FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 148, 17 March 1908, Page 10

FINANCE AND COMMERCE.

THE, SHXBE „ MARKLT X:'!:y': ■ Business quiet' /■ yesterday, : ,the. only ininvestmentshares 'being.a 'sale, - of,Lban;and/Mcrcantile:at:ssi;?> Tliere, : 'ffasVte9ni :i considerable ■'■■activity.'in...these' 'shares, ; and' i',.: ■; buyers | have.(persistentlyofferedi-'-Ss.,-. while ■V;, 'i, sales ..were".made .last; ■week'; at ss. 3d. -ißank ~ .-.shares' were. quiet si tlfere> nve're.! buyers' of A®, i,:''Zealands'at,.£9-lis'.', 6d;';' and sellers', at ■'£& 13s. • ■;,(id.; Nationals were oil sale at. i 25 7s; 6d. Insurance; shares were again v'ery\ quiet, -with/ ; :V-. ■sellers 'of National Insurance -at 285., fcnd,New;.. i;..".' Insurance at.£3 16s:.'Financial sna'resj were steady and unchanged. Sellei's .of Equit-, ' ■ ; able Building shares have reduced their; quo-: v, tation'.to. .£lO 35... 6d-., : but- the "price'is still ■': abo.v'e 1 buyers':ideas of .valued National Mortv ■■ v: gage' shares»were. on sale at' 4s. 6d;;'"l?6r' .V'», '■: New: Zealand 'arid: River Plate-share's, 31s. was ; :• bid, and' 31s. -.6hares- continuo- ' ■.' ■ f '.quiet, -with . sellers of/.Wellington" Gas; 'i£lo :•'!paid_ up,- at 1 .£l9'-I.ss:'/Meat •'6hares- A -wcre-..,ne--A.-Vglected. Christchurch'Meat!,shares-'were.offered',' '' for.'sale'at:Jßlo 7s. 6d: Mairiawatu. Rails, were ; f in. demand at ssr. Go.' cum'; dividend." It :; ■ .is i known' that, the Government is endeavour-:-V:;ing' to 'get .ppss'ession^of as,,from. ; 1 April 1, but .the' : '(lire'ctor^ l ' , ay-trustees' of 'the' shareholders, are : naturally disinclined 'to. part ';■ with a profitable /business;', except there is., a ■f? ( ■■; .full measure,.ofi compcHsa'tioh.' -r.There'is >per-' ''■"■haps some; urgency .for'; the• Government ac- ' quiring the - property,' as''it 'will enable the V, \ Minister for, .Finance,:tp. market for.,'a loan for the purchase of the ■ ■ railway and for other purposes. There were • :,,, ■ seller's of New*. Zealand Shipping, shares at M ■— :„ lis,,- Union Steaml.-at4.fi ;15s. j (.' 1 Westport i ..Coal ~;:at 27.5s.;iW,estport-Sto6kto'n'..Coal at; lOsi, New, Zealand Portland Cement at J2l 12s. 6d.-, and ' ■, ; Sharland's ordinary at 19s,,'=.Oth'er.,quotations, Swere :■•' N^w.-Zealand 'Drugs',"'buyers "<£2 "lis.;v.sellers: iS2 12s;..6d.j J New..Zealand. ; Paper,Mills % . : buyers. dBl -2s.- &d.;' sellers'St 3s. J '6dr;:.Tafanaki. , - Petroleum, buyers, 55.; Wa,rd and iji. V:.Brewery'/shares,, buyers,, .; r '

