FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 192, 8 May 1908, Page 10

FINANCE AND COMMERCE.

'• ' / ' THE SHARE MARKET. ' /In theinvestment market ,a coiiplo of sales, - wore reported, which is about the average. 1 . • New Zealand and River Plate shares changed ,' ' hands at .£1 12s. 3d., at which price they yield only 6s. '4<L per cent. Tarahaki Petroleum ;:'V V, ; - shares sold at Bs. Gd., showing a ; slightly, • weaker tune. There were comparatively-few' v.' •" selling quotations 'yesterday, and their withdrawal .is, we: hope,-, an' indication that . a read.-, ;; ' '■' ~ : justment in values- will be made. Sellers must ;•' ■■■:' ■ remember that caii find outlet for' >' | /. their money :iri -mortgages,'' which now return■ i l '/ '"from 5i per cent, to G 'jjer cent.,,and more on 'j ! -first-class security,-and;it cannot bo wondered ' '/■' if mortgages, are preferred/ to "shares, which Wo< / : not give. as good a return!, There were sellers j. ■ :j '," /i '. of Rational. Banks at £5 ' 6s.Gdi," 'Equitable Building at .£lO 25., Nationa.lMortgage .at £3 Is. Gd., Wellington, Gas at «£l9 10s. and ,£9 15s. /<(. ••;•!••• for the respective issues,'and:Bs. Gd. for. Tara-- '•' . . 'naki Petroleum I .' fThere"were buyers of New" Zealand and' River Plate . shares 'at, ,£1 125., :••• Feilding Gas at:i7s.;:Gear Meat (£1 paid-up) at ■ • £2 9s. Gd., Wellington Woollen (ordinary) at £3 y.--'/ v Is., Manning and Co. Brewery shares at >£3 17s. Gd. • ' :■ THE MINING MARKET..,.!: > Business was done in'"small" scrip, and \ 'also in Talismans,. which .sold .at ,50s.The y market is'weak for Waihis.and.Talisniaiis? The v , quotations yesterday were as under:— ... :■ ) • .. Buyers. Sellers. Sales. ■ .£ s. d. J! s. d. £s: d. Talisman ... ... —- 210 0 210 0 vJVaihi , — 9 12 0.. . — ■ Waihi Consolidated — .— ~ 019 9 . Big River ... ....' I 1.9 — . . Blackwater ... ... .< r- ■ , I ..6/0 >1 6 0. ) 15 0 ■ .' . THE LONDON STOCK EXCHANGE. ' ' : It is reported by cable that 200 brokers, have i retired from the London '. Stock-. Exchange, ; -owing to the;dullness,.of ':trade.,'There is no • : ' doubt that business on the Exchange has been bad ever sinc&r the financial crisis m America, ' and tbere]is little hope.of/its improving imme--. • : diately, because of the attractive terms upon ' . ' Which- new gilt-edged ' securities are being -;;: \ ; '.offered.£ Besides . this; admitted.dullness' iiv . trade, an^impbrtant.change'has./been'inade.'in • the relations, between /brokers and jobbers; ■ There was' a' great ..deal/of/'opposition-'against the change, but 'the reformers were'successful ■■■■ at thesannual election in March, and no doubt some who were .conservative, ;pre- - ■ ferred to'retiro rutherthau eontinuG../undei'..the ' / , new rules. A seat on the Stock: Exchange-is worth a considerable sum .of money,-and, subject to.certain necessary-restrictions, is a:mar-, 1 ' .:/ ; ketable asset, and it is/a question<whethei i the 'J'membership' of the Lohdon Stock'Excharige'is any less in point of'numbers than it was before . 1 the . two hundred retired!