FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 168, 9 April 1908, Page 10

FINANCE AND COMMERCE.

-' ... THE SHARK. MARKET... ; .The dull monotony of tlie investment share '. ' market was disturbed, yesterday, by, the sale ; V... of a'line'of "Wellington Wollen share?. at i£S,\ ■ <at which price ,on the'basis .' of the last" divi- -, , ~ dond-, the return to thp investor is 8 per cent, v .'.ln other respects. the. market, was. quiet, .with, very'little 'inquiry.' ■ ;The quotations' were; .; ./National Bank,. buyers *JCS ss. Gd.; sellers £5 . Gd.,'- both quotations' being slightly lower . [than. those previously ruling; Wellington Investment,, sellers 12s. 3d.; Wellington Deposit,' r s";; i sellers $s.-Jd. Mortgage,, .'sellers' \£3 i . Is. Gd.; New Zealand and. River' Plate, buyers v : , ~. ' .£1 lis.- Gd.; Wellington Gas, sellers JCI9.- 10s. ; 1 . ;;National Insurance, sellers '275.',-9 d.; Welling-'. >■■■■£■, ton-. Meat Export,; sellers l£G. '12s. Gd.,' 'jBS. 25., and «£3 ss. 3d., for tlie- respective issues; . . AV.ellington W.o°" en > buyers , GOs. ; LeylnndV-- , YO'Brieu Timber, sellers £'1 4s'i; Sharland" and Co. ordinary,, buyers 19s. '6d. ;' Ward and Co. ( ': -l?rewery, buyers : £i 155.; Taranaki Petroleum; / •' buyers 1 ' ss. 3d. ;' - THE MINING . MARKET.,. . A little more; activity ,was noticeable in this .. . ■ market,' the : transactions covering , a wider .; ; ' range of scrip. Still this market'is dull com- :; Spared to,what it was a few months ago. -The : quotations yesterday were as under.:— '''' Buyers. Sellers. Sales. - £p. d. i s'/d. \£ s. (1. / ■ Talisman- - ... 213 3 213 9 213 « . , Wailu .;. ... 98 ,0 -9 !l-« • — - : ICnranui • Caledonian 0 -'0 • 9 0 010 0 OC J -Bis-Biver r — — 018 g' ;■THE WORLD'S TRADE - -■ , : -s. The imports and-exports -of the !principal , countries of thel world in 1907 compared with ISOG present interesting figures; Of the eleven couatrics given..in ■th 0,.1 ist only one,,inahieiy, , ' bpain, exhibited a decrease of imports,, while two, Austria-Hungary aiid Italy,' sliow "de- : creases m exports.; The imports; expressed - v in ; Bterling compart as-under:—

NONSENSE ABOUT SPECULATION " „/f, csldent Roosevelt's attack on Stock Ex . change speculation, and his' efforts to have legislation passed to control such transactions ' 'Messrs Henr/ °/ tho ' System from ' V,,,l Y„ n y V'f aml Company, of Now , : b4--"a Vi f'l ? t ou ' cular - tb hand they ; - . '' 1 n . ol is«iise ; s also heard 1 about speculation. ' Now, speculation i; i • jfaSi. -S'bSSft tt: 1 t3. ficccpt ii risk, and onterurisp u-nni/i ir,-r» guish, trade and industry would decline and" : ue should gradually settle, down to certain ■ industrial and- commercial dfccay, ' l n : the ' present h'ehly developed'state of modern civi- 1 •lisation,'speculation is a motive power of the ' - first importance, and being apart of human f nature itself cannot be eradicated. In tho tourso of ordinary business, speculation is the -natural balance wheel of trade, furnishing a f class of operators, who are willing, to buy°or. A ?"ll when--othera;;for. various reasons 4r™' dis« Moreover,.by,keeping up tlio 9 con- 1 ilict between a large .body of buyers and sellers the true value of/.securities or commodities is ii'ore safely determined than when'speculation ! is entirely. absent,;.':. The short seller is-'always a buyer at a lower, price, and, therefore; a sun-'-loiter m ease of .decline. Conversely