FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 72, 18 December 1907, Page 10

FINANCE AND COMMERCE.

WELLINGTON SHAME LIST.

THE SHARE MARKET. ' Dullness'characterised the sittingsof.'.the.Ex-, change yesterday so far as investment shares were concerned, for no business was done;, brokers had several fresh'-'.buying ;orders,. hut 1 the market has como .under the holiday. influ r • ' enco, and that makes for 'dullness.'. Buyers of National Bank shares advanced their, bids to £o Gs. 9d., while sellers reduced their, quota;'tions to. ,£5 7s. 6d. Bank of Ne]r Zealand shares were"oii offer at. : l£9'lss~,' or'2s:'less , thAn" on the previous day. Insurance shares vera • quiet. Standards' were wanted-.'at 23s.,"'arid New. Zealand's were "available''to-"-buyerff at JE4'' Is. In financial shares, National Mortgage and New Zealand and Itiver Plate met with inquiry, the former .at ,£.1,'55., arid the latter at £1 9s. ,Gd... There were sellers of Loan and Mercantile ; at 7s. Gd, -cum • dividend, land of Wellington' Deposit at'los. Gas shares we're again neglected. Sellers quoted ,£lO 2s. Gd. for'Christchurch Gas, and-18si' for Feilding Gas. Meat shares were unchanged. ' Gears were wanted' at 505., cum dividend, and-there were sellers of Christchurch Meat shares "at , 15s. Manawatu -Rails- were;'firm.:- at" 435.y buyers, ,andi 415.. sellers;:, Union .Steam- shares were in good demand at- 10s. - Wellington Woollen Preference, shares, 15s. 'i)aid .lip,, vtip on • olfer at, ,14s. .Gd:,'and. Taupiri Coal-shares' were open to" buyers, at 19s. 9d- Westport Cpal were very -steady,', with ...buyers at £7 lGs. Ih the miscellaneous section there was extreme dullness. Sellers quoted £2 ss. 9d. , for'.Ley-land-O'Brien Timber shares; and £S -25." for Ward and Co., Brewery shares. / THE MINING MARKET. . A little business: "was-done in -mining shares, Talismans changing hands at J22 lis. 3d., and Ngatiawas at Is. lid. Talismans have weakened, and it is hard'to determine the cause. The state of the mining market yesterday is disclosed in the table below : Buyers.-. Sellers. Sales. ■ o,'' * £''& d."''! £ B. d.'£ £ fc'.d. Talismans ... ... 2 12 0 2 13 0 2- 11 3 Waihi* —.8 8 6 — ' Tairtia Broken Hills 0 4 0 0 4 G — Ngatiawa .... 0 1 3 -'. Mil-.. 0 1 -11 Waihi Extended ... 0 5. 2 . — —. LOW PRICE OF LEAD. At first lead appeared to be' the least affected by the American financial crisis, but later on the metal slumped.' On ■ October 10 ' lead was quoted at* ,£2O 2s. 6d. per ton,, .while .on. Decern-., ber 15 it was down to <£13 125." Gd. In'about' two months" there ■ has been a shrinkage of about -£6 10s. in the value, and this is equal to slightly more than- '32$ -per ccnt. America is the world's greatest lead producer,, and we. may, therefore, attribute the decline to' the financial stringency in the States, which', no doubt, is causing holders to'force sales.at cut prices. The fall-,in the metal is .affecting .tho Broken Hill'"mines, j'fhe Broken Hill; June-. • tion mine has closed down, and some other v mines are reducing .hands. \ ... ... . , INDIA'S.: FIRST STEEL PLANT" A strong endeayour-is being made'in India to establish tho iron industry, and the Government of India is assisting in the" venth're in ,a' manner tiiat ;inust meet with approval. Iron;and steel works have just been established by a rich firm in' Bombay,' supported by otherwealthy individuals. The industry starts out' under what seems to be auspicious circum--stances, and the enterprise is receiving hearty, support all over'lndia. The location of th'c plant will be Sini Junction, on tho BengalNagpur Railway, where there is abundance of water, and where iron ore, coal, and limestone can be assembled at lo\v;cost of transit;.,' The Government of India h'M.