FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 89, 8 January 1908, Page 10

FINANCE AND COMMERCE.

THE' SHARE MARKET. . '

There were no. special .features .to Bo noted* In the share market yesterday,the holiday -in-, fluence being still somewhat marked., ihere was :an increase in .the number ot, buying ' orders, with .no variation -in values. f A readjustment may , have to take-', place - perqre there is much trading in. shares, for: it • pust be remembered that money is sensibly dearer, as shown by the. higher deposit,rates of thei building societies. Some share investments, do not. yield much more, if as much, as-is to be -eotained by making deposits with .the .building societies. It is unreasonable to .supwiso such' a condition'can be maintainea'fpr 'long. Bank shares are quiet. . ..Bank I ' of New «»- lands are on sale at £0 .183., shut there are no buyers. In' financial shares, bids we made for Wellington "Trust .and. Urn 10s, and for New:-Zealand and. River Plato at 295. 3d. Wellirigtjn Deposit •shawa were again on offer at were quiet.- New Zealainds were wanted, at- M,- ' sellers 'asking Jtt. Is. 6d. . Gas.'.shares were •. neglected; sellers quoted 17s. Gd. for Eeilding--Gas,'4l9 for 'Wellington Gas, and £is- 10s. for the respective, issues .of_ iNapier Gas. Meat-shares were steady.'..,-\Tfle.. .companies have not' dono'stoo well .in -the past: two months, owing to. the high -prices-paid; for stock, but with prices now on 4 iairbaais, profit-making should be possible. ■ Ghristchurch Meat shares were wanted at .£lO 10s., but sellers were holding for-,i£lo 12s.T Gdi-; Wfilj-,.-lington Meat Export, .£2 '12s; .GS.? paid- Ujtv were on sale at <£3 ss. Gd. ex *\thc interim dividend. There were buyers of Manawatu. Rails at 435., and np^.sellers,,,::..Wellington Woollen preference shares, 15s:'paid-up,_wero ■wanted at 1-ts., sellers asking 14s. 6d. West- ' port-Stockton Coal shares, 7s. Gd. were in demand at 95., sellers' quotation oeing lOs. Leyland-O'Brien Timbershares were on., sale at 455. 9d., and Mirdmar,; Limited, 1 - preference shares ati23s. ; ;-;v -V'

THE MINING MARKET.

This market exhibits. a great deal of buov- " Bnc.v, but'the business passing is very smallv Yesterday there was a sale of Talismans at £2 12s. 3d., and that was the onljr. business recorded. The movements in nraW'c 'shire*' are shown below:—

THE SEQUEL OF THE AMERICAN-CRISIS:

What is to be tho sequel of the ternbla.! explosion in American finance and a question that has been freely canvassed-m liarope. Australasia cannot judge of the. con,-., tlitious, and because of. that we. are 'inclined' tD take a rather favourable view. . It is ini> toresting to note .what. the _"Eco_nqmiste JFrancais" has to- say- oil .the subject. fhis eminent authority romarKs:— "What . is. to come next? A season of ro-. action. is in store, not for a few weeks, foiy for. H few months, but for several yeirs.'' PH'vatfi enterprises, railways, and industries, must make up thoir minds to abandon, for a time, Slans of extension. Something of industrial epression naturally follows this; beginning, with ..establishments, which have built up their business on the-; immensely, expanded- railway, orders. -For all this, tile;..comtniinity. "must prepare itself-, as' well- as--for-.smaller 'profits and dividends. '

"Yet must never be'.-forgotten:-.that. the wealth ,of tho :United ■ States- is -fari -igreater and more solid than it was fifteen years ago, in the; panic of 1393. The; great-industrial enterprises, tho principal railways . especially, possess a very-.different, resisting.-pow.er. now than then, and their creditors would probably bo foolish to- indulge iuV misgiving..,.. ..Tile, l/nitcd States has, -in the immensity of its territory—still largely virgin soil—in the enormous immigration, in the energy of ~ its people, a series of resources which enable; it. to surmount the gravest financial 'crises. Judged at this distance, it seems that, even' as matters stand, the Stock Exchange may turn out to'have been much harder hit than the country as a whole."

