FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 73, 19 December 1907, Page 10

FINANCE AND COMMERCE.

THE" SHAKE- MABKE-T-. --— Investment shares were again quiet, although in-the same degree, on. , the, previous'day. Wellington Trust and' Loan shares changed hands at £1 10s., yielding to,tnein- : vestor £5 Gs. Sd. per cent. The -financial year- ■ of this company, , and of the Equitable Jiuild- . ing, closes on. $eccm)wr'3l. There were a fair number of buying and selling ordcrs-y.csterda-y,. ./considering the nearness of,v 'the. /holidays. National Bank shareswero wanted at £!> 7s;, sellers Bs. There.was fair.inquiry., for insurance shares; Nationals were wanted at 2Gs. 9d., and New Zealands at .23 195.; sellers of the latter held-for JU Is. 'Pinancinl shareswere quiet, except for the sale of Wellington, Trust and loan:' , ; ,: New. r Zealand and .River. Plate shares •,demand:at' 295.--3d.,-.but there were no declared seller?. .Wellington Investment shares wero on..sale'rat ■ 123.7:3 d., and Wellington Deposit at 10s. , Gas.. shares: .were neglected. Sellers, quoted 18s. for Feilmng ■ , Gas. Meat shares'were steady, at late --rates.'; Gears were wanted,at £2 :105., :ciim .dividend,. ■i and. Christchurch.-Mcat ~atv<£lo ,105.,': sellers, asking ,£lo"i2s. (k\..~". ThereNWqfe' , tmy.tfs Vof , Jtanawatu 'Rails at : £2 :-35.,' :and*selleys\.at / £2 isi Coal shares, were :uhohariged.. ;Westports'. were ill good demand at. £!.. lGs'., with •sellers', at. £7 11s. Gd. ATaiipiri Coal shares were , on salo at 19s. 9d. ; There was the usual .quietness in the miscellaneous section. , Ropeand Twine shares were wanted; at <&S 195., ant! there were sellers of D.I.C. Preference at 22n. . 6d., which-show an easier teiidency; LeylandO'Brien Timber at -15s. 9d., Sharland's Ordinary at 195., and Taranaki Petroleum.-at',9s'. • j THE MINING MARKET. ' ' '.There .was excellent trading in-this septipn, mostly amongst the light brigade. Talismans' , bhatiged hands at £2 135., or Is. 9d. better than, on the previous day."Ngatiawas , at, Is. 9Jd. ehowa slight fall. Waihis T?ere quiet, sellers quoting jefSs., with.no declared buyers.. The ' . state of the, market yesterday is dieclosed in the table appended :— .'■■.■■' . Buyers. Sellers. Siles. • •■ ■ ' . ." £s. d. '.£ s. d. '£s. d. Talisman, ...-■ .-.'.2 12 9 213 3 213 0 Waihi ... "'' — 8 8 0 — Big Biver '... 11l 1 015 3 — Kuranui Caledonion 0 10 — — Waihi Extended ... ' — 'r.:;:i— '.:..:;OH..X Ngatiawa ' — 0 110 0 19J ■'■ Karangahako ... 0 1 G 0 1 8 0' 1 .6 " " BEAMING CROSSBRED." > A wool oxport.—writing. in the .."Financial Times ". (London);-of November 8, has the-fol-lowing to say about; crossbreds: —"InV crossbreds tho market has been almost ftatureless, but without much ostentation there is a quiet ' v bearing down movement proceeding. TopG from 36's to 46Varc' prac.ticaUy a dead letter,and a man can buy from 'a dozen -firms -their standard 40's prepared at..155d..t0 153 d. These, ■■ bear'in mind, 'arc- among some-of-Bradford's noted firms who make a real good 40's top. As low as 15d. has been-accepted for a ■•iO's prepared top, delivery next January to I'arch. Spinners seem to want nothing, and top-makers evidently think , it policy to lighten their stocks if they can'. There is no , need for this, ; V for good, combing crossbred' wool in ho' r sense 'plentiful, but, no doubt, all,eyes, are npon Christchurth and Buenos Avrcsj and im- ! porters having done badly this last year are manifesting a strong desire to get the new crossbred clip on , a much cheaper basis. The pity is that / the Continent is not, looking with more favour upon strong wools; its whole attention, in fact, seems to be centred upon ■ fine materials. Spinners are very busy; they can easily keep going till next March. They are maintaining their... quotations,'. hence '■.!'■ fail to see any real inherent weakness. I cannot buy to-dny a ,two-fnld 40's yarn under 2s Id., and. this is spun out of a 46's or a pick hog top-, which can easily be bought at IGJd. Such a .spinning margin as . that. has. not been seen for very mnny years, ihencc , spinners are doing ' rare .and. weel.' Then why depress coarse crossbreds? . The- situation is such that it cannot bo played with; never- - theless, I think with trade still-so, good and ■ no wool stocks anywhere, that, it;js ..inherently sonnd. All the same, with so ,much uncertainty about, it is • time to hasten' slowly.",.' •;■ .*.

