FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 75, 21 December 1907, Page 8

FINANCE AND COMMERCE.

[>.. . .THE SHARE MARKET.. .. . There ' was" unusual dullness yesterday, for ,teifcher .'ininvestment 'shares,-- nor, -in ' -''was; there- a- single..tninsacl.ioh.....;„Perhaps, tha brokers. ; themselves■ are' indifferent,' as they-close ! -i down to-day .for,-a-;, fortnight's'. holiday.' ...The Jtraying ■ and 'selling !orde^s.do' • any; v'ihangos: -'Bank -'of-'New Zealand ■ snares were f. ! offered-at- Jff!'lss.' , '-i t Thei«.''whs.'a'bidL;6f "i£sGs: ': Cd..for ' Bank'-'shares,but , seUers wanted ,£s' 8s; : Insurance shares' werefirm aiid unchanged. ' Nationals were in- demand-at* 265.-r.Sd.;'and;'-New Zeailands at --i 3 19s.v. Sellers ; of> . i the i latter f asked i 'JUlfe-Financial.-, shares.: were quiet, the'oiilyn inquiry-noted yesterday being for National..Mortgago, which were "wante'd.'at £3,,,55.'.,, Wellington Deposit shares were on sale,' 1 at 'lOs-.-Gas/'ehares' were dull.';''!Pal--1 mereton .North 'shares were'wanted 1 at",£7>2s. . 6d!; -and', there,' vrere sellers .iof ; Christchurch. Gas!.atJßlo '2slV : Gd,j' 'Feilding' Gas at :18s., and Napiei;,Gas at;v£2o, .£ls 10s., and- i 3 75.-6 d. for the .' respective" issues.- Meat shares-were v firm, ; - Christcfmrch;Meat: shares wcre wa"ntcd -at i 10s!;! the-directors!-ot-.this;'Company;; have : just; ; declared a'dividend'of-;,S'.per;.cent! : pey, annum : 'on! tlie ordinary shares, !'and- : the usual' 6 per : , cent. ;on".the.'. preference.-share's... Gcar'.yMea't' sharesi were wanted - at-£2 ,10s.' ciwi dividend; There was a"bid.of 'je2 3s. for Manawatu'Rail?, arid-. '-.£5 "18s. .DonagJiy;'' ; 'Rope;:.ahd'. Twine!. . ' Sellers' quotations . wttre :-r-Taupiriv Goal,' 19s;, : 9d.; Westport Coal, ■ ,27 .17s. ;fid.; D.I.C. ference, :v£l 2s. 9d.; leyland-Olßrien!. Timbor, £2 ss. 9d.; Shorland's Ordiaaryi ,l?s.; 'and Taranaki Petroleum,!9s.;'-! '1;■ ■ . tTHE MffiEET. ( , " This ;'market '.was ;;very . dull, . and-' this. can only, -lie attributed . KoUdav ,'iniluence..'. Evidently ;the profit-taking 'and;.unloading. was done!on.,Thursday! There- is' not\mti(3i 'likelihood .of any great- volume of business to-day. , The .'state'"of the mining ■ market", yesterday, is sho\vn in'-the following;tabled : Buyere;"' ; Sellers. 1 ' ' V 1 '' "£ s!'d: :: £s. d. Talisman ■ ". 'k.« : ll"0 - ; .:. 2 12; 3'• ; ' Waihi B'' 5 0 ... 8 7 o^.Ngatiawa >'■-■".i..,-,0...1' 9!.. \ Karangahako ..! , 0 ~1. 8. ■ '■ \ BRfiADSTUBFS!"^. Thero .'is. doubt .about' ; the ; downward trend, of., wheat. t ji.';jjarcel! of"Soxith J Australiaii* , Wheat', .expected'.' to' .a^iy'e'-in?'December,'.!, ; sbld' vat !39si. 6d., while a few weeks ago, or before / ' the' American 'financial ?crisis,",4ss! ..and' 46s'.' was'readily paid; J, Argentine broke'the • back; of .the advancing-'movement; ,"and- ! forced' selling' on' : the".part 'of 'distressed - Americansgrowfivs . and holders -was ,-inulher' contribuLi-ig c.-inse oi- the i downwardi itre'nd. in:-values, the outlook.is'.most'prbmising.ifrom, the consumers, point of, view; r The*-coming,-harvest o£,.the. Dominion, givon favourabla weather,-willVyiold a-small 'surplus.above domestic requirements; in, Australia- the. '.prospects! .hive .'improved' greatly, an,d late! messages froni India!- indicato; that there is.;a7briglitor outlook'..there. 'When the', boom wd'sVat' its height,' and' speculators' becamf'-hystorical; -as' much : as 'ss;- was' 'reported s \ to/iiavo/been -'paid for- : growing; crops. : Suchfoolhardy .speculation deserves; all: the . losses that.secm certain to ; accruo..'.lt would occasion no.surprise. if !wh.cat'.goes :to a ..very,;low,;price. • nest.year. - . . THE! 