FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 201, 19 May 1908, Page 10

FINANCE AND COMMERCE.

' THE SHARR MARKET. ' •V' : There, ; was'.'eitreme ' ."dullness ''in '' tlie sharcf ' ;r- .market yesterday, t and,niany.;shares.exhibited. : a decided' 1 downward tendency. A sale" of Feilding. Gas shares.; at, 195., 6d. :,was-the; only. •: business lon 'Change. The ■weakness :.in Bank, of -/New. Zealand shares.,was emphasised yesterday j when sellers expressed- their; , ( •willingness-to -accept. ss'. Gd. - The decline :. . has nothing to do with the-bank's affairs; as a matter of fact, we believe that ; the: balancesheet shortly to be presented -will, be'\ except ; tionally favourable. The shares arS-' felling because there are many. Sveak- holders ovhtf must ■ realise, and many are forcing their ishaiies on\the. market: .Then, again,, others,• that'it .will .be years before-the bank "will attempt-' to pafc/a.'higher; dividend than 10 per cent.,' are getting rid of their shares and re-investing tfti.proceeds in inort-. ' , gages which yield a abetter .return.' The ques-' ; v tion now is,. whether, under the conditions /that prevail, the shares have reached bedrock. ... At; ,£9.'ss;' 6d.,the''shares.-yieid-'less'''-than 4 per cent.', ; is :far tQO . small ,a. yield even for bank~'sh'ares. , National Bank., shares were on-sale'"at i£s-ssl 3d. 'financial ; shares woro, .quiet. . -Mortgage, kg,- . sellers' : iE3: Is. ,6d.; New' Zealand'and River i ■ Plate, sellers 12s. 6d.; Feildifcg Gas shares 1 ' wero wanted at 195.,, and Sharland's ordinary at,l9s. For Wellington/Woollen shares ,£3 3s. •• V- was bid, and .£3 7s: asked".. There Were sellers of South British , at <£2,185., Christchurch • Meat.at dGIO 55., Gear Meat at £2 10s. 6d;, and Leyland-O'Briea Timber at , 13s 1 . "j <

THE MINING MARKET.,', This market is weakening, because there is' no money available for speculation, and even the gilt-edged .mining shares are not good pawn securities. Talismans have fallen further,: and . are now-quoted at '465., buyers. There, were no buyers for Waihis; sellers were willing, to quit- at 9s.v6d;-The -quota--Mons yesterday were as under:— /'• : Buyers. -- Sel}ersr] '. » ■: £ b. - d.'JG s. :'d.".' ,v • Talisman «. ... 2 6 0 2 6 9 , Waihi ... — 9 9 .6-1 Tairna Broken Hills 0 3 0 0 3 6''' Consol. Gold Fields —. 017 9 Sunbeam . i .. 0 0 7J - , • •-.. :->.y : .. . .THE WOOL SALES. . The news respecting : the-London wool sales-is ' really cheering; the opening decline recovered, and that'is something to bo thankful for.Vbut it: is a little premature to indicate thatthe swing of'the, pendulum is'going to be favourable. . -That raises false hopes, and' nothing is to.be gained by*that' The recovery now noted -is mostly" due to' some • manufacturers being coinpelled to buy to covcr forward sales " oftops,';" and also- to the " heavy withdrawals,'causing''an apparent; shortage'of supplies. There were 263,000 bales' availablo for tho sales, but only, some, 180,000 bales were to bo offered, the rest being withdrawn, under instructions from shippers. -'Even *what was left , for .sale was left to the'"discretion, of the brokers to sell or withdraw as seemed advisable to them, and this discretion has been 1 exercised, for out 0f'44,937 bales offered up to. the close of last week' 10,419 bales, or nearly 25 per cent, of the .total, '.were /withdrawn. . There is a fairly long 'interval between" the ' current sales and the fourth series, and buyers have been, forced to raise their bids for any? special clips wanted. According to the cables, the wool branded " Titi" made r ißd.,, while: last year the .same .brand sold for lljd. ■ , OTHER PRODUCE MAEKETS. ' . The High Commissioner's cable, published in another column, is not very pleasant. The meat market ■ appears . to ■ be. -tending i'downwards.. • Tho mutton .market ~,is,..dull^..there are..,cbin.-. plaints about,'the 1 quality .*of" New. " Zealand' lambs, and: inferior, sorts are .dull of. sale; New. Zealand beef is being ; pushed ; for- sale; and that means a lower range of values. < The butter market is.tending in favour.,of. buyers, : European supplies' are increasing, and values seem likely'to 'go 'dower. This "will not: be: very cheering to the secretary of the National Dairy Association, who, the other day,,advised the factories. to'/ship at least 20; per. cent."'of their late, ohtput-sThe- oheese:"market is'dull; ■ there is .'nothing doing, and prices are irregU- - lar. The hemp market is duller than ever, although the spot quotation of .£25 10s.. is not as low as that touched in March, when the " fibre quotation was as low as ,£23. It is not unlikely that forced sales of Manila hemp wilj cause a further break in prices. However, - just now. the quotations have, littlo interest • for New Zealand millers, as most of tho mills in the Dominion are closed down for the •winter.

