FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 200, 18 May 1908, Page 10

FINANCE AND COMMERCE.

'; THE SHARE MARKET. . •. : Investment shares were dull on Saturday, and , no business' wa3 reported."''.The .'buying;orders were very restricted,,while sellers were plenv.. titiil. Bank shares.exhibited/a weakeningVten,deiicy. Now..Zealands' were,offered for.sale', at'6d;,'.and Nationals at*^£s'ss:_'Bdr''-Piiiiil. >7 cial shares 'were quiet. There wero sellers-of Wellington Trust and Loan at .£7,105. "National ■V-.Mortgage,;.buyers Is:: Gd. ;.Insurv ance shares had - National Insurance* ■shares were offered for, sale at ■ 275. Gd. and , South .British at iS2,lßs'. Gas shares were tin-' ( changed; Feilding: Gas, buyers 18s'. 6d.v sellers, / ,20s. : In ' other.- shares'. there were ' no changes:'- ... Christchnreh Meat, sellers- .£10:55.; Gear Meat, , .buyers,.£2 95..6 d.; sellers ,£2 10s. Gd. 1 -New Zealaud Shipping, sellers ,£6,* Wellington Woollen, V buyers 35., sellers ;£3 Bs. ; Westport.Coal, sellers £5.195. Gd.; 'Dohaghy jßope- and ' Twine, sellers ,£6 ss. j D.I.C. (preference), buyers' 7 215"., ,sellers 225.;; ,Leyland-o'Brien . Timber, sellers -..> 435.| Sharland's' (ordinary), buyers 195.; Tara- ■■ naki Petroleum, sellers, 7s. i : '/ V THE . MINING MARKET. < Talismans .and Waihi were both weaker. Talismans sold at ,£2 Ba. 6d., with buyers at • : -48s.' and sellers at 485.-9 d. For Waihi, shares/ 7 : £9. 7s.(cum;div.) was offered. The quotations' /.. were,as under:— • { - .7' ,7." ' / Buyers. Sellers. .Sales. .' . . -.•-■> . .£ s. d.', £s. d.':J5 6.'d. : "Talisman: ... 2 8 0.'2 8 9 2 -B'-6 ; Waihi ... -... 9 7 0 9 8 0 ' Tairna Broken Hills 0 3 1 0 3 6 — Consolidated Gold • ■Fields; ... 0 19-0 ' 018 9. Big River ... „ 1 1 0 — , — THE MONEY MARKET. In London, Paris, ' "and Berlin, - money is' 7. oasier than.it was" last-we&,-'and-.mil probably, continue; easy.,' It is -usual for: the .money mar-' ket-to' ease in .May,, and thomovoment'nowre- . . ported is.'just normal. With the strength' dis- * played by- the Bank of England figures it is ■■-, surprising . that the ,Bank, rate does not.-fall- to"' , 2J ; per 7 cent., but perhaps': the issue''.'of'- gilt-' edged securities is still on a.large scale;'if so,' .the; present-position is not likely to he .dis- . turbed. ' Applications for fresh, capital during" .. • March, .'according •to • the "Bankers': Magazine," .' were on acoiisiderable scale, and.issues which; ..' might in some cases have been arranged months . , before were hurried into the market before'the end of the financial year. The consequence had ~ been that, while in the early days of the month ■7 new* issues of capital met with a fairly favourable reception, it,was apparent that investors i had been, surfeited, and of many millions of now stock offered at about the middle of March underwriters had to tako up a large propor- : tion, and in .somo cases practically the whole ; loan.'' Amongst some of the principal borrowers . were the New South Wales Government,-.the -. cities ofTDunedin, Rogina, "and-. San Paulo,. which between:tliem applied fur over .four mil-, ; >lions sterling. The. Grand Trunk Pacific Railway Company offered ,£2,O0O;QOO of '4 'pe'r cent.' 7 /mortgage sterling bonds, at.'the price of 9ii per cent., and underwriters in this'caso had to ' 1 , take up about .90 • per. cent.,'; while • the' under- - writers .of 1 an ;.iss.ue of . i£l,000,1)00 of Govern-.. . ment of'' Salvador 6 per cent, bonds, had," to; absorb averyMargo per centage. ■■ The' total of * ■ tho . capital applications 'for the quarter . :. amounted to ;052,644,500, against *£64,528,500 in'i the corresponding quarter of,-1907. With respect to the local/money, market, 'a, remarkable diversity of opinion exists..' Some' profess to see nothing' in the. fact that New 7 Zealand produce; has realised; dE2,201,000 . less ''in* the March quarter than in the corresponding quarter of 1907. Thoso ' who hold optimistic views maintain that the savings of the past will ' inable the community to stand the shock, while others again hold-.the view that the outlook is far from satisfactory,; that; the position will bo considerably wotso before it is better, and '.that there will have to be a sharp readjustment 7. of land, values to correspond with the changed economic conditions? The extreme pressuro,on - most financial institutions for loans, the abnormal. increaso in the banking advances in tho past quarter, the advance in the bank over--7 draft-rate, and the restriction of credit by ■. retailers generally, .are all pointed to as extremely adverse signs. .It is difficult to decide between the two parties, but at least ali aro . 