FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 154, 24 March 1908, Page 10

FINANCE AND COMMERCE.

THE SHARE MARKET. . Brokers experienced ; a dull ' day yesterday, and in investment stocks the trading was re-, 'stricted to Sharland's ordinary, which changed hands at 18s. 9d., or Is. 3d. l>elow par, and ; with the-ariual balance-sheet almost ready for •?' '. ' circulation.-'--Banking and financial-shares:, were '> • nuiet. : Bank of New Zealand shares <. "were; ' ioftered for 'sale andv.-Louitable '-Building -at -.£lO 3s. . New Zealand- and River . - i Plato" shares were m demand at, ,£1 lis. Gas, ' . shares we're-not .'quoted,., and- the dullness of, ;-.-!.' this section !is an indication of the! want of • ■•' : ;•• confidence felt. by investors 1 in the present X" , situation. ,So ; many.';'of ;■ the-gas- undertakings. .are about'to. be absorbed, or negotiations for their •'absorption by the local 'bodies,-are m progress, that'investors do not care to invest - f in tlio shares. ■ For insurance shares .there • were bids of JC3 15s. for New Zealand,: !?V-' 'ranee,'and £2 165.-for South British'lnsurance. V : ,rNational Insurance shares were on sale- at 28s. i ■ ."-Meat ; shares' ivere quiet, with sellers ,of Wel- . • V-: ■. •. lirigton Meat Exports at 125., 2s;,.and <63 ■ ; ss. 3d. for the -respective issues; .There' were <y bids' of ■' <62 5s- Cd'.,vcum..-dividend,«for,,Maha<;; Vr' watu Rails, but '.'tetters wanted-.£2 '75., -.New /." Zealand -Shipping shares, were'..on "sale. at .£6 f lis.; for Union Steam',*34^;"was" bid,- aild 345.'. '.9d..asked. -Coal weaker;, were in demand at ,£6 17s. 6d., but sellers . i wanted £1 Is. In the middle of last' month /' : theso shares- sold.rat ,£7..;85,:9d.,! --Westport--:Ai':'VStockton . Coal',shares,„were ;.on,.sale atvlOs;;, Leylaird-O'Bricji Timber .at;44s., :arid New Zealand Paper Mills at 235, 3:1. Thero wcro'biiyers ';t -' ■ of Donaghy;;'Rop'e'' and . Twinfe,,' shares; 'at '-<6G,;,w.. - and New : Zealand Drugs .'a*t :=S2- lis;- 6d:, cum • ( dividend. .- " THE:MINING MARKET. '.v r-.S» There is no marked feature to. record.. Talis-i.'.-'-.jftMis : are-'slightly weaker;,.with sales at; <62 -.1. --lis. fld. Waihis are. strong,' and buyers ;h"avC" :■-y advanced'their quotation'to <69 9s. Ngatiawa3 " " changed hands. 1 at ; 125(1. . tions wero as undoi;:— " . > ' Buyers. ' Sellers.,, "a- £s. d. .£ s. d.' £s. d. ■ Tahsmau ... ... — ■ 212 -0 2 .11, 9 Vailu 9 3ID 9 9*G ■ r . . Kuranui•• .:. ... •0 1 0 " r—• ■ ■ ■ . Big River "... ... 011 3 •— — ■ • { . ' Ngatiawa • — •. .— ■ ; .0 10J THE WOOL MARKET ' •y.-- ; :-i .; The .wool sales r now ,in : progress; in London, t • Tontin ( ne dull, .'ind'..:there', have '.been."heavy' " withdrawals,!.:of ; '.s()eculators',. lots;?, The latter : evidently tliiiikVthat the- ma!rket will i improve :'!. - later in the', rtor;-' #t\ay.;Bwnts ..thes[.' l aTe,.not" ..v/ -' !'willing: to fa Ce , ty - presentylosf. Thb -fall in v V: , values, compared .with " a"'year'.'ago,' is .'seeii /in : !'. the prices , obtained for two /representative ~ slips as under:— <.' i , Brand. Mar.,,1908; Mar,,..1907., :- • • -,' .- ■- Per ib; Per lb. : / "Titi" • ' ... . ... Bd. 12>d. ' 1 "Eldershe" ... i; -12|d. 15d.■ >; ,i?oarse wools have suffered the most, and there is\no prospect of any immediate improvement.In tlieir circular:of "January tav Ebell and Co., I 'of Germany, wnile blauiinp Bradford aud,.Antwerp : and the French..buyers, "V in Australia' for 'what j.tljey regard, as: the ."excessively",, high -prices'; which ru|ed~a' little : time back, -were?'''rather • hopeful- <about the l'ulure, especially in regard to merino wools'. ' iThey considered that manufacturers would'fiot be able to hold off mtich longer,., and that , ' .. ' as there had ! been no corner in wool there . '>. : was' .no': fear. of : the ■ wool collapse resembling .'