FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 190, 6 May 1908, Page 10

FINANCE AND COMMERCE.

THE-SILARE MARKET. ■ ' Investment shares are again quiet. ' At the call yesterday the only business recorded was ' a couple of sales of Wellington Deposit and Mortgage at 9s. Bank shares are quiet, and - . display a lowering tendency. .'Bank of New . Zealand shares Were on sale at '£9 9s Vl with no declared buyers. A few weeks ago these shares v changed hands'at JtS 125., 'and r .were ..in fair, demand at £9 lis., aM for them /to be offered* for sale now at £9 95., and with' the dividend'* '. shortly due, is significant. Either the balancesheet to be presented will not show .as good- ■ results as in the past year, which , seems un-, iV« likely, in view of the announcements made by, • responsible officers of the bank, or' there are many , weak holders of these shares, ; wlio are ' being forced by circumstances •to . realise., • National Bank shares;'are'/also quiet,' with 1 'sellers at £5 6s. Financial shares were dull. . ' There were sellers of National Mortgage at £3: Is. 6d., New Zealand and Eivep-f If.te at £112s. , -, Bd., Loan and Mercantile at 55., and Welling- ■'.-■/ ton Deposit at 9s. 3d. ,Gas shares'were'not quoted. Standard. Insurance shares .were in ../:'"/ demand at 225.', but sellers wanted 225.. 9d.v Gear Meat, buyers 495. 6d.,-sellers 50s. fid. ; v TJnion Steam, sellers 355.;-Wellington .Woollen, . buyers 615.; Westport Coal,-.sellers. £!. Manning and Co., brewery, shares were ( in demand at.£3 145., and there : wore sellers of LeylandO'Brien Timber at 435.; New Zealand Drugs at £1 lis.; New-Zealand. Paper Hills at 235. ;■ and Taranaki'Petroleum at'.9s.. • , - • THE MINING MARKET. Good busirfeSs 'Vas done in Waihis up to £3 lis. 6d., and there were also sales of Talismans and Waihi Consolidated. The quotations yesterday, were •as , '-under:—' 1 .; . V .- •:. ■"-• <;.i.-. Buyers. ''Sellers."', Sales;! £s. d. £ a:.d.s. d.- ** Waihi Consolidated 0" 111 0 2 10 110 Tairua Broken Hills 0 3 4 0 3 7 — Big River ... '...11. 0 12 .6 . — , Waihi G'd Junction — . 115 G■ r* Talisman, ... ... 210 6 211 0' 2 9 6 Waihi ... ... 9110• 912 0 -!) 10 6 , s ii" o ~a n 6 ' ' STOCK EXCHANGE VALUES. ;.- - The reduction in the rates for money in Lon- . don has not benefited Stock' Exchange rvalues to any great "extent! In' its customary article' on' '■Stock Exchange Values," the Bankers' Magazine " /for- March states that "stagnation iii '-' business, with an' irregular tendency in 'prices, • has again characterised the stock markets duri ing the ; pa!st month, and, notwithstanding ' a " very large increase .in. the American departpent, the actual net movement for the month is unfavourable, - the representative' '.list ""of •■' ' securities showing a decline of just under.ten millions,; sterling. ' The, exact/figures, are as. follow:—Aggregate value "of -387" securities on February 20, 1908, £3,558,765,000;' : ditto on March 20, 1908, ,£3,549,107,000. Decrease, £9,658,000. , ;-r V. ' - ■ . HiglMslass investment securities, suoh'as Consols and corporation issues; have benefited by further reductions.in' the Bank rate; and hopes of easier money in April:/, The'. movements, - however, have not spread: to. other departments; . such as