-ai'ithoriseditfyi, construction of a broad-gauge line from the proposed site to the ore beds, a distance, of-GO miles. On. all Government railways the cost of transportation in tho interests of the enterprise will""b'£T put' down ' to" a ' ilierc nominal' figure for a term of years, say 15 of an anna (one anna equals, say-, one- penny) ; per. ton por . .mile. The Government agrees "to take" at import prices 20,000 tons of st.eel rails annually for ten years—in fact, agrces'.'to"doi whatever is within its power to encourage the enterprise within proper business limits. The output of :he works will be about 200.000 tons, and the royalties to the Government for the first 30 years will be |d. .ptfr fori/'and'for the second SO years sd. per ton. The assistance rendered by tho Indian Government is in striking contrast to what is sought and proposed in New South Waks and New Zealand; There'"is a desire to get the New South' Wales Government to practically buy out the Lithgow. works,- ' while ,in New Zealand the suggestion , is to "nationalise" tho Parapara deposits, 'which means that the. Goverument-imust; compensate the, owners of the deposits, who have been trying for a very considerable time to get tho British public to' ftnanco the venture.' Under the "nationalising" -scheme, thero would >,be, some lucrative hijlpts fqr, experts and aljfged experts, and the holders of tho would no doubt'be highly pleased.- If' the' iron industry is a sound commercial proposition, there should be money enough here and' in Australia and London to give it'a start.' The frozcri-.meat industry, did not want Gov-' ernment assistance of any kind. LIMITED PARTNERSHIPS. The Limited Partnership Act, 1907, recently oassed in tho-United Kingdom, "provides that t'rom the first day of January next— "A limited partnership shall not consist, in the caso of a partucrshiiT _ c"arryi"rt'g r on the business of banking, of -more than' ten. persons, and in the case of any other, partnership; of more than twenty persons, and' must "consist of one or more persons called general partners, who shall he liable for ail debts and obligations of the firm, and of one or more persons called limited partners, who shall, at the time of entering into such partnership,contribute i thereto a sum, or sums, as capital, or property valued at a stated..'ftmou'iit, and -who. shall not Ik> liable for tho»debts or obligations of the fjni. beyond the amount so contributed." i limited partner cannot be manager, or bind t'.ij firm, but may inspect books, and such,part-nerships-must be registered. ' ' " WOOL TOPS IN AUSTRALIA., ' '' Tho arguments originally advanced in favour of the establishment of the industry for converting wool intq tops were'. (1) The climate And the quality of the. water; (2) saving in freight; (3) favourable position to secure jSaslern markets; (I) furnishing supplies to local manufacturers ;m6re. 'economically tliah; by making tops in the-woollen-mills-with small plants. As a result of wool tops being .manufactured -in- Australia on a large -scale; there

