FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 106, 28 January 1908, Page 10

FINANCE AND COMMERCE.

■ fs.''v ; ——. ~. ' WELLINGTON , LIST. ■

. 't l;i .'X ■"'fMINING;-: • r (BT. I rtCEoiiilfjii-sr'EoiAi.. ! coRriEsroNDBNT.) 'i jAucßL"*ND,''Jariua'ry 27. " Following' Upon j'a'r'fpoet -upon' the' Karangahako from .one Irf its correspondents, 1 the ' 'publishes the following reply, received by, the' directors of; the Ivnrangnhiiko Gomp'iitty? from* manager" With respeetitojthO'repOrt appearing ia .'Herald' I<may state, portion relating!'to mvsplf.jnot f[oing. /up Jhe hill -is correct.. I;, had beaii,.jip,.,fonr.tinies,that;day"with .visitors, and,yiISS. Hftir jyepresentativo. arriv.ed at nve'p.ili i ., r,hadhad i neith.er dinner, nor ; ted, and fclb-'done^upi"/!! 1 jSkW him if, ho would bo satisfied, with, ypunp-Manuel; one of the ivoi4-men,-'going ,l h|j , :-n-ith ,, 'him,:.and .he said: 'Perfectly so.'--With regard to liis,'description of l]io ivintfpi; at variance, with facts, as I have-obtaincd - atone showing gold nil the way , down,; and this morning i; (24th) I obtained i lbo 'JL po'ind , of picked stone--:, from the bottom _ of - the Svinze; and v t Ji e. reef -"is looking. SSJ.'••.The' supersso ; r;also'.tele-! graphs .-that- the- report is' incorrect, and that jold is got at breaking,down. A, party, of -dircctors weave: to-iiight- for 'a visit - to" the! property." . • ' '; » \ ;■■•• .y.^ ?r V'V : r'. ■' V-' STOCK EXCHANGE/ ■ Cnv Tui.KOitArir —press association.)'* ' Dunedin, January 27. Stock ■.: Exchange, .quotations: 'Alexandra Ei)retovbhyerS"6s: > '6d? sollors 10s.; Alexandra Lead, ;buyi>rs"-3d.;'"'Bignells Notown, buyers !s, Gd.f Blackwater (contrib.), -sellers 10s.; Central Charlton, sellers 7s.', ,6d.; Chicago, buyers, : ss,'..fid.;, Electric,. buyers 135.,' sellers Us.; Ei«(j'rp_nse, k baybrs',..3s; 3d.,' sellers k.; Golden. Bed, - buyers' Bs., sellers 9s. 6(1.; Hes>pys, buyers 55., sellers 6s. 6d.; Koputai, buy- , sellers. 10s.; Li\(ly Roxburgh (con- «;?•)>; M? st £2 Is., sellers. £2 10s.; Molynou'x -Hydraulic, sellers 25...pi1;; New Roxburgh Jubilee, Sellers 10s.; Sow Trafalgar,,YseHers 195.; Pactolus, buyers ■£1 85. ; 6d., sellers XI 10s. 3d.; Rise and.Shiue buyers ,£1 2s. fid., sellers XI ss;; Rising Sun, buyers 19s. 6d„ sellers 41; Snilor? Bend, sellers 165.; Waikaka Queen, sellers 7s. . Mining stocks: -Talisman Consolidated; buyers .£2 lis. r 6d..,, r sellers £2 12s. ; x Waihi, buyers <£8 is. 3d:-,.;sellirs .£8 7s. i Investment stock: National Bask,'-"sellers £5 ' Gs.'; National .Insurance, buyers - JBI-. 7s. 9d.; Union; Stonm-' Ship Company, buyers .£1 ,11s. fid., sellers bCl'lSs. 6d.; \VestportiStocktony buyers 2s. 6'd.',- sellers 3s. ,P.),-W.estßorc Coal, :• sellers-. ,£7 175.. 