FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 195, 12 May 1908, Page 10

FINANCE AND COMMERCE.

; THE, SHARE MARKET! ■ - ...Investment shares were flat, and no salos were reported yesterday. With few exceptions tho tendency is. for lower values, Localise,investors " expect a ."higher . return; Sellers ~are - naturally .reluctant. to reduce their quotations! . but . they must face the .inevitable. There is an excellent demand-'for .money for mortgage,and. the-,return from this class of investment is far;better than can be obtained from some of the . gilt-edged shares, and, while' this continues, .the: shire market t must suffer. There 5 were very few: quotations' yesterday, and:' only, five were buying oilers. There were sellers of National Bank shares at £5.55. 3d., New Zealand and River. Plate at ,£1 12s. x 9d., Wellin'g- . ton . .Gas at, £,19, 75,. 6d.,. Canterbury Frozen 31 oat at v .£B, Christchurch'- Meat $t- ,£lO ss,'. Union; Steam at '£1 145., Westport. Goal ,'at : iE7, ■ Leyland-O'Brien v Timber at ;£2 35., and New Zealand Drugs at £2 lis. There were buyers I of Feilding Gas shared at 17s. ,6d v Gear ,at 495, 9d., Woollen, 'ordinary, -at ... -,£3 lsj/i'6d., and 'Manning and' Go. " Brewery, shares at ,£3 155., ex div. Taranaki Petroleum - shares .display a slightly better tone,' with buyers at 6<j< and sellers at 7s. ' THE MINING MARKET. There was not much doing in this market. A ; sale of,.Waihis ,at ..£9 Hs. , was reported, and Waihi Consolidated: changed -hands at Is., lid. Talismans .were quiet,-'with buyers at'49s. Gd; The quotations were' as;.under':—. .; ~r ■ '': .•'■■■■-. Buyers. 'Sellers. ' Sales.'' ■■..:£ s. d. ,£ s..d. JC s. d. Waihi i-i .... 910 0 911 G\ 911 0 Talisman ■ 2 9 6 210 G — 7 N.Z. Crown 1 .- ~ — 06 9 i.-r . . Con. Goldfields ... — 10 0 Blackwater 1 Reefs > — 15 6 .Waihi Consohd 0 110 0? 11l 0 ( 111 v-.: ' THE LONDON WOOL SALES. ', The. third of. tip'series sales commence to-day, and 'everyone interested in ..'the 'staple expects to see a sharp,decline. J-Some ! think crossbred Wools will 1 fall 10 per cent., and some, place the, decline at--as- high as 25 per . cent, compared, with the March sales. Whatever the measure of the decline, we know that New Zealand jyool is 'to-day' 50 per', cent. . below what "it-was---a year ago. Just what . this means to New: Zealand may ..be easily . ' seen by taking the last published figures 6f' tlie Department of Industries and' Commerce. . The exports for the twelve months, ended March ,31 last'totalled 131,796,45911).-, valued at ; or _at the rate of 11.41 d. per lb. Wool is. to-day. .worth, on the average, about ,5Jd. per lb!; consequently we have to reckon with- a 'loss; of 015,752.' But, the ' . only loss, there . are sheepskins, pelts,: and hemp, not to say• anything about hides and . tallow. 'The;-losses,. or iather the. shrinkages, .Tvork out as under:— : ■ . .• • Wool ... ... . ...;'^3,015,752 Skins ... ... ..! ...., 368,536'.'.' ;I ,Pelts- .„ ... ... 209,593!"' . Hemp ... ... : ... .... '230,151 . ' - ' . .£3,844,065 Dn four of our staple products the shortage, is nearly. £i,000,000, and, while many " antici : pate that a recovery will so'ori "be experienced, all the evidence available points to the probaDinty ot a depression of twelve months or ■ longer. '

