FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 199, 16 May 1908, Page 8

FINANCE AND COMMERCE.

* THE SHARE MARKET. 1 - . Investment shares. Vera dull yesterday,, but that was to bo expected . after • the excellent business of the previous day.'. There'was . a sale - of National Mortgagor shares at' £3, at ; which price'tliey yield to the investor .£6 13s. ,<■ ; . > ■ 4d. per cent. Very little business was offering, ' and appeared to be quite bare of buy- ..; . , ing "orders. . National Bank shares- were on sale at £5 ss. 3d., and National Mortgage at ,£3 Is, reflding Gas shares were again in demand at: 18s., but sellers wanted 20s. 'There, were sellers of South British shares at .£2 18s., Chnstcharch'Meat at MO ss. ,'6d. f (Wellington ■ and -Manawatu -Bails at J32 95., Westport\ Coal 6d.,*jDJ.C. preference at-225., Ley- : land-O'Brien Timber at 435., and .Taranaki'Per troleum.;at 7el: Woollen''shares . werb' steady,'Sritli buyers 'at '£3 35.;- and'sel- . lers at £3 55.; Manning and Co. Brewery .: .. . shares were.:in;demand at 155., ,,y ,y THE MINING MARKET. V ■ : , .'A;Couple. of' sales; which is about the aver- . age, .were reported yesterday. Talismans ,dis.'.play a; decidedly, .weaken'tone. . .Sales, were ;, -'i : : made at £2 9s. 3d., but sellers thereafter 'wero ,:•?.V; '• ■ willing-,to accept £2' Ss..6d. Waihis also, were' weakor,with sellers at,J;9 Bs. The quotations, , .yesterday were as under. '

; ' Buyers. - Sellers. Sales. .. .' .-2's. d; : " Xs. d. is. (1. Talisman 1 ... 2 7 6'-'2 8 G 29 3 Waihi - : ... — 9 8 0 ; — i Big River I -... ... 11 6 1' 2 0 — ■ Consolidated Gold- . fields , _ ■ .... — 0 0 18. G BlackwateF — 1 3 G . — , - . TEE WOOL MARKET. ; Tho latest-news from Coleman Street' is - more, cheering. There 'is said to be a harden- , ing . tendency ; for all sorts, - with a strong demand for .crossbreds., -The low prices would naturally , induce-; animation and active buying.' It must be'remembered that the- principal buyers a!re Bradford houses, and they are filling- up their : lofts as fast as possible.;, Furthermore, it is not unlikely that there are heavy) withdrawals in view of the low prices,; : and to there . will r bo a fairly long' interval bofore/ the July sales, brokers must provide against contingencies. Another view is that woolmen .may bo looking to bear the domestic ojip. 'Next month-the ; United Kingdom will shear about.' thirty-nine million sheep, • and ' the sale of this clip will be a matter of con-: siderable interest. It is to be hoped, however,' -,"/ that the favourable , features' now shown by the; market .will gain in strength, and lead to | . an improvement in. values. . The following -is a statement of . Austra- : lasian wool exportß from July 1) 1907, to April - 30, 1908, as compared* with the corresponding penod'vof the previous season, compiled bv Dalgety and Co., Ltd., 'Melbourne:—- '. ■' v'..--. ; 'De- . State:l9o7-8. crease. 1905-G. - .'. . ' ';. Bales.- Bales. Bales. Bales.' v , Victoria . ..." 451,796 490,103 38,307 412 478 -. N.S. , Wales ' ... '717,903 - 802,717 84,814 ' 719,13S - State. -~1907-B.' 100G-7. crease. 1905-6. ■ -_ Bales.- Bales. Bales. Bales. ■ — Queensland ''... .124,02 C 10G',679 17,347 83,782 S. Australia ... 159,143 145,921 13,222 123 743 ... *W.. Australia ; 50,128 ,40,039 ; 10,689 41 905 - • Tasmania i. 21,032 13,G15 7,417 :13,248 ' Aus. .total ... 1,524,02S 1,599,074 — 1,394,234 : v ' ',■- ' . ~De- . . .' . . , - 1907-8. 1906-7. crease. ■ 1905-6. „ ■_ ' ■ Bales. Bales. Bales. Biles. New : Zealand 387,448 393,071 5.G25 377,442 Australasian . ' , totals - 1,911,4741,992,145. - 1,771,736 Net decrease, 80,671. bales. *Western Australian figures for April 'estimated. ; Considerable quantities of wool grpwn ' in some States are . shipped from others, therefore, thp abovo does not show actual production, but total oversea shipments from each : State. - - " • , j IMPERIAL CONSOLS. - There-is another advance in the price of Imperial Consols, and the quotation is now ,£B6 10s. A week or-two ago Consols dropped to under .£BS 10s., and. the low price must have .-/' attracted many buyers; tho rapid rise of the past two or . three days suggests special conditions,. and it is probable money, is becoming ■ easier; if so the; position will be seen in the Bank of England return. If the monetary conditions are becoming easier in-London thoy are, certainly becoming tighter in New Zealand. The; banks'have raised their minimum rate for advances to G'per cent., and the increase of J per cent, in most'cases will.prove burdensome to many.' The demands upon 'the banks for accommodation aro said to be very strong, but ' bankers are ; exercising extreme caution, so mu9h so that -many borrowers: who thought thoy had but to ask to receive are feeling conDiderably disappointed.'