English railways,\ which'/ "on" tho contrary, have been adversely affected by continued apprehensions. of legislation, inimical -to ' . the interests of. investors in Home securities. The more particular causes of disquietude during the month-have been- the nature of "the, Licensing' Bill <and • the proposed miners'-, eight-: . hour-day-Bill.: English railway- ordinary stocks show a very heavy diminution, and'even prior ' charge issues have shared in tlio downwardmovement, notwithstanding the easo in ra'onoy:'' In the more speculative departments there has been .a very sharp. rise, in American>irail- '-■' road securities, 1 and, among mining/shares, cop-: per descriptions have rallied strongly, also in: sympathy with some improvement/ in the 1 American trade position. On the other hand, South African descriptions have been dull,- the- ' downward movement having been led 'by* dia- '■ mond shares. English bank shares have been a dull market, partly in consequence, no dotilit; "• of tho decline in the Value of money, and . foreign and colonial bank shares-were, generallv lower for the month 1 . .' Insurance' shares have given way. " BANK OF AUSTRALASIA. , ■ • The report of the Bank of Australasia for the half-year ended October 14 .last,-presented at the meeting of: shareholders held in London on March. 26, stated. tliat ; after making -tho usual deductions, but including,soma recoveries from old-accounts; the net profit': was £205.750. To. that was-added £17,325' brought for- ■ ward. A dividend and bonus ,of ,£2 16s. per share, free of: income-tax, absorbed ,£112,000, , , while-460,000 was added to reserve!'£lß',ooo was applied in reduction of premises, and £17,000 ~ as a bonus of 10 per cent, to the staff,' leav- • ing 416,075 to be carried forward. The following is a comparison.- of, tho'figures of'the balance-sheet with those of tho corresponding period:— . LIABILITIES. Oct. 15,' Oct 14, - 'i.-' : 1906. -.' 1907., £. j £ : Notes ... . ... 470,007 505,428 'Deposits ... '... ... 16,001,835 '15,8:9,335 ■ Bills payable 2,654,123 . 2,861,587 Capital... ... 1,600,000' .1,G00,000 Reserve ... V. -1,310,000 - 1,470,000 Profits. ... ... ... 128,801 128,07 a £22,164,826 £22,444,425 Cash 5,C02,940 1,726,811 Investments' ... 1 ... .1,131,838:'.' ' .|.1,70G,50S Advances,-etc.... ... 15,160,551 15,771,652 Premises... ■ ,269,497 239,575 : , ' £22,164,826 . £22,444,42J The Chairman, in reforring, to the ,outlook, said:—"As regards the outlook, it is on tlie whole satisfactory. : There was a, partial drought; .'that' will mean : a less export ol wheat,abutter, and other- produce. '.Wool/'tfiid metals'have fallen very considerably in value, and I am'-sorry-to say the fall continues. Thai is probably partially duo to troubles ii America, ,and I hope it will bo only temporary On the . other-/hand, there have been excellent rains in nearly all Australia and New Zealand, and tho. numbers of cattle ant sheep have considerably increased, whicl means,:of course, more!wool and more "ineai to export." .. , . .. .. . . 'v