!-. % the collapse, of copper. Tho reportrends withl V some, statistics: of Cape wools. It appear; that '.; 6ince 1872 the.-highest price (pf. pro /kg:)- for; extra super sdow- wh'ites.. i .Vas'!sGo.liii's,l372, and'. !''V-r!r;.. .the lowest 250 in 1805.-"-/ At 'the endrof.'Decern-;; :'v:',:! ;■ ber, 1907, tho prico was.: 420, compared-with; 410 at. the- same date; in. the;;',two.- , vyears. .'The estimates of-GerM'ri-imports' of Capo wool are for-1907, 130,000 bales; for 1900, . . 110,000; and for 1905, 150,000. The highest recent- figure was. - 155.000 in 1899, the : v year! when. tlie'Boer War broko, , i-;r ; ;.V' 1 The. offerings and',sules : of wool in: the; Com-" ; : .;inonwealth'. and); New Zealand, 'from July I,' " 1907, to February. 29, 1908, compiled by-,Messrs. y'. ; V Dalgety and Co., Limited,; a're.'iis .'follow':— ; i:; : '- '.1907-8. ' 190G-7. ! - Market. . Olfer'gs.: Sales. Olfcr'gs.. Sales.r , , - • :Bnl6;iV\SßDles.::':"Bnl63.vy;Sßhl<;& v! ; SvdneyT., r591;522-52G.3GG V 038,869" G31,-910' ■ f ' Melbourne 331;037,!.: '292,155 848,0J7? : J>: '". Geclonjlo6,7B9". 98,97G .102,787": 99,905 ft?; : " Adelaide, v" 129,332 ; ; .119,772 ' 1iy78.!" 104/53G' Brisbane 77.G15 G3,GGI , G3,292, . .'^G.COi; . - Au5tra1ia!'1,229;3b5.'.1,1fi5,930 a,2GWO3V 1,231,229 ' N.Z. ' .... 176,526" 122,591 116,083 130,51-1 ; '',y ; : ;:^ ; 1,223,521 ;;1,410,280 : 1,301^773 ''V:n , ■■ .>><- . THE HEMP AURICET Writing. the 'I'.: opinion " that, the r-hemp market would exhibit j some slight recovery, but we.did not anticipate any improvement "until next month. There are. : signs" or a; recovery.-now," ami the spot quota- : v ', tion hiis -imprpvedvtp; the,'extent';of 15s. The ; " . Jatcst quotations, ..'as,, furiiished 6y.- ! the High l ! ;;, .: ; :Conimi.ssionerV:'co,mpai-e,,with; thosS of the .past. 'sis weeks as-undo/:../' • , ./' '' : -i '.'N'.Z; hemp,/ Manila, ; ."■( ' - '"v'V:. on spot. on spot.— 190 S. ■ £ s. (1. / £ s. d. ':' • . February 8 ... ' ... .28 0 0 28 10 0" .!. Feljriiary 15 ~..; 27 15.-V.o' ;27 :5." ,0 ' February-22 'H.i' { v<... v 27 0 0 • . 27 0 0 r-: "':' ~-February 29 ''..T 20" 0 0: ' 25*0 0 i. , -. March 7: . ... '... 25 0 0 . : . llaroh It ...' ... 23 5 0 ' 22 0 0 !.. March 21 ... ... 2t 0 0 .21 0 0 . Fair'current Manila has risen £2 per ton, f'. - • .'V '.and ' tho'.Americans may now, be trusted to : ■■■■!', . move: the price "There 'm' a y not be any, {<•••! V. ••• sensational .advance, but we incline to tho fi ;:\iew that the market will now. show !steady ' _!' imprpyumeut. ;v; : .' ' • MARINI?' INSURANCE. '! -The year 1907 failed to bring any increaso v. " in the ' proflts earned by . 'marine insuranco C.' ; compaiiies. Taking ten of .'the leading British i, companies: that -had published their accounts, . . "I'lio Times"'.is ;ab)o to show that : six-of ?tho ;. . companies made a- loss. of ,£7G,950 on the unt'.erwriting accounts of 1906, and' 0f.'<643,198 in £ 1905,'.' as compared with'''profits of <6145,577 and f '■■*' .'<£109,513 earned, respectively, in 1904, and" 1903." * For 1907-rthe' net"'premiums of .the ten'.compaiiies 'vicire "<£2,707,835, and : the first, vear's i-V/r -settlements-" and expenses amounted- .to i ; ' -' <£1,14-1,297, ,or 42.3 jier . cent.v as' compared "with' tho first vear's settlement and expenses on the jr^:isod ncconnto 01- 41.8 per cent.

