FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 156, 26 March 1908, Page 10

FINANCE AND COMMERCE.

;V ' : TIIE SIIARIT MAREET:---- •'' -;Y '"'Another.' quiet day was registered on the. . Wellington. Stock Exchange' yesterdayi'./ There .were numerous quotations, especially ■on tho part: of; sellers, and; in a few instances-.-somo. .- alight concessions were made.: •. Bank.» shares' were unchanged. Bank: of New Zealand shares V were wanted at ~£9 lis., with sellers at £9 15s. 'National' Bank shares'"'Woro oni'sales at"; <85: 7s. -fid. . Insurance., shares were; also, unchanged. . For New..■■ Zealand . Insurance,. UGs,„.,/-.was offered and <£3 13s. : asked. /National Iri..Burance shares were again offered at 275. 3d. Financial, shares \ were: freely; quoted. /, Equity ablo Building shares were offered at .£lO 3s.;' arid; National Mortgago 'at .£3,45.'."-Wellington Trust '£1 •■9s.;' 'sellers .•£'f "10s.' Gd,; Wellington Deposit, buyers,.9s., sellers 9s.' 9d.;s New,.,, Zealand. .and River, Plato, buyers ■ i£l lis'.;': .'sellers.' J!1 125.; New -Zealand Loan : and Mercantile, buyers ss.,'sellers-ss. Gd. Gas , shares were 'quiet. .'Wellington- Gas 'shares, .£10: Eaul, were on sale at .£l9; 10s., or Is. 6d. elow the parity of the. last sale, which was - made, on March. 2i; .:Tha..attitude/of, the two candidates for the mayoralty towards tho ...,. municipalisation. of .thejgas-works is, no doubt,' :< 'causing the share^iiCllrist- - church Gas shares, £5 paid, were offered' at . .£lO 2s. . 6d,'; there Trero in'o buyefs; • .'.Meat. shares were steady,-; aMates;rates. --/Gears were- • in demand' at 495., . and -there were sellers of . Chnstchurch. Meat 'shares'-at ! JBIO- 7s. Gd., and /. Wellington-Meat Export, third issue, at £3 ss. Gd.'-"'-

~ Manafr'atn i Rails-' were again -at >4Gs., .'•/ but therei/are r'no:, declared sellers...y New. ,Zea-. land/Shipping;shares , were .on ; sale' at-iiEG jlls., ■ and Union. Steam; ; ,'J ;.Wpollen . share's were /in' better ' demands ./Mosgiels''were .'wanted.-at/iBS,-'.with sellers at £3 2s. 6d. .There .were . buyers', of -.Wellington / Woollen shares at;<£3. It; is/ rumoured 4iat'negotiations are proceeding for the amalgamation of the Wellington Woollen' Company and another •' concern, which,, if successful, ,will',: t.ond to, en- , hance the ..value •of the- Woollen ' Company's • shares. The low price of wool, and the prob- '- -.'ability of there being an improved demand' for ready-made; clothing, are factors favouring tho -woollen companies. C'or.l shares .are 'vcry dull. There were sellers of Westports ; at' ,Is., Taupiri at 20s. Gd., Westport-Stockton , ..at. 10s. Leyland-O'Brien Timber'shares were quoted; at. £2. 4s. sellers, 1 arid .New . Zealand Paper Mills at 23s. 1 3d: New* Zealand'-Drugs, buyers: ,£2 lis. 3f1., sellers £2125; Gd: cum • dividend; Wardiand Coinpanv Browerv shares, . buyers £4 12s. Gd., sellers £1 155., and there were buyers of Taranaki Petroleum .sbaresj'at, ss.- - -. i i; ».-■ a

