FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 104, 25 January 1908, Page 8

FINANCE AND COMMERCE.

/ ; THE SHARK MARKET. . ■There, was -very little '''trading on: the' Stock : Exchange/yesterday,.. National •' Bank shares had quittance .at <£5-Gs., at which price they return £5 13s. Ud.' per; cent. There were furtiter buyers at £5 'Gs„ but sellers wore wanting £5 65.:9 d. For Bank of. New Zealand shares£9 *125./ Cd. was offered, and 49. 15s. asked. Insurance shares were neglected,'and no quotawere given. - Financial shares exhibited •• no change, except that Loan and Mercantile came in for.attention with buyers at ss.,.and sellers at ss. Gd.rthere was' li demand for / Equitable-Building at.£lo 3s:, and for Wellington' Trust and loan at, 47 10s.' Sellers of the latter, quoted £1 12s. Gd. Wellington Investment. shares were on sale at 12s. 3d., and Welliriston , Deposit at 10s. Gas shares >ere quiet,'" theonly demand . reported Testerday . facing for - Palmcrston.- North Gas,-' for which buyers • offered £1 7s. Wellington Woollen shares were quoted: sellers 419, or2s..Gd. below the last sale, and .yet,, another week's,dividend lias accrued. The quotation now : is more reasonable than the : 419 ,2s. Gd., .'respecting which we made some cohlm'ents in '.our • issue, of! Monday last. There . was nothing doing in Meat shares. .Gears were ' offered-at 505., but there were no declared buyers. Third--''issue - Wellington Meat Export were' wanted at ;'G5s., with sellers at'Gss. !)d. ■ - Therewas no/change in Manawatu " Bails. ,'For. Wellington: Woollen Preference shares 14s. was ,-offered, but; investors would be foolish to-be-guided-by this quotation. There is v lss. paid,up ou these.shares, and they are worth 155.. So far as wo'can' gather, only one small 'parcel'of these shares changed.hands at. lts. 6d.. and no one .was mbre, surprised than the stilling" brokers;' •* There are 12.000 of these shares' in the _hands 'of - the public, aiid the . • company can issue another SOOO. The 1 shares cdYty A preference', dividend of 6 ; per cent., and stand on an equality: with the ordinary shares' : for any -liigner; dividend. The,_ shares ; ' havo also a preference in the case of. windingup. When shares carrying such exceptional pnvifeges - are quoted at a it may .be-.safely assumed.,that .an ; .effort is beingniade . t-)V-;depres's,'V though 'why : a "bear" attack should be' made, on the Wellington',Woollen Company it is difficult to say. It may be due to a-desire to force . the company into, taking other steps for. selling the 8000-shares 111 re- '.' serve than those already taken. Coal shareswere steady. Westports were offered at £1 lGs., ' and Westport-Stockton were in demand at 9s. 9(1. -New' Zealand Drugs were .wanted at'sos. v 9(1.'. ~ind there Were sellers of Sharland's. ordinary' at 18s. 9d.,' and Taranaki Petrolimm at ss, ' '■"' .v'. 11 : . \ THE MIXING MARKET. This market i-is extremely dull, and values sntiw a-weakening, tendency. Talismans, which changcd hands-on January 1G at £2 12s. and 42:125. 3d., and-have since been steady, with ■buyers at £2 -12s'., are. now quoted buyers 4fe.,: sellers' 495., aind it is difficult to account ■ for this retrograde movement.' Waihis wero iii' demand at 48. 45., with sellers' at,'-48'Gs. New "Alpine wei'o offered at 55., '• and there were sales of Pactolus at 41 10s. and 41 10s. 6d. ; - . _ . KAIAPOI : WOOLLEN COMPANY. At an extraordinary general, meeting of shareholders, to be held in Christchurch on January '29, the following special, resolution will 6ii submitted:— •' 1 "That the.Articles of Association be amended by adding thereto a new Regulation to bo inserted between Regulations numbered 15 and . 16, and to bo known as ' Regulation No. 15a,' to read \ns ■ follows:—Regulation. 