FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 77, 24 December 1907, Page 10

FINANCE AND COMMERCE.

-,'.■. - , GOVERNMENTi"SECUEITIES.;crS_;---,; '■■■ - The stringency in the money market has not '■ ■ • • to seriously affected,. Colonial Government sesurities when the jligures. .are compared .-/with, i the date. ofiUast-iye'atf "LAt '*?s'■< " i ■ Bame time it is necessary to point out -that >while the Bank rate isnow .7 per cent, it ■ .';.. was as high'as G per cent." a" year""agov with •! r -extreme stringency. However, -tho comparison - .for the two 'periods is as under:— ■ ■ : *"' December December . ■ ■-.■•.■■' ;■■ 1906 i 1907 ',■■-.. ' . £. s.d.' JE. s. d.. Zip.c. Consbls ™ 85 17 6 '82 12 6" , i " New South Wales 107,-10 ;0. %105. q, 0 ':' 3i " , New South-Wales-100 ; 0-.o.>9Bj : oVo' \ 3 " New South "Wales' 88* o'o' "85 0" '0' ! i "Victorian 103 0 0 101 0 0 "■■"3£-. "Victorian 99 0 0 96 0 0 3 • ~ Victorian T . 89,.0.,.0 85 10 0. ■''. 3k '" South.- 'Australian 100-0-0, 3 " South" Australian" 88" O"'O ■'' Bf'o'o 4 " Queensland 105 0 0 0 0 , 31 " Queensland ... ... 98 0 0 Oβ 0 0 3 "■: Queensland ... ' ».- 86 10 Q.. 84. 0 .0 , ■-■*•'•■ " New -Zealand ...-107•..•'5'-.'0V105»;0 0•3i " New .'Zealand ...100 5.0 99 0 0 3 ''■" Now .Zealand ... 89 0' 0. . 81 10 0 ■ 3\ " AVest Australia ... 98 0 0 95 0 0 -3 ■ " West -Australia ... 87 10 .0. .84 .0 q . 3i " Tasraaniim ... ... 98 10 -f)■* %■ 0 ''0 '; 3 ■" "Tasmanian , 89 0 0, ; 85.10 ; 0 r It'will''be noted that South', Australian 3i's . are slightly higher than they wens 'a' year -. .ago.' ' ... '■■..-..■-..■'..j-,'. ,, .■''...'.'■. '.-- ■- '■'■'■ ii '. ■■': BANKING IN ENGLAND AND AMERICA'.' " ] In England , there "are, comparatively, '. la 'small number, of large joint stock banks, and whatever academic opinions, financiers .may 'hold as. to the proper' amount of 1 reserves \ which should be held by, the English banks, there are no two opinions as .stability';;. They do a trade all over the world; they are ... managed with:c'atiti6ir, and their -'alliancesr.and • ':■' " business' relations with international finance.. ■ houses render them indifferent to local conditions.- Bnt American banks, are completely different' Each village has not one, but often three or four banks.-. The growth. ;of th'ese, ' Email • banks is encouraged by the State. Subject to certain not stringent conditions 'they issue- notes and are encouraged'■!to "do this. V They begin in a small way, and grow up with • the town.' TKcy""fenow. all: the people round .'. about,) and they give credit freely to''cute ■ ~ customers. In good. times -they-aro-safe in :'■ doing this.' Everybody is making money, and overdrafts soon turn into balances. Tho vast . floating population' ■ of,•the"'VStates v ;<L the jiameless. ' number of Swedes, Norwegians, Letts, Slavs, Germans,- and Italians,-,.who work . all day'and half 'the niglit take their,,.,dollar, bills to these little banks and hoard',in-readi ; . , ' ness for tho day when' th'ej-xan'.open-.a''store and begin .business on- their ,- own ' '-account.' ' s These foreigners all save money and'all help ■\- to swell the deposit of the.local.banks.' ■'TfSde; slackens off; tho local- banker has ; more money: .-' than he can!uso locally;"he lends 1 his; surplus. fnnds to New York, Chicago, or Boston; he buys the bank bills of the big "national Banks'."'