„ THE. METAL MARKETS. The industrial metals h.ivo suffered another /elapse, and copper, tin; , lead,:-and silver are: at about tho lowest level y.et•■reached ..this year. There has been a violent" brefak'in' tin!' On Saturday the metal was'quoted in London at .6125 55., and on Tuesday..the prjce had' fallen to .BUS 155., a drop ,£G lOs'.'.in two days'." Tho decline, it is stated, is"'dnc'' ttf'-the breakdown of Chinese speculation 'forcing largo quantities upon ..the. market.. ..., The. T .Chinese swarm in the Straits Settlement, and arc great gamblers in the metal. If'is very'likely that a group of operators'has-been endeavouring: to hold up values,,.but has.,found ; tha,,task a.little. beyond its finaricial capabilities. 'Copper, has declined from .£59 to ; i£sß : in- the Y past -two. days, and lead has lost 103. in the same.time. Silver is just a farthing lower,. and 'is now quoted at 2-l3<tl" per 'ounce, 'while at the'beginning of tho year the price was over 32d. ■bank shares:;;/ ~:.".■■■'. ■=: The latest London quotations for bank shares, compared with those of a year ago, are as under: — -Dc l c:;1907;--Dec'.',lS06r ' . Jv s. d. £ s. d. Bank of Australasia 99 0• !0 : ;..: % 0 ', 0. V Bank N.S.W. ... .."." 33 10"0"'... -45 10 •0 - Union Bank :.. : ... 57 0 0 ... 52 10 0 Bank of N.Z 910 0 .... 8)5 0 National Bank ... 5 5 0. ... 5 5 0 Bank of Now Zealand, 4 per cent, guaranteed stock, is quoted at .£IOO 10s., as compared with JBIOI a year ago,, ...The stringencyv in London has not made*much'difference" to"'these "shares and debentures;;;'. - .' '." -•-■•-•••■.■■ •■■■■ ■■". MANILLA HEMP.'- -,i ";•"■.■■ Tlie French Vicc-Consiil at' Manilla, writing to nis Government, states that Manilla homp is cultivated in'these islands only; and represent!; a profitable sourco of revenue.- Attempts have often been made to cultivato the abaca, as this species is termed, in other parts of the world, such as the British and Dutch East Indies and Australia, but without success. There is no fibre so good and strong for making ship's cordage. Quantities of it. are also employed in upholstery and :; brushmaking. In the Philippines the natives' clothing is made almost entirely from the finer fibre, called "sinamay,"'and some of it is also' sent "to Europe for making clothes linings. Certain very fine fibres, the abaca rjuilot, aie used in

WELLINGTON SHAKE LIST.

