FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 70, 16 December 1907, Page 10

FINANCE AND COMMERCE.

. THE SHARE MARKET! There was '• considerable animation" in' tho ghare market" on Saturday, the number; of' sales reported being larger than usual. Union Steam shares had quittance' at -£20 17s. Gd., at which price they give the modest return of £i 15s. 10d. per cent.. Tho sales arc,-selling - at this big promium because of'.the projected distribution of £200,000' of the" reserve fund. Wellington Investment shares sold at 125., Westport Coal at £7 165., and Wellington iM6at Export; ■£4 paid up, at £b 2s. Values have not variod much during tho week. On Saturday there was an inquiry for National Bank shares at £5 Gs. 6d., but sellers were firm in their quotation oft »£5 Bs. <Bank of New Zealand shares -were on , sale'at'.£9 16s'. "insurance shares were unchanged. Nationals • were in demand at-265..9d., and Standards at 235. 6d. The latter show' a : decided firmness. For' Standards sellers wanted 245., and for' South British_.£s 12s. 6d. Financial shares •were quiet. 'Loan and Mercantile shares were on offer at 75., Wellington Deposit at 10s., and , "Wellington Investment at 12s. 3d. Gas shares exhibited noi variation. Palmerston North Gas shares were wanted at £1 2s. Gd. There were sellers of Christchurch Gas at .£lO 2s. 6d., Feilding Gas at ISs., and Wellington Gas at, ,£l9. Meat shares were firm at last rates'. For Christchurch Meat .£lO 10s. was bid, and .£lO 15s. asked. Gears w.ero in demand "at 50s.' cum- dividend, and third issue Meat Exports at .£3 Gs.,Gd. Transport shares were again exceedingly firm; 435. Gd. was bid'for Manawatu Rails, £6 ss. for New Zealand Shipping, and .£2O . 15s. for Union Steam/,/.Sellers ~of / the latter wanted .£2l'. Coal shares were'unchanged. Wcstports were in firm demand at i£7 15s. Gd., and Taupiri Coal shares were on sale at 20s. "Woollen shares were neglected. 1 There was inquiry . for Donaghy. Rope andTwine shares at £a 17s. Gd., and for Wellington Opera House at .£6 ss. There were sellers of Leyland-O'Brien Timber shares at 455. 9d., Ward and Co.' Brewery shares at ,£5 2s. 6d,. Taranaki Petroleum at 9s. 6d., and Sharland's ordinary at 19s. ' ..,-.-. .THE MINING MARKET. : Waihis sold well on Saturday, realising .£8 6s. and £8 Gs. Gd., and aro now decidedly firmer. Talismans are unchanged. . The state of the mining market on Saturday is disclosed in the following table:— Buyers. Sellers. Sales. £s. d. £ s'. A. '"■■ £ s/d. Kuraniii Caledonian 0 10 0 13 — May Queen, Ltd. ... 0 14 0-16 ■ ~'.— . Tairua. Broken Hills 0 3 8 0 4.0. .' — ".' Big River .... ... 014 o'' 0 15." 0 —-'■■ " Old Hauraki ... — 0 2 0 .— .. Ngatiawa 0 17 0 10 17 1 8v Talisman ... ' ... 213 3 2lt 0 - IWaihi 8 6 0 010 0 8 G 0 8 6 6 ■■ '-• \-■ '■■■-:■■ THE MONEY MARKET. The usual conditions experienced towards the close of the year are beginning to show ihraiselres in London. The banks are accumulating funds to meet the quarterly payments. The Bank return shows an increase of aboiu .£1,500,000 in the stock of bullion: the reserve of notes and coin has expanded, and there is also a substantial increase in the amount of the other deposits. For day to day and 7-day loans the rates should nbw'bs easy, but for bills of 60 days, 90 days, and lpnger periods, the discount rates are. likely to advance.. Compared with a year ago, the Bank ■ figures show to advantage, but .with the financial prostration in America, the -state of tho Bank of England is not such as to. make one feel sure that a further advance in the Bank rate will not be necessary. Last year at about this period there was considerable pressure, and the Bank was almost forced to imposo a 7 per cent rate. The American demand for money, or rather for credit, is not. yet .at an. end, and for the-next two, or ..three weeks; .the strain on London will be great. ■ ■ THE PRODUCE