6d.; New foaland' iCoal,'.'arid,,Oil; buyers Is. 3d.; New Zealand ..Paper Mills', buyers 3s. 3d.;'Milltram'Liriie (20s;' paid), sellers. il' 7s. * 6d.; Millburn . Lime (10s. paid), sellersv 13s. Gd.; New Zealand D,t»g.:WQS. paid), buyers <£2 10s. Gd.; Now, Zealand Portland .Cement, buyers XI lis. 3d.; sellers cil' 13s. ' . '•■ .'" ••' ' '' wool sale. . : ' ASSOCIATION.) ' ijiiii-' ' 'Invekcargu,!,,' • January 27. ''The"-:first wool-'-sale of the season' (the De:ember one was abandoned) was held to-day. A.bout the usual- - 'number of representative buyers were present,' and bidding was Spirited, particularly'; for anything fashionable. Merino was-practically'-unrepresented, only a few odd being .offered, i'lie wool most in demand was halfbred \tnd fine crossbred, particularly crossbred hogget, which elicited strong competition right through, and 'sold' at higher rates than was anticipated. Brokers and venilors were prepared for an all-round drop on last year's prices, but this was less noticeable in these finer classes of wool. Pine crossbred reached as SIIM., and halfbred Prices -ranged-'as -follow:—Merino, IOJd. to 9d.; halfbred, lljd. to Bd.; : fine crossbred, llid. to Bd.; strong crossbred, Bd. to 'sd. Bellies and pieces showed considerable falling off in value, but wool in these was very heavy. Perhaps, some of tbo ; decline may bo attributed toVthis; ; canSe.,'iThe"same l .may bo said to be true, of.,more'or,Jess'all classes of .wool, which is;,.o| ~a ,much-more fatty nature than is usual Here,- This' faqt'isiexplained by the warm dry season. " .. '.. BRITISH'MARKETS. " METALS. HT TBI.ECEArn—PRESS ASSOCIATION— COPTWOnT, '' f..' • ■/ '' .'. , lJ ' .V' 1 . ' London, January 26. spttt,'.JE63 2s. 6d.j three months, .£G2 15,-=.. ' ... .' Tin—On" spot,' JBI2S 2s. 6d.; three months, JCI2S 17s. 6d. :~ Silver; 25|d. Antimony, .£lO to JEI2. Lead—llr. Julian. Matton's- finhual review of.ltho'.lea.d, mai-kct lays:—"The present position is quite sound.; The rece'nt'drop in price .wjis.greatly, overdue, but even if the general conlmercial ' position-" is taken into account, with "an even supply and demand, the price :\vill:not.va'ry mUcliifrom the established level." WOOL AND PRODUCE. , Hemp—Quiet. February-March- 1 shipment, m '• Coijra—ln fair demand. South 'Soa, 10s.; 'oilier lsbrts.-.woii's!-t' ; and prices unchanged. To date 31.091 bales have been catalogued and 28,989 sold. The sales included:— Parnoroa, B}d.; Tamalu, 9Jd.; Timata, 10Jd.;. Genr, 10Jd. Linseed oil, J626. >• .. . •, The wheat and flour, afloat...for , the United Kingdom .'"is 3,3G5',000 quarters; for tho Continent,- ;1,SOU,000; Atlantic -shipments, 349,000; Pacific,,7s,ooo quavers. ',1..,,-. . FROZEN-MEAT,, Shcop—Prices for all sorts- are unchanged. -I,amus—Canterbury, light' and• medium 5 • *5-16(1.; heavy, 5d.; other, sorts, unchanged. ; .:*, Beef'unchanged. ' i.'ivt'i' Plate sheep—Unchanged: : River I'lato beef—Fores, 1 /unchanged; hinds 3' l-lfiil.'' ' ■ .'■•■•■■ Ilabbits— Colonial, quiet and prices un changed. English, very plentiful. • . HIGH COMMISSIONER'S CABLE. The'Department-of Industries and Commere has received the following cable from the Higl Commissioner, .dated. London, ■ January 25 . 19 The-mutton, mbarket is (|uiet. : Stocks o New'"Zealand mutton on hand are light, am prices arc maintained. The following are th current quotations :—Canterbury, 3Jd.j Notti

