (ox div.), sellers ,£9 .175.; Standard Insurance, buyers , iil 2s. Gd., sellers £1 35.; Now Zealand- Shipping, • buyers £6; Union Steam Ship C 0.,; buyers £29 12s. Gd., sellers ,£2l 10s.'; Westpdrt Coal,, buyers ,£7 15s. 6i1., sellers ,£7 175.; Mosgiel Woollen, buyers £2 175.; New Zealand Drug (.£2 paid), sellers £2 11s.; New Zealand Portland Cemont, sellers .£1 10s.; "Otago Daily Times," buyers ,£l9 10s. . .The , , following Stock Exchange sales are re- '' ported :—Manuherikia (2 parcels); Ms. Gd.j; Elsing Sun, 19s. Gd ■ . ■ .

MARKET .REPORTS. ,' Dalgety and Co., Ltd., report:—Wo held our first sale at Wavorley on December 6, and yarded 500 sheep and 250 head of cattle. There was a good attendance. Competition was dull under the hammer, but, with the ex-ception-of >two"" pens of-cattle, we'succeeded in 'quitting the,; entry. ."Sheep sold at late rates, but cattle -were- easier. Quotations:—Sheop— .Mixed'fat sheep,'l4s. Bd.;-forward empty ewes, 13s. 6d.; shorn wethers, 15s. to 15s. 3d.; mixed tborii hoggets, 14s. 9d. Cattle—3 and 4-year bullocks; ais 7s. ;• 3-year steers, Jii to .£4 55.; i-year 'steers (small), 55.; yearling steers, £t ss.'; forward'heifers, £3; storo heifers, £2 os. Gd. : to £2 ?s.; heifers. and calves, £2 135.; cows and cah-es,' M 35.; store cows, .£1 18s." 'o £2 11s.; yearling heifers, 315.; mixed yearlings, 265. 6d.; stags, £2; yearling bull, XI 7s. Gd. Laery and Co., Ltd., report wholesale prices rilling ontho:market:—Milling wheat, Gs. 3d.; fowls wheat, Gs. Id.; oats, 4s. 3d. to 4s. 4d.; maize, 4s. 9d. to 55.; crushed malt, Bs.; prussian blue peas, Gs. Gd.; fowl peas, 4s. Gd. to 4s. 9d., all at per bushel. Flour, New Zealand, Xl 3 55.; Australian, .£l3 155.; pollard, £6 iUs. to J!G 155.; bran, «£5 10s. to J25 155.; pearl harloy, iE18; split peas, .£l7; beanmenl, 155.; bonedust,'-^6;''superphosphates, .£4 15s. to jK 55.; chaff (oaten sheaf), £1 to ,£7 10s.; oatmeal, c£18; potatoes, derwonts, £5, all at per ton. Bacon, factory sides,' Bd.; hams Sid. to 9d.; rolls, BJd.j butter, bulk pastry, 7d. to Bd., all at por lb. Poultry, hens, 2s. 6d. to 35.; ducks, ss. to Gs.; turkeys, gobblers, 15s. to 225.; hens, Bs. to 95., all at per pair. Cauliflowers, 4s. to 135.; cabbages, 2s. to Gs., all at per sack. Fresh eggs, Is. Id. to Is. 2d. dozen. Cheese, factory, GJd. per lb. Onions, .£7 to £S' per ton. • .... ■ PRODUCE MARKETS. "THE TIMES" ANTICIPATES DEARER ~. WHEAT AND BARLEY. BY TELEGRAPH—HtESS ASSOCIATION— COPYRIGHT. , London, December 8. Tho wheat .and flour alloat for tho United Kingdom is 1,900,000 quarters; for the Continent 1.27Q,M0 quarters; Atlantic ehipments,

399,000 quarters; Pacific shipments, 51,000 quarters. "The Times," in an article on cereals, predicts Hint wheat, barley, and oats will all be uoarer in 1908 than they wcro in 1906. I'ROZKN MEAT. The Frozen Meat Trado Association's Smithfield market quotations for the undermentioned 'classes of frozen meats are based on the actual sales of not less than one hundred carcases of mutton or lamb or twenty-five carcases of beef of fair averago quality. 