•ThO; ; .causo. .'of th arises; first' Of'all, Thero 'was no dc during ;1907,:: but'. ti anco companies fo to procliidQ any Losses, also -were ;< Sanies' have large' [cnee.lhey. have, favourable state o.

he '.falling-off. . in, .premiums [, from the cutting of rates, .ecline incarrying business the competition, of thcinsur--3r risks was at such rates as r . improvement: in revenue. :on a .large scalo. The com- >" amounts invested in funds . been able, despite the un if /underwriting business, t

continue the payment of large, dividends put. of . interest receipts. Taking the ten companies given, by,.".TheTimes," their funds, excluding capital, at' the.end of 1907 amounted to !£5,918,015; the inteVest- receipts aggregated .£223,ooo,"'a'lid the'-'divi'demls ,£214,561. Tliat such a''sum is. available slows how wise has be(:n the policy pursued in the past by the ■directors :of husbanding the resources of, the companies, so as to. bo' prepared for exceptional: losses':or : periods" of extreme lousiness competition. .; ; v NOTES. ' 'j: The/London spot .tin is: now #140, a!n advance of 255. since.'.Thursday. Copper lias risen 7s. 6d., and'is"now quoted at I i'sß Gd. tx ■

The London wool sales disclose iio change of iiiiportahcei"except that shabby' ctossbreds are slightly, ■ - k ,. v.;- - ' ..

New„fZealaud,.frb!:en.,lamb is-meeting with good sale .in L'ondon, (Canterbury grade selling at id..pef'lb;'higlier,'ilian last'week.' ; . .

The hemp market has improved slightly; and : both grades of,-New Zealand hemp, on spot,' have advanced" 15s. per ton. Tho improvement is '".likely to continue. .

-The French'officialje'stimate of the 1907 vintage is ,60,000,000 hectolitres (1,4!B)000,0D0 gal-lons),—-which- -largely . exciptled the [ trade estimate, of 58,000,000, hectolitres. >

