FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 101, 22 January 1908, Page 10

FINANCE AND COMMERCE.

THE'SHARE MARKET. ... ;■■ There was again a fair;amount, of tra(lll ?=, on the Exchange, and business National Bank shares at 3a Os. and .-J (>». w., and at the latter price the return to the investor is 45 125., 8 per cent, lhere weio f"ither buyers at -£5 OJ,,' but for .£5 7s. The quotations...for-.Bank ■of New Zealand:shares were JE9- lis. bujeis, 18s. sellers. Insurance- shares were a »" m Nationals were wanted at 2;s. 3d., se " ers quotation being 275.-9 d- -Financial-shares-woe unchanged. Wellington l'rust and Loanweie in demand at .£7 10s. fid. with seller:s at■ •4. 12s. Cd., and-there-were setters or Weilinjton Investment' at 12s.' 3d!, 1 Wellington; Deposit.St, 10s., and Loan and' Mercantile at as. Gd. Gas shares were again quiet. Wellington was shares were on sale at <£19 55., but there v. eic: no buyers, though the I's paid up shares were wanted at .£9 125...Gd., equal to .£l9 .is. lor the 410 shares. -Why the buyer: of the sccoiutissue ■ should offer so high a price is • another.matter that is difficult to ' understand;">l liequotations for-'-Wellington «Gas shares- during; the past few days have been very puzzling, and not at all satisfactory, l'alnierston worth . Gas shares were in' strong.,.de;nand,.at fit,..is., without meeting with any response irom. filers. There were-sellers of Chnstehurch was at 3iW ~2s. 6d., Feilding Gas at lis. Gd., and Napier Gas at 425 and .£ls 10s. for the respective issues. Meat shares were quiet. The third issue Wellington Meat Export shares wero wanted at .£3 55., sellers ..quoting Gears were on sale at 505.. Manawatu .hails • changed .hands' at 435. Gd., .and. there, were buyers of New Zealand Shipping at .£6 is. 6d., ,anil .Union Steam at 31s. Wellington Woollen ordinary shares were offered at .£3 10s., "Nestport Coal at 47 lGs. Gd., AVestport-Stoekton ut 10s., D.I.C. preference at 235. 3d., LfcyUmdO'Brien Timber at 18s. 9d., AVard and ; Co. Brewery shares 45 25., arid .-.Taranhki . Potvo- . leum at 75., and there were buyers:of "AAest-port-Stockton at 9s. 9d., and Now - Zealand , Vj Drugs at 42 10s. 9d. , "" ".