15a.i The share capital of (he company, whether original or increased, may .be. issued from time to time,- subject to any preferential deferred leges, and conditions, as the directors may from-time to time decide. ' -" The Directors "may issue preferred-shares both as to capital and dividends, and subject to the payment of a' cumulative' minimum dividend, with' or without the right- of participation to such extent as the directors may decide in any dividends paid to ordiuary . shareholders. ~ ■ " ' "The company mar, from"time 'to, time,'' issue redeemable stock preferred or non-pre-fei'red, upon such terms and conditions in all respects as thu directors in their ' absolute discretion may -think fit."- - *•• •• / '•The' directors- are' asking extraordinary privileges, and it is a question, whether the 'shareholders should consent, to endorse a blank ' cheque for the directors to. fill iu-as. they may.. .please.' More light may be thrown on the matter 'at the meeting next week. THE, STEEL COMBINE. ' • The Birmingham correspondent of the-"Tin: aueial Times " states that' there are indications that the existing international, arrangement < in the steel rail trade will require to be modi-, jr-d, or the agreement itself will be broken; up. The great American steel trusts complain' that their action is fettered by the limitations imposed by the combine, and they no longer regard-the minimum price at ports of shipment as. reasonable in the present condition ' .Df'. the markets. Owing to the collapse in "demand;'for rails; which has been accelerated '.by tile'financial-crisis, a large proportion of . American mills are idle,, and immense.'shocks bave accumulated,' both of raw material and ' iiiishecl' vails. The trusts consequently want l Vi'i.dei:.field for exploitation, and are prepared ;o,'. dispose ot' their surplus stocks at lower \ prices - than those allowed by international 'agreement. The under-selling on the part of Belgian. Russian, and American noiirtnist nouses has also boon a factor in the situation. Steel rails have been reduced by 10s. pcr' ton ■ .it-, ports of shipment. "THE ALL RED PtOUTE." At the annua) meeting of shareholders of die P. and O. Company, held in London on December 10, the Chairman (Sir Thomas Sutherland), in referring to the "All Red route," said that they had heard a great deal about the All Red route, which meant that express ships like tlio Lusitnnia and Mauretania should leave Canada, for New -Zealand and Australia. It had been tlio ambition of Canada for many years to havo an express service of this character, lie himself had been applied to onco or twico in connection with the project, but'up to tho.present time oobodv had been willing to meet,-apparently, tlie necessary expenditure in_ connection with it.* An express service to New Zealand and Australia would, indeed, demand gigantic re Bome.es, and it would be a matter of interest to find out wlicro these resources were to be found. There was another question whicl arose in'connection with the projcct—namely the distance between Vancouver and Wei lington (New Zealand), which was G3OI nautical miles. How express steamora were ti

be built in order to carry coal for that distance* was one; of., those problems which ho believed was. at the present'Aioment : unsolvable; and he,, therefore, was not very much surprised- to see by correspondence in-.newspapers that there, had bepn. a gradual toning down of tho idea of this express speed, over the Pacific part : of . the service.. . It hail,,been suggested that the ships engaged in, the: service should coal at Honolulu, but that' whs, an American port, and the Red route woujd.. therefore, appear'to be a phrase merely. ; 110 pointed -out thjit in ,tho event, of war thereAraa a clause in'the tnail contract by which i the ships of this Company (P. and 0.) could;be'transferred to the Atlantic-or Pacific service, instead of

the Mediterranean. Of course, the proposed ships under the scheme were to carry passengers merely, and; as far as passengers to Australia, and New Zealand were' concerned, such a revenue woulS be utterly inadequate at the present moment to meet the necessary requirements.