MECHANICAL CALCULATORS. Since Leibnitz invented'tho. first wbrkablo calculating machine in the year 1695 thero, have been countless attempts to put together' a machine which will save us the trouble of adding, subtracting,. multiplying, and dividing. The Business Exhibition in ;London,-which closed on March-7, contained models of the. latest inventions' in reckoning machines, which not only mechanically add, subtract, multiply, and divide, but will also calculate percentages, discounts,. interests,-.: square and cube roots, annuities, and averages, will convort British, into foreign currency or weights and measures, and perforin with unfailing; accuracy other complicated arithmetical problems. These wondorful machinos are "made in Germany." Isolated specimens have been in use for some time by a few Manchester houses; amongst other firms, the Calico Printers' Association has used ono • for morethan a year. The gain in time, besides (he saving in wear and tear of brain, may bo appreciated from the fact that a calculation which would take an expert- accountant half-an-hour is completed by one of these machines in a single minute.

Ijj-iNING' NEWS.;/ " 'The" return '"from'''fhe Wairau Valley Gold -Mining £p;npany's,,mjne is 60oz. .gold-j-35 from the Nelson." reef for"3B tons stone; and 25 from .;the., I)ittle':.reef ~for 70 tons . stoned-equal to 18dwt and 7dwt: per ton respectively. - STOCK EXCHANGE. ''(BY'*TELECBAPH ASSOCIATION.) ' i.l - 'j'i:'' "'J Donedin, May 18. Stock Exchange sales:—New Zealand Coal and iOil„Co.,(2-pales),.. Is. Milburn Lime (10s. paid);' 13s.' 9d.;'• Stock Exchange quotations:—Dredging— Alexander Lead, sellers, 35.; Central Charlton, sellers, ss. 3d.; Electric, sellers, 10s. Gd.; Golden Bed, buyers, Bs. 6d.; No Town Creek, buyers ■7s. Gd., sellers -12s:'; Sailor's Bend, buyers 15s. Gd., sellers ilGs. 3d;-; Waikaka Queen (ex div.), sellers 6s. Mining—Talisman Consolidated (Ltd.), buyers £2 55., sellers £2 ss. 6d. Investment—National, Insurance, buyers, £1. 6s. 9d.; Standard Insurance,'buyers,."JEl.2s.; U.S.S. Co.; tellers', "iSI 15S.Y"'Westport Coal Co., sellers, ■£1 s; N.Z. vpoal and- Oil,' Is. 3d., sellers Is. ,7}d.;.'Milburn- Lime..and Cement (105.),. buyers,'"l3s." 9d;'!"N;Z; Paper Mills, sellers, ■'££' 3s! 6d. ' ; ..' ....WHOLESALE PRICES. . Laery and Co., Ltd!, Wellington, report wholesale prices'ruling on the market:—Wheat, fpwl,t,;ss.v 3d.)--to;;ss.-.vGd.; oats,.'3s. to 3s. 3d.; seed oats,'3s".'3d? to'3s. 6d.; maize,'ss. 6d. to ss. 9d.-; crushed malt, Bs. 6d. ;■ Prussian blue peas, 6s. Gd. to 75., fowl peas is. 6d. to 4s. 9d., •all.at per^bushel; flour, New Zealand, JGI2 10s., Australian £il ss. to JOll 10s.; bran, .£6 to £G 55.; .pearl barley, i! 19; split peas, ,£lB 10s.; bonedust;'"£6'; superphosphates, £i 15s. to £5 55.,; chaff .(oatensheafLiES 15s. to"u£6;'oatmeal, £li10s;; potatoes,"Js* to £6; Tasmanian 6eed (Up-to-Dates), 10s.; bacon, factory sides .B|a.,-.hams„ad.,..rolls_9Jd.; butter, bulk, lOd. to 101 d.; poultry, hens ,2s. 6d. to 35., ducks ss. Gd.; turkeys, gobblers 15s. to 225, hens Bs. to 95., all at per pair ss. to - 10s.;. cab!bages, £s,".tq"los., v all jit per sack; peas (green), 9d. to is. per peck; fresh eggs 2s. 2d. to 2s. 4d., preserved eggs, Is. ,6d. per doz.'; cheese, 6d. to 6ld.' "p'oV lb.;'onions, £7 to .£8 10s. per ton; Akaroa cocksfoot, lOd. to lid.; ryegrass, '4s. 9d. to ss. 6d._ per bushel: '-ROPE AND TWINE CO. ASSOCIATION;] , r .,: .i DuiraDiN, May ,18. • •The ; annual-'meeting of shareholders ' in DonaghyV Rope. and-.Twino Co. was held today.. The" annual' report stated that the year's 'operations" had "been" fairly satisfactory,- considering the-fall in . price of raw material,: and. that an, unusually large expenditure was neces■sary. tokeep'the-.iilant in order. . Still' further expenditure ; w'as necessary, for Which provision ' was' nia'dd" itf 1 the 1 " Suggested : ' appropriations.. The available'nefc-."profit for the year was .£3390 18s. Gd., 'which the Board recommend should be appropriated as follows:—To payment of a dividend of G per cent., ,£1410; to debenture redemption account, .£1500; to replacement of plant,: j and to carry forward, <£ISO 18s. 6d. After reduction of capital there was still a deficiency of .£6llß Bs. Bd. assets carried forward," ana'the directors recommend .that this .be placed to the account called the goodjvil; la'ceoyjit, to jje dealt with in future as the" Board - 'and shareholders determine. TKe chairman (Mr. J. L. Passmore), in ituoviiigUh'aXndoption of the report, said the. fall in price of fibre had, to some extent, affiectedi the.,company's. financial results. The output was some 70 tons more than the previous year. 280 debentures (.£2B,ooo),'which had a currency of fourteen years, mature in August, 1909, and the Board set aside out of .last year's profit .£ISOO against redemption. They hoped by next year to place a further sum to this account, and thereby reduce the .-issue. iTiS.«B O A?<LMSe<I to float a new issue at 5 or s|j?er cent. '-The debenture redemption i.accounti,was' placed""tliere to' help to reduce the .£28,000 and to get a further sum in that ' account,..to-..get rid.>of thevlnvercargill. property, ■. aud v reduce the issue to ',£25,000 or "