the long ' buyer .restrains undue ; advances by selling to } - .'' e H or ? h - IS J>wfite:;;:Agai n , the banker is better 1 . able to judge the'.value of collateral in a free and active market:- a.. factor which is ' inuch to the advantage; of-, both legitimate borrowers - . and lenders who may ,not huve tho remotest ' , interest in speenlativo movements. The- givintt ' . of credit -.and the - making of, loans is ■ ve'rv ; largely, dependent,: upon a thorough test of. s values. such las' speculation - only often. deter- * mines. Of course, speculation is sometimes . carried to excess,-and much injurv results in c Sucliv excesses - which are the 1 consequence' of defects in human , nature must t always be .expected, and are better, corrected a by experience and public opinion than by anv b : . artificial regulation.'■ Who has not the right ; .to profit from go.od busiiic.ss judgment, espeei- ; . ally if . that , judgment incurs the risk-of the future; and who should complain if his own -...-■ judgment leads him mto v losing transactions' , Coiiceniing ■ spcoulation, thero is also another V foolish .misconception. Speculation is frequently i ( confounded with gambling,-although the two 4 ai-o radically different. Speculation is always v based upon knowledge and facts, whereas r ■ gambling deals solely with chance. It is a 0i fallacy .to suppose-that any,but a small per- 9' centage of, . transactions on the New York a ■ Stock Exchange come under the . head of fi 'gambling. Wlmt'differenco is there between 2. buy;ng stocks and bonds on part .payment, or II margin as it is often callcd, and buying land •» or houses or other property with only one- d fifth in . cash and carrying the balance on E mortgage?. Such transactions are speculative, v : are strictly moral, and entirely a matter of 1< judgment. ■ All operations entering A ' into the future are' necessarily speculative.' n So far'as the New York Stock Exchange is n r \ conccrned its rules are drawn fo 1 .d

purpose of protecting legitimate trading, and an actual transfer of property is'required for. every transaction. Of course, abuses* exist in all trades, and will continue to, exist, rendering it the more neccssary to uso'V little intelligent discrimination before . coiidcscending to 'loose flenunciation,'-wliicli may easily'do much harm and no;good." ..•* INTERNATIONAL BANK NOTES. The question of establishing'an international bank ■ note system in order to relieve the gold stringency , m various countries is discussed by,,■ Professor, Julius.: Wolf, of ..-Breslau, in a .recent issue of a German niagar.ino; The .prolessor 'suomits tjh'at'-. tho . adoption of such it system T,'ouldi provide j a quick and efficacious assistance in periods when a scarcity of gold arises, particularly in. regard .to the'banks of issue. ■ Vtrious ways of proceediiis with'such a-scheme are suggested, but, in'the main, they, may ud. said to be based upon the proposal -that' 111 times, of demand the banks of issuo shouldbe;authorised to circulate additional notes,. which would be accepted as payment .by banks 111 other countries; and settlements ot differences .would be effected periodically in gold. _ The' proposals of the Breslau economist have been, brought by the Berlin "Tageblatt," .under-the notice-of some well-knowa. members of..the .financial world, including representatives of the Reichs Bank, the Deutsche Bank, Dresden Bank,-and the National Bank of Germany. All these authorities have expressed themselves'in.sceptical terms regarding the international . bank note" system. . ( . 