THE MINING MARKET Anotherjiuiet ; day . was ' experienced ;iri this market. : Waihis,' however, exhibited a hard-' : ening' ■ tendency, and sales, were reported -at ss. and £9 ss. ~6d. Talismans, were slightly i.; : . V weaker. The 'quotations'."yesterday., were.;.as. ' ■ under//'■{•'•v.v 1 . ' ; Buyers.;.,•'Sellers. ,(Sales'. : ; . '/ JC s d. J! s. d. .S.s. d.. ,N.Z. Crown ... . ... 0611 ' 7"2 ■ - " Talisman ... ... 2 12 0.2 12 6 — - Waihi ... 950 0 950 v , v 9 5 b •v «.'■ ■: .1 -, I ' ■ ■ ; ■ THE MONEY MARKET. - U;; ' v , With thffseaging.l'pf' tlif ;ttW6n-mpld^':mar- r ~y .. fcet '; ; : /.. .this- not : ; 'uriexpected/ " for : ; 'Eelix Schuster,and other eminent'financiers out...that; tho jnjsln- would. '.-be'pro» ... .. f'nounced /as ; ; i ('as^'tKe'irates^''eased. , r New-' South Wales: and South. Australia'iare"On- the; . .marketVat'-'the present time,.. ' announced that Dunedin is issuing' 4 'per cent; " debentures- at par fer .£250,000 for redemption: '•> - -purp'oses. -. A'; fci.w (months ago; the ;Dunediri *~ :\.Toii-n Clerk was; sent to Sydney. to. arrange ■ : ■' 'certain, financial matters, and - the: mission. w.a'S jfi- ■{ not successful; or rather better terms were arr :• ranged'- in, other ..directions'; The prestat-lissue : if. successful, and it should be,, snould-result-as,/! in. a'.saying to; the. city.. Perhaps, it .was.the': '. anticipation'of ithis'Dunedin" loan-that'caused' • : New Zealand' 3 .per ,cents.: to decline 355., In . i *'. this be; so* then' tlieVstocks- should'have. risen,' .as was tho'casa with'"South'Australia, which '..State has put : ■ ,'a million. : It. would;)bcCa'sitfrf'-ndy'surtrisfi''if-' : New. Zealand is, through. th<v High Commis- : sioner, negotiating -for a.'-loan.' - • With respect to British securities, few •;... : peoplo .have any idea of.: the .rentalkable defpreciation which has taken placo in; theni ' ? mg the last two. years, and of the ' extra-, 'ordinary'"increase of British 'investments ■- abroad: Sir •'Jbsejh i lawrqnce--has- ; put- into :" pamphlet . : foritf- ; 's'6me-'-figure3' ,^on' -the- ect, based on the official returns issued by the Income Tax Commissioners . and on the monthlv by. the. "Bankers' v Magazine." •• •..■A'cebrairtg ■y' : . the. observed depreciation in 325 represeiitative " '•'• securities, 'between January, 1906, and Novem--ber,'!l9o7, has been hot less than .£443,500,000. - . Tho same rate -of . depreciation extending,, ov«all the" securitie's '^uo(6d"''dn^.the,';S{(;ck,' i 'Ex.-, .'change wohld l 'niakfe';the' total' depreciation in* . all public securities not . less; than d 81,100,000,000, : . all of which hi^s'taken, place during the past two'' years; : ' Coincident with this; movement' ; 'there; has.beeh':-a'';i , 6mft'rk4ble' | inc,re.ase" : in'jiden-' ' ; X tified incomes to ;-iiicdme-:'t'ax';-''and , : iri' . the financial year .ending March 31, 1906, the •'.-• increase,in ,incomes4fißntified.' a^icomtog^&pni- ■ :-j foreign - ' was " .£7,837,000. • Capitalising v this at 5 per cent.; it.is clear that in.a:single year'""foreign""'investmeiits~mnst'~have'rin--Ci'eased by niorc than ,£150,000,000. - •■' ,• Canadian conditions; 1 > ; ■ Bradstreets.'have^issuei^litfiJ-fianaaian'ire- 1 ' ■ iiort for 1907, and'it is of a very'hopeful cliaracter arid in abstract saysActual^conditions i ' • governing agriculture and other Canadian industries, do not, in the opinion of the,best informed, warrant a prolonged continuation of even slight trade; reaction, and it is felt that the ' likelihood of widespread depression has been These two or three -*.••- months: of .tradq.:,,activity, have closed -Jtho $yes: of most-'/ Ciuiadiansjto-ithe ■ fact thai aVgeneral summfflg-up/of 'trade for s ■ the year 19P7 sliows a largo net .'gain -over that of Ay.most pleasant arid mild win- , ter .is being ?experience(l. The days are bright, ,i ; . , clear and calm, ; > which ';i57..a.-;great.;-'CConomic: / i • factor, as; it'ihas' saved-'a; tremendous J expense, in fneiV'andv' inj'feed'.' to,;'„l>btlii' i.libiiiwbol^ers,' fnrmers, :'andi ; stockmehV-lt : is tliougli't by; old '-. timers, in this country to 1 bo'.a : forer'ririheTr : bf ;; a good'cropJseasori. The acreage'available for crop'in three Provinces,' Manitoba, Saskatchewan, and' ilberta is as follows .. Wheat -I ... v ...' ... ''6,000,000 acres. . Oats; V/. ' 2,750,00(1 V,'''!'' Barley '!• .'.4J ... ..-..' ; .' 800,000 .;, :": ■ ;: Flas. * ...V : .J;.;;,150, ooo„ • This is .an mcrcase of 15 per cent, over the. : acreageJif last 'year, the land, is m, a Very good condition, a large percentage of it is fall-ploughed and . ready for the seed, as the result of the prolonged -fine 'weather In " the • autumn . .