. ;• ;v";' . BEEADSTUITS. [ . The eagerness displayed by the New Zealand JTlourmillors' Association to advance prices on the flimsiest of excuses is much to ; be deplored. Thero was no warrant for the recent advahco in flour, and it, is obvious that millers must retrace their steps. The rise in Sydney was put forward as a reason for the advance, but, i according to tho message we to-day, the immediate fear of drought has been dispeiled by the fall of rain over a great part ?! i' Wales. It must bo remembered that there is no shortage of supplies in Ausas ? whole, for the Commonwealth is still shipping wheat. At Mark Lane there has been a small advance, but tho rise lias had the effect of checking business. As far as can bo ascertained, the world's supply 0 f wheat ° equal to tho reduced demand. Millers in New 'Zealand seem'to be making the same blunder asjhe butter speculators did a few weeks -mn ■■The-■ "latter'forced themselves into tho belief

that' there would be a shortage, and that tho price ,of butter in the winter >jvould be in tho neighbourhood of Is. 6d., and acted accordingly. The resultant loss from this form of business hysteria is not very,: pleasant. ; LIGHT-WEIGHT GOLD COINS. ■ The Victorian banks, according, to the "Argus," are now availing'themselves of'the chance offered ,by the Imperial, authorities to remove .from the local currency lightweight sovereigns 'and half-sovereigns. ;,The .sum of ,£250,000 has i been allotted,,to the 'Melboumo branch of tho Royar Mint tiij'cover"the transactions that will have to be; carried'through in connection, with this work. That establishment is empowered to accev'*- on behalf of'the British Government, any light-weight'sovereigns that are below the least curreptweight, of 122.5 grains. The standard weight of.a sovereign is 123.274 grains, but 'should any coin w.eigh above 122.5 grains it ■will be!'allowed to' Continue in Circulation. 'Should, it be. not inoro than 3 igrains light weight the Mint will recoive the coin and'give full-weight coin in roturn for it, the withdrawal being carried . through at the.expense .of/tho Imperial Government.' If, howover,'the sovereign should be over 3 grains light, it will bo held to have been illegally dealt with, and willi.be'retained..and, paid for on its bullion value; Half-sovereigns are to bo dealt 1 with in the same way. A similar arrangement exists in this : State : for " improving the gold coinage. The fact really is that the provisions of tho Imperial Coinage Act of 1891 are being applied to this'Stats'and to Victoria. Tho, Bank of New South' Wales acts as an intermediary for the.banks in the adjoining State; but in Victoria each bank deals with its own coin. So far, about .£30,000 worth of light gold coins have been received ,by the Melbourne branch of the Koyal Mint under this arrangement.

. AIINING NEWS., , PROGRESS REPORTS. I (nY TELEGRAPH;—PRESS ASSOCIATION.) ' Reefton, May 15. ■_ The mining report of the Progress Minos', New' Zealand, Limited, states that operations during April revealed nothing of great importance. It has - been 1 mostly development work that 'has been carried on; being in form of cross cutting, for; different ore bodies. The aerial'tramway gave 1 trouble during the month owing to the collapse of one-lock coil ropes, on April I,'; causing considerable delav." The tramway'.restarted.;work on May 8. ; Du'ring the month the battery crushed 3308 tons, yield-l ing bullion (including pyanido output .£744, and, concentrates- shipped .£450) valued at J35251; . No- alterations of importance were made ; to, ,the. ;surface"equipment of the Consolidated Goldfields, New Zealand, Limited. - At the. Wealth' of Nations. Mine, development work during the month', was of an unimportant charactor. On the surface, very fair headway was made, and to the waterrace tho same remarks apply. Good ; - progress has been-made .during April. The battery put through 1184 tons, .yielding bullion (including cyanide iSS2B) to tho valuo of ,£2392.