TAXATION OF FOREIGN COMPANIES.

In giving judgment in the appeal to the Privy Council by Lovcll and Christmas, Limited, upon whom the New Zealand Government attempted to levy income-tax i. on.. the. profits accruing as commission on the sale of New Zealand produce in London, Sir Arthur Wilson said that tho question' which their Lordships had to decide was whether tho profits fell within the colonial enactment, or, in other words, whether the business from which the profits had been dfrivod was a business.carried on in New Zealand in such 'a sense as to bring the profits .within, the .'scope.' of'the New; Zealand Taxing Act'.;• Their Lordships;- he intimated, were of opinion that the bnsiness" which yielded the profit was the business of selling goods on commission in London. -The. moneys received by ' the firm, out of' which' they deduct'cd their commission,' and from w ; hich, therefore, their profits camp, were paid to them under the contracts of salq effected in London. The earlier arrangements entered iuto in New Zealand appeared to their. Lordships to be transactions,' the object and effect of which were to bring goods from New Zealand within the net of tho business, which was to yield a profit.- To make those transactions a ground for taxing in New Zealand, the profits actually realised • in-London would, intheir opinion, bo to extend the area of taxation further than tho authorities warranted. The New Zealand Supreme Court based its contention on th'o."colony's Land and liiCoirio Tax Assessment Act of '1900.',

LIVERPOOL,-' .LONDON, AND GLOBE.

For 35 years itho Liverpool and London and Globe Insurance "Comptfny .'held ■ the recordamongst British' life ofiiccs as regards_ the amount of claims arising from, 'a single conflagration ever- paid 'b£ - one -institution. That was the.' result of its having settled Chicago losses of jSßd4,l3(> in 1871. .'ljie directors' report for 1906 shows that the company's San, Francisco losses were, pv.cn-heavier, absorb:, ing \£810,500. But the* record passes, no doubt to tho'satisfaction'of'the company's shareholders. Tho San Francisco losses of tho Royal Insuranco Company amounted to .£1,250,654, anil those of both the London Assurance Corporation and the London and Lancashire Fire Company exceeded (WO.-. ;The company's net fire premium incomc-in/lOOGrincreaßcd by .£201,0 M, amounted to £2jd03,1i4." Losses,/ in-

eluding 'th'Mse jattributablo to' -tie' ,S>an Fftn- . and expenses, inclusive 'of. commission,':?, fo' Profit >nd' loss account whs .drAwin tip'on • (1) tp increase the, fire.' reiriMir*ac4 :, f/i}?i&' by_ in ..tieit' of 'the . enhanced- premium income;; and-' (2) >to -make np the difference* • o£Sss f ßsoV between' the> on hand, and > the'losses-alna expenses- ori thevofcnetf. Had it not been . for. the there would apparently have been a' pront; on ?, the -years iActvtrading- of>jGSss4ls, or abou'tnlGi■ per cent.' "of 'thV , premium'"'tnrn'OTer. : 'In previous year the Are f tradinr , gave:a pj'rofitls393,7os,. t which' also/ sufficiently indicates the" fine quality ' of the company's huge Ire business. .