MARKETS.' " '.' Butter is firm, and is likely to continue so for a week or two longer, because, of tho Christmas demand, but by the middle of January there will probably be a backward movement. Cheese also is firm. The wheat market is getting weaker and weaker. The pressure of sales on the part of 1 tho United states has been an important factor in reducing values, and now Argentine is coming forward with a surplus of about 2,500,000 quarters. Wheat will go lower, unless there are very serious crop damages-in some of the countries Hearing their harvesting, time. The fall in wheat will.hit some of the New Zealand speculators who paid fancy prices a fow weeks ago. 1. ■;'■''.'' ". THE WOOL MARKET.. This market is slumping, and, values have receded rather moro quickly than the' cir-' cumstances seem to warrant' Bradford., tops? have lost considerable ground.since September i last, as the following will show {— ■ ■ - Sept. 27 Dec. 13 Fall. Tops. d. d. d. - Forties IG| 13J 2J ■Forty-sixes. 17* 15 2J Common 60's 28 26J lj Super 60's 29 27 2 Crossbred counts show the heaviest fall, and the outlook for the January sales is not very promising. It is to be hoped that values will show some improvement .on, present quotations in tho near future. \ ' HOARDING IN EGYPT. In the European autumn'and winter there Ifl a recurrent demand for gold from Egypt, mainly for the purpose of financing the cotton crop, which is now practically independent / of the vagaries of the River Nile. Not long ■ ago a low Nile meant famine and disaster, but tho hydraulic engineers have mitigated the effects of a low Nile. According to Lord Cromer, the financing of the cotton crop requires every year from 25 to 30 millions storling.' Unless the domanfl for Egyptian cotton falls off, which, in view of its quality, is- a vory remoto contingency, this annual demand on tho gold resources of the world may bo expected to continue. This would be of no great consequence if the, gold were returned with the turn of the tide of trade, but, unfortunately, a great deal of the money which goes to Egypt never comes back again at all. This curious fact places the gold movements to Egypt in quite a different category to the periodical adjustments of trade and financial balances whioh take nlace, for example, bo-

tween Great Britain and tho Unitod States or other countries, where thei'o is also a groat disparity between imports and .exports. - It is calealatod that in tho Inst four years the imports of gold into Egypt nave exceeded the exports by some thirteen millions sterling, How these large sums' have been absorned is'a':probloni which has not yet been completely solved. It is certain that no inconsiderable portion ..of this gold is converted into ornaments, nnd the total so disposed of .last., year is. estimated at between lj and 2 millions, sterling. A comparatively small proportion of the gold imports drifts into the interior, of , Africa, . while tho probability is that most of tho. balance remaining is hoarded. Lord.Crdmor has given some striking instances of the result of hoarding in Egypt. .An Egyptian who died, leaving a fortune of ,£BO,OOO, was found to have buried the whole amount in his cellars, • while a village Sheikh, who bought a property for .£25,000, .dug the entire sum out of his garden in specie, loaded it upon donkeys, and paid "prompt cash" in the most literal sense of the expression. Hoarding in Egypt is carried , on to an excessive extent, and,,the same may be said of India. It is obvious, too, that, unless tho propensity be discouraged, these semi-civilised countries,' as they advance in wealth and population, are likely to withdraw' rin increasing amount p'£ 'bullion annually from the world's resources.' ' " MINING NEWS. ..«■•'..■; U- J: BIG .RIVER. '■ [bi teleoraph.— rnuss .association/] Reefton, December 14. The.mine.