FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 147, 16 March 1908, Page 10

FINANCE AND COMMERCE.

> ( "THE SHVRE MARKET. f. .' ::; '•; - A fair business was done on . Saturday in lU v.: i nvc.si merit shares. In •'bank'sliaijosV,sales ,of' j. ; Bank of Now Zealand shares wers made at (■', • : ;. - w£9.125., ■ and' buyers offered «£9 lisand sellers f'. .- ■ wanted ■£9 "13s. Bank .shares, wore : . on sale, at': £o - '<■; -quiet, with, sellers of Nationals at 28s:,' New. K ' 2ealands 'at '165./ and . Standards at 225. • 9(1.r • shares were steady and unchanged, i' Thero were sellers of Equitable at f; 45.,: and. National-Mortgage'at'i3'.4s. ! 6d. ; Loan and .Mercantile shares changed handsat ■. . ss. 2d., and'.there, .were: persistent, buyers /t at; / - ' 55., but sellers . held, for ' ss. 3d.: .New- Zealand "t-:i' " ■■and River, Plate shares '.were finl 'demand' at: /■:' '31s. Gas shares-were sis 'dull, as-.usual.' Wel- ' v . . lington' Gas .-shares, <£10 paidup, -were on sUle at JSi9 155..' .Me'at :sh*ar'es ivei:6"quietV~'Wellington Meat Expor.t third issue were offered at V £3 ss. 3d. Manawatu 'Kiilit weresinifirm-.de-.' t/: ; ■ mand atV.4ss. '.6d;' AsV'.was| : anticipated,this . Company has declared the :usual 7 per. cent. /dividend for the year ended February 25. - The, Company is reported;'to'have done exceedin gly'iwell?-:;' Neivr-, Zealand shares : . were on sale at lis., and-Uhion St^am^at: ■ £1 15s. For Wellington Woollens;.i£3 3s. was : andv^3>,6s;iasked were'isellers. i: - , 'of ,Westport Coal -shares at £~ 55., Westport- : ' Stockton , at 10s., New Zealand Portland Cer. ' - mont' at. 325,-,dd.,.yand,.Sharland's., :10s. ■ Buyers: offered 43s.'Gd;''foV(Leyland- - O'Brien Timber, 51s. for New Zealand; Drugs,• ,• ■ £1 12s. for Ward and Co. Brewery shares, and .-■ A v 4s. Gd. for' Tbrariaki .Petroleum. ' s ■ - Zealand Paper Mills shares buyers offered 225!: '■■■■ . Gd., and sellers wanted -235. Gd. i THE MINING MARKET. - - | . .1 f j ■ ■ -j: There was more activity m this,.market! I : - : - Waihis coming in for a good deal • of atten;tion, and-sales .were made: at\,£9 :4s.'-,6d.,:.aEd i< ■- - ss. Talismans - were quiet, with no change ,1£- ■in values. The quotations were. as under: ■ 1,-:': ■ i .- : Sv.'"/- B«tjers.-VSellers.. •.Sales*/- ' £s. d. £s. d. £s. d. r ..: N.Z. Crown ... .0 610 0 7 0 -.' i,. '" Karanui Caledonian — 0 011 . —. i • ■ May Queen ... ... 0 111 — . . .' Tairua Broken Hills . — 0 ■ Big; River ... .0 14 ■■%'j t v Talisman ... .2 12,0 213 0 — ' IVVaihi 9 5 0 .9 6j>.o-,..9.4- 6 . ■■■'': ■ i>- .9 5 0

