FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 74, 20 December 1907, Page 10

FINANCE AND COMMERCE.

• / THE SIIAEB .MARKET.;.,, , . ' There was no trading whatever in investment shares yesterday,., .but this scarcely , gives : a fair indication of; the; market, lor there were several goodT.b'uyiiig -orders. Baiik, shares Vdre neglected, .'an'd*;Niitionals wgrei'onrpale at"' - sBS &. Insurance shares claimed a good deal of attention." Nationals were again 'in?demand, at 265. 9d., Ncw-Zealands were wanted at ,£3 IDs.', but sellers .field- out.' foi is'.'.,! Standards .Jiad buyers at 23s M arid'sellers'at'23s.'9cl.-. Financial shares were, quiet. There,was a .bid of .fl-Os. 3d. for New. Zealand./arid'Eiver''Slate . shares, sndscllers quoted 65..Gd., ex div., for Loan and Mercantile, and 10s. for Wellington, Deposit. Gas shares wore in, better, tone than usual. . 'New Plymouth Gas shares.were wanted at £7 17s: i Gd., .and,. Palmerston .North.Gas:at .£7 25." 6d. There - were sellers of Christehurch Gas ; at jCIO 2s. 6d.; "Feildirig Gas at 18s., Wellington Gas at £19',- and . Napier Gas at £25 and £15 - 10s. foi; the respective .issues.,,. Meat shares ' were steady, and unchanged, with buyers of Christchurch Meats ,at ,£lO 10s., and Gear , Meats at J!2 10s., cum div. Munawatu; Kilils were again jn demand at 435.. with sellers ' at 445. Union.' Steam shares .'wore; dlforedJiit. £21, cum rights to,the allotment of ri'ew'sharesr There was'-a"-Bid. of -£2 . 19si for' Mb'sgiel' Woollens and 19s. Gd. for Taupiri Coal. .SeUers, quoted £1 17s.' for Westpoijt" Goal-, 'jEli 2s.v9"d.<for D.l.C.'Preference, .<£2 as. 9d." for LoylaiuiO'Brien Timber, 9s. for Taranaki Petroleum, 1 and 19s. for Sharland's Ordinary. THE MINING MARKET. ■; There-was quite a rush of business 'in the \ mining market yesterday, and the transactions reported weroigreater' in number, than. for. some days pa3R The state of the market'yesterday is shown',in ".the table appended Buyers... Sellers. Sales. • '- is.d." £s. d. £s. d. : :N.Z. Crown ' ../ ... G O ?. : 10. i ' May Queen/Ltd. ..... 0-1 : 4 0 i 6-> <-,> — ■ Tairua Triumph 0 • 2; 1\ 0 2 Waihi Extended :.. 0 5 4' — 0 5 3 Ngatiawa ... ... 0-1~ 8 _ o—l~lo0 — 1~10 ~0- 1 9JIvuranui Caledonian 0 10 — — Karangahake 0 T'B — ' — : " Old Hauraki — .0 2 0 — Waihi i ... 8 5 0 8 8 0 - New Alpine ... ... — ■ — 05 3 ..05G Talismans, 211 9 212 3 213 0 .I: - ....' , .2 12 G

NATIONAL MUTUAL LIFE. * The report of the directors of the National Mutual Life Association--of Australasia, Limited, for the' -year "ended" s Septemb'6r' 30,' 1907, shows that the institution has for the terra eclipsed previous records, the new business transacted for the first time in its history exceeding £3,000,000. The .number of. prdposals for life assurance fe'ceived was 12,673, for an amount of <£3,496,213, but 2-110 of,these proposals, amounting to £717,210, were declined or not completed, leaving 10,263 to be issued, amounting to .£2,779,033. In addition ,1577 endowment policies, for £301,094f? weft' issued, raising the total assured to ,£3,080,128. The amount of new business., .excelled of 1905-6 by £229,339. Imail''ll;9o9.