-.manager,reports that driving at No. 9 luvel south has' been continued on a good reef track carrying quartz boulders. Ho has risen for a leading stope over the branch level, and lias started stoping towards tho crosscut on an average . width of' ten feet of stone, of-good quality.' l Prospecting has been carried on ■in No. 2 level on a likely-looking roof track, which opened to eighteen inches •of clean stone, but-is now pinched to a few inches. Fifty_ tons of. ore has been, broken for the week. • ■ - ' • DREDGING RETURNS. •'■■'' Reefton, December 1-4. Pactolns No. 1, 420,z. lOdwt. for 128 hours; No. 2, 22Soz. lOdwt. for 120 hours; Callaghan's Creek, 200z.. for 118.. hours. " 1 DiruEDix, December 14. Waikaka United No.''l, 250z. 9dwt.; Waikaka United-No. 2, 3Goz.-24dwt; Blnckwater River, ;!707..,10dwt.; Trafalgar, 12oz. ldtyt.; Punt, SGoz. 2dwt.; Rise and Shine No. 1, 420z. sdwt.; Rise and Shino No. 2, 9dwt.; New Roxburg Jubilee, 18oz. 3(5 wt.; Notown Creek, 470z.; Rising' Sun, 440z. Bdwt. TALISMAN CONSOLIDATED. Auckland, December' 14. A private cablegram reports that the Talisman Consolidated, at an extraordinary meeting in London, passed a : resolution giving effect to the request of New' Zealand shareholders. Following is the copy of the. telegram, dated December 13, 1007, received from The Talisman Consolidated, Ltd., by the secretary of the Wellington Stock Exchange:—"Following cable has been forwarded to London:—No. 11 level, south—Progress, 80 feet; reef wider than drive; assays average 11s. 9d. No. 12 winze— 40 feet; reef wider than winze; assays average £\ .Ss. lid. No. ,1.2 level,, south'— il'-feet ; width of reef'G feet;'assays average .£4; 2s. No. 12 rise—3 foot; .reef 4 J feet wido; assays average £2 9s. No. 13 rise—47 feet; reef 2{ feet wido; assays average .£3 195.. Nfo. . 13 level, south— H feet; reef 6) feet wide; assays average £i 17s. Gd. ...No., 8 rise—34 feet; reef 12 inches wido; assays"average As. 9d. :-.". LIVE'' STOCK. MARKETS. (Br teujgbapii—mess association.) The Pahiatu'a. pig''si\los on Saturday were rather | spoilt by rain. A few lines, howover, changed hands at satisfactory, prices. Weaners, 10s. tolas.; slips, : 16s.- to 175.; store, 235. 6d.; purobred Berkshire (young) boar, 205.; sow, 20s. ~ I .' ; ':. LONDON' MARKETS. Dalgety and Company, Limited(Wellington, have received' tho following cablo messages from their London house, under date of December 12:— ■ Butter.—Market firm. . The Popenhagen official quotation is unchanged. The total imports of butter into the United Kingdom for week ending December 7 amounted to, 75,000 cwt., as.-compared ..with 74,000. cwt. for. tho .corresponding week of 1906, showing an increase of 1000 cwt. Finest, 118s.; unsalted, HGs. The market is .firm owing to Christmas trade. Frozen moat.—Lamb—Prices are stoaily, but jprimo. quality is, scarce: Mutton—Prices a'ro ' weak, and, if anything, tending. downwards. "Beef—Hindquarters, prices aro easier. Hides.—Lowor by Jd. per lb. The market is very dull, and there is nothing doing. . : WESTPORT COAL. Tho Westport Coal Company's output for week was 10,909 tons' 4- cwt. ; . / M'ARTHUR AND COMPANY. CAUSE OF LOSSES. ,■ ' ■ PREFERENCE SHAREHOLDERS' POOR ;. outlook. London, December 1,1. Presiding at the meeting of W. and A. M'Arthur and Company's shareholders, Sir Wm. M'Millan (one of tho firm) explained that losses had qccurrod in connection with the shipping business and the locking up of monoy in subsidiary companies, and the South African business. The directors considered tlioy would be bettor able to obtain from their bankers sufficient money to make up for the capital locked up in those concorus, but the financial stringency prevented thin, owing to depreciation of securities. ASSETS AND LIABILITIES. Mr. A. F. Wiiinney, liquidator, snid the general effect of tho investigation showed that the Company would lose about JC235.000. AH tho ordinary sharo capital had been wisod out.

