FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 143, 11 March 1908, Page 10

FINANCE AND COMMERCE.

I THE SHAKE MAKKET. ( Yesterday was -redeemed from dullness V-through business being ,'done 'ill, financial: shares;. < There was; a.| .Wellington...ln- ' ■vestmont 'shares' .at' lis.: Gd., .which- is below .the.parity of tho:last sale.. At lis. Gd., tho J return to tho investor is <£5 4s. 4d., a; verj i' small.yield*compared- with what boinow '/ obtained from first-class mortgages.'; Welling-, ton Trust and Loan changed hands at ■>£7 9s. 6d., yielding' 7s. , ./In ,other re-, spects tho market was quiet.- For , Bank of New Zealand <£9 12s. jwas :bid, and j£9 ,14s; wanted. ' Insurance shares were freely ' offered for- sale, Nationals at New Zea- .. lands-at°- £3 16s;, and - Standards at 235. Gd. : Financial shares were" fairly active, for, : besides the sales: already-mentioned, thero.-were, buyers of-'New, Zealand arid' River, Plate shares at 315.,- and of Loan and. Mercantile at ,55., / sellers .of r the flatter 'wanted ss. t'4d. ..Other : quotations; were: Wellington;'. Gas, ;i6lO ' paid," sellers, ,£l9 155.; Wellington' ■ Meat Export, third; issue, sellers, £3'ss. 3d.; Manawatu -Bails,-buyers,.4ss.;.Westport Coal, iellers, 55.; .Wcstport-Stoclctoii, 'sellers, - lOs.j New Zeaf land^Drugs,. buyers,lis;, 6d.; Sharland's .ordinary, sellers, -.-lOsi■ • ; THE MINING-MARKET. 'Another/ quiet;.day. wasf : day; -the . only sale reported being yrairua;. Broken Hills at 45.) Talismans and Wailns . wore,, unchanged.. .; The /buying and /selling: /quotations .yesterday were as under ~ / ~ . v; - ■ Buyers.. Sellers. Sales. ■./.■■/. £ s. d. £ s. d. £ s. tl. Tairua -Broken Hills io;<3 11! 0 1- 2. 0 ,4. ,fl . Talisman ... . 2 12 0 2'13 0 - Wailii; ... ... 9 1 G : 9 3 0 - . : N.Z. Crown ... ... 0 6 10 0 7 1 . - -Ngatiawa .... ...-0 1 0. — : — . Big -River ''O'U-i 3 ;. ■ BRITISH TRADE The' retrocession in British i trade . which com.-/ lienced "in September of' last year 'is now; ..yei-y pronounced. In the last-'four months of -/last, year there, were, increases, but. in the past' two'\ni6hths;;the''contraction/'reveals an' appreciable decrease. The following table dis'closes the changes:— ./ f ' . . » • 1907; /. v'.'' : 1908r . ' - . : . / /;t'. .Exports. .-.lmports'; i-Exports.'.-Imports.-. " '■ , ■, . i' -' ' £ \ - : ' : : sTah. : 4;2DG,000 * •7,066,000» ! ' 662,870t' 4,166i'488+ / Feb. ..; , 3,302,000* /. 1 5,400,003*. - 123,G31f ; 499,782f: /7,593,000^_/.12,4G5,000* ; ;786,501| _ 4,66G,270t - j .'.*lncre'a'se. '. fDecrease. , •' : ,/'- ■ Thus, while " in 1907 the total trade of the two • months,/.exhibited - an. increase = of /i 520,064,000, ;:for, the 'cori;espohdihg''inbnthsbf 'fh"is year there; / is, a shrinkage 0f ; "i65;452,771, as compared- -with,! 