/.. , - ./.. r ' ;: ;'X ■ :,: DEPRESSION IN CONSOLS. ;; Imperial Consols, which dropped to £35 7s. , . Gd. a day or two ago, are now ss..higher. The, decline was attributed;'to the uncertainties of . . the Indian frontier campaign, and to "bear" v!z / sales., ' -When money is cheap, as it is. at pref sent, Consols generally , display, a firm Upward' tendency, and the depression now lis partly due to the.factors mentioned above, and,also,to the ' uncertainties. of tho Budget proposals.Tlie chiof factor,'however, appears to be the pie-, .. V ■ thora of new gilt-edged securities that , are com- , ing/on<,the. .market./..The new , loans give. -,a . better, yield than do Consols, and naturally tho >z/ : latter suffer. . Imperial Consols aro bound to : recover,.:but ijihe .process-of'-recovery .may ,be. prolonged. COLONIAL SUGAR COMPANY.', ■i- ~ - The' accounts of the Colonial" Sugar Refining. Company,-Limited, for" the ' half-year" ended! - March 31, 1908, show thatithe.net profit earned" - >for the period was^£l3-1,779,\t0 which has to be .: added the balance brought forward of .^2^,882, j.- " making-available <£159,661. ' Out of this sum,, a dividend.of.s per cent. for. the.half-year,ior at •• tho rate of 10 per-cent, per annum, absorbing .£124,037, has been paid, leaving'<£3s,624 to be carried forward., ;:l,he , .prbfitiand^'loss ) account shows the transfer of i£75,000 from the. indivi- . i dual. profits, of i£99,Bß2,,Silking .the half-year to,, .. capital account, in'accordance with the'.ar l: rangement made in June,'l9o7, for increasing •> the capital from £2,200,000 to and • , .tho paid-up capital now stands at TIIE WOOL MARKET. / , 1> : ' . At : the .approaching :London. wool sales, only 245,000 bales will bo offered, although . 263,fiMT . bales -were' reported available; /Shippers have' instructed their agents to hold over wool until, later'sales. An interesting summary, of the "/ -. position. of the wool market! from an Aus-' tralian point of view appears in the "Statist" .; of ,March ; 21, to hand by yesterday's maiL ' That authorify says iWTrade, !as . everybody knows, is declining both at Some and abroad. , - American buyers have been absent from recent London sales. America, it is true, bought a good ;deal' at the, local sales in Australia. But that was just before the panic took place. Since the panic there has been no American ■buying here, and that, of course, is a,(source < . v of weakness /to this, market; Moreover,...the. ■ wool'trade upon the Continent is very depressed/and, consequently, the Continental demand i/is wanting. The fear, therefore, is that-, the fall may continue. Whether tho small.', deficiency in the clip will prevent. a •' >• -"further':fall in the price of , wool remains, to bo -seen. It is argued,' too, that .'money will be abundant .and cheap, • and. that in' the presence of. very;cheaj) money ; tho decline in • - trade is' not? likely/ to 'be-carried very- far. ; :. Thirdly, it is argued j that. America is already beginning to/show signs-of: recovery from the . worst of the'panic,: and that, although a real recovery in : the United States ,is not' to be expected yet,- there wjll .not be such a complete absence of American demand as .there has been during the ipast .three or "four-months. All that, • howover, is forthe present ,mero