LIVE STOCK:; SKITISTieS;' The statistics ; relating to horses, cattle, and Zealand are o£ General. inter-.

' BHAKE : LIST.

'e^^^\tiie.>fi°giires t compiled- by the Dppartnient':6f"Agriculture compare/as under.— . V Horses. 1 .-'Cattle.'. Swine. Year;--; •••'> • No. •'*;• ; No. ■. ~ No. ' ■1001' 250,078 . 224,024 1902-287,419 .•1,4G0,6G3 f ( -' ,93 > 740 1903 ." ....... 299,182 ' 1 1,593,547• • 226,591 MOJV'V 314,-770" <»' '■■ 1,736,850 ..' ■ 255,320 •1905' " ... ... 326.9G6 1310,936 / 249,727 1906 ... ... 313,059 1,851,750. \ , 242,273 1907 353,257 ; - .241,128 '.Theu* r j figures aro not -.very .'encouraging, for 'there -is -a'shrinkage l in- the number .of cattle and/swirie,.which may be classed, as profitable 'StoCki'.'Wliile-.horses, mules, and passes'have in-' crefised--by..over .-10,000. in the tjvelv© ;months. The' 'deserves hotter, attention than it is getting; and that will'come ,only _wien. farmers, are ■■...to .'look- to; another source to. add to;their-incomes.- The distribution ■ of : tho; stock in the.. two ■ islandslastyear is i^hown(in, the;.table app'ended.':— . ■' N; .Island.' S. Maud.'' Totals.. No: No.'. No. Horses " ..." 201,683 .151,619 353,257 Cattle - ... .... 1,410,370 . 405,929 . 1,816,299 Bwino,:;.':;/ ;..;>.174,935- ; ; ■ 66,193 ■'■ .241,128 The North Island shows to considerable ad•vahtage; the ascendancy •as regards cattle being;, very gratifying. The North Island is purely pastoral, and : it will be some- time before it reaches- the' . stage -' o'f. ; . agriculture,, and still. ' longer" before :'it' reaches.. the' third degree" of development—manufacture.: , , Separating 1 the possessions of, each, district we get'the follow-;jng:-r . . ■ ■:.■. i .'.i r ' - l '^:• !';j,.' , -Cattie. 'Swine. >-..;5-;>y r " Sio. No. '■,-. No: Auckland; .i. '81.247. ~ :, 461,579- . 60,742 mwke's"'-Bay' i! ,c '- l '» 292.1091 16,515 Taranaki : ... . 23,733 •_. ■ 266,891 , .48,282 'Wellington.'-' V..' 56,994 389,791 ■ -.: 49,396 . '. ,■' ■ 201,633 .: 1,410,370 :174,935 'Marlborough 1 " ' - 6,774' ; 18,976 - J '2>7L Nelson ... ... ... 8,683 . 31,677 v . 5,757. Westland . 2,999 20,521 .1,680 Canterbury...- 64,528. ' 119.180 '33,428 Otago ... . ... ... 08,635 ■' < 215,575 ~ 22,357

