FINANCE m COMMERCE

Dominion, Volume 1, Issue 91, 10 January 1908, Page 10

FINANCE m COMMERCE

THE SHARE MARKET. ;

The distinguishing feature-;.;ofJ. the :;shi>re. inarket yesterday was the number' or- buying jrders . for investment ' shares.'/ Thefitinness thus, shown is very satisfactory; and;-gives promise .of a fair measure.of business during.the next'few weeks.' There was''a/sale 'of;lMp)i; Steam; shares, the, rieiwly-created ' r <JSV-' sh'a'res changing hands at ,31s;'".'There, is', no';,break, in the dullness that surrounds bank'shares.'Yes-' terdajr, sellers quoted •£5 • 6S.J • 6d.;.-.|or .'National Banks, and £9 16s; for. Bank of .Now .Zealand; .but there were no buyers;'; insufancfe';.shares', were; very steady. : Buyers offered.26s.:' ; Gdr.,'for, Nationals, .£5, Bs.'' 6d.•; for Sonth /British';- jind--235. for. Standards.'.'. New Zealand HsnranCe' shares.were on sale at £i Is..'Financial;.shares maintained , the previous, .diy's quotations, with " buyers of . Wellington Trust • and Loan' at; £1 10s., New Zealand aiid Kiver l'late",;a't 295. 6d., and sellers of ..Wellington Dep'ositfut 10s. Gas. shares - were without animation.; There was a bid of 16s; 9d.\-for Feildihg Gas 1 - out holders'wanted 17s. 6d.: There were sellers; of, Napier Gas ..at ..£2s:'. and , £15 103.. fior - tlio respective issues. lieat- snares were-'firm; ■There Was an 'offer'of .£lO.. 10s.-V for Christ-, church Meat, and',£3'ss. for third issue Wellington: Meat -Export. Gears were on sale at i£2. 10s;"- .Mariawatn. .Bails were agaih.-in demand at 435'., but sellers are very scarcer There was inquiry for Mosgiel Woollens at .£3,' and for Wellington Woollen preference shares, 15s. paid up, 14's. was offered and 14s. 6d. asked. Taupiri Coal -, shares were oh. the market at 205., and for Westport-Stockton Coal shares 9s. was bid, and 10s. asked. .There were. sellers of D.1.C., preference at-235. Gd.,. KylandP'Brien Timber at -los. 9d;, .Miramar," Limited,' £1 paid, at 235.; for New Zealand Drugs, there was a bid of £2 10s., and no sellers.

, . ' . THE MINING MAKKET.

The. volume of business 1 tratts'act'e'd. yester-' day was about equal to that of!the previous day, but - the buying and selling orders covered a greater number of.companies.. Talismans changcd hands "at £2, 125., which is slightly-.below the price previously obtained. Tho quotations yesterday wereV—, r'VV i". Buyers. Sellers. Sales.

NEW YORK LIFE.

The 6hief office for Australasia of. the. New York Life Insurance Company reports "the ; re-' ceipt of cable advices to the. eil'eot that the new paid-for insurances effected during. .'1907 exceed. £27,000,000, and that tho amount' of insurance in force now stands at ovei' £100,000,000. These advices cxt'eTid tiio' congratulations of the.executive, to, the. Aiiptrs-lf asian department 'fov its share in,'thci success' of the company, and allude to its generally satisfactory condition.

' AMERICA'S DAY OF RECKONING:

It is a question whctlier the great .financial Upheaval ,in tho United States is Jbiiiing--.faced • as it ought to be. Under the stimulus of 'ani almost criminal optimism, loans and -specula-. : tions aro being continued. The "Financial News" : remarks" The ' one 'unquestionablefact in the American situation is, that' tjie crisis is the fruit of ,over-trading, and overbanking. . ' Individual traders have carried their operations far beyond' the .limits of their resources, among which ■we .class ' tho degree of bankjng or other loan accommodation "which, they might legitimately depend on , retaining in time of pressure. Speculation of. till .sorts— in land as we}l as in produce and, securitieshas been carried on at a-high pitch,'and: the bauks have been tho too , willing ministers to this universal over-trading. The. euro for; this is to face the day. of reckoning—to contract excessive credit, and curtail grandiose commercial ambitions. What we fail to-find in American advices is any general disposition to face this disagreeable and inovitable process, though here "and: there-loans ■ on-stocks have been called in. The entire community Bcems still possessed by the spirit of the gam- ' bier, who'cheers himself with tho fiction .that ' if he gains a little more time and has another throw all will come right. .... " Sooner or later the true meaning of the • situation -will have to be faced, and tliero will be a genor.il liquidation and contraction , of credit. Tho banks cannot go,, on financing largo blocks of, stocks and shares, and bolster up an inflated industrialism merely because the conceit of the American people will, not allow them" to acknowledge that they have overdone everything, and must pay the reckon- . in'g;. Adding to the currency.'at. tlio', expense ' of a needless increase of the national debt' will not restore healthy conditions, but will rather, retard their restoration. There need be no famine of currency were there not a plethora of credit,, which ' there is a tacit, conspiracy to maintain. Tho inevitable effect of an increase of currency is to proyide an apparent justification for the top-heavy edifice pf credit. When tho upper, stories of the edifice should be taken down, the American financial experts proceed to underpin it. A temporary shoring-up will not prevent it toppling over in due course. The Americans may postpone, but they cannot abolish the day of reckoning."

MINING.

(bt telegraph:—special coheespondent.) Auckland, January 9. In a circular issued to shareholders by tlio Jirectors of the Waihi Gold Mining Company, under date of October 19 last, it is stated that a crosscut through the Royal. reef at No. 8 level to the west proved tho lode to bo lift, wide, and worth .£2 85.,1 d. per ton. At No. 7 level, tho same reef, 40ft. west' of the Edward reef junction, was Bft. wide, and worth £1 ss. Id. per ton. The Empire reef at No. 8 level in tlie west drivo was 30ft. wide, arid worth £2 ss. 2d. per ton, and in the east drive was worth J!2 Bn. 9d. per ton.. The values of the Martha lode at No. 8 level were JEI 10s. Bd. in the north section, and from .£2 to Gs. 3d. per ton in the. south section. In one crosscut east this lode was GOft. wide, with a vajuc of X 3 17s. 2d. per ton. In a second crosscut it was 85ft. wide, with 15ft. of payable ore, alid in a third ,70ft. wide, with Gsft. of payable ore. The Welcome reef at No. 8 level in tlie south section was yielding large quantities of good oro, worth from 13s. 9d. to'..£7 lGs. ■ 8d; per ton, and at No. 7 lovel high-grade ore was being won worth from .EG 7s. to Xl 3 19s. Id. per ton. A local coal company has been formed, with a canital of ,£II,OOO in 140,000 shares of 2e.

each, to work tlio. Tairua-Gpl.d.bn Hills mine (formerly' the old Golden- Hill .arid Gbldeii : Sun claims),adjoining' the Tairusiv Bfokeh' ;Hills property.- The ..conjpany; ',-ifrHicli. .SfSs; rbgitfterod' ou' Decomlier £I,\ has ; conito6oc<id-opera-tions :in thef'iiiine.'. . .A'.contract hasv'.bSfln'Het for the. .eitensi'on,:df'. the' mftin lW.'levcl--. (piifc in', for,'2soft; ...by. the' syridicato, ..Srhicli has boeti eiplbitinS • tlie ''property'..for 6iglit«en iribiiths ■past) a. further 250 ft. Oiie loae has already been cnt'' m : :;this.' crbssotit; now. lc-t should cnt fotir qtKojj lbdos lihbdd, have . JeoiiJi'b'tienod aiid 'winze?:, - haa -been debid«r.tp.jpusli..pn the crosscut' with ilireo-shiflis,' and "alio <to 'eifdplldy four'tnen in developing tlie'.feefs The appbintmenti' of a miiib'/manager iis peri'dmg. l ;.-.. . iaT'iiEpSajiipii.—rniss i'rajicxiTiiiifii •' ! 9.\ > thfj"m , b'ntlL, df December . was J53691 from 1443 toils. The . Talisman -return.' for. /tjirpoweelti- 6f-~',De<BCijifief was .£14,039,' from 2375 tons.

