FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 185, 30 April 1908, Page 10

FINANCE AND COMMERCE.

: f ' . THE . SHARE V ■ There ivere two sales in the investment sliSro market yesterday. Gears ,£1 paid-up, sold at • 505., Taranaki Petroleum shares changed bands at Bs. 7Jd.', withMirm at Ss. 6d. There were a fair number of buying quotations, 1 and numerous selling quotations. Bank shares were unchanged New Zealands. wero offered at »£9 12s. fid; Nationals, buyers .£5 ss. 6d., sellers £5 6s; 6d.. Littlo business n offered in financial shares: —New Zealand and River Plate, buyers £1 12s. (id., sellers XI 135.; Wellington Trust and Loan; buyers £7 95.; sellers£7 lls. Gd.; National Mortgage, sellers, £3-ls.' • 6d.; Loan andi Mercantile; sellers, _ ss. , Gas shares were without, alteration. -Fending Gas.. ; . shares, were' wanted at 15s. (id.; Christchurclr ■ 'J Gas shares, sellers,; £10 25." 6d.; : .Wellington, \ Gas, sellers, ~£19..105; and £9. 15s. for. the re- -.. spective issues. > Meat, shares were steady. .-■ Gears were in demand at r £9 '155." and' £2/9s. Gd.'for the respective.issues, but sellers wanted JCIO and £2 105.'6 d.; Canterbury Frozen Meat, sellers, '.£8; Christchurch Meat, £10 7s. 6<l.* Manawatu Rails were \quoted, buyer's, £2 75.; Wellington Woollen, buyers, £3. Is.. 6d.; Ttiu- . piri Coal, sellers 21s. > cum div.; Westport. Coal, sellers, £7; L'eyland-O'Brien 'Timber,' , sellers, '435.; N.Z. Drugs, sellers,: £2 lis. Gd. ; N.Z, Portland Cement, sellers,' ill 12s.' fid.; N.Z. Paper Mills, buyers 225; 6dl, sellers'23s.;' Taranaki Petroleum, buyers Bs. 6d.,- sellers ; 9s. 9d. : V" ' •'. ' THE MINING MARKET.. Talismans andpYaihis cam'o in for attention, : ' the former .'changing'.hands.at £2'115.; and .the latter at £9 10s. and X!) 10s. 6di- The.markot; ■ generally displayed activity. .The'quotations; were as under:— - ' Buyers. Sellers. ■ Sales.-. £ s. d. £ s. d. £ s/.d. Talisman ... ... 210 6 211 6 211 0 ; Big River ...' ' ... 019 9 110 Kuranui Caledon- ' .v.;' iari/.., '.. —- 010 —— . N.Z. Crown ... 0 7 -.l.'".- .—^ —- Tairua . Broken -■ 'L ' , Hills ... fi 3 6- 0 6.9 : —— Waihi GrandJunc- " . tion ' ... «. 116 6 : TVaihi Consolidated 0 18 0 110 \ .Waihi ... „. .9 10 0 9110 - 9 -10. 0 a 10 6 5 ; CITY OF DUNEDIN DEBENTURES. It will be remembered that last year the Dunedin City Council sent its Town Clerk, Mr.; 1t... TV. Richards, to Sydney, to endeavour to. i) ■' float .£250,000 of 4.'per-cent, debentures. ,He ■ ;• . negotiated with the leading financial .-institu-;' " tions and consulted with the.'highest, authorities on matters of'finance, but.did not .riieet with success; : Eventually the-debentures, wer.e' sold to the Bank of New Zealand at 98 per cent. The Bank offered these debentures for ' 6ale in London on' March .14, the - issue'price v-. -'-'•'.•-•being par. In the advertisement inviting ap-' 1 ' y- plication, it was stated:—The, debentures are . 'repayable at par on April 1, :1933,. at the office of the Bank; of New Zealand,, London, , but on , giving three months'- notice to the Town Clerkj: Dunedin, holders may have both principal and interest made payablo at the Bank of New . Zealand at Melbourne, Sydney, Auckland, "Wellington, Christchurch, or Dunedin, but-such .'