, .PROPOSED COMMONWEALTH BANK,.:; • A Parliamentary paper printed: by: eommajul,' boing "a scheme for adjusting the.financial relations of, the Commonwealth of the States," .. by Mr. Kiijg O'Malley, .M.P., has been issued. . Incorporated with the scheme are some* proposals for a Commonwealth State Bank. The main features of this banking proposition will . be of interest. It is proposed :— : (1.) That; the bank shall be conducted as a Government absolutely t free' from political.. control.: i' ■■ - ■ (2.) That , its capital shall be 12,(100 shares, of .£IOO each, of-which at least GOOO shall bo • in" the hands of the Commonwealth Government, and that of thS balance no State Governmenti.shair hold mote than 1000 shares: (3.) N That the shares of the. bank shall- b'o transferable only to the Governments 'of tho Commonwealth and the States. , (4.) That the . Commonwealth and , State Governments holding shares shall be jointly and severally'liable in respect of all, transactions of the bank. •'(5.) That the bank shall act as the agent for tho Mint in the purchase of raw gold and silver and the issue of coin. (G.) That the hank shall be empowered to . issue notes which shall, throughout the Commonwealth, be legal tender at all places ex'cept the head office of the bank in each State, ■ and that at such head offices paymont of the ■-.< value of notes presented may be made in gold or Commonwealth Consols, at the option of 1 tho Comptroller-General of the bank. (7.)-That the.bank shall become the reposi- : tory for the payments from time to time in respect of the consolidated revenue, loan, : and trust funds of the Commonwealth and Stato Governments, and' the' funds of municipal bodies, and shall > pay interest on' the . dail.v balances thereof. , . - (8.) That the bank shall' provide for tem-' porary advances by way of overdraft-to Com- \ monwealth and State Governments and municipal bodies. ■ ■ .. : (9.) That the bank shall, in other respects, carry on an ordinary banking business, receiving from the . public -moneys on current account or fixed deposit, and making advances on good security. V (10.) That the bank shall carry, out the inscription of all Commonwealth and Stato inBcribcd stock, and raako all arrangements necessary for tho conversion, redemption, renewal, or issue of Commonwealth, State, and municipal loans. (11.) That the board of management of tho bank shall consist of a Comptrollor-General, representing the Commonwealth, and one" representative from, each of. the subscribing States. . (12.) That all payments to bo made.in London by tho CoiiimomveaUh or State Govern-

monts* shall 'be made through tho medium of the bank. (13.) That tho, General Post Office in each capital shall be,the head office of the bank in'th'at. State,'j'an'd'.that any post office within ,the •'Commonwealth' .carrying on' the business of a money-order office may be constituted a branch'of the bank.' ■' (14.) That the bank shall be a bank of. reserve for the deposit of reserves of tho bank-, ing--companies operating in the Commonwealth. ''' " - ; ' . , ' ' , ' (15;)' That;"the - regulations requisite.for controlling'the'bank reserves shall be drawn up by the. board of management of . the bank and .the; council of tlie associated banks of Australia,',; and, 'approved ' by the "Governor; !General!in,Co'unci,l; . ' • . : - (16.) .That >'b' -branch of the bank' shall be established in London.:' (17.) That/at the London office, and at the head, office of the bank in each State, Commonwealth Consols shall'be obtainable in sums of : The essential feature of the above proposals is that the, public may pay • in its golden sovereigns into this institution, and may receive back .Commonwealth paper in return. IMPERIAL CONSOLS. :" V" • The. .quotation for this 'gilt-edged : security has dropped:.to .