would bo*(a) less wool shipped.|n the grease; (b) less rush during-the height of tho wool season ;„(c)_ increased . employment to .local workpeople; (d) means to hand for British and ,foreign ; wool buyers to sccure speedy tests of the clip. Those are the local aspects, and whether.-these facts wero -beforo -tho British Tariff Commission whon considering the establishment- of the industry abroad it,.is difficult to. sayl '' However) British topmakers. were condoled ,by, - the Commissioners finally reporting that,:'.?;No country .can. begin- to lay down trie plant immediately; it requires capital'and skilled; tfOrknien, an<l it takes-'a' -generation 'really." to tlie 'industry." .- .-To . what proportions.' is meant thereby is not clear; ■ however, jit was. stated .during the- debate on thcßonus Bill in the Fedoral Parliament that tlie,- Australian .wool clip, valued, at 23 millions sterling,. cost about -50 millions to manufacture .into the. finished, article, and gavo employment? to '. .one. million ' persons in the United Kingdom iin'd foreign'countries, • while; jthe employment, in" Australia', ill 'connec<tidn: -with'-the- clip- outside' station work was infinitesimal., .■.. . ..'.mining. ; ' The ieport of : the. TalisAi'an - Consolidated, Limited; for. the .thfce "weeks' ending' October 26,' 1907, is as follows:— -No. 10 Level.—Stoping—The assays for the period .from No. .1 Bonanza Block slopes average dG3; 4s. sd.' From /No. 2 Bonanza Block tho average is .C 3 Is. , No. 11 Level.—Main Drive—Advanced 9ft., total 454 ft, width of reef 42in., average of assays. 45., Bd. The east crosscut from this drive has been extended 6ft.,-total 29ft. So far no quartz of any value has been cut. South Drive (East Vein)— Advanced 4Gft., total 733 ft.', width of reef 18in., average of assays Is. lOd. No.- 12 Winze—Sunk 18ft., total 21ft., reef wider than winze, average of assays 16s. Stoping—The average of assays from the No. 2 Bonanza Block stopes is ,£1 lis. »7d.. • No. 12. Level.—Main Drive—Advanced 36ft., total 511 ft., reef wider than drive, avercge of assays .£ll Bs. Gd. At 466 ft. a crosscut has been driven westward 26ft. without 1 cutting anything of value. No. 12 Rise—Advanced 23ft.,' total 36ft.-, reef- wider than rise, average of assays ,£ls Bs. Gd. No. 13 Rise—This was started on the east vein 181 ft. south of No. ■1 crosscut, progress 20ft., width of reef 4ft., average of .assays 41 os. Gd. Stoping—The average of assays from tho No. 1 south block stopes-is-.£3 Is. lOd. From the-No. 2 Bonanza Block slopes the assays .average' £S 'lis. 3d. • No. 13 Level.—No. - 8 Rise—Advanced 23ft., total GSft., reef wider than rise, assays average 13s. Stoping—Tho assays from stopes off No. 1 North Rise average £.2 7s. Bd. . STOCK' EXCHANGE. [BY TELEGRAPH.—PRISS ASSOCIATION.) .. .... Dunedin, December 17. , Stock. Exchange sales: Rise and Shine, 20s. -■• ■;." ' - STOCK SALE. Dalgety arid C'o. report from' Marton as follows:—Owing to the approach of tho holiday season there was a small entry of, sheep, and a'fair entry of' cattle..' Ewes arid lambs, 225. 