WF.I,I,INGTON PRODUCE MARKETS.

. pp.,- XjtdJj ; r.o-^ •porfc MillirigV wheat,' . ss'-v- lici'-; oats,,'3s.-'.Cd.'- jnd.iroV/.toV^-'Hto; : ;ssV'; crushed mrilt, B£j''Prussia-n' tolrie'' : J>'e'iiS; 6s.''Gii.'V fovlixifis, 4s. 6<l. to Js.. 9d.; all at per.bush'el. Flour, New Zealand, ,£l2; Australian, J!l3 155.; pollard, £6 10s.' to -£f> 155.; hriul, .£5 IDs. ..to .£5 155.; pearl barley, ill!); split pfcas,. dGIB lfls.j.;bon'cnieal f ...£6 155.; bonedust, .£6; superphosphate!), JB4; ISs. to JBS 55.; chaff (Oaten sheaf),, SG to '.£6 IDs.; oatnicai; ,£IG; riqvf potatoes, .whites,.,7s.. to lis.; tods, 6s. to.Bs. per cwt.; bacon, factory, sides, htixris; 8-Jd. tn<9d.;„r011H,.,!)d..;-.i)utter, bulk piisfcry, ?d. to Bd.; poultry, hoiiß, 2S. 6d. to 35.; duckfi, ss. Gd.; turkeys, gobblers, 155.. .to Hess; ,Bs. 'to'/fls.; all at'per:pair.. 3s. tb• 5a.; cabbages, 2s. to -Is.; all. at, per. fi'ficK. Gfeoh peas; 9d. to Is. pir peck;. fresh. cftgS, .Is.'2d. to Is. 3d. per. iloiftxi;, cliecse, factory, GJd. per lb.; onions, ,£8 tb JB9 piir ton.

■' LIVE STOCK MAEicETS.

Messrs. Dalgety , and Co., Ltd., .reportAt our -Palmerston North sale qu. Th nrsdriy we had a '-heavy yimling of. .cattle, and a_ fair entry of sheep. The demand fras easier all round.. Empty coivs mdilc. from £2 „ls. i,t6„.£2 10s.; bulls, £2 to £3; 31-year bullocks, >£5.155.; 2J-yeAr.'.to &year. steers,.; .JU -.-ltes j, »fat-,owbts;.; > 13s. cd. , ' The New,. Zijalaiid Loali . and Mercantile Agency Company, Ltd.,. report, that at their sale. at cm/Thursday, a heavy yarding of .eattl'c I was-pcnned l .'consistin(j principally,.'ot forward bullocks, which did riot laeot. with...a. keen demand.!.-. ,-Buyers were, however;'present.for other classes,- aiid there was a- good clearance. Cattle.—Cull yearling steers, •aOs.j'to-jJißp.j- store cows, ,3-fs.; yearling lieifers, 30b'.; 2-y'ear heifers, JK is- 6d.; forward . heifers, £3 Ss.cows. alvd calves; - ;E2-' stj.fat' cows,- £5 'ss.;' yearling jstnqre, £1 lTs.; 2-yeiir .steers,£3 7s:; .2}-ycnr steers,;. £i 95,; bulls, 275. *Gd.' r to-359.'"' ;;

J - STOCK SALES, «

. (fly, ITELEGEAPH—riIESa ASSOCIATION.) Gi.sdornj!, Januiry 9. At the, Mat-awhero stock. sale th? range of •prices ..wasPat wethers, 12s. Gd. to 165.; fat 'ewes,;''l2s: to:'l4b. Cd.r-stores; Bs. to: Us. Cd.; : fat lftrillj's, 10s. Bd. to 12s. ld.-j fat steers; .£5 to £S; fat cows,. £3. ,ss. to £5 55...; store steers, £2 10s.-"to iE3|.7s.-:.6d. ; store, heifbrsj l£l to. £2 10s. The sale was .dull for tivcrv class" of stock; .' This is probably accounted i'fbr by- tho dry weather and scarcity of feed.«' - • ■

