FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 131, 26 February 1908, Page 10

FINANCE AND COMMERCE.

:?i' - " ' ' .THE SHARE MARKET. , ; ■ 'Brokers are about tlio'dullness : ;, of .business,/and' thero. is. ..every ;probability of- ,. the dullness'cbritinuing until ;after the close 'of • > pi [. : .'next ■raontli.).;;M6iiej[ is • appreciably.- dearer, and ' there must{necessarily follow 'a';j revaluation,: or ... readjustment "of j the values of . shares.' Inv Teistors'.'ivilli/riaturally.'look, for,:a .better,re-' '.('.if tuhi,'arid'if, this-,is, : inot';;t6j be obtained froirt ;..' y:'; ;-.- shares': chey '-'will, try; other 'securities.' Again, ; it: must be;remembered: that,; three banks will, terniinatb on,- March, 31, and it is ; usu'al' at .'such -tim"b "'to'; see restric-'j ; '■ . tions imposed; this year, the positibn,.is. likely . to" bo a little inorei stji' i At,, i:.'.. the -sitting ■ of the two sajes -of''investment sharos; were'reporteH." . Welling- ';'. : .'; ton! Trust'and iXoan- had quittance at'-j£7, 95.','.. i.''. ..." and Gear Meat at : iS2,9s.;.The quotations djs- ' .. closed a few\buyirigborders,with -no material ' change in values. Bant of-New-Zealand'sharcs'. . ■ ' , Tvero offered for sale 'at i£9.l7s. Gd., •but, there; ■Ri'.' : vero no buyers. .The quotation; , : view : 'of 'tho :dearness 'dlijmbiey'.- ' 'Natibnali I -Bank: shareiVwero,iri- demand at '£5 Gs.,. with V ;i'. sellers : ;it £5 ■ 7s. 6d. Insuranco shares, were . •■quiet and unchanged.-- There were sellers of ' -.Nationals ■ at; 28s.- 3d;,'vNew.;;Zealaiidsi'.-at'^jes-j"<v; ; ''18s., I '; and' 'Standards ; at ■ 235.V-9d. v ~ ; Financial shares, .wore steady,. at . previously riuoted; '" v. prices.'.' There were Buyers of . Equitable Build-' ~- : ...ing ."shares 7 at';i6lo j2s.f: , 'Gdi','-' l arid' New'> Zealand- ,- ; and River Pla'te;;at'3os - : : -''New-Zealand Loan'and- . - Mercantile - tfc^.\TOre - .!lihy^!'at^&;i - v.'aiid-\iel-'- ' ; . lers 'at ss. for Wellington Deposit, sel-,-''•!..,;lers,:wanted 10s.' -For.:gas shares,/the quota■r .i ' ■ tions were' Wellington Gas, -ifilO paid up;'sel- ' -; ; lers,' j>l9 :155.; J65 paid :up,' at "^S9, : 15s. cum ;-' .'Tights, Port Chalmers Gas,- sellers,-V205.... Tho- - ; prices for other stocks, Hv;gre;^^ e Hiriston:iMeat/ 7.' •' Expoi-t; ;third. issue, ; sellers,. JB3 ;55,; Off.; 'fttariai , watu Rail?.' buyers,-43si ; Gd.r Wellington .Woollon,, buyer's, 45., 9d.''; .-sellers, , '''i£3 .8s:; AVest-port-Stockton,'Ltd.;.sellers, 10s.'; New Zealand, pojtiand Cement, dEl* 13s. Gd.j Tara.".':aati Petroleum,' buyer's/: 4s/; .sellers,: ss: 3d.\v„^.' [ p '?'■ :^v , , THE MINING MARKET 1'- .' ■ This "market'co'ntinues: quiet, but [there , is. : > ;.: not any ;material 'change'in;value's.":'The quo-- ~' ': tations'ijrestertay'- were' as -urider: ' ■'' K-''!'' ' :. ' :Buy'ers. .'Sellers. : .1 JJ s. d.'. • J3 s. d. • v Wai'u 7 819 0 ' 9:1 G Talisman ... ■■■ 213 0..., Tairua Brokon Hills ... 0 3 9 0 4,0 ,N.Z. Crown .. .... - 0,7,2 - Big River ■ . 0 12 6 0 13 G

FIXED DEPOSITS. \ The -growths 'of;the -fixed deposits in the ' janks, : , arid the Post; Office .Savings'-.Bank-.-for, iach year,':from. 1901 to 1906, ar ( e,shown'in;.the able "appended:— ' f' - . : ■..' Post Office. . Banks.'.. . Year. • ■- r / ■■' ■: • <£. 1906 ...' * '9,953,265 kc; '.' 9 a 513;258 ,CV ■■"• 1905 • ... ...'. 8,602,023 ' ' 9,776,098;'." 190} , {'V.;" 7,761,382;. r9,099,010 ~■■>, ; 1903' ' ' ■ .';:■': 7,388,682: ,> ■•- 8,945,587 ■ : 1902 ... 6,883,787 '- . 8,722,367-:' .... 1001 v •• ...•'• • •;./ 6,350,013- .8,293,995 '.. ; The Pok Office-Savingsißank-figures'.for'-i?07.: are not : available;, but :the. aboye ' give an.'jn---dication of tho '.movements. '■' ■In fite- years , the i -Post, Office has'gained/'J!3,603,252;.or-56.W.'