FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 178, 22 April 1908, Page 10

FINANCE AND COMMERCE.

i THE WOOL MARKET. •'-■'/ ;,Thos©"who, anticipated l tliat- tho March sales.' would see an/improvement; ■' in> tie '.value ■ of ; wool are now indulging in prophecies': with' "' regard to the July sales. The disappointment ! ' in March lias not deterred them , from making' '/' . another' . forecast ;of : a', -favourable'' character.' jWlrilo everyone- would be • glad, to see ' the . (staple there is nothing -gained' by.' indulging in- optimistic : fbrecasts, ; > if there .'.is ■ notlnng to -warrant the same. "Wo- think" j and "We believe" is, not evidence, and; a forecast witlioht a. backing of reason is ; of no - vaitie. : : It ■ is. generally agreed (that the ■' May, sales.will not any change -;of :iinpbrtance, becaaise tho Quantity of'wool .carried ' over from ..the last;.sales; with new arrivals - .will see the' wool-lofts, heavily ' ; Btocked..The' ' July sales, are'' not likely 'to any, v bette,becaroe by then the European and-American clips .'will-be on the market.. In ./the, : Kingdom about 38,000,000 sli>eep will pass'under tho 6liears, and iir the' United States 54,631,000 ■ -sheep . will be \clipped. '.Then we have to -S/reckon' '.with tho ' outturn, of . Continental Europe. ; Most of the -European, and ■ Ameri-'. ■ can clips will bo crossbred■ .'wool;- ,'so that, there is little hope ' that New Zealand wool will see any . improvement at the July sales. ' / .What . may . happen at .the,. September 'series- is- . . another matter. ; The -demand ;for,Mv6ol has .slackened,:', due- to a variety ' of : causes/ but , mainly to '.tho" financial/, stringency in- the l/'nited States and German}-. ; Both these coun- • J tries 'are. buying, very, little raw wool,' and / \what little is being . bought is taken , at a low -figure. , The. Americans are. threatened -with" • a trust of woolgrowers..; Such a : trust can be '.; ■ formed,:; at Jeast- it can;' in;:America,and. if. . /successful the- most that can, be' : achieved is to . force ! up. .-the price to a : point'v just, below the importing ,'■ley?l.:« ; ;lf ; ..values go.'ibeyohdvithat level, the-:;'Aliioricans ..would prefer..'■.making .'t. their -purchases .in '.the .London market,in" which case there should bo some improvement ... in tho -values -of tho 'wools, suitable ffbrV;ther • American' trade.' Such a gain-wo'tild,-,how-over, be. temporary, for there would be";the weight of wool * carried over; by-; the' woolgrow- /•'/ era:;.' Such manipulations', of fhej,'market'-.'are- ' not ;of;any, permanent' good.'.What' is ;,waiited.' ~ .jusl now is increased consumption; ".but -with ~ meiy.' being thrown out. of employment in,-the r - centres.: of .Europe and . there -is /little chance of consumption increasing. .. ' ..... - ■ WHY' CKOSSBEEDS : STICK In. tho March number of; "Dalgety's Review." ; a writer endeavours ,to explain why crossbred wool ,is' so sick. .The- matter'was' ...written-in/'January,,last, .'and -this i, authority, , /:, also, ventured.-.upon'-the, suggestion that..values, f would ..improyo in-.March-:■; The. article- is as. ;-v' under:—,; - , \. ■ - "''''V;,,/' ■ , " Cros'sbr'eds;Jare notVto; thoVfr'bh't. like meri-. nos, and Bradford to'-dny in'its , crossbred de- . partment is as. slack as ditch water.:: A good ... '40's prepared top cannot/be made, to-day out -' of' .wool' bought in Coleman7Streeti'(Jahuary ; series) under 13Jd., and yet any. weight can .be bought'at 13d. and'less.'' Bradford lis Id. : per lb. below London, with no 'trade at all . doing. C'rcssbrods-seem-to be in the dumps, /. ./and men , are asking why. Demand has cer-tainly/fallen-off considerably/ due to a large. : ;/. 1 extent torthe very slack conditions prevailing ; Germany. It is,many yeare since Brndford- - German export , yarn houses were as~quiet'as' - they are to-daiy,. orders' having' about' winked' " up; /• That, no doubt, -is'; a fruitful cause of , the pronounced quietness. -Then,- plenty i'of , tops of,iO's.quality were sold forward last October and. November on arbasis/qf .l3|d. to ; 14id.', and. topmakers' are now - covering these . 