' -'yi ' ' THE MONEY MARKET. :.. v : . , The Bank, of England return exhibits the usual' features be noted at this time of year. - The ' public. • deposits . are steadily increasing, ; r :hwa'Use\rof-.<the.; reSeipts Vintffv the . Exchequer 6f.\the.'.income/tax, .and - '- the "other' '/.V ••' ' tog®,- IjfecauiSi'" preparations': , are being made'' to' meet the ; ; disbursements. ,r ; The: cGovernment. l ;, securities' whichA're'present the . have i/.'l^^^pce(l''^<fr6m<>,l•i£i^3l9ioo9>n'>'to.' i£l3,7Go,Qoo;while'"' "other ~which ■ represent the pawned stocks, on 1 - market ■ bor-' rowings, have increased from .£33,918,000 to jeai,oso,oop:: The reserve and bullion have .' - both increased, and as the proportion of re- \ serve to liabilities/is n0w.50.01 per,' cent.,',and . . as the- outlook, is' free from disturbing' pros-, . ; pects, 'it 1 is, not unlikely that the ..bank, rate • will - this;' week -be' reduced .to• 3> 'pSr'! cent; Tha. casior money .market lias flooded the mar- ':' :ket' iwith' new Moan' issues. J This'; day'last' week attention was called to the pronounced fall in the quotations for the 3 per: cents, of New South Wales; South Australia, and 'New Zealand, Vandj it,.was.-suggested' i that/.one[>.dr<' , mbre: j- of theso. states ' . loans.; It turns 7 "out' that New South ' Wales' ' is floating a loan for ,£3,000,000 at 3} per cent., . and it. is underwritten at 10s. per cent.; the actual cost '.to the.VState.,' after, paying, all charges will., approximate 'to 'iß3' s l2si 1 9d.■ per . 'cent.;per :annum;"• South Australia' is offering' to ■ convert £500,000 4 1 per cents, into 3J • per . . cent., those 'converting, receiving Jil per cent. ' -,in cash.' Is '.iN.cw, Zealand ,:aljoUt -to' offer aj . loan?' The London market', evidently, anticiSates . such an issue, and perhaps when the ew South Wales and South Australian loans are .done frith ;we may hear of.'■ New .Zealand' borrowing.'

WOOL, SHEEPSKINS, AND HEMP. ' : OThe .-Xoiidon'Twool'sales']' begin,:■ to-mbrro^. evening, and there ;is littlo hope 01" .'any improvement, on the contrary there is. every, inv dication that there will .be an all round'do- . ' cline. The Antwerp sales cannot be altogether , ' ; accepted" as'/a' barometer;- but','they: are; nev'er-' theless,-:.; of ■ vahii3' as 'showing- the "■ position on', the Continent. At ■ .Antwerp ■ last week, merino declined's peii"cent.,.;fine'iicrossbreds 10 :. ' per cent!;' while the 'coarse wools were' neglected: But the most significant thing is . that * out of. 2358 bales offered, only 902 were sold. The Bradford top market is dull, , pend-_ ing the opeiiing of 1 ; decline in values difficult to : say., - Tho /In London and Ndw Zealand, liavpiiheeh*,,depressed,,]&n,d. : this is another strong indication of-the p'ros-- ■ pective fall in.wool.'. The decline in.wool and sheepskins is beiag ■ felt seriously by many;' dealers, not that there is any real embarrass-, ment, but the losses are heavy enough^to make: :the : position vory'trying. The hemp situationis about as bad as it can be,' and unless there ' is an immediate improvement .'or a prospect of one, many of :the mills'must close down. Tho loss''.will'fall heavily on millers and mer- - : chantsyfand;? of course',':-fth^" ; workers'- will 'fetl : the pindh.; ihe. outlook iorvery promising. . '' .S. BREWERY.,SHAKES.. , The iritroduction'ofitheLicensing Bill .by the British in ' tho Housp of Comraonß ■ has'been followed by; ai general weakness 'in breweryi: shares. This department'of tho'stock market';'luisV? suffered considerably in' recent years from several causes, including the. general decline in securities, the complications in brewery,'finance resultihg.ifrbih -thei acquisition ' of tied tlio'iises at an.-.:excessi.v,o..'co.st,., and the more' tempeiate habits of the; public.'vP'pon tliis last point, the statement of the home cdnsum'ptipn,.of : ' British'jbeer in. cer-; tain years,is of much interest:—/ • fvy>7; ~ Barrels. ' 1892 ... ... ... . — — 31,509,69-t 1898 .... ... ... - ... 33,564,900, .. 1899 ... , ... -3G,s-n,077 1905 ... ... ... '... ; ...C; 33;250,G54;rr--1906 ... ... ... ..V' .'.'. 33,018,101 .The maximum wasv.'reached ->in ;189*9;-'i'nff:er- ' which a steady annual decline took place until : 1905,' followed by a slight recovery in 1900. But the total consumed in 190G was practically Identical with that of 1896, though the popu-