'NOTES. The draft balancc-shcct of the Johnsonville .Town Board . for.- the year ended . March 31 1908,' shows a credit balance of 2s. °d. The.liabilities of Sir Jtimej Sons, Limited* 'bf':Suriderlmid, 'who rcceiitly went into voluntary-.liquidation, are stated to be about .£800,000.' . ; i- " _ The Australian produce 'quotations show no changes. Butter is still quoted in Sydney at ,9Ss. to 9Ss. : per'cwt.,\as. compared 'with' 1355. 4d. .per cwt.' in Wellington. The Commonwealth Pritae Minister is endeavouring to-secure a reduction of the Sue?. Canal rates, and ha; addressed a communication to . the British Government on tho subject.. i ■ i ; ' Last year 42(57, vessels, "aggregating" 14,728,434 tons, passed through the Suez Canal, against 3975 chips and 13,4-15,504 tofts in 1905. The dues' collected amounted to 11G,00G,09G francs gainst, : loß,lGl,B9B francs. , " , Some: interesting,.;statistics have just'- been' published' in connection with ; the Canadian fisheries industry. • ,It would:, appear that last yearj was a good' average, the value of. the marine harvest being set out in round figures at ,£5,230,C00,' of which I 'tho maritime provinces contributed .£3,209,000. . According to the report, of the-Registrar'of i riendly. Societies on. Trade Unions for" 1901! recently • issued, tho'' total membership for Great Britain and Ireland of theGlo Unions was 1,719,000;- their income amounted to and their .cxponditifte to ,£2,283.200', while the balance of funds at end of year was .£5,804,300. -The . mineral production -'.of : Southern Khodcsm for tho month of January-was oc follows :-Gold, 50,5210,.; silve" 16MGo" lead,. 69;, tons; coal,' 14,402 tons; chrome ore 3900- tons;-.'diamonds, 514. carats; .'other De'rraous stones, 15,000 Carats. 'The output of minerals was valued, at ,£201j508, and consti-tutes,-a,.fecord; i i... The Auckland bakers" have postponed consideration of the cash coupon system, until it fe e, ,V m 1 re thoroughly tested elsewhere, ihe Wellingtoil bakers aro about to adopt it, wlule tho JJunedin bakers want Parliament to nx the price of bread. If the latter don't Know how. to manago their own affairs they DUght to retire from, business.' •The total number of regular, life insurance 3ompa;nes of American origin at the close ur 1907 was 1(0, an increase-in twelve months of !o per cent. The remarkable character of the increase'is better appreciated when it is stated jhat the previous 64 years, could only account' tor -137 societies surviving, and 2G of theco saw the light in' 190G and 18 in 1905. The Japanese silk trade,'according-to a lia:ivo advice,-has suffered very heavily by the American'financial crisis, . which seriously les isned the output, though the higher prices in iome measure "helped tjie position. At' tho :lose of tho year at Yokohama. alone 40,000 jales of raw silk were ■ temporarily held up' V bale is., valu&l at .£IOO, so that the total ralue-was 000,000, to whiclis is to be-added ;ho,cost,ot the bankors accommodation which ; period of high . rates jrnust have been : -MINING. ■•-. '* (BY ' TELEOUAP.!.—PRESS ASSOCIATION.}' mu * : . F^ IIU » April 8. 