: Blackwater , mines, during April, proceoded steadily' with -development work. Good results were achieved, in "the "Joker" level. No. ''2was extended 66 feet, opening up a nice reef, averaging 33 - inches wide, valued at (approximately) 18dwts. per ton. The deep prospecting winze, is; to- be-put up 53 feet, leaving 15 feet .to" connectV-with Tho width of the reef at .this, point averaged 18; inches, and the value 8.5 pennyweights. The leading stope opened 50 feet on the No. 3 levol, and advanced 45 feet, on . the rce f, averaging nino ponnyweights over 35 inches. A "raise" to connect the "Joker"-level was also, started. -It reached the height of 31 feet, 'but is nowidle: owing .to: scarcity of labour.', No. 3 level, south,'oponed nothing of valuo.

The battery , site is making good headway, considering the wet'period experienced. Tho weather-boar,ding of tho. main. building is nearly, completed, and a start has also been mado ' with tho interior work. Six battery posts have been erected in position, and the principal timbers of the amalgamating room aro also' in position. Owing to the flooded state of the creek, it is next to impossible for the cartago .contractor, to deliver battery material. When it is possible 1 to make trips, each one occupies two days, greatly retarding progress. -,The cyanide plant delivery Machinery, which is urgently required, is delayed in delivery for this reason. t 1

| WAIHI GOLD MINING COMPANY. (BY TELEGEAPH.—SPECIAL CORRESPONDENT.) . Auckland, May 15. The following cable was received to-day by Mr. C. Rhodes, local director of tho Waihi Gold Mining Company, from the London office:— "Meeting satisfactory. Shareholders have approved recommendation of a dividend of 3s. (Id. per share, and a bonus of 3s. per share payable on June 1. Expect a dividend of is. per share September l. ! ) This payment for the Juno quarter will mean a distribution to shareholders of £161,169 (dividend -,£80,783, bonus .£74,380), of. which colonial shareholders will about. .£41,925, there being at present approximately 129,000 shares hold on the colonial register. This payment of Cs. Gd. per shave' will bring the total disbursements to shareholders;' to tho, date named up to .£3,087,384., The intimation in the cablo that a •Is. dividend may be expected to be paid on September 1 indicates the intention of tho directors to increaso the dividends to a total of 16s. por year. Apart from any bonus, the total payments in dividends, etc., will, if tho is. dividend,is determined on,.'work, out as follows;— For 1908—March 1, 3s. 6d. dividend; June 1, 3s. Gd. dividend and 3s. bonus; September 1. 4s. dividend). December 1, 4s. dividend; making a totaHof-ISs. per share for the year, or on the shares issued. ''Mr. Rhodes states; that; so far hs is known by the executive of the company in the Dominion, there is no intention of ceasing tho practice'of distributing annual bonuses, and that there is no reason whatever to suppose that tho practice adopted hitherto of making every year a record year will bo departed. from.

DREDGING. (BT TELEGRAPH. —PRESS ASSOCIATION.) ■ Duxznix, May 15. Dredging returns.—Mnstcrton, G7oz. 7d\vt.; Mystery Flats, 40oz. lOdwt.; New Roxburgh Jubilee, 330z.; Kopiitai, 31oz:; Waikain, 30oz. sdwt.; Central Charlton, IGoz. lOdwt.; Charlton Creek, 150z.; Kurn, 13oz. 13dwt.; Welshman's, 92 ox. -ldwt. • ' . STOCK EXCITANGE. (FV TELEGRAPH—PItESS' ASSOCIATION.) Dunedin, May Id. Stock Exchange sales: Golden Bed (2 parcels), Bs. Gd.; Molyneaux Ivohinoor, Is. Gd. WELLINGTON PRODUCE MARKETS. The New Zealand Farmers' Co-operative Distributing Company, Ltd., report as follows:— Ifair.e, ss. 3d.; wheat, fowl, ss. -id.; barley, feed, 3s. lOd. to 4s. 4d.; barley, Cape seed, ds. 3d.; oats, 3s. to 3s. 3d.; oats, crushed, 3s. Gd. per bushel; oats, seeds, duns, sparrowbills, gartoris, 3s. Gd.; African Algerian, 4s. per bushel. - .