i They in turn lend to (Vail Street financiers. Wall Street becomes short, asking for money. ■ The big National Banks'?, asR-jtlie littletlocal) , man; tne little local man; gets comes.. The Letts, the.3l'oles',.'' : thef..;lt^liSpß, , ; . rush for their hard won' sayings. -Thej. bank; cannot pay; the money is> in'-'New YorK-tlirea-days' journey away; tho r 'telegraph ip'wi'.g&fiZ The Polo wants cash downrhe'ipll iiot;wait'an' hour. The bank .week, bankrupt the next:'r s 'Theffirt .what it feeds on. ,;, -:'.'• ■'/•■■■" : -'>". '•■-■'.--

BEITISE COMMEECIAL SUPEEMACY. A Board of Trade return wissuedi gives striking' proof of the iway/Vin *wWch' r Great Britain is keeping-ahead of- her most formidablo rivals, Germany and'the United States. Each conntry is profiting enormously from tho expansion of commerce throughout .the world, but the United Kingdom easily retains the predominant position. Taking- tho ■ results for tho first six months of this year, Br Ajsh ■ exports, which amounted to2OGJ millions sterling, aro 13£ millions -ahead of < the United. States, and 40J millions., ahead of.Ger-, many. Compared with';the'first half of 1905, our exports have increased by 50} millions, those of tho United States bv 41' millions, nnd Gorman exnorts by 3G. millions. German imports expanded by nearly 50 millions, as against ineroase3 millions.in : the. United States /and British imports" respectively, hut-our imports'for "'the'.' first"'sii' months of this year, totalling , 296J-' millions, exceeded those of-the'United-States-inNtho-same period by-.120} millions ' and ; . those of Germany by C3V millions.' Combining .exports and imports, there is an aggregate growth in British'trade of .94} million?, k while .German, trade improved by 80 anil American by 85 millions sterling. '. ; . ... . '..... ~ - ... ! ' N PIG-IRON PEppUCTION..; ■ ~- v; Tho production .of.^iron,orp;,and-tho make o£ pig iron last, year are .thus .provisionally,, stated by tho' British Board "of Trade':— "'.' ■•-.■' '■!!.. : '"'lron Oro.'- , 'Pig;lron. , , . ' ■ i ' ■•"■Tons, ''i-Tons; United States::..'. ... ... 49,670,000.: 25,307,000, Germany (& Luxemburg) 20,305,000 12,096,000 United Kingdom .... ... ■'. ]5;500,000- 10)149,000 Prance :„ ... 7,500,000 3,260,000 Eussia ... ... .-■''„.'- w -6,400,000- -2,619,000 • Austria-Hungary ...... 4,085,000 1,650,000. Belgium ... - -."..'. ■ 197,000 1,408,000 Sweden ... ■ ...' .:.' ' 4,429,000 : ". «95,000 Canada I-...,:,..259,000.;'. '.534,000 Spain ' ... 9,982,000 373,000 ■Most of the iron oro raised ; in.--Spain., andSweden is smelted in England and Boigiiim: 'Canada, too, took the bulk of the 700,000-tons /aised in Newfoundland, arid,""in" "adclitioiY," • Cuba, Algeria,. Greece, and Italy together raised about 2,000,000 tons..of ore.,. l Tho.,bther. iron producers of tho world havoj. been very fow and insignificant. '-■• But Japan may nave" to be reckoned with. In 1904 Japan produced ,87,533 tons of iron, but■ that'-isno indication as to what she will produce.' In''lßo7'New'; South Wales will add something to "the-list.