-ncw policies were issued, yielding ,nW.fannual premiums .of '£110,070. .against £103,083'iir the'preceding year; single premiums, of ,£16,431, against £5514; and considerations for annuities £31,174; against'-£38,543.. The permanency of thc- busi-. ness done by' .th'e " society is _ shown by the extent of the renewals, which amount- to £532,739, against £481.796.: The,total r/eome for the year was £898,253, against. £823,768; and included premiums £619,407, interest and rents (after deduction ;of. r ates and taxes) £217.143, i. and ; consideration'' 'lor ' annuities £31,644. Claims) paid to policy-holders or their representatives amounted to £374.808, and. expenses arid charges to £157,512. The excess"of revenue over expenditure was £305,933, so that the total of the funds was raised from £4,478,069 as at September 30 y 1906, to £4,844,002, The balance-sheet shows that; including assurance fund £4,844,002, investment • fluctuation reserve £54,414, and other items, the. liabilities total £4,994,681. Assets include" mortgages £2,483,858. properties £817,358, Government and. municipal: securities £378.32-4, loans on policies within their.surrender value £527,587, and cash and deposits '£272:823,. "and" other ,'items." The interest received during the year—£2l7,l42— is equivalent to. £4. 13s. 2d. per cent, on the. mean funds, against. £4 lis. 7d. in 1905-6 and. £4 15s. 7d. in the preceding year.—'" Melbourne Argus." • v . AND . '.V.\ Th'o Australasian .Temperance and - General' Mutual Life Assurance Socipty shows by. its report for the year ended September 30, 1907, that for the first .time i nits hi story -i t has. teen able to add over £100,000' to' its funds. It' has also-;, raised its total income < frbni fill sources from £217.101 tri £235,628. Taking the ordinary' department," the policies issued totalled 7406, assuring. £672,700,, as .compared with 6063 policies for £601,177 for the-, previousyear. The increase ...iri.'.'thd'. new business was' £70.823. ..The average amount of 'assurance per; policy,' however, hns fallen' from £99.hhr.£92.;) r .£92. ; This arises from the fact that the is pushing what may be termed the popular side of . its business among , small insurers,.-' ttyife stimulating a spirit of thrift. Payments to policy-holders were light, and the society is able'to show that, despite the increased business donf.! expenses have been reduced.' Thus, in the life department the ratio of expenses to premium income w&s 23.86 per cent., against. 26.22 per! cent, in 1905-5, and the ratio to total income'was 19.55 per"'cent); against • 21.31.-' pelcent. jlri the indufrtriar department-36:712 policies', '■ assuring £910,266, were issued, this being a deduction of the previous year's figures of 46.375 policies, assuring £1,183,626. Renewal premiums amounted to £116.871.. Outgo in-, clnded claims paid under policies and bonuses £11.832;. endowments £784, and surrenders, etc., £3512. 'Commission, ngeticies.'arid 'medical " inspection charges, totalled £30,816, and extension of business £20,643. The increase to tho funds from all sources during the year was £103.874, the total standing on September 30 at £667,663. The society's investments, cash, etc., are given at £671,395. of which over 45 per cent", is in municipal and Government securities. Total interest and- rents for the year was £27,448, being £4 9s. 2d. per cent, on tho mean funds. " AMERICAN CURRENCY. ( Tho monov article in the " Times". (London) yecently received, treats of the financial crisis in the United States in a rational manner.' After stating 'that London was. perfectly prepared to face the. situation created by the disorganisation . due. to the panic in tho United States, the writer adds that the solution of

WELLINGTON SHAKE LIST.