- TIIE P.. AND O. COMPANY. ' . Tho P. and 0. Company: is'enjoying a full' measure, of! prosperity; one of the.most notable features ..in' the report 'submitted- 'to shareholders last-month being the further", expansion iu" passtnger revenue, the receipts under this head being approximately «CC3,000 above those of. the preceding-year;, there was also nnin,ci'easo 0f'.£34,000 fflom freight arid miscellaneous, revenue; but,"on the other hand, expenditure was ,£GO,OOO higher, owing mainly to increased coal consumption, and the withdrawal by the Government' of the naval cruiser subvention, entailing', n. loss of ,£10,500. It has to be noted, too, " that under, the new mail contraot, : which will, pome into force next, month, thoi'anhual sulisidy' will be further reduced by some out that, of course, does' not afffcet the present, accounts. ;Tho net 'results of the year's trading approximate very closely to those of " the prcccding twelve months. The surplus profits, after setting • ■£4G0,000 aside for depreciation, totalled ,£215,(100,' as compared -with' i! 205,900; -.the filial, dividend' and honus brought' the distribution on'the deferred shares up to. 13 per cent., as before, and ,£IB,IOO was carried forward, (is compared with .£II,OOO brought into tho accounts. Altogether a very satisfactory showing, especially as the directors state that the tendency has, on tho whole, been towards lower freights. •

MIKING.. , y , (bv TELEOiiArn—ritEsa association.) Auckland,. January 21. . A mild sensation was crea.te'd\'oh the Stock Exchange yesterday by the appearnnce of tho following report upon the Ka'rangahako Mine in the " Herald," from its' Waihi correspondent:—"l -paid' - a. ■ -visit of --inspection, to the Karangahake claim, r.'hich adioins the Conistoclc United, and tho Woodstock sectiou of the Talisman Consolidated. I-. found tlio manager (Mr. .Ross) at. the company's.office, and, 011 making myself ,aiid my mission known to him, lie at once produced from-the;safe several pieces of quartz showing dabs and. blotches of gold, informing me-that these had .been -obtained, from tho .'.gold-bearing' stringer in the winze. 'This might-more aptly bo termed a prospecting shaft ot'winze size, sunk from the surfaco "on the hill; forming : part of "tho • company's area, ami. in the earlier, days known as tlie Stanley Claim. Some of the stone, Mr. Ross stated, had been brought down that morning by .the men .who had como off the shift. Being an elderly man, and having, (ho said) already made" tli'ree'or four visits to the upper •workings'-during the day, the..manager presumably'felt that the task of clambering up the steep hillside again would ibe too great, and he handed mo over to. a young fellow employed on the property. The ascent was certainly trying,' but we ultimately reached our goal," and 011- the old tramline at 0110 tiino used by the Talisman .Company, and some 50 yards' down.' hill,' I found the prospecting shift. Rounding the mullock and some quartz iakeii out.'ia' piece'of tho latter showed a little- gold), 'I 'made my way - down the ladder into the shaft, where I found the-after-!noon shift at .work, The shift consisted of one : man .who J.had, volunteered the information ■ that his mttto- bad not turned, iip. I' iiitimated • that I had seen, the manager down below, and ;hart come np ; with the object, of seeing the stringer -from which the picked . stone • and specimens recently reported had been "obtained, also anything else-.of; interest. A good deal of fossicking' aWt' oil the floor' ot. the shaft followed, "but : our'joint, efforts'.failed to locate this particular : stringer. Several