. i sl>6l g 405,929 . 66,193. ■ ; 'y.', 353,257; , 1,810,230 ' 241,128 Auckland 'easilj\ hea'cla : the list in all three classes, Wellington .being a good, second as regards'-. cattle. /Taranaki, - though the principal producer of butter, possesses fewer cattle than even Hawke's Bay. -This is not necessarily an adverse;-feature, .it: may mean that the 1 'Tarariaki'idairy men are going in for a better, breed , of. cattle. The proportion of dairy 'cattle, ;—that is,cows or heifers (calved or to calve), and..heifers pver,i,twp years old intended for breeding,; to the total,number, is' shown in the .table'.appmded'iT^,.'.'/'.V: ; ... -, . :. D.-nrv Cattle. Total.. Year. ... .; No. ' . No. '&> i90r:'420,493' 1,361,781 ; 1902 • ■ 472,103 ■ '1,460,663 v 1103 515,179 ■ : 1,593,547 "lflOi J : ' 550,116.: ; 1,736,850 ,y ( ...1905 v 574,794' .'. 1,810,936 "• 1908 "' ... .604,137 1,551,750 1907 ' ... ... "..W 600,363.; .1,816,299 : NOTES. , '•... -■The report'of the past year's working of the firm .of .Friedr. Krupp, Essen, has been issueel, showing "a net' profit- of '£1,252,600, I '.against >£1,046,000 in 1906, though only, the' same dividend is being paid as before, viz., 10 per cent;' The capital of the company now stands ;at' : .-'hayingipbeen . increased, by Ji;OOQ,ooo';rtlufing.v 1906. r un •No .particulars are ■given regarding the. business vbeyond those absolutely.'necessary to show the financial position of ' tho company. The workmen's fund amounts to , £1,491,000, -against ,£1,355,000 tho previous year. This has been built up entirely from contributions from the firm.'. It is the property of the workpeople, and does not, ~therefore, figure.amongst the assets;of the com-' ■pany. : --.21 ..i.vj • ~ Prior to federation the various Australian State tariCs''brought ;,<in. revenue, to the 'amount -of : last year ' the 'Federal ;tariff, realised' 49,648,556, or, say, 26 per cent. more. , As' ,against .this; the population; of, the Commonwealth during the period ,has ; increased 10 per;.cent. V A circular - has. been: sent- to the policyholders "ofr*the Mutual Life -Association of Australasia, and also to those of the Citizens' Liniifed, notifying that "on -Mijr' application, will be made to the Supremo Courts of. all- ; tho.'States except: New South Wales, for their sanction to the agreement between the two companies, dated August 26, 1907. ■ No further appeal to the Courts of New- South: Wales is necessary : regarding amalgamation of the transfer ;of ■ fKe''ousiiiiS&l'of the-';Association ■ to the iCitizens'fLife-Co:; : ';

The, value -of the Argentine .imports' fof the jqW, ,1907.jimorinted .„tp ;,£!>7,172,'000, and the ;exm)rts- to^*"£69,24o,ooo,tthus leaving a favour'ab]e| bf. i£2,068;000. The prin-:'cipal--itenis and values of imports airo in reJspeot."pf,Sra'ilwayi,materials, JJD,615,200; coal v ■iE3,278,000;; and agricultural implements, all of which are imported duty free. '

■Vf CONSOLIDATED, ; LTD. j ' Consolidated, Limited, report as follows for tho fortnight ending February 8:— i v; ' v• ■■ .„..•. • , No.' 10 Level.—Stoping: The .values from ; tho''No. . l. Bonanza Block stopes average ,£1 Is. ■From, the No. .. 2 Bonanza Block stopes the values, average Jtf.ls.'Gd. No. 11'Level;—South'drive (east vein):' Advance d; 17ft.' total/ -'IOCSft.; .width of reef, 30in.; average of assays, 10s. lid. No. 11 riso: Advanced 4Gft.; total, G2ft.; width of reef, 18in.; average of assays. Is. Gd;;-connected. .'•No; -13, "winze: Advanced : 2Qft; ;/ total, < 32ft. ••• ;.width, ,of vj reef,. 42in,;; average'; of assays, £6 '10s. connected. Stoping:' Tho"' assays 'from the No. 2 Bonanza" Block stopes'. average. iC3" •is. 2d. "' No'. 12 Level.—North drive' (off;iNb.' 3 crosscut) :*• Started ; 75ft:- west- of .main. drive; progress", 21ft.; reef wider Ih&n average of assays, Bs. - No. 13 rise : -Advanced 12ft.; total, .185 ft.; width,of reef, 48in.; average of assays, 43 2s. Sd. Stoping: The assays from 'No: T. South Block stopes'average 12s. lOd. Tho values from No. 2 Bonanz aßloek stopes ialrerago'.£s;l2s. 4d. The leading'stopo off-No; 12 rise is now, 141 ft. south of starting point. Values for the period average JCll 19s. for n width of G6in. The Btope off No: 7 - rise •'(east