-.INSURANCE, ON CROWNED - HEADS. The fact''of -the Equitable Life Assurance Society of the United States having to pay a .claim, .of . 100,000 dollars on the life of King Carlos of Portugal brought ' oh the heads. of insurance officials . much criticism in the United,,S,tates.'„;lt was alleged that' one NewYork company had a policy on i the life of Alexander I of .Servia, and that on some of the Uh2 tbe office ]i 0 W as tabbed "Occupation—King: hazardous.'-' It was also asserted, that the names of the Sultan of .Zanzibar;-the.Emir of Koweyt, and the Shereef of Mecca were to bo found on the catalogue, files of New York offices.' These charges! brought a disclaimer from the . officials of the "big three." It was then explained that ;thtf; .£20,000/ policy issued by-the Equitable on the'life: of- King Carlos was the only one that any.of thorn-had on Royal lives! This much was admitted, that many applications or inquiries'as to tho companies' willingness to insure royal, risks been filed with the three large companies of New York; but thoso companies, have not cared "to.fish in troubled waters" for business, have seeii-.no particular reason for hazarding large sums -on insecure royal heads, when plenty of , business was to be had in ordinary channels, and liehce—of late years, at least—have ' invariably declined the proffered honour,of insuring royalty. Tho Equitable's , policy on. King Carlos -was written many years'ago, and it -is said to be extremely doubtful if a single other royal risk ■has since, been accepted by any of the established American, -companies. The Mutual' Re.serve did try to mak a bit of a splurgo in England 'and France, and possibly may . havo placed - -some- of its'- always-assessable. policies on crowned : heads' third or "fourth magnitude; but, as . recent,, events shown, in that case the crowned, heads' were taking more risk-■thanv/was: the" Mutual Reserve. ' '_.../. . r . MINING. ~ V (BY TELEHEAPH —PKES3 ASSOCIATION.} Auckland, May 5. .. During; April -the JJIiZ. Crown Mines crushed and treated' 15§4' tons'" of ore for a return of bullion, valued/at r £3577 v This is an increaso compared with the return for March, when 1748 tons yielded £2511. The return for April, 1907, was £4333 from 1813 tons. Tho .-total amount, won from tho mine to date is £731,164.■ -v--:". Ii.iWEELINGTON MARKETS. Messrs;'Laery ari'd : 'Co., Ltd., Wellington, report. 'whplesale.. prices:ruling on the market:— Wheat,":fpwlß';,ss; -'3d;- , to ss. - Gd.; oats, /3s. to 3s.' 3d.;" "seed - oats, *-'3sJ 3d. to 3s. 6d. ; maize, ss. 9d.;,crushed.malt, Bs. 6d.; Prussian blue peas 6s. 6d. to 75.,. fowl peas 4s. 6d. to 4s.' 9d., all 'at per -bushel ;'"flour, New Zealand- £12 -105.,/' Australian, £l|;/to £11 10s.; bran,'-£6 to £6 55.; pearl barley,j/£l9; split peas, £18 10s.; bouedust,/£6;, isiiperpliosphates, £4 15s.' to £5 55.; chaff ..(oatepshmf),, £5 15s. to £6; oatmeal, £13 10s.; "potatoes, £5 to £6; Tasmanian seed (Up-to-Dates), J6 10s.; bacon, factory sides 83d., hams 9d., rolls 9Jd. ;,'butter,. bulk lid. ■ to Is. Id. ,* poultry, hens 2s. 6d. to 35.; ducks, ss. 6d.; tiirkeyS, gobblers 15s. to 225., hens Bs. to 95., all at, per pair; cauliflowers, ss. to 10s.; cabbages, 4s. to 10s., all at per sack; peas (gfeen),;,9d. to Is. por peck; fresh eggg .to ;2g. eggs Is. 6d. per doz.;'cheese/ 6d. to'6Jd. per:lb.'; onions, £7. to £7'los: per ton; Akaroa cocksfoot, lOd. to ;lld:';'ryegrass J 6d. per bushel. .. .. .. ...STOCK SALES. . , Messrs.' „Da|g?ty. and Co.