; - ;LONDON, .MEAT MARKET^

'. (bt telegraph—ritEss association.) ; ':. .NAPii!ii," January 9. ; Tho.'C.C.. and, D. Company, cable th# following report;— The frozen, meat market continues weak; tlibrta ,is furtheV fall in the value of mutton.; To-day's quotations Canterbury mutton, '33d.; Napier, Wellington, and North Island,' 3j|d. Beef, .liiiulqukrters, 3-j-d.; fores;'2Jd.' r„ • .• .

London markets.

*T TSLEGEArH —rBESfI .A^OCIA^TIO'N'—COPTRrQnT. J

' ... , London, January 8. Silver is quoted.-, lit 2s. .2 7-lGd. ..Yesterday's rise" was due .16 the covering of orders from :India, on a. poorly supplied market. ;.Tho riSo produced'large offerings, hence the reaction. At the tallow auction's, 1815 ■' ctfsks. Offered 'and 590 sold. . Fine niutton, 3+fi. u 3d.medium, 325. Fitio beef, 335. Gd.;..mediiniv, ,31s. 6d. : Copper, .on .spot, JSCS lis. 6d.; three months,, .<£63 15s. ~'. . , ; . Tin',, on spot, £123 2s. Gel.; three' months, £121 ss. . . ; -Fourteen, thousand quarters of Australiai January-February wheat sold at 41s. 3d.

HIDES MARKET.. , ;

Bt TELSOBAI'H—FBKSS. ASSOCIATION—OOriniOHI. (Rec. Jan. 9, 9.18 p.m.) .Melbourne,' January 9. At the hides market there is hotter, inquiry, and catalogues have been defend''in sellers' favour. .

UNION BANK.

OPERATIONS .01'THI!. YEAR, IT M'lTOiura—MOSS: Assoorki^w—cwtwtoOT. _ ' v.- London, ■' The Union Bank has declareil-'a divideh'd,'6f 10 per cent., and a bonus of 2 per'cte'nt.' ; Thb sum of £18,000 has been placed. toV'th6':cr«l.i.t of-the coloiiial premißcs ac'connt, i£so,o(K)' hafe been carritd to reserve, aiid'£36,ooo has be'en carried' fprw'nru.. '• - •' .

BOARD OF.TRADE RETURNS.

'. LAST YEAR'S FIGURES.; 1 / Bt TCUtOBApit— PAHW ASSo6IATIOK-r<!OPTI!IGnT. . Loi;i)rtN",' January. 8. The Board of Trade 'returns ''allow "that last year's, trade totalled. £1,1G4;061;000. The imports increased by £33,015,576 oyer-.thbso of 1806, the exports, increased by £50,Ga)"258,-.and the' re-exports ' by..£6,869,G61. , . " \

■ ; ROBERT CAMPBEIX 'AND " SONS; '

tr lELIQBAFH—rSMB association—coriiuara?. I/ONDONy Jaiiiiafy 8. The .balance-sheet of Robert . .Campbell, apd Sons, sh'ocp farmers and wo6l' cxpoh'ors, sbovrs n profit '.of.. 448,758 for the,.TOij\' ,A' .di.vidqnd of ~10 per cent. (6s. . per Bhn s rbV:..hds. • beon • declared. aiid.Jß3o.is3 lias .been- carried, forward.