voin)', started 20ft.. above the level, gives values that averages £2 Os., 2d. • No. 13 Level—North drive (406 ft. south): Advanced 21ft. V" total, 56ft; width of reef, lSin.; average of assays, 10s. No. 8 rise: Advanced 13ft.; total, 161 ft.; width of reef, 24in.;'average of assays, JEI lGs. 0(1. Stoping: Tho average of assays from stopes north of No. 1 north'rise is 17s. Gd. j

! ; STOCK EXCHANGE., (by TELEGRAPH.—I'RESS association.) . Dunedin, March IG. Stock Exchange, quotations:— . , , Dredging stocks': Alexandra Eureka (ex div.), buyers 35., sellers 55.; Chicago, buyers ,6s. Gd., sellers Bs. 9d.; Electric, buyers 6s. 6d., sellers 10s.; Enterprise, sellers ss. 3d.; Now. first Chance, buyers 3s. 6d.; Golden Bed, buyers 145., sellers 155.'3d.; Golden Treasure (ex div.), buyers lis. 5d.; Ilessey's, buyers 35., sellers 45.,J)d.; Lody Roxburgh, buyers 10s. Gd.;'Ladysmith, sellers Is. (P.);.Koputai, buyers 4s. M;':, Manuherikia, sellers 175.;,, Molyneaus Kohinoor, buyers 3s. 3d.,' sellers 55.; New Roxburgh Jubilee, .sellers Bs. 6d.; New Trafalgar, sellers 18s.; Olrig, buyers Is. 9d., sellers 3s. Gd.; Pactolus, buyers 245. Gd., sellers 255. Gd.; Rise and Shine, buyers 245. Gd.; Rising Sun, buyers 245. ! Mining stocks: Talisman Consolidated, sellers .£2 12s. Gd.; Talisman Copper, sellers, 75.; Waihi, sellers £9 10s.: Waihi Grand Junction, buyers £1 os* Gd., sellers SA 2s. Gd. Investment stocks: iJnion Stenm Ship Co., buyers £1 13s. Gd., sellers .£1 14s. Gd.; Westport Coal, sellers' £1 45.; D.I.C. (ord.), buyers 55.; D.I.C. (pref.), buyers £1 2s'., sellers £1 35.; National Mortgage, sellers £3 . 45.; -Milburn Lime, sellers 13s. 9d.; New Zealand Drug (£2 paid), buyers £1 lis. Gd., sellers £2 12s. Gd.; New Zealand' Portland Cement,. buyers £1 10s., sellers JEI 12s. " ■ MINING.' r (BT TELSGBAPH—SPECIAL CORRESPONDENT.) • Auckland,' March 16. ' • The Auckland Committee of'shareholders in the Talisman Consolidated intend to cable to Mr. B.'.'H. Stafford (late assistant superintendent of the Waihi mine), who is.now on his way to England, asking him- to accept nomination for the next vacancy on the Board of the Company. Mr. Stafford has recently severed'diis connection with the Waihi Company, and will probably settle in England with his family! His long experience of local mining conditions would, it is considered, be of great assistance on the London Board of any New Zealand mining company,' and the Committee'hop.o hjß will see his way-to .accept nomination. . r - ' ' ' (FROM otu SrECIAI, CORRESPONDENT.) Rccfton, March 16.""' . The New Big River mining manager re-i •ports :—Stoping operations in the mine are now. in full STVing. ; l In the . lending stope going "north there is an. average width or nine • feet of ; stone. In' the. same stope going south there, is an average width of three feet of stone on the footwall side of the stope, then a band: of mullock 12 1 feet wide, then another' splico of' stone two feet, in width. This face presents the appearance of a large reef formation. Fifty feet, south of this face a stope is being raised on three feet, of stone. Stone is also being broken out on the hanging wall side' of the main level: between the two lastmentioned stopes.' One hundred and ton tons have been raised for the week.' The cyanide plant commences work next week. .'. ' •' , HORSE SALE. Messrs. Dalgety and C 0.,. Ltd., reportAt, Waverley horse fair on March 12, 140 horses came forward, the average quality being- good; Buyers were ' present ; from outsido districts., High reserves hampered business, but wo suc■ceeded in quitting a good' proportion' of the entry at prices well up to recent rates. ' .Unbroken Horses.—Three to four-year draughts, £20, £22, 15s. to £25] half spring. carters, to jßlsj light harness sorts and ' hacks, JES 10s., £7, dilO to ; J3U 10s. . . ; ' Broken .Horses.'—Draught's, £18 to £20 10s.; spring carters; £11 10s:, £12 10s. to' £15; light harness,. £8-to £14; good hacks, £7 to £10; weeds,' etc., 255. to M ■ 10s. " HIGH COMMISSIONER'S CABLE. 'The Department of- Industries • and Commerce has received the following cable from the High Commissioner, dated ' London, March 14,1908: "The mutton market is firm, but the demand-is only moderate. The following are the . current quotations:—Canterbury mutton, N°rth'-Island, 3;d.; River Plato, 3Jd. per lb.i ■ . ' _ , ' ."The lamb market : is'steady. Canterbury brands are quoted at 6d., other than Canterbury, sfd., and Australian at 4}d. per lb. "The beef market is quiet, (New,-. Zealand,, hindquarters being quoted 'at 3Jd v forequar-. ters at'2Jd.;per lb. ■. '■..''' . " "The : putter market is unsettled, Copenihagen; quotations : being unexpectedly lowered' five'kroner. Choicest , New Zealand brands are' quoted at' IJBs., Danish at 120s. per cwt. "The cheese market is dull,'and temporarily depressed, as a result of heavy arrivals.'White makes'are : quoted at from 60s. to 615., coloured at. G2s., por cwt. "A moderate business has been, done in ■hemp, but . the market has declined further. Good fair , grade, on spot, is quoted at £23 55. ! ; fair grade, on spot, £20 155.; fair current Manila, on- spot, £22 per .ton'.' March' to May shipments are quoted as follow:—Good fair grade, £23; fair; grade, £20 10s. ■ '.;••• , "There lias been no.alteration in the cocSsfoot seed market since last week.'