.jier;: ceiit.,' whiloithei.pfiyatc banks,during ,tno :samo,' r period show a'.gain of oiily cC1,549,203, or rfbout' 18.70 ..per ccht.. •:The.' years given 1 -' covcr..^lieperiod of maximum''-. prosperity in the Dominion,, and- this ;may account for .a great deal of the increase shown by '.the .Post Office, At the same time, -'there'is no- tlie, State has attracted a good deal'of'money by .ofTering higher rates .of interest; -. Thb iigroes., also furnis.i somc'.'clue to the advance-m-tlie deposit rates allowed, hy'tbo banks. .It that tho demand for credit exceeds the supply, f and consequently the banks are endeavouring' to . attract deposits in order meet the commercial' deraauds. j Money- is likely - to i)e tight and in- shnrt supply until the end of. M.arciv aud even then there may'not be-""any;'easiness, unless' iu the. meanwhile * there is .an lmprove.'nient in the valuos of our produce., ; ; PEEiIONITORY ; SIGNS' OE ; CRISIS.;

. Mr. A: Barton- Hepburn,- president, of tho Chase National- r ßank,; an : ex-;Comptrollcr or the, 'Currency; and'an ex-superintendent ot banking of: tho State of. New York,: has, been appointed to inquire- into the .causes and etfects of the United States crisis. In a. statement, lie has-supplied .to the New York correspondent:: of. /tho /" Economist, -'Mr.' - Hepburn, gives a graphic' idea, of the circumstances: leading up -tbc?iKeieriM^^JiicliJfias ''Bwi.'fraught villi woridrwide''consequences;;.'•-.-.He / "For the past four years there has'been in the United' States - a continued advance, in prices generally. -; .Unwholesopip,'. extravagance, ranging.' from the labourer.-to■ tho- capitalist, has supplied a seemingly demand,, a demand, so great and .persistent that. there has been practically 'little'.competition in the selling .of goods'. " The has ,been altogether" in *■ obtaining goods to sell. Tho consumer was an anxious purchaser at almost any price. Wholesalers increased their supply, i manufacturers increased the capacity of their plants with hothouse haste and- with labour and material at a rango of prices never, before equalled, thus permanently over-capitalis-ing their plants.' To illustrate: Pig-iron 'in Considerable amounts was imported into this country, where wo v mine . ore with steam shovels. Building, especially largo steel structures in . our.' largo , cities,: has been rapidly pushed, ail; over, the country, .at a cost of oner third greater than tho 'samo. structure could have been erected for five years ago. " Speculation has by, no means been confined to Wall' Street'or personal'securities. Every locality has its form of adventure. City, town, and village lot's,' farms;- wild farm .lands, ore; properties of every-kind, .timber, and timber lands, especially tho latter, havo been purchased on the partial-payment plan at constantly, advancing prices. , Shrewd''men'-:-foresaw.:a're-action, and expected it.at least two years ago; but our successiyo, 'bupiper. crops,'., -with'-' ,ft strong foreign' Demand -at. high :prices, postponed the'reckoning. -The' extension of business was. so great that- all. interests' .were borrowers all the time; hence the' shortago. of mobilo capital; hence tho monej stringency." FINANCIAL PANIC IN JAPAN. Japan is suffering frd'm a financial /panic,' and it seems that the metal dealers are the greatest sufferers. Japan has been suffering from a trado depression .for; a considerable time. Early last year there was a slump in the share market, and a trade depression followed. The decline in the price of silver has materially affected Japan's trade, with China.