\ report. that at tho Marton/ sale' yesterday there'was a fair entry of,sheep and „ . entry of, cattle.- Forward,ewes, lis,,/lis. -Id'.;; small 2-tooth wethers, ■ 10s.;-id/;;medium ~Mooth wethers, 12s.'; cull ( lainbsV' 3s. Id. •At the stock sales at Pahiatua yesterday :of Me%-s.''Abraha'm' J , AVilliams -and tho Loan and Mercantile' C?.!/'Ltd.,' the yarding was only medium in •-all' ! liues. According to an arrangement among the brokers in the district a time limit.. for selling was applied, with satisfactory results." Business was conducted freely'' 'and wethers, 10s. •ifdi- 'to fat," 14s. Gd.; ewes in lamb, 6s. to 10s.; fat ewes, 16s. 6d.; lambs, 2s. 7d, to 6s. Id.; woolly, Bs. 3d.; 21-year bullocks, about 675.; 2-year steers,- ,425.'; ■ 18-raonth heifers, 15s. .to 255. ' ' " Messrs." A. X.' Ttilson and Co. .report havinp ,held,..a„sale, of dairy stock, horses, traps, and plant, at tho farm of Mr. Harry Lancastei yesterday. \ Eighty-five head of. dairy cattle ■were yarde"d- and" were sold. The -attendant :,was buyers; coming from the Manawatu -and. qther and tho . keen. competitor ■ for . dairy:|stock,. whicTi has been .almost a'dru{ . on for some time, Vas a refreshing change! ' Mr; 'A.*L. Wilson was the auctioneer and disposed of the herd very expeditiously Young„cows, close to, calving, or just calveil sold from '£7 to £10 10s. a' head; older cows and those,some distance off calving, brougli; from £4 to £G; springing heifers, from £4 5s to £7 55.; yearling heifers, 255. to 375. Gd.; ant Wb-yeai"'heifo'rs,"£2';to £3;, trap horses, up t( £27 10s. Tho sale of traps and' sundries con cluded_a very successful sale. , . PRICE OF BRAN, (BY XELEflßAPn.—phess. association.) Christciiobch, May. 5. The', New Zealand Flourmillers' Co-operativ Association has advanced the' price of brai by 10s.—to £5 15s. per ton. GRAIN AND PRODUCE, (BY TELEOIIAriI. —PRESS A8S00IATI0N.) ... - CiißTSTCHuricn, May 5. ' ''MerchantsVand:-.millers report that little, o , no .wheat is, offering... The market is very firm . ; but>ihi;the: "of "offers no business ca: b'e ; dono:"'» Tho-same may be 'said of. oats,'an . lo'rdors ' nre being filled out .of store. There-i ' kii'inquiry-for: bats and chaff from Australit but'at present prices any business from tho quarter is 'likely •to bo done'in-tho South. . fair- amount of- business continues to be don i'li'potatoes"at"fiuotptions. According to - th latest' price list issued by the -New. Zealan Flour': ■-''Millers'//'.'Co.-operative - . Associatioi Limited/the price of' bran per ton is now J. 155., a rise of 10s. WHEAT-AND FLOUR. ' ; BY TELEGBAPn—PHESS ASSOOIATION,—COPYBIOHI London, May, 4. The total quantity, of wheat and flour aflo: I for the United Kingdom is 3,23o,ooo.quarter for: the Continent 2,305,000 quarters;'Atla'nt: - : • : phipihents,'"4ljooo'quarters;. Paoifio, '10,000. ~