'agreed the position-to ; day is not,as good as.it was a year ago, or oven six months ' ago.;' '', •

■ PEEMONITOEY SIGNS.": •4. Tho premonitory Bigns of the American crisis were recently summarised, by an eminent Nerw York banker, and it is as well to see ; how far such signa apply to. New- Zealand. ■: lie says:—"For- the past four years there ha 3: - been in the United continued ad- : vanco in ' prices generally. Unwholesome ~ox:- : ' travagance, ranging. from the labourer to the ( capitalist, has applied a seemingly unlimited • demand, a -demand so great arid I persistent 1 , •'■■ that there has : been practically little • compe-' tit:011 in the selling of-goods. Wholesalers in- ; . creased their supply, increased . the capacity of their;'plants with hothouse haste, and with '.labour . and /material ,at. a range of prices iiever; before equalled, thus permanently overcapitalising V,tneir, v plants/ ■ Building has been.rapidly pushed all over the, country, at a cdst' of/'ono-third greater thaii tho same structure could have been- erected for five years ago: City, town, and. village <■ lots, farms,, wild farm lands, ore properties of every kind, timber and 'timber ; /lands, ,'especially the lattor, have been purchased on the partial-payment plan at'constantly advancing - prices. The extension of business, was so. grdat • that all interests were borrowers all the .time; hence tho shortage- of 'mobilo '..capital; henco' the money stringency."; . Some of features will bo recognised' as applicable to Now Zealand, especially the gambling in real estate on "easy terms." THE WOOL SALES. Tho extreme cheapness ot wool has had the effect of stimulating buyers, and, under a 'strong demand, all crossbreds have recovered about o per cent, of the opening decline. It is not unlikely that there may be a further slight recovery, for it must bo remembered that

a considerable* quantity of wool has teen withand-, buyers must, therefore, mak"e'"the most' of a"limited supply.. Whether there will be any permanent improvement in values is quite another matter. Although the Bradford;,. top,; rnarkej;. is- quiet, : tliero is -reported./ -to- be inquiry; and that is dome..'consolation.,.. Upo n..increased consimpUpn will, depend., tho future of the market. • 'v: TUB SUGAR' TRADE. ,' :A; British Parliamentary; Paper on ; sugar ,giYeg/ibme.",.intefesting3.tatistics as- to production, imports and exports, and;consumption' in the . principal' countries of the world. It: is stated : \therein ,thak the, total 'quantity of raw cane sugar'produced- in the world amounted to' -7,317,472, • tons - iri; 1906, as compared <with' 6,602,168 tons in-the previous year. The'total quantity of beet sugar is estimated at 6,995,244 tons in.1906, as against 5,982,459 tons in 1905. The British Empire, oxcluding India, was responsible for 750,760 tons and 639,205 tons of cane .su'gar in 190$ 5nnd,:1905,.' respectively, and, "including India, fbf : 2,974,160 tons'and 2,364,765 tons respectively. .Imports of unrefined sugar into -the- United. Kingdom amounted to 15,257,886 cwts. in 1906, against 14,656,648 cwts. -in. of xafined sugar.cane to the Itotal.of iß,o96il63' i cwtsi'.an 1906, against .14,695,801 'cwts. in .the previous yoar'. Exports of refined sugar from the United Kingdom amounted to 162,375 'cwts.''iif' i 1906J I 'against 113,453 cwts. in 190.5., The total _ consumption of sugar in the ■:Uriifed ! 