THE MINING MAEICET 'Thisimarket'was again, quiet,"and' a' weaken'-' I V./.: ing . teuiloncy, was' displayed! '"The demands for" Waihisr'lias eiised,' : >;but''''. Talismans' "'"remain' i.: . firm. " Yesterday's-quotations were"as -under:— v.,' i. ■■ ■'■ ' "• Buyers. Sellers.. . ■' .. '• ■' ''. £s. d. *' £s. d. : ! Talisman ... .... 211 C 212 0 ,-V. Waihi :■ 'y:.;V.9 8 0' ; ~ N.Z.. Crown ... i ... — . 0 7 2 ; , Tairua Broken Hills — 0 3 6 Big Hirer ... ... Oil 3 —: fi ; i,<;■ /v' :V -" THE MONEY MVEICET . The New South Wales, conversion, loan. has li . -.- proved Very disappointing, for, according, to a ;• . cable message published this morning, deben- [. , ture-holders converted less "than 15 per. cent., ! ,and : , the'.underwritcfs' . have ,bepn_.'onliged ,to i ..take up'U&o■"^est'.^^^Th'e'message < • . - '.clear. . -ThoNew. South Wales loan-cjvas for. fr- . <£3,000,000 Vat. 3J ,'per cent;, ■: half' I- ■ . being for; conversion purposes, and the balance 1 ■ for expenditure on public works'., This message merely'Tefers 'to tho• '.conversion^.and it ■is hard.-,.'to say whether the tendering refers to ' tho.'. whole ! J53,000,000 or 7 half the amount.' The Government bank, tho London and West-, minster,''.'.-considers' :that the failure.'of''tho' V: Grand Trurik : Pacific, Railway i per cent, loan ' ■ .. .at 9ii affected' the NewjSouth- Wales-loan; in any caw.this set 'make avbig differ- ,- . ence'.to ,the other'';loan issues that are, certain to-be brought'out during.-'the year by'severalof' the/ x States. .The-;'loan -was\,offered at. a ' ; good of l interest, and money is cheap in .-V iondonV-'-but notwithstanding such advantage's the issue .was; a-'.failure..' Of, course, the State .. does no't' sull'er/bqpauso the'underwriters, must •{find; the" amount, -but'.;tliis load will make the underwriters.careful- about,their failure com«i'?cv mitmepti;. -On March 19;'.in;dealing; : --matter, . the New South -Walra three million 3J per : cent, loan is nominally quoted at par to 10s.- - per cent, premium is not very encouraging, and rather helps to strengthen the opinion rcr. garding the, market.'. :.-The;/tinuerwTsitci'£ would naturally see that ,the loan ,stands-well •on the market, but' the quotation is a' 'feeble 1 one, and from present indications it would cause no surprise if the; underwriters of this loan are called; upon to subscribe for l the hulk' of it." •-' , THE WOOL 'MARKET ' ; The London wool sales continue to drag, and,' according to the private cable received by tlie ; New Zealand-Loan. and;ATor--1 cantile Agency "Company, ther'o is a want of f - confidence in i the bidding.- The industrial }..*•' outlook in Great Britain is not very promise | - ing, and the';announcement-that large, steel & works are to'. be closed for.',several-.,'-months i.. ; - " \is not calculated ,to encourage:,textile manu[•:faeturers. -.However, if values :: do : not . go'.below the present level there will-Abe"-some . cause for congratulation. . ( ■•••-\. jv -; ; . Messrs. Goldsbrough, Mort.V.and Co., Ltd., * in their'. review, of, the wool trade for 1907, naturally .refer; to;'the striking contrast, be-.-s* x tw'eeri the, Opening and the closing .of. the soaJ soil, .'and the; .remark cliat there" can ,; be but i ■•■ one opmioh,;'. that had - Bradford shared'-tlio ; apathy displayed, in the later, stage, of'the j. '\ season by'the a much lower loTelVof .values than at present,existing J ' would have ..resulted. .With! respect'. to. the . present situation and outlook,"''wo quote','tlie . following:—- . Even at the. rednced level of Values,' which ' ... can bo put : down at averaging 20 to'2s per' r cent, under -opening rates, growers may still • be congratulated on all-round results. Arid ;. ■ while wo: cannot;, look for a long continuance of the high ;lorel of prices' of £Bi> past two ; . . pi" three years,'.there is nothing to indicate h drop in the' rates which would not bo remuu- ' ,erativa to tho'producer. While, *t the momeat .••:•. fot writing, the-industry is suffering from-a •• '■ general want-"of'. confidonce, we b»iieve "this will slowly but-'snlrol^tot#w®J?;-illaTr"tfi'ato-'' rial is at present reduced -to -such a- icvol that , tli» (laneer. which urdnubtedb" existed in tluj

WELLINGTON.: BHAHB LIST.