1 The new reef recently intersected in the 1 outh-cast crosscut . at No. 4 level, Waihi h-and Junction Mine at 208 ft. from the'shaft s'increasing in width-as driving 011 it pro' ecds, and its value of over ,£4 per ton is icing maintained. In the course of sinkin" 1 he shaft at .a point 39ft: below No. 4 level" -reef showing a fair width of sulphide ore las been met with. (from our- special CORRESPONDENT.). r • ' Auckland, April 8 The report of the Superintendent of the Vaihi Mine, for the period-'ended JFcbruarv 9,-last, contained the following' information • L t No; 8 level the main Royal lode was sft"' n -ide and no-'walls were seen, and-the value vaied from: Gold, 1-ldwts. 22grs., and silver loss' dwts. llgrs. to gold lldwts. lgr.,.silTer'l9dwts'' grs. per ton. The Rex lode was I ft. wide, ami i small vein of sulphide wa6 showing oil the -1 ootwall. The value for 22ft, was:"Gold- 5 dwts.' 15grs., silver sdwts. llgrs. ,iper" ton. -'•{ c sin. leader was cut in the southeast, crosscut : J rorth-. Gold, 4dvrts. 13grs., and silver 50z.-11 { wts. per ton. The South drive on the Id ward lode was showing sft. of ore, ifitli no isible walls. The value for 30ft.' wan; .Gold ' (dwts. Ggre.;', silver, G6z. 3dwt«.' , sgrs. per ton' f .t 200 ft. in the crosscut the full width of, thd cef was 75ft., and the'valuo for the last 10ft as; Gold, 12dwts. 23grs.j and silver, 15oz. 0 wts. 20 grs. per. toa. A oroescut was in pro- I

gross at 250 ft. where a width of 33ft. of reef was exposed without revealing the walls. In a northwest crosscut from the west wall of the Edward lodo the Welcome reef, 15ft. wide, was passtd through, and was worth: Gold, 2 dwts. 9grs.; silver, 13dwts llgrs. per ton. This c'osseut will also intersect the Martini lode at No. 7 level, The Bojnl lode west.of the Edward Junction was 10ft. wide, worth, for the fust sft.: Gold, 7dwts.; silver, 15dwts. 4grs.; and for tho second sft.: Gold, 3dwts. sgrs.; silver, lGdwts. 22grs. per ton. At No. 3 level ® vein of ore in tho southeast crosscut from ,o°i' was lain, wido and worth: Gold, louwts. 21grs.; silver, 4oz. 3dwts, logrs. per ton for 20ft. driven on it. <\ nother vein >van Bin. wide, and worth: Gold, sdwts. Igr.; silver, loz. Bdwts. 24grs. per ton for 20ft. WHOLESALE PRICES. Messrs. Laery and Co., Ltd.,, Wellington, report wholesale prices ruling on the market:— Wheat, fowls', ss. 3d. to ss. Gd.; oats, 3s. to 3s. 3d.; seed oats, 3s. 3d. to 3s. Gd.; maize, os; 3d. to ss. Gd.; crushed malt,,Bs. Cel.; Prussian blue peas, Gs. to Gs. Gd.; fowl peas, Is. Gd. to 4s. 9d., all at per bushel; flour. New Zealand £12, Australian .til 10s.; bran, M to £6 os.; pearl barley, JEJIf); split peiis, JCIB *10s.; bonedust, -EG; superphosphates, Jil 15s. to'J!s 55.; chaff, oatenslieaf, ,£G to jiG*'ss.; oatmeal, <£13 10s.; potatoes, whites, ss. Gd.' to Gs. Gd.; bacon, factory sides, BJd.; hams, 9d.; rolls, fid.; butter, bulk, lid. to Is. Id.; poultry, hens 2s. Gd. to 35., ducks ss. Gd.; turkeys, gobblers j 15s. to 225., hens Bs. to 95., all at per pair; cauliflowers, ss. to 10s.; cabbages, is. to 10s., all at per sack; peas, green, 9d. to Is. per peck'; fresh eggs, Is. 9d. to 25.; preserved eggs, Is. Gd. per dozen; cheese, Gd.'to GJd. per lb.; onions, £7 to £7 10s. per ton; Akaroa cocksfoot, lOd. to lid.; ryegrass, 4s. to ■ss. 3d. per bushel. t STOCK SALES. Messrs. Dalgety and Co. reportAt the Wnngamii sale to-day, 4000 sheep and 200 cattle /were yarded. All classes of sheep were easier, and old ewes almost unsaleable. There was a weak demand for cattle. Quotations: T\vo and four-tooth wethers, lis. sd. to 135.; small cull wethers, 55.; two-tooth ewes. Bs. Gd. to 10s.; f.m. ewes, 2s. Gd. t6 4s. Id.; cull lambs',' 2s. Gd. to ?s. 3d.; cull mixed ,two-tooths, is. to Gs. lOd.; aged rams, 7s. G<l.; fat cows, ,£3 10s. to i£s 45.; two-year empty heifers, 405.; forward young steers, .