bits of cnt couraging quartz were broken out, and some carried mineral indications,., but nothing in which gold coiild bo■ seen was .met with 1 . Tho inatcrinl. on the sides and floor of tho shaft was mullock, intermixed.' with qpartz veins, the formation apparently running about north and south. Some. 1100 feet further down the hillside drive is being put in from cast to west, the object: fceiiig to got under the prospecting shaft, a matter of. 1.10 feet to 110 feet from the starting point.' This I did not inspect, but was informed by* tho manager that tho drive was about 20 feet-in very hard country. Sir. Ross added that good dish prospects liart been obtained in the drive, and that iie expected to cut a largo body'of tpiartz as well before the drift, reached the- point under tho siiaft. The identity of this lode,-.and the 1 reason affhy its intersection , was anticipated were not given. Summed up, it may. be said From what can be seen at present, .that tho true value of the claim as :a gold-mining proposition.' can. only be ascertained by further levels".. 1 The first .effect of this report was to cause a rapid decline in the shares,, which .fell from Is. 9d..t0 1«. 2d. (sales) at the midday call. However, a .recovery set inl and business was done up to Is. 7d. . ■ _ The directors decided, in view of tho " Herald •"■correspondent's report, to send the same to their mine manager for an explanation; also to visit: the mine 011 Tuesday next and'invito representatives of the Auckland dailies to accompany them. At' last ftill yesterday shares sold-at Is. (id., Is. 7d., and Is.Gd. seller's closing at Is. 6d., buyers at Is. 5(1. STOCK EXCHANGE. (bt telegkafii—ritESS association.) Dunkmn. January 2-1. Stock Exchange sales: New Roxburgh Jiibi Ice, Bs. Od.; New Zealand Portland Cement ; 30s'. Gd. r j DREDGING. 1 (UY TELEGRAPH. —rKKSR ASSOCIATION*.! ! Dunkmn, January 21, ) Dredging returns: Waikawa, 750z. Odwts. > Koputai, Goo'.. tSilwts.; Masterton, 50oz

15dwts.; Lady Roxburgh, 50oz. Bilwts.; Hesse.v, 330z. sdwts. 9grs.; Mamiherikin, 290z.; Central Charlton, 2Hoz. 15dwts.; Charlton Creek, 250z.; Chicago, 20oz. lldrfts. llgrs.; Gold King, 14oz. LIVE STOCK MARKETS. Tlic Mutual Trading Company, Carterton, report on their.stock sale vestorday as follows: —There was a poor attendance of buyers, and bidding ivas very slow. Prices wore as ;follow Good yearlings, 305.; rape lambs, to 10s. 3<i.; cull ewes, ss. to Gs. (id.; fat ewes, to lis.; forward wethers, 125.; veauer pigs, 35.; slips, 12s. (id. At Messrs. Dalgety's fortnightly sale at Levin yesterday, tlicrc was n good entry of sheep .'and cattle, and a large attendance of buyers. Bidding for sheep was dull, but there' was a .better demand for cattle. Practically all the sheep were disposed of subsequently, and also all the . cattle, with, the exception of three lines. Full .--.mouth' ■ ewes anil lambs, all conntcd, made from-4s. to., 75.-fid.; two-tooth ■owes, 15s. fid.;, store ewes, 7s. Id.; three and four-year bullocks, £5 10s.; three-year. bullocks, £o 45.; light fat cows, £i 35.; empty'cows, £2 to J23 Is.; springing heifers, £2 Bs. Messrs. Dalgcty , and Co., Ltd., report as, follows on their Feilding sale yesterday:—We had a good entry of sheep and cattle. Woolly lambs made from Bs. 4(1.,'85. sd. ; cull shorn lambs, -is. 9d.; aged ewes, ss. Id.; -.cull 2- . tooth, wethers, Bs.; empty cows, 395.; forward cows, £2 155.; forward, heifers, . 145.; ; fat heifers, £3 12s. ; 3-year steers, £i 7s.' 6d.; SiYear steers, .