WELLINGTON SHAKE LIST.

L32d.i it is now. 25d. "fhis means ; that,' as; China.;is (i, sil,Tpn v r!sin™ country, v/hilo Japan o currency is 'based on cold.- &o_ cost of Japanese productions • cold,; ia'-Cliina",io approximately Higher, by one-tiftfc than it .was u- year ago.. Consequently !-tho export - of l cotton ; yarn has 'materially'"fallen" olr, and tliero has been a number of failures of yarn merchants at Shanghai'arid Newchang,, caused' by the fluctuation, !iri.'silver;-'" The Americanvcrisis .'-added: to the; troubles of Ja'paii.- The disorganisation jijbiiper.:,market ~,in_London and .New York . checked , the, ..export "of copper,' which 'in. 1906 roaoiiedv a" value'of' two and ..a half million nounds...sterling..-But.the-..heaviest blow which /Japanese'trade - fiis-Trecoived has' beeii due to tllo collapse of tlic 'silk market, following upon York;._crisis. Prices dropped enormously,' ; -but 'stocks*' were not moved, and it is estimated that'at the closo.of the year there -were 35,000 bales of raw silk in.stock at Yokohama, representing at the lowest estimate more sterling. With the 'export"of-raw s'ilk-hlmost'at a standstill, the yarn export trade seriously depressed because of' the fall in silver, and the disorganisation of the copper market, the financial situation in Japan has. been extremely' unsatisfactory/ and; a ..collapse .'Was inevitable,. .It has come now, arid 1 , should, lead to some drastic. changes in "Japan'. It;is not unlikely that the Japanese Gqyorriment will bo. compelled ,; to modify its !ambihoi!is!i'jiaval ( .';'arid ' military programmes. 'The : . Government, .it/is ;said,' is' at .present faced by,.'tho!difficulty. ; that 'taxation must'either-bo increased'or'; the' programing for\tlie expansion of the, army, .and navy must bo reduced. The "increase of taxation would seem almost out of .'.tho question', .as...the'.'pebplefarb 'still paying taxes -on u>-.war-' 1 basis—that' is, taxation *Kas been: practically- doubled;-since 1904. The >financial "panic !ought: to result; iri New Zealand' obtaining silks and Japan 'rice at. much cheaper rate 3 than heretofore.