£BS-,105., and is now 7s. 6d. • lower .than ;it> was-' on, Friday of last' week. Tho .decline, we think, is- directly due to tho Budget.- The : pension proposals of the Government do not appear to be pleasing to either ; party, .and;ths. dangers that may arise from acceptancei.of the.scheme are freely canvassed. At all!ev'dhts,,the,scheme will necessitate many radical' Changes in' British finance, and that'is sufficient';to, affect the iprice of Consols. .INCENDIARISM IN BERLIN. 'The position of affairs in . Germany is far. from satisfactory.:.; There. is •' a-great industrial depression, and very kittle prospect of its lifting immediately. It is. at such times that the fire insurance companies; have to face the moral hazard. , When times are hard fires become' numerous,. because it is about the easiest method of getting out of difficulties, or getting hold of /ready .money. Berlin is- suffering from-an'epidemic of incendiarism, and fires are pretty numerous in the big cities of,the k lTnited';States.;lt;is, a: : .sign of the times.' . ' - " ' ■ ST9OK EXCHANGE. t • ■ TBI TELEaiIAPH.-rPRESa ASSOCIATION.] ' : ' Dunedin, May 11. Stock Exchange quotations:—' Dredging Stocks.—Alexandra Eureka,' buyers ,35.,) sellers 45.; Alexandra Lead, sellers 3s; 6d.; Central; Charlton! buyers 55., sellers 7s. Gd.; Electric, sellers 10s.- Gd.;"Golden.Bed, buyers : os.,"tellers iOs. j.Hesseys, buyers 35.. 3d., sellers 4s. ,9d.; Ivoputai,',.sellers 10s.; Lady Roxburgh, buyers ss.,pollers 7s. Gd.; Manuherikia, .sellors J2l, 2s. 6d.,,",Molyneux Kohinoor, buyers lsrj6d.,, sellers 2s;, .-Gd.; New Fourteen-Mile Beach,-sellers par;' New Perseverance, sellers Is.; NWJ Roxburgh Jubilee, buyers 65.; Pactolus, buyers iCl,.sellers ill Is. Gd.; Rise and Shine; "buyers ,£1 55., 6d., sollers ill 6s. 6d.; Sailors' Bend,--buyers ; 15s. 9d., sellers 16s. 3d. " Mining Stocks.—Roxburgh Amalgamated -(Con.), sellers 7s!; Talisman Consolidated, Ltd., buyers £2 9s. 6d., sellers ,£'2 10s. ; Waihi, Ltd., buyers 10s., sollers i! 9,125.; Waihi Grand Junction, Ltd., sellers iil lGs.; Rising. Sun, buyers 7Jd. " Investment''Stocks.—'Union Steam Ship Company, buyers '.£1 14s. 6d.; 'Westport Coal Company, sellers £1; .New Zealand Coal ana Oil, I buyers Is. 4jd., sellers 2s. Gd.; National Mortgage Company, sellers <£3 25.; New Zealand • Paper Mills, sellers il 3s. 6d.; New Zealand Portland Cement, buyers JSI ss. ' > '. "'WHOLESALE PRICES. , < Laery arid Co.,' Ltd., Wellington, report wholesalo.prices ruling,on the market:—Wheat, fowls', 55... 3d. to, 55.; 6d.; oats, 3s. to 3s. 3d.; seod oats, 3s. 3d.' to 3s. 6d.; maize, ss. Gd. to ss. 9d.; crushed malt, Bs. Gd.; prussian blue peas Gs. 63. to 75., fowl peas 4s. Gd. to 4s. 9d., all at-per bushel ; flour, New Zealand ,£l2 10s., Australian' ss. to - ill 10s.; bran, i 0 to ;M 55.; pearl barley, £19; split peas,: ,£lB 10s.; -bonedust,..!£6;, superphosphates, .