and a large hole had been made in.preforeiico capital. He was unable to hold out any hope that they would ho able to realise anything from uncalled ordinary capital. His rough statement, which may be altered when further details are cabled from Australia, shows that the liabilities are expected to total ,£212,079, and assets X 252.913, leaving a surplus of .£10,833, exclusive of goodwill, and .£199,191 fully paid-up sharps in W. A. M'Arthur, of South Africa, Limited. Among assets are stocks and shares of a boot: value of £2-M,629, but which are now estimated to produce only .£•13,105. Ho considers that unless the warehouse business can bo saved preference shareholders will lose the wholo of their money. RECONSTRUCTION. Mr. Whinney's scheme of reconstruction consists of asking the first debenture-holders to take security of the warehouse business, askiug the second debenture-holders to give time for the realisation of their debt, which would eventually be .provided for, and asking the creditors to take a share in the warehouse business to the extent of 10s. in the ,£. The proposed new company will bo capitalised thus:— \ 75,000 five per cent, first mortgage debentures, .£125,000. Five per cent, second mortgage debentures, .£125,000. _ . "A" .£1 preference shares, carrying 5J per cent., to be offered to creditors, .£IOO,OOO. "B" £1 shares, of which 85,000 will be allotted to old preference shareholders credited with 12s. Gd. paid on a basis of five shares for each old .£lO share, the shareholders paying 7s. Gd. per share, and thus providing about .£30,000 for working capital.

PKOPEETY SALES. At the auction sale of the Hutt Belmont Estate, held at the Exchange Land Mart of Macdonald, Wilson and Co. ,on Saturday night, there was a. large attendance, and some spirited bidding for the sections. Tho following were sold: — Block B.—Section 1, containing 16a. 3r. 20p., Dr. A. Norman .Tones, £80 per acre—£l3so. Block A.—Sections 7 and 8, W. 11. Miller, £110; section IG, P. H. Gosse, £60; sections 17 and 18, James Sallinger, £110; sections 19 and 20, James Sallinger, £160; sections 55, 56, and 57, Alfred Cooper, £240; sections Gl and G2, C. A. Barringer, £160; section 63, James Sallinger, £80; section 111, James Goer, £80; section 114, A. L. Menard, £80; section 115, E. J. Menard, £80; section 123, George Xleale, £B0; sections I'M and 125, George Heiilo, £200. Tho total sales amount to £2430. The sections remaining unsold are open for private sale with the auctioneers. Offers for several lots have been made.