; WELLINGTON SHAKE' LIST. COMPANY. V' Cap1^ 1 .*Sai5d % V • ■ Paid Dp. .Ealaaco. '''Bayor. Bollor. *gj£ Investor. BANKS. * ' V; 1 £"■:■' t" s "£■<•< f: 'f-s.. d,.■■■£«.. di X.-ii i. ■ £ B. i. KcwZealand . • },OCO,OM 581,675 . . ' 3i 31 10 " Jil 0 V National . • 315,000 330313 , 15 W B 6 6 .6 6' .; v V- r v. ' INSURANCE. . ■ •: " " v. . V?." ,, !, National . . ■ -' - 100.000 ' 249,339 <1 ,nnltd. ; .15' ; }'«•'«■" . , '' "Oi; : ;; 6.li j. NewZealand . - ,100,000 336,785- • 8' 8 • ' 10. ■ •» « 0 4 -10 , • BouthBritish . 300,000 . 512,490- • .1- nnltd. -30.' - 5- 8 6i- -.'51»?6'• w. " 1 Standard, .... -- . .75.000 • °..ffiU8' • •' -1' 10 . 1 3 0 • . 1 4 " ;0 »'!-.0 i':: 6-16 4: FINANCIAL. - ■ . •: !. .'i-- , .!■ y". Equitable Building , , 60,000 44599,, , 5 >. 5. ■; ] 'o 10.3 6 10 S : -.0 ; 30.,8'6, >. 4'jff S : Metropolitan Building .. 21.000,,, 5,229 •10 i .ail,,::. 7 f . ' ■ !• ' !*&. WellingtonInvest: . JX),000- * 1 ,1,05,'i ' '4 ,■ ; '. f>\, - T.," 012! 3 .; ClS'O 5"'0 .0: Wel'gtonTrust&Loan 101,2S0>' -" 39.621), - w6.'.» .--j •>-•'< ' 8.' ■ 7 10 0; ; 710.0'-' ;i '7.10':"0."(■'(#, NationalMortgage' - 200,000 " 312,250 ', '3' 8 JO 3 5 0 .0 ■ 6 3 1 N.Z. arid River Plate '300,000 . 250,308/ ' 1' nil" - 7-. 6 ,. 1 0:9. 1 9 6' i 15 0 ' Loan and Mercantilo - .335,223 ■ ,'157,358 ' '. I . Bj 5 .O'T 0 :. V. : , OAS. * ". " -'•> ■■ : .- ■ Auckland. . . - 160,370 f0,553 :'5 nil 36 14- 0.- 0 . 14 .5'0 : Cbnstchuroh . . 152,000 65,087 5 nil 30 „ „ 30 2 6 . . Fending - . . 10,805 ' 303" - 1 nil — 016 9 017 6 1 'Oii- .0\r;\C:-'< ■ Gisborno . • . - - 17,100. - 9,230'- -.1- nil- ■ 32i 213 - 0 • .- Hawera . . . 8,250" 745.' ''cj i-"' »JC • ■■ - : New Plymouth'' ' 18,000- ' :5 ' n iil '10 .' 7 ' 37 8/ '-' 735 0. .{M...... Kapier ) ■ .30 ' B u ': 15 V • 5V 0 o, f : ; ' .. ' • - - . 49,057 r 22,517 . 5 5 . J5 . : 5- J 2-2' • : J. '. • 1. 9 -15 : ••' 6 .'v.^■ ralmerstonNorth . .27,000 11,093 _ r 41 • J 10, '7 .2-6 '. ,7 8,.-'t:. «■ 6'.4 Wellington - - ■ . .n,.™ 1 ' 67983 -10 nil ' 10 ls 15 '0 19,0 0 18 15 0 6 6 8 ' . 12Wl0 ;, 5 , 6s .10-. B .-.T-6. »» » 9 7 6 5 6 8 ■ MEAT. ... .'7 : ' -' , . , . .. Csnterburj- - . . ' 383,727' S0.074 '7}" ; 2l ' '8' '■ '' 8 0 0'.:.' CliriEtcburch '165,920 64,337''■ 10 " nil. - • 8 10 30 0:. .'