■ THE SHAKE MARKET. - v ' A ,fair ?wasvrcported, the sitting-of'-tho-.'Exchange yesterday'.i-i!.Niity;, ' Zealand'■ Insurance'''6harcsi-?sold' at "Xll 2?,:, '..a shade higher than thc previous s;i!c, ;uhl rc : , - - turning approxinuitely.s per cent.'on; the:bas!s; of. last year's'dividend/,',The.'balance-shcet,.'of; : this company ,is -.just,- abou.ti'dije;; and.. the..im- : provemenb in.'tho. value ofthe shares is an. indication,.that the compaiiy"' lias'liatl a;prosperous year. .There were further' bids for Neiw • Zealand Insurance "shares- oT JBf'Ts.. Ud.",vbut sellers wanted' .£l'-25.-Gd;" Nationals wcro'''in ; firm demand alt 275. Gd. Bank share's -woroivery, much neslected^Thero.rwer^tnoicoip^ationß-for; . Bank of New-.iZealand, and "sellers; quotett;.;Ea ; ' 7s. for National Banks. Financial shares,.werewithout any change. repeated their • bids of ,£lO 3s. foe ..Equitable Building, " .£7 10s. for Wellington Trust and Loan; ■sellca's. • of the latter asking £1 12s. Gil.jniid there were sellers'' 9f. Wellington Investment at 12s. 3d., Wellington Deposit at 10s'.,.'and Loan-and ' Mercantile, at 55.. Gd.- Gas were.-quiet, of Wellington .Gasi-at«.£l£) andiPort. • Chalmers Gas at 20s. ,In "'Mca'C shares ."there; was a . sale of; second. issue. (Wellington Meat. ; Export at £5 25., and there, were sellers of. tMthird issue at M. ssT9d., and of Gear Meats at 50s. Manawativ Rails were in' demand "at . 435., and New' Zealand Drugs at 50s; port-Stockton . .Coal , shares,, 7s.' 6(1. paid up, changed hands'-iit''iosL 'Get. • v This company i has let a contract to the Birchfield Foundry for the construction .of mine tubs. The, order will, ' run into between .£SOOO and ,£6OOO. .Wellington., . Woollen ordinatyy-'shares Lwerc.;. , 10s.. D.I.C.'.■ Preference at-ESsU'.Sd.f.jLe.vliiiHU; . .O'Brien -Timber-'at ,£2"ss.'"Gd,--:ShaHaml's'Or-- . diuary atr lSs;' 9d:;. and Taranaki-Petroleum;-at "6s. : ■ i•" . . : ' •■ ' ; ' .-.THI!-: MININC};- MABKET^• '>- v There is. a'depressing dullness iii'this market:', There was no business done yesterday, but fortunately values show no ; niaterial change. The buying and'selling.^uptationsjww^as-^iide.rijf.; Bujersi'' 'Sellers;' 1 V V c ,1 ■ r> Talisman ■ ... ..." 211 G 212 6'"; •• Wai,hi — '87-0-Ngatiawa ... ... 019 "0 20 — THE CHRISTCHURCH MEAT'.-fcoMPANY. : The balance-sheet of the Christchurch Meat Company for the year ended October 31 last shows a mucli'-'larger •'cfediFbalance -tliail. iii ■ the previous year, •'Notwithstanding., that :l tHe'| receipts from7lrceznig, sales/ and manufactures were less by-'about' jeSOOpl'-'Thcre has\'bee'ii' : 'ri': substantial reduction Mil- the ■ 'general' expenses;': and in interest and exchange. The balance at ' credit of profit: and •loss;is i£s9,o3G; : as.,comparei;, with i£i3,lG(... This'.hiis'-'becn"appropriated''as v under:— m -' , x ' *6 ''■■ i To "write off for depreciation, , IO.OQO. , To add to reserve fund .... "... '.9,000 > •—To equalisation'ofdi'v.' accoutre?..; 10,000-' , -To provide .for.'renewals.-;;.' i.-'",iv .'7,50,0 V To dividend at. 8 per cent:;.. : 13,005"'-' !• .. To carry.forward a,531 . '\ ' .