FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 105, 27 January 1908, Page 10

FINANCE AND COMMERCE.

- THE SHARE MARKET., 'J' An average amount of "business'.was done on 'Change on Saturday. There was, a sale ol National Insurance shares at 275. Gd., a»d on a' parity with tho previous salo._ Othor insurance shares were quiet' and. neglected.; .ißank, shares were unchanged." Buyers repeated their bid of £9 12s. Gd. for Bank of New Zealand ' shares, but sellers were holding for. .£9 15s. National Bank shares-were'on<;6ale at <£5 7s. Financial shares ;c?xlnbitedno"-variation. Thpre; were steady 'buyers l for- ErjuitabUi Buildingf" '•' shares' at 3s:/ and' for-'Wellington'Trust, and Loan at .£7 10s. The "selling quotationswere: Wellington Trust and' Loan, : £1 125,; Wellington Investment, 12s. 3d.; .Wellington Deposit, 10s.; and Loan and Mercantile, ss. Gd. The demand for gas shares was confined to Palmerston North Gas, whicli ' hands at £7 7s. Gd., with buyers lit >£7 75,,and Wellington Gas, for,.which, buyers,,qupted, ■ £18 17s. Cel., and .sellfers • .£19." are now at their,,trua.,value-level, ..based on. the, • ..gale of December- 5 last. There . was no-'inv; quiry for meat shares, but there were sellers of Gears at 505., and- of-Meat. ..Expotts-at-.£6. ,155., £5 25., and <£3 55.-9 d.-for, the respective issues. Union Steam shares, were wanted at 81s. 6d., and Manawatu Rails/ at -135.;, sellers . of the latter asking (Ms. .-The selling quotations" for other' stocks were: Wellington Woollen. . ordinary, .£3 10s,; Westport Coal, .£7 lGs/;' D.I.C. preference, - J3l 3s. 3d.; ; and Leyland- . O'Brien Timber,' 455. fid, ! -.i.-!*:.'< yv THE MINING MARKET.) This markot has been lifeless all through Hie week; as,a matter of fact, the market, has been wanting';-in,'vigour ever-.since bUsin'e® wh'Si resumed aftei)e.tW ;Christ:maß...:bolidp,ys. ! o(nPn.! Saturday- . tho .."quotations,'.-woro- confined«-.to Talismans',:and_ Waihis. -Tho.: .former: changed, - hands at'.*&2 lis. 3d., with buyers at ,£2 -10s.-' '6d. For Waihis. buyers offered <£8 4s. Gd., sellers quoting ,£8 Gs. Gd. - THE MONEY MARKET. In London ..and .New York-money/has.-be-eomo plentiful. and-clieaE,"; .and ;it,,is much cheaper in. New York than London, because the conditions are normal in London, and the reverse in' New York. The bxtrcmo cheapness of monoy in the United States is rather, an indication of a want of confidence. The great s fihock to credit experienced in November, and v December crippled enterprise, and ; 'nojv.thoso who have money to invest' are looking more for safety rather than for big returns. This . js the natural Result, of a credit crisis, and is exactly what was experienced 'after"the "Baring* .•crisis, A grea£ shrinkage in trade „is. bound to bo experienced in; the United States', "and : there is already ample ' evidence of,-'this, which will ultimately cause an accumulation of unemployedmoney,; in. .New. Y.ork,., -which will lead in its' turn: to shipments, .pf'gold.fr,om. New York to.Eupopo. /After atiriio/ of course,', the accumulation of money in New York will lead, first, to speculation in stocks, and, secondly, willingness on the part. of. bankers and investors to lend to great corporations and great companies,' like tile "railway com-' / panies. But in'tho meantime'there. will be a period of very cheap money and'' very dull trade. '