' PARTLY POODS.

with a year ago,/.there; isa alight fall in'the values ©f partly manufactured >nd*' *ste^lf.'goods'' aad tinplntes, as the 'following.. shew N , .. . Jan. f im 9 •••?»■' *• • • d."* •

The decline, except in the -eMM) of angle steel and tinplntes, is not very great, int. it is likely that ap orders are' worked off, the position will become worse rather than better, because new orders are not coming in as freely as formerly. The position, as regards the-..tin-plate .trade.'isjdjssftvpd lay the "Iron Trades Review," which -sayrHhat there has been,-a remarkable slowing down in American tin- .. plates production;'vsj.nco Junc, k compared Tilth tjie movement"#''?®®!' # S°- leading in- . tcre.st ■ is,, operating,to-day considerably less 'tlian 'iOO tin." mills', or much below 40 per cent;.' ofpiyS^PAeity,--JiaTing been closing mills 'sieadily'sincc-Julyi'l.' During tho first half of the year JJ, operated qnite regularly from 220 to 235 "closing mills, bnt began with Jlibra;, policy,,-^/r,elo?l«S wills in rotation for rc"pairs. '.CorntraTy 'to expectations, however, the mills as-.rcpaired' have not, as a rule, been put into operation again. The Shanango plant;-, .July. 1, for 30 days, is still idle.. Tho American" plant, closed in August, is operating-only about half its mills. Tho New Kensington mills, closwl in September, •&f»-still-ndle}'''while 'half the Moncssen plant, .closed.Jn. August, is etill undergoing, repairs, and' in" the*past •fortiiikht. the'Ln .Bello, • Greer.' and United. States plants have boen closed indefinitely. Meanwhile, it. will he in.terest■ing .•tb.obser-vevtho'-elTcct upon the tin niarkct and steel 'market of'a decrease in the monthly consumption' of from. 500 to. 60® tons of tin, and frbmiM.MO' to' 3M&S tons of sheet bars'.

Ly\ ~LIVJS ..STOCK MARKETS. ,

!.' Hossrs'Jl-ilaigety.j. nnd Co. report as follows otijhcii' Wftrton salo yesterday Owing to.the ; b'usy.<senson ; ;there'was a-small entry of shejep i and cattle, and a very small attendance.. Yearling steers made -C 2 135.; small, steers, jG2 23.; ' cows in' calf,"'£3 "ssrf 2-tooth wether's,' lis;; dry owes, 12s. -, , i. (si Tl!,SGßii.l|lt—fiEClAl ' PAHiiTUA, January 7. The first' sales of stock after the holidays were held to-day by Messrs. Abraham' and ;;Willi4msC'andrDalzety and Co. Thero was a good attendance of buyers, a'.-fair- yarding of ■sheop, .'And,, a.-,..moderate yarding of ciittle. , .prices: ,may i; ,,1)0 .xonsjdered fair' a,s compared with - last- sale.'-Two-tqoth Aether? brought "14s."Id:';'two and fo'ur-topth, up to 14s. Sd.; :fat ewes,.,l4s,-;, ordinary mixed .ewes, 13s. fid.; .steers,- three - aiid • four-year-old, 118s.; two eighteen months,,s7s.; store cows, 395.; cows in ealf,; 675. ,6d.; heifers, empty,. 425. 6d.; in calf, GCs. ■~

GRAIN AND PRODUCJ& MARKET.