£4 15s. to £5 55.; chaff (oatensheaf), i 5 15s. to iG; oatmeal, il3 10s.; potatoes, £5 to Tasmanian seed (Up-to-Dates), ,£G 10s.; bacon, factory sides 83d., hams 9d., rolls 9}d.;-butter, bulk, lid. to Is. Id.; ; poultry, hens, 2s. Gd. to 35.; ducks, ss. 6d.; turkeys, gobblers 15s. to 225., hens Bs. to (15.,.a1l at per pair; cauliflowers, ss. to 10s.; cabbages, 4s; to 10s., all at per sack; peas (green), 9d. to Is. per peck.; fresh eggs 2s. 2d. to 2s. 4d.', preserved eggs Is. Gd. per doz.; cheese, 6d. to 61d. per lb.; onions, £7 to £7 10s. per ton; Akaroa cocksfoot, lOd. to lid.; ryegrass, 4s. 9d. to ss. 6d. per bushel. ' . HIGH COMJIISSIONER'S CABLE. The Department of Industries and' Commerce has received the following cable from the High Commissioner, dated London, May 9, 1908:- , . The mutton market is weak and inactivo, ex.cept for light weights. Tho following are the current quotations: Canterbury mutton, 4Jd.; North Island, 33d.; River Plato, 3§d. per lb. Tho lamb market is firm, with an improved demand.- Canterbury brands are quoted at Sij., and . other than. Canterbury at 5Jd. per lb. ' The -beef market is dull, and very little business is doing. Hind quarters are quoted at 3ijd., and forequarters at 3|d. per lb. Tlie butter market is firm'at tho advance, and light shipmpnts are expected. .Choicest New Zealand butter is quoted at 1145.; Danish, HGs.; Australian; 108s.; Siberian, 108s. per , C \iie cheese jnarket is slightly weaker, with less domand. KStock -is accumulating, and is quoted at 595. per civt. 1 The hemp markot is quiet, and has declined. Stock ;,held in London amounts to 452 tons. The following are the current quotations:—

Good fair grade on spot, .225 10s.; fair grado on spot, «C2l; fnir current Manila on spot, Jnne to July shipments are quoted as follow:—Good fair, .£25 10s.; fair, ,£24 55.; fair current Manila, .£24. The cocksfoot seed market is firm. Bright clean 171b. seed is quoted at 80s. per cwt. Shipments from River Plato during the month of April were as follow:—Mutton—London, 114,014; Liverpool, 104,380; Hull, 7093; Newcastle, 9789; Cardiff, 7215; Southampton, 4025. Lamb—London, 28,320; Liverpool, 13,890; Hull, 1071; ■ Newcastle, 585; Cardiff, 820; Southampton, BSO. FROZEN MEAT. by TEHiGEArn—muss association—cnrvruaeT London, May 10. Frozen Meat.—Canterbury, light 4i|d., medium 4Jd., heavy 3Jd. per lb.; North Island, 3|d., best brands SJd. Lambs.—Canterbury, light and medium unchanged, heavy 5 11-lGd.; North Island, s}d. . Beef.—Fores 3Jd.,. hinds 3jd. Elver Plate sheep, heavy 33d., light 3 9-lGd.; beef, fores 3 MGd., hinds 3£d. ' METAL MARKETS. Silver, 24 1-lGd. per ounce. Copper.—On the spot, ,£56 15s. per ton; three months, £57. Tin.—Spot, ,£l3B per ton; three months. .£l3B 10s. . Lead, ,£l3 2s. Gd. per ton. Antimony, ,£9 10s. per ton.. . BUTTER AND WHEAT. PRICES RISING IN SYDNEY. *T TELEGItAFII—PIIEBS ASSOCIATION—COPYRIGHT Sydney, May 11. Butter is rising. It has advanced. 6s. per cwt. on the weok for best, and 4s. for other grades. Wheat has advanced sd. Bran and pollard are quoted at ,£8 per ton. ■ 1 London*, May 10. Imperial Consols are quoted at 10s., a fall of 7s. Gd. since Friday.