£3 135.; cows,' with calves, 455.; bulls, 40s. to £3 16s. "'v.. The. New Zealand Loan and Mercantile Agency. Co.; Ltd., Feilding,'reportAt Feild-. ,ing on Friday we had a good'yarding of sheep, and. a medium entry 'of - cattle. • Tho dry weathpr is affectinp -prices all round, and buyers, were not- disposed to operate freely. We- were successful in placing, the whole of our yarding. .Wether lambs .in wool .made,Bs. 5d.; cull ewesi 3s. 4d.; store "ewes,,-Bs. -id. to 9s. 2d.; mixed'aged ewes, lis.. 4d.'to 125.'1 d.; fat ewes, lis.'3d.; fat lambs,'lis.; storo cows, 245. (to 305.; forward cows, ,£2 Gs. to .£2 145.; yearling heifers, 225.; heifers, in calf," £3 35.; 2-year steers, £3 55.; 'springing cows, £i 10s.; forward bullocks, £5 lis.-to ■£6 : 55.

WELLINGTON' MARKET REPORT. Tho New Zealand Farmers' Co-operative Distributing Co., Ltd., report as follows Maize, Is. 9d.; wheat, fowl, ss. Gd.; oats,-.prime, feed, 3s. 3d. to 3s. (id.; oats, crushed, 3s. 9d. horse-' beans, crushed, is. 9(1. per bushel; pollard, £7 10s.'; bran, £tl per toil; sucrosine, 200's, las.; 100's, Bs.; prime oaten sheaf, chaff,- J3Gliay, meadow, M to .£5 per, ton; straw,, wheaten, .£2 15s. per ton. Potatoes; new, whites, .£lO 10s. to £12; reds, JBO- to '<610; 'onions,'' £9 per ton... ... Butter,- separator;. 9(1.; .'.milled, -8(1,■; dairy pats,' Bd.-'to ; BJd. ; ;' eggs,' fresh, Is.-ld. per'doien. Factory'bacon, sides, Sid. ;'- : folls, 85d.; hams, DJ.; honoy, GO's, beeswax, Is. Gd.;: fungus, 5d.; walnuts, 5(1.'.:t0 Gd. per 11). Porkers, 70's to 90's, -Ijd.; 90's to *100's,< 4d.; heavy pigs, 3d. per lb. 1 t Cabbage, 3s. fid. to is. Gd.; green • peas, 9d. per peck; rhulmrb, 4s. per dozen; carrots, table, reds, 9s. per sack. Strawberries, Is. Gd. per lb.; apricots, 4s. Gil. to Cs.; plums, 35.; peaches, Gs. (id. per halt case; tomatoes, 2s. Gd. to 3s. Gd. per half case; cooking apples, ss. G<l.\ to Gs. per case;' Poultry, table roosters, 3s. Gd.; cockerels, 3s. Gd. to 4sJ; table hens, 35.; ducks, as. Gd. -to Gs., all at per pair; liens, lOd. per lb., live weight. ..AUCTION REPORT. ■ Mr. Newton King's weekly auction report is as follows:— ... : , Cattle.—At. Rahotu, on Tuesday, thcro was a fair yarding - and 'good attendance. Wcaners made'lSs. Gd. to 19s. Gd.; 12 to 15-months steers, 4-3s. ■ to - 505.; stori; coivs, .£2 Ss. to £2 14s. ; fat and forward, .<£'3 Ss.. to - «B3 1:1s.; bulls, .£2 10s.; weaner pigs, 95.; small stores, 12s. to lGs. At Stony-Biver, on Wednesday, cattle 'came forward in advertised numbers, and prices were well maintained. Mixed wcaners made 17s. to 195.; steer wea-ners, 20s. Gd.'to'iMs. Gd.; 15-months steers, <£2-,95. .Gd. j 15 to 18-months heifers, 305.; store cows,: J!2V2s. Gd. to'i£2 lit?.; forward cows; ,£2 to: „£3 95.; fat cows, ,£3 18s; to Xlj F.M. ewes, 10s. 9d. ,r..: ' At; Waiwakaiho, on Thursday, owing probably to tho. continued spell of dry weather, bidding was dull. An unusually largo number of 12 to' 18-months: heifers were yarded, and met with. little encmiry. Very, few weaners came. forVard. Yearling steers made 38s. Gd;; 18-niontbs steers, 495. Gd.; 18-months heifers, 31s. to 325.: 2 to 2J-year, springing heifers, £3 to S3 4s.' Gd.; store cows,'4ls.-' to 555.'; bulls, £2 12s'. to £3 Bs.' Fruit.—During the past week I liavo sold over IGOO boxes of fruit, tomatoes and Japanese plums being in heavy, supply. Prices have ranged as follow:—Apples, 2s. to 3s. 9d.; apricots, ss: t0..85.;... peaches,' ss.:it'o: 7s. - Gd.;; plums, 2s.';to 45.; pears,' lis. Gd.nectarines,' 4s. '6d. to ' 75.; cucumbers, Is. , to.v2s. Gd.; tomatoes, small boxes, Is. to 35.; Nelson tomatoes, 2s. to Is.; grapes, 10(1. to Is. Id. BRITISH MARKETS. ; *r'rst-EOBirn—ntEss association—corinioirrLowion, January. 23. Silver is quoted-at 25 11-lGd. Copper, on spot, £02 10s.; three months,\£G3. 