'Kingdbm r at 1,582,453 tons in 1906, or 81.191b5. per head of the popular tion, against 1,388,042 tons in 1905, or 71.941b5. per head. . • MINING NEWS. NEWBIG RIVER. (U Y. TELEGEAPH.—SPECIAI»' .CORRESPONDENT.). . . '-Y.. . - Reefton; May 16.The mino ,jnanager of the New Big River Company reports : for ~the > week: as : follpws No. 9 Level—ln N0."4 stope,. over the branch ; leyel,;ithe'Teef' wido. In No. 3 stope, on .the'same'block; the reef lias narrowed, down ,to : a;widtli of 2ft.;6iu: s 'Ori the western.block, in No.' 3, : 'siope, rthere-fis'-aH average'width;of sft.-• .of,ston.e in the'.face. In the eastern block, No. 4 stope hijs been risen for in blank ground. In Nol''3;"st6po we have'been^engaged' prospecting 'a make of stone going into the hanging wall side of the stope, but cannot as yet state what it, will be until more work has been done to it. No. 3 stope, going south on the eastern blockAfter driving this stope 'a few feet in blank ground, we cut 7 a • new block of stone, which reaches' 'd'owii. to' ; the \bottom of the stope; It is now - sft!. in width 1 , with water coming out. No. 2 stope, going north on the eastern block, is being driven through to, connect with No. 3 stope (going south). We' have the new make oKstoho,"(.that was,;cut",'in'No! 3 stope) in the back of No. 2 stope, but' apparently the stone does not come any .lower. . No. 2 Levol—The 'stone : ih' f the'-stopes l continues small. During the week 4251. tons .-have been raised. The battery has been cr'.usl\ing ,full. time.

RETURNS. . . . W:'[bt teleqeXth:—peess-assooiatios.] : : i\ . •" Dunedin, May 16. Dredging returns:—Waikaka United, No. 1, ;17oz.''8dwt;;:No. 2;.330z^2.dwt.; Rise and Shine, No. 1, 50oz. lOdwt.; No. 2, 38oz.'lGdwt. j Rising Sun,'';'sooz;"'lod\Vt;';-.' Alexandra Eureka, 350z. 17dwt.; Enterprise :280z.~16dwt.; Molyneaux Hydraulic, 17oz. Bdwt.; Clutha River, lloz. 12dwt.; .Olrig; 9oz.'2divt..v.,- ■ ; ' Reefton, May IG. Returns:—Callaghan's Creek, 420z.; Pactolus No! 1 started on Wednesday morning, No. 2 no wasli-up, owing to bushing and lipping buckets.- ' FEILDING- JIAEKET REPORT, r Messrs.- A. H. Atkinson and Co., Ltd., re-f'port'-otfitlieirWeekly isale. as : follows:—There •was, a small yarding of pigs. Big sorts sold up to late' rates. A small entry of poultry came to' hand, r ah"d'shfewed an advance last week's prices. A fair amount of produce uas disposed of. ' Quotations:—Pigs—Stores, 305., 315.; small sorts; 35."9d7, ss. 9d., 75.;, empty sow, .£1 Ms. Poultry—Roosters, Is., Is. 7d.; hens, lid., Is., Is. Bd.; ducks, Is. 9d., Is. lOd.; turkeys, 55., all at each. Produce—Potatoes, 95., 9d.,. lOg.l/sack; ."pjgcp.otatqes,, 35.; marrows, • 2s. - 6dy i sack; pumpkins,-;- 7s.'< 6d." sack j. onions, ; 25. : , 2s.' 6d.ibag.;;;pafsnips,' 3s. 6d. sack; .Swedes,; ;3s. a^Sack;'^/.^■'/■' • . ''The' 'Zealand J,oan and Mercantile Agency/ Company have --received the ' following cablcgramL?from>L(Jiidon';,Sunder date May 15: — "Wool.—Sales gain firmness as they progress. As compared with last sale's closing rates pricos aro lower about 5 per cont. for crossbred lambs, greasy merino super and greasy 'crossbred; "about',s.lper, cent.. to 71 per. cent. for r 'scoured'- merino 'super, and about io per cent, to-15 per cent, for crossbred slipe." Messrs. Abraham and Williams, Ltd., havo received 'the -following cable from London under date -May,: 16: — I The.;market is strong .for all grades-of crossbred wool, and prices aro higher ~by., 7i ;to ,10,.per, cent... There is a strong demand for super nierino, but prices' aro .unchanged.'- Inferior merino is weak, and has docliiied 7i to 10 per cent. '■ -' LONDON TOOL SALES.' ; CROSSBREDS ADVANCE 5 PER. CENT. BY TELEGRAPII-^PRKSSASSOCIATION—COFTRIGHI .... . ■ London, May 15. •'•' At the wool sales there is a strong, demand, and an. animated sale. All crossbred are 5 per cent, above the.; opening rates. Merinos .occasionally obtain a similar advance. . . LONDON-MARKETS. ST TELEGRAPH—PRESS ASSOCIATIpN—COPYRIGnI. London, May 15. ' At the kauri gum sales 718 cases were offered and 160 sold. Prices .yiero a shade easier. Silver,—2l 3-16 d; per ounce.