l : oi .'petroleum is steadily increasing in nbumaiiia. ' In 1893 the output was 180,000,- tons', - whereas last year it is set- down ;as|:h.iving,;;been 1,130,1/00 tons. , What is "likely to Ijd tlio outconic of the recent potro% leum discoveries !in Argentina remains to be seen.. / From-statistics furnished'by the Department of Mines of Western Australia, • exports of rufncrals .other than; gold; the produce of that Staterr.'dui-ing;-1907-,' we're, as'; follow Copper, valued tin, value 43167,342;' and fill VCI7. Value: Jr25,382. - : Witli!' Uic exception of ,thQ"last-namedj■ qlL.show, an increase, the •figures for 1906 beiiig :—Copper,',£36,s29; tin, ,£14,380.; . and silver, ■<237,012.- ' .Pr'eliniiria'r.v esti'm i'tcs by. the United States Director.,of the.:Min,t- pjaced the gold output of that country- last' year at • <£18,282,562, showing a falling-oil' of <£9G9,G9t, as Compared : with 190 G- r .Thor silver estimated at <87,6G4,G02. ( . , ': It is..'estimated that.: emigrants ' from '.-the United' States last year took- away whilej.in,,addition itbey, expended <63,000,000 on steamer fares, "freights,"and. similar/charges. The east-bound passengers nuriibered 550,015. of the Transvaal in the'twelve months to Juno 30 last' wiis offi- , cially. .returned ,at <£30,111,798, . but that - included sonio items which wc class with manufactures,., such as.bricks and lime. The total 'was;- liowover, ;as 'great as .the,'mineral output of tho whole of the Commonwealth, and the rleading.'items ,w.ere. :go.ld diamonds -.-82,203,511,:c0al- J279G,361;.and silver £92,874.- .' ' : -. DREDGING, , (Dr TKDEGRAPIl —PRESS ASSOCIATION.. I ' Reefton, March 23. . ' Dredging returns:—Pactolus No. '1, !960z. for 134' .hours; No. 2,. 50oz. - 19dwt. for 120 hours; i'jCallajjhahY Creek; 320z.:,9dwt.; for 131 hours. THE M CTAI. MARKETS ny iblegha'ph—phess association—copybight. '' , ! Loudon, . March 22. Copper;rrQn, spot,-. <658.175. Gd. ;;three .months, 5£59"5Sr r : ; ■ . ' -■ V", ■" spoil; ;£140; . three months,' <G137 155.1' : Leadi;;<Cl-l:-.. •> . - i! Silver', !25id.''..., Antimony, '<610. ! ,'*"" ' .

...COLONIAL,,AND OTHER PRODUCE. • N NEW.ZEALAND' HEStP'FIRMER. ~. - .jjy i'EMGB.VtH— riIBSS, ASSOCIATION —COrYEIGHT. " London, March '22. > .'. Copra.-HFir(ner.!"South Sea, <615 2s. Gd. . ■■ Hemp.—Firmer.- ' ' February-April shipment, <623:105. . . . . . ." 'Linseed oil, >£23 15s.- ' . Rabbits;—ln good demand. Young ones are retailing 'at 13s. Gd. to 14s. • ■ Mutton'.—North Island, 3jd.; best brands,lid.; others, unchanged. v ■ S|d.; others unchanged. /''Bc'ef.—Foresi' 'unchanged'; hinds, :3Jd. Eivcr Plate Sheep.—Heavy, 3jd.; light, 3Jd. River Plato Beef.—Fores, iinchauged; hinds, 33d. -; 1

LONDON WOOL SALES. ; ' ' . HEAVY WITHDRAWALS. BY TELEGRArn —PBESS. ASSOCIATION— COPYRIGHT. ' . v ' London, March 22. Slow of 'sale. There have been heavy withdrawals of speculators'. lots.. ', Shabby crossbreds. are, slightly, easier; good wool's, firm. To date,' 40,0-15 bales' have been ottered and 38,911 sold. The sales included Poporangi, 7Jd.; Titi, Sd.;-Puketoi, 93d.; Eldershe, 123 d. '" lIKjH COMMISSIONER'S CABLE.' The Department of Industries and Commerce has received ..the.„followin|' cable, from the High "Commissioner,' dated London, March 21:-- ' . Thero is :i scarcity of pnmo quality mutton, and holders are firm. Trade n mutton is very disappointing, thore being only a very hand-to-mouth demand: - Thi 'olio dug arc the- current, quotations:—Canterbury mutton, 4Jd.; North Island, '3jd.; River Plato, 3gd,;. Australian, 3Jd. per lb. -' The lamb market is firm. There is a good demand for all -brands, although high prices are tesixictiiw husiu -ss, Canterbury lamb is.

quoted at s|d., and other 'hail Canterbury at 5Jd. per lb. 1 '