/, "The hop' market. is very quiet at last week's. quotations."

- LONDON MARKETS. ' Messrs. Dalgety.and Co., Ltd., Wellington, have received 'the ' following cable from their London' house :— • • Wool 'Sales.—For the 'third series of, sales (commencing ;.May -12),. tho quantity, of neiv wool.to .be admitted is limited to 180,000' bales, and for the fouHh series (commencing July 14), 150,000 (net , arrivals). ' Leather is. lojver ,by Jd. per. lb; 'Prices , for., basils are unchanged. • COLONIAL AND OTHER PORDUCE. «r rKLEouirti—i'UESs •„ London, March 15. North Island sheep, 5Jd. , Best brands light Canterbury : lambs, s|d. Beof.—Now Zealand, 180 to 2201b.,: fair average quality ox fores, 2 13-lGd. : River. Plato beef, hinds, 3Jd. . .. .. Hemp.—Depressed. January-March, J622i 10s., •to .£23; July-September, £23 to £2i. ' ' Hides.—Market lifeless and sales trifling. |, Leather is in better demand. Wellington .first sides, ,93d. to 10d.' Rabbits are in short supply. There is good demand, especially for young, which are Gd. dearer'. •, . \ Copra.—Market 'dull.'- South Sea is nominally at JBIS. The May;wool sales.will be limited to ■1801000 bales. New arrivals in July will be 150,000.. • ~ V : THE METAL -MARKETS. BY TELEGEAPH—PRESS ASSOCIATION—^OPYIUGHT. London, March 15. Copper.—On spot, '.£SB 12s. 6d.; three months, ,£59. Tin.—On spot, ,£136 55.; three months, <£133. Antimony, ,£lO, to 'JBIO 10s Silver, 25fd. per ounce. •

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