-lngh/prices'of 'last-'year,* has 'disappeared, and it is only fair, to assume that,, when,the dear wools,,:>purchased. .earlier. in''the.;; season have been liquidated,'the trade generally will find a workable,basis.; The division .of'the sales into.-practically two series by.; the,. Christmas recess being extended pver sue weeks, was a step'in the ]"right direction^' and'deserves/further, ■ consideration ,on >. ,the : partof.; the' producer. There is .on .this occasion it . made for much ,goad, and:'is';;capable of being developed on lines' which would be to tho mutual advantage of growers and consumers.', . . • j -; .', ~' .- ACCIDENT CORPORATION. The Ocean-;' Accident, and. Guarantee Corporation, Limited, has apparently; had a very, .successful; ;year.;:.<Tho.,...income ' for 1 1907 -. was ,£302,330 in excess of that of .1906. The fol- : lowing -.figures: i-are ■ interesting:— - : . 1907. .>. ISO 6. Increase! ,s / £ . .e Income 1,480,715 ' ■ 1,i75,385 . 302,330 Reserves ... ! ... 1,051,412 .1,353,397 298,015 Total: assets' ... 2,&3,727. 2,072,671 271,056 The figures for 1907 were cabled; to the General Manager,.-Mr./.C..M. Montcfiore, to whom we arerindebtedtfor'.tho details; . .• " TRADE OP TIIE PACIFIC. ""The'p'rojecfed visit'of the United States -to- ,, Australiai' i a<id 'Japan is bound .to revive ithe: growing ; importance of the This question-is not over-' looked'rin-,.America,//"and • some timo ago the "WalPStr'eet'"'Journal,"' referring to .the! subject, remarked Trade, rather than race and .tradition, will,,bring,-,together peoples as far apart iri their/'origin 'as chose of Australia and of the .mainlands of Asia, India, and Africa. Australia, for instance, is so situated geo-graphically-raj, to'.-have no, difficulty in sharing there, to'the -'extent'of'her. surplus resources, .the flour .and. wheat trade of the United States. Eikewiso jJusralia's meat arid provision pro.duo.t's stand.an excellent chance in the rapid,ly growing industrial communities of Japan, China, In'dia, and Eastern Africa. Tho insular jjosition of Japan puts that country in ■possession of. cheap transportation rates in tho .assembling, of raw, materials for- her industries. Japan is now collecting cotton from India and. from Egypt; She is bringing copper and other mineral products home from ,tlie various points on.tlip Pacific, and Indian Ocean frontage, to .whiclfiher shipping lines extend regular facilities. . She is selling yarns, and matches and cloths of various hues- to Cliina and India, , and ..even '/.to', the' Philippines... : The Philippines themEelves _ are sending their sugar - and their ';to|)ac'coy,.with, not a .few of their fibres,into ;tlie_ large; cons.uimng;'populations of. the Asiatic mainland;,!. ; There : the purchasing power'is gradually increasing as machine industry supplants hand labour, increases the profits of capital and enterprise, and creates a demand for labour, in excess of what, it may bo able "to' supply.' It is this potential demand that may soon solve by economic, law the Asiatic, question on tho American coast of the Pacific." The bond which unites ; these various races and. peoples and tongues, and- which makes them;- permanently ■interdependent, „ i?; communication by sea.' However much' land transportation may do to reduco the .cost .of collecting ; materials • 1 and ■ i distributing products, it can never play so large a role or.endure such great reductions as maritime commerce, is capable of doing. The future , of., the East is, therefore;;closely,, wrapped up with .its capacity to collect or: produce'those'raw- materials .of' industry, .which- lie. at; the -foundation of ' the AFestor.n'iwprld's, material fcreiitncss. That r;,Chinathhj arid-copper,'and iron-and gold, Un-,.quantities ; that will ' comparo favourably wit'tt" those, of '.the'" West is entirelv : without probability.-- -That-these, areas. together may some day coma to rival the West in tlio quan-tity.-Vand'qiiality of: cotton produced is not wholly impossible. The only, other remaining requisite o£ greatness is cheap, and: adequate food supplies. In • that- respect Northern China I is like another Mississippi "Valley,.; and tho Orientals are -i rice-growers. of;: the pastmaster .stage,;..As for,moats,'the interiot/of-Asia'could easily enough in due time create slaughtering ceritres" which might; rival those of Chicago. : " '. NOTES.^ The New Zealand Shipping -Company . has rate/of 5 per ce'ht. ' > per iV aririu'ffi.'''' l --'--v-'::.v'<- t .-. ■ ■ ' - A further rise in timber is expected. The burnt-out sawmillers are drawing upon the others ;to;fill contracts,vand this, increased demand onja-jlimitcd supply is said; to warrant the- increased, price.' " ' s The Now South Walos 3J per: cent, conversion loan offered in London has proved a failure. Debenture holders . .converted under 15 per .cenjj.'; and-; the underwriters have had to take fupthe. balance.i'A '

For the second day in', succession no business ;was done on the Wellington Stock Exchange yesterday. There were, however, a good' many, buying orders, but it" will probably be towards-the end of next week before •the riiarket shows any improvement.