'Tin, on spot, .£123 10s.; three' months,. .£124 10s. ' Lead, £H 10s. ' The wool sales were postponed, owing to fog. Kaiwarra clip, realised 9jd. LONDON MARKETS. • Messrs. Dalgcty and Company, Ltd., Wellington, have .received the following cable messages from their London liouso, under date January '23:— liutter.—Thoro is no difference in tho demand for. salted and uusaltcd. The market is very firm. in consequence of short stocks. Tho Copenhagen official quotation remains unchanged, and wo do not expect any immediate, change in prices. The total imports of gutter into the United Kingdom -for week ending January 18 amounted to lll,ooocwt., as compared with 118,OOOcwl. . for the corresponding weok of 1007; showing a decrease of 7000cwt. Salted and unsalted, 118s. ' Frozen Meat.—There is a slightly better demand for frozen- meat, with tho exception of secondary qualities, but prices are unchanged. Australian frozen lamb is lower by -Jd'. to '-jd. per lb.; new season's New Zealand lamb, Gjd. Tallow.—The market' is unsettled. Wool.—Owing to a thick fog, no sales have been- held to-day. .... :v. - LONDON • WOOL SALE?! -■ ■ Messrs. Abraham and Williams, Ltd., aro in i receipt of tho .following cable from London, under date January 22:— Tho sales have-opened with good competition and; a large attendance of buyers.' There is n good demand for all crossbred wools, with prices Jd. to -Jd. per lb. lower than closing rates of last series. The market is strong for superior merino, prices for which are from par to 5 per cent, higher, but for inferioT tho market is weak at from par to 5 per cent, .-swer.. - ■ Messrs. Dalgety and Company, Ltd., Wellington, have received tho following cable message from their London house, under, date January 21:— • V ■Sales opened with' a fair selection. There a large attendance of buyers, and is animated. As compared with closing rates of last, scries prices for nil good merino wools are fully maintained. Burry wools—Prices are on the average 5 per cent, lower: Crossbred wools—Any change in prices is in favour of buyers.. A later message of Janunry 22 states:— " Wool sales continue firm, with an upward tendency." , Messrs. Levin and Co., Ltd.', have received the following • wool market cablegram, dated January 21, from their London agents, tho National Mortgage and' Agency Co. of New Zealand, Ltd.: — i The wool sales have opened. Morinos and fino crossbrcds are firm, on a par with the closing rates of last scries. There is a largo attendance of buyers. For medium and coarse crossbrcds tho sales have opened weak, on a par with the closing rates of last scries. The s.s. Mamari arrived too-late for this serios. Messrs. Murray, Roberts and Co. liavo received the following wool market; cablegram from their London house, Messrs. Sanderson, Murray and Co., dated January 21 Sales hiive opened with a good tone, average, attendance of buyers, and fair competition. Except for the following descriptions marked . shows no material change. Merino, inferior , and faulty, declined 5 per cent., greasy crossbred par to 5 per cent, decline, medium qualities snowing the greatest decline. Slipe crossbred declined 5 per cent. The United Farmers' Co-operative Association, Limited, are in receipt of tho following cable from thoir London agents, under date ■ January 21:—"Wool sales opened to-da.v, and ■ were well attended by Home and Continental buyers, including American. As compared with closing rates of last series, prices were as follow: Fine crossbred, no quotation; medium crossbred, par to 5 per cent, decline j coarse crossbred, par to 5 per cent, decline." ; The New Zealand Loan and Mercantile • X Agency Couumnx. Lid, has received, tfm folp.