(by telegraph—rr.EM association.) ' CiiMSTcnDßCrr, January 7. V .Tlio grain- market- has barely settled down ( since the holidays,-'but a little more inquiry ; is setting in with a view to ascertaining how trade stands. No wheat in any quantity has changed hands for some time past, but it is now offering at 4s, 9d. f.0.b., which is equal to about -4s. 6d., or a little more-at country stations. • Most;of'tho present holders of wheat in . the' ioirhtr.y-'had a chance of obtaining something like Cs. f.o.b. some, time back, and they are-, naturally loth to accept the lower 'price- that mnst'now rule. -Though the! harvest will be early in Cafetcrbnry this' season, ..it.-will. bo-some -,weeks before, any .hew wheat is on offer. If the weather should hold gqod through the harvest, the new wheat' should command a price almost equal to that of old grain, as the grain will bo dry and hard, as was the case last year. Some; samples of new season's- oats have been submitted, and, as is usual with the earliest crops on jthe plains, tho grain is on the light side. Several sales of small lots have been mado at 2s. 3d. and 2s. •Gd... at country stations for light feed, while for better.;, samples,,'growers are' asking more, but have-not yet obtained-it. :The'price, of oatmeal has been ;reduced -CI . ■per ton,' and is now quoted at' £17. Thero ia practically no demand for qatsheaf chaff, and the best price offering for prime bid-is -E4 10s. No quotation has yet been given for new chaff. - The potato-season is now practic-jlly closed., It -was reported' that some • thousand' of tons of potatoes will be wasted• this 'season through having been hold till tho ■ market was lost. Growers held, and allowed Tasmania and Aus- : tralia -to-supply tho Auckland and 'other North Island markets, and then .the local, market became' disorganised by the' foolish riso] that was engineered in Dunedin, which practically closed ; up"'tho outside markets and causcd 'losses''to merchants who. bought on tho high level, and the growers, who were, afterwords left : with "po'tatoos"in the pits. The aroa reported by. .thft . Department of. Agrjculturo to ' bo ;; plahtcd' this "season, in potatoes is 26,920 notes, ..against 31,383 ; ° Inst year ; or a decroase of -4436 acres,' bilt it is considered that tlio riso in-price' referred to would induco growers to "J put! .uC.a ' 'larger'" area subsequent to the dato upon which the statistics were collectcd.

~ .FOREIGN MARKETS.

ex TEMoairn—ntr.33. ABSocuTroN-KMrTiiionT. London, January 6. Silver is quoted at'2s. 11S-IM. The' wheat and flour afloat, for tho United Kingdom "is'2,3iio,ooo quartbrs; for tho Continent.', ' 805,000 quarters; Atlantic shipmqnts, 30-4,000 'Pi&cific ' shipments, 250,000 vuartera-