1907.. No dorfbt the .lower ;range" of .values of commodities' is in ,a : measure'accountable for '/this.;- The worst feature is,: of this; contraction will: be continued for sonie / time to come. /Sir Felix. Schuster,. presiding ;..at/the., half-yearly: gentl-al meeting of the Unipnt-of London arid Soflth's-./Bank, 'remarked, 1 that as to the commercial ontlobk;" the/e ivfere . sigris -that'the. rate, of progress.of the last few • years . could / hardly ' boi 'riiaintairied;' and ,'tliat: ■ a-reaction/was likely, to':'f;et'- I .ih;- !ln ; '.,the !shipbuilding- and allied trades 'the prosjiects ,were' .--by-no'-.means'.-faV().«ij»yel,j, : tpxtjle ,iniiußtries, also,: owing £o/s'oiiae extent to- y the famine unfortunately prevailing in parts of India, seemed likely to experience some diminution in tho demand, while the tin plate trade'was ; likely to suffer/froii ' United- Stites.Yet, on the -,whole',' ,',.think>thero .wiis .any. redsori tO r anticipate ; a very falling-off in .our.stra'de;. The . valuo of 'commodities now" prevailing riiust act' beneficially on scvoral industries. So. far, nono / of'-tbe/ reports they,.h'ad ; received from "various' centres of trade indicated 'that a marked' reduction in the industrial,And 1 pfodUc£i,VeJ-\vrirk; of the , country, was, taking place. /South "Airierica-was , in" the enjoyment of 'abundant . harvests,.. and was/a centre', of increasing ac- ; ti vity, and happily; there; wcro also;indications • /that; the great' depression' in iSouth/iAfrica was'nearv/its_:end.-;. Agriculture. seemed/to be /prosperous -in/those' Colonies; farmers were ablo to pay - off, their, mortgages; "and wAerp agricul-, •' tu're 'flourished,' commence 'should. also before 'long/ be.'benefifed;,. Such being the " conditions, I he -felt tliat- the/''prospects of . banking./also,, could not be. unfavourable. / t He sincerely trusted. that the/writing down of the invest-, nicnts was at an end, arid that when they; next met that item would be eliminated from • tho/profit and-'loss- account.;; .. - i /i/i > FROZEN MEVT v ■ /The London- quotations.,for?frozen meat..hayo improved very miicli (juring -the or . three, weeks,.-.owing., to . the shortage .of supplies; from New Zealand./ Compared: with a ' year/ago mutton and; lamb are. .higher, for . nearly' all grades, as theifollo.wing'-.will^slipw; r':/':/" 1& ! '1907. Mutton— ' Mar.- 7. Mar. 9.:--Canterbury 1... .. Noith" Island, 3Jd. ; 3|d. . - Lamb— '/ . •. ■ '/' . / '■Canterbnry -... ... ... ,55d. sd;-. •> Other-.N.Z. ... .... 5Jd. , 4|d. . This is satisfactory, provided forward sales; ata; being made; in'any/case, it must.be cheering to tho farmers who are suffering from the 'fairin the'>values'of. most other products^., - WORLDfS PRODUCTION" OP" PIG-IRON.