WELLINGTON SHARE LIST. ' ' : ■ • • . : Reserve r,j„i,i. - E PKICES. . , Yield : : - ; . COMPANY. ' F«na and lity per S'g —''' ' —-— to PaidUp. flalanco gv .-' ' • Last Investor. 7 " ' - . Forward.a,,; 0 """"- g Buyer. Seller. Halo- ..' BANKS. £ . £ , £ £■ £ b. d. .£ a. d. £ s.'d. £ b; d. V Now Zealand ... ... 2.000.000 . 81,676 jl - 81 10 " '' "0 6 6 .'912 0 3 9 5 V;'": Rational ...,: S75.000 , 335,318 j] 15.,.. 12, 5 5 3 5 5 9 5 13 5 INSURANCE. : • "• National ... .... .... ... • hi 100.000 '249,339 V unltd, 15 '.• 1 ' 0 Now Zealand ... !... :.. ... 300,000 31X5,671 3 8 10 3 17 0 3 15 6 5 6 0 Sonth British .;. ■: ... ... ... .100,000 474,913- 'J >41 10 ' -213.0 j Standard",... ... ... ... ... 75,000 . 92,366 J " Bi io 12 0 12 9, ' FINANCIAL, \ ; ■ Eqnitablo Bniidlng.... ... •; , 50,000 2-2,000 : "g "5" "id 10 2' 0 10 0 0 : ' Metropolitan Building 50,743 ' 5,688 io nil 7 Wellinffton : Invest. 50,(XX) 3,933 14 C "i '" ' 014 3 011 6 5 4 4 ' - r - Wellington Trust and Loan ... .101,250 44,331 .5 5 . 8 T7.10 0 7 9 6 5 7 0 National Mortgaite..- 200,000 127,740 ' 2 8 10 -3- 0 0 3 1 6 3 0 0 6 13 4 N.Z. and Bivcr I'lato ... 300,000 - 252,000: .1 "nil - 7' :1U 9: ;:1 12 6 1 12 3 4 6 4 Loan and Horcamilo ... :■ 135,223 315,133 A 84 - ■■ 5 *.:•■■■: '.0 5 0 0 S O 10 0 0 '•* r r ■ . Auckland ... ... • ... 150,370, ! ?.5,463 :: "5 "nil" 16 >•"' „ „ „ . i Chnstchuroh ... ■ - ... ... ' ic-0,000 ■ 70,918 ! "5 '"nil 1 '10 ''10 2 6. 10 0 0 5 0.0 * Feilding , 12,030 .'.'i-lOS .-l'- ■: nil' ... 018-.-.6 : 1 0 0 : Gisborue\... ... J, -17;300- -ao,565> "1' - nil' 13i -a 9 -6 - 2 10 0 2 10 0 510 0 ?:"■ ■:.;S awe £?' — •••'. - - V 8,250.' l.w 694,. .,-.3,,: .,1 ,10 .. ' New.Plymouth ... .1; ' 18,000 . / ..3,15'J i : .5 (nil 10'-- C-. . . ' Napier "... ■•••." -. ) . -i 10 nil 15 ' >> ' , - ••• ,- J 43,957 23,1« ,6. 5 .15 . . • Palmerston North ... ... 27,000 , 11,052 4i " 4" 10 ' . ' ■ ' • " 1 i *2 i i 0 0 • 1010 0 ' ~ 'j?.r Jj.' ''f ■ A : . OantCTlHirf W >1BT),727 32,686'' 7j ' , : 8 v 8 0 0 1 -V.. Chnstchurch ... ... : w.165,9-20 . 