THE MINING MARKET. ® This market appears to be flumping, and tt there was not only no business done yesterday, f t but there was also an absence of buying orc-ers.- j; ; I'ftc following .'were the quotations yesterday.: t U Buyers. Sellers. Sales. J. £s. d. £s. (1. £s. d. 3; Talisman ' .... 212. 0 • 212 G ' '— ' •;/ : . . AVaihi .... 8• 3, 0 --8-- - ■ N.Z; Crown ''0 7 ' (TV., New Alpine ... -0 -5 3 • ■—• Ngatiiiv.ii ... — 0' 111.• — 'THE WOOL MARKET. 5 The first of the series, of London wool sales' commenced . yesterday, and: by this afternoon the cables 'should advise, as. to tho'.'.tpnp.. of, ; tho market. Conversing with brokers; there f is a general impression that there will be a ■} decline in values all round,' but that crossbreils will soo tho heaviest decline. A fall of t 5 to 10' per cent, seems very likely, but . there ..] is no necessity to speculate on, the matter, for i ] wo will know, tho true state of .affairs, in. n.. few hours. ' .. i TIIE lIEMP MAKKET. ; Tho promiso of improvement ia~ the ■ price, of hemp has not been fulfilled, for tho London quotation keeps at £27 10s. to .£2B per ,foii.. 'i'lio High Commissioner's ■ weekly cable' messages givo the quotations for January-March shipments of good fair grade as under.;—..;.,., January 4 .£27 10 0 - January 11 28 10 0 January 18- ■ ... • ... 23 0 0 At the corresponding date, that is January 19 last year, henip was quoted at .£39,. showing a difference of Jill per ton. AVhat will help to improve values is a matter difficult to fix. The production of Manila, hemp is increasing, and so also is. that of other fibres, .and whilo the demand for binder-twine is likely 'to continue, and possibly expand, tl'.e production of fibre will bu more than equal to ..the demand/ If a new use can be found for phonnium, a different complexion, would be put,on the industry. GILT-EDGED SECURITIES. The lowering of tho Hank rate has not improved the quotations for gilt-edged securities. ■ Compared with last year all Government Blocks are lower, and yet the movements in the money market are just the same. The Bank rate was reduced to 5 per cent, oil (he corresponding dates, and the fact that there lias been no upward movement, rather goes to 6how that the conditions are a long yay.differ-, cut to what they were. Comparing the quotations of Australasian Government securities, the difference in values is shown in the table appended:— Jan. IG, Jan. 15, 1907. •' 1908. £ s. d. s. d. 4 per cent. N.K.W„ ... 108 0 0 ... 100 10 .0, 31 per cent. N.S.W. ... 100 10 0 ... ' 90 0 0 3 per cent. N.B.W.r,''«"-.';B9> CO'.".,*.'". "87 B.lo| 4 per cent. Vict. ... 10.1 0 0 ... 103 0 0 31 per cent. Viet. ... Ml 0 0- ... 08 -7- (i 3' per cent. Vict. ... 8!) 0.0 ... Sl' 0.. 0 3i per cent. S.A. ... 100 0 0 ... 100 0 0 3 per cent. S.A/ ... S(i 10 0 ... , 85._ 0 0 4 per cent. Queensl. ... 10G 0 0 ... ICS 0 0 3»er cent. Queensl. ... 98 0 0 ... 08 10 0 3 per cent. Queensl. ... 8;i 10 0 ... Sli 0 0 4 per cent. N'.' Z. ... 107 10 0 ... 10G 0 0 £'• per "cent. N.Z. ... 100 10 0 ... 100 0 0 3" per cent. M. ... 89 10 0 ... 87 0 II 31 per cent. W.A. ...' 07 10 . o''... 07 0 0 3" per cent. W.A. ... 87 10 0 ... 8G 0 0 31 per cent. Tas. ... 98 5 0 ... 98 0 (1 3 per cent. Tas. ... 88 0 0 ... 8G 10 L

- AMERICAN FINANCE. The financial editor of tjlt London "Times" Is very severe on the attitude of the American . nation rOymwls- the crisis in that country.. 4 After describing the disturbing effect ct the weekly return of the New York Associated Hanks, in which it was shown that loans and discounts were.no less than £33,000,000 in excess of deposits, the writer states that the Presidential message just published was wholly inadequate in its ■ references to the currency, oueition, and that members of Congress assembled at Washington showed liU e BrajP. of the situation and no inclination to deal. wii.n it promptly. Tho position of those responsible might be described as a sorry spectacle of impotence and indifference. The only remedy that American finance seems really to have taken tight hold of is selling 1 whatever wil fetch a price on this side and taking gold against it. As long as they can do that— and the present prices of American bonds' are no attractive that there seems to be no reason

why. .they •'should stop—they •are apparently pi'ophi;ctl to Jet tilings drift, They seemed to have grown-ufisd .to? a state of general bankruptcy and to "be quite ready to go oil iwjth it.' It may be .that ..to-day's frcdh balcli of bank failures—oii'e of r them rather importantmay recall public .attention' to the' fact that a lmiiking crisis has; been ill progress for seven weeks." A criticism tjf* the above tenor onghl to pierce the hide of self-complaisance with which the average .American is 'clptheil, anil make him think with some '..misgiving on his "frequent "references "To the effete . instituUons of the Old World. The standard of cthics must have fallen very low in -the .United States jf, the people do .not keenly resent their pre'sent? state'- of- national bankruptcy. • I MINING. '' , During the broken period.' December 23 last, the Wailii Grand •Junction Gold Mining Company crushed and treated 2352 tons :6f„Oro, for-a vidd of bullion valued at ',£4073 '8s;-'10d.->'Thi&''!show8' a decrease ..'upon the re:tiivn. foi: .the • full-.month of November, when .3418 tons yielded "X-1930. The total output from the mine'for ISO 7 amounts to ,£75,831 13s. 9d„ and x I he,, gross,,output, to date to X89.C26 ss. ~Tlib ' figures already published Villi regard to the output. froni:.l'lie Waihi mine for the vear 1007 show a total of j!8G9,2!)!l, but it is 'understood that the actual realisation of the Viinioivi'nmv afloat will yield a further surplus. it'is. .expected. ; that the total results for tlie vear'ivill vield not less than the magninof''.feSio.nOO:' This return. show's an increase of 1 ''£37.073 over the output for the previous Vi-ai'V The 'prospects for the current year also'point to a further increase in the returns, as the additional crushing facilities now provided, at W'aikiiio tUoultl shortly be. in lull operation-/' » ».• v ''