-DEEDGING EETUENS: ,' ,;'., ,„':,- ; , -. (ET TBLEGBAPH—PRESS , ABSOCUTIOR.) . . \ 'Eekfion, December. 23. ' Tho following dredging returns aro to" J. an( j : _Pactolus, 1730z. Bdwts. for 155 honrs; Pnctolus No. 11, 211oz. 15dwte,for. 157 hours. The Pactolns total yield ,is 977pz. for threo weeks, and tho declared 'dividend is ss. nor share, payable on Friday,;T)ecember-27. The New Bin River mcetinp to-dr'i' declared a divi-

jdend pf-lg. .6<SLp.or share, absorbing ,£IBOO, and carried'*forward .£OOO to reserve. , '..--'.- .. *,'/ \Vj£slN,Gi ; 6S : :'Miipi)UGE MARKET..,'.'". Cb^-_Ltd.;-. Wellington, report ''wholesale prices ruling oil'' the market: — Milling wheat, 6s. ■ 3d.;-fowls', ss. lid.; oats, 4s. 3d to. .ds._4d.;_jnaize, , ds. 9d. to 55.; cruslied malt, Bs.; Prussian blue peiis,. 6s. od.; fowl peas, 4s. Cd: to 45. ; 9d.; all nt per bushel. Flour, New Australian, £13155.; pollard, £6 10s. to '.£6 15s.;' bran,' JS 10s. to .£5.155,;..pear1, barley, JEI9; ; split,-peas, .£lB 10s;; beanmeal, £6 15,-s.; bonedust, £6; superMi jlss.;; tfi-, £5 -55.; chaff (oatensheaf), all'at per ton.-Bacon, factory', sides ' Bd*;*hams, BJd., .to 9d.; rolls, BJd.; butter, balk pastry, 7d. to- Bd. Poultry, hens, 2s. Gd. to 35.; ducks, ss. to Cs.; turkeys, gobblers,. 15s, to.. 225..;.. hens, Bs. to 95.; all at por'-'pairi' Cauliflowers,. to :95.; cabbages, 2s.'fo"4's. r ; alfat per "sack'. Green peas, ?d. to Is. por pcc : k; fresh eggs, Is: 2d."to Is. 3d. per dozen; cheese, factory, GJd.'.per 'lb:; onions, ,9s. to r .lOs r ,,per.,-ton.;,. f , wv , ,■.■:,".,;' .:,.•• •.•'•>■ --— -OCI-VE STOCK MARjyETSj .- , Messrs. Dalgoty and Co., Ltd., .report:—At .Waverley on' Friday, we yarded,,3o9' head ot cattle nnd"l2oo' sheep; l -There'was' a good attondanco; of-, buyers,-- and brisk competition under. Jthc hammer,.'especially for cattle. Wo made- nearly a tbtal"-clearanco at pricee showing an advance . on T .our Wanganui salo. Quotations-.^Sheep—Shorn, two-tooth wethers, .good, Uss. -Gd.';. othqr.s, ,145.; shorn two-tooth 'ewes,'-156?'Id.;'ehorrt'owes and lambs, lGs. Gd.; cull ewes, Ss.;.mixed.forward sheep, 12s. .i&r, four-tooth" Romney" rams,- ljgs.'; four-tooth. Lincoln rams, 2gs. Cattle—Two and a half to .three-year, steers, ,J34. 'ss'. to , £i 75.; eighteenmoflth to'two'yeai" steeis, v JG3 *10si to .£3 145.; yearling steers, £2 Bs., to £2 lls. Gd.; forward 195.; .store, cohjs', .£2'los. to £i 175.; hoifers' in'calf,* *2"ios'; storo heifers, 275. to • J2"'lss.-';,'yearlinpr ; ■'h'eifers, 255.; to. 30s.; ;l iriixed .yearlingSt<.3lSi'>6d.; i coycs and calves, £&.