77,642 10 nil 8 10 5 0 10 7 0 7 14 7 . ■ Gear ... : ... •*. , .,.. niI - 125 2 0 6 -2 10 6 210 0 6 0 0 , "Vr t I,4. ' 6 1-24 915 0 10 0 0.:|V .Wellington Jlcat: Export; *.• i. . v„ j ■■■} .. ; 5 . n ji 8 612 ' U V'. ' ... V ■••• ••• -• k 105,706 53,767 ' 4 1 8 5 2 0" ' 5 2 0 6 5 6 » •••• . -• - . ... 28. 23. 6 v 3 5 3 3 5 0 6 0 3 Wanganui ,, ... ... 45,850.. 10,315 5 nil. -6 , y - ■; .■ ! j ' \ ■ ii -,, .;.W.'and:M. Eai!-ay.....^.i..,:.,i;o,:oo .121,452 1 4 7 2.7, 3 9 0 2-8 0 2 18 4 . N.Z/' Shipping ... -473.840: 110,760 s nil 5 6 0 0...- V , : Onion Steaui : . i.r'-'-... a'0,000- 381,917. -1' ! nil 7} 1.14 ; 0 "1'14 6 .-.'Wetn:Steam Ferry... v. f _ 46,250,' v ,65-1 nil- 6 • ■ , COAL, TTestport ... ' '... "..J'i'O. .'(280,000 -117,215 .31 ' li 12S"'6 : 18'0 --619'6, 6 19 9 6 5 0 • Taupiri .... ... :..v Ki.000 5,339 fl nil li 0 19 6 0 19 6 7 14 0 ' v/oollek. /, ; /Kaiami... ....... ... ( JCO.OOQ 32,851 5' 'nil 65 ' ' ' • „ -■ i . - Mosglel-- - .... ... ... .... ., S3,457 17,212 3i 14 4 3 0 0 3 3 6 3 1 0 4 12 0 WelUBBton.;. .... 62,925- .,24 ; 368 . i K 1 : .3 .3,. 0. ,3 8 0 3 0 0 8 0 0 """ WI3CEUA.\-E0U3. . i. ... — ». : Donaghy. Eopo . . ... ... -.23,500. ... 5 nil ... 6 0 0 6 5 0 6 1 0 '.. - .Leyland and O'Brien ' ... ... 30,000 37,761 ->1" nil 15< - ' '2 3 0 Jfauricevillo Limo .... -... . ; 7,OCO . 205 *1' nil '8 'it ? \ N.Z. Candle . 10,000 .876 10 'nil '8 "• : ?K./j. Drugs. ... . ... .... 200,000 36,730 2 nil- .'7 • 211 0 2 11.0 6 3 0 X.Z. Paper Milla'-*... ■' ... ... ■■.: 94,775 " 1,177 1 nil 7 " 1 '2 6' 130 133 605 -K.Z. Cement .... „. ... ... 40,COD : 2,048.. .1 ..nil .... .111...0. 111 6 : V'. -vljanmng,and Oo. .... . ... '.SC,000 37,670\ -4- 10 -8-15*0-...VV Ward and OoJ... . 80,000 30,655 ' 4 ! 1> : 10 4 15 0. 5 0 0 4 15 0 8 8 5 VTstn'. Opera House ... : .18,630 1,705 5 nil 121 ' ViRtr.. Fresh Food ... .. .... 28,261. • • 1 -nil-- ...- ■ " whitcombe. and-Tombrf ' 46,2.50' 30,156 . 5 nil 19 4 8 0 ...I- ' Saarland, Ltd. ... ■ ... 41',676 9,3U ,1 nU 7i 019 0 1 0 0 1 0 0 7 10 0