WELLINGTON SHAKE" LIST. COMPANY <W' §g \i FRICK3 ' '. "&« COMPANY. ,. :Pai , Up , ,, r ■ Kational - - . /, ; 375,000 ' 335,318 2$ 15 18 ' 6 6 ■" 5 b ° INSUBANCE.-V '.;;>...^ : ... :...,. ... ■ "■:..:.« ,' „ Kational - - : -- ?]C0.0CO. 549.339' H unlW. 35 ■Jβ » .:.-• ; ~i~ * 7 ° 611 1 KcwZcaland : ■. ?. ..ICO.OOO .-. 338,785 ' ■ 2 8 10 310 0 . ; 4'J-0 Eouth British ... --. 100,000 . '■■ 612,493 ' 1 nnlld. SO , , „ ? J ? 4 , „ n .,, , Btamlanl . - '-..:.:>... V5.O0O .'.-. KJ88 . J unltd. 10 1. 3 » . -.. 1;; i.:;?.. I 30 -6164 Equitable Building' , . 60,000 «599 0 ■ 5 . 10 10 2 6 : 10-5>.0 10 5 6 i IB 0 Metropolitan Building .21,000 . 5,2-29 10 nil ■ ■; 1. ■■ •'■> ';:,;••-■. n m n .: n n Wellington Invest. . 50,000 .3 933 4 4 Vβ.; ■:;„■:'- v ,: ::-°""J ° J? 2 «"2 2 Wel'fitonTmst&IiOan' iffliffiO', ' 5 5 8 ' -LKl.. 6- :: ;: 7,10;;0 .7100 568 National Mortgftgo- -. 500,000 112,250- -.3 8- '■■ ' 10 "f'S- .0, : :,_ ■_ •_ 3 ;> O .6 3 1 K.Z. and Kivov Plato - 200.COO fJ0,303. .1 nil' 7 *'|,»' ;:J <"g Loan and Mercantilo - 135,2a 157,353 i Si. 5 -0 5 C' v: 0 7 0' 0 5 6 9 19 AnckJnnd' '■'.''.. ,]£O,=)70 ', £0,55-3 B: ; nil .16 : " ". ° ;.« 5 0 ' / Ohristchurch .-. -. -.152,000 -55,087 - 6 nil ■ •Iβ '„.'„■ ' ™ ' „ „ n Foilding, - ..,..-. ;.10,S05 -'. 103 . - 1" .nil.' .-:=-■ . S J? S 017.0 , . Gisborno . - -. ■ 17J00 -0,239.- ..1. ..nil'.;.. 12f . .:>,.....- .- 213.0 Hawera - . . 8,250 715 S t 10 ... „ Kew Plymouth - . 18,000 3,159 S' - nil 10 J „ S Kapier .... \ 10 nil 15 » J 0 „ ; , - . 49,057) 23,517 5 5 15 »»_. g -. Palmanton North"'•■. 57,000 '■ ■" 11.093" : : .4i i 10 » 2 J" ,. '„ ■' J •» ' : *«"J .Wrtltagtoa, - . 67DS3. 10 ml 10 «15 0 0 .18 15 0 568 "meat. ' ■ .-. .... • . S?SrV: ; :: : ! io'ioo;-i.i Vioio." °«--- -' : " : - K ,C00f- $- 21 °° -.BB0-. VeUin C tonMeatE X p. 5 nil. 8 _ _ CIS 0 656 ,, .,, 1C5.7G5J-. ,.63.167 s j ',-•■•)(( .- 37 6.370 854 ■WoDisiiiai ■! 45,850 • 11,401 5 nil. 8 (, , . .'.- W. & M. Railway ' ' • 170,000 121.452 1 4 7 2 3 0 S 3 6 43/9 iil- S 3 S K.Z. Shipping. - • 473,810 113.751 8 .nil... 5..6 5 0 65 0 t 680 UnionStoam - - CCO.COO 47M9J 10 -nil. 10 ao 15 () 21 0 0 2017 b US 10 Wetn. Steam Forry - 46,253 65 1 nil. 6 018 0 118 0 Westport -'■' - ££0,000 . 117,215 35 ll ■ 15 T IS- 6 -717.0 716 0 514 7 laupiri - .:. . M.500 6,339 " 1 ' nil. ■ li " 019' 6 10 0 - . WOOLLEN. ! WoS- -"-.-- • I?:il3 4 "I'' ' ! \' 619 0 300 818 4 Wellington -",'■■ - 10,000 U3Hi 4 1 .6 3 8 0. 5 |1 'I 5 0 MISCELLANEOUS. : ' ". ''■ .. ■ '." . • .' ' . .... Doneehy Iiopo - - . 47.000 - 10 nil _ 617 6 > Lcyland & O'Brien . 354XX) 87,7C1 1 ml 15 210 250 ii I 660 liauricevitloLimo . 7.000 205 1 nil" " 8 15 0 X.Z.C&ndio- ■•- . 10,000 - 10 nU - 30 0 0 , . N.Z.Drug - - . £00,000 E1.514 2 nil 7 S10 0 J 11 C . ,: K.Z.PaporMilU W.753 . 1,177" . 1/ .P» '• ..'C ""I 3 0,' :i:3'.3 1 3,3 6 0 5 M.Z.Cement-■-. - . 40,000 2,W3 1 nil 8 110 0 111 f> . ': ■ '• • Manning & Co; - 96,000' S7.670 4 ''1 • 10 - ■■; ■ ' 3 17 C " ' .' ■Wurd&Co. -■'■'. ' 50.000 ' E0.65J 4 1" ' 10 "'(Hβ S 2 6 5 0 0,800 Wgtn. Opora noiiso ' ' 18,630 1,705 5 nil 8 615 0 7 5 0 7 0 0 - 514 3 ■Wetn Fresh Food ■- !ffl,':iil - 1 oil - ... . Uhitcoiabo & Tombs- «.250 iC,153 5 nil"" 11 '. j'f i 410 0 . Bhatland.Limltod IBfili 9,311 1 nil 71 CIS 0