LONDON MARKETS. * .:-". V/' ;V.:'-i :'.•!.! Londox, December 22. Copper—On spot""£s9 15s.j three months,jeci.-'--!^^'' ■■■■*•■*.- . Tin—On epot,. JSI2I 2s. ..6d;.; . three. months, £m ss. Silverf-2s.' OJ. "~ Antimony— £S 10s. to.€ 9. ■' '■ -'. i'' .-.-; I j-Jix '' \ , ■ ■ FROZEN MEAT. /. Frozen are unchanged. ' Lamb-^Canterbury, . light, SJd.; medium, 5Jd.;- heavy; -5d. : •- I ' '■■"'■ ; ' Beef—Price's' liriolianged. -.' ' v -Eivcr- Plate-' 3d.;, light, 3\i. ■•■ .Eiver Plate■ Sheep—Heavy, 3d.; light,. 3Jd. ■: Babbits—Dull, and prices unchanged. ■' ■ ■Ilares—Fair;trade. ,A.few fetched 25., 3d. WHEAT AND FLOUR. , iTliflwWheati, and,, floWj. afloat for the United 'Kingdom' i5«2;335,600 'quarters; for the Con-ftinciaEr^l'.lpg.O.OO";q'.aul-tfti'f;; Atlantic .shipments, ' ■135,000.:? Pacific, shipments,' 183,000 quarters. ' WooVr-Tlie'.'aVi.ivalsi lor, the January sales are 'existed ; bales. , ' There--was some-Sagitatidii for'-limiting .the offerings,' but t.hejlfiipottqrs , ; Gomtniittee;' at a special, meet-:in&-decided i-to, adhere to. its original decision Itoxfifeno limi£;!s:" ''' i , ;: ; ' ! ' Neiv"Zealand- i -'Heinp—Dull/ ■' February-April ■shipment, JC27 • 10s. ' Copra—Depressed. South Sea (nominally), .£lB 7s. 6d. :

* ,"Hi&i£ COMMIs'Si'pNER'S tJABLE. .' The - Department of'lndustries and Commerce has received the following cable from the Uiglr: Commissioner, dated London, December wii i The muttM' s y!i r kd,t.:is. very dull, owing to a poor demand, and the tendency of-the market seems to bo to decline:" Canterbury mutton is quoted at 3}d., North. Island 31d., Australian 2Jd.", and"Riv'er'Plato ;, 3d. per lb. j. Now Zealand Jamb is practically exhausted 1 ;, Australian, however, is in large supply, and"'sate" is difficult to effect at an average of ~4Jd.r p er lb.- '_' The beef market is guiet, siipplies of Eiver Plate,, cliillcd beef, ..being plentiful and very, cheap:' -New Zealand hind quarters,-are quoted -at 3|d!,:-andxf6re .quarters at 2jd: per lb. ' . ~.The,,,bjiljtc,r. market,, is very .firm; an active demand' continues for- Christmas, but lower pHc'iis "are , antic'ip'a£ed"a'ftenvarcls. The quality of: New- , Zealand- butter is giving satistaction to-buyers.'-. Choicest-.-New Zealand is quoted nt" 1203.; Australian, 1175.; Argentine, 1175.; •Danish, 'Ills.; and Siberian, "lilsi pet cwt. Saltless butter is quoted at 2s. per cwt. less !.than-.ahßve-.;priccs.;- 1 .« • i. , ' ' 1.