£3 55.; mixed weaners, 15s. to IBs. Gd. i _ (Br TELEGKAPH—riIESS ASSOCIATIONS CIIKISTOITORCH, April h. There was again an exceptionally Hirge entry of .stock at the Addington yards to-day.. The sheep pens, notably those set aside for stores, were filled to. overflowing, and great difficulty was experienced in finding 'accommodation for the. mobs that poured in from all directions, and the entry was a record one for the yards. The entry of fat cattle numbered 291 head, including some'animals of better quality 'than had been sent forward for somp: weeks. There was a good demand for. finished steers,. which sold up to last week's quotations. Heifers sold well, nltlfough the yarding did not include any high-class animals. There was a good sale of fat cows. Steers made from J2G ss. to .€lO 12s. Gd., tho latter prico being'paid for animals of extra quality; heifers, £-1 15s. to £!) 15s. for ordinary, and up to 10s. v for extra. Best steer beef made from 20s. to 2Jr. Gd.; medium, 17s. Gd. to 19s. Gd.; and cow beef, 15s. to 17s. per lOOlbs. The yarding of fat sheep was considerably in excess, of • requirements. Export buyers again abstained from operating, and' competition was ■ confined to local butchers, with the. result that prices suffered a decline, values falling Is. to Is; Gd. .ill' round. • A large number of 'sheep were in indifferent condition, and should have been classed as forward stores rather. than ,ns fat. The range of prices was : , prime . wethers, . I.os. to 255.; lighter, 14s. to 18s.; unfinished, I.os. to 135,; prime ewes,- 17s. to )95.; medium, 12s. to lGs.*; aged and light, 9s. to lis. Gd. There was an average yarding of fat lambs, a fairly largo proportion of which were unfinished. For. the best class of freezers there was a good demand, both export buyers, and local butchers operating ; freely. Inferior sorts were dull of sain. Tegs made, up to 18s.; .best freezers,: 13s. Gd. to lGs.. Gd.; and 'light aiid unfinished sorts, lis., to 13s. Tho entry of store sheen was again- large,- but a considerable proportion was of second grade, and . showed signs .of travel There were some excellent 2 and'4-tooth ewes in addition to. several lines of'goo'd. wethers. Tho lambs were . from 'inferior ■to medium and included only a. few lots of . rape lambs. Average 2-tooth ewes wore a shade easier, and the top lots only, realised*prices.'eciual'to thos* of last week. Best .quality made from Ifis. Gil: tOjl9s.; medium to good, 12s., to 145.; and poor from 7s. Gd. upwards. Fotir-tooth ewes made' up to 18s.; forward* lambs realised'Bs.' Od.-'io 10s., extra making to lis; Gd.;' fair average, 7s. Gd.. to Bs. Gd.; low-conditionod lambs Gs' to, 75.; and culls. 3d. to ss. Gd. There was largo* entry, of fat'pigs, which met with a' tair demand. Choppers made to ls/ f lOd.; heavy baconers, GOs. to 68s„ and lighter, 435: to-55s (equal"to sd. per lb.). Porkers made 335. to 445. for largo, and , 30s to.- .3,is. for'* medium (equal to 5Jd. per lb.). The demand for store; was very poor, and .it was .'difficult';to effect sales at any price. -Medium* made from 13s ' to 15se„ and largo, 20s.* to 255.; weaners made from ss. to 10s. , ' , .**,*.