WELLINGTON SHARE LIST. > ■ , .' ■ : ; • ■" Roservo '5 , PRICES. vioM '• v. '■ COMPANY.' >g» Forward. £ illar0, g Buyer.' Seller. Investor. BANKS. ' " £ £ £ £ £ £ s. (1. £ fi. a. ■£ s. (1. £ s. (1. Hoy. Zealand - ••• - 2,coo.oob 81,676 31 3i jo ■ ~9 7 6 9 12 o s 9 s • National ; ... .„ 375.C00 335,318 2&. 35 12 5 5 3 5 5 9 6 13 5 INSURANCE. .. National ... ... ... "£ lOD.OOO249,339 1 1 linltd, 15 * ' 'l'T 6 .• .. • JewZeamnd ' ... . ... son,000 306,674 2 B 30 • '3 17 0 3 15'6 6 6 0 : . South ■ British ... loo.ooo 474,912 » -, 4& 10 " ' 2 17 6 . • otandard ... • ... . ... 75,000 • 92,386 • j 9i 10 1.2 0 .1 2:9 FINANCIAL. Equitable Building,... ... ... 50.606 22.0C0 5 5 10 10 20 Metropolitan Building -... .50,742 T 5,683 10 nil 7 , • Wei ington Invest. ,50.000 3.033 ,J 4 .v6 -.4 ».» 012 3 0 11 6 5 4 1 . J-; ' Wellington Trust and, Loan ... 101,250 44,334 5 5 ' 8 7 90 7 11 6 - 7 9 6 5 7 0 -ftaUonaJ- Mortgace . ... , ... 200,000 127,746 2 8 10 31 6 3 1 0 6 11 1 NiZ. and Biver, Plato ... . ... , 300,000 252,000 1 nil 7 1 12 0 1 12 3 1 12 3 4 6 1 ,; , v Loan and Mercnntilo ... ... 135,wa 315,133. i 84.- 5 - 0 5 0 0 5 0 10 0 0 • CA3. ■ ™ uc ! d i a ? d "i - .'■•••' -3SO„W '85,463 5 nil' 16 " ' ' ghrifitcluircli ..., ... . .70,913. ,5 '-nil' 10 ■ 10 2 6 10 0 0 \B 0 0 Feilding ,.. ... ... ... ... i 2 , 0M .103 : 1 nil ... 017 9 . . gwoorno .... ... ... ... ... - '17,800 .10,565:. 1 nil .331 2 9 '6 2 10 0 2 10 0 5 10 0 liawcra ... ... 8250 aai z 1 in . New. Plymouth ... ... ... ; ... 1B ] m 3.150 s* nil 4 10 ■:-v, 1,a P' er - y . ■ . 10 nil 15 . ■ : - " ." - ' "V — [ 49.C57 ■ 23J.84 5 ' •5• 15 ■ ■ >' ~ > 27 '°°° '1M» ii -i w ' „• ~ ;;; "■ 124,570 71.79s,:•»&. ,j® ■" 76 , . MEAT. rh?Sn r Zl, - ~ 163 ' 727 ' •' Mia'. 7i 21 8- -800 Ulristcnurcli „ ... . , njm M •„([ -g> 10. 6 0 10 7 0 714 7 c .? ar ;;- ::: ::: ::} 92,000 -wa j f 5 Ls oio'oo 2 10 0 6 0 0 : W:elllneton Meat-Bzport ... .. . . ' 5 nV 8 6 12 6 1 » •'».•• - - } 103,768' . 53,767 4 ' '1 ' 8 •' •' ' : - 5 2 0 .5.2 0 6 5 6 WinW-inni•• ' ' 23 23 8 3 S 0- .3 5-0. 6 9 3 .wanganni „ i850 10|3 i 5 5 nil 8 t : TRANSPORT. r }5 r - r andM'..Eailway ..; 1 170,000 ' 121,452 1 • 4 7 '2- 7 .3 ,'2 9 0 2 8. 0 2 38 4 Iv.Z. bhipping ... ... ... ... 473.S40 110,760 8 nil 5 6 5 0 { , f , "? n Steam,, . 600,000 381,917 1 .nil 75 114 0 ' , , - Wgtn. Steam Ferry ../ ... :.... < 46,250 ...BS 1 : .nil ..: 6 i y,.: coal.;.'' .';V , 1 " ' " f 'y ' • .''v yostport ,2S0,CT 117,215: 3J J} 151 "6 18 0 7 0 0 6 10 9 6 .5 0 Taupiri. .... ..... .... ... 65.C00 5,330 l nil 75 ; ; ,019 6 0 19 .6 714 0 . ' V/OOLLE?J. '...' v.V.v-''""' Kaiapoi ... ..: ... ICO,"00 02,85! 5 nil. 0} . . . . ' ' - ' ■ Jtosg'el • ... . ... ... ... ..; ' e)i .j 57 17,212 '3} " jj. 4.3 0 0 3 3 6 .3 1 0 .4 12 0 . .. .Wellington .... ..... .... .... fd,0i!5, .21,368. 4 1: '6 .3 3. 6 '3,0 0 8 0 0 .;' ' Miscellaneous. .. ■ 1 ■ ' ■ Donagliy Bope' ... . 23,500 . 5 nil • 6 0 0 6 5 0 6 1 0 ; : Leyland and OBnen . ... ....: ,35,000 ' 37,761 ■ .1 .-.nil':- 15 230 Jlaunceville Lime .... ... .'r 7,000 ' 205 1 .'nil i ■ 8 • if .Z.: Candle ■ .... 10,000 ! 876 '10 ' nil 8 !• : . 1 Drugs ;i. v . ... .200,000 ,, 36,730 : 2 nil 7 '2110 "2 11 0 6 3 0 i apor Mllls '94,775 1,177. 1 ., nil '■ '.7 '1. 2 '6. 1 3 0, ' 1 3 3 6 0 6 N.Z.-Cement ... . . ..." 40,000 2,018 1 nil. ... 131.0 111 6" Manning and Co. .... ... . ;.. S6.000 37,670 4 ■ 1 10 3 15' 0 ' Ward and Co. ... ... eo.000 30,655 4 10 4 15 .0 .5 0 0 4 15 0 8 8 5 v. Wgtn. : Opera House... ... 38.630 1,705 5 nil 124 7 ••• — ' sm ••• 1 mi ... . 1". ,1 • • -Whikomhe: and.Tombs ...', ... • <6,280 • SOJiM 5 nil 19 . ■ 4 8 0 (.' Bnarland, Ltd ... 48,670 • ■ 3,311 1 "J nil' ! -7s 0 19 : 6 1.0 0 1 0 0 7 10 0