••>"• , . alteration in the place of payment'can only : be made once." : It, was ; further stated that ' "the proceeds of the loaniwill be. applied tor i wards the'redemption of debentures amounting ■ in all to £435,800,' maturing on April 1, /1908, . and sinking -funds amounting to over JG193,- . 000 will be available for the redemption of the .'y . ' < • SOUTH AFRICAN CONDITIONS. . .. ~ : /- . A South African repeat states {hat the wheat crop in the Orange River .Colony for this seaBon is valued at £700,000,' the yield being the greatest in the history of the State. It. is further added that the wheat crops aro good everywhere, and that the farmers have done .' v.. welh The reception which the mealie indus- ~ ■ try is meeting with 'in, this country and elsewhere has greatly encouraged the agriculturists. Wool and mohair are in a very satisfactory condition. The fresh . and canned fruit trade continues to oxpand steadily, while tlio L", /. cultivation of sugar in Natal is, rapidly increasing, farmers having realised the .valus of the crop. More attention is also being paid to cotton. The development of ' the tobacco i trade in Rhodesia as tho result of the Im- [ perial Tobacco Company's efforts is assured.. I .■ In all the-States stock is multiplying rapidly; j : Generally it may be said that the agricultural i outlook grows more promising year by year, T : but that there' is still much to be done which |; , can only be attempted when money is easier. j LIl'E ASSURANCE IN GREAT'BRITAIN. [ - ; The development that has taken place in .all f branches' of .life, assurance m the United /<Kingp' dom during'-.the last "twenty years is l shown I--'by the.returns furnished annually, to the Board [">: of Trade, by British Companies. Tho amounts £;'.<• paid in .premiums ■in connection with; .both '; . ordinary and industrial schemes of assurance, 'together ; with, figures;.showing -the'increase ,-in fnnds durin'g - the; same-.;penod, are shown below:— . . ' . . ! : ORDINARY ASSURANCE, i '. ' i Premiums. ' ■ Funds. '• •■''•J - ''' - * " £ I- 1888 .... 13,033,945 151,275,950 " ; 1890 '... ... .13,928,001 : 100,172,605 ■• ',■ 1900 ... 20,529,017 • 231,339,585 •' ' 1901 i.v ' ;... 21,259.186 .240,688,985 l . 1902 21,795,019. , 2-18,876,376 . I J 1903 ....' 22,458,422 . 257,800,325; '■* 1904' ,22,998,588^-^267,358,14G" , " <: ' I' 1005 23,.903,788 - 277,537,214 r ' 1906 ... v.. 2-1,547,873 287,699,36* \ [>..'•'• / 1907 ... ... 25,332,993 299,349,913 ; INDUSTRIAL ASSURANCE.- . : Premiums. , Funds. '■ ! 1888 ... ..I 3,746,241 . '5,523,811 ! IS9O ,4,360,438 7,167,8G9 ' ! ' 1900 ' 8,078,728 18,392,233 .. 1901 ...' ... 8,422,577 - 20,031,102 ,1902 9,296,047 21,751,565 , • i 1903 ... 9,011,129 > 23,302,992 - ; . 1904 10,205,896 25,341,156 : 1905 ... ... 10,600,611 27,111,038. i 1906 . " ... ... 11,093,268 29,389,579 | 1907 ... ; ... 11,619,303 - 31,765,237 [' The total assurances in force at the close pf I 1907 ambunted to =6713,191,783, under ordinary 1; tables, in addition to. J!251,553,949 effected by p'- ;. "means of industrial policies, and it is interesting tb compare these figures ivith the totals f - .. of ,£421,061,76S and *83,434,487 assured under