'LITHGOW ; WORKS.: ' The'final -''arrangements''.for Ikeeping'.tlie'blast furnaces and .smelters at'work dt < Litligow' l are much m'ore sa!tisfactbi7 than those originally . proposed.- At least-'the matter is'to'be'testedI by-iprivate.. enterprise;' and''the* State' is", 'savedtho risks-and the inevitable'loss- of'a big■sum- ,ol money. Tho ' .Victorian • Government liad an unhappy experience;in connection .with; the., beet sugar industry • at 'Moiia, and tho Now- South ..Wales Government!,-would,",have. sufFerecl;..'.in !.a', similar ..mannijr., .Tbe, Morning ; Herald," in jreferring. .to the . iron industry of : Australia, 'remarks that'; the''possibility of'converting" Ans,trrilian 'iron oro into pig'and' steel oil\'a'comtiiercial'i'b'asis attracted 1 ■ many! minds : long : before-;Mf. Sandford 'came on -tho 'scene"'dr thij'"Eskb'ank'" Works'" were' established. 'The' first" attempt ; .' : on -record" was l that;'made by iMessrs. iNeale, Holmes,and Bur-, ton.in; 18i8. ;They.erected!a sinall..blast fur* nace.,:!tt Mittagong, !: ,whicji!,/was . named -.afterGovernor Sir Charles Fitzroy,-- who -!opened it.. The attempt enijed' disastrously, . thousands, of .. . pounds ;,had -been,,, 105t.,,. Then others; tried, and 'fo'r/years''Mitt£igong, aid'.'no't' X/itligow',' "was ; regat'ded ' as'' th'o' centre', from' all', possibilities before ' iron ' and'"' steel radiated.'- None of l the-attempt's was' a "suecess'.' At- a- later .date -Bendigb, in" Victoria, 1 was the 'scene 'of - further', and- equally Unsuccessful -attempts. -In .1875' the! Lithgow .Valley first came, to t'uo fore," aiid a', blast.furnace .was erected,thert on- the coal propertyi'of .tho.late Mr.- Thomas Brown. Betweon- 1875 .and' 1882 pig-iron' was produced,; at times,as much..as, . lOp. t.bns per ~week',- being -turned, out. Later r on, !■ Mr. -. James. 'Rutherford,'. !.who' was' associa ted. w'itK. this^attempt,' .publicly;stated r that; he had siink,'',£lso',l)oo. in the.,.endeavour!.-Mr!"Sand-to ! 'Aus'trslia" in 1883. as represent,itive 'of- ;, John ; Lysaght, :Limited, at Birmingham,- and"'thYee years'.later''lie-set' to work' as an'-ironmaSter;^at'''Mittagolig^' : 1 Shortly' Afterwards' 'lie romoVed his works 'to-Lithgow;',

.FROZEN. SIEAT. .. ' Tho; reasons for -tbe low prices/ruling- for frozen .-meat Tare furnished by..Messrs. W.' Weddell and Uo., •, writing, under \dato November 1,, state, that stocks .of - Australian, jriiitfon yrere'- iri' excess • of; , and t Bomq' pressing of,' sales had' further weakness in prices.New Zealand; mutton has'weakened further; supplies being heavier than ' the present' limited'' detaand J 'can '■ cope with;; /Small ittcreanrig. 'quantities of Australian lamb wore being offerod at Southfield;.' but quality . and.;.priccs: aro -irregular. Now.'Zealand ,lamb-has been inmodbrato dp-; iriand for tho time; of the year, prices'' being maintained. -Frozen beef "has'been qiiiot, 'aiid the demand has, been curtailed owing to; cheap ranch and: River" Plato chilled'; beef ' being ofiored-all ovbr'tlie country., " ...■ . ANOTIIER BANIC' ,: *'• ■ Tho Jowcllnrs' National Bank, Attleborough, Massachusetts,' with deposits totalling, JEGOO.OOO, is the latest finahcial;injtitution.to close down in the United 'States', and .the.- suicide of- the cashier points.to tho,,pro,bability,of the usual rogucrjv ' Hie -Yankees Ijayp not._ done, with, tho panic, and have"' now to put u'p'.'with .the effects.' 1 A .correspondent of "Knanifal Times," writing'-of tlie panife, 'says:—"The misery : 0f';1833. wil bo repeated - tenfold 'in 1907, for tho foreign population grows each year,

WELLiNCTOM SHARE LIST.