-the .manufacture of. textiles for ladies' wear, such as petticoats, handkerchiefs, ties, and Hfndfielotluris.'.whieh are much esteemed. Typhoons and floods have of late played havoc with.tho crops, and not only has the quantity been ;grcatly. reduced.; , ''but' the quality is not as,good .as usual. The' hatires havc.beeri employing- ttry primitive cleaning apparatus for treating'the fibre, their system dating back to .'the .seventeenth'century, so that there is much room for reform in this.direction... An American named Gillies recently invented i'-machine , for'carrying-ont the work of cleanr ing tho'nbro.; "He is having six machines made'ia; America, in accordance with his de"s'lgiis',, and' , ho"peV.to'-be able to place the system "on •the'market shortly, : selling the , at about >812 to. JUS.-.each. '■VwiaLINCTqN-ATHtETXgvIAJfK'-m . '. " "lii", their- thirfeenthvarmuai ,rop6rt.' covering: the'iperiod'.to' ■ S'optbmb.of 3p : "liist,''thfeMirectofs :Of/.,the Wellington .Athletic Park Company. Limjted,./st,ite that. the. gross returns of gate money for the year'amounted to. i23G7 13s. Gd., of which amount; "J31211 llisl.^d'.' , has.'-'been■ re,-! Ulriied to "this 'various cHibß'a'iiiCfoptbaH Unions ivKich lise'd tho'p'round, arid a'-.fu'rthe'r suin-is .payablev.tp' .flie WellingtonfKuitby''.TJniori" , 'in, terms,of' 'a'rran'semiht frith" that Union.' Recoipts ' from, thr ' Rrandpland "for .tho year amounted to ■ ;£5C>5 195. , "Tho directors regret .to he- : compelled to . call attention 'of share-holdei-fi'to the fact that- the valuations of the land for taxation and rental will probably in •ihe near ffnture compel tho . Company to close the Park, and out up the land f6r buildinj purposes." There is no mention of a dividend. The" balance' brought forward from tlie previous year was ,El3iC 155.-8i1.," and the balance >ht the,close of the year was X 1558 12s. 7d., less the' further sum payable to the Wellington Rugby Union.- ' ■•'"•• -" " "■•' kINING. (BT- TEMQEAPH—SPECIAI, CORBESPONDENT.I , '...'. ..-..•: '■ „. Au.ckiand, Decomber 18. Tho manager ;of tho Karangahalce. mine brought to town yesterday 'samples of stone taken from the lode recently cut in the drive, , being put in , to cut the new reef intersected the -surface. These comprise' some pieces of ''kindly-looking ore,'in which a'white vein carried dabs and blotches of' coarse gold throughout. The lode from which the sam--1 pies .'wero , ' taken has not been, developed sumciently y«t to enable its size'to'be'ascertained. The drive upon it is being continued. -The-manager repprts-as follows:—"On Satur-. day the men who had been put on to drivo the level'for : the new'reef cut. quartz. I went to examine it, and found blotches of gold similar to"that already assayed. I have dis-cpntip-ued jtho sinking, and am pushing on, so',as t'o,get the junction with the Woodstock reef as.', quickly,: as possible.' , ■

■■'= The.-crosscut•■ in-! the] No. 2 Ipdo at No. i Level in the Waihi Extended mine has noiv iponetrated quartz .for; upwards of 20fti, tho hanging wajl not yet being tot.hand. Tlie quartz, .qontin.uos to look well;'.and when further assays . a'ro made an improvement may bo expected on the values recently given for the first , 4ft. sampled. A start has been made to open out on the lode with a view to rising to connect .with-No. 3 winze for ventilation, and after the'connection has been made driving, both ways, on the ore body will'be commenced. ... .. • •'■•;.■' '•.. .