'J'heso quotations are not for selected lines, but for parcels fairly representative of the bulk of.shipments now on the market: — . Mutton: Canterbury, unchanged; North Island, 55' to Gslb., best, 3 3-16 d.; others unchanged. Lamb: Canterbury, unchanged; Southland, 28 to 421b., 5Jd.; North Island, 28 to 121b., 5Jd. New Zealand beef: Prices unchanged. River Plato sheep, unchanged; .River Plate beef, forequarters, 2 11-lGd.; hindquarters, unchanged. Rabbits.—Quiet in London, but the demand is brisk in the provinces. Copra.—Quiet, 'and prices unchanged. Kauri gum.—ln stock, GG3 cases. New Zealand Hemp.—Quiet. January-March shipment, .E2G ss. Linseed oil, £2i 15n. Eucalyptus Oil.—Quiet, at Is. to Is. 2d. WOOL. There was a moderate sale yesterday. Only inferior crossbreds offered, and theso sold slightly in buyers' favour. Merinos were unchanged. The sales included the fleece portion of tho Pareora clip, which realised llld. To date, 170,206 bales have been, offered, and 81,132 sold. ' \ METALS AND SHAKES. Copper.—On spot, ,£6l 55.; three months, £62 ss. ' Tin.—On spot, .£134 10s.; three months, .£135 10s. Lead, ,Cl 5 ss. Antimony, ,£8 to .£9. Shares.—Waihi Gold: Buyers £S 2s. Gd.', sellers «£8 ss. Grand Junction, buyers 275. 6d., sellers 30s. ■ HIGH COMMISSIONER'S CABLE. The Department of Industries and Commerce 'has received the following cable from the High Commissioner, dated. London, December 7:— The mutton market is weak, although stocks of New Zealand mutton on hand are light. The market has been unfavourably affected, as River Plate mutton is in large supply, and is being strongly- pushed for sale at 3d. per lb. Canterbury mutton is quoted at 3jd., and North Island at 3jjd. per, lb. • There has been no alteration in the lamb market since last week. •■ The beef market is quiet, but steady. Stocks of New Zealand beef on hand are light, and are quoted at 3Jd. for hindquarters, 2-] d. for forequarters, 'per lb. ' The butter market is firm, with more inc,uiry. Choicest Now Zealand butter is quoted at 118s. ; Australian, 1165.; Argentine, HGs.; Danish, 1225.; Siberian, 10Ss. per cwt. ■ The cheese market is rather quiet, and Now Zealand manufacture is quoted at 60s. per cwt. The hemp market is quiet, but rather steadier, and a moderate business has been done. The following are the current 'quotations. Good fair grado on spot, £20; fair p-ade> on spot, .£2B; fair current Manila on spot, X 29. January-March shipments, good fair grado, .£2B; fair grade, ,£27. There has been no alteration in the cocksfoot seed market since last week. The wool market is' a shade weaker, especially for second-class. quality. The arrivals of meat from the River Plate during tho month of November are as follow:— Mutton. Lamb, London 73,966 2G68 Liverpool . ... 105,514 3019 Hull 9397 - ■ Cardiff. 13,019 500 • Newcastle ... 10,743 57 Ireland _3044 . 3