£59,036 The.Company has got its finances into a strong sound . position, and makes, a , far better <JLs- • " play than a year ago; The'-, satisfactory-! balance-sheet issued.should improve'"the 'Value' of the. shares.' .i, v» r LEAD. . .. . ..... • Mr. Julian Matton is an authority on lead, and he takes an optimistic view of the outlook for tlu metal. Ha admits that the recent drop in price was'greatly overdue,'which in effect means' that; production -Sims ' overtaken consumption.- Lead lias declined from about •220 to 10s. per ton, and yet early last year, and in 190G, prices advanced in spite of increasing production. The world's production of pig-lead shows that;, the total reached.in 1005 was- not' Vjiiit'a maintained" in IMG 'fhe'' figures being- .975',M0 .'English 'tons'' f0r"'1906," against 990,920 '.to/is. ; foi;, if1.05.-Tho„':fallinj? : ;'q.lt ■ (hough prbportioriatcly' slight;' \nVs. evideiitlyof consequence at a time when tlie''rSpi(Tin-i crease in consumption caused demand to press upon supplies. , But to' 'view'Hhb .subject.' in due perspuctivei the comparison year's-produc-tion of 975,010 tons compares with 832,700 tons in 1901, and GCG.IOO tons in 189 G. .Thus the five years' comparison shows an increaso of . about 1-12,900 tons, or over 17 per cent.; while the ten years'-compai-ispn, sho.ws-an .increase':of about 309;200 tons;' or-oyeiii-iG ;.-The,problem -in, .recent -years, larger production, has been to obtain sufficient supplies to meet the' demand; but now .that demand is falling off in consequence of the reaction in manufacturing activity and the" financial crisis in America, the problem has become one of finding an outlet foj- lead; produced without too great ah'dcel\ne in prices.' The production in the leading" countries "for the last three years in English ton%-according to Mr. Julius Mattou, lias been ns'foilriws':''--" WORLD'S LEAD' PR'(jtiijCTlON. : ■ •' - 1901. ' 1905. . 190 G. Tons. Tons. Tons. United States - ... 307,725 31G.832 327,372 Spain ... , - 183,011 182,919 182,729 Germany „133,902 M,137„ 135.172 Australia -117,105" 103;33C- ,'9i;138 Mexico : ' 98,522" 93,101 1 82,266 England 2t,194 23,259 23,90* Other countries ... 120,307 125,003 129,9G9 Totals 985,009 990,920 975,010 Tho decrease' in 190G,'as'compared 1 with 1905, was 15,310, tons,-mainly accounted-for by Australia, with, a decrease ,of. 12,198, tons., !Thc) average price of soft 1 lead in v London' in 190G is stated by Mr. Matton as. <£7. 75.". per, ton, against JBI3 lis. -Id. average for. 1905,, an'd..i£ll 19s. 8(1. average for 1901. Tile'average'for 1907 will be somewhat higher than that. of the previous year. . • ... INSURANCE COMPANIES.-'.-...'". Practically all the big insurance 'companies arc taking steps to become limited liability concerns. Many have already done so, such, for instance, as the Royal, the South British, 'and several others, while the National of Now Zealand; the London and Lancashire, London and Liverpool and Globe, Atlas, and atheri are about to become limited concerns. Further more, these companies aro_. extending llie scope of their operations. Tlitis tlie Royal,lnsurance Company, Limited, is now writing.,, policies for workers' compensation, mortgage'-indem-nity, plate glass, fidelity, personal accidenl and sickuess, besides lire.