andithe iro'eculatioh;'has grown also. New Tork bankers have submitted-to the greed of tlip railway ~pr6moter^ahd: t he industrial promoter. This'crowd- has manufactured some six hundred million'sterlia? of 'piper.' Much of the money has gpne.'into, legitimflto,,expenditurc, but much also is mere-water! To iibsorb this huge sum is ~ beypn'd'.'''eveh, '.tho 'appetite, of", the' United States.'"ißut the merchant .bankers 'have signed' fortho'. stock';.' h'avo '• found the money for the short-dated! bills; and, have agreed to 1 pax. up oiir-tlio. bonds: ~They: havo ; entered into dommitmentsf,which \nipt all, Europe could finance. To. save- tberiisblves.'they have floated fiuanco bills v in. fveryvtown of. iniportancc in the States, in'Londohj and on .the Continent. The bills are? falling due?'' The. crop's have been garnered in'," and; each little bant in each little town ia crying for cash. Mr. Cortelyou has doiie as he may'wish to.help, his-.heljh-is limited- both in amount and scope; ffe.has.como to ; the cud of his tether. . To stay the,crash,.some' of the; State Governors'.have decreed moratoriums, -ini'. the. vain hope that New York; will .send-, money; to stay the .fall in'prices some'of the Stock Exchanges have closed. i But all this cannot really help. The six- ' hundred ■ riVillions /sterling lie undigested .in' 'Uncle. Sam's'' 'stomach."' j.'/y. ; • live stock markets. . ; ;Dalg6ty.' aiid ,'Cb,, . Dtd., report:—At Wan* ganui" on ■ -W&diiesdny'wc. yarded 3700 sheep End;',7oo head of I. cattle.,', Competition for sheep was .v.qry,: slack, .'.but-'.the biilk. of entry was cleared at., prices showing a dcclino on- lust rates! There, was ;:yiair.: demand for cattle, most of 'tile'yarding bqingusold. Sheep.—Fat ■ewejs,, 135.,7 d.; shorn ewes,- lis. Gd.. to 15sV; ■ sKorh "2-toofh'-' wctllei'S - , "18s.; -l-tooth to i-month • e'wes;'''l3sV ttf;l3s.'j 4-tooth to 4-month wethers; ;13si> •idii ; ;»mixcd" .culls, 7s. Cattle.— 2 'to ~ 3-year, .isteere,' <£3 to '£\ 155.; light fat cows, -,£3 16s. ...to- .£3 ,17s.', 6d.; good store cows, J!2 155..t0.,£2 175.;. others, .£1 10s. 6d. to £i 55.; bijipty, 2-year, heifers,. J£ 2s; to. £2 7s. . Oil.; yearling', heifers', to 2Ss.',; mixed / yearlings,' 2fe) to! 275! Oil!.; bulls, £os. to 10s. ! Dalgety' and Co.'i report as follows on their Eketahuna sale-on' Friday :—All sheep entered came..forward,, andi morei cattlo were in than advertised.. . Bidding 7 fdr sheep was fairly brisk, but cattle .were, „du\l. ; We quote: Fat ewes and wethers,! 15s. So.;* storo ewes, lis. Id.; ewe hoggeti, poor ..ah'd.jffiiall, to 13s. lid.; 2tobth'. to j4s. 9q.-; weanor. pigs, 13s. 3d. i to' -115.'7 d.;. 3-year stiers, to .£4'l7s. Gd.; fat' and. fqrward "cows',, .£3 ss! to M 10s.; 2i-year steers, to.-£i''/' "2S-'year : lieifers, to J62" 155.; spring cows, .