. Kingdom : "had,': increased by about 4,000,000, or about ten in the, ten• years'.- interval..; . ' DECLINE IN SHIPBUILDING. ;i ,A: rconsiderable; "drop iii. both ; the - ; number and tonnage of vessols 'under' construction at .British ...yards appears to have -taken place during; the quarter ended■. December 31 last year.' , The total of 430 vessels' building at tli« 'close,/ pf 'th'e period, I,'as ..shoi™ ' by . "Lloyd's Register" shipbuilding returns, compared with ■i4BO vessels,, a, year ago. The aggregate- tonnage," deluding warships, amounted to 949,000 tons, 'compared',with 4>167,000: tons', or. a fall of 218,000 tons,' while' there .was "a. decrease of 131,000 tons •on the ' previous':. quarter. v The total tonnago .was at-the:lowest point touohed since the end of 1903, and is an, indication", of the slump, thatvhqs ifdten-'place.fin this.industry. after :"a. period'of. prosperity. Of the prin-cipal-shipbuilding districts Newcastle was first :with' a x tonnage: of 205,000 under construction, compared:'with 245,000 ago. Glas-. gow'and, Belfast both; showed tonnages opt;, tho stocks -of ' 105,000, against"" 252,000,' and 175,000 .tons'.--respectively;... and 1 a Greenock' had a total urider-- .-construction... of,. ■, 116,000: tons./ against 158,000' tons.'" '" . ' - .. .

STOCK; EXCHANGE. /: ~ (DY: ASSOCIATION.) , • . ' D'unbdih, March' 13. i,.Stock.iEsohange, sales :-4Golden Bed, 14s. 9d:, 155.; ~Moly'neux ll ,Kohmoor ) - '4s:; -Muddy' Croek, '20 S ;"" ; v"/: '- ..V. ':.V : -■■■- ..... ••.. • DREDGIN(i. : .\' f '• 1 - .asscoiatiom')'. ;■.- '''••■ Dunedin, March '. 13. . Dredging;..returns.: Koputai, 770z.. sdwt.; ;Mysteryi : Flatj-. : -620z:" 14dwt'i' Molyne'ux l JCohir noor, 550z. Bdwt; Masterton, . 55pz.'-Idwt; : Waikaka,' 48oz. ISdwt.; Hessey, 35bz. ! ldwt.; Central-.Gha'rlton, .19oz.- 17djvt.;,Muddy Creek, 13oz. *'lidwt.lvura, '13oz. 7dwt.. ..... Dredging,returnsGolden Bed, !550z. idwt.j 'Alexandra"'Eureka,' ',470z! 3dwt:j .'Electric 11, 300z.' lOdwt.; New Roxburgh Jubilee, 28oz. ; ' y '•» vWaikaka' Queen, 260z. 10dwt,j Chicago', .lOoz.^dwt.; Gold King, 13oz. sdwt.'; Rising 'Sun, 51oz. ; Bignell's Notciwn, .260z,i ,6dwt.;',. Waikaka No. 1, 420z. l4dwt.; Waikaka Uiiite'd No. 2,.200z.. : 19dwt. '