*:' ':-.* ; -Thiß;'onnpl»l statement of the, world's production Of. pig irsn, compiled by Messrs. James Watson and Co., of Middlesborough, Glasgow, vLiverpool; ,'and. : Swansea;', gives/the/total .make '"In . 1906 a'£ 55;742,322 - tons,/ an,/increase; of i" i,7J4,357 tons .'on "the. output of," 1905,..arid an' /indreaso on 1901 of, 13,515;701 tons!„ln., 190G, .-'ty Uiiited-Statcs manufactured 25,307,191 toris,'' an increase on" the previous. year. of 2,314,811 tens,: aid 1,8,810,1C8-toils more than in 1901. : Germany,.lwith:' 12,422,177 tons, was the second, largest prdduce.r last "year;: and - the' inake- was 1,431,554 tons more than iin 1905, and 2,318,230 ./tons abovo the.-outi>nt of 190 J." Great; Britain ".. Was... the' third /largest ' makers the - total i -being. ■ 10,1-19,388 tons,/ or .556,651 :tons, more , than.. in ; tho.previoris.year, and an-increase on -1904• of '1,55G,730 tons.. France last .year; produced ; 3,319,032 ■' tons,' Russia 2,G19,0f10 tons, Austria : aii(l Hungary -1,536,342 tons, Belgium 1.431,460 / tons, and other countries tunied out 1,897,732 tons, In Great Britain, Cleveland was, as usiial, the largest maker with' 2,G39,9G4 tons,' or 132,249 tons more than in 1905, and 405,619 tons.more / tbar. :in; 1904.; Scotland produced last/ year / 1,451,008 tons,'an increase of 72,677 tons on the previous year, and 111,328 tons more than in 1501. /• ; : ;../' x

BRADFORD TOI'3. ' ' Since the middle of last month'nil counts of Bradford tops''have fallen/a. penny' per 1b... , According .to, .the;.:prices' furnished. by the High'''Commissioner's' V cable's; the' quotations .compare as under:—; ' . . ' Mar. 7. Fob. 15. 3G's, low crossbreds 1id.... 12d. V'iO's; low-'crossbreds ./. ... . llid.' ' 12id. • 44's, medium crossbreds../ 13a.;' • ' '14a.. ...... ... .il.lMdj: 18id. '■ -i 56'5,~ quarterbreds : ... 20jd;"•: 21jd. .. 60's, merinos , 24Jd.,'' 25Jd. This makes the'fall in wool-at-'the next London sales,' which begin on' : Tuesday of nest week, a certainty. Wool men generally anticipate a fall,'which will striko New Zealand .growers rather',badly;}because, ai a rule, there 'is generally a large .catalogue of New Zealand wool at' the March , sales., ' ' . OFFICIAL" IGNORANGE. :./-., The "Financial Times" says'lgnorance of' insurance-arid not "confined to the few.talkative.and foolish I .persons, who advocate, municipal fire insurance- and' the •likej ■ but occasionally /'show's:'-itself. in . high, quarters.;' Iri'iiri; official message the Govern-' inont; of ' Uruguay' states' to the Legislature that : foreign' insurance: offices collect in pre:raijims: dollars, that/losses arc not frequ'eiit,';andv that working expenses are next .'tp.nothing,. fjbithat most of. the money is lost to thc country.' With the view