The Paris. Mint coined during'-1907 gold to the amount'of ..£15,593,293; silver, If. and 50c. pieces, for ,£249,116; rind of bronze' coin.- For Indo-China l-1,061,745d01;, of a piu value of ,53,037336, were strudk, for the Regency of Tunis X 75 in 'gold, JJ1'6,072 in silver, and JG4000• 'in bronzoj and for.Bolivia £100,000 in small nickel pieces. Tho total work of tho Mint.. during the year was 62,200,000 'pieces; representing in coin J!1ft036,000, against '46,500,00!) 'pieces, ' rind £15,G-l-i;000, in 1906.

1 'In Canada during the year: ended Juno 30, ■1907, 1099 miles of now railway,, were brought intp as compared . witli about 350 miles in Australia. Thcro were, too, 3000 miles ..undo?.-construction ,in Canada. The -total length in operation was 22,452 miles;; and the capital invested therein was' £239,075,000, • in- , eluding, some . substantial Government subsidies. "'The' year's gross earnings were .£29,934,600,' and the net earnings .£8,769,865, I or 3.66 per cent, on tho capital.

The building pormita granted in. 72 United States cities-during -the year. 11)07 amounted to <<£127,055,035,;'' including £39,329,386'. in. New "■York; 'The New York permits showed a fall-ing-off of.. 18.4. pec cent., but, taking tho entire Jist/jliA'reduction wafi 0n1y.7.3 per cent,;

and, of course, the bulk of tho drop occurred in the final three months of the year. The Chicago permits represented X' 12,032,738; those of San Francisco ,£11,008,716; and Philadelphia.. ■£7,401,053. In Canada, in five cities- tho total for the year was .£6,050,397, showing a a fallingoff of 9.7 per cent. The Canadian list does not include Montreal, Quebec, or Ottawa.

According to recont information, a factory is being equipped in Japan to produco five tons of' celluloid and half a ton of artificial silk daily.' Celluloid, as is well known, is made by-treating nitro-colluloso 'with - camphor, and Japan, including Formosa, furnishes about four-fifths of the world's supply of / camphor, which is, moreover, a Japanese State monopoly, for export purposes, and is constantly rising in price. The best artificial silk is that produced by the Chardonnet process, which likewise makes use of nitre-cellu-lose- as a raw material, and it is asserted that Japan, although a large silk-producing country, has hitherto imported a considerable quantity of the artificial silk, which is , used in i Kioto'for making tapestries, screens, and embroideries. It will thus bo possible for the niir company to employ its raw material, either for tho preparation of 'celluloid or for artificial silk in accordance with the state ci the market.