■-• -.- STOCK MARKETS. [BY TELEGIUriI.— PRESS ASBQCUTIONi"] •' ■..-■ ' , CnßiSTCHUßcn,'December 18.. "' At'the 'Addiiigton live stock, market' to ; day, owing .to. the Christmas holidays next week, there' was a double market, and the entries' in all departments were .fairly!' large, and tlie attendance good. Prices for all descriptions of stock were inclined to be tasier, the demand'for' beef being affected by the hot weather, and lr.mbs''wr,re in ovor-supply, the export buyers not' operating to any extent, and store .sheep were, cjull of sale on account ;pf the ,want_y3f rain for pastures. : The entry of store sheep' was the largest vfor some time .there were, few buyers, and a number of lines failed to change hands. Prices "were decidedly lower' than they were a-few weeks ago. Tho yarding of fat lambs was a large one, and numbered between 2000 and MOO. The. competition was -confined chidflj to'" the"' butchers;" who were : 'buying . their '.Christmas supplies, but tho size of the entry and the fact that the export b, u }' ers purchased only "a. few pens caused a -further drop in "prices. Tegs" sold •at lGs. to'-17s; 6d., and 'extra 'to 18s. jj'ordinary freezing weights, 13s. •to, 165.,;' and. light and unfinis.hc'd, lambs, 10s. to 12s; Gd. There was a large entry of fat sHcop , , including 'a fair proportion of really primo wethers and ewes. There were 398 head of-fat cattle- penned, the quality being mixed, 'and cows formed a considerable part of the entry. Owing to thVhot weather the demand for. Christmas purposes was not exceptional, and values showed -a decline of fully Is. per -I'o'iilb'.' 'Steers'brought £7 to £13; heifers, £5 'ss; tb-;.£3 75.'6 d.; a!ncTcows, £i 106. to ,£lO 10s., equal to 235. to 255. for prime, and 19s. to 225. 6d.. for medium per 1001b. There was a medium entry of pigs, and a -rather better demand. Choppers mado 50s. to 705.; bacon'ors, 4Ss. to 60s. (equal'to sd". to sJd.' por lb.); porkers, 365. to -465". (equal to s{d. per lb.); largo stores, 2Gs. to 325.; weaners; 13s. to 175.; _and' suckers, 12s. fid. to lGs. '•-■■' .:':.''•. "": LONDON !MARkETS.. ..-■•'. ■ , METALS. ]'■'[' ; . BT TBLBaBArII—PRESS ABSOO^TION-rCOI'TRIGHT. ■ ■■'■''■-.";■''■ :.-■■'■■. '.'• London,• Dftceniber 17. Copper—On spot, .£SB; three,moiiths, Sβ. .-Tin— fW'spot, 155.; three, months, JBI3O. -The dcclino in-tin- is, due to > the; breakdown of Chinese speculation forcing! large quantities upon the market.' ' " ' !:"' '■ "■ ' .-Lead, J813.25. 6d. - §ilvor l .2s. i i ,01d,.;.'. :, ' ' '\ ';'.. WHEAT AND FLOUR. .' The wheat -arid flour afloat for the United Kingdom is 2,100,000-' quarters,"'for the Continent 1,050,000 quarters. Atlantic shipments 35G.000 quarters, Pacific shipments' 141,000 quarters.. A sale'of 12,000 quartoifi of New South Wales January-February (Shipment is'reported at 365. Dd. ' .'' "' "" ' "' '' '' "' " " 0 ■;-■■. SHARES. '■ ~ ~ Bank shares—Bank of Australasia, .£99; Bank of Now. South Wales,' 10s.; Union Bank, '£57;-Bank of New Zealand, jK) ss. to .£9 15s. j ■t per cent, guaranteed stock 1001, other 6liares unchanged.