'sales in-London at a thumping profit. But I 'rather/incline to think' that;both spinners and / topmakers are .again trying on""beir"-'tactics, .-/-, in order, to ; get; tho ibiilk'(i the New Zealand' at £t still, less pricc. Users know that at .tlie ■ Marcli tlio/>bullc of tlie ; . laßt -New.. Zea]an'd : 'clip** "\nll. , 'be "here,.' and if- ■ now business-.is so' slack,' men are arguing . /tlmi it i.will, be"just as well to ; get ; - this ..woolv -jt. a sless pricc.•" That-'being* so,"' every- ; • drooping. ', It is' just "pos- : sible that by ilarcli -America may be in the iield jntli larger buying- orders, - but-so'.far • . importers from that quarter have . cious Jittie.. in. Coleman ;Street.. Germany,' too , niay be in better fettle, but at present crossbreds. stick, 'mud,' arid I personally .; can t any reliable signs of much iinprove- . nient., There is -just this to .be said, that ... with - merinos still dear.- arid crossbreds--cheap, ./.-'they- will naturally ' create a: demand, 'fabric being inlling to take up anything at a little price. . .. J , .- b . BUSINESS MOKTALITY. . n ~ Tlio raftermatli ofthe -financial .crisis which ./. commenced^.:in New York <ih-October:*last' is- ? e V?X- . ; The insolvencies'; in' .tlie liiuted,- 1 . States .have : been on aii / scale, A/and soveral important Iwnkr'uptcies v havo,been reportedrfrpm the Continent. The ./United/Kingdom, lias not escaped, and it is , singular that .the shipping. interests have, been . , -the;most-'affected. ..The failure 1 of Sir. James ; : Laing/ ahd'fSo'ns,; Ltd.v - shipbuilders, of Sim- .. derland, . caused a great' sensation, but this ; 1 .insolyency iwas.'soon by' that of Win- ... cott ;Cooper'and-Co.>,colonial merchants, sliipV,\ brokers, eto.,-'-of ,39-Liine Street, I.ondon,-.E.G., and now. we have the announcement-that the firm ;&f Leech,' Harrison, and Eorivood, of ; , Liverpool, - shipomiers, ; have assigned their estate. This will: probably bo found to be an /important/bankruptcy, bringing down others'. - MELBQUENE, HiVRBOHR - TRUST.' ' - The Melbourne Harbour Trust has issued tho following with regard to its indebtedness i " The total amount of loafis raised by the fa-usl oh debentures is , .£2,000,000. v The first half t 'million was borrowed in 1883'(,£250,000), and ii '."■/188-1 (.£250,000), at 5 per- cent. Theso loans wer< for .25 years, and fall due on July 1, 1908, anc ~ 1909, respectively. ■, The loan falling due oi :'/ . July 1, 1908, will, be paid in full, and the monej .!' to meet it.'is now-either,in London or in. tran ; eit. - To pay: that loan off, the sinking- fuiu has been-reduced to .£SIOO, but the saving, o : interest hitherto paid on tho loan fullj ; justifies tho action of the ;board. A sum o . .£250,000 was raised on debentures ,in 1885 at &■. : per ccnt., and' falls due in' 1915. The remain dor of tho loam, viz., .£1,250,000, has been rais« at •! per/cent, and falls duo in 1918, 1910, am 1921. When the'loan falling due -in'l9o9 i ■ arranged for, the paymonts into tho sinkinj fluid of i£30;000. per annum will put the trus . /'into a position to- ,pay off the loan duo in 1915.' :Tho trust-appears-to, bt>-i"'.o->ioui)il..i)naucia • , oosilibn. '• ' ■

.. . ■ . NOTES. - -' Tho Wellington Stock Exchange will'.reopen •; to-day ; it is, not expected that there will do m'uchiVjf any, business to report. There nevor ! is ./after .a. holiday., ' . A - big Liverpool firm oil shipowners, Messrs. ; Leech, 1 Harrison and, Eorwood,' : have ■ assigned ■ their estate. ' . ; ' A trade estimate of the consumption of Australia of currants is, in'round figures, 6000 tons, ■ of; sultanas' 2000 tons, and. of. lexias .2000' tons. The - authorised capital of the North-Eastern 'Raihvay".Coinpany;' which concern is; having ■ trouble with its employees, is <£87,795,818, and I lG9G'imiles •pf -..cphstructed., railway. The com- 1 pany - spent on ' ca'pitril account during the : second half of 1907 £566,812.' a' cotton has been open at'Oshogbo, i