£3.155. to M 25.; aged cows, .with calves at' foot, ..£2„- ss. ;.,. yearling heifers, 205.; weanors pigs, 13s. 3d. to 14-s. 7d. . .. HIDE AND SKIN REPORTS. Messrs. Dalgety -and Company report:—Wo held our usual salo, of..skins and hides at Wellington on Friday,' Buyers were present in usual numbers, but'in most cases bidding was dull. We submitted a lengthy catalogue of skins and-hides'aiid a-few bags of-wool; also a quantity of tallow!--' The demand throughout was . less-keen, than atflast '.sale; good skins showing a decliner.of! about jjd. Hides were slightly easier. We.quote as follows:— ; Sheepskins.—Fine, crossbred, • 7^(1.; medium crossbred, 61d.. to ,Gid.; dead, ■ 4Jd. to 5Jd.; inferior and -.woken,'; 2d. i.to "43 d.; pelts, to '4d.; crossbred,'-salted-,'si'! '2d. to ss. Bd. Hides.—Ox,' G3lb., s*d. per -lb.; 501b. to 54 lb., ;4M, > per lb. Cows, ,401b. to 441b., 3Jd. •to 4sd- "Calf,.prime,;sd. to Gd. per lb. Tallow!—ln casks,. .£23 10s. to £21 per, ton; in'tins,. 17s...per. cwt!;..rough fat,-Us. to 18s. per -cwt., . • i ■ . . -Note.—Our next, skin and hide sale' will be held on January 3, 1903.; ' ' ...

Messrs. Murray, ..Roberts, anil Company report -as vfqllowsWe catalogued'3soo sheepskins, 550 ; hiclcs,"and"12:'casks tallow yesterday.' The attendance' of btiyers Was fair, and at a lower range of prices; .competition was fairly frfo for all sound! .pelted and well conditioned lines of skins, /Prices compared with our last salo show-a. ; drop -of; $d;--to Id.. per lb. on sound pelted.iskiri{i, i ,find ,u», t0,.1.Jd...0n inferior lots, in'/sympathy t . cabled' advices received yesterday moi ; ni'ng. Hide's were in fnir supply, consi4t'e'd ; . ! faostiy"of"inferior and badly cared for'parcels'.'. Good .sound fair-conditioned ,par-celS-sold.'ab'but'.oh'a 'par-with lnte rates, but inferior and: darriaged lots were hard to quit at 6omewhat reduced ; figures. . Tallow was easier byi'about.lOs. ,p'er-t6i)^ : < We quote as follows • Sheepskins:—Crossbred, medium to. fine, 7d. to ; 7jd; per, lb.; crossbred, coarse, OJd. to.(>id. per !.lb.lainbs, ..woolly, 6d. .to 6|d. . per lb.; lambs, spring, ,4sd. to.;sJd. per lb.; crossbred, damaged arid inferior, stl. to Gd. per lb.; dead and' hogget's;,!4|d. to sid. per lb.; to Is,, each. i' ■'' „ - ■ Hides—Heavy ox,; none: offering; medium and; light :ox, 4}d. to.4Jd.per lb.; cow, prime, light,-4Jd. to per lb.; cow, fair condition, ■fd. .to. lid., .per, lb. damaged and ..slippy, 2Jd. to. 3Jd. per lb.; calf, " sound, prime 51d. to Sjd! per. lb.y. c.'ilf, sound, medium, su. to sjd. per lb.; calf; damaged, 3!d.'to 4d. per lb. I Tailqw.—Casks,'24s. Gd;:tO 255. Gd. per cwL Messrs.