3d.; fat and forward shorn ewes, 12s. 3d. to 12s.- Gd'.; fbur-tootli wethers, 15s. 2d.; 2-year steers,'3s. lid.; 18' months' cull steers, 425. Gd.; dairy cows. ;C5; empty cows, 425. to 575.; mixed yearlings, 305." to 355.; young bulls, 375. ; LEAD. LOW-MINES , RETRENCHING. Melhoukne, December 17. The low price of lead' has resiilted in the shutting down of the Broken Hill Junction Mine. _ ; ; Some other mines are reducing hands. WHEAT. NEW SOUTH WALES' YIELD. .. •. Sidney, December 17. The "Herald" re-estimates the wheat yield at eight million bushels, an average of five : bushcls. ' :A. compensating feature of tho small harvest is that the grain is, without exception, of prime, quality.. .. PRICE OF SILVER. ' London, December • IG. ;<■Silver,.is .quoted',at; 2s. ljd. . PETONE NEWS. :■ ——01 :A sitting: of the Petone S.M. Court was held yesterday, before Dr. M'Arthur, S.M., and W. tnglis, ,'J.P." For, working at his calling on a Sunday (not -being a work of necessity or charity), Samuel Balford was convicted and fined ss, and £1 4s L costs. A'similar chargo against"Jani'es Murray'was dismissed. A chargo against ; Harry Ivingan, of using threatening words-and-behaviour in a public street, was dismissed. On a. similar charge, Patrick Sinnot and Cornelius O'Brien were each fined ss. and 95.. costs: ' For driving across tho intersection 'of-Jackson and Fitzherbert Streets at other. l .than .a -walking, pace, Leslie Dear was fined 10s. and 15s. costs. For' allowing Horses to.wander, Murdo Campbell, William Starner, Adolf Dolling, Joseph Fleot, Thomas M'Whirter, and Sydney E. Carter woro each finod. ss. and 7s. costs.'■ In a civil case, Barbara Lee obtained judgment against John Lee, for M 10s. and -ss. !.costs._ln. a. judgment summons case, Robert Corson v. Hugh Mullaney, JS7 10s., defendant .was ordered to pay M 175., on or beforo January 27. . Yesterday afternoon the Mayor ,of Petone and the Borough Engineer traversed tho ground between Jackson Street and tho Hutt River, that is to form the approach to the . new bridge. Tho position in its relation to the' Gear Company's works was fully considered, and a full report will be prepared by "the Engineer (Mr. W. 11. Cook). Tho Council's ' delegates ' meet' the Gear- directors next Thursday afternoon, and a mooting of tho Council will bo hold the following evening, to discuss tho- bridge question, and transact ordinary business., . .. '

How much do you care for your head? If it is. worth, much to you don't lot it ache. Stearns' floadache. Cure relieves all kinds of hcndachcs quickly and without bad effeqfc. 10 At Mr. Wilson's sale rooms, Hastings, on December 21,: will be. sold, in two lot 6, 1314 acres of tho well-known Tnki Tuki estate. An advertisement .in another column gives particulars. <