' '''•STOCK SALES. (BT - .TEI.EOnAriI—SFF.CIAt, COIUiESI'ONDF.NT.) .. ■""p AIIIiT jj Ai -January 21. Messrs, Abraham..and Williams, and Messrs. DaliMr anil Comoanv held thoir usual stock sales to-day. There was only a moderate attendance, and although tho yarding was fau\ few lines changed hands, Shorn lambs brought fis:-. (id:, and- woolly / '6a. 7d., - the only lines in sheep fcold. forward cows, GOs.; cows and calves, 405.; fat bullocks, llSs. Cd.; bulls, 355. . : ■ •;' •/ : ... .'.STOCK EXCHANGE! .; ;,.(jIV..IELEGI(An[—J'ItKSS ASSOCIATION. 1 Dbxkmk, January 21. /.•-Stock• Exchange - sales: New Zealand Portland Cement, 20s. 1 3d.;. Ilessey s Gold Dredging, T.IYK' STOCK MARKETS. . ,'lbttlsetv' anil Co., Ltd., report as follows on their Marion sale, held yesterday:We had 1 a very good yarding ot sheep, which were all sold 'except three peas. TJiere was a.fair!entry of cattle. Rape lambs made 9s. ,4d"(i"iiit'diuin lambs, 7s. Id., 7s: 4d.; inferior lambs. ..ss.- -Id;, 55.. Cd.; small cull lambs, o s iodf-aged • ewos, 55., 4s. Cd., and tull'inbntli'ed ewes, lis.; two-tooth wethers, 10s. M. 'to' 12s. 'lid;; 'two' and four-toothwethers, 12s. 10d.^, two-tooth- ewes, 15s. 7d.; mixed yearling cattle,':33s iftessrr, Palgef-v and Company, Limited, report "having held a very successful sale at .Maugawekii on January-IS, on account of All. James . .Walker, when they offered the whole nMiisilino of'stock,and also a large number of, ontsid" .entries'. 'There was a good attendance of buyers, and bidding was. brisk, and prices realised were highly satisfactory to the vendors. Willi the exception of some 2-tooth wethers all the sheep were sold under the hammer. The following' were prices reahseiy.-Two-lootb ewes, IBs. 6d.; ewe ambs, jls. („l ; wether lambs, Bs. Sd.; cull ewe lambs, .is.; cull wether lambs, 4s. Id.; forward ewes, Bs. mined "• a'-;o< '.ewe's, " in' low condition, is. 111.; I'omnev 'rams, lg. to lfe; ngeil Konmey rams, . las ...Cattle, sold-well .at the following figures: ' —IS-m'ontl' •heifers,- 325. Cd ; mixed yearlings 33s • 2.1 to 3-vear steers, £1 12s. (xl. }Ve intend i'iext'.Stniigaweka sale in .Mr. 1. Muir's yards, at an early date, which will be duly 'advertised. ■"■