Thero is a better demand for beer, especially for hindquarters, which are quoted at 3Jd. per lb. . Forequartsrs are .-quoted at 2jd. per lb, Somo holders of butter are forcing sales, and a boar morcnpnt is reported, but such action is considered unwarranted. X.itjht sliipments_ of buttar are .expecta-l, ;>.nd none is held in stock. Tliore is a gen->r:il and active demand at fho decUne cf tlu market. Choicest Nc\r Zealand buttar is quoted at 1135.; Australian, 110s.; Danish, 120s. per cwt. Tho cheeso nurket is dull, and complaint lias been received of immaturity and .openness in New Zealand brands. \ White makes are quoted at 595., coloured nt Cls. per cwt. ■/.There are signs of imprivcmont in the hemp market, with a bettor demand. The following arc the current miot.iti ins Gold fail- grade, on spot, £21; fair grade, on :pDt. £21 10s.; fair current Manila, .£2l; April-May shipments, good fair grade,. 423 305.; fair grade, .£2l 10s. , ' Tho cocksfoot soc-d market is excited. Buyers have been offering freely, and thero are light stocks on hand. Bright, clean 171b. seed is quoted at 84s. per cwt, The'' following aro tho current quotations for kauri gum Ordinary to fair, three-quarter scraped, IGOs.; fair, half ecraped, 100s.; brown fair, half to three-quarter [.craped, 905.; brown p&kings, common to good, I'-'-=.; bush, lair to good, pale and amber , scraped, 130s. Tho market is dull and (teslinii.g, and i ransactiot* <u-e lißht. . The wool market is quiet at .'.ho decline. Bradford tops are quoted as follow3G's, low cr is-ibiv.ls, !0il.: ill's, low cros.sbr-ids, ; ■it's, medium crusHb.'-iids, Is. o}d.; 50's, halfbreds.jls. 5Jd.; sG's,. quarter-breds, Is. Sid.; CO's, merinos, 2s. 05d. •

■ Messrs. Warnock and Adkin annouiico in this issue tho arrival of new dress materials 'for nutumn wear. Hiss Gilchrist is now in charge of the .firm's-.workroom. ■ Messrs. Dalgetv and Co., Ltd., auctioneers, announce that tho list of entries for to-mor-row's Wellington horse sale comprises somo useful sorts of all classes, on account •of Messrs. G. Lind,- P. B. Watts, IToult and Son, and other vendors. The sale will commence at 2 p.m. in" Mr. Keir'e Abel Smith Street . J .