(BY TELEGRAPH—PIIES3 ASSOCIATION.) r, •, * Dronronr; .April.B. •' At Burnsidc stock market 183S slicon 'were penned—a small yarding of fair quality, oi Which a. good proportion were ewes. For bes{ sorts, prices were ■ slightly firmer,' but medium quality met ,with poorer inquiry. Best ■'.ethers, 18s. Gd. to 19s .9d.; extra 'to 9?g gj . medium, las. to 17s. Gel.: best ewes/'lGs. to 1/s. 9d.; extra, to 19s. Gd.; i mediuni l°s to Iss. Gd. Lambs—looo punned, of good qnaiitv and prices were about the same as last week' Best, lGs to 17s ; extra t0.175. (id.; mediwi,: 14».: Gd. to-lSs. Gd. Cattle—233'yarded, .a good ontry . of; fair quality. Contrary to expectations; -prices di(l : not. advance '• on last deck's rates. Best . bullocks, £<) 10s. to JJIO 15s • medium, .£8 12s.,Gd. to .£9 7s. Gd.; light £S 2s. Gd. to £7 12s. Gil.; best cows and heifers from £S to .£7. Pigs—9o yarded. The sale was rather dull but pricos were quite as firm as last week. Suckers, 12s. to lis.; slius IGs Gd..to 195.; stores,, 20s, to 255.; porkers,' 3) s : ■to 3Ds.; light, baconers, 465. Gd. to 495.; heavv bacpners, 555. to Gss. . PROPERTY SALE. .Messrs.. J. H. Bethune and Co. held a property auction at their rooms yesterday afternoon, when thero was a good. attendance. A property at I'etone, sold under instructidns from the Registrar- of the Supremo Court, and comprising land with a-frontage of 40ft. t o Tory Street by a depth: of 103 ft. 3in„ with six-roomed dwelling -therpon, was sold to Mr. Colhnson _ for .£550. A building site situated in Victoria Terrace,i Brooklyn, having a frontage of 3ft. ,4m. by a depth of 130 ft., was purchased by Mr. M'Cardle at £4 nor foot w ie^ old .'property at Kilbirnie, being land 39ft. Gin. frontage, with dwelling of 7, rooms thereon,■ was also submitted,' but not reaching che reserve was passed in, and is now in' til" hands of thy auctioneers.for-private sale. " GRAIN MARKET. (UY TELEOKAPH.— IJpESS ASSOCIATION.) n ' • , .. "Donbdih, April 8. During the week a larg<> consignment of oats have been .coming'/tonyai'd,. and, ns inquiry for shipment is good, prices are fully maintained, inme Gartons are in extra demand, but all heavy oats are readily saleable, though medium and inferior , aro harder to placc. Duns ami black oats are in very short supply, and bring from 2s. -Id. to 2s. Gd. per bushel; prime mill--i lO - 2 ; S ood t0 best "ml 2S. 0 to medium, 2s. Id. to 2s -d. All kinds of wheat , meet with good demand, but local millers show preference for jelvet. Tuscan is more plentiful. Fowl wheat lnillinp if P?V'' t i me - e i S rel,d ' V sale ' to sV t < . s ; "!