It is reported at I-chon-fn, a purely nativo city in the interior of tho .Chinese Province of Shantung, that foreign' residents nt that place have been trying for many years tointroduce the cultivation of ivhite potatoes among the natives, and that the efforts how seem likely to be successful. It is said that many of the native farmers are raising the vegetable, and that the • restaurants on- the streets have discovered that the potato will admirably take the place of _ the more expensive "shanyue," or yam (Dioscorea batatas). It is also said that the .dairy started under foreign patronage seventeen years ago now sells more milk to Chinese patrons than to foreigners. It is interesting in this relation to note that hitherto, the Chinese have never, used fresh milk to any extent, their cows being kept for field purposes only. Condensed milk has, however,- become popular,, and is now being used to a considerable extent throughout the Empire, and it now seems probable that a demand for fresh milk will soon'be created.—United States Consul at Tsingtau. MINING NEWS. WAIHI GRAND JUNCTION. ' (BY TELEGRAPH —PRESS ASSOCIATION.') ■ . Waiiii, March 25. Meeting with a body of quartz in the southeast crosscut at No. 4 level in tho Grand Junction Mine has created some interest locally.: So far, it is reported, the quartz has bec-n penetrated for a distance of six feet. This , body is'expected to be the forerunner of the interacting.of .the-well-known Empire lode of the Waihi Company. WELLINGTON HORSE SALE! ' Messrs. Daigety and Co., Ltd., held their fortnightly horse salo at Wellington yesterday, when upwards of thirty horses were submitted to a good, attendance of buyers. Some good sorts were offered on account of Messrs. G. Lind (Woodville), P. B. Watts, J. V. Dyke, and others, and a fair number changed hands at the following ratesThreeyear, heavy, well bred draught. maro. ,£s3;' light express horses, to',£23 10s. j trap horses, .£9 10s. to ,£l4 10s.; pony mare and foal, ill 10s:; aged ''pony stallion, aged harness horses, £2 to .£5; gig,. .£l3. A pair /of four and five-year light express horses was passed in at .£l6. .. ... : 1 STOCK SALES. - Messrs. Daigety and Company reporte that at their Wangantii sale yesterday, 6000 sheep and 200 cattle wero yarded. Except for good classes of young sheep the demand was very much_ easier, old owes especially being hard to quit. Cattle sold at 'late rates. There was a good clearance. Quotations Good twoto.oth Komney ewes, 14s.' fid.; small two-tooth ewes, 10s. Id.; f.f.in. ewes, 75., Bs. to,9s: 5d.; old ewes, 3s. Id. to 3s. 'Id.; fat ewes, 10s. Gd., lis. to lis. Gd.; medium two and four-tooth wethers, 12s. 4d.; small wethers, 7s. 3d., 10s. Bd. to lis.- Gd.; cull lambs, 2s. 3d., 2s. Gd. to 4s. Id.; two Lincoln rams, 2g.; four-tooth Romney rams, lig.; mixed yearlings, 375.; good mixed weaners, 255.; small mixed weaners, I 13s. ; ..

Messrs/ Abraham and Williams report on their Johnsonville sale as' follows:—A big yarding - of bullocks: came'forward,; including a few prime, pens, but. tho bulk of the cattle were plain. A small entry of sheep sold at last week's rate. We quoteßest bullocks, £S 2s. .'Gd„ -weß". 7s: Gd., ,£8 125.; Gd. to lighter sorts, .£6 17s. Gd., £7 2s. Gd. to ,£7:l7s. Gd.; heifers, .£G 55., JEG. Shtep.: Best ewes, to 155.; others, 13s. "7d.,, 13s. lOd.; wethers, 165. : 2d., 15s. lOd.; lambs, lis. 2d., lis. 3d. to 12s. A line of cull ewes made 65.; store lambs. ss. ' , ' , • ■

.. 1 ' l '- (BY TELEGEAPII—PRESS ASSOCIATION .1 CuiiisTcircncu. March 25. jit the Addington Live Stock Market to-day there were large entries of store sheep and fat cattle, and medium yardings of other classes of stock. Prime beef sold at improved rates. There was a good demand for store sheep, and fat lambs, mostly light sorts, sold at last week's prices. There was a further rise in fat sheep. Pigs were firrii at late rates, and dairy cows sold well. Store cattlo were difficult to dispose of. There was a very largo yarding of store sheep,- including consignments from the North Island and Chatham Island. In the early part of the sale there was keen demand , for all classes, Southern buyers competing. freely, young' ewes being a good proportion. Ewes of doubtful ages attracted less attention: During the latter part of the sale, when the larger buyers had satisfied their chief requirements, and reduced their limits, prices were somowhat easier. Forward lambs and wethers were in strong ■ request,-and altogether the market showed considerable im-provement-over late sales. The entry of f.-lt lambs was moderate, there being only a few lots of prime, the bulk being small, light conditioned. There was practically no charigo in prices. Better sorts made 13s. to 16s. Gd.; a few tegs, to 17s. 3d.; lighter, 10s. to 10s. Gd.

There was a. moderate yarding of ■fat sheep. Owing to the numbers being short of what the butchers required, a sharp rise in, prices took place, especially in ewes. The range of prices was;— Prime wethers, 21s. to 275.; lighter, 15s. sd. to-205.; prime ewes, 20s. to 275. 3d.; medium, 10s. Gd. to 19s. Gd.; aged and light, 13s. to lGs. ' The entry of fat cattlo totalled 307, and included several lines of . prime steers and a fair auantity of useful sorts. There was a gcod demand, and prices wero steadier and at a firmer level than last week. Steers, £b 17s. Gd. to iCIO 7s. Gd.; heifers, £5 to J2B 10s.; cows ss. to JE9 155.; extra, to ,£lO 55., equal to 21s. to 245. for prime, 18s. t0.205. for medium, and 16s. to 17s. 6d. for cows a'nd of inferior per 1001b. Veal calves, 4s. to 435. and 505., according to sizo and-quality. ; , .. . .There was. a poor sentry of store cattle, and little demand. Yearlings, 195.; 15 to 18-months 255. to 305.; dry cows, 20s. to GOs. .Dairy cows' springing or newly calved, sold well. Prices ranged from ,£6 to. .£9 ss. for best, and ,£3 10s to £5 ,10s. for others.