-..Abraham, and Williams, Limited, rcportron.their.,skin.sale, held yesterday, as follows:—We'' offered a catalogue comprising 2000 skins, 200 hides, .tallow, etc. Buyers were, present in good nuinhers, but wo' have to record a very • decided drop .for everything ..submitted. This is owing'to recbrtt cable advice from London; showing: a> substantial fall in valufcs. We qUOte !—• i , . bags', "crossbred, seedy; 5Jd.; dead, 5d.; : locks and : piecos. ; 33d.. to 4}d. i Skins,-pMcrinq, 61d. to 7d.merino, short, sd;; „crossbred, ' line,.. 7d.> to. 7Jd.; medium to coarse; 6id.'to GJd.; crossbred, damaged, id. to M.; dead, 4ld. to .yd.;' lambs, 4}d.; pelts, Is. 2d. to'ls. 3d.; butchers', half dry, Gs. 2d. to Gs. Gdi''to. Gs: 103.; lambs; Is.' 2d. to 'Is. 3d. ; ox, SJdj to s}d.; medium ox, iid..to 4Jd.;■ light,.4d: to.4Jd.; cows,- medium, 3Jd. "to -4d.; light,'- 3}d.. to 3|d.; ox and cows, damaged. IJd- to 2d.; dry hides, 4Jd.; calves, sound, 5Jd. to sjjd. . ' > . Tallow.—ln shipping order, 245. Gd.; in tins, 18s. Rabbitskins, GJd. Cow tails, Is. 4d. per dozen.;,

, ' ■. Variations ' -■• _ Prim compared /;...' il . lco , with .' • ' ' • ■ '■ ■ ' . . last wcok. £ s: a. 2j% Imperial Consols... ... 82 1s! 6 Unchanged i „N.S.W. 1903 Jan.-July ... ICS 0 0 Unchanged 34 ..N.S.W.IOJBMar-Sept ... 93 0 0 Unchanged ■ 3 „N.5.W.1C35Ap1.-Oct, •.. '85 0 0 10s. highor 4. „ Vic. 1920Jan.-Jul}'... ... 101 0 0 Unchanged 25 „ Vic. 1921-tiJau.-July ... 95 0 0 Unclmngod.. 3 „ Vic. 1929-19 Jan.-July ... 85 10 0 10s. higher 34 „ S.A. 1910 Jan.-July ... 100 0 0 Unchanged 3 „ S.A. 1916 Jan.July ■ ... ai 0 0 Unchanged i „QTdl92l-30.7an.-Jn1y.",... 103 0 0 Unchanged. 35 .. QTdl92MOJan.-July ... 90 0 0 .Unchanged 3 „Q'l , diy22-]7Jan.-July ... 81 0 0 Unchanged i ~ N.iS. 1020 Mny-Nov. ... 103 0' 0 Unchanged'. 35 „N.Z. 1940 Jan.-July .... 90 0 0 Unchanged' 3 .„N.Z. 1910 Jan.-July .'... 8-110 0. Unchanged 35 „ W.A.1920-35Mny-Nov ... 95 0 0 : Unchanged 3 „ ■W;A.1915-35JIay-Nov ' ... B4VO 0- -Unchanged 34 „Tas. 1920-10 Jan.-July ... 9.1 0 0 Unchanged 3 .. Ta's. 1920-iQ Jan.-July- ... 85 10 o: Unchangod

. : LONDON MARKETS.. BY ' TEMOBAPH—rSESS ASSOCIATION —COPYRIGHT. ' ■■ Looton, December 1!). Wheat—Tho ' American, visible supply is M,928,000 bushels. A parcel of South Australian, expeoted.to arrive--in December, sold at 335., 6d. ; ; ■ - . ! ; is quoted at -2s. 1 1-lCd. Messrs. : Da]gety and-Company, Limited, Wellington, have received the tollowing cable mes-

sagofrnm their London house, under date of December 1!>:— Butter.—Market firm. The Copenhagen official quotation is I kroner (about Is. lid.) per cwt. higher. The total imports of butter into the United Kingdom for week, ending .December U, amounted to RG.OOOc'wt!, as compared :wil,li 78,00(lc:wt. for the corresponding week of 'lOOB; showing n decrease of I2,ooocwt. Finest, 118s.; unsaltod, llfis.' Do not expect any important change in prices for the preseut. . Frozen 'Meat.