Southern Nigeria. It contains two batteries ' of . four gins each, and there, is. also a large - hydraulic press, .by which the cotton is at once ; made' into >a compact/bale' of. 4001b5., with, a ■ density;-of 281b. "per cubic foot. -The cotton is , conveyed'to and from tho gins'by pneumatic ( attachment,; and. is thoroughly opened out and cleaned,' the best Nigerian cotton now selling . ; at, id., tojjd., per lb., over, "middling American." For the first time last year tho Mothercountry exported more than ',£100,000,000 worth .of British-made cotton manufactures. That, of .course,, includes the cost of the raw . material. But the ' British manufacturer , carries a big stake in ■ the industry. The exports were as follow ;7rCotton, yarn, -£15,417,081; piece' god'ds, lace 'and net;■ £4,873,895; 'thread, '£1,944,575;.' miscellaneous,/- £4,154,343; making £1ip,438,231. Beyond this, there cotton in other exports, including apparel,- to'.tho extentof a good-£2,000,000. more. Then there was the .internal' consumption, which probably' topped £25,000,000, but of which ythere are no definite records.'? :This would~make : the total' output\of cotton'- manufactures about; £137,000,000, and -the raw cotton cost £00,311,2-17 to import, ■ ing the value added in process of manufacture at .about- £77-,000,000.-' /_'. " : - According- to .a statement made by a New York trade paper, the proposed steel foundry of Muroran, with which the 'Armstrongs and Vickers are connected, it" to have a rival in China.An. .enormous steel. plant is to be erected/at China, by a company composed. entirely of " Chinese capitalists, 1 prim arpurpose, of supplying steel for the variovisT railroads in Central and Northern China, but it is believed that the plant will .also become.a factor in the general steel trade of- 'the I?ar, ; East.. ; ..-. It is' estimated that ' tlie initial cost.9f.,the new plant-will be about six" m.illipn. jlollars,' and, inquiries are being, made in". America 'with'' a f .view to placing orders at : New York for "tlie" greater part, of the equipment. ./■", " One fire company vies with another to attract customers through the granting of special privileges. In some cases these consist of such extra privilege^--as'; the protection of articles temporarily abseht"'from the house; the free insurance' of rent, inclusive of the contents of non-adjoining, outhouses, or responsibility for the effects of servants and guests.\ /The latest development is one made by the National .General, an English' office, which has adopted a system .whereby,-when certain types of.policy have-,been iu force for seven years w'ithout claim; a'bonus equal to one-fourth of the premiums, paid is-returned in the shape of continued free insurance. Here there is a beneficial union of tho interests of the company which, sells and the customer who buys protecintends; tq-secure that permanence of coniicction which means cconomy and profit. r :^'WE^m^O^-.-i, EpDII I CE MARKETS. ;■ Messrs'. Laery,and-Co., Ltd., Wellington, re.port 'wholesale prices Irnling on the.market:— Wheat, fowls',ss. 3d.,t0 55.-6 d.; oats, ,3s. to 3s. 3d:; seed oats,-,35:;3d. to 3s. 6d.; maize, ss. 9d.; crushed malt, Bs. 6d.; Prussian blue'peas, 6s. 3d. .to.6s. Jid.,;fowl peas 4s. 6d. to 4s. 9d., all at pdr-bushel; flour, New Zealand <£12 105.,Australian .£ll to £11 10s.; bran, to £6 55.; ; pearl "barley;-iEI9;; split peas, '£18 10s.; bonedust, £6; superphosphates, £4 155..t0. £5 55.; chaffi-(oatensheaf), £5 15s. to £G; oatmeal, £13 10s:; potatoes, whites ss. 6d. to Gs. fid.; bacon, factory sides 83d;; .ihams ( 9d.; rolls 91d.; butter, 'biilk'-ll'd. to. is".' I'd'.'i* poultry, hens 2s; 6d. to 35.; ducks, 55./6 d.; turkeys, gobblers 15s. to 225., hens Bsi.to 95., all at per pair; cauliflowers, ss. to 10s.;,cabbages,.4s. to 10s., all at per sack; peas "(green), 9d. to' Is. per peck; fresh eggs 25.:.t0.25..3d.,, preserved eggs>Is., 6d. per doz.; "cheoSb,' i '6d:"tb < 'Gid.'' < 'per lb'.;/onions, : £7' to £7 Jlftsivper- ton; Akaroa,.cocksfoot, 10d.''to' lid.-; ' .t'o*ss.'/Gd;'per ,bushel.