of checking this .deplorable / waste . the Government proposes to raise' thV tax on'such premiums from ,4 to,, .7 .per, cent.; ,• thus,, of. course, raising the who are not content"with the' brand'' of i protection to be, got: from local offices. If pressure of tho kind 'had the desired effect of driving away 'all . the foreigners, we suspect that the first really serious conflagration. thereafter would clear, up the official mind on the subject of claims. • / - . MINING. . ■v . BY.. TELEORAPn —SPECIAL CORRESPONDENT. v:■ Rf.efton, March 10. ;';:Th'e''Big . River/mine" manager., reports for the' past week as follows :—Stoping operations are now. Tjeing on over No. 9 ' level. In the leading stope, going north, there is an average - width', of 10ft.* of. good- milling-, stone. l.Sto'ne alsp.';being/I)rpketf oui of the hanging 11-wall side' of ';this level; . ' The quality . ofvtho stone in general is. good. One.hundred tons of stone have ..been .raised 1 for' the week.' Tho | battery commenced crushing-on last Wednesday,'; and/'is'/.rurinirig.Vthree I. : ■ STOCK EXCHANGE. , (BY TELEGRAPH—PRESS ASSOCIATION.*) / , ■ Dunedin, March 10. ,i Stock';. ;Exchange ~ sales Lady. 1 Roxburgh r(cbritributed),'Bs. 6d.;, Standard Insurance, 21s. 9d. . ■ t'-" ' . \.i , WELLINGTON -PRODUCE MARKETS. Messrs; Laery and CoVf >Lfd.;-, reimport, wholesale prices ruling oil the.market Horse .beans, ;4s. 6d;;'wlje'at,/fowls' ss. - 2d. to, '5s 4d.; oats, 2s. ,10d. to 3s.;.seed datS, 3s. 2d.' to-3s. 4d.; maize, 4s. 10dl'to (55.; crushed malt, Bs.; Prussian .blue peasj Gsir to Gs.Gd.,' partridge peas 4s. 9d., fowl peas '45.""6<l to 4s. 9a., all at per bushel; , flour, New Zealand .812, Australian ;612; bran, £6 to' J56.6&; peart barley, /;18split \pc.as, ; J518; ,£6 j, siiperphos/pliates,>.£4 153. /to' .£5 ss. ;■ chaff .'(oaten sheaf), .JES." to ,J£s lO's.'i .'oatmeal;!.,£l3 10s". ;'/now potatoes, whites; 7s. to 95., reds 6s. to 7SvCWt:; bacon, :factory.isides"B|d.; hams' 9d., rolls 9jd.; butter, bulk lid. to Is. Id.; poultry, hens 2s. Gd. to :35.; ducks, ss. 6d.; .turkeys,' gobblers, 15s. to 2'25., hens Bs. to 95., all at per pair; cauli.45...tq.8s r Odj; .cabbagesj v 4s. to Bs., all af per i -'saclr;.'pjas "(gTeen), 9d. to Is. per peck; :fresh eggs, Is. "4d. to Is. Gd. per dozen; cheese, Gd:"to'G|d.:per lb.; onions, £1 to .£7 10s. per ton; Akaro'a cocksfoot, Bd. to 9d. lb ; ryegrass, 45." to ssy per "bushel.''"' ■. .. : ■ : * ' STOCK SALES. ~ , [bI TJLEOEip'H— SFICIAi;. COBBESPONDIHrt.I • r Pahiatua, -March 10..' '.'Messrs.' Abraham ' . and . Williams and the Loan Company their usual'sales to-day. The "yarding'was the biggest for some time past. The . attendance Was good. iPrices:— 2 to 3-tooth'-.Bomneyjrams,.42s. to 765. Gd.; Lincolns, to 735.". 