Island, 31(1.; Australian, 2;d.; River Plate, 3d. per lb. ■ ■ • The iamb-market.is steady,: and a fair business is'doing. Stocks of'Aiist.rhlia'ii lamb on hand are . heavy, and are widely distributed amongst.'agents, who are pushing, sales, being quoted at -IJd. per lb. Ac\y Zealand lamb shipped by s.s. Mamari averaged Gd. per lb. The beef market- is quiet but steady. Iliiul quarters aro quoted'at Djjd,, fore' quarters at 2Jd. per lb. The butter market is very firm, and is greatly affected by -the hot. weather alul bush Arcs. 1 There is a general and-active demand, • and prospects are favourable.. Choicest New ; Zealand butter is quoted.at 1195.; Australian, 117s:; Argentine, 117s;; Danish, 1265.; .Siberian, 112s; per cwt. •' . The cheese market is. a shade weaker,' and thero, is - less deinaud. New ' Zealand white niakes are quoted, ut Gls. Gd., coloured'at 625. Gd. per cwt. - ■ Tho hemp market is i quiet, with small business doing, and tho market is likely to remain for some time at present quotations. Thero is no speculation in anything at present. Current quotations are.:—Good fair grade, on spot, £28; fair grade, on spot, J827; ;fair 'current manila, on spot, JE29' 10s. .Tamiary-Mnroh shipments: good fair, grade,, JG2B;. fair grade, .£27;. fair current manila, .£29. Stock held-on' January. 1 amounted to 731 tons.] .' Thero has been no alteration in the cocksfood. seed ■ market sincc last week. The following are the current quotations for kauri gum Ordinary to fair, three-quar-ter scraped, 105s. per cwt; fair, half scraped, 105s. per cwt.; brown fair, half to threequarter scraped, 925. Gd. per cwt.; brown pickings, common to good, 555. por cwt.; bvish, fair to good, pale and amber, scraped, 1555. por cwt. ' Stocks in London on January 1 amounted to G2B tons. The wool market is "steady, with a fair business doing. .

;• ® e! « vo ] .'PBICES., ,. Yield fAMPXNY -Capital'. Jumland jtynor- - 1 ■ 1 ■ - ■—, T . Bk to . . .' t -° p : ,S T& tSg. . Buypr. | '■• Seller, "r" Investor. DANES. £ ■'■* f ■£' )•£,!:& : i j'slr ! u-i'i'V 1 9*1 KcwZenland - -2,000,000 f81.67S S» ; g r'2>.! S 6 0' fill !' ■ National .• : . : . 375.000 - 335.319 .> ily y;15y;- .. :7*:■ ■ ■ ,, VKaiionab ICO.OOO ' MM38.- V i . nnlta. ''J5 :V ",'j \ 5' \l\ Ho' too .NowZealand - 500,000- -S35.7K » 8- JO- --f.-J-® "-i-,?'. 5 ■ :i - J ' ' 5 '° 0 EonthBritiah100,000 . 512.493 "1 , nnltd. 30- J'j.-j 'i, 61 ,-;.' . Standard - - - 75,000 62,163 .i unltd. 10 • !• 3 ; »• V EqnUaSoBniidlni! £0.000 . ;7 ; ; .'5 5 / .JO* 3 "'S 0 10; 3 6; • >n8"B" .MetropolitanBuilding 21.COO : 5J22D *oO nil. ' . 7' .'nio o'. (iiq n ■' r n* n Wellington Invest. - ■ 50,000 3,933 I i . ■ 6 ' „ ' b" ' 7 in a «{«»"' •WelWonTrusfc&Loan 101,2>0 44.334 - 6 C ! ■ 8" . ' : TIi - 6 : I s' S' NationalMortgage. - 500.000 ,112,25(1 2' . 