lowing cablegram from" its London ofllco, under date Januury 21:—"Wool—Sales opened at level of last sales, except 1 merino faulty;' market ;easier. Crossbred slipe—Prices are. lower by par to 111. per lb.; competition brisk.", '. BANK OF ENGLAND RETURN ; rr TELEGturtI—PRESS ASSOCIATION—COrTRIGIIT.. • (Rcc.' Jan... ! 24| -7.55 p.m.) .. v London, January .24: The Bank of .England return -issued' "for the week ending Wednesday, January 22f is as under: — '■ ' , ■ - ISSOl! DrcrAKTJIEXT. - ' Koto Issuo X 54.723.000 Gov. debt ■ i 11,015.000 ' Other sccuri-. r tics ' ... 7,434,000 ; GoW ... 36,074.000 . £54,7-23,000.. >• . ' ' 1 £54,723,000 . Depaiitkest. ' • • Fropribtors' ■ ... : Govt, sccuri,capital £14,553:000 , tics ■ ...V £14,333,000 . Public' de- ' ' Othersecuri-. ' . ' posits ... 0,753,000 ; J tics ' ... 26,345,000 Other do- . J. ' • . posits .42,328,000. Notes . 25.163.000 Rest, 7-day-' 1 , " ''andothor Cola I' ... 1.0E0.C00 .. ." ■ ■ bills •' ... 3.565,000 .- - :-i 1 — . £67,200,000 £67,CM,C00 . Tho leading itoms'of tbe Bank 1 of- England return afford the following comparison;—' This week. Last week. Last year.- £ £ ■•- £ Bullion ■ ... 36.274,000 34,710,000 32,516,000 v Reserve ; 2C,5J3.0C0 23.857.0U0 94,206.000 . Note circulation ■ £9,260,000 23,374.000 27.84 C.OOO Public Deposits 6.753,000 4.476.000 8,740,000 Other Deposits 42,323,000 44,543,0C0 ' 41,672,000 /. _ Proportion of ■ '" reserve fo i • ; '. liabilities. ... 54.87 • ' ; 52.69 ... ; M 8.91.' GOVERNMENT SECURITIES. v/ : .-The following are tho latest quotations .for.Government securities with 'a comparison of those ruling last .week':— :

THE' MONEY 3IAEKET. r \ -V The open market. discount rate , for . best three-months' hills is lis. 3d. lower at M 15s. per cent. The Bauk of England rato is 4 per cent., to which it was reduced o:i January 23. COLONIAL AND OTHER' PRODUCE. '

Wheat.—On tho strength of weather reports, enormous American shipments, and the prospects of large exports from the Argentine, cargoes are easier. , Two Australian, ; cargoes sold at 40s. Gd. and 3.05. Gd. respectively. Flour is unchanged to Gd. decline on- last week's quotations. Australian.- January shipments offered at 30s. . 1 '. Sugar.—German beet, SSdeg., unchanged at 9s. 10d.; first mark granulated, f.0.b., Eambuig, unchanged- at lis. 7d. per cwt.: Butter.-— I The market is strong, and ; arrivals are well cleared. Choicest Australian, salted 1 and ' unsalted, sold , at' llGs.,'llßs., and 120s. There is an exceptional demands for secondary' sorts, many making 114s. Bradford Tops.—The market is unchanged; there is a more cheerful tone, but the business, is nil... ■ , THE METAL MARKETS. ;.'.' : v - .. Copper.—Spot,. 15s. lower ,at t£G2 12s.'".Gd. ; ; throe months', ,GOs. lower at. JBGO 15s; per--ton. Tin.—Spot, 10s. higher at. .£124 15s.three, months', 10s. higher at JCI2S 15s. per, t0n..... Lead.—2s. Gd. higher at ,£H'lo.V;pe.i;H6ii!/ ' Pig Iron.—Gd. lower at' 475. 9d. : 'pcr ton! Spelter.—3os. higher at JJ2O 15s.■ per. ton