' WELLINGTON SHAKE LIST. , ■' — ■ IJ.'. . _■ ' '• *. f vi ,, _ . .v » t . '§$■ Tiiibil-' '*<5 : " " " PRICES. J ' Yield ' / • ■ • fA\rpAMY •' Capital Fnndand s• to s COMPANY. , ,paid r Up. SW 'BKm?*' && " Investor,. . • BANKS. £ 1 £ ' f 0 - 1 '• d ' i isV £ S ' 1 B ' d ' : Kew Zealand . - 5,008,000 581.CT5 g Sj ™ i V * j , . Rational ■ 370,000 53C.313" « . / IS ■ 11 _ ». 6 ,»•. ■ i, ° J17SUHANCE. ..! r. ?■'- • ; v.-'.-j' « ; 1t . ; - d*** . i ? Q ' k 11 i National 100.00D. s t«J v "•{" 4.|5 6 ■ New Zealand . . - ' SCO.OCO . • S36.T8B •; »;- *■ • 7»-• -> • 0 • J * ; •' • '^: 815<; EaniTabloBulidini?, ■ WlOOO «/*' «'®0 V ' "• «' "'J303 ; ft- .0 JO ...<18. 9, ; llotropoHt&n Building 01.000 • MM. 1 V- »il i 41 .'" 1 ''* ' 6.0 0 • ■WellingtonInvest. ■ 60,000 . \ S.G33 » i ... ® . mm.a : -7l0-» >110 0 l 8' .. Wel'stonTnist&Loan -.101,250- ,..£0.020.;- ■ „,8 >,,.T,?0>,0 ,;J.f : ; \ .. \ ./J .j I National Morteaso-.:- '•.SOO.OOO;,;.- •. ll!t.S50r;- ■,..»> •.8 f,,£2 ~ AlV g ■ ...j ■ 115 8 . N.Z. andBiver Plata - .300,000 ,. 5M.305 ,U .„.J V .. 1 - 9 - r.J:? a . T Loan and Mcrcantiio •. 135,223 v.'.,:, ®!"-v ( r ,,, , ' ? AncWond^ AS - . "• ..,180370-.; i-. £0,652... ..rS „,nil .« r V ' ' Chnstohvucll .. . ;152,W-'E5.COT-;' •' « '«{ "J?" " 0 16 0 017 • 0 ! ' 017 Feildmg • • • • • 10,806 103 i *. du ■ i* a Gisborno . . ; . .17,100. ,>239 . .»n. . Hawcra • • . 8,250 *"Jf® ' v* 'in" "7 17 (5* '"715 0 . KewPlymouth. - • . 18,000. B.159 ® . w . 7176 sg o.'O- • v, . . m.. • " -| 'gfeSff : S; , '®{. ■« !':,;:| i! HEA.T, •' r 0 o • - Canterbury - - 1B3.7S7 • 8), 074 W 2J 8 1012'6 3010 0.' ,* - 7 is 1 Cbrist^b: . ; W* St & vy 0 "io-o ■• , „ , • ■ . •- 92 .°00(- ' ■ *• '6 -124 '. fi 15 0 ■ '' tV:. Wellington Meat Exp j ?' n1 '' .:•• ..KSl'U.j 0 " j'.'^>'"tu'jl.j , 6 . b-..»''0 , " 666 . .. •• , : ■ '.y I ,.| 11 3 5 6 . r 3 .7 0, 6 5 1 Wausanul " . 45350 •''' JliiiOJ 1 V V; u"V 5 V.' j T," ■' ■■j- - v.sTST' • i7o,ooo .-■it S ; III 11 o fisast.: Sffi A.}, i-4iii 2 k & 11510 Wgtn. Steam .46,250-: ,f65 . ;l nU... „j j .0 :--riB u ■■ Westport ; ££0,003' 117,215*' "Si' 'ffli ' 15' : ? 0 T'lJI ® .' 611 7 laupiri : ■ 62.D03 * v 6,333. ' • 1 • ' nU. • : 74 0 19, 6- , 0 19 9 , . ' . WOOLLEN. " '''r : -J" • • . Kaiapoi- •' • '• : 100,003 * «?• u ? . in" n Wosgiel - • : - • 63,457 ' t 17,212. Si'- U . ,4., ..8.19.0 q V, if' 'f 5 fi mifington £0,000 24.068 . 4 -,1 ..,,6-, .. ..,310 0- . v 3 f 5 6 11ISCELLANEOUS. •' "T'/i -7 I v '' £« i"'» ' V Mr, > I. 1 ! a ,« 0 Mauricesilloliima .» " m --: 7,000*"r .SCRi ." -d* 4 * -—*■ «i-n o ' Wgtn.'Opera Houso .16,630 . 1.705 • ■ 6._ - ; m I. .8. 15.0 ; i 5,.0 V 4 M- #«.?„• Wgtn Fresh Fodd".""-' " 28,261 '■ ';.• J.r ", A ' •'-• Bn -• 1 Whitcombe & Tomba- 46,250.. ' •0J53 ; ■' /■; ■ ; - -^!{J? A-®,- 5 i BhafUnd, Limited — 4S.CT , . Mil, ou 7i - U9, 8 _ . 4 ; ? .. . - .

Buyers. Sellers. Sales. • f J!-s. (l,-:;.i£.;5.-,d. Talismans ... ... 211 6 2 12 G 3^ > Waihi ... ...'•8 -4 0 8 6 ~ N.Z. Crown 0 7 9 0 8 ,0 — Hay Queen, Ltd. ... 0 2 0 0 2 3 - Tairua Triumph ... 0 2 6 0 3 0 Ngatiawa ... ... 0 1 11 0-2 1 New Alpine ... ... — 0 7 0. —'

.. ..Iron bars 7 Ifi .6 ... -7 ,7 f> :-7 « 5.0- , 'Train'ir'ftils-... ... 6 10 6... 6■ f> 0 Tinplibw—... 5v - „LG. cuk« ; ' ... 0 15 8,0-'13 ; 7i *, ' I:C.'charcoal- —... ! 0 17 0 0 li 7}