8- 10, - »-»•-«• , :®..® i N.Z.andBiverPlato,. 300,000,,, ■ 253,000- , ..,.l,- ,,»il T ,., v ? i ,,i -, i,.? ; ■ . 4 - 0 Lean and Mercantile ? :•, .135,233-', ' 3i5iiS3 - -,-i ? S4 6~M- r... .... GAS. ■ - ■ ■ . Auckland - . . 160,370 £0,553 * §„ ..Jiil ~ IS,. V,wn fi ' , Chriltchurch ' ... 152,000 . -10,- «n~jj.V ; . "TitT oiT 0 Feilding . -v. . 10,805 < *103. 1 'ml- - . 0 ls 3 ' Sii'n' Gisborno - . , 17,100 ; .>. v 0,239, v ,1- nil, . ,121 r ,->. V s u >- ■• . , ' Hawera . . •. .'6,550 . • 745 3 1 ' i". ,10 v: ; New Plymouth -v. ,16,000 1 - 8,159.;, . 5;. ..nil,,/, .,.10., V. .,*« n ■ "" Stpiet - f...' ■- ) . ■ • •' • 30'- '-'nil. MlB- . ".>> ' ; : , : f , J/, J ,37.8 !.V ' ./'' Pelmereton North •" £7,000'- 1MKT' 4j ...? ' W IS' . n ill' k ■! IS Wellineton'. - ■ ,o,™! • 67 988- 10 B« 10 16 17 6 M 0 0 . 9 S t 5 5 0 : 7 ' MEAT.,.-..." -.. .. Canterbury - • • 163,727 £0,074.v'as. . .. 1n n , Chrifltchorch - . • 16S.3M 77,643 10 ; ni. , 8 W" 0 ;« ° ° 4 Gear - ■ • ■ ro „»,l 96,261 1 nil. „ls!»,_a 8 0 210 0 2 10 0 5 0 0 .. .. - -- ■ m ' 000 f 4 • 6 , 125 • ..• ,WelIington.MoatEip .■ J J, , ,,J i: ,. W ■ «', 0 B3 'o U i . „ ... „ 105,766J 63,767 . ? J. ; aJ . 8 3 5 0 , . 3 5 8 3 6 3 ( 8 9 " .45,650 ... li;4W .' 5.' •v 'i, ' ' ' W.&lLBaUwa/' " • ':170,00a''lM.453 ' ,1 i / 7 1 2 '3 0; :/ r 3, 0 , .i3;,3, 6 ; , , 839 N.Z.Shipping 473,810 .113,751 8 .m. 5 ...6 7 6 UnionSteam - ' • 800,000 {RJB& i. ■ 1 n !)'- 1JJ ® 1 ? S °' ■' • Wgtn. Steam Ferry " • ,46,253 . W?.. • ml - •.« ' 018,0 Westport - " 5£0,000 117,215 VSi* 1 l.i . 15 J 16.0' "TJ8 ; 0 t . 614 7 Iiupiri 62,50) 6,339 1 nil. 7i 019 6 103 ; WOOLLEN. . „. . .... Kaiapoi- .. . . 100,003'^3Wt't: -i'B ■■■■'£■ ' 6- ! ".1,t Mosgiel- . . ..'. --i 63;457 / M7,212.',. -.81 ,.M * . ' „ . , Wellington - - . - 69,00!) 84,363 1. „.i ,6 . . ; . .310 0. .>8 • <••• .. -T'» 6 MISCELLANEOUS. J'-VJ : l„ ,J iri ! • ' ! n i' 1 -' . DonaghyEopo • • - 47,003 ; 5 - B18- - , 6. 0. 0, Lcyland & O'Brien ■ ' - 35,000 ■- • 37,761 . 1 . n !| ' 1® r 2 5 6 5 -6. , . 6 6 0 UauricevilloLima 7,000 . 20fcJ A'iiPjlC;. '6 - r, Y,i)x'C ii'-i. ■ ■ N.Z.Candle - - . 10,000 • — - , -.10- »}} — • _•-...• N.Z. Drugs J - . - ' £00,000 MM* ■ 2 ' nil • 7 S10 9 i 2U0 ?.C21l-;0 5 9i 0 N.Z. Paper Mills '' , 94,755 1,177 1 nil -.7 1 3 0 1 3 3". .• ..1;,:3;'3" ' 6 0 5 : N.Z.Comonti'...«....:.J.._40,Q00 1_ ...nil - , ilanningJtCo. - -...06,000. 37,670. ■ 4 J , M ''-r. • . Ward & Co. - - ; • ' £0,000 20,655 4 1 10 800 800 . OperaHousa • 18,630 i ,..1,705,., ,5- e ® r-;f -*'v : ' 514 0 \Vgtn FreshFood • 128,261,.: <i lv . PfJ ' H ' Wbitcombe& Tombs* 4G.25D- ' V '£0,153'-* - -5< • nu» 10 bb&rl&od, Limited • 9,3U' ,1 , ' 7i- 018-6 0l8"3 8 44