Ryegrass, perennial, ss. Gd. per bushel; maize; crushed, ss. lOd. per bushel; hay, X 5 to ,£G 10s. per ton; straw, .£3 10s. per ton; bran, £7 10s. por tou; sucrosine, 200's IGs., 100's Bs. Gd. per bag; prime oaten sheaf chaff, .£G to z6G ss. per ton; potatoes, table, .CG to £G 10s.; onions, £7 10s. to ,£3.

Butter—Soparator, Is.; milled, lid.; dairy pats, lid. to Is. per lb. Eggs—Fresh, 2s. 2d. to 2s. 3d.; preserved, Is. Gd. por dozen. Honey, GO's, 4-\d.; beeswax, Is. Gd.; fungus, ; walnuts, sd. to Gd. Porkers, 70's to 90's 5d., 90's to 100's 4id. ; hoavy pigs, 3d. to 3|di per lb. .Cabbage, ss. 6d. per sack; cauliflower, 7s. 6d. per sack; swedes, 2s. 9d. to 3s. per cwt.; marrows, ss. to Gs. Iper suck; pumpkins, Gs. per sack; carrots, tatyle reds, is.; horse carrots, 3s. 6d. per sack. ' \ ; Apples, dessert, Gs. Gd. to 95.; apples, cookers, Gs.; pears, dessert, 9s. Gd.; pears, cookers, 75.; quinces, 6s. per case. Poultry.—Table roosters, 3s. to 3s. Gd.; cockerels, 4s. to 55.; table-hens, 35.; ducks, Gs. to Gs. Gd.; zeese,,6s. to 7s. Gd. (all at per pair); turkeys, gobblers, lOd.; hens, 9d. (live, weight).^

LIVE STOCK. SALES. Messrs. Dalgety and Co.,\ Ltd., report that at ; their Feilding' sale yesterday there was a good entry of sheep and a small yarding of cattle. Aged ewes in lamb made 4s. 8d. ; ; small lambs, 4s. 9d.; medium lambs, ss; 2d.,. 6s. 4d.; backward empty ewes, 45.; forward ewes, Bs. 5d.; fat and forward,ewes, 10s. lid., 12s;, 12s. BcL; extra good forward . lambs, 7s. 3d.; cull 2-tooth wethers, 9s. Id.; 2* and 4-tooth wethers, 12s. Id.; fat wcthersj life Id.; empty cows, 30s.

Messrs. Dalgety' and Company, Ltd:, report on-.their Levin sale, as follows:—A full, yarding of sheep came forward and a medium ono of cattle. All classes of stock met .with' a dragging sale under the hammer. The prices realised were as follow Forward wethers, to 15s. 9d.; fat ewes, 15s. ;d.; store wethers, 13s. Gd.; lambs, 4s. 9d. to 75.; mixed ewes in lamb, 9s; to 9s. 4d. ;. weaner: heifers, 135.; weaner steers, 17s;; light fat. heifers,. .£3 2s. 6d.; 3--year steers, £4 to £4 15s.;' light fat cows, ,£3 Ss.; others, =£5 ss. to .£G; cows and calves, to £4. v , .

The Loan and Mercantile Agency Co., Feilding, report:—On Friday we 'again had a good entry of fheep, and were successful in placing every .pen at satisfactory values. Lambs wero in good demand, and sold freely. A, medium yarding' of cattle met .with a fair inquiry.' Cull lambs made 3s. sd. to 3s. lid.; medium lamb's, 6s. Gd.; ewe lainbs, Bs." 4d.; good wether lambs, Bs.' 7d.; woolly lambs, Bs. 5d.; forward lambs, 9s. Id.; store wethors, lis. to lis. 3d.; forward wethers, 12s. Gd.; forward owes, 10s. Gd.; ,fat owes, 13s. 5d.; fan. qwos in'lamb, 75.; 2 and 4-tooth ewes in lamb, lis. 6d.; fat and forward cows, ,£3 12s. Gd.; do. .£3 155.; fat cows, £5. .