speculation. What can bo said with certainty amounts to this: that though thero. has been a cousiderabls fall in prices, tho profit to,the ilockmasters is still handsome. ' If, therefore,, the fall is not carried vory 'much farther, it will not affect tho prosperity of Australia. If, on the other hand, it is carried mucli farthor, it may materially affect the prosperity of the Ilockmasters." ; NOTES.' Board of Trade-statistics for 1902-1907 show /,- that tho total exports of tho United Kingdom,

rose 'in the' five! years from <£383,-100,000 to • Imports rose from ,£528,400,000 to .£'645,900,000. • The profits of the Bank of England for the half-year ended February 29 lijst, 'after making provision for all contingencies, were .£650,701' Bs,'" 2d. The dividend declared for the half-year was 4J per cent. ■ . ','Prep'a l rationS' , are ljeing made, in ' Argentina, for taking a l 'cfenstis of the agricultural and pastoral industries. • r It will 'probably be found that the; of-sheep and cattle are much smaller .thaJi they "were stated to be according .to ( the.i.cVnsus ;of.,lß9s—especially- 'as regards sheep,'.though sheep-farming has increased of lat? years,in/,the,,fat.south. A commission has been that country to select sites .•for,.-two,;;?froe ports", or "free zones" on the luver ;PJate, - '_TKe 'total output of' Portland cement in tho United_ States in the calendar year 1907 was' approximately 48,000,000 barrels,- ag compared with'an output of 46,463,424 . barrels in 1906 and of 35,246,812 barrels in 1905. Though the production of ,1907.shows, an increase over that of ;1906p it is,"Might' as, compared with past annual gains in / the 'cement industry,..indicating, that cement production of the/United States/has now reached a stage in. its. deyelopmpt where it is promptly affected/'by'.general business depression. ; The Indian-trade-returns continue .'to show ai decline, in the export trade, owing. to tho /unfavourable for, some time past, ,\vh'ich,vlias';.reduced; ithe quantity of produce available for export, and owing also to'' tho decline in .prices for some ieading staples. On : the-iother- hand imports continue to increase. : The February figures , show that imports of 'merchandise;-into;ilndia- amounted to 190, or. an increase of £1,542,134, as compared with February, 1907; and exports of merchandise to £8,483,747, or a decrease of 164. The change in Indian conditions indicated* by-figures-such as those, means a falling off' in the demand for both silver and gold, Australia being affected in both' ways.' STOCK EXCHANGE. ' ■ . ' IBY, ASaOCIATIOrf.V . - . Dunedin, May 7. .-. Stock Exchange, sale: Alexandra lead, 3s. 9d. -IIVE ; STOCK SALES. . i' The New./ Zealand , Loan .and Mercantile Agency-, Co.; Etd;,-;'reportAt .Palmerstori. North on Thursday .we had a medium entry : of sheep and rattle. The sheep consisted'mostly of/ ewes .'in, lamb, for which little demand existed.- Good conditioned sorts sold well, but anything -vjras .neglected . Cattle'sold freely, particularlypcow/beef. .' We quote:—Cull lambs, 45.; medium lambs, 6s. lOd.; cull ewes, 4s. lid.'; cattle,; weaners, 17s. 6d.; store cows| 20s. to 31s'. ; two-year' heifers, 31s. to 355.;' springing heifers, 10s. to M 165.; fat heifers, jG4,5s. ; forward cows, £2 4s. to £3 25.; fat and forward criYv's'. .