—Beef—prices are'easier. For lamb, we quote, as follows:—Melbourne, prime, sd. to Sid.; secondary, kl. I'o 4J.; .Adelaide, 3!d. to 5d.; Western Australia, 3{d. to ,4jd. Australian ■ mutton, heavy weights, over 5011).: crossbred- and merino ' wethers, f.a.q'., 2Jd. to 3d. New Zealand frozen meat, all descriptions, prices are unchanged;: secondary, stocks are very, large and .difficult of- sale. Tallow.—Prices arc Gd. lower. Next public' sales of tallow wiilbo held on January 8. Leather.—The markot is'easier. Basils.'—Prices are lower by id. per :Ib. Messrs. Murray, .Roberts, and Company have the following .wool market cablegram from their London house, Messrs: Sanderson, Murray,.-and Company, dated• December 19:— For merino and firio crossbred sheepskins, the market has declined ■ id. to Id. per lb. For coarse crossbred sheepskins, the market has declined ljd. per lb. Inferior - descriptions show the greatest decline. BANK OF ENGLAND.RETURN. 'BT TEEEGEATH—FEESS ASSOCIATION— COPTEIGHT. ■ (Rec. : Dec. 20, 10 p.m.) > London, December 20. . The Bank of England return issued for the week ending Wednesday, December 18, is as under:— ' ■ ' . ■Issue Department. I Koto Issue ££0,406,000 Gov. debt £11,015,000 l Other Eccuri- ' tics ..." 7,431,000 '.' 'Gold ... 31.957.C00 ..' £50,406,000 £50,103,000 Baxkejg Department. '•Proprietors' • Govt, securi- ' capital £14,553,000 v ties . ... £14,332:000 .Public de- Other securiposits.... 5,240,000 ties „ 23,834,000 Other deposits ... 43,489,000 Ecst 7-day , and other . ....■- - bills ... 3.333,000 ' ■ £66,615,000 The leading, items of the Bank.of England return afford the following comparison:— ' This week. Last week. Last year. '".••■•' '■ £ £ £ Bullion...' ... .31.957,000 3-2,919,000 31,588,000 Kescrvo 23,300,000 23,674.000 22,748,000 Note circulation 29,127,000 23,040.030 SS.SOI.OH ' Public Deposits 5.240.000 5,338.000; 6,573,000 OtherDcposits 43,459,000 45,023,000 41,758,000 Proportion rescrvoto ' liabilities „ 45.00 ' 46.95 . 47.02 ..GOVERNMENT SECURITIES. The following are. tlio latest quotations for. Government- securities with a comparison of those, ruling last week: —

. THE MONEY MARKET. ■ The open. market discount rate for best three, months! bills is .unchanged .at 6 per cent. The Bank- : of England rate is unchanged.at 7 per cent. •■.■'. ■■ COLONIAL AND OTHER PRODUCE. Wheat.—The market .is recovering, from tho effect.s„ of, pressure to,',soil Argentines, owing to the activity'of American speculators, but legitimate business is small. ■ There is more inquiry for cargoes; 40s. Cd. is asked for Victorian September wheat,' and 395. 