' -'^EW;'SOUTH WALESi-'MINERiiL^ -A-fine show is made ,b'y' the' New Soiith Wales : mineral .statistics.'for the / year: 1907.. iTlio,.;,UnaDrrSeqretarjv for, Mines; (Mr. E. F. •Pitt'man) estimates ; valuc-iof; the Mvholo putp'nt ;'at amount that'exceeds H:ho figures for 1906 by ,£2,'107,753. The - yield of gold: was : ; 247;3630z. fine, '-w0rth■■.<61,050,730,or'a -decrease- of' 662-foz., and of in value; . On examining the other .figures, :it is ■: found' that the ' lead and silver mines of thb State .were responsible for the production of •metals.valued"at'.iS4,B26,74B, or ,£1,GG9,855 more than;,in.-.1906.' ; This increase, with that, .of >£555,X92, in coal.'a'ccou'nts -for the , greater portion'' of the whole' of the 1907 increase. -The :coal Output;.for this..year should be maintained, provided 'there are no strikes./ Prices also are sure :to be high.' _ Therefore, another "record may be looked'for in the case of that mineral. ■With silver-lead, copper, and tin; this cannot base'. : i : , During- last:, year the price of tin-*touched ••;£2ls."per iton.vand- copper JllO.-, Now these, two metals are quoted at, roughly, i£l3o' and "£660/ per ton. respectively.-. • Lead has noti suffered so much, still (the fall in ifs-valuo is vfrom.', bver< £20.- per, ton to' about • '£li per ton.. The oiitput of copper in New .Soutli \Wales; ih-;1908 .was .9062 tons, and i,f; a,s. is most probable," "fully .10,000 tons; were obtained dur;ing;;l9o7,"..a' shrinkago.'in the' price of ,£4O per. ■ton'on'that output'would-mean :a reduction in tlie; total - value: of "<£400,000. '-■ Taking lead, 1 the 'output -for V 1907. : whs - nearly 140,000 tons. A : fall' of £6' per ton in' the value, of that metal means a shrinkage of .£840,000. \ In the same wayj.the arop' in ;the price of tin'will affect ..'the..return; from- that metal .'seriously. There-' fore', tihlii'ss a great revival in the metal marmot occurs,- it unfortunately is inevitable that tins-year's-figures will'show a great reduction .on;those, for : 1907, . \

WELLINGTbN PKODUCE MAEKET. -, Messrs.. Laery and Co., Ltd., Wellington, repoi't,wholesale/ prices ruling on the market:— ■ Whe'atV fowl.-'vSs. 2d. to 55.. 4d.; ■ oats, 2s. /10d. to 3s.'j seed oats, 3s. 2d. to *3s. Id:; maize, 4s. 10(1.. to: 55.; . crushed malt, Bs.; Prussian blue "peas,'6s. to"6s. 6d.; fowl peas, 4s. 6d. to 4s. 9d., all at per, bushel; flour,-New Zealand, J212; Australian, 10s.; bran, jM-to £6 55.; pearl barley, .fIS; split peas, i£18; bonedust, oG6; superphosphates, £4 15s. to £5 55.; chaff, oatensheaf, £5. to £5 10s.; oatmeal, ilO 10s.; new -potatoes, whites,''Bs. to 9s. 6d.; reds, 6s. to 7s. cwt.;'-bacon,-', factory sides, 83d.; hams, 9d.; rolls, 9Jd.; butter, bulk, lid.'-to' Is. Id.; poultry, hens, 2i. 6d. to'3s.; ducks, 55.• 6d.; turkeys, gobblers;; 15s. to'22s., hens,, Bs. to 95., all at per pair;" 'cauliflowers, 45., to Bs. 6d;; ■ cabbages, •Is. to 75., all at per sapk; peas, green, 9d. to Is. per peck; fresh pggs, is. 3d. to 'ls. Sd. per dozen; cheeso, 6d:/to 6Jd. per. lb. ;' onions, £$ .10s. to J!9 per' tbh'j'Akaroa cocksfoot, 7d. to yjd.;- ryegrass, 4s. to 6s. per bushel. : . S V; ': I-— ' , LIVE STOCK MAKKETS. : ■ ■ ■ . (BY TELEGRAPH —SPECIAL CtfItBEBPONDENT.) Pajiiatua, February 25. n Messrs. Abraham . and Williams, and the Loan and Mercantilo ' Company held. their usual sales to-day. The yarding in all classes •was moderate, but tho attendauco was good, prices showing a marked advance. Sheep.—i.to-6-"tootli ewes made from 10s. 2d. .'to 125.; fat,'e'wcs,'-12s. Gd.;,culls, ss. to 9s. 3d.; lambs, 75.; Eomu'ey rams, 635.; others,'42s. Cattle.—Cows and calvcs, 30s. to > 405.; empty ' cows,. 385.; fat. 655.; springing heifers, 455. to 665.; 2-ycar'-old empty heifers, 305.;, 18-month steers,. 10s.; weaner calves, mixed, 16s. to 18s. ' ' WOOL SALE; . . i (jjy IELEQRAPn- —PRESS ASSOCIATION.)' CiißiSTcnuncH, February 25. The fifth,and lagt. sale of this season's series of local wool sales was held to-day, when 2020 bales were' offered'.' Thcro' was a small attendance of buyers, nearly all of whom wero local •mehi ' For the few lots of. merino and. for any, good halfbred, thero was fair competition up'to a certain limit. In tho-caso of tho ■halfbreds:'.prices were much below tho level of tho previous sale. For crossbreds, and especially,, for inferior.-sorts, thero was ,an improved demand at rather better prices than those obtained at'the previous sale. A considerable proportion of the mill lots was passed in, but the star lots were more briskly competed for by the local fellmpngors, and were mostly sold. Tho rango of prices'was:—Medium merino, Bd. to 9Jd.; inferior, Old. to 7jd.; medium half, bred, Bd. to 9!d.; inferior, Old. to 7jd.; threo quai'terbrJd, Ijd. to 6:] d.; medium crossbred, Gd. and 7JI, inferior, to 5Jd.; down wool, 7d. to Bd.;.long wool, 4Jd. to 63d.; lambs'wool, 2d. to Gd.; merino .pieces, Old. to 7d..; halfbred pieces, Ed. to' GJd.; crossbred pieces, 2Jd. to ijd.; locks, ljd. to -Id.