•> me 'dinin to good, wt i °ri Y- best irhol ° f owl wheat, is. sd. to Is. (Td.; medium, 4s. 3d. to 4s. Id.; broken and damaged, 3s.,Gd. to Is. Id. . .uium.ii ■ THE METAL MARKETS. BY rELEGRAI'H I'll I.HS ASSOCIATION—COPYRIGHT. cm •••'. , , London, April 7. Silver is quoted at .25|d. s Copper—On spot, £o!) 55.; three months, £59 12s. Gd.; electrolytic, ,£GI. lin Oil spot, d'ln 55."; three months, /143 ss. Lead, ,£l4. AUSTRALIAN PRODUCE MARKETS. TELEGItAPII PRESS ASSOCIATION"-:— COPYRIGHT 'w, . , Sydney, April S. ,• Wheat, 4s. Gd.; flour; .610; oats, alirerinn milling, 3s. 2d. to 3s. 3d.; white, 3s. bailey, Cape, 4s. 2d.' to 4s. Gd.maize, 4s. 3d to 55.; bran, £7; pollard, £7 10s.; potatoes, CirSli.'ar Heads, .Et to. £5 55.; onions, Victorian, -£(i Wis.} butter, 9Gs." to 985.; cheese, Gd. to Scl • bacon, 9d. to 11Jd. ' • - ' 'MuLnouRNE, April 8. . Wheat, 4s. 3.Jd.; flour, _GJO; oats, 3s. 3d • maize, 4s. Bd.; bran and pollard, Is. 5d.; i>i>'. tatoes, -fit 2s. Gil.; onions, ,£5 . Adelaide, April 8.. Wheat, 4s. 2d.; flour, X 8 155.; bran and uollard, Is.. Gd. 1

WELLINGTON SHARE LIST. , , ') " Resorvo . a r* mi ' ' ' . COMPANY. ■ ; «. g* — fi'.K ""'... -Vmrnti ■&£. i>ha "' Euyor. Sollor. '^J* 1 • investor. ' -' ' 'BANKS.'- ' ' . ' £ "f, . £ * ■ £ s. d,' - £ s. d. .1 E. cl. £ p fl w# ••'•,. • .F«wZs«Iana ... • f.OCO.OOl ' ®MH ••• . Si , M " .019 0 914 0 912 0 8 0 S ;i ; v . ; mSOTANCi 875,003 • •' 15 12 IS 0: S't 6 6 7 0 513 2 National ' . - : jcO.Om' '. ■ J> nnlH.' j, 1' 7 0 1 7 9 t 7.3 •v.";'.'-;.... .'.'.Msw Zealand'. • ' ECO.OM.'' ' ; fi . 8 30 8 15 0 ' ' !17 0 fe ;~'.yEontll British . . ICO,Oil ■ J <4 . j 0 210 0 217 G ' , ; -Standard. - . . Vo.OOO 87,v3d. S unltcl. j n '.109 FINANCIAL. . . , ' Equitable Building ' HI,003. . .. •« ••• « . i'o 10 2 0 . i 0 n 0 * . o h, : Metropolitan Buil(lin3 49.S61 . . 6.6* 10 nil . » . Wellington Invest. - 60,(XX) .J**} .9 i ' c 013 3 011 6 5 4 4 Wel'utonTrust&Loaa 101,450 i ,|wg 5 5 8 . 7 9 0 ■ 711 G '706, 'ml :V,'."--:v.5i«tioimlMortjog«'- - - - WAV- .3 8-. , w 3 1 0 3 1 0 3 5 8 63 1 v.:,' „.v NX una Blver Plate • ,Suo,000 ; 1 nil 7 111 6 : 112 m o 4 sU ifv:'- '" cricmereantila - 135,-221. ! alSJM 5 . fci , 5 0 5- I 0 5 1 OS 0 10 0 0 . ' Auckland ' , -. , 180.37.1 • : fW>® ' 5 nil J6 " OiristchureU-- 1HUU0. '■:. WB7 n '[ 10 ■ 10 2 G 10 0 0 5 0 0 Feuding . .. . . 12,COO 1 n " , — 0 W 0 .'Cisborno .. .-. . . - 17,"0J ''IWji 1 • ml. . 2 0 0 2 12 0 210 0 5 10 0 ". .. liawora • . . s,S5!) • '?£ * ■ ' * 10 : > ' : Kew Plymouth'/; *. 16,COO . 8 - 150 5 nil 10 /,<<; Napier - • ... K \ v - . •• , 10 . • uil ' 1f r . / I - <9,9371 ' S ' 183 ; ' J . 