WELLINCTON ; SHARE /LIST. " ! v ■: s '4 gg rJ ■' > ricts - ; • - . COMPANT. . v . j-ujaupf Balance <6<n Sj™ ■ ' „ . c„iin r ' kast . J", ForwarJ fns, fchar0 - ,IJuyor- Sollo . Investor. ' • ' BANKS. '■•' £ ■ ' £■ .£ •, d.'- • f, s. d. £. s. d. / f.fl; fCT Zealand •. ffCO.Wl ?P1.671 3i 10 '"' "0 1 # <ls ■ Rational - • * S75 000 ■ 235,313 24 : 15 W EDO 5 G 0 6 p 9 £13 ,5 jnsukaxce. •• '-J x!:• i; u .- 4 . " National 'V :'-JOO.OOO > J unltd. ',-15 ■ •i'do7 3 ■ . ' , KewZealand ■■• ' pco.000 '- 296,074.. .•' i a .10' , *'"'17 0 j ' Fo*ith British . • KO.OOQ tfCUJ • ' I 1) 10 <■ -2'l7- G Standard' - - : 5AJO t'/,3SG . • unltd. . 10 . 1 2 0 1 2 9 ' „ FINANCIAL. , , " ' Equitable Building , £0,030 f.2'10 5 B . 10 30 2 0 ■ , Metropolitan BuildinJ >. 49.C61.' . ,;jo .nil 1 ■ 7 >'..T .Wellington Invest. ,'50,000'- '3,fi3i - < I 1 6 ■ , " .',012 3 ./Ml 6. r 4 4 ■Wel'etonTruatcfclioan • 101,251 q 6 8 ' 7 9 0 ' V11 0 ' 1 9 6 r 7 0 . NationalMortgage . . - 500.0J3 ]12,2j0...... a ,, B ., _ ]0 ..'.ii 1 C . : 1 0 f U 1 K.Z. and River Plate .- 300,000 550,000 - «-*-J 'nil"" r 7 !j_fl IS 9' '. 112 6 4 5 2 ' Loan and Mercantile - 135,»J ' £15,133 j. bi 6 I ( (■ '.'[•! 0 10 0 0 ' ; . ■ " GAS.. J '■ . r .. Auckland160,37.1f3,351 1 nil ~ J1G : 1 '' ' ' Cbristchurch. • \ 15-2,030 • £5,037 -j mi' * -10-' : 10<-2 6 10 0 0 '5 0 0 leilding ... . 12,000 1J-1 a nil — 015'6'-""0.-18 0 Gisborne. . - •.'.".10,5.1 ■ ■'j- .lull ;.ui. ;j 9;'6 1.2.J0 0 - E10 0 610 0 Hawoi-a : - ' . e.ioJ 715 ■ j i .. 10 - . . . Kowl'lymoutli - . . lB.OOJ .--1,159 .. 5 - ml 10 - ■ Kapier - -' - . , ] -' "" j0 ' V ii'il "is"'" v ' '' : : m ••• •' .• . <C,057f' SS.18J '5.5' 15 ' , . ., -. . I •••• 1 - • 9 •• -15 ; TalmcrBtonNortV. .57,000 11,092 5 10 : / ■ TiellinKton • :jg' ..-.n«lU, .10 » = c-:-"ii'"1910 0 ' . : '' -- ' 121.570; t "■ 5. ' *j-. . lu ' r ' 915 0 '■ sweat; ':'i v .; ; . -I..,-. J',' . Canterbury - • •: 153.737 : . : f0.07i.'. 2i' 8 7 11 0 - 8 0 0 Christcburcb - • J(u,3JJ . .- '.T.iiJ;. 10 ,mu 8 10 6* 0 10 7 0 10 : 7 0 7 14 7 Gear - - - . • f . m -) » USO' . ';.14 (i i2 10 $: 510 0 >00' - C .. ; Sli 0 -10 0 0. WellingtonJleatEsp .-••• 1 t nu. . S £12 6 ■'« ' 1C5.705.•.Tts.Tffi'."Ct'-'L vn,\ S s; i.ifi'2 o' s s o rs i . . .. . ". ). i. 2j B E 6 0 t 5 0 ( 0 E Wancanni „ 15,650 H.W1 i< ■ ■ uj. ' t ■ TBANSPOTIT. .. . .. ■ . , V'.JcJI.liailway • 170,033. 121,15) 1- 4 7 2 7 3 2 9 0\ . 2 8 0. 018 4 . - . . ■ 47J,31J 313,7ol g mi. 6 6 5 0 UnionSteam • /'• E1X),(X)3 ' .4V-.3JJ 1 .,'.>>'"1; Jl. .tl.13'0 115 0 fitn. Steam Forry r . -. 4ii,2;j - w i lid, .. ..6. ; j COAJj. ' ' ■ , ' ■ Weetport - . CEO,031 J17.JU £4 H Hi 618 0 7 0 0 6 19 9 f 5 0 laupiri. . . LaSOJ MW-, 1- " S4 . 1 1 6. 0-19 6 714 0 WOOLLEN. . .. ' ., Kaiapoi- . - • 100,103 ®®l . 5 , «"• ;. 6 • "iW® 1 .*'-'* " " . "•J", '"5-3- ' **■ •' * ■»..»'0\ 0 3 3,6 ,-3,1 0 412 0' Wellington'- . - - LO.OOJ V 'A l> 8 10 E 5 0 '. S 0 0 8 0 0 illSCBLLANEOOa \ ... ., ■ DonagbyKopo - 47,033-. ... —'.5 6.'0r0V.fi" 6 : 5 0 6 .1- 0. l-eyland&O'Briau •- ' LS.UJJ ' 27,761 ,"l wi... 13 ' . a « a ., 3 o fi17 . >JJauricevilleLiuiJ" ■ ' V.00J • - ' • -0j " *• i-' ■. iiii'...V f 8-- ■' :n •" . ' . :&.Z. Candle • 10,0JJ; v.' 1U Ull .\ '■• -r £4.511 ■ " Ul !'t V 211 0 ' Bll'O' . fll 0 6 3 0- . ' . W.753 ., 11<( ,, U '(V.. JL'. -1 2-6 -.I Z Q 13 3. £05 ■ • . . V - .1110. 'ill $ j • Manning«$; Jo.: - - .. : Do.OOJ • t •H.bW • -*t - -.1 ; . <lfl .''314 0" '- 4 .0 0 ' '• ->ard&Co. - " •, • ,4 1- ;/-10_ • -j.115/,0. . 4 17 B • '{15 0 8 8 5 . ; >Yj;tn. Opera Housi - *: 38,631) a.'iUj ' t .nil ■ ii j, .A... ... - , • i Vytn Fresh I'ooJ . LE.-iSl 1 til —• ' Vk'hitcoinlje6£Tombs iw&J r .< *t' ; lflr:' q • 'r . ";V fcharlanU. Uiiiitea ; , • /WU ;' ' ; 0 Id 6,. r; l 0,0' j 0 0 7 10 0