.30 32 : 6. , 3010 , 0', .,' ,712 , i Gear J '92,000] : . 96 ' 261 1. nil. ' lii' '8.8 0 . 2 10 0 1 AVellingtonMeatBsp- V 5 ' nil. '' 8 ~ "615 0- j", ,r : i 105,766}.- E3.767 4 1-' 8 5'0 0, ■ i 8 6 . ,/. 5 ;8 4:: ,',6 5.',6: .. .. ' ". . . ) : ' .Si Sj " ' 8- 3. 5.'.0 :';3 5 6 . 3. 7 ,0 . « 6 .4 VTaneanui . - • 45.S50. > X1.401-- 5 nil. ' -8. . ;-r: ■ V TRANSPORT. " . , W.<t M. Railway • 170,000 121.453 ' . : I .' "4'" ' 7 -8 3: 0 : 8 4 ,0, ' ,'2j3 V9:'>: 3:3 ' 8 N.Z.Shipping 1 - ■ - .473310 113,731 . 8 nil. ' ' 5 -. 6. 6 0 6,5 -0' :$' 5'0' ; ,0^ Onion Steam - COO,0C0 .. 472,593 • '30. nil.', 10- 2010 0 . 21. 0 0 •. 2) 17., 6 : , 4-.U10 Wgth. Steam Ferry - . 46,250 ; .65-- 1 ■ nil. -6< 019 0 . C13D - ... COAL. . '. -- ' . ' " ' Westport ... ££0,003. .337,215,., U ." '35. . 716 0 . 7 37 , 0 - 7 36 0 , 6 14 I Tanpiri - . , fc2,500'.. ..6,339"- r l - nil. ; • 74 - ' 0 19 6- 1 O'O . ■. ■ WOOLLEN.:"' 1 .' Eaiapoi- .1aCO.OOO'-.' 52.834 5 .nil. '..6MoEgiol - . .. . 83,457. 17,212 'Si ( 14 .'4' 3 0 0 V)' ' ' Wellington. - ■'■. .: bO.OOO. - 14.36J 4. ' 1 . 6' ' '1 SlO'O 3 6 6 "7 ( I illSOELLANEOCS. DonaghyRope - - '47,000 ' .' 30 --.nil ■ _ 518 0■ ■, , - Leyland&O'BriOtt . ' 55,000 S7.V6I 1 .nil 15 .2 4 9 2 6 9' I 6 9 ., 6 J 0 llauricovilleiLim) . 7,000- : 209 . ■ '1 , 'nil. j; ■ >j 5-.0/ . : • N.Z.Candle - _• 10,000 ' • ; . - - -,30 .nil. . , _ , 30 0 0 ; N.Z.Drugs ... - £00,000 i V 8a •' nit I' 7 : •; 210' 0 ' Sll- 6' ' • N.Z. Paper Mills 94,755 . ' 1,177- 3 . ■ nil : 1 33 0 3-3. ,3 1 3,3 6 0:5 N.Z. Cemont- - " -40,000 ..2,048 -1 'nil 8 110 6 111, S Manning & Co. : - ," 96,000 •: • 37,670 ■ • ,1 '1 • io ; 3 17-6 . Ward & Co. - - " tO.OOO WSSS 4 ' 1, 10 4:17 6' t 2 0 ■' 5 ;9 .0 ,: S\0; 0 Wgtn. Opera Hou'a» • - 1B.KJ0. -. '1,705.; .5. f.rill '• .8 35 0. . 7 6 0 J 0 0 S14 0 \V Bin. Fresh Food - 28,261-'' - - - — ' '-',1--' '■ nil - :'— Vi'bilcombo&'Tombi- ' ,46,250 ' ■ £0,153 'V '5, . nil 30 6 0' 410 0 ' Hiarlarid. Limited ; 4K.67S • MU- V - ,1 : nil 'rt " 119 0-

iS s. d. £ s. d. s. d. Talismans ... ... 2 11 0 2 12 0 2 12 : 0 Waihi 8 1 0 8 -6 0 — N.Z. Crown 0 6 8 0 G 11 — May Qugcn, Ltd. ... 0 19 0 1 11 — Tairua. Broken Hill 0 4 0 0 4 3 — Old ' Hauraki 0'2 3 ' 0 '2 G . ' —' Jigatiawa — 0 2 1 0 2 1 Karangahake , ... ■ — „. . 0 2 0 Tairua Triumph ... 0 2' 5. 0>-2 9' —V