' compact- ■ .<*m r »iS , 'S?-' mCES - T t - r \T W- >£& g! &5?;; M Jg_ ~ 1UNKS ' "f" *" t £ ' £ "• fl ' ' £s - ■>•' * '• a ' ■* ••'*• Sew Zealand ' . • f-.OCO.OM t8lTs75 Si ' 3j ' 10' ' . . „ ' ' " ' fl 10 ° ! 3 W 2 Kational - - ■. 375,030 335,318 f 4 15 12 6 6 - ' ' ° INSURANCE. . ' •■ • ■ , , n ,„ , Kalional - - . ICO.000 - 249.339'■ J 'nnltd..- ". 35' J;° °: ' n x 7 -.° ■»« 1 Xew Zealand ■ . ... SCO.OCO . 236,7»i 2 8 -30', ■ sl ° ° ■ ■ J ,1 ■? >'■ South British - . 1CO.00O 612,499 1; unltd. 30 ' . , _ „ , , „ , „ n ric i (Standard % - ■ ■ 75,000 62,188 3 unltd. 10 1 3 ° -1*0 13 0 616 4 Equitable Building f,0.0M ' 44 50)' ''"5 "V "'- "JO'' :0 2 G • *10 5- 0 10 2 6- .418 a Metropolitan Building , 21.003 5,22) 10 ' nil 7 „,„ , . .„ n , . n Wellington Invest. - 60.000 3,03.1 h i C „ „ , J» 3 J • »- = 0 0 Wel'ctonTrust*Loan, .'.101,250 ..,,£9.63(1., ;. 6 ,..6 ..8 -.'.?'« .? ?9 ° \ J ? „ \ %■ ? Kalional Mortgage - 200,000 :■■ 112,250 -2 8 -30 . ?-i- ?■. ", „ „ in r. I-i? n N.Z. and River Plato - 300,000 £30,308.-, .1 nil 7 * ? £ 1 9 0 1 J " 4 1.) O Loon and Mercantile- 135,221 157,358 ' "' 4 .' ''61 '"-'" 5 . 0 .5 6 • , 0 1 .0 .0 5 6. 019 Auckland •' - • 160,370 f 0,553 ' 6 nil 16-•■•" 0 0 " g-0 Christchurch - ... 152,000 . 65,087 0 nil 10 .... a 2,„ „ n „ ft Gisborno - - . . 17,100 0,239 1 nil 12J ■ iu u Hawcra - - . 8,250 745 5 i 10 „,* „ • Kew Plymouth - . 38,000 3,150 5 nil 10 „! «"X fcapior. - -.- -. . ,„•) . 30 -nil 15 ' •■',<> ° „ " - -.. «,03Tf.": :'/22,517 * ;"5. 5 ' 15 •'•.«--?•? , ■ } 10 35 a 7 5 ralnierstonNorth .' £7,CCO . 11,003 *. '41 i 10 J il n f 2 o Wellington - - I ''57W 11V 'i-nil' 10 IS 15 0 19-0 >0- -1815 0 5-6 8 ! "MEAT. ' ' ' .•-.•. ■■-:.■':■ .- . .- i.. ::Jl..'/'.'-„ j Canterbury - • " 183.727 30,074 ' '7} 2} 8 8 0 « . ! CUristchurch ■ - - ■ ■ 1C5.920 • 54,337 30 nil. 8 ! 2 5° ° 10 ,\t 2 101 ° '" Gear . .. JS ,261_.._ 1_nil,.... ...f.l?_0._i.M .0 , ., Veilineton Meat Exp. 'l 5 nil.. 8 '■ . ' 61 5'° v n , . . . ,.. ... 105.76GJ ? .767 - 2 1.. -B J..0.0 | ? j ||g 85 6 TTaneanuI ., 45X50 ' ' 1W01 S ■ uiK 8 ■ TnANSPORT * W.&M.Ilailway ' - 170.COQ 121,452 1 4 |. -, 7 ' ? "3 0 2 4 0- 2 3 0 33 6 K.Z. Shipping • •- 473,810 113,751 -8 nil. 5 6 0 0 6 5. 0 6 5 0 6 8 0 Union Steam - - C0O.C0O . .472,502. . .10.- nil. .... . 30 20 10.0 . 21 0 0 2017 6 4 1510 Wdtn. Steam Ferry - .46,250 V •',65..' 1' -n il; ' '»'..'6 018 0' rvfilS 0 Westport ■';■:■'■' 'X0,W>:;mm J 3j''l4' '■''«') : 716;0 ,7170 716 0 '6H 7 . laupiri-. -. '..'.- t2,50O" 5,333 •..', .1' "nil.. .-73. .010 6 0.39.0 •\V00IlI/EN. ;.-.-J.:..:■; : , .. •■ ' ' \U 35«iapoi- .... - 100,000 . £2,851 5 nil.' 6 lloBgiol- • '■■: '■■■-•'''B3,4,i7 17.212 '35" 'rU ' 4" '.. S 10 -"0 ,3 0,0., ,.238 4 Wellington - •<*-• '-'-•• tCOOO ■' -*24,38j-- 4 -J'- ■ -6 - - 3-8 0 3,6.0 . V 5 6 MSCELLASEOnS.'. ":'■--.•:•' r-. ,...c; ;-. : -• :: .-■:. , '. r ...'". .. : . ;' DoDashy Eopo - . - 47,000 , — 10 nil ••_ ■ 517 6 .; Leyland&O'Brion - £5,000 ' 37,761 1 ml- 13 '2 4 9 2 5 0 8 '6 9 '6 6 0 Mauricevillo Lime '-■■ ■ ,7,C00... ; -.-:,-,20S 1- nil-' -8- •• - - :. '1 50 3S.Z,Candle - .- - - -.10,000 . ..•,:'—'•. .-]0m ■ all- ■ '. — ■ (10. 0 0 ' • ■-■ K.Z.Drus '- ,- •-'■- £00,000 .2 ,,.nil ■ 7 ',;510.0 .211.6 ; K.Z.l'apocMUIi' '" . ' S4.755" 1,177' ' 1' ml': 1 . .; 1-3 0 .'-'l 3 3 .13 3.605 U.Z.Cemmf- '- ;40,000'- 2,013 .' 1 nil"; - "''8 . .' 110 6 1 11 8 . ,. ., llannins it Co. - ■■ . • ; 06,000 ■ • B7.670 - ; -'4 : - 3 17 6 ■Ward&Co. - •'■- " K" 10,000 ■ > £0.655 ' "4 ' '1' "10 ' 4 17' 6' '6 2 0 50 0 8 O'O Wgln. Opera Hqum,.' 18,630'.', v., 1.70* .; ..6 ..nil , \ 8 .615 0 . . 7 .5 0 ' ■ ■ 7- 0-0 :, 5 14 3 V«tn Fresh Food ■- 28,261 — 1 nil. ,~ .-'.,. ' :.-. ; ... "■ V, hitcombo & Tombs- 46J250 . 50.153 6 nil 10 4 6 0 410 0 Urn-land, Limited 46,67» C3U 1 nil 7i 110 0