■ ;;; »—— WELLINGTON SHARE-LIST. Reserva LiabU. _ . PBICTES. r!»i» • f-oOTAXY. • CapitaI I 5 1 ° ,lftna 0 "a itrper 2? — - [ ; . PaiflU * f «3 Bayer. Investor. -.-■■■ ——• -=-<» * : —3 - —• "■ _ ■ r " •; ; f pwrn ' sj • si • 10' i n o <• ■ bu o s o g : Kaiiora! • - fe.ilOO ., ? : S35.313. . 'A, .W IS » « • f 50 6 6 6 9. 61J D ? ,100,000.. '-S4B339-,, ? unlUt 15 1 l 0 ."'-q j? "S J f72 Hctt Zealand. - - 'SCO,003 396,671 ;,; 2 8 10 1 .SB 0 . |« ° . ■.'■'i EoufliBritish ■ - ..100,000 ;;*-474,913y • ,. J ; , ..•« - v jo -16 0 217 6 Standard ■> 55,000 IS ' Si runlW. • 10 1 - u ■ PDUNOIAIi. ■:■:■.<. I • ■ \ I ' • :• • > m a r, , „ . EgmtabloBnildiai! ..£0,000' .-«M0 B 'p '30 lu \" i " 10 0 0 r n P -. .MetropolitanBuilding 49»56i . 5,558, I i-jQ nil 7 niQ . e „ . . WellingtonInTOTt - 60,000 3.933 J 4 6 : ? 1JL 6 ■ : Wel'etori'Era3t&Lo»n, 101,250 •' : 44,334 - . 6 6 8 ' ® 0 ; 1 ' ® ® f'P -.200,000, ■ , 2 8 . .. 10 • i,2 Sv O- •?« o' Sin / • N-Z_ondRiYeTPlato - -mum. mm.-, . 1 W' 7 'JM'.O ' Vf ? J f n in n X •: /.LoaziandMcqcanfcUo -<, a35,22i- . 515,133 ? i 6i , 6» 061 .0 5 1 0 5 0 10 0 0 --GAS.' ,. • : V • '&&h -WlS '• §$ ' I 31 W ' _ n no y 10 0 0. 6 0 0' i S! /"li.s Wo - ; <io o 6 io 0 '.:...'iH»wa» ■(!■-; .?J~ ■: 4 e$m tl A-i. . i, 10 '■ ' ■ ' > " • ' 'S ■. i 6 - ' nJ. JO' / • .Kapior - f- H • . yo.. • ul , ,.15 58,183 - ;; r ; *ifr' ? ..'JO { - win n : i»it « r n a 1 .WcllinGton ■ f . r ° 0 , 59U 6 : B fl 2 T A : tOVHi ; '<■-& •• .-| * ? i- -.in '? P 1n . n ' ® ii • ' .' Olixistcliurcb - A 1 *?* • s - • ml* ■ , 10-6 0 ' 5 ® ' 1 ml. - 12J 2 9 0- SJO 3 290 .610 , r . ;C \ * & oa >t ■ i . f ' 12s iO 15 ,0 < JO 0 0 - •'•V\'<jffinBton3I0RS.Exp'J . • ; B 8 . .. „ Q . _ _ 1 VtasSnoi. • " . . i.<5S0,-. 11,401,: f> ..."H 1 ., V'v • •wJ'Kw - : -r - l 2 0-6 >310 0' 3 7 0 'SOD KJS.Sbippisg ; • .fm60: '113,751 • .. 8 , ®. • . ,V 9 . ■' Union Steam. - , v-BOO.OOO riTMU ■■ , 1, 113 9 111 6 •V 46,253,-V y' '? • .» • • •. Wentpoit " ; j317!2I5 ' M ' 1 619.0 J 10 ? 7 0 0' 6 5 0 I ■ .5-tmpm - A • . . £9,003 ' 6»5i3 "• -1: .1 0 ® i 1 0 3 7 B 0 , V WOOIiLEN. \ , /. \ ; ' r'5;S r.l t 3 3 6 3 ... 4 , M 'o : Wcllmgton « ' - /* ■ • £9*00i) ® 3-26 360 800 600 -' MXSGKLIjA'NEOtrSt .1 V " ; . .: ' Donaghy Rodo - v' ' 47 OCX) ,4 '» ■ l ' 5 **•■: 600 650 626 IiCyiand&O'BriQn 3g!000 * . tiWGl : ■■! ' r 2 6 2 3 0 ;i 3 9 6 17 2 MenncevillfliLima . 7,000/-- ' l r ,U H ' ° 1(1000 • . - — 10, n f} •'•' ' i : - - ..., l £00,000 ' E45U - . 1 I . 211 0 212 0 Til 0 6 3 0 . '" K^JPeperMlls : ' " ••', &J,755 - .117/ , .. . 7 .12 6: .13 3 '133 60.fi JULCement- v ' • -40.000 . ■ 2,741,. ,1 ~ ,112 9 • 113 6 ! 1 ' •JiADninS&Co. • " '06.00J £7,670 ' i : J® 1 . 316 6 •• i V 'WardiJtCo;-v .- £0000 ' .t0.655: . '4 ' 1 1>'• ."M? 0 . 4 17.6 415'0- 8 8 5 • • : W€fcn.OperaHousi H •• 18,630 • l,70i . 6 -123i. '. ' ' .."Wgtn • Fresh Food .>•; • : • 28,261 ; '■ • 1; , ! . V7hitcombo-<k Tombs* 46,250 - 1 £0,153 : 5 , 10 , •'4.80 - Bkarlomd..Limlto,l : . 4S,67d . 9,311.• 1 bU ' 7i 010 .6 10 0 C18 0 too ; ' i ■ . -. • ■ ~ ~ T"" !