AUSTRALIAN PRODUCE. ■ • Sydney, December 18. Wheat-Chick, 4s. 3d.; milling, 4s. 3d. to 4s. 4d. Flour, .£ll. Oats—Algerian, 3s. Id. to 3s. 4(i. Bran and pollnrd, Is. 3d. Potatoes—Tasmjiniana prime, «£4; local, to X 2 6s. Bd. Onions-Globes, .£6. Butteiy 9Gs. to 98s. Cheese, GM. to 7Jd. Bacon, !)d. lleuiourne, December 18. Wheat, 4s. Id. Flour, £W. Oats—Algerian, 2s. 10d. to 3s. Barley—Good English malting, ss. 3d.; Capo, 4s. Maize, 4s. 4d. Bran and pollard, Is. to Is.' Old. Potatoes, XI to M 10s. Onions, .£5. 'Adelaide, December 18. Wheat,, 3s. 10d. Flour, .£lO 10s.. Oats— Algerian,' 3s. to 3s. 2d. Bran,'lid. Pollard, Is. . SLUMP. IN. THE .POTATO MARKET. (BT TELEGRAPH—SPECIAL CORRESrONDEKT.) CußiSTDnuncii, Decembe'r 18. It is. stated that tho present "slump" in the potato market is unprecedented in Oamaru. The " North Otago Times" says that on Saturday potatoes wero being sold at Is. a sack, bags in; that is, 7d. for the sack and ad. for the potatoes. A holdor of a considerable quantity has, according to the "Times," arranged for the lot being dumped into the sea this week. Nearly all those who have dealt in potatoes in Oamaru during the past month or so havo experienced losses.

i ■ . Beserve . c ,? T , , ,. „. PRICES. '. TleM .Capital funaauil f> A »',?"' ' 2 ► ; : '■ : r~t — to PaiaUj> v .Bj£"« ,,g™ Bhate.: ,-Buyer.. ' Seller. • gal()i Inyeilor. BANKS. £ £ £ £ *'-'£■«. d- £ »• a -- 4 .' A *i Km Zealand . . • S.CCO.OM 581,675 Sj Sj 10 . a .}°. ° "" . ■ ""•' 'Rational ... 375,030 355,318 g U ' '• 12" ,,f, ' 0 : .' e - s ° INSURANCE. . „•„ I70KH1 Kalional -.-■-■ - 100.000 j<9.33!) \ linltd. 1! ,' '■ . , n : . 6"l Kcw Zealand . - SCO.COQ 536.7R! 2 « 10 !1B ° \ A R ' South'British - ■ '- '1CO.0OO 512,499 .,.-1 mnitd. 30. ... i j « i g n fi IS < Standard - - - 75,000 EQ.IBS 2 unltd.' 10 J 3 ° J 4 ° : a ° 616 ' FINANCIAL. 1A o « m ■ n in • ft i ia n Equitable Building 60.000 Um 5 5 10 » 3 6 10 » * .™ " e 4W « llctropolitanBuilding ' 21.003. . ,{,221 .10.. nil . if, -.,,-... ■.„,, , 0 ja 0 500 Wellington Invest. - '60,000 3,033 4 ' } ' 0 , . . V10 0 710 0 5 e 8 WorgtonTrusl&Loan. 101,0130 39.K0; 6 5. ..8., ■ ' ' J ., r . 7 . 10 . ° '™| JS" KationalKorteiiso - ■ fCO.OOO 112,250 "2 8 ' '10 » o u , . » ., . • a j K.Z.andRlvorl'lato - K0,3t8 1 nil 7 I i I i . ; J{ |. J l ' loan and Moreantila. 135,3a' 157,355' i 8-5 5 --0.56 076 ,O.O.° »1» ' iucWnd QAS : '.