5 - 15 : •' ralmcrston'-JorS'.: v £7,003- 45 . 5 jo ; ; i2i,57ol nU 10 S .1910 0 19,11 6. 5 8 2 v "MEAT. -" " '• • . j 10 ' Canterbury : 2J . 8 g o 0 8 2 6 ■ ChristelrarcU . ' loi.W) 'Hj, 1 W ' . 8 10' v 5 0 10 30 0 . g.-ms M aj ?s 2 °? bis -'•x. Wellington Meat Exp < \- ' " 5 ml.. . * b • • 612 6 ;V .J.;'..; . .. .. 103,733 - f3,7G7 i 1 \ 8 ; ' 5 2 0 5 2 0 6 5 6 - Wancanul !! 45,650 . "•«! *» n,t. b 3 5 3 3 5 ° ' 9 3 TitAispoRt. " v ' . i ; V.'.&M.Uailffay • . 170.0J1 ' JJW'l -1. 4 . 7 (. 2 0 .0 ■. 2 7 S 2 7 0'. s 0 0 ' >.Z.Sbippmj' - 4i3,8l). , B nl! * ,5 ,611 0 ..-.y: . UnionStoani ' >. tOO.UUJ- . 47-.OJ3 .1 uu. ,y| ,114 0: 111 0 "• AVfitn*Steam5*or»y .• • 415.-25J' " '' N U 4, « • o \ CUAii.'.-- ' ,; JVfstport - -• ;. «0,(XS1 is Hi • g m 0 7 0 0 /HO .6 0 0 .laiijim. . .U.50J: MJ . : 1 ,74 10 0 109 1 9 3 780 WOOLLEN. ... i ■ kaiapoi- . . 100,00) 5 nil. 6 '• iiosgiel - - : t ' £3 • 4 , o n n q q <» 1 ft * iq ft iuaKSBbVi 1 '" ■ 4 " 6 - » °'° ' 3 3 0 3 0 0 8 0 0 ■'.'SS3^j:.--- : "ss:5 m i30 : . 6i70 vJtauriceriUaXumj ■ . 7.0DJ , -'J- .1:. a ■ . ° 17 "■ . l>.Z:Ur.dlo. 10.0JJ - .1". - / l)nu,'s ' tOU.UJJ . - '. . 7 c o o io p ri, a c • H.X. Paper Hills ' 1 t'4,75j : ■ •ml. V " : ml 7 j " " ,. ? 4 ! ?• • . t. \ 2»i4l* . 1 ml . 1 ® ■ J , 3 3 .< • « . •■•:-toonnini r &Co. " . Ui.uOJ v * .- 1 . 10 q fi • • ' >V ' .tl\0W .. ».U»wj - ; 4 •• 1- jo 415 0' 4 17 G 1 : - • , lb.OW • . a*«Uj fa nil ., q ; /» .. Vyin.Fresh Kooi • - , ~ ~ •' : 1 ' •'< Wliitcombo & Tombs- ;«,25Jy. ' , 6 .. ml .10 - / • ' • ' . fo-A •' ' . . •l-uanaua. i-miui >wjij . '-f 11 1 . ua | '<* - 0 ID 6 ] 1.1 0 018 9 9 0 0

. 1900. j • : 1907, . X. ■' . £ ,' . urcafc Britain ... 607,888,000 645,904,000' Germany, ... .... 421,930,000 ; 4-13,470,000 ' lianco . 225.0SC.040 1 • 241,905,SCO'' Au,ti!a-Hungary 92,910,000 : 07,637,000 , : Belgium ...... .128,359,480 ' 137,143,£00 . 81,712,785 8S,4G3,991 P" 551-1 61,990,000... 64,410,500 . • MMl •• .... v40,568,000:-• 37,301,E68 - : : United. States, '264,100,400 SOO : • ' ' Egypt . ... .j... ■ 23,410,525* ■ 25,407,755 • I \. Japan . ... ... . 41,878,410. '49,435,919' the FPorts of Japan is com- 1 . in ; '. j: ,■ '1806.' .V . 1907. '! ■ Y/.« Great-Britain;.^... "375,575,000,./.426,205 ' ; ' &^ anr '" : -.323,930,000, ' 4*5°? tt ■" "• 210,663,280 221 681 200 " Austria-Hungary . 95,833,000. , ,97,116 000 102,252,480 ' W,SSi;cS ' 7>,! j • 62,119,744 \ 60,457,012 ' - " ; 'i v" : 83,940,000 " 96,001,700 ' . rjWPj !eA"' . 37,234:03# 1 *,{• ' fent - ;'**S ; ' 8^'S fe ' 600 -*". 3S4,67«;000 = fc'sf SfKb? «?■&& amounts tp the. en or m°u8 sum of 772,G97 691