Vv"' fWrvo. »2 r.iahil. ■' . . PKICK3. YJelfl WI5S-IS;P? 31 •I'uvc,jgT. A • v.;.-': BANKS. £;. •/ i. £ ■£ .9176 013.6. .'3 0.0 ,r Few Zealand -V, - .t.DOO, Off) ' 161,675 - Si •, Si -..JO . 5 s o . ' c 7 C 5 7 0 ; . 6 12 2 National . . • ' -' 575,OM . 535,313 S3 la 12 " " u INSUEANCB. : . -i ; , Va n '.l 8 3 v 1 7 6 B9 I -National MOO.OM,/ 219,3 39_, J unltd. ,15.' . 1 8 . 0 . i 2 o 0 ' * ' V: . 'New Zealand . • •'» SCO,000 SAG,b74 •' • S5 ' S ' 30- V,- q ' Kouth British* •: ■ - 100.000, : .-612.499 • -a ' .QnM -80, • . . . • /j 3 g 1 • • fctandavd • • • • . 75,000 .8/.3SS , • S unltd... , 30 , , . \ ./ FINANCIAL. - i.-- in G fi 10 0 0 5 0 0 Equitable Building - ; 60.000 \ " 5 : 6- 30 b ... - u . Met-ropolitan.Building 21,003.. '.5,9-23 .10. , El ,V--' • ,-7,-, v - 1 012 3 012 3 5 0 0 . ATeHington Invest. ;;-60,000 3,033 ;-.;5 . 'a; 1 § . W ' ft .' '710 0 .7 0 0 5 7 4' -WerutonTrust&IjOttn ' 101,250 44,334. * .5 S 0 'en'n r 3-7 6 . 3-5 0 G'3 1 • . National Mortgagor - . 200,000 - .112,250 - 2 8- 10 - . .. ' 1 10 0 4 13'4 . N.Z.andBiverPlato / 800,000' , 552,000.. ... 1 . ml . • 7. \ 'q. 5 3 0 5 0 10 0 0 Loan and MorcaaUle '- 135,*22J 1 315*133 ■ -;i.- - M.-. 5 A;','.'. '"-GAS. ' ' - • • •V-''V r- ■ s ■ ■" ■ 'Auckland 1 .:-; • '•' • : 380,370 ' 03,359- ; v -B'-nil. , JjJ in 0 6 10 0 0 B 0 0 . . Christcburch' ' - 152,000■ 'Co.OS? \ 5 ■ nil 10 - u . I'oildiug' . - 30,SOT-, . \ 103 ' s ; 1 -? ■ ' . - GiBbomo • - • / \ - .• ml .132 • llawera - . /• 8,C50; fi ' - 745 '♦ 30 . •vV'-. Now Plymouth" • . > 3,169 "5 nil . 10 v -;/ 11 .* ! Napier ■ );, Y ml. 3» ? v» . „ ; ; . *45,937J- IS,183 . 5 5 '• -• '3,76 Falracrston NorliU ; tT.000 11,093 4k :-i .-10: '1I1I n 1915 (1 Vcmwtou : - 7.-,IB 30; - nl 10. 1B1J 0 /V 5 ", ■ . , ■ SIEA2, . (' • • nt ' ~"n BIO (I , / •. I - •; .tftntcrbufj-:.- - -••• •'-'183,727 --y •• r0.07J - .7V. •' T '8 : {2 1 3017 6 mi5 0 7'Oj O ■ Cliriitcburoh 1 • 1G3.