Mr. Newton King sends the following weekly auction report:—Cattle—At Rahotu on Tuesday, woaners made . lis. to 18s.; storo cows, 255. to 4-ls.; forward. cows, ,£.' l 2s. to £4 2s. Gd.; fat cows, i! 5; springing heifers, ,£4 Iss. At 'iVaiwalsaili'o, on Thursday, thero.w'as a good yarding of both cattle .and sheep. The attendance was larger than for some time past, and bidding, especially for calves, showed a decided improvement. Mixed calves, made Bs. Cd. to lis. Gd.; steer calves, 14s. to 17s. 6d. ; .Tersey heifer calves, 19s. to 215.; 18-month heifers (in calf), ~E2 to £fl 4i; store cows, 355. to 365.' 6d.; forward, cows, .£2 15s.'to £3; fat cows, c£4 to «£5 25.; shorn lambs, ss. Gd.; woolly lambs, ss. :10d;; f.m. ewes, 7s. 9d.wethers, 135.-to 14s. Id.

,■ PROPERTY. SALE. • . Messrs. Thompson Bros:,VLtd!,. report' having sold, by public auction, in the assigned cstato of Mr. Isaac Hoaro; tho valuable property situated at -Newtown, opposite the Post Offico, to Mr. S. Phillips,'for the sum of JJ1390. Thero was also good demand for the-horses and drays. " "WHEAT MARKET. . (fIY TELEGRAPH. —PRESS ASSOCIATION.) CnRisTCHURCH, May-IS. Tho wheat market is fairly firm, though there does not appear to be the same keenness on the part of speculators to do business. Sellers aro asking ss. Id., and buyers liavo beon offering ss'.'f.o.b., but it is now said that there is more difficulty !iri placing lines at this figuro. Farmers are still-holding firmly, and the only salo reported at a qountry station. was 1500 bushels'a few days, ago at : is.- Bd. v Thci New Zealahd/Flourmillers' Association have raised the price of flour to Xl 2 10s.~per ton; bran to .£6 ss. for local consumption, and ,£6 f.0.b.; and pollard to £1.. At the same , time, Australian flour is coming in fairly freely. The Moerciki, from Melbourne, has brought.over 236 tons, and the Jessie Craig has arrived at Auckland with 700 tons, the latter shipment, it is stated, being landed at .'JBIO 10s. per ton. . LONDON MARKETS. Messrs. Dalgety and Co., Ltd., Wellington, have received the following cable messages from their London house, under date of May 14:— ; Butter.—The market is very weak. The Copenhagen official .quotation is ' 4 kroners (about -is. Gd.) per civt. lower.' The total imports of butter into the United Kingdom for tho week ending May 9 amounted to 80,0C0cwt., as compared with 87,000cwt.'for the corresponding week of ,1907; showing a decrease of 7000cwt. Finest, 10 is. Frozen Meat (in general).—Tho market is easy,' but not quotably lower, .except heavyweights, which are lower by Jd. per lb. The output has improved. ' _ -' Copra.—Themarket is demoralised, and thero is no demand at a reduction of Gd. per unit. ' -

LONDON WOOL SALES. ; A HARDENING TENDENCY. x CROSSBREDS IN STRONG DEMAND. BT TELEGRAPH —PRESS ASSOCIATION—COPYRIGHT. I London, May 14. . Tho wool sales are very animated, with a hardening tendency, for all sorts. Thoro is a strong demand for crossbreds. At the wool sales the lots sold included the Rangatira clip, which brought 5Jd. per- lb. The Department of Industries and Commerce has received the following cablegram from' the lli|h Commissioner, dated London, May 13 :— " Wool sales have commenced, with a largo attendance. The average price obtained shows a penny reduction from last sale. There is good competition at lower prices, especially for coarse crossbreds, all grades." AUSTRALIAN PRODUCE. GOOD RAINS-PRICES OF WHEAT . EASIER. BT TELEGRAPH —FREES ASSOCIATION—COPYRIGHT. . Sydney, ..May 15. Useful rain falling over a great part of tho State has caused a fall in the price of wheat. The Sydney quotation for wheat is 4s. 7id. to 4s. 9d. At Melbourne tho price is nominally 4s. 7d., arid at Adelaide 4s. sa.' ' CONSOLS RISE AGAIN. BT TELEGIUril —IT.ESS ASSOCIATION —COPYHIGHT. London, May 14. Imperial Consols are quoted at ,£BG 10s. —a rise of 10s. sinco yesterday, making a recovery of 20s. in the week. LEAD STATISTICS. BY IKT.EORAPH —PRESS ASSOCIATION —COFTRIGH7 London, May 14. Lead, JGI3 per ton. Imports, 21,956 tons, including 56G1 Australian; oxports, 4GOB. A.M.P. SOCIETY. EXTENSION OF BUSINESS TO LONDON. 'bv Tltl.EaitAril —I'llKß'J ASSOCIATION —COPYRiOHJ _. Sydney, May 15. The A.M.P. Society is completing arrangements for'tho opening of its London office. It is expected the London branch will be ready for the transaction .of business on -July -1,