There was medium yarding of pigs, which sold,well, especially porkers and large stores Baconcrs made 475. Gd. to 575. Gd., and heavier" 60s. to 70s. (equal to sd. per lb.); corkers 35s' to 40s. (equal to 5Jd. to 5Jd. per lb.); 'large stores, 235. to 355.; medium, 15s. to 20s • mil weaners, Bs. to 13s.

(BY TELEGRAPU—PIIF-SH ASSOCIATION.) ' ~ . : Dunedin, March 25. At Burn side stock sales 17G2 sheep were penned, a small entry, a fair proportion of which were good quality wethers, while the quality of the ewes was slightly better than last week. In consequence, prices were a shade firmer. Best wethers, 20s. to 23s 6d • extra, to 245.; medium, 18s. 6d. to 20s.'- inferior, 16s. 3d. to 18s. 3d.; best ewes, 16s to 18s. Gd.; extra, to 21s. 3d.; inferior, from' 9s 3d. to 15s. Gd. Lambs—lG3o penned, a fair yarding. Prices all round were firmer than last week. Best lambs, 15s. to 175.; extra to 17s. Gd.; medium, 13s. Gd. to lis. 9d.; light 125."t0 13s. Pigs—7o yarded, baconers and' porkers being, in smalt supply. Prices for theso sorts were fully . Id. per 'lb. in advance of last week. Small pigs were a shade easier Suckers, 13s. to 14s. Gd.; slips, 15s. £o ]8s ' stores, 235. to 285.; porkers, ,38s. to 40s Gd • light baconers, 455. to 555.; heavy baconers' 61s. to Gss. Cattle—l 37 yarded. A poor yarding of inferior cattle, and prices woro much easier. Bullocks, J29 ss. to ,£9 155.; medium £7 to £8; best cows and heifers, up to .EG 15s.

GRAIN. (BY TELEGR.APII —ritESS ASSOCIATION, ) Dunkdin, March 25 Slightly better feeling pervades tho wheat market, buyers show-ins « littlo more disposition to operate. Prime lots are readily placed lit full J up to late rates. Fowl wheat is scarce. , Prime milling, especially velvet 4s. Gd. to 4s. 7d.; good to best, 4s. s}d. to 4s! 6d.; whole fowl wheat, is. 4d. to 45.. Gd. ■ damaged and broken, 3s. Gd. to Is. 3d. ' '' Oats continue in' (jood demand, and ■ aro readily, taken us at pnees-quito-on a par with