the, currency stringency ran only ])e found, on the. other Side of the Atlantic. It is : considered that, the most important Seat of the disease has moved from New York, and has spread into the. vast-,.area, of ■ tho'.United States. On this assumption', says'the "Time's," .with a nation of" over , 80,000,000 people. depriving itself by means' of hoarding of currency ' facilities, gold importations may be easily inadequate to supply , the deficiency. Consequently . financial .iiiistitutions are, facod withUne possibility of ' world-wide- strain and inconvenience in monetary .'/circles, ".m'orely ..because the •American people takes i t into. < its head . to" boyebtt •' its banners. It is a . preposterous position, and the world at large can claim to call on the United States Government tb'put a stop to it. The;pr6v.isiqn .of. a?spund..ai)d.'acceptable currency has long been recognised as 1 tne. duty of a . Government in all ,civinsed., ; coiimiu'nities.' Govern merits riiint coin arid .stamp it \Vith their .image and superscription, aim the . fact that .modern. finance, uses'.pa|?cr: .as . well,, as. coiri. ,does.\not--for. :a. .mdnVent ,• the Governmen,t of . its responsibility. .Ebr.;Aineri.cnii'. citizciis t0... be, Hoarding -like; Egyptinii fellaheen, is- .a spectacle, .that , ; p!its; economic the;,Baukruptcy',.o6ui ; t. And' it is the-'obvious duty o.i; the American to end this'.sorry .spcctiicle. .- ~ ■ 1 -BRITISH IKON INDUSTRY. According'' to "Iron .and .Steel Trades' Journal," the outlook for tljc British iron in-dustry-is. at present the reverse of encouraging. Smelters and manufacturers have work on lmud-.to occupy them until ..the end of the year, ljut very littlo new business is being hooked,- tho- demand from all quarters havirig 'shrunk'., almost to vanishing point. Up to • the; end ;of / September Aiiiqrica took,, from Great. Britain 410,371 tons ; of pig. iron,', as' compared "with , 175,1 it tons in. the corresponding nine month's ol\ 190(5; Germany, took direct ''311,083 •' toils, ,as" against, 211,326 tons, though Holland Belgium took less; and Italy and 'other countries, have hist) taken larger. quan-tities;-—The ■ sum total of exports of, pig iron in the past nine months was 1,553,909 tons, as compared •.with 1,163,053 tons, in the corresponding, portion of last year . This .is an increase of 390,856 tons, or just about 100,000 tons less than the decrease in the public stocks since December, lauG. The explanation given by the above ' journal for-the existing , unsatisfactory , state., ojt the trade .is, that containers anticipate lower- prices fop raw., materials, and conse-. quentlj' are withholding order's; 'To h'dd to the difficulties of the produc'-s in the United Kingdom, severe competition,is expected'from both Germany ami Belgium in respect to •finished .steel.-.Tlierc< is also a strong probability that' Americim'pig iron and steel plates will soon be offered on the British markets in largc'ciuantitieS.' "Iron and Steel" concludes a somewhat gloomy review of the position by stating- tli'at tlie-V Government,, b? its policy "of" retrenchriient,' is causing the utmost, anxiety in some districts. The:continued-scarcity of Government.work-in.Sheffield, for.instance, is making the outlook'' there really serious for sonie, q( the, large-,works in'tie. East-iEnd, whilst )-et another discouraging feature is the depression which exists in the 'shipbuilding trade. : , >■ r A . -. ; s .