BANK. OF ENGLAND RETURN. BY TELEGRAPH—PRESS ASSOCIATION —COPTKIGHT. (Rec. May 16, 0.25 a.m.) London, May 15. Tho Bank of England return issued forthe week ending Wednesday, May 13, is as' under:— ICSDE Department Note Issue £54,030,000 Gov. debt £11,015,C0D' Otlicr securities ... 7.434.000 Gold ... 85.e0i.000 £S<,<KOOX) £54.050,000 Banking Department. _ Proprietors' Govt, securicapitai £14,553,000 ties ... £14,575,000 Public de- ' Other securlposits ... 0,579,000 ties / ... £9.011,000 » Other de- ' posits ... 43,434,000 Notes 25,505,C00 Best, 7-day andother 'Coin 1,423X03 bills ... 3.277.0C0 £70,G43,CC0 £70,C43,CC0 Tbo leading items of the Bank of England return afford the following comparison':— This week. Last weok. Last year. ' £ '£■ ' £ Bullion „ ... 35,601,003 2 5,0 3 000 33,711,000 Heservo 27,027,000 24,510,000 Note circulation 2 J,452,000 £8,725,C00 v CS.SOU.OOO Public Deposits 0,379,C00 8,993,003 9,511,1X0 Other Deposits 43,431,000 44,365,0C0 42.761,003 Proportion of reserve to liabilities ...' 51.12 SUB 46.07 GOYERNJIENT SECURITIES. The following aro tho latest quotations for Government securities, with a comparison of those ruling last week:— ! Variations Trice "X* I la-Rt week, j ~ * £ b. d. . 2* %Imporiat Consols 8G 10 0 ICrGJ higher ! .4 „ N.5.W.1903Jan.-July ... 107 0 0 355. lower SJ..N.S.W. 1918 Mar-Sept ... 99 10 0 ss. higher 3 „ N.S.W. 1935 Api.-Oct. .. S3 0 0 ss. higher 4 „ Vic. 1920 Jan.-July 10110 0 ss. lower 3-5 „ Vic. 1921-6 Jau.-July ... TOO 5 0 ss. higher 3 „ Vic. 1923-49 .Tnn.-Juiy ... 69 15 0 ss. highor 34 „ S.A. 191 C Jan.-July ... 103 5 0 ss. higher , 3 .. S.A. 1916 Jan.-July ... S7 0 0 Unchanged 4 „ Q'l'dl92l-30Jan.-July ... 106 0 0 Uiichaiuud 34 „ Q'i'd 1921-30 Jan.-July ... 99 1 6 Unchanged 3 „ QTdl922-47Jan.-Juiy ... B9 0 0 4 „ N.Z. 1920 ITay-Nov. ... 106 10 0 Unchanged .34 „ N.Z. 1910Jan.-,Tuiy ... 103 10 0 ss. higher '3 „ N.Z. 1910 Jan.-July ... 83 0 0 Unchanged '34 „ W.A.19z0-:ii).May-Nov .;. SS 10 0 Unchanged 3 \V.A.1915-;isMay-Nov ... 87 0 0 Unchanged 84 „'Pas. 1920-40 Jan.-July ... 100 5 0 Unchanged 3 ~ Tas. 1920-40 Jan.-July ... 89 0 0 Unchanged EUROPEAN MONEY MARKETS.The Bank of England discpunt rate is 3 per cent., to which it was reduced ,on March 19. The London market rate, of discount for best three./months' 1 bills is;.s-16ths. lower,, at per cent., for short loans If per cent. The Paris discount rate is f lower, at 2} per cciit. The Berlin discount rate is i lower, at 3} per cent. COLONIAL AND OTHER PRODUCE. Wheat.—'The markets are a shade easiov owing to a decline in Chicago. Cargoes are dull. South Australian March . shipment is offering at 365., steamer parcels 385., Australian spot 40s. Flour.—The market is quiet. AustralianMn London is offering at 275. to 285.,. in Glasgow at 28s. There aro no buyers. Butter.—The market, is flat. Danish is quoted'at 110s. ,to 112s. Colonial butter is weak owing to increasing Home and European supplies. Choicest Australian, 100s. to 101s.; New Zealand, ICBs. to; 110s. - Sugar.—German lis. Id., first marks 13s. 4d. Wool.—Sunnyside Bd., Waikaro sid., Kaputons lid.; The Bradford wool market is quiet. There is'a better inquiry. . THE METAL MARKETS. Copper.—On'spot 225;, Gd. higher at ,£SB >25.. Gd., three months 225. fcd. higher at ' 17s. Gd., electrolytic .£SB 15s. per toil; , Tin.—On spot £5 ss. lower at ,£134, tk'rco months JES 10s. lower at .£133 10s. per ton. Load.—2s. Gd. higher at .£l3 2s. 6a; per ton.