6d.'; "2-tooth wethers, 9s. 9d. to lis. 9d.; 2-tooth ewes, to. 13s. 9d.; 2, 4, and G-tooth;.'-.to 13sJ '.lid.; fat ewes, 10s. , Id. to 12s. ; spocial line Lincoln/ewes,2-tooth, ,19s. and calves,- 325.; springing cows, 455. to 605.; store cows, 20s. to 305.; cows in milk, 625. Gd. to 80s.; springing heifers, 465.; steers, 625. '6d. ■ /•*"/ . LONDON r - , i' l - BY .TELF.Gr.ArH rKESS AFSOCIATIOX— COPYRIGHT. ~ . . ■ ■ , . London, March 9. TiThe,wheat'ajid'"flo'ui:';. afloat for the United Kingdom is 4,670,000 quarters; for the Continent, ;-2,80o,000; Atlantic shipments, 106 000.■Pacific;'; 80,000 ijuarters:-; ' " .Silver,*2s . ' ' -, v .. : Messrs. Dalgety and Company, Ltd., Wellington, v have received th 6 /following cables from their. London house,-dated March 9:— Sheepskins.—As compared .with last sale's closing ratos wo oxpect that iprices at next sales'will bo lower oy 5 per. Cent!'to 10 per cent.! , ~ Wool-VXhe list of arrivals r has closed, and, 'with.-: the oxception of those per Narrung ami Indriimayo, all have arrived in/ time for the ensuing sales.- Tho new arrivals have amounted to 340,000 bales, of which iGOj'OOO bales have been forwarded direct to manufacturers at Home and abroad, leaving 20i;000 bales available .for sale. (This,includes 30,000 Vbales carried forward from '.Tanuary series.). ''.Butter.—We : quoto . Arrivals'', next week, finest, nominally 120s. to 1225. per cwt, .■

i , WELLINGTON SHAKE U8T. J • /O'. V' V" . 7 : ' 1 ' p —' ; ' " —-—— : : — : —— — ■ \ ?. Reserve ag •••, - - • <1v-••• ■;■:<• : Fundanat>V PRICES. YJelfl /.COMPANY.;;-.;: p^P^ 1 Balance toj*t — — f~ 3t . to. i . , , Paid Up. • forward p< a Share, Buyer. Seller. . Investor. tA'"*y ' j ' >--'t r. ;■ 'i.-' ■ it . . ■ •' t. ■ ■' • V : : i ,A ; - : ' £ '■ ' e £ b. 6:' - £ s. d/ ■£ t. d..; . £ g.fl. Few Zeai.no;,>;,i- iiMm';- '■ Si 30 "J" ■ ««-®. • •»« 1,1 • U-; : i * S75.0QQ , 535.313 - £§< •' 15 13 *"6 6 6 .6 7 b. 5 t 0 _ 5 12 2 V National; i'?;3CO.OOO :: ' .'"'i 'nnltd. js , .' J ,5. S 1 8 0 i *. 7 2 I;; <Xew Zealand • SOO.OOO SS'Sm 8 8 10 'J® 2 K/'i; ■'■ , BoulhBritiBh . 100,000 , \ -t "™ lw - 30 • ? S? • j. • Standard . ■' -75,000•-. 1 '''* -10■ V : '■' *.- •' - |;V.. Equitable Building: - fO.OOQ ' ; 5 '• 5 ' ]0. * 10 2 6 . .10, 4 0, 10 0 0 B,0.0 f. Metropolitan Building 211000 ',5'™ J? nil ' 7 ... „„ r . . . , p- . .'...WellingtonInvest.- ,CO,000 I * 6 i 5 JS £ '!S1: 5 J WeJ'gtonrTrust&Iioan .'lOlOT.M ,'v :6 '- ! 5 ' 8 ' 7 8 c ' 2 5 1 ; " f ' ®. h-'i-'ry.-National Mortgage •••: i' ' 200 000 ; 313,250.'/ 8 -.in' ''!*-y • 6 31 iTX ■ N.Z. and River Plato - ''SOO.OOO ' • ;% !•' : 'ruil ! . 7 ' 111 0 , 1U a . ■;. 0. . ,413 4 VLoftn'andMorcantila - 135,223 315,133'..- ;■ v j . 8i . g 0 5 0 0 0 ( 5 0 10,0 0 I':- >' ..,,.GAS.;- .