WELLINGTON 6HAKE LIST. v 1 ' FnnrWl d£ Iilabil-" J " ■ '"PRICES. TIeM iBalanca 1 ''Sj; .■■-■ ■ ■»■>.. : Laat . l0 , •'•••' ... I aid Dp. rorw „ 3 ; Shaw. q g Euror. Seller. gal8 . Investor. ~ ■; ; L V. _ ',,,,. :■ ti* VTTQ' * J> -■ • ■ V '£ • •■. ' 4\ ' £ £ '•'«£• B« d# • £ 8. d. £ s« .£■ fl» . r«r Zealand . .V* 'tccdW | " " » ' "2'i' S ." ° j! 1 ? g hi 'J V ,rational . . . • 575,000 B35 ' 313 ." . 10 M • 6 6 6 675 6 7 0 ' 6 " 3 Kationil U1UNCf " 100 000 513.333 '" "1 ' nnlta.'' ' k' ' ' ''" ' 'V 8 6 1 8 0 .6 7 2 S96.674 , 8. . , 8 Jo . , 3 15 .0„ , 3 17 ; 0 10- 216 0 I •• • Standard . • • T5.0C0 . 87,385 • * . 10, 1 3 9 ■ : EqnifawtSiSs ' ' HO,000 ; " ' «*«»• 6 • •'•5 10 10 2 6: 10-3 0 10 0 0 5 0 0 x?.', Metropolitan Building W.564 . •.*«* ;1 9 m ,' • 1 ' fi : 011 o n ii 6 ' g 4 4 : Wellington Invost. .- :• 60,000./ . Mg'- ' | | S-.. . ? 0 n 7 11 0- ' 7 0'6 ' 0 Wel'gtonTrust&Loan / 101,250 ■ «$«, 1 * J ,f ' 3 4 -0 E-5 0 ■ 1 N^mdBWerwLISo'So ' «&»'• -"l'- nil ? .-lJJUO 111 - 1100 4134 K J ;;taSSS; 315.133 • -i • «". 6' .0 5 0 -0 5"2 V 0/5,0. 10 0 0 " . church •: :; IS :: '• S' V'p'Sjp 1 v'VW inj V .10 o o 5 0 '0 W :M/ r -52S- »r» 'Hawero,. V- . • . . 8,253 0 f ™2\ / I 1 10. •. OKewPlymouth . 18,000 W59 A. J}} 10 , . ....... listier ....• ) ■• -:■■' .-10 :nU 5 ;■■■■ - „ • ;-• •••... 40.9571 231183 | ® la - ."nil » i'io I r -is l'i'-G 1911 6 ' B a 2 Welliucton - ; .124,570J- . . . • S 'S '' '10' ' 017 6. • , . .,Cuitcrtoy A ? • 163,727 Ml in - ' & in7(! ' " I' " rVirifitfhnrph • - -• 1A9 , '7,li4a 1U .ml. 0 , ' 10 7 o . 16WaJ ,. v 96,261 ,■ 1' nU. 2 9 0 210 0 2 ■ D 0 513 .... ucar • ■ . • K.oooJ- • i ■ • u •• n{ ■ / >. -Wellinsmkp; — f-f ■ 6 8 '' 6 0 0" VI S ■ B SO- ,65 6 ... - £S ' 2j g -3 5 0 353 350 693 ['■ WuiBinal " 45,550 . lj.40i. , 6 ,aU. 8 . ' - v . 170.0D3 . 1 ,7 *5 5 f, 2 7 0 2 3 0 3 3 9 i '. , K.Z.Shipping - • flSjSM ' S ■ •„*, ,,, „ iu o 7- Union Steam - '600JXM. l i 4 . 0 1H 9 - /, Steam Ferry'V, •. ; : 6 ■' r > • V«tpori 0Ar :' . : £SO,ODl' ■ 117:215 . si 'li:.. 121 6 17 0 : 7 1 0 7 6 0 0 . . ' l'anpiri.- • . KS.D0J.' •:- 6 1 ! nl j".. . 1 0/° •1 1 0 1 0 6 7 1 6 .1 . . :Kaifti^i°. 0m . EN '. - 100,003 r'jfj £# lj 1 f ., • . 0 •' •'•"eluSton .,6 a.s'o. 35 6 S 3 0/ 712 4 •' : 'mi.' ' , „ . ' IsloM ■' 1 ' .m};,] ~i. 3"3 6 5 4.0 ".!>4'"3 .615 0, .: JlaaricotiUaLims . 7 ,OJ3 • . *»« f ' ' S ............. . • • . .- .10,00) W, — r- . • ..... '• ' KXDrnsa - • . • .'J00.0M . ;• n 'i * 1 !11'6.-' 2 12 6 5110 . ' 6 3 0 \ •./. :• BiZ.Vapet Mills' ; 94,753. ■' 'iJJ! ■ "nil" ' '•' 1 o'S }, ?'-®, ' 1S . 3 COS '■ ' • ' . 40,C<B ■ 2 ,,m ,.1 : . ■ nU - 112 0 ,;113 • . iiMinina&Oo. - ' 93,005 \ 10. Word & Co. - - ' - - 60,000 , ■ : < J 1 - -10 112 0 -414 0 d 12. 6. . %Ycta-OperaHons«'"-' 18.630 . 1.7UJ S »|[ 8; . %Ygin VresliFooi - 23.231 ~ J » - , ',f '■ k Tozabs*' c H?i 1 ?fi —- J2 4 ,8 0 .. • - :BharIand. Limitfli l8,67d.V. 9.3U; • ;,0jl3>..6J (; 019.0. ','018/9, B0 0