WELLINGTON . SHAME LIST. ' '. Beferre ..a' Liabit-' ; ' PRICES. , . . YioM COMPANY. 1 Sn a «. !jjS sham ■ J'S -~Euyoi. ' : Investor. • Forward p w .. : • • „ BANKS V "V ( £ ' '* 'it d 0 ' 1 915 ,'o f) 12 *6 ; 8 9*1 few Zealand ' ■ • MOMOO . «1,673 . & . , 31 ■., ,10- J , 0 0 • 5 «-«. '# « « National - ' - • • 315,000 335.318 Si 15 13 0 , INSURANCE. . .. . . , •i'r ■" iij'- 1'7'3 :"'l 7 0 1 7 9 611 1 National . - • lOOMO ' iffl-IM - . I; ,m l td -... :[l 4 1 S 5 0 0 New Zealand - • 3CO.OCO i®HS? '? „„ua 5n 8 10 0 5 12 (i . South British - - . 1CO.OIO ol2.499 1 unltd. 30 14 0 1 Q-0 616 4 standard - •• .75,000 --62,183 S-• unltd.--30 . .... FINANCIAL. „™ - 5 r in '10 3 0 10 5 0 10 3 0 419 n EquitabloBuildins [0,000 . ' in ' "m "' . .. Metropolitan Hnilding 21,000 '. ] Y f"J 1 -c 12 3 0 12 0. 500 Wellington Invest. - CO,C00- "3,933 3 9 7 10 0 7 12 6 7 10 0 5 B 8 Wel'gton Trusts Ijoan 101,250 44,331 » 5 8 J S 0 3 5 ? ' ' 6 3 1 NationalMorttlaKo - fOO.OOO 11S££> *i . ?.-■ " ?" '1 0 3 1 9 9 1 0,6. 4 15 0 N.Z. and River l'lato - 800,(0) 252,000 1 n t -7 0 5 6 . . V,. Loan and Mercantile - 135,'22J 315,133 . 3 84 • Auckland* AS - ■ • 160.370 £0.553 5 n]l ; - ' 10 ' ' ri * 0 - - ic a G •" Mdtr ch - •' mST » 1 »« ■ -• 0169 o 13 o 017 0 Gisborao - - . . 17403 . MB »U l l - 13 0 HfLwcra- » . 8,'250 74J * 4 - •• • —ft 17 a 715 0 Kew Plymouth - . 18,000 ' ' 8.159 .5 ml 1° ■ 15 0 0 Kapier - - •' . J 9 m } j? 1510 0 . , „ - , . , 49,957 h 22,517 5- • 5 ..- > la- " ■ '376 ralmerston North . £7,000 'i'ifl:, . jq . j. - ."jo i 19 0 0 19 5 0 19 3 jj ' , 6 5 0 Wellington - .- 124,570 V - . - - W % -5 •■ - " jp 9 12 6 9 10 0 9 7 6 566 MEAT. ' rt oi .- r ■ • ••'• ■ ■ •' ■ 1 8" 0 0 v C.nterb'ury - . ■ • 183,727 f0,074 1} 2) . ... . u j . jo 13 0 30 10 0 713 1 Christelimcb - • 165.920 54,337 10 nil. - ■ ,.8- ji 0 0 2.10 O 5 0 0 Gear:. - • - ' . K.COd} ■ ■ fj J 12* „« „ °. 0 0 611 0 „ • • . - - * , / •..<••• ■« ' ""'Vitl .ft 0 15 0 \ . Wellington Meats®' „.J 1 ' i ' - S>- 5 - o-0 - 5- 2 6 5 2 0 6 5 6 „ „ 105,7661 £3,767- ...| J.g-g 3 5 9 3 5 3 $8 9 Wanpanui <5,550 11.401 i nil. , 8 3 5 6 transport.. . ' :.*v" 'T'. * 340 2 3 6 339 V. & M. Railway - '• 170.000 - • J2Mo2 J -J -t "d 7 ' R 6 5 0 6 5 0V 6 8 0 K.Z.Shipping ■ • « 4 ? jj o 112 0 , Union Steam - • 1 0 18 0 ( 18 0 . Vein, steam Forry • 4b,2yJ to 1 ««• 0 , g \ . COAL. -x -ii is ■ • c 16 0 7 36 6 ' 715 0 614 7 Kfrf : : -1 i 03 . .. Eaia™ 0I,L . EN - V 3COOOO< '' ' ;5 " C ' t,Sit'on : : : S ■* ' i 6 , £1 ° 0 5 6 0 '' ss MlSCIililiANEOUS... c" "nil ' •* "JJ.* 1 *• s'la 1 0.' " '''< 6 0.0 MLi,;: 'f ..^4;.^I S J 515 , s ' 0 liauricevirieLimi . '.000 . *0j 1 . , . . ■;-»••• vin' 0 0 ! - - 1W* ..mU 7 "Wio-9 • '--211 0 0 5 9 9 'SIS,is" w j;;i .1 13 9 13 3 ;V 1 3 3,.,. 6 0 5 sst: : 'SwS: • 1 'i" S 1.0 8 00 W ard & Co. - - - ' tO,OCO M.MS-4. „ J . . JJ-, * f , ; f ~ ? 0 0 5 14 0 Wgtn.OperaHous. - lt.i» 1.715 5 -u ■» 15 0 • < 5 u \\fitn Fresh Food - 2ii.2ol J ]0 6 0 4 30 0 : IS S. -i o-'o . 710 0