; ' ' Messrs: Daigety and Co.', Ltd., report having •held'their Efcetahuna sale on Friday. More sheep' came.' .forward than ' were' advertised. Bidding was'brisk, ;^nd' a rise of;from_ls. to 2s. I.toot--place/''.-Cattle ivfere. hard;to- quit. Twoto'oth ewes; to' lis. i'-'two-tooth wethers, 9s.' 6d:, to'llsi'?d.'; breeding ewes, to lis. 9d. j, medium 'Jambs;,[to.'6s: .'9d;;i,cull lambs; 2s.i id.:-to ,4s. 6d:j ..two-toothv'Eomney.- rams, tb;'i62 25.; aged Komtiey-rams, 75:7-6 d? to 205..; 'aged .liincblns, ; to :,lg. ;,;:twortooth';.Shropshire, to lg.; two;.arid a half, ; to. three-year '.steers', to"JS&-Bs. Gd; I '' Messrs.'!'.'A7.'H. Atkinson and Co., Ltd.,: report on their Feilding weekly sjile.:—A fair entry of pigs , came to hand, mostly of good quality.':'; The fbig; pigs were> well. competed for, but'-small H weaners and' slips were -neglected,,.,, An, average entry of " poultry and .produce'■ sold 'at'. late rates. -Quotations Horses Six-year pony, .£7; aged geldings, 15s. knd -*21s. 'IPigs: 1 Weaners and slips, 3s.': and 45.; small stores, 10s., 10s. 3d.,'lis., 12s. M.; small porkers, 12s. Gd., lis. 3d., and 19s.'; good porkers, - 235., 245., 245. 6d., 265. Gd. Poultry: /Hens,.ls., ,Is. .4d., .Is.; 6d., .Is. 10d., 2s, 2s. 6d.; fi-oostersf *"lOd.-,' •ls.V2d;, i'ls.;.sd.,' : ,Is. ; .Bd.'j .-ducks, 'ls.'sd., Is. Gd., Is. 9d., 2s. Id.; geese, 2s. 6d., all at, each. -Produce: Potatoes, 13s; !6d., 155.; 15s. 6d'.'per, sack; tomatoes, 65., Gs. 1 6d. per case, about 401b.; plums,; 4s. case, 201b. nett.

' BANK OF ENGLAND RETURN. ; BY TELEGRAPH—-PItESli ASSOCIATION—COPYRIGIIT. London, March 13. Tho Bank of England return, issued for tho-week ■ ending Wednesday, March 11, is •as under:— •• • . ". . ' "... '■ ' IBBDE DEPUITIIEST Notelssuo . f57,029,000 Gov.dobt £11,015,000 • OtherGecuri- 1 ". ties 7.434.000 . , i ■ Gold.. ... 38.6E0.000, j. £57,029,000 '.'£57,029,000 Banking DF.rAKTjir.K7. . Proprietors' •. •- Govt, soouri- | "ctoital"'/' £14,553,000 tics./' £13,7£0,000 Pnbhc do- Okhoraeeuri- ! ■ '' posits ... 10,363,000. tics' ... 34,050,000Other do- 1 posits ... 1 40,648,000 Notes . ... 29,078,000 Best-, 7-day and other . Coin ... 1,419,W0 . . ' bills' ... ' 3,837,0C0 ™ .'', £78,301,C00 -' • U-Tiio leading itemirof the' Bank of England l , .'ioturti afford' tho', folio wing comparison:—v, V. . This wook. Last week. Last year, "£ £"' y. £ ' i"* : .'.!^ v v 38.550,000 37,915,0 M 34,554,000 • JBcsorve ...V30.<91.000 29,518.000 26,668,000 ■ : . ' Note'eiroulation'. :'.27,e57,000 28,212,000 27,746,000 , . P'ublicTDepQSits.,'.^l9,26l,ooo.. 38.710.000 17.5C2.0C0 ' '•rOfber-'Depositi.V' 40,618,000 40,761,000 40,203,000 Proportion of ' resorvo to ' • Uabillties ... 50.01 ' 49.59. 46.39 IS H GOyERNMENT; SECURITIES.' I The following are tho latest quotations for (idverriment securities' «with a comparison-' of thoso ruling last'week: — , .'

, THE MONEY MARKET.The open market discount rate for best three . monthsl,.billß;is,: - 1 15.;.:3d. lower at' S3 Is.' 3d,

per cent. Tho Bank of England rate is 31 per oent., to which it was rcdi\ced on March 5.

COLONIAL AND OTHER PRODUCE. Wheat.—Tho markets aro lifeless, buyers having withdrawn, owing to tho unexpected increase in tho .quantity on passage. There has been a-goneral decline of' about 9d. a quarter. • Australian afloat is offering at 3Gs. Gd. to'37s.; February-March shipments, 375. 9d.; steamor parcels afloat, 365. Spot Australian is dull at 3Ss.; New Zealand is nominally quoted, short berry, 31s. to 355.; long berry, 355. to 365. Flour.—Tho demand has stopped. March shipment is offoring in Glasgow at 28s. 3d. landed. ' Butter.—Sold steadily ,at late rates till Thursday, when a reduction in Danish of 5 kroner caused n sharp (lcclinc. Quotations :— Australian, choicest., Ills.; unsaltfed, 1165.; New Zealand, llGs. to USs.; Danish, 120s. Many of tho Victorian and New South Wales brands have been affected by tho heat at tho timo of manufacture. Sugar.—German beet, 88deg., 3d. higher at 10s. 6d.; first mark granulated, f.o.b. > Hamburg, Is. 2d. hijjhcr at 12s. 3d. per cwt. . Wool.—There is nothing doing in: the Bradford tops market, pending the opening of the London sales on March 17.