DISCHARGE OE WORKMEN IN AMERICA. The New York "Journal .of Commerce" of .a, . , 'recent 'date • states that- the. .depression: -has caused the discharge of.' nian'y "workmen. To , ascertain their number was difficult, as- employers showed no willingness to admit that , they cannot maintain their full quota of 1 'hands. The "Journal" can* account for 178,000, and quotes a representative body of engineers, , which raises the figures to 200,000. Unskilled labour, too, • is- migrating,, at, a rate . hitherto- , unknown in. American.. history,thus ; thinning. < ihe ranks of tho unemployed, but, even so, , a time of lower wages and labour competition seems approaching. At a recent conference of ; the Steel Trust it was unanimously decided to restrict output, to maintain prices, and to refuse, unless tinder e?:cfeptional'"circumstance!>; to nccopt caiiceUing''oh!el's: -Accordingly', 25,000 * men have ■'■'beeri> i jp.aid J blr, arid- many-more are cxpected'to'fdllow , 'tKem;V''Xt [NTERNATIpNAL MEECiINTILE "MARINE.-• Tho. formation ' tliis, gigantic . shipping' f rnst in 1902' seared even the" British' Government, but it is having a very bad time. Tho formation of this combine was to secure to the United States pre-eminence in tho shipping world, and Mr. Picrpont Morgan and his assosiates were perhaps .'oil ''that ■ account enabled' to water thq capital .pretty'freely.":. The; Various issues of this "combine suffered '-severely' during the recent crisis. During Novinibev tho common stock fell to 41, the preferred itock to 12, and -the 41 per cent, bonds to !i7. - There has since been a slight recovery, but notwithstanding this the . total depreciation during the period named has .-been-"about 1 ,£5,000,000. The Company lias' alsA - siiffcro I severely from the cutting of rates ipr, firstclass cabin passengers. The net profits earned by tho Company do not warrant '.he enormous capital with which it has been -ni!'l!iil. The tofcl issued capital is equal to «£31,932,2C0, equivalent to, say, .£3O per ton on the total tonnage owned by tho. Company. . Til'* overcapitalisation may, however, be said to !ir.\e been fully discounted in the marked prico of the securities, tho aggregate value' of"'which is about =£11,500,000. A' considerable portion of the bonded debt of tho International Mercantile Marine Company is now held mvGreat Britain, and if the tendency of British "investors to increase their holding of these securities is maintained, it 'cems not altogether improbable 'that-Great' Britain'- may buy back, for a very .much smaller sum "than- she them in' 1902,. the' magnificent vesoeis -which constitute'the''fleet' of the' International cantile Marine;-. .