' t WELLINGTON SHARE LIST. Y-. •. . . v.. ■ • ■ • ' : ( : r - ; , ' • *■ '• : ' • _ q . ' .> . ReBOiTO PlilCES. vs«m '•/••• '• v.--. /lAimivv . ' -Capital Fund tvnd- 1 ! , Pftirl Tin TViInn™ — ; to .. \ - •' SS5SJ" 8 ?"™- ■££ . , ' BANKS. £ £ £ £ £ £ a.'d. £. s. d. £ s. d. 2 i, 1, New Zealand, .... ... >-. 9,000,000 . 81,575 3 t gj JO ' 9 7 6 9 12 0 3 9 5 ' ,■ ' ' National • ... ... ... .375,000 335,318 21 lo 12 .5 5 3 5 5 9- 513 5 INSURANCE. ■'■. National ',L ; -.i..' -... (.. , 103.000 249,330' J unlM, 15 '•170 New Zealand ... ... . .i.; ... . 300,000 396,074 <j ' 8 10 , 3 17 0 3 15 6 5 6 0 Booth British . w. 100,000 474,912 1 . 4j . 30 j - 2 18 0 : .' Standard ... 75,000 93,386 ,,'j J '9i;,' 10 ,1.2 ,0 12 9 v ■ . ; , financial. ■ ' / Equitable Building. ... 50,000 22,000 : 5 .5. 10 ' 10 2 0 10 0 0 . ' V Metropolitan Building • ... ... 50,742 5.6S8 10 nil • 7 ■" .' 'Wellington Invest; ... .... . 50,000 ,.'3,033 i i' 6 '.7- 012 3 011 6' 5 4 4 -Wellmgton Trust and Loan !'... 101,250 44,331 5 S -8 -7 9 0 7 10 6 7 9 6 5 7 0 -. ,:National Mortgage ... 200,000 .127,746 2 8' 10 3 0 0 ' 3 1 0 3 0 0 0 13 4 N.Z. and Eiver Plate _ 300,000.-' i258,000. 1 nil ' 7 "111' "8 112 6 1 12' 3 4 0 ■! . : ;Ijoan and Mercantile 135,222 /315.133 , j 8}. rg 0 5 0 0 5 0' 10 0,0 ' - ; y : \7.,- : ; . ' Auckland ...' ... ;i. \... , 180,370 85,463 '5 nil' 16 ; ". ?V V- > -'Ohristohurch ... ... ..X ... 160,000 70,918 5 .nil 10 V . ■"• 10 2 6 10 0 0 BOO ' 1 . Feilding ,... * ... •' .... — 12,030 . 108 l nil ■..., ■■018 0 10 0 . Gisbome " ;...\ 17,300. 10,565 1 nil' .13? . 2:0;.6 2 10 0 3 10 0 5 10 0 • llawera ... ... . 8,250 694: v.a J io • V" . • .New Plymouth ... ... ; ... ... 16,000 3,169 1 B nil:' lo / Napier • ' | -10 nil 15 ■ ■ v ... ...-: ... . . ... k ,49,957 ■ 23,184 , 5 5 15 '' h'} V ,Paimerston '.North _ ;'27,000 11,092 4» V 10 '- '. . Wellington ... _ _ > lo . r - 0 7 . TOq 10 -nil 10 19.7.6 ' I " — ™ "" ' a,,Ja 5 5 10 ... ■;-J ; ; y. ' ■ v.--:". '■'■' : " •; v..'