-The cheese market is firm, and there is a good, .demaud.' White is quoted -at 60s. 6d.; ; and coloured at 61s. 6d. per cwt. i,,'i.The l i;hemp,-.market;..is dull and unsettled, having been unfavourably affected by the low pi-icb of' Sisal, which"'has faljen to ii 22 10s. per'tbn'ftrTgbod'quality. Good fair grade on 'spot-is-quoted-at. .£2B; fair, JanuaryMarch shipmpnts: good fair grade, JE27 10s.; fair, 'J826 10s.; prices are, however, lrrogulav. ;, .Thc.'cilcksfpo};,"inarket is quiet,-.with little doing, but good feeling prevails, and prices -aTC. firm.ttt-755;,,,,..,•.>■. ■ -:..,•,:. The following .are'tho current/quotations for Bradford "tops":—36'si low crossbreds, Is. Id.; '40V, low crossbredß, Is;"ljd.; 4-l's, medium, Is. 21d.; ■;50!5,,-half-breds,.:Js. 7d,; :5e!5,.-.quarter-'breds',:is. _pO f s, : morinos-.-A,; -ftL The market was quletrnt-tlio.dpolino.;.i•':'.'••,'

''NEW'ZEALAND'AND RIVER-! PLATE ■■----■LAND CO. .■■ '' ' ' ; ;■ 01 TEtEfIEATII— PBESB-'ASSOCIATioNi-HJOPTBiGnT. -'"•'■'■'■'";•.'' '*.■.■■ "London;, -December 22. ■ Tho Now Zealand-- ; and Eivor..Plato Land iMortgage,-Company has rovalued-its investments -lit 7 -Now Zealand, raising tho value from, : ,£1074 to '■ i 11,070. Tho difference has been placed to • roservo, which ' now ■ stands at ■£252j000r--—-—-. ■■—■-' ■■• -. r

• WELLINGTON ISHAKE; IICT. ; , ; &£ iJ| BB? or.. j> *K.-' Investor. '. bams/ '"V :...■■ ! s -*•■■•■ * ; a 0 -■ is,a, * CB,a, National ..... . ■ 375.000 V>-335;si8 IB- M.kV- ••.'■■" 8 ° ' ■ ■ . Rational . V - . ■ !£]CO.0OO 249.339 "I - , onlU. • /is , , i< i' n "• -NewZealand ~, . •' . v 800,000 336.7S5 '..J- 8 . >J0. 8 Jw- . **.! ,o « Eouth British ,'. - .100,000 012,499 ■ a. '■.'S 15 !' , S" t α-n" <; 16 4 Standard.'- -■ . : . 75.000 62,183 i; unltd.'- V10 i 'V : -! > - ■, 130 .016.4 *dfaKiidb« ■'.'.■ mm iik ' .' s :: ' V- ■, W ! 10 so .10 2 e us g : Slctropolitan Baildini: -'21.000 • 6;221 '10 nil ' :• 7' . .". ' ' „,(, , "nil n n n n .-■WelHnetonInYe.tr - i. 60,000 - .,- 3933"' :Cj- :/...!..;. ■!■ 6*- , n - : fi . • ?ln n :? n 0 0 0 8 Wel-gtonTrust&Loan. 301,250 S9.ffifl 6- ;/. 5 : -i ; 8 ' ° ««■ i' 710 ° J ] g . g HJ NationalMortfc'aeo - SO0.O00 112,250 2 •? „ a 100 ? fl 6 415 0 . N.Z. and River Plato.- 300,000 SSoIsOS 1 "nil 7 193 n S« 1B6 415 ° toanandMercantilo - 135.22J 167,363 i 85 ; v 0_ ,....., Auckland '..,'„';. '.'160,370.. W,m", .. 6 -:*nil r i. ."ifl- W '%<>'■ H"§'? Christchurcli . ,■ . 152,000 K.C87 6 ~ nil 10 n 1B . ni? n ■ 017 0 ■ FeUding :.,- .... 10,605 , 103 1 nil,. .- , 0:6 ,. a S ]l a Giaborno-, - ". "" .'' 17,100 ' 9,239 1 "nil" 12i ' "" u Hawora 4-.-■-.--8.SS0 745 ~-J i -10 ■_.— -.■- -■«■ „ ,,. , ■■ KewPlymonth . . 