lato rates, though there is a feeling tlmt the top has been reached, for the present at any rate. Prime milling, 2s. 4d. to 2s. 4Jd.; best short bright feed, 2s. 3Jd. to 2s. 4(1.; inferior to medium, 2s. 2d. to ,2s. 3d. BANK SHAKES. < BT TELEGRAPH —PRESS ASSOCIATION —COPYRIGHT. London, March 21. Bank of Australasia, buyers .£IOO, sellers ,£102; rest unchanged. THE METAL MARKETS. BY TELEGRAPH —TRESS ASSOCIATION—COPYRIGHT. London, March 24. Copper.—On spot, ,£59 7s. Gd.; three months, .£59 155.; electrolytic, .£6O ss. Tin.—On spot, ,£l4B 55.; three months, .£139 Lead, .£l4 2a.' Cd. NEW SOUTH WALES LOAN. • ONLY 15 PER CENT. CONVERTED. ; BY TELEGRAM—M'ESS ASSOCIATION —COPYRIGHT^ London, March 24. Tenders for the New South Wales loan have closed. Debenture-holders converted under. 15 per cent, of the whole amount of stock, and the underwriters take the balance. The London and Westminster BSnk considers the smallness of the conversion was due to the recent failuro of the Grand Trunk 1 Pacific Railway 4 per cent, loan at 94J. LONDON WOOL SALES. DY TELEGRAPH—PRESS ASSOCIATION—COPYRIGHT. London, March 24. ■ Merinos and fine crossbreds are selling well, at late rates. Shabby crossbreds are slightly in buyers' favour. Later. Crossbreds are rather bettor. The New Zealand Loan and Mercantile Agency Company, Limited, has received the following cablegram from its, London- office:— ' Wool—As compared with last sales' closing rates, prices aro lower about 10. per cent, for lambs, greasy merino super, and fine crossbred; about 15 ■ per cent; for medium inferior merino and scoured merino super; and about 20 per cent, for crossbred coarse and medium crossbred. There is a want of confidence in tho bidding; large withdrawals. . AUSTRALIAN PRODUCE MARKETS. DY TELEGRAPH —PRESS ASSOCIATION —COPYRIGHT. Sydney, March 25. Wheat, milling and chick, 4s. 4.1 d. Flour, .£lO. .Oats, Algerian milling, 3s. 3d.; white, 3s. 2d. to 3s. 3d. Barley, Cape, 4s. 2d. to ■tsi Gd. Maize, ss. 3d. to ss. 4d. Bran, .£6 10s. Pollard, £7 2s. Gd. Potatoes, Circulars, .£•! 10s. to ,£5.. Onions, Victorian,',£s 10s. Butter, 945. to 975. Cheese, Gd. to Bd. Bacon, 9d. tolOJd- ! Melbourne, March 25. Wheat, 4s. 3d.. Flour, ,£lO. Oats, 3s. Id. Barley, Cape prime, 4s. Maize, 45.. 7d. Bran and pollard, 16d. Potatoes, .£3 15s. Onions, M 15s. Adelaide, March 25. Wheat, 4s. . 2d. Flour, ,£8 10s. to .£8 15s. Oats, 'Algerian, 3s. Barley, Cape, 3s. Bd. to 3s. lOd.; English'malting, 4s. 3d. to 4s. sd. Bran'and pollard, ,17d.