LIVE STOCK SALES.- . Dalgety and Co., Ltd., report .as follows on their sale at Palmerston yesterday :—We had a small entry o'f sheep, but a good entry of cattle. Competition was keen at the following prices:- 29 bullocks,.£6 45.; 30 at £5 17s. Gd.; 32 at £5 145.; 43 at £5 135.; 17 at £5 13s. 6d.; 19 at £5 6s. Gd.; store cow's,-'£2;.'small. lots to £5 155.; 2-year steers, £3 17s-.; 2 to 11 year steers, ~£3 175., Gd,.; ,2J year steers, £4 7s. 6d.; fat cows, £4 25., £4 75., £4 175.; yearling heifers, 295. 6d.'; 15 IS-riionths' heifers; 345. 6d. ; springing heifers, £2 18s. 6d.; springing cows, £3 65.; cows and calves, £3. The New Zealand .Loan and Mercantile Agency Co., Ltd., report as follows;—At: Palmerston North on Thursday we, had a good yarding of .cattle, including several pens of good quality steers and bullocks. A keen demand existed all round, and we. were enabled to clear the whole yarding with the exception of one pen at very satisfactory prices, bidding" being brisk throughout. . Wp quote; yearling heifers, 30s. to 335.; 15-inonth heifers, 345,; 2J-'year heifers, £2 10s. .to £2 13s. ; yearling steers, £2 lis. to £2 176. 6d. ;,2,yiiar steers, ;£3 Bs. 6d. to £3 12s. 6d.; 2J- to 3 year steers, £4 7s.' Gd. to £4 '125.. 6d.; .3 j-ear steers, £4 165., to £5 135.; forward bullocks, £6; store cows, 295. to ,335.; forward cow's, .£2 9s. Gd. to ;£3 6s:; fat cows, £3 12s. to £4 ,15S;; cows and .'calves,, £2. 10s.'; cows in calf, £2 17s. 6d. " .LONDON MARKETS. ...V, , - , London, ;December . 18. Copper—On spot, £57 2s. 6d.-; thl-ee months, £58 10s. - - ■ Tin—On sprit, £115 10s.; three months, £117 •10s." !'•■'- - v " ' ' -Lead', £13 15s. ■ ".Silver, 2s. 3-16 d. " :' , 'At - the .-tallow 'sales, 441 casks: were .offered arid. 19|) sold.. Mut'tori,. fine, 355.;. medium, 335; Beef, .fine, 335. Gil.;, lriediuiii, .31s. 6d. I,' ' SYDNEY SALES. Sydney, December 19. The last wool sale: for. tho year closed with brisk,competition. Prices for "good sorts were firm, at late, lov.els. The first sale of the New Year-has been -fixed for January 21. • - . ' FALL IN LEAD. '■ : EFFECT ON BROKEN HILL MINING INDUSTRY. ' ' - December 19. The siumW in lead is proving a serious blow to Broken llill., Fifteen hundred men liavo been dismissed from various mines.

' ' COMPANY ' ~ fe' jj r " ICES - r .t* ' ... -' ; PaidDP - g'Zrt Si , ■.%£■ investor. BANKS. f" ' £■' ' i' ''i £ ' ■* i a - d 0 ' 310 0 i 10 *3 Kew Zealand .. . -261,675 31 - -Sj 10 -..i .<«•• •.••«« X National - - 375,000 • .335.313 tj • 15 13' 'r.» -' » M • INSURANCE. - . r '-s . ' . , V"'' ,!. 1-7 0 K11 1 National : - - 100.000': J49J3D } unltd. »i •••I'i „ ' , i n *. u 1 New Zealand - - 300,000 r . S36.7S1 2 .8.-. 10 '- ? '■- • 'Bouth British • ..