18,000 5,1M 5- nil 10 ™* .* ,"5 2 ; V ' »apior .... . .). ' 10 nil 15 ??,n n'. - >'> ■ ' Falmorstob North '. 27,000 ' 11,002 ' ' JS i".". 10 ""J'f '5 '' "„ . .J* J ?! o VeUlngton- . . . 67088 10 n«"-= '»■•■'»»'§■ • 'JJ g ' ; VI 6 •.. Mβ .."meat. ■ . .'r'.: i id".." -."i«'j .■•.".'' i.;fi V'. •>•'•„. ... ■ ••■■• antorburj' - ■ - 163,727 S0,07< 1\ 2i _ 8. " " " in ]fl 0 ... . Chriatehm-ch; :,:iV* f I65.S>20 i , U&l-l ' W"" till! 8 ; ->- 1 S ;1 S ; 2 « in' S ]0WO ,13t >.«™ " ' " J 92.000} S6,261 : - ; - ; -MJ -8.. «. 0.. .. i M. J „. . ; . "niMt«iM«rt_Bp. „] : "bii:"- 8«.f. ;■•-.' •« »■• ; s ;, -£•; 6 „ fi . WanRiinni ' "".V'V •■;;. v<5.850 V. , .11,401 ! f nil;'' ,','8' >'. ■'. ... ■ ' vr.^vS^ : - h-.-mooo.; -/-atto;' :?ii" .;-■ 330 s | »s. K.Z. Shipping ... 473840. 113,751- 8; - nil. -.:- fi « • , „" -i, 5i5,O UnionSteam -■-■. ■■COO.OOO- ■"472,593! .MO'; niL'* 10, , M10 ■ p\, 0 , 2017.6 4 1510 Wgtn. Steam -46,250 ...,.,65," 1 ■ au.:-' ...6.- 0 ( , 15 ' ,0 ,- C ; 8 ° ' ■ '■ w«tp6rt OA^.V." r .. Vseojooo" 'J- ,,u7,2i5:' ';sS ■ *'&'?- Ii5~''^f' ° :.,'7 160 6U 7 . lanpiri , --. ■■'.. V- fc2,5OJ ' 5,330- -i:- 'nil. - - 7i 013 b „, 0 Id. 9 WOOLLEN.- --.- -.-■■• -,;• , .,. I '';■"., V' ■ It!* ' ' ' " Kaiapoi- • .' '"-' 100,090 ' 52,854., • S- ..nil. 6 mi-, : •■■■■.■-■•■■ Mosgiol- • • .■■•■... 83i457'- ■ 17,212 >• ,BJ V'll : 4 _-JB 0 -'. ,'v . , . . ., . Wellington . .:."-. " 24,563 .'• 'U i-< ;",1 , r -;^6- Xt-V.'.; ,, 810 0 ,:.,«« -0 7 5 6 ■ V ■...<.. ..' - > „ . ! .—V- / -, ; ' ■■. ..,,. EonaehyKopo - 47,000 ' - ;V;10Z\\b\\ ,.-., ■e.ie- 0 : ' '.;..:•. oc0 . . n Lerland&O'Brioa ..<'■»- 87,761 ..»••• 1 vm ' 15«- 2 4 n, ■,,■$.& 9 S S. 9 6 6 0 Jlauriceville Lime . 7,000 S03 U':, 1 " ; ; ,/•.-. " 1' 5 0 , ■ N.Z.Candlo- . ■ ■■:' 10,000 — ,. i.lO.. _.ni :.. '-„ ..,/ ' ,-■" 10,0.0. .-.-■.■ . N.Z.Drng ... SOO.UflO 54,514.:■;-' ; :3-.f •: nU-M 7- .>;. S10.0,. .2.11.6 / K.Z. Paper Mills . 94,755 ,1,177: " : 1 • -.lut-X 7 ,il 3-0: -l..:3 3 1,3,3 6 0E K.Z.Comonti - 40,000 2JM3 1' nil • • 8 '■ 110'6 -1 11 6 .'■;,.:■ . . ... Mannine&Co. - ■" D6,O» 37,670 4 1 ' 10 ' 3 17 6 : ,„" ... Ward&Co. . . • £0,000 ,...S0i655 : 4, , 1 , . ,10,, ...117;.6, W» '^°° r .' ?,? 9 . 'Wgtn. Opera. House ■■ 1S.630 ■ 1,705 "6 ■ml-.-i 8 - 15 0 • 7 : 5 0 'I 0.0 5 14 , . ■VVgta Fresh Food • 28,261-'?■ '•:. '1" 'MT:'?.-? ■V,.i:.Z' 1 \ .:2.?' •■■.•■"-/ Whitcombo & Tombs- -46550 .. . £0,153 ., , iS ■ ...nil,,, , JO,, .:....6 0,,.-.,410 0, «>• <-i B harland. Limited' • 18.07d v - ■ 0.311 ■' '•: 1 -rnil'j;- >7i' •'.-..■--•.•-619 0 ■.,.;.,