. '.:-- •• - 283,727 '33,686 ' 7} • • Ci- •'•'t '8 0 0 • . i . . Ohrifitcmircli. : 1S5.920 ' 77,642 10 *nU' 8 v 10 5 6 10 7 0 7 14 7. ':■** I". ■?':*SliS 0 u"'-o 2 10 0 6 0 °] . Wellington Meat Export _• w- '5 ■ nil 8 . 612 6 .. - - - — I 105,7C6 .53.767' -i 1 : 8 • ' 5 2 0 5 2.0 6 5 6. . » .••• - •■■.-. - .■■■',> '23 28 .8 . 3 5 3 3 5 0- 6 9 3 j . ■ . Wangauui . .. „ . „ .... . 45,850, , _10;315 /0 nU.. .8 thahspoht. .1'. .. ■• W. and'-M. Rail-ray ... " ... 170,000 121,452 '1 4 7 2 7'3 2 9 0 2 8 0 2 18 4 y-,.. . N.Z. Shipping'. ... ... . 473,810 110,760 8 nil ,5 - 6.0. 0 , Union Steam- ... v ... ... ... £00,000 .381,917 1 - ,-nil ; 7J 1 14 0 1 14 6 • •• Wgtn. Steam Ferry 46,250 65 1 nil 0 .'i ; •. . coal. " ■'"■!■'•: ' ; '■■■'. • - '. ■ • , . , Westljort .... ..... .v.,, ... ...' 280,000 - 117,215. .35.3l 12j.6!l8V 0 6 19 6 6 19 9 6 5 0 ■ ■ _ Taupiri ... .... .J. ... ... 65.000 5,330 1 nil H 010 6 ' 0 19 6 7 14 0 i . WOOLLEN. V.';/.';. ' ''•■.;,■ , ' . Kainjioi lOO.OOO 32,854 5 nil . 6i . Mosgiel. ... ... : ... Kt.457 . 17,212 ■ 3i ' ij ' 4 3 0'0 3 3 6 3 1 0 4 12 0'' Wellington ■ ' ,21,35s: 4 ::y 6 3 3 0 3 5 0 3 0, 0 8 0 '0 MISCELLANEOUS. v..."- ■;,■'■;■■ Donaghy Eopo ' ... / .... 5 nil ... "6 0 0 .6 5 0 6 1 0 . leyland, and O'Brien . ... ... 35,000 . 37,761 1 '.nil 15.. 2 3 0 , Jlauricoville Limo . „. ... ■. 7,000 .. . .205 1 nil 8 . ' ; r.., ,. N.Z. Candle ...- ._ ... .'lO.COO- ' 876 10 nil 8 . . -, r .. •: N.Z. Drugs ... . ,... 36,730 2 nil '7 - 211 0 '.2 11- 0 6 3 ,0 ; N.Z.. Paper "Mills v„ • . 94.775' . 1,177 1 nil 7 1 2 6 1 3 0 1 3 3 6 0 6 .N.Z. Cement !i ■ ;:.■ ... ... • 40,COO 2.C48. 1 nil ... 1110 ill li ' Manning-and Co. C6,000 i 37,670 ; 4 1 10 315.0 :•.'■■ Ward,and,Co.-... ... ... eo.ooo. 30.055 "4 • 1 10 4 15 0 5 0 0 4-15 0 8 8 5 Wgtn. Opera House .18,630 -1,705 5 ' nil 125 " ' ■, .' -: Wgtti. Fresh Food 2S.2C1 . l nil ... »■ ■...'■'■■' Whitcombe arid Tombs' ... ... , : 46,250 . 30,156 5 - nil 10 -' 4 8 0,y 6harland, Ltd. ... ■ ... ' 46,676 9,311 1 .'."nil. 7J 018 6 1 0 : 0 /I 0 0 7 10 0