the'.respective-tables at the'close of ISBS. It will, be seen from,'.these figures that the rate of progress . has been in air respects much greater..in industrial than inordinary business. The proportion of premiums absorbed ,in commissions and expenses of management is, of course, .substantially greater iri industrial than m»ordinr.ry . assurance, maintaining an average 44 per cent, in the former against .14 per. cent, in the latter .class of business,,..;. It is satisfactory to notice that, while the -proportion of premiums thus absorbed is practically stationary, in tho caso of industrial business, there has been a slight decline'in this respect v in the case of assurances, effected undes,ordinary-tables. and guarantee. " The. report .of the. Ocean Acident and- Guar•ahte'e':Corporafionj'Ltd., for tho year 1907, states -that the; revenue ifor the year amounted to .£1,480,715.'. Of .this the total'premium income, less U te-insurances "and bonus, to assured, amounted, to -135,229. The income from tho investments, after " making:;provision for depreciation,; ,ot',,leaseholds, was £15,400. Tho compensation.paid and provided for, including iiicidental"" expenses, ' amounted to The-.-investments .and other assets amounted to .£1,89-1,494. After debiting all charges and expenses, there remains, including tho amount brought forward, a credit balance of ,£739,689. Deducting the amount to be set aside as provision for liability oil unexpired risks, £481,646, there -remains an;-available revenue balance of 0C258,042. Tho directors propose, in addition to tho interim dividend already paid of' 7| per 'cent, onlthe pajd-up'/'capital, to declare a further dividend of 12}. per cent, for the year ended December 31, 1907, together with a 1 bonus of- ; s'-p'er'cenf.Y making a total distribution for, the year of 25 per cent. Tho balance remaining will amount to £217,119, out of -which tho directors, have; decided to add £44,000 to tho inves,tmenfreserve and genoral contingency account, and in; furtherance of the resolution passed..at .'a? previous general meeting to carry £5000 to. the staff provideht fund. Tho balance carried forward will be £168,119. , 'F-IRE. LOSSES IN AMERICA. - Incredible as it may sound, the money losses by fire in the United States and Canada during the past three years- amounted to some £170,000,000. That it should bo possible under twentieth' century conditions-for so vast a sum as this to be wasted 1 in so comparatively short a ..time , ,is certainly astonishing. Some £50,000,000 must '.be;set down; to the disastrous fire at San Francisco, iii 1906. But this still leaves 120"millions sterling to'be accounted for. -■As illustrating tho enormity of the waste, tho " Wall .Street.': Jqurnal," in giving, this state-ment,-adds, the following remarkable comparisons:—. This sum is more, than one-third of'the total cost of .the-war -between Russia, and Japan.. It is-only 100,000,000 dollars (£20,000,000) less than the net public debt of the United States. It is more ,than-one-half of all the gold in the United States. Xlt, is equal to all the gold in. Great .Britain and Austria-Hungary combined. It is" 250,000,000- dollars (£50,000,000)' more than tho net ordinary receipts of the United States in a year. It