THE METAL. MARKETER Copper.—Spot, 20s. . lower at J358 2s. 6d.; three months, 40s. higher at .£SB 12s. Gd. per ton. Tin.—Spot, 20s. lower at .£134 10s.; three months,' 10s. higher at'.£l32 per ton. -. Lead.—Unchanged at .£l3 15s. per ton. ,Spelter—ss. higher at ,£2l per ton. : Iron.—6d. higher at 51s. id. per ton.

; ' , WELLINGTON SHARE LIST. : : ' . , fSj Sjj P™'- -. ■■', ■■'■;•rimm ' ; yum ii'sfii. - •• COMPANY •. •. ••„ P ,fPS! Balance -jS. 3? ~~—TPMart . . ,0 . ' [}•; ; ; Paid Up. 2a Share; Bnyer. , EolJor- gaIo< . Investor. |§|" illzi ' i 4lt4?-I.'*v-1": V'J - ■ • . . .INSURANCE. -"o4Q m-1 •* ■' s t»a ■■ ■ 1 - " ''" " '1 ~ R * 0' ■ : 1 8' 0 r 7 J ti'i' ' . 'Rational JOO.wr S unlta. J5| r Iib n ' ' New Zealand S00fl»>, "".L, '1° U| 0 ii ■■■..■>"Eonth.British':: ; V. « ICO,030.- : 1; ..""f.f . .-..30 i|n | • /' . •Eiamtol.-.:;,.' 75,(XX) ; B '- 385 . i- .unltd. 10 • •< 1 2 0 - JO.OO.1 5;' MO 102.6 10 4 0 . 10 0 0 5 0 0 .vMetropolitan-BalldinSr S'SjSt".'jf 3 9 ■' m /'"- ' ' nil 6 0119 OU 6 Vl'4 !<•-■-'•-, > :\v;Wellingt6nInToar:;Wr:-SaOM:-;\:ri5®--: --J, :.{■ , 6-,. ..?»■„ '.- 71 n n '{ ; : tr : . W'cl'Ston Trust & to»a ,101,253 • i ■; ■ &■ - § • • . 8 8 3.4 G ' 350 ! .;. . National Mortgage. - '200,000 ' ' . ? J, 1° n ill 6 1 10 0 513 i f N.ZfandRlver Plata' - SOO.OOO . . 1 ■ 3 .. "' l .... ..-..-7 ' '.-Is , 0 52 <110'0 i; — Loan and Morcantild - "135, ■ 8i , .. „ 6 v °t . ift-S chriSroh ■: -S f ■&«§;£" j ' «j| - 1°' 'io * s 10 0 0 500 >$;• I ■ ?.: SS S »■. 5100 i ' M?>.: ; 5 "]]., .j<> i' : J - Vacier ' . ). 30 uii. 15 i\ '• : T - v / .! >,opj_ I I , .15. .... ■ y, ( ..; ; ; • - i a ein r 4t nN0,:S;i ' • £7:000 ' lu' ml lo' ' 19 15 0 1013 « 5 10 , • eilington • .- , . .. . a 17 6 : ; • . . : ' . ... • 1S3.72T - ... 8 .8 .0 .0 , ; . .'Jt |y .. Saf d! ?-'' ; ;::**& i' ■ i !'«« 210 0 Vs 0 ; 5 13 V ' . j : '" E 73T : I ' "H' . 6 0.0'' 11 0' 5 2 0 .: 6 5 « k':: :v.-v '• • v. /■ i# 1 a a 3 50 .-353 3 5 6 t 8 .3 I Winanui- ■ .- <5,853 •• 11.131. ...» ~r v' .•■■v. ; I'.'. • ' •, TiiANSPORTi, • •• . .a.i.) :; • J . •- •' , '•••»' '* ; n e''e* - '• ' • • , 0 '5 fi • '■ 9 Oi .'r ; 170,0)3. / :}fH- - 'J J • I 2.56. .2.-3 6 f S 3 9f by- Umon v;. A 1 : .-..I 35 0 \i: 1; niu : 6 • ' ' Wcsti:or4 - V "80,031 i .117,215 • Si IS 125; v .'y;- 7 5 0 ' 7 8 O', 6* 0 0 3 ,5.3"• ■ >>*V ■ 'i ,. 1 1 0 . ' 1 .0 «' .71 6 .! • Kaiapoi- . - . - - 100.001 . - • e 5 ■ . n , l K. .? , „ Weilinytoa' - • tfJ.OOJ . .! .4. 'A:. ... B 3 3 0 3 6 0 S 6 0. 7-B 6 1 iJoDJUlliV'iions 1 •• .'■••» • 47.003 o - r -■ 6 0 0 < ■ v Sil • 1 tcyland is O'Uci) i'i'si /■^c5,0''T. <l , ,> ■.'J'Mfis -if! 33 2J 6 1 4 6 .i ,?C16 .4 , ' 1 Cahdto • . - : •• 10,WJ " . . W 111 • r - — ; . ' ' ' V , „ • K.Z-.l)riWs - • ... S00,U». ,; EW" ...... 7, t ,p,jl 0 E.13 0 ■ 2.11. 0 6 3 0 y.]. N;Z,Coment- / ;>W,t«Jv. ,2,<4l -l -■> o. - 113 6 - -1: : Jlonbins&Oj. -■ " - 9j,W)J- - f ,-iT- . . • j-.'.j;•;' ; ..Ward <fcCo.-:-''»• r ;: - - fcO.ODJ, 4 .1;. ... Id. .4 12 0 41i 0 ,,-.4 12; 6 ; i ■' iyiW') ■-$i , JiL, .V .-.«' ■■ ' • V ' f"- *, •:■;•,' AVfitu.Frcslil'doi'. n: J^;' ! } V n ff-. ' : /" . •;. tr;'' Wbitcbriibe'.d;Tombs- v 4 >;• ' n !f l "' 0 * '■^bnalriand;'LimiW4 ,- V:*- v* ,. : V-f;''■' .0.19 0 •- 0IB S -,8 4 4