WELLINCTON SHAME LIST, ! 1 . Li' I ' ' COMPANY c »" il » l runSd ■•? .PRICES.," -' ■' TI.M COMPANY. , pijiu Mlmco • g itypor *► ~ - to. .- ■ Forward Si sb * re v h R' ;.13uror. Seller.;;.; g&lo Inycnlor. BANK9. f £ •■■ ■■'.■£■: £ £ ''£'s.'i. £ s; ■a."- . £ .1. a. £ t. i. FcwZealand - - !,CCO,0M SS1.675 !j Si 10 "'" ; ' 9 17 ■ 6\- 010 0 310 3 -■ Katioral - - - 375,000 E36.318 .■' Si . ,' 15 12. 5; 7; 0 '6 8,: 0!. . ' INSURANCE. .:;■■.,..,; . ■ ... V < . ..,■„ ,•,: . . Kttionnl - - • JCO.000 84W30.- ' }" unltd. IS , M ° ■,■'-- 17 0 B n j Sew Zealand . - 8CO.O0O 330.785 ' . !!. . jj : ■' 10''" .3 U "■ 0 : .' <: 1.. 0.V Houth itriUsh - - Kfl.000 - ' 512,109. ■' 1 nnltd SO' - • ■:-■*■■•■ 5 an. , : 0btandard - - - 75,000 12,1(3 1 unltd. 10 ",'1 3 0; ■; ■ 12 0 610 < . financial. ■ . ;■..-... ■■.■.■".;-,-■ a ."•-..;;. EquitftbloUnildini,' - fO.OCO «6C0; 6 •■■•s-'- 10 10,2,6 .10.5 0 10 2 G 4 jg g UdropomanHnililiw! 21.000 :':5.!!M'- ' 10 '"■ ' nil' '; 7"' ' ' — ■ "■ ■ ; • Wellington Invest. - 60,000 3,93:) : '."J "V ,'■ G ' 013"3.,' 0.12 0 5 n-0 V.'ol'gtoiiTri'.sUtLoan 1G1.2M £0.620- •■ 6 6 8 7 0 0 7 12 0 710 0 558 K&ttaual Mortgage - MO.00O 112,250 « 8 10 ' S S 0 ' 3 5 0 6 3 1 U.K. dndUiver Plate - 300,ceO ScO,3O3 1 nil 7 1 0 0 11.1 111 4 J5 0 Lean andilorcantiln - lac.'iiJ 157,3al I Cl 5 0 50 0-7 0056 o^19 GAS. Anrtland - ... lEO.STO ■■ £0,53J B nil 16 l< « 0 14-S 0 , CMStcluiroh . . 152,000 65,087 6 nil 10 10 * li TcUdinu' - -/ - 10,6(15 1OJ 1 nil ' ' —' ° 1G 0 Old 0 017 0 v Oisbonia ... 17,100 o.ffl 1 nil 12} 213 0 v-HaWora - . . 8,250 715 j J 10 • l\eiv I'ljiuoiith - . 18,009 3,160 5 nil 10 715 0 Itunier ] 10 nil 15 15 0 0 . „ . <9,957 f £2,517 5 6 . 15 .I" 10. 0. '„•-,-- J 1 -• ' 0 15 3 7 li rslinoreton North . 17,000 11.0N 4» \ 10 7J6 7 2 8 6 6 4 / Vcllineton - - .. ,..,,.1 47868 10 nil .10 18 15 ,0'.; 1817 6. 18 15 0 5 6 8 < ,,.--. . I24 ' 570 ; - 6 5 10 9-7 6- ■ 010 0 9-7 li 5 6 8 MEAT. Cinlerluiry - - - 163,737 £0,071 7i 21 S ,800 Christchurch - - 1C5.920 . Ed,33T 10 nil. 8 1010 0 10 H li 1010 0 γ-jj 4 6««J - - - • H 1 1)6,261 1 nil. \A 2 !) 0 H Li 0 • Meat Exp. 1 5 nil. 8* "'■" S 15 0 ' „ 105,766 r K.767 < 1 '8 500 626 5. 20, 566 ) it Si 8 3 6 0 ' 3.7 6 ' ( j 5 '. Wmiinntti ,. i5,850 11,-lOt 5 nil. 8 ' - TUAKSPORT. ' VT.itll. Iiaih7ay 1 ■ 170,000- 101,452 14 7 23 0, B4 0 230 351 \ K.Z. Sbippinj - . «3.8W 113.751 8 nil. 5 670 650 6 5 0 680 Union fateani - • (PJ.IXX) <7i,59J 10 nil. 10 2010 0 . 1810 0 5 8 1 Vulu. Steam Ferry . 16.23J 65 1 nil. 6 018 0 CIS 0 COAU. , . ■ ' .TVertport -. - • rfO.COO 117.215 2i 1} 15 71G 0 717 6 716 0 6U 7 , 'iaupiri - - . . u.KW 5.3J3 1 nil. , 74 ' ; 019 li 1, 0 0 W00LL2S. . :. 1'aiapoi... . 1C0.003 JS.851 5 nil. 6 : ■ , r - ■ , • iiOkKiel - - '- . '13,457 17,211 Ei U i' 5 3 0 - , . 3;0 0 • 2 18 4 ■ AVeiliugton ... UI.OOJ M,3feJ' 4 1 6 ■■•• '' ■ ■ 3 7i0 . 3.6 0- Y 6 6 iilSOKiiLANEOUS. ' iJonaKliy liope - - <7,OD3 -, ■ 10 nil - 614 0 , O-eylaud& O'ilriea - Ibsm .: S7,7M . 1. nil 15 2 4 9 2 5 0 « Vri 6 6 0 liauficovilloLiui) - 7,1X0 l 10; 1 'njl .8' . . 15 0 ■ : . i ■ - C\.'A.Ca.ndio - - ■ 10,»M — 10 "'' — 10 0 0 ■ K.ii.Dnw - - . t<O,(XX) £4,514 ii nil 7 StlO 0 ,211 6 ■' " ' - ii.i.l'aporllilh . W,75j ],17f 1 nil' 7' ". 1 3 0 1 3 3, i 3 3 6 0 5 Ji.il. Cemoat- .- . «j,COO J,0«. ;1 .nil 8 110 6 111 6 ' ' ' ' ■ ■ ' llUBnins i l!j. - . td.OOJ 57,670 i 1 10 3 17 6 • JVard&Oo. - . . io.OOJ U),65o ,4 1 . 10 4 17 6 ' 6 2 6* 'B-'O 0 8 0 0 ■Wgtn. Opera Houra . ]e,o<)0 l,rS5 '6 nil 8 610 0 '750' 700 5 14 3 Wiibi. Fresh Pood Si.-iil —. 1 nil - '■->■. ' ; • Vhitcombe it Tombs- 41i,aw £0,153 {nil 10 4 6,0 410 0 ' - . Umrland.LimiioJ is.oYJ Mil 1 ' "il 71. . U9 : 0 '