is nearly equal to the .total capital stock, paid in, of the National Bonks of the United States, It is 175,000,000 (£35,000,000) more than the.dutiable imports of the United States in a year. It is equal to all the gold imported into the United States since 1596. It is equal, moreover, to three-fourths |. of the value of all the cotton exported during the same three 'years." It' is as much as the United States -has expended- during that period on the .public "schools,">and""if tho 850,000,000 dollafs (£170;000,000) wore: divided between the present population of the United States the loss would amount to very nearly 10 dollars for each Irian, woman, and child. ■ And .it is not .less startling, whon one realises that by far the largest part of . this wasto is absolutely unnecessary. In European countries no losses on the same scale as those occur, and it, should not be difficult to take similar precautions in America to those common in ■ Europe.; The "Journal" goes so far as to ask, " Can'it : be-for a moment questioned that tho tremdous waste by fire occasioned in tehso three years contributed to the making of tho panic from which the country is now suffering." ; gTOCK EXCHANGE. ( (nY TELEGBAPK.—PiIESS ASSOCIATION.) Dunedin, April 29. Stock Exchange sales:—D.l.C. (ordinary), ss. Gd.; National Insurance, 275. mining; "' '(DT-IEiEGRAPK-STPnESS - ASSOCIATION.) / ' . * SrS-j.;.-- Auckland,. April 29.During .the periodliflidiiig April 18 the -'Waihi Grand " Junction Gold Mining Company crushed 'and treated 4104 tons of ore for a return., of bullion, valued at £5034 3s. This is an increase upon-the return for tho previous month, when 3375 tons yielded £4357. .. The total'hmount'won from' the. mine to date is £106,315.45. -4(1. ' - • WHOLESALE PRICES. • Laery/ and- Co.i Ltd., Wellington, 'reporb .wholesale prices ruling on the market:—Wheat, fowls''ss. 3d. to ss. 6d.; oats, 3s.'to 3s. 3d.; seed' oati, 3s. 3d. to 35., Gd.; maize, ss. 9d.; crushed malt, Bs. 6d.; Prussian blue peas, 6s. 6d. to 75.;- fowl ..peas 4s. 6d. to 4s. 9d., all .flour,-. New Zealand, £12. 10s., Australian £11 tb'£ll 10s.; bran','J!6 to £0 55.; pearl barley, £19; split peas, £18 10s.; bonc'dust, £6; superphosphates, £4 15s. to. £5 55.; chaif (oatensheaf), £s'lss. to £6; oatmeal, £13 10s. ; ; potatoes, whites ss. to 65., Tasiiianian seed (Up-tb-dates) £6 10s. (per ton); bacon, factory sides':B3d.;'' haMi's 9(1.,,r011s Old.; butter, bulk lid. to Is. ■ Id.;-poultry, liens, 2s. 6d: to 35.; .ducks, 55.. 6d.; turkeys, gobblers 15s. to 225., liens Bs. to 95., all at' per pair; cauliflowers, as. to 10s.; ..cabbages, 4s. to 10s., all at per sack; peas (green),,9d. to Is. per peck; fresh e^gs-2s. to-2s. 3d., preserved eggs Is. 6d. per dol ; cheese, 6d. to,6|d. per lb. ; onions, £7 to £7 10s. per ton; Akaroa cocksfoot, lOd. to lid.; ryegrass, 4s. 9d. to ss. 6(1. per bushel. STOCK SALES. < , Dalgety and Co, report:—At our monthly sale at Otaki yesterday, there was a fair entry of sheep "arid cattle. Tho demand was not equal to last sale, although most lines changed hands. iSVe two-tooth wethers, 10s. Sd.j

mixed lambs, 4s. 3d.; culls, 3s. Id.-; cull ewes, 25.; three-year'steers,' -775.; 18-mouths heifers, 255.; 2J-yeur heifers, 50s.