•I. ... r :/•. *' ; ; \k•;iAncldand "• v . ■ . » 'ibosto"-* - 93^o» —g nil ifi- ■ . r ' ;• • " . Christchureh . - 362io00 ' ■ K,( ?I 6 nil 10 10 3 6 10 0 0- S 0 0 !. . : • I'oilding . . . VlOJOj 10 ? 1- nil — E "* ••:., Gisborne . • -■* ■ ''10.5il ,' 1' nii , ]3j 2 0 9 2 13 0 . : 3 10-.0 .. 6 10 0 Hawera '. . . , 8,250 ' . J ' i ' 10 : .NewPlymouth J - ' .-' 18,000 ' 3t lsu . 5 . nil', lo . j . , . , Kapier ,. ', ) '30, ..nil' 15, y; : ! " I • :, ' , . ,i . .. 19,957 r ®' 183 . 5 . 5 15 • • • • -J ' . ivi:-,:?-' ■ •„\ .. J . y 1' ■; 9 .■■, 15 3 7.6. ■ ■ ■■■■ • rahncrstonNorth ' [ "niOOO 'Jt'PS, *1" ', i • • 10 . "T 7. D '' •' ; Wellington' -v . ,„ 1CTf) l • W..08, , :10. . oU ■ io 1015 0 ; .1914 6 fi 2 0 .... . • . :•• • 124,570'. ... .. 5 ... -j... jo ... - 917 6 • v . , ■ i/ ':»■; - ; 3>• \t ' ' ; .: . ■ Canterbury . ' ■ ibj.W %■?.*. 7i ' 2i 8 8 0 0 Cbrietcburcb : . 168,393 '7<"J : ; 10 nil. . ; 8. ■ v> ■"■ . . .... ;•,. .. Gear - . . > . ; po qooJ. ec ' 251 1' 'nU.- ' • 2 8 5 210 0 ? 9 0 SIS . : • WelliilgtonMettBTO 1 .. .) . . . 5, ' nil.. . 8 .. .. .'... 6.13 .6.. . .. ' 103,766 }■ • 63,767 i 1 , 8 BO 0 '5 3 0 8 20 (I 6 ' " . ' J :■ . ; 28 21, ■) B 8 5 0 3 5 3 ; 3 5 6, e8 3 Wawanril. „ :■'.,'<5,850 . ' U.WJ', ', £■ , .; 8 k*"' • - TRANSPORT ' c * '1 " fer W/&M.BaUway.'" : ' - ; 170,000 v -W® . 1 < 7 S 5 0 . ■:. 2 8 6 s 3 S K-r. • 'N.Z.Shipping , \f473,840: ,: ,-,8- niU .5 - 6p,6 . Union Steam • '* I 600,000 ./, i7-,®3 ,; 1 . niL ~ '. -114' D Il5-;3' t;'-':' . Wstn. Steam Perry S16,250" 1"' " ' " 6' ' ?•' h ; '.' COAIi. V v ■■■•'• ' •" i VTestport - - . £80,001 ' , '31 Hi 7 <, 0 T B 0 .' 7,8 0 6 0 0 ■ • ' laupiri - - E-2.50J 5.3w ' v 1 nil; . JJ -1 fl 0. 1 -1 0, 10-6' .7 16 f ' ' WOOMjBS. v...'v.. -i • .. •: ; Eaiapoi- - • . - • 100,00-3 . -, 5. nil. 6 ; • Moegiel- . . 83,457 il'Sj 3 , ' si < ,310 ' ■- Si. ' ' Wellington . ■ 89,000 ~ M - 38J 4. i ' 6 3 3 0- ' S 7 0 .» St T 5 6 ' • MISCELLANEOUS.'-• ••,' • •- •• r '. Vl 'Boa«ChyBop3 '47,000", :- s ' - ' 6 010/ ... . lieylaod & O'Brien . - £5,000 SWJ . 1. " l 15 24 6 8 4 0 616 4 1". SlaoricevilleLinH . .7,000., -;i> ■ 1 . "(j 8 , ■ KX Candle • . -10,000/-5 .■ W. : . .»•},. {-' p.*'A?. }• ,'• KJC.Druss'. . - £00,000 i-'.-'WJJf- . ■ nil.. 7 211-6 f 13 0 211 0 6 3 0 . N.Z.PaperMillj " -. W.755 J Jji .. . ; ."!( -7 1 3 3 1 3 8 1. 3 3 , 6 0 6 '. . K.Z. Cement- '• \ 40,000 3,741 1 nU - •- VB'O '113 6 " : aianning&C3.. - .• - 96.003 ; fW™ .4 } 10. :.. :' ;,.v V-' "- ; '"' t-.;'.. tVanli-Co. -•>> ' - 60,0)0." 5 ' '1° ' 411 0 ' v'. • v ,*Wgta. Opera Hoas« :'.''18,630- '-*.1.8-. - •' -r,-.. v-- : !. . • v?gtn I'rashl'ood " . • I- "ff . , ' i .- ..- Ki'::. WMteombe*Toml)!. : . 46J50' •>.:B0,3»."' "6' mil ' '10> "4 8 0. ', v . .. / ■ 5 . Bbarland.-Limirti -> .-'48,675-' , , .9,3U.r ;. 1 , .tui ,.7i,. ,. - , , --, 019 0 018 3 I H