Iv.' is . Reserve s a2 ri ' ' ' ■ " I■ Fundand &£ ab «- * • 1 PRICES. • • • . yfoT* COMPACT. Capital Balanc-. gg ■ ■■ ■ '■ ■ ■.■■.■ , L --|- , to ! ; r >, ;■ ■ !,, Forward' .(ft ft ,^*5?!, , ..Btiyor. r . Eelior-' Investor. BANK<? •*' *' £ '■ '• £ ' ' £' i.- d. . £ s. d. £ b. d. £ B.fl. . Few Zealand ' ■ s,OGO,(XX]' : 'It 10 2 5 1 ? 2 ?,n s 'KatioBM'. • 875,000 ■. c35,31 ' i 10 ' -13 6 , 7 6 •. B 70 612 2 • ■ KaiS™? 01 / • jco.ra SE.- -1 -"PF. V' '""C- n "-li2 l ' 8 0 173 SorrZealand • - SCO,ODD SOfflK" 8 ;r w -3 16 0 5 18 0 ; : £onthBritish':-,ii- ; :. 1CO.OOO , 4 Ii'5" . 3,. « .10 216 0, .2176 I : Etandard - ... 75.000 87>3S3 * " 10 • '. . 1 2 0 f-ft.'Xliqnitable Building- . £0,000 ,5 ?, 10 '10'3'6 30' 3 0 ".10 0 0 6 0 0' (jV/:;. Ml - 1 ? • -f 1 . 1 <■" , , f/. , - Wellington Invest.' / 60,003 • .f® . 3 '4 '6 •'•'01* 6 ' #11' J OH f 5 4 4 t' •Wel'gtonTmst&I.oan 101,250 . ',"S S ' 8 7 0 0 !» J 7 9 6 ff 7 ,0 KationalMortgage - 500,000, ? ?• 30 3 * 5 8 5 0 6 3 1 Ki ; '. N,Z. and River flats. ■ : SOO.OOO ' \ Si 1 '. 1 111 0 i la 0 110 S <13 4 y loan and MorcantJle - .135,233 315,133 5 .m . f - . 5 _J) 5 Q. .0 6 6 0 5 0. 10 0 0 f Auckland 180,370 . Sl'IS' 'f n j[ 36 ' ■i : - Christchurch - - 152,030 - : A®#?; ?' : n l : .10 ' -10 2 6 10 0 0 B 0 « E.. ■ Feildine • . • 10SD3 , "' 1M J 1 • " nl1 :■ ' —• - •' V017 0 • -:" i:. 1 -,:. . : Gisborno . .. .-. 17,303'' ' 10 '"' ' 1 ' '"} ,2 0-0 213 0 . 210 0 BIO 0 ;. • . • Hawera - . . 8,250 „™-. ..• | i 10 r- New Plymouth ' . 18,000 34m - .ml ■■ -jq. - • ■ :- Napier - - . ) „, lra 3 " 15 - '-.. . .49.957r f J . 15 WieritonSorth £7|000 ••'•SSJ ■ fi " 4 , 1° „ ' . . . Wellington - • -iwW 1 .W 3 ": 10 . 19.10 0; 19116 Si.!. . •. If 4 '? 70 ; .' 5 ::5~ ■■ 13 V . ... .917,6 r ■/" Canterbury - . ' 18-3,727 J5WA - 2 V 8 il 0 1' ' " 'f ■ Christohurch '• 1CS.39J cl'Si i m !'/ . 8, 1°, 7 6 a" ' Ctar - - .. . -- - '. Hnm l ..>,261' 1 —.nU,' ." 3 9 0 210 0 290 513 g;.-.-. . . . / . . .- i b\ . I*} ; -. 'f'Ai-y/--'WelBngtonlCert Exp • ■ : . • 5 - 8 . 6.13:0 ' ; A . S / ' „ . 103,766 r £3,767 - ■ -4-.-. 1../. • -8 D 0'0 '5 2 0 .5 3 0' 65 8. 'Vi- -J . -» 2J .8 3 5 0 3.5 6 3 5 0- ( 9 1 W»nganui » Ml ' ',»• nil.- .8 ; transport;. ■ , -i': v ■ W.&M.Railway 170,000 1?W?J J < . .7 3 6 0. 3 1 0 8 3 6 , S 3 9 .K;z.Shipping - 473,81) -'-l"' 7 ® 1 , f :■ 6 , 6U 0 : . j-Union Steam .' - 600, (XX) . ««" ' "J »(• , 74 I 114 0 114 9 '• -Wetn. Steam Forty - 46,25] " 1 - 8 • ■ VTestporS ' K0.00J ', '.'i.i'" l-2i 6 17 6 - "71 0 "7 8 0 6 0 0 ffaupiri- ' • ,'':E2,503 '■ - .'-l- . 7i, .i.-l' 0-tOi' 1..0- 6 1 0 6 . 7 1> 6 i jv-iooian''-; 6" ■ * ' • ' -. . • • MoRjiol-. .. - W.457 ,' M 4 . 3 0 0, 3 2 6 v-.\ - WeUinBton"•'. - - 69.00J vA3»» "1 ' ' ; . 6'.-.!'3 0 0. '"3"5 6. .Ill V12 4 • - . '. UiBCKrjLAN'EOU3. - -, ■ . ' ' I • /. DonssbyKopa 47.0M • •?- : °n •' ' 62 6 6 10 0 : ; Leyland&O'Briaa'.; . 35,03a..7, ; 13, 23.6 J40 S4'3 ,6150 •MauriceviileLima ' '2 ' < i s/m-v t.-.t,;,,,; • ; . h-Z.Caadla- . 10.0JJ w -- UI ■ h-.- ■ . . K.Z;Drugs .- ..." iOO.uOi) S4.514.. m r --; sn "j-- 2 j 3 g -p 11 :0 6 3 0 • t: .M.Z.raperMills...',„V. 114,755. ,.,:.-ll 7 '. ul }.., 7 12 9 -1 J 3 1.3.3 6 0 S U.Z.'Cement- :.'.40,00i) .' v . 2.'" : -1 ' 112 0 112 6 i •HuaiuHtlHS. -w-fc ,...X 10 ■ ' •' •*. . Ward A Co - - tuOM ' } i 10 112 6 115'0 412 6 v. OperaHousi. . - ,18.63} . , }*®* ■ J -8. u ■■■.'' •> FmsU Fooi.. • - , • T-> ••••»- "" ' ;/-Wluccouiiw oc.Toiaba- ' ■ ••;E0,lw' » u i ) 10 4 8 0 Bbariaud.Limi54.i - ; ifc.ttfaV y t dllv •'* a" r 7J o 13 6 019 0 018 9 8 0 0 rv'. ; : ; ;./v' • -A . - h : ■ • • . . - - *