' - fill' rjji.EuiiAni.—pri:ss associatio^.l Christchurch, April 29. Af. Addington yards to-day tliove v.'as another fairly large yarding of stock, and a good attendance. Store "sheep sold at about last week's rates, and there was practically no change in fat lambs. Fat cattle opened dull, but improved up to last week's prices, and pigs were in good demand. The yarding of store sheep was a largo one, and was mostly inade up of lambs and ewes. A number of lilies from Nelson woro 011 offer. There wasa good demand for welhers for turnips, and a better selection ol' sheep was submitted. The bulk of the ewes were in low condition, having been brought from a distance, but they mostly changed hands-at last week's prices.' Lambs were also in fair demand at late rates, and. the general lone of (ho market was '•rather better. The entry of fat lambs was somewhat larger than last week, and for all good freezing lambs there was an active demand among freezing buyers,, and unfinished lots sold at last week's rates. Tegs made 15s. Gd. to :19s. 2d.; ordinary freezing weights, 13s. to 15s. 3d.; and light and unfinished lots, 10s. to 12s. Gd. Thero was an average yarding of fat sheep, but it was somewhat larger than last week. There was an ei}trv of 305 head of fat cattle, including some prime lines of handy weights. The market opened slack, but bidding improved, and prices reached last week's level. The supply being beyond requirements caused an easier tone in the market. The range of prices was: Steers, ,£G ss. to ,£l2 12s. Gd.; heifers, c £'s to £'B 17s. Gd.; and cows, £i 10s. to £1 155., equal to 21s. to 255. 6d. for prime steer' beef, 18s. Gd. to-20s. Gd. for medium, and lGs. 6d. to 18s. for eows and-in-ferior per 1001b. Thero was a moderate yarding of pigs and a good demand for fats, but stores: were .not in Icoen tlomand.. Choppers sold, at •£<!.'los. to ,£0; heavy baconers, 60s. to 80s.; lighter, 50s. to 58s. (equal to SW. per lb.); porkers, 335. to' iSs. (equal to Gd. per lb.); medium stores, 15s. to 18s.; and wcancrs, Gs. Gd. to 125., the latter being very dull of sale. AUSTRALIAN PEODUCE. < sr TELEGRAPH —MESS ASSOCIATION —COrTTIIGI" X ' Sydney, April 29. Wheat, milling, 4s. Gd.; flour, ,£10; oats, 3s. 3d.; barley, Cape, to ,4s. Gd.; maize, Is. 3d."; bran and pollard, 10s.; potatoes, \Tasmariian, M 15s. to ,£5; onions, ,£G to .£0 55.; butter, 104s. •to lOGs'; cheese, 7d. to Bd. ,• bacon, 83d. to 3d. _ Melbourne, April 29. '.Wheat, 4s. sd.'; flour, ,£10; oats, Algerian prime, 3s. 3d.; barley, English maltiiig, medium, 55.; Cape, 45.; maize, 4s. Gd.; brail and pollard, Is. Old.; potatoes, £3 10s. to £i 12s. Gd.; onions, X 5. ' Adelaide, April 29. Wheat, 4s. 2d.; flour, 10s.;.bran and pollard, Is. Gd. ; LONDON MARKETS. BY TELEGRArH —PRESS ASSOC lATICN —COPYRIGHT London, April 28. Copper, ,£57 12s. Gd. per ton. Tin— Spot.-*-,£144 per ton; three months, ,£l4l 15S.' ' ' 1 Lead, ,£l3 2s. Gd. per ton. Silver, 24 11-16 d. per ounce. Wheat is firm, and a - shilling per. quarter dearer.