£3 10s.; fat cows, .£4 4s'. 6d. to £5 45.-;'-3-year steers, £i to £i 7s. 6d. 'Messrs. . Dalgety and Co. report that at their Palmferston sale yesterday there ~was: - a''good' entry'of": sheep, and. a fair > entry of cattle; Fat, ewes made 13s. lid. ;• fat. and /'forward ewes; 10s:-; 9d.,' 115..;3d.,. lis. 4d.,. 125., 12h. 7(1.; ageii ; -is. 6d.; forward'ewes, Bs. 6d.; mixed aged breeding ewes, Bs. 3d.; 2-tooth wethers,- small,'.-10s."i2d. A line of 780 empty eweS fealisedi',9s. ;'"2l 'to 3-year backward .bullocks, M 2s.';' , store'cows, 285.; yearling steers,, 'small,'27s.. Gd.'- ' • ■' LONDON" COMMERCIAL. ._ BT TELEGRAPH —PRESS ASSOCIATION —COPYRIGHT \ ■»> : '/>A' ■ , London, May G. '' " WOOL. Owing to some shippers instructing consignees to-hold w-ools, the brokers will offer only 245,000 bales, including Panta Arras and Falklands, wools, at the forthcoming sales. ■ ' TALLOW. At the, tallow auctions 1347 casks wero offered audf 554 sold. Prices were unchanged. .....METALS. ... V.-SilvOT,"2M^j!er.*<a.'r,< , .Copper, „on . the. spot, ~£57 17s. 6d. per ton'; : three'month's,'ifisß''2s'."6d. . • Tin;—Spot', ;, jei42'per ton; three months, <6141. ~., LONDON. MARKETS. Messrs. Dalgety and Company, Limited, Wellington, have received the following cable message, from their London house:—Hemp.— "Prices are lower," and we now 'quote good fair at £25 to ,£25 10s. per ton. We do not expect the decline to last, and look for a reaction upwards. Wool.—The list of arrivals is closed, and, , the exception, of the Aotea's, all have .'arrived in time-for the ensuing new arrivals have amounted to 318,000 bales, of -whioh 132,000 bales have been forwarded direct to manufacturers at home and abroad, leaving 263,000 bales available for sale (which includes 78,000 bales carried forward from the March series). • ■ MEAT MARKET. ' *'**. (BY' TELEGRAPH.—PRESS ASSOCIATION.) . Napier,. May 7. 1 Tho.lColonial:'Cqnsignment arid Distributing Company ! cable.that'frozen meat prices are unchanged. ■ " ■ STOCK EXCHANGE DULLNESS. • ■RETIRING BROKERS. BT TEtEGRAPn —PRESS ASSOCIATION—COPYnimiT. , ' London, May G. Owing to'dullness:'of business two hundred brokers -liave- retired from the London Stock Exchange. : • CONSOLS SLIGHTLY HIGHER, er telecirape—press, association— copyright. , ■ London, May 6. . Consols were quoted to-day at <£85 12s. 6d„ .a rise of ss. ;on yesterday's price, . j

V ' WELLINGTON SHARE LIST. ;-v ;: roMPAx? • ' ™tM *£5Sa' fig r-tebn. ..-raicm , | T , M " 7 •• ' 9 FaidUp. Balance ram '■ -ii'' ''r»ii„ 1 '- I««» • ■ [■,- r O " r f: - I'ovmxS Share, Q Buyer. ; Sello r g a]0 Investor. BANKS.; f 1 'i £ •■£• £ s. a. £ s. a. J s. a. f f.fl, V... Few Zealand . . ;JMtO,CO!) -581,673 3J .-31 ■■ JS . 9 9 0 .912 0 3 (I s • Kational - - 575,000 ' . 24 ' 15. i' 1 ?;,' S.5 0 , J 5 6 6 6 5 0 C 13 5 INSUKANCU y i,. .. . • y , . >. * • . .Kational - - • 300.00(1 ,SiM30;. J' unltd. 15 .... ,,17 3 Kev? Zealand ' .- SCO,003 £96,674.- 1 „ i ' 8 ' ' '10. " v. f.]7 0 ;. Fouth British . , JCO.ODO . 474,913 • •.£ 4j 10 . i i <£ 17 6 i ftamiard • . . > * 75,000 ■ ~v67.38S a unltd. 