WELLINGTON SHAKE LIST. .. ;,i : Reserve gu Li . blI . „ i 1 ' PEIOE3.V yi 0 1a • rmxvkx7 Capital Fundand ityp6r ... ■ .to. ,' '• FaidUPr ' ,*5 Sha " - ' rt ,S'. • Ecllor. , ; ;! , Sal|)- jj Investor. . : BANKS.. i ' J ■ "■ & • J[ ' ''»»>« - 315 0 • '0 3 9 , 'Km• na :-'.'&:] S <* 8 ,S- 5 6 0 513 4 Ka(ion'al URA ??S.' • - KO.OOO', -.MM39 .oriM. 15 '/} ■[.'» Z 1 7 9 .] | .® >' ■mwZcatamV;...., - .300.000 i- • 336.785 ', S. . 8 M. t ,J, n . ■ .Is 12 6 ' ' 'South British .. - . 100,000. . . 612,499 1 unltd. 30 ; V'a " n ' " ' . - 15,000:' ' 62,183.. S unltd. 10 ' ' . • ' ' ' Eauitable BuiWhis ' ■ , CO.OOO;. ., '6.- 8- -10 3 .:. 0 ' ' 'j' 0 6 $> 2.6 IIS ». ■Wetropolitan BulldiES . 21.000 -MM ■ 9.. »>'' I '■ .I ' :.'' V T-W 3' 012 0 . s 0 0 Wellington Invest., - 50,000 3,033 • £ . /. J ► \ ...jj.- •• -?tft 'r ,,,? 'nil 6 - rift o k *• a •••WelWohOStistdjEoira 101,250 '•* ',44,<M:'• .6. .',5:., ,:-r 7 ", 8 - !?2 '2i «:• ? . National Mortgage - .200,000 119,250 " >- l• o. q g '•, ?• o- 5 5,2 1 N.Z.'andBiverPlato - .300,000 ,; :s.25i,000 ml!,, 7„, 1 .5 1 » ». . * » 6 , «» • •toan and Mercantile,- 135,423. 315,133 9 81 ; . , 6 . , U 1 ' T' : GAS.' .'--iw.——-<1.4 «». • •"Auckland • " . 180,370;:'^'60,5^, ' .- 'f P\\. .< .• JJ n fi . / Christchurch.152,000 ' •: 65.C67 J- .. nil-.:- -lO*- :' AjgVr'g*,. r . m* n Feildin?.,-, 10,605.j, -103 ®. 017 0. . .Gisborno • . .17,100 .- - ; 8.239-• ••> > M- ly.v;- 1 ™ 213 ° ; Hftwera -• r - . •*. 8,250«; ; •745 ; ; V}®I., V* ? Nw.riymoutu: V'. 18,000 ;:/ 3J59 J . ° 0 0 ' ••'■.' v : • w| ,22,517 • >3^ ; 'M i'%f Igf 9 ° ° : 11 , i'®?- i" 10. 0 ; " 10 8; 5 "o . | . ■ J. ■] 8. .,615 .0 : 10M6<i ) . KJ6T .. ii 2J' • 8 ' 3.'5.'0; V,3 5 9 .3 5 3 6 8 9 . Wanfianoi ' i ' <5,650 ' IW01 • . 5 nil. • 8. : . 170,000/ : .121,453 : 1 - "~f .'ff f; - ». 4 ,0 3 3 6; 2 3 9 K.Z;Shipping } 473,810 j .113,751... .8, J Pj ' 2i ' • S-ii n. i ia n ! tfnionSleam. • 800,000." .;«««• f; 15 ' ! " ?! u ' ' ' Vvgtn.St^amForry. , '• ..46,253. ; . &>• •. I-.. ■ 0„. . r : K0,0ttl' si ' 15 •;' : 15\ ■ ,; e , . jl6 0 .716 0. 611 7 Xanpjri-- 62!50J . 1- : ml. 7i 019 6 1 0 3 . , ' : WOOLLEN*. . ' - ... . '/. r : 1 ' Eaiauoi- : • - -100,C00 ;'.E2,85i • 5; ml.y 0 , . . ., Mosgiel-- : ..i.: - ■ ■■ 83,457 '■ 17,212 ■ 35 . i->':8.-0 Ov Wellington - - - E0,000 -. '24.36i . ■ .4 .' .! .6,. S10 0 S'6,0 .1 I » ■ : MISCELLANEOUS.' r - . niI - ■ n '■■ " . , . '„ n Donachy Bopo : - - '47,000 ■■—■".• 5 nil,.- 618 0 • • 6-0:0 ' Leylana & O'Brian 1 S5.000 . : W.TO'j.; 1/ ° 'to. ■ 3 i f . S .5 . 6 6 6 0 MauriceviltoLima, • . . -7.000- _1 - .8. • = ' - '• Ecolooo '.. 2 .'nil . .7 £10'9J11 0 9.11,0 N;Z'. Paper Mills * 94,755 1,177 1 n j| 7 1-3 0 -1 3 3 1 3 3 6 0 5 . N.Z.Com0nt-.^- .40,000 . "I'vV: . / - : '• ' • litoniogftCo. -•-• • * . 9S.003, . ; "7,6(0. 4 • V S17.6 • / • n . Ward & Co. - - ' - £0,000 W.65S 4 1 10. ..... 5 0 0 8 0 0 •Wgtn. Opcra'Hous. : .18,030 1.705 • B • 8. - 0 '-.0 6 11.0 - WKto'FrMhyood ■ - 2S.-26I - •• J : ~ , ■- ; , Tfiitcombo &. Tombs- . 46.250 : . v U|| 4 J? : 4 3 J 0 6horland, Xiinjilcd 48i6Ti) ' . 9,311 , ; . . J. : ,0 X8 9 0.18 3 8 4

Variation b f ■■■■ compared •' . .' , , PnC0 ', Ki-.il . J - . ' " last •wcok.' ' X . . £ 8. d. . 85% Imperial Consols..;. ... '85 2 '6 '2.7/Gbigher 4 ■„N.S.\Y.1603Jau.-Jnly.. ... 107 10 0- . 40s. MglSei 3i„ N.S.W. 1018 Mar-Sopt ■... ICO, 0 0.-, . SOs. highor - 3 „ N.S.W. 1935 Apl.-Oct.''i8 0 0" ' ,15s. higher* i „ Yic.lSKOJau.-July... 1(8 I) 0 IJnchatiROd' 81.. Vie. 1SE1-6 Jan.-July . ... - 03 10 0 .22*6 higher . 8 „ Vic. 1939-49 Jan.-July .... r . 87 0 , 0 - Unchanged 3i „ B.A.191G Jan.-.Tuly ... 100 : 0 0 Unchanged3 „ S.A. 1916Jan.-July . S'S '0 0 -'.Os. higher 4 ,. QTdl921-30Jan.-July.' •... 101 0:0 ■ i'Os..hishor.. 3j QTdl921-B0Jan.-July ... f,9 .0 0 j 10s; lilylic-r : 3 „ Q'l'dlffiK-47Jan.-JiiIy • ... B7 0.0' -SOs. higher.' i ,.N.Z. 1920 May-No'v. ... 105 10 '0 10s. higher . 8} „ K.Z. 1910 Jan.-July 10:1/0 0'. Unchanged 5 „ KiZ. 19-10 Jan.-July ... S-8 0' 0 •; 20o. holier . 34 ,, \V.A.192(K)5JIfty-Nov ... 67.10 0 10s. higher.;' 3 „ W,A;19lM3Miy-Xoy ... EC 0;0 Unchanged Bi „'Taa;'19IW0,)an.iluly ... 99' 0 0 '2Cs. higher 1 V. ! T*s.-lfflM0'J«n.-auly ... 8(5' JO" 0 : , : Uncl)i\iis'cd