9d. for ■South Australian December-January. Australian, on spot, is slow of sale, at 455. to 455. Cd. l r lour is steady; Australian new crop is bffenng.at 295. Gd.. !)s. Bd.; first marks, lis. id. Butter is firm, and there is a good Christmas trade. Danish, 1235. to 1255.; choicest Australian, salted, 118s.; nusnltcd,' 1165.; New Zealand, 1205., occasionally ]225. Cheese is firm. White, CDs. to Cls.: coloured. Ms.-.to 625. .Sheepskins—Of 3000 offered, 2500 wore sold. Thorc ivas a-.fair-, attendance, and unanimous bidding. Merinos, fine crOssbreds were 10 per cent, below. November'rates. Coarse crossbreds were 12 a L per cent;'to 15 per ceiit. lower. Short and shorn,' 15 per cent, decline. Bradford Tops.—The market is dull and irregular. Low cash prices are accepted for spot lots. Common' G(rs, 2Gd.; super .'GO's, 2CJcI. ~ THE. METAL MARKETS. • Copper.—Spot, JES9; three months, JCGO 55.; electrolytic, £61. , , , ■. ' •■• % ■ . Tin-Spot,',£47 10s.; three months, 10s.Lead, £14; iron, 495. Gd. : "' ' ' , " .NEW ZEALAND RIVER PLATE : ■ ■ > . ■ COMPANY. Auckland December 20. , A private cable: states that at the general mooting on' January ■:7, the directors of the New-Zealand and'/River'Plate Company will: recommend a dividend of 7 per cent. / for the year, the" interim dividend .to be. deducted therefrom. The approximate amount of the net profit, is £39,269, of which the dividend will: absorb . leaving £14,000 to bo paid to reserves, and £4209 to be .carried forward. The directors also recommend that .£IO,OOO bo carried to reserve in consequence of a revaluation of-tho •'New Zealand- assets. The total reserve will then be £252,000. ■ '■

1 \ .V&bYtf " ; 'Bfisetro■■: gu ''i' 7 -'!?• '^"IfwA.' " ■■■ field .' \cfi\rpkNT' ; Capital-* Fnndand: P-3a> nAr 1 ' ■■ • ■—•-■ T f to -;.,.COMPAQ..,,.. vgS; -'Sdlqr. jffi Investor. •*-. ■ £ '•' V : £* ; £ s ' a '- 915 6 *' S Kew Zealand- ••' • '2,0<XJ,0M•• 581,673-• 3i; - f 3S' li.v . g.fli-n! . National- - 375,000. 335,318 ' 2ji.. .,15 . J3; "J °7 e 7 fZ. 0 . " . ; INSURANCE. : ,-r'. ' o- j '■ ■ I . 19' ft Ell 7 .National'- '--300000 S0339 |. nnlta.-'- -15.'- • >1,S n i 1 n ■ I ' " 1 • >??ew Zealand -. 300,000 • "335.185 2 8 •■-'•JO--. . ; B lu \ u ! .. IJ • ' South British '• •100,000 612,499 1 ' uiUtd. fo-«• » n n B 16-4 Standard -. • 75,000 . 82,183 J unltd.; .10, 1 ' S 1 6 v . . 1 * " J ° ■■■ EqnuSao BaMtog ~EO.OOO ~ ;k4 59a 5 , s' < ,jo', .'10. 3 « ; 10 s 10 6 i 18 S Metropolitan Building 21,000. 5,229 .10 oil'.-. 7, ; '810 0 n 0 0 -. Wellington InTOisfc.V 60,000'- 3,933 ' • 4 i '. 6' ..,- 1 „ , . : ,i Sii-„. Sjd'o' 's ij WgtonTrust&Loan .101,250 59,620 : 6 ' 5 18 '' '?, » ' , . ! j J 2 2 ,? - National MortgMe . .-. . £00,000 112,550 2 < 8 ... ' 10 i " ii.y.y'n ' 1 fl fi 415 O N.Z. aid River Plato"'- ' 800,000 . "220,303 1 nil., .'-7' 1 9-i, 1 J-' . * a u Loan and Jlotasatila. 135,2£J- 157,353 i 85 6.' ".'. -.■ Auckland '- ' ' V; JS0,370'! '''E0,553 B :nil . : 16 14 0 0 J„'§ ' . '" '■ Christohnreh.,: « . . 152,000. 