10 1 2 0 1 2 0 " ' • . i • FINANCIAL. . - ■ ■ --- !. EquitableBuilding co.OOO 45,240 ,,b B . 10 . , .10 8 0 Metropolitan Building 49,!i6t . 5,638 j-]0-' nil V t .■ Wellington Invest.'; - 60,000 ' 3,933 j i 6 ' 012 3 ril 6 F 4 « • •••• WrtWonTruiMfcTfOa?. 101,250. i 44,331 , 5' .5 , 8 7 9 0 711 6 7 9 6 ,r7 0 ■. Kational Mortgage . 7 . 200,000 .'. 112,250 • • g 8 , 10 • . - - • • 3* 1 - 6 . j 1 0 / fil 1 f ; '.K.z. and Rivei;Plato.-300,000 ■ ' £52,000. ' nil' 7 112-0i •...•113 9 112 8 ■' «('< . Loan and Mercantile - .'135,221. '815,133 . j. bi 5 ., ■ . . 05 o C'6 0 10 0 0 . .. GAS.U .. /. : *"'_v . Ancldend -150.370 ■ > 03.353 . '".5 "ill'.; IJB' 1 T " Chiistchurob" . '162,000. ' r 65,037 j- . oil •<; >10, -jo'.j J, in n 0 1 k n n Foilding . - • . ;. 12,000 1Q3 1 "ml 017 0- .i'. . . .Gisborno: . . . . 17,300 ■ 10,5il - l.. - na. .. 13J 2 9 6 '-210 0 210 0 rin n Hawora ; , 8,251 '745 ; j . 1 10' ... Hew Plymouth ' - ; . 38,000 . - .. 6 .,'nU,i 10 ' ' / , Kapier ..... | : ' •' . 10 nil IB • • • • „ • v . . . . <9,957f • £3,133 V6 5'--'' -OS'v-;-tv f;..' "■ l . a: 15, : • Falnierston North , 57,000 : : 11,003.. .. j 10 : •* :.! : vVellincton'. : . . ia4 i; 7n ' ;. 7l.;i03 • . iu , 7, n(!; • ,:J0., 1910 : 0 ■ :. ' ' MEAT. , • - " ' -■ ; "' .. CanterLm-y - .- ' " ]63,727 f0.071 jJ: . S|: • S- 719 0 8 0 0 iv,-V Christohuroh ics,333 7,Mi .- ,iu ml. .;. .. .8 10 6 0 10 .7 6 10 7 0 i 714 7 Gtor - - ... '• • c . 20i):) l tB.261; 1- nur.r .-lij . s g ; r G i 5i0 6 10 ■ „ J j • .. i" " " • ' r. ' ...4 . » 9 13 0 10 0 0 c .Wellington Meat Exp . i. 6 /mL.,.. ;i,8: •. , r *'612 6 105,765, : f3.767 4 1 6 5 2 0 6 2 0 ' , 5 ■ k-, : v .■ J . h • 21. & 3 5 0 3 50 [ 9 3 "• ■ . Wancanui „ ' . 45.830 ,11,401 ..... f . ... B . 1 3 |v. ■■■■:; '■'! • TRANSPORT. : p v - • ■ - ■«.."» . • • ■' ■ [ W.&M.Raiiwar . •170,001 ',121, 4-ol" ; 1 ' Vi' '7. 'j "7 3'. . ' s , g 0 2 8 0 018 4 [?. : . Iv.Z.Shipping' • . •• 473,SI) - 113,7ol S nil. ■ B : , g 59 ..Y;V- >: VnionSteam • . ..'800,001 472,591.. • -'1 • c '' r '- : : --113 n, ■: 135 0 :irVictn.SteamFer.v • 46.25J Hi' 1 1 'mi.. 6''" " coau , .> . .■■■.■■• : . t,-v;:::|v Wcstport ,££0,00) • 317,213 . J2i . 618:0 ; ( 7. 0 0 6 19 9 f 5 0 laupm -- •- •. ' t2WJ 6.3iJ ... 1- ' 1} ; ..., „•..<) 3D 6. 0 19 6 !» 0 !.V . ' • r iW00iiii ? i;N v V 71 v:Eaiapoi-- • ;■•'* • ; 100,000 : £2,851.;. ' 5.- - 6, • •• .«Jf ./ fj,' «• v luosgiel'- •• • ;• '* fcij'.-jj/ - M 'l'','2Ur' '' 4' ,£ q' 0" 1 V q g #' 1 a j-ia > n ■. I /S.. 1 5 o 6-i o . n - ManrjcevilleliiinJ . 7.00J : / 1 .-■ou. a V ; ; >i.Z.Candi« - - •/. ' . "10,0JJ;. ... . JU uu ■ : n M /'. - ■ .••.'• c;V.'V-\fK.ii.Dnigs ; £00,WJ •' : ; u 4J *'21X0 - - 511 n nf n e «.n [ '. Paper Hill3. :.. W.753 . --X- • \ V'6 r '\ 3 0 • W l [■ 2v.Z.Cementr • V 40.1XXJ: • 2.V41 X1 - 111 6 ' 606 r :V;:/j •; / /feo,OOJ ' H • } 10 , : 3 17 r 4 n n ; 'Wftrd&Co. - t0,WXI *. . -.sU,{j5j 1 -.- 4-. -1 1 .. 11). --415 0 •; - 5 0 n 415' n e r fi &■' 1 Opera Hods') .' '-r'/i./Oi'r ?:/b; \ ' 'V&i: , • 886 li.' >S Bin. iSresh Foo J : .'""I ' Bil . • *""1 1 - >%■: WhiicomLed; Tombs 'W/aKJ--; ail;'r ll) | . i on : ... 46,o'(>) ' Mil ' y-i »"'• ; *' a | 1'13'f" 1 0 0 .10 0. 710 0 "■ •' '/ ■ V '. ' .V. ... - ' f T ——