- lOOiOOOV, -C1W93 1. \Unltd. SO'' J X 1 ',;.' -CT , •„ 'r i h i Btandard. ..,76,d0p;;i; -'810885 unltd.; 10 1 30 v 1- . 3 • • 1 , 3 ' 0 616 * 'Vs.'! : 5 "' "10 • ' 10 5 0- ;ld;2.'G 418 g \Metropolitan Building .'::21,OOO.V .'•'.'■5.229... -10 : - nil 7 . , o 'lil 0 T. n.n Wollinetonlnvest,-^60,OOav.,'--3;933' ' i i, ,6 ,;',;S3J 2 ; ! j 0 ' i Tv'el'etonTrust&toan: i-,iai,250;> ; ; ; 30.620: : , : 5 5 8.- J M *: . !•?. o-' ' *« •?' NationalMdrtgMa; JV ;;£00,00a.^i'112 ) 250'. . 2 fl .10 ? . 'V?. 0 6 Jii' n .,-. 300,000 ; "2E0,303 r -1 nil- . 7, .-l-.M" * 4 ...... .«» « . Loan and Mercantile;-' / 135,22J ;' . 157,358'/ '> J Bi, 5 0 6 6 u . # *,•. Auckland 1 I ,■-.'.'"I .. VlHynb'-'. ' ; . 5 nil 10- 0 0 ' ?, ®. Cbristchiiroh. - -."152,000 65.0S7 nil .,10.. - ni'a n 1 ' 017 'll : Teilding " V,'.": 10,805 103 ! 1 'nil. - 01G 9 . ® . 017 8 Gisborno . 17,100 ' 0,239 1 nil IS} • ' u . . . Haweri' " . ' 8,250~ 745 3 i ~ "10 i„ „ . Kew Plymouth - . 18,000 > ■ 84(9 6 nil • • 10 . T W- « •ii'i X Napier ',. 10 nil. 15 -;.... .*? " ° . „ • - . ■ 40,957 h 22,517. ' 5 . 5 15; J; - Falmerston North ! 27,000 11,093 4J ..m. « J ' n . ' * f s e n W«llinstnn . . • I • HTtn) in nil - •iH' =1815- 0 19 0 0 J8 1S.U 6 6 8 ITtUington - - . 124i570 ; . ™ "" ®.?''6,. 0100 0 7 6 5:6 8 • "MKAT. :/■: ■ x . . \ Ontrabtay .'.183,727. .50,074., 75 ,.2i.. ,8 2 jnio o' »i« 4 Ctaistcliurch" : - ' • 165,920 64,337- 30 nil. ::8 '30'10'.0 ...I"" ®- Iu u : '. u 4 e«r 02,000}- ,Vj| .:. il0 °' 21 '°' ■ ' T»ellineton Meat Exp- . ) 5 nil. 8'; . ®, 1 5 ? . 5. ,1 " .■ s . r 105,» s |- 2 | 8, ■ | ®.;».. $■» » ,! ? t JJ 5 Vftngftnnl'• fiT"! i/i5,850'.il,4ol 5'!,' nil/ ' ' 8; " . •) i TKANSPORT. , v' L' . n , 8 V.&M. Railway-- 1 -• 170,000 121.453 • 1 ' -'4- V f !r? 3< $ . S 4 0 - 3-3 ; 0 3 3 b K.Z. Shipping,.. 473,8-JO.- 313,731..'. 8 '.;nU. *5 J:'0 5 0 0 6 0 0 Bnion Steam- - - £00,000• ; 472,592 10, nil. -10 20.10 0 , 21 0 0.. .20.17 6 4 1510 Steaui Ferry - 4t>,25t) , : '65 1 : nlL 6,, . 0 if 8 Vcstporb 0^':;-- .ESO.OCO 117,215 ' Si' •' 3*-15- • ''-'111 2 716 0 614 7 fa,upiri' '■' 62,500 ' " • '5,339';V :i "niL .74 019 b 0 19 9 . . WOOLLEN.. . • • Xaiapoi- - . - 100,000 52,651. /5 nil. s$ ... * • ■. i R . laosgiel - •: , • .b3,457 17.212 .Si 14. . • ,4.: . 219.- ; 0 ; '• ? 2' n lit Wellington - - - fcO.OOO >'i 1- - .-6 -3 8 0 3 6 0 ( 5 6 ;;; 1 - Z.- 4 , . DonaghyKope - ; 47,000 ' 10.-. : nil 519 0 • • 1 • Leyland & O'lirioa- 25,(X)0 • 37,701 .1 ml •; '15, ' 2" 4 9 -2 5 0 1 5 9 660 \ MauricevilloLiuiii >. - 7,000 .','263 1 nil . -.150 H.Z:Candio- . ;'lO,OUJ' . • 10' • iflt V - 10 0 0 ■ N.Z.Drug - . - . £00,000 .54,514. ." it.: ; ' nit . ;7 510 >0 , .»U-b •. •: • K.Z.l'anorMilli . .94,755 ,M77 1' till 7 1 3 0 .1 3 3 -. :;1 3 .3 6 0 6 ' K.Z. Cement- - - 40,000 2,043 1 ■' nil 8 110 6 1 11.6' , 11 aiming He Co. !»i,00U 37.B70 4 - 1 10 3 17 6' ' . „ . Ward & Co. . " . 10.000 - . 10,655.. . 4/ - 1 .. .. 10 4 17 6 6 2 0 5 0 0 8 0 0 Wgtn.OporaHons# - lS,ti<30 - • 1,703", • 6- .nil" '8 -615 0 - • 7 5 0 7 0 0 5 14 , Wgtn Fresh Food . .,£6/261 i: .nil ;• \ Vhitcombai-Tombi. i0,153' 5. .nil 10 i 6.0. . 410 0 fchariand,LimUed *' '• : * y.311*-. '1' '^nil 1 v lk' J * u ' : ;r '19 0