V ; / :WELUN'CTOrr SHARE LIST. COMPACT Capital FnSd &£ £"£:• ' ■' rBICT!q ;— d T£» - : raidUP - & S3 »-Js; 'Investor; BANKS. • £ . £ £ £ ■ £ i e. a.; '* ">• a - • *•*. \ -mZealand ... ,-.• r,rc0,001 AW . Si-' ; . 3*' 7 .'JO : ' ' ' r I o f ,2 J . national - ->'. •• &7C.OGO ' 535.S1J '-I lj ■ 12 . 5 6'6. .<.16 b 6 6 6 9 [13 5 INSURANCE.' " National . - . • jco.ffyi- • f4M33 J unltl: ' jj ' J 7 9 • ' ■Jew Zealand -. fOO.OCOV; - 306,67-1 2 8- 30 517 0 Fouth British v - ■■ . JOO.OOJ ' 471,913 J 4j 30 ' £ 17 6 Standard ' - -. . • . 55,(XX) 67,385 2 unltd, in 116. 120. financiaij. : . . : , . . Equitable Building r0.0M <?,M0 li' 5 • it) ' '£ '10 2 0 , , Metropolitan Building 4M6t t,6S 10 nil 7 " ' Wellington Invest. - , £0,003 3,933 ' -i . i , f,' ■ : 012 3 r 11 0 1 1 1 Wel'BtonTrast&Iioan 101,25) 44,334 6> 5 o 79 0 ;-711, 6 706 r 7 r . Rational Mortgago 200,0:10 112,250 , ' 2 -' B ■ 'in' '• 3 O'O' "3 16 ' f 0 # flS 4 N.Z. and River Plato - 300,M0 552,003 • 1 nil 7 112 0 113 n 313 0 <50 loan ana Mercantile . 135-221 815,133 > bj c 0 5 p 0 6 0 10 0 0 GAS. ■ . , Auckland - . ■ 160,37.1 • 13,351 c nil 36 .'■'■• Christchurch - . - ..ifi-2,030 f5,037 .&. nil - jo 10 2 6 10 0 0 6 0 # i'eiluins ■ • . « .' • , i>,;ao 101 1 ult _ . 015.6, 018 6 Gisborno..''•'• ' r,#)f 10,5il .1 ii.1 nj SO 0' -213 0 . £10 0 510 0 Hawora -. - . 6,26) 745 . j'. 4 10 ■■ ■ / • Plymouth - 'Jb.OOJ ' S.1M 6 nil * 10 .fcapier -■■■.-■ - , . .- ,) 10 nil ■ , 15 ■ 1 ■ . . " • 4C.037 - 03,161 - 6 a 15 . 1 * : .- - 1 1 0 15 ' . TilmerstonNorth , . [7,000 11,091 44 j jq ' , ' ' ' > : . Viollintlou..., ' • lu.'i'Ji. •• lu nil in 19 10 0 . 6 8 2 V 5 o .jo, .9150 ' MEAT. ! Canterbury■ ". 363,727 E0.071 7i -21 . 8 *19.0 .,8 0 0' . . *< .'Cbrislchiirch- • ■ " 163,30) 'i7,e4J lu ' mi. e 10 6 0' *10 7 6 10 1 0 714 7 Etar- • " mnnil ' W.Jil 1 n.i. ,12! 5 9 6 2 10 6 . • 210 0 f 0 0 „ . •"«") . i " d . ■ - 024 ' 915 .0. 10 II 0 ' ViellingtonMoatEip. j 6 nit." ,6 612 6 105,765}- £3,757 . i ■ 1 • ' 8-. 6 2 0 [ M ' |t t J •' lU 21 8 S 6 3 I 6 0 (03 ITanganni - 45,851 11,401 b nit B TRANSPOitT. V. & M. Railway ' • J70.011 121,451- 14 7 570 280 11 0 g O 0 J .i.. Bhipp'ii! - - - <173,811 113,7-51 8 mi. 5 6 5 0 Vnion Steam - - 600,001 ' 47i,53J'. ■ 1 nu. 75 113 '0 114 6 V etn. Steam Kerry - • 46.25J . 6j 1 n.i. i, : COAa-, ; . /Vestliort - '.v. ' 150,001 . 117315 , IV . ' 124 6IV 0 '"700 700 e 5 0 ! ltupiri - , 1S«J- Ml).. 1 n.u jj -,j 0 6. 1.1 0 1 0 3 7 8 0 wooiiiiiis. ' ' ■' .... ,„ X~ ' 1 iaiapoi- . . "■ ]00, r 0) £2,351'' 16... nit.'... .5 <-i«< * 1 - -- - ts.ui. 1'<M ■ ia lJ : .4. F, 0 0 .J 3 6 3 1 0 4 1-2 t . VcUlnglon - .... tO.OJJ • fcMii;.- * .' v - t 3'1 6 3 5 0 o. 0 0 8 0 0 .ulSCKLLANEOU-i' • ■ ■ '■ • - • ■. . . . Lonat'byRope , • 47,011 —. . ' •.6. ,nil. : . 0- .-.6 5 0 6 2 6 ieyland?c0'i!ri3-i . LB.Ojj ■ Ei.'Wl 1 mi. 15 ":i2. 3 0 '■ 3 9 C-17 2 l.auricovilleliiinj ; -J. 1 1' Uu u . . • ■ ,v.,„ - jn : .'L. Candle - - - \ > 10,0JJ. " — lu uu ' ' :• .KDrui's;;.. •• i(X),WJ. - £J,51| Jill 7 211 0. ,.2,11 fi fU 0 . f. S 0 '•! W»7oj ; •• 1 1 2 6' ] 3 0 .3 3 3 t 0 5 >./i.CciiieQ5-' * . . ii.iil ' .3 na 112 6 Jo. Vi ; •' '•?* i'i&J 4 i • 30 314 0 '>316'6 1 . Vaiu&Oo.-. .. . . f * • 1J 415 0 . "i ll S 415 0 8 8 5 Ot.craHotu,' - •; - t wl , 1 vi # .au'i ■' tlu lioOa ' 5^6,zuL : . . / 3". — V, AVliilcouiuutv: Tomi)."?-. - : £0,li5i . i. nil 10 • • ' \ g 0 'U..uj ; ' Wl'. .i -UU- ;'\i- Q ' 19 5: f ; v i 0' 0 • 1 0 0 7 10 0 ' 1 • ■ • ' • • . ' ";1 '