. . WELLINGTON.- SHAKE -LIST.. - COMPANT 1' ™ FnSa-'pi' J ;.;;.,V aaoEg. ,^:<p. rm i - . Paid Dp. _gw. sh&„. -. . Ec»er. . E " a , Investor. ! ' . .• n,\VTf<Oi l # ! ••' jP' / * ■"<"*" *""i " ' B. 1- d. 1 ' £■ s». d, ■£ s« d. £ P. d, > • Few Zealand - • J.OCO.OOO .581,6733| 3i 10 9" 1 * 6 J 15 0 9 12 6 3 9 1 National. - - - 375,000 ' 235,318 • '*4 . '•'15T JV( 13 " 0;' :& i 0 .6 60 & 13 4 . INSURANCE. , v / , - . . . . Vf « '.o, , • National • - - -.100,000. ' S4&330 x I unltd. .15 - J J ® , * T 9 J ?•£ * ®-J New Zealand : - * 936;785 JJ ">10 *' i'ii' T- I™ - .413, 5 0 0. ■ South-British - - 100,000 -612.499 1 .onltd. 30 J" 1 ®'® ? *? „ ; Standard . • - 75,000 83,163-' - • ••* unlWi : 10-»- 31 : • V 4 0 | ; 'Equitablc.Buildinfi ' CO,000 4P.940 . 5 5. - 30- 10 3 0 10 5 0 10 2 6 418 9 I Metropolitan Building 21,000 5,22!) 30 ailv 7 , «in A • - „ „ ! Wellington Invest. - 60,000 3,933 | A «-"--Wh* ?M o 0 5 2 2 WergtonTrusti-Loan 101,1150 44,334 6 : 5 6 i'2 2 7 ,2 5 5 5 ® ■ Kational Mortgage, . 112,250,.v 2 . 8, ,, , 30... ;5 0,;. : ■ • » J ». « » J' ' : NJS.andEiverPla'ia .SOO.COO. 252,000.' 1 nil- 7 1 •» J J 2 2 . ' <» ? IjoanandMercantila.-: '135,241 "335,133 ; i>'4 ''81 1 1 < ' 'V 0"-» «• ' 0 ° 5 ' GAS. ■ - ; ' ! •; Auckland • . ' . 160,370 EO.55-3 .6 nil -16-•- ,... . Cbristcliurch - . 152,000 65,067 . 6 nil 10 ... . 10 .,J ° .„ . Foilding . . 10,805 wn«;C: ?9» « 0170 , Gisbamo • •• • . . 17,100 . 9,239 1 nil 13} 213 0 :• V Hawera \ . . . 8,250. 745 3 i 10 _ , \" New Plymouth - ~ . 18,000 ! 3,159: 5 nil 10 7 17 6 .... Kapier • - - . ). , . 10. nil ;15 . , . ,» ® ». \ 4S),957f 22,517;- 5 . 5 - ' Il5/r -' 3 ° J 2 2 ' ' ' .. . j 1 9 15 3 7 6 ralmciBtonNorth £7,000. 11,093,. .ii , ,i • < J.J !•• «.«•« 'in I J f * J? . Wellington - - • 'E79S8 ■ rlO '; ... nj . .10 i 36,17. 6.. .19 ;0 0 19 2 6 5 5 0 „ .i/,-5.. > 0 '•lO ••• 1 "MEAT. .. ... ...... ■■■■,■'• Canterbury- . • 183,727 E0.074 S - - -.B- v «>•> ■ n . •' Cbristchnroh ,• 165,!«) 54,337 10 m . 8 30 11 0 30 12 6 1010 0 712 4 Bear - . 96,261 1 art. 1| 8 8 0 >210 0 2 10 0 5 0 0 i , ■ ■ WellingtonUetiExp _) ,5. nil. . 8 2 : „ ; ' • ■ ' „ 305,766 f ■ 63,767 4 1 8 500 s ! ! " S!.j. - H f 1 . - " - 4 ' J. • Si 23. 8 350 359 3 5 .3.. ( 8 9 Wangannl !, 45,850 11.40S,. : 8. nil. B • i . X* TRANSPORT '.'***'• t v® W. k M. Railway' : - 170,000 'j2i; - 453'''" 1' i ■ 7 J J '0 0 '2 3 6 S3 9 K.Z.Ebipping - • '473,840 113,751 8 m. 5 6 7 6 Union Steam - - 8CO.OOO 472,592 1 »il. 7j 1 1 13 6 3 33 0 Wgtn.StemnForry . 46,259 65 1 ml. 6 .018 0 Westport -5£0,003 ' 117.235 S3' ' 3j- '• 35 J» 0 .736 0 tli T • .. ' Cupid - K.503 . 6,330 1 mi. , 7i. ■••.fif?-.?. s 3 « S . - WOOLLEN.' ' ".. . :: '>• ' Kaiapoi-. - .300,000 ■ E2,65t- '.- 5 ; ■ OT6- ■ '«■' >'• Mosgiel- 83:457' :-"17.aia : ' 14" -. 4! v r; .••• • • ' „ . Wellington r -,.t0,000 , 4 - ; E4.3a« - L .. if 4 '810 0 . . S 6-,0 T t (' >./. . UISCELLAVEOUS. • '• . DonaghyEopo - - 47,000 • . •— ; 5. . uj] - : ,tt , • •' .6 0 0. ' Leylandfc O'Brien. . 25,000 87,761 •' 1 ;&■ ' 2 5.6 ' S5:6 '660 XlauricoviUoLima ; 1 . 7,000 5^05-i • i-- v K.Z.Candle - :«V '■! 10,003/ ; -v--. 10- ;.-, 5 ' \ * _ ' ' h\Z.Drugs •- '« . " £00.000: 54^14' k ' • '2 -"nil - 510 9 ..",1111 0 ' 2 11 0 5 9 9 K.Z. Vapor Mills " S4;755 .1,177 1 wl 7 1 3 0 1 3 3 1 3 3 6 0 5 K.Z.Cement* " -.'40,000 1' -2,741 \ f Jr- ; IfanningACo. - ■ ;"8t3,COO ; ,.37,670. ... . fl l0>,,,' /.aa • ' "Ward & Co. - £0.000 > .-•50,655'-. ...ii'.l —10 .5 0 0. 8 0-0 Wgtn. Opera House - .18,630. 1.705r' "*'6 A 1 J nil - ; 8. ' : -' 1 • ' 514 0 i : %Vgtn Fresh Food r u i:. : , h- } i. a Vf'hitcombe & Tombs- i... £0,i53 •> ■;&,> -.-.u ... ; Kliarland, Limited • wl / 7i'" i 'i -.i. i't- ,-.,0,1.8 -9 018 3 8 4 4