65,087 -, .; 5 -,nil. 10, . r Al . ■■ ni«- p Ill?'0 Foilding 10,805 ' 103 - nil .. ■ 010 , 0 ; S 15 S'. ' u " U • Giaborno « » . 17100 • . ' I nil : "121 ' •' * ".v u ' Hawera . . . . /-8,250./ i ,,745 J. »i 10 . - ; ' 7 ; 5 n ' i - Kewl'ljjnonth - . 18,000 ' 8.15D "-6 nU .(10 ■ -HT- 6 - . Jlftpior. . ) .10' Oil;..,.15 2 ' - 49,957 f- .S2J17 . . 5 . ,'-.5 i • 15! ' . ... , »i f .- -v),. .. . ,.,u ■. *1- 9 '»"• ' 15'- ,> r ' v _ '• , ; if y e R 4" , ■jAlmerstoaiTorth'.-,'. r&SJCQ ; \ Jim _ i .) ;.,I&Z< •ih'-'6' : o* 18l5'o: 56 8 t ikwb]: ;io , «i; ;io, g, $1° H I ; f - MEA!E»-. ■ I,.- ;.t i , ■. o rt ■ n .' .--: Canterbury •- - - ■ - ■ 183,727 -50,074 . . 7i v 2i , 8 ••-»iS-.2 .i 01Q 0 J13 t , Cteishshuicll^:,^ 1 . " 165,920 •''^54^37;I 10;' i,8„. M 7131 '... ;cear ...... ■ Mm ;i '-06,261. ■ .-'-1 nU.",'. 'MS„S10 0 : , 313 0 v ■' -ifi- -s--','W-V 4- ~'.6 'i 1 ,<125 : . • ' ' " n - , WellingtoniloatEip.'; ' . ; . .. 5 -S' - ' 0 „■ 53 e 5 30 S S B ;; ;; ios.766 63.757 n J , 3 -j; 6 ' 3V0 esi .Wanftinnl . !! " "45,650 ■ 11.491 5 nit ' ' B' '" !I : ' „ .'. .- -v TBANSPORT, I , ; - - v d' j' n i q q n -n 3 8 I -.\0:M.Baaway ■ 1,170,000- 121,452 )' ' 1 « T.'? »(.2 V.lc.i 2 Via B 00 t: UJtShipping ,--'7 i "473340-;- , J13,751- ( .- ','8:- -ML ...5 .- 6 6 0 -6 5 0.. . 6-5.0. 6 0 U i- Union Steam v;.;-,.-COO,000'--. .472,590.-;- 10 ml.)'-■: .10 ' ' 2010, 0;'-21- 0 0 20 17 6 4 1 5 10 1 'Wgtn-SteamFeny • 46.250 :,v..,: 6 ?' ; . i: . "H--. . 6 '- 018 0 013 0 « : KOflX) . -*.215 S-V li 15 I.'.'.;® ' I ;t-n ■ °. E " 7 f.«aupiri--i ;< "'- - ■ -' 62.500 , ri- 6,339 • V-l- ml.'-- 1 74 ' "018 <> "'8 f , ■ s ....wooiiLB2v;i• j. .. - '-A.7 v..-.J.. v;- -' ' Ktiapoi- - •: . - - 300,000 . £2,551 5 «'}• . - . 6: .■■ -.■ ' ' .' • Mosgiol-" . . ' ' 83,457- '' -'> :3l . li ..'4 •-S13 ,0 . - . .. .. » s IValLnston u - - tOM .E4.3S3'. 4 ...1 .' . 6 . . 8 °. 3 80 ' UISOELIiANEOOSi : : i -''' '■-'■■■ , r D&aigliyRopa - ra 47 000- 'M0 '-.nil .r. ; -, ; 61S:.,0 i . » Xjeyland&o Bnaq - 36 000"- B7.761-- .'t; • • 15:. -3 4i 9 . ,.2,5 r .,9 -S 5 9 6 6 0 f Maurioevffloliima ,•-7.000 • '". 20# - i .'l. u'| ' ' 8 " I S 0 .' H;Z.Canai6-iVi-^,,10,000;.., ;..-v7 ;10 ,nu _ 10 0 0 , K.Z.'Tlnig-. l :.'t v :.'£00,000, . - r S4,514 . '2 -. nd i .,1 .. ■ E10. 0,.811 6; - JJJS: Paper Ml* H' 94,755'. J 1,177 .» l'1 ' "'ill :• 7 l ,,.1 3 S ;0. r-;l,-3 3 1 5 3 6 0 5 .-40,0007 ■; tel; ' •' "v.» ,.:lIQ.fi. •" IJIJ ■ .- /.-Muming&Co.-,-- 96,000.,, >S7,670... . 4 V-J - 10 ' , ' ' „ „ n n ■Vyard&Co.';- EO.OOO " ,. 655 ;.4. 1' 10 '• '<ri11 .6" ,:5 '2' 0 ■ . ; 5 0 0 8 0,0 "Wgto.OperaHonM' » : "18.C30 ' 1.703' : .'-6 ' nil ;. ',8 V..I.19 0; . 7' 5 0- J 0 0 -514 . . "Wgtn Fresh Food . - .' 23,261. . 1 -.ml _ - ! 'V?hitcombe4Tombt- . : 46,250 - . S0J53 , - 6.. ,nil . 10"' i 6 0 ' 410-0 • • . i WhfiK.'.' .-B.3U.7' 1" 7i H9 0 ,