- • 160.370 £0,553 B • nil 16 « 0-D. -« B 0 . ;.., ' gSittr*. ■ I , : « f -58 - ,"16 9. 013 0 017 0 , . Gisborne - - . 17,1(0 B.239 1 nil 12f ia " , ■■ ■.• Hawera . •--,. 6,'i50 •-. • '-. 715 ■ -5 i .10 ■.-,.. 71 , „ , ,; • fcewl'lj-mouth - . 18.000 8,153' ' 5' nil '• '10 : ■ ' »» " .; . , Kapler ...... ] 10 ..nil 15 . j= ° ° ■' ■ ■ .,.-.. - . do,957} 52,517; :;5..;5v is : • \ ■.:. ;■ V? 5. ,.■ v . \ . Wniorsion North ! £7,000 11.003 _" 44 \i.'/ 10 . JJ. 5 ..« ,„■ 0 ilil o Hi VMIinston - - . IMiBB ,J HB8«*.-10-V. B a 10 6 ? 910 ; 9 1,6 . 5 6.8 "MEAT.' r " . , , r n n ' ■ ffis •!---s- ; 11 ?. »']■• «r'»< Oear - . - ; .1 nj. Ijj 210 0 U0 . Wellington Heat Exp- ) Q . 5 , nil. 8 •-,;,. Jl.. 0 j^; ... 105.766j E3.767 2 | S .3 6 6 3 7 6 . 3*7 0 i i j VTanBanni " 45,850 11,401' 5 nil. '■ .'• 8 ■.'--■.'-.', . ■ i : TEAN3PORT. , ninoinriin »5K , W.&M.Bailway -170,030 121.451;..; 1- • I A. - ; ,J. « 3, 0 S 0 2 ;3 » 3 3 8 1 K.Z.Shipi)iny - . ' 473,840 113.751 8 'm. • 5 ,1 ■ v'al 2017 6 '41610 .UnionSteam - ■■• , 174KB . 10 -ml. 10. ,nl ' "Wgtn. Steajn Ferry •-. ,«,250-' ' 65 . 1 ml,-" "6 .018 0 (18 0 . ■Wertport 0^, • .K0.003 llWir :; '^': : if :;, 'l5 : -716 0 '■"j , » J'm"*? , ?. •. ««» laupiri- •- -■':.-.. -ilJwO} .. W- 5,a39 .,' a.: -.ml. -.„ • 74 . -vOi 1 . 9 -- •> ■■ .r,» J 9 8 ,... , . W00LL3S.-,' .":.■ .v.'..:'■ ■ '. i, ' ■■'■■■ '■ i ■ :•' '.-,./■ ■'■■•' :''- Wosgiol- - - - tS.-157 ' ' 17.-214 ii ,1? - * 3190 -. . i 9 'i J 3 !! ■'Vellington-' • - fc0.000 S4.3«a i 1 . 6 ■ 3 8 0 .S..6 P , .-. 1 B 6 ■-Donaghylloiio - ilffa '- ' - -■ 10. n! - 10- 0 ,;',«:,: ■ . . Leylaud & O'Urieii • . • ES,CO) 57,7(a ; 1 ■■,'>»■ 15 .2 49 . 2 .5 0 : ,-S.'S J. ■ 6 6 0 HauricevilloLiino - ■ 7,000.' ■ 5O> 1 ' m '.. . .8 ■ ',.. ,. 1 5 0 • ■■ /. / K.Z.Candlo- --•■.• 10,000.. .--■-.. W --.m .---■• •" ° » ;...'.. ' ■ KXPaporMUli,..; ., ,9-1,755. ,\1,177,, .'.1. ,.«■!}... .'.jj. ! ;l,?'-2' ' } <? ? ' • '" N.-K.Z. Cement- -.,..-■.' 40,000..;- 2,0-13 . 1 nil. .i - 110 6. ,1116 >.;/ ... Manning* Co. A-":-' C<i,O03 " 57,670 ••' ■ i- "'1> " '10 —.-;;;•': .■-I- , !' n V,; n n ■ B n n •'■Ward&Co. - - - t0.000 S0.K5 4 ? 10 417'6' ■■-fi 0. ■' 5 0 0 - 8 0 0 Wetn.Oi.ere House . 16.ISJ0 1.TO5 5 "! *. 6 lo 0 7 5 0-7 '0 0, 5.11 3 Y'ljUi Fresh Food - 26,801 - 1 "!} - . . • ,,„„-■■•'•' Ylufcombe* Tombs. ii;£J J0.153' . 6 . , m I 10 -.1,6,0 _ nj,o .. .... • Kiarland, Limit*! 48,ii7ii 8.3U '1. v" 11 -. '» . '- : 'U'.0 '.„'"■' '