i- • • • " ' Variations • - • . j. Prico ;co^ r P d : ; with • \* • : •- • '• V ■ • lastwook. ' . ■ 1 / £ fi.-d. ~ 7 ~~~"" 2i%'Imperial Consols... . ... 87 5 0 20s. lower 4 „ N.S/W.lG03Jari/-Jnly ... 110 0 0 Unchanged Z\ „ N.S.W.1918 Mar-Sept ... '99 10 0 Unchanged 3 „ N.S.'W.1935Apl.-06'GC.. 69. 0 0 : Unchangod • 4 „ Vic. 1920 Jan.-July...,. ... 104 .0 0 Unchanged SiVic. 1021-6 Jan.-July ■' 101: o 0 Unchanged 3 „ Vic. 1929-40 Jan.-July, ... '89 10 0 Unchangod. 3i „ S.A.1916 Jari.July : ... 100 0 0 Unchanged' ' 3 „ S.A. 1916 Jan.-July ■■<„•... 87 10 0 10s. higher ■'4 „ QTdl921-30Jan.-JuIy ... 107 0 0 Unchanged j 3i QTdlMl-30Jan.July j •... 100 0 0 : Unchanged 3 QTdl922-47Jan.:July, ; ;„t0. 0 .0 Unchanged 4 „ N.Z. 1020 May-Nov. ... 109 0 0 Unchanged 3JN.Z. 1940 Jan.-July , ... 100 0 0 Unchanged " S'vN.Z.'-ltMO Jan.-July \ '... -88 10 0 j Unchanged 81.. W.A.1920-35May-Nov; ... 98 10 0 Unchanged 3 W.A.i915-85May-Nov.:. . 88' 0 0 Unchanged ,8l „ Tas.l920-40Jnn.-July ... 9915 0 Unchanged ; 1 8, '....jTas. 1920-40,Jan.July. • 69 0, 0 •■Unchanged