®: Mi. ■»;. ■."} •, J -? 15 S 5 0 I 1 3 ;: r feoo3}- : \ "> . ]i! . • ' . V elliDgto'n Jloaii I&p ■ - ■ f : ' 5 0 0 . I" 0 5 0.0 ' G 5 6 " : - • E 3 '.' 07 . nj ' 8 3 5 o 3 5 9 3 5 B. '6 8 3. V ,: ', Wcnfianui."' <5.850 '11,'lOi- 5 all.* . ■ ; ; • ■ - THAN SPOUT. ■ ■•. • ..- * ok ,n . Q3G -^39 - '■Wv&JI.Hallway :• > '>K1,«3-' . J: 4 .. . J 2 3 0 :r ' - 3 •'.-•hXShipping - - :':473;SD v M13.731 j .U-• m. ■; 1Ui 6 , r 'j 6 / CnionSleam. - v- 600.0aj .472,593 " 1 . m •... , 7j ■ 1J 0 ® ■! V»ctn.SteamPar*7 - , 4G.25J *3. n "v\ :. \VcEtr.ort° - 1 ' £50,000 j 117,213 J5. . 1?S J." 8 6 7 8'6 .7.8 9 6.0 0 :-. ' ionuiri - - t2,50J v6,S'fl ' : >1 /vBil. U- 1. 00 1 0 d - Kaiapoi- • • •'» ,100.000- £2,851 • 5 - 1 ? ; n : i a / llosgiol-/ • : • . 63,45'/ -17,21-2, £i ••1J; ' '-j4» '-a' S a q n ■«' i' ft 1 7 B 6 - i - ' • "'bV.OJJ . •: 4; : 1 -6! .3 . 3 8 0 . « 6 0 7 5 :• JU1SCKLLANEOU3. v '• „ii - n ft" ,M ' ' 'fiOO •' v -XJouu-hy'Ropo- . - . . 47,033 - - 5 m .. - 'M0 6 O O , ; WJaud&O'Bria-.i":: : " 35,0.)Jr. - S7.Y61 . 1'.- , ml lo 8 5 0. --'5.0 6d-U itfi-uricovilloijiiiij ' . '• 7,OJJ.' ' iOi .1' n !| 8. - • •N.Z.Candle- 'MO,031 ;; 1 ,:-'.A .. v 10. :'.nj}-. . n;<i r . • _ • . 011 A » n ,• N.Z.D:-Ui3 ;£00,WX)..;'. £4,5lO • 1 D ! J C'; f !2 0, ,211 6 30 •K.^l'aporMills.W.755V l,17i 1 : 1 :• : 1 4..0; .,,1;,3 3 ; . 6 0 5 N.Z.Cooionli- ' • . , •' 4U.OOJ; •' - 2,'r4l . '1 ' .- ; 112 .01 .L.U3 6- / . . iiannmyA;Oo. • ; r • .W,U)1 £7,670 • - ' i 1 .10 "Ward (K Co. - •- ." i 'MJ.iJW. • ' i0,655 4 1 . " 30 411 0 - ...: Wyin. OjJeraHouw' ' - IS.iWJ '-.1,703' 6 ml 8 . ..YfiiUi l'i-csh l«'ooi w Vv - I n ff-: ' - \ t v- >. . „ .11 o 7 WliitcomboA Tojibs- 4'J,2al . . 0I 53 -Y ; - 6 r» ,^ n -!'"i J"/ v '~} v" < n - • i -.1 S o 5 1 >•• Slianaud,-Iiimiioa^..* ■ au hvnd-• 4 * 7 1 6 / '019 6 018 3 • 8 4 4