" The report and balance-shee.t were adopted. The retiring direotfors, Messrs. J. Lethabridge and T. tWivKemp'thorne, were re-elected, and Mr. Doyly (Wollington) was appointed auditor. "-■At ian extraordinary meeting subsequently, it waS decided .tp:dividp each of the 4700 shares iof £a each into-.-five -fully up shares of £I■cach.'1■cach.'

LOUDON WOOL SALES.

.COMPETITION GOOD AND PRICES FIRM. ___ HEAVY WITHDRAWALS. BJ 1 TELEGBAPn —PHEBS ASSOCIATION —COPYHIOnT -, •••'. v> : London, May 17. At the wool sales there was animated competition and .prices. woro very firm. To (late,- 44,937 -bales have been catalogued, of- which.,3-1,518; haye. beeu sold.. ; ■ The... following- , wero the average prices realised ~ for 'the ' floece portions of the clips named:—Ptthanfi, sfd;; Raingaroa, GJd.; Greonliills, 7jd.;.Owonga, 7^l.Waitangi, 7fd.; Titi, 8dl; Waiho'ra, Bfd. a ...Messrs,-. Murray, and Co. have received the" following wool market cablegram ■from.rtheir London, house, Messrs. Sanderson, Murray, Co., "dated May 16:—"The market shows a' hardening- tendency,; and competition is. very, brisk.. Compared with the'closing rates of ■ last ; London sales the market shows no material change." Messrs. Levin and Co., Ltd.,. have received the following cable from their London agents, the,-.-. National .. Mortgage and Agency Co. of N.Z., Limited, dated London, May 16:—"The wool sales are .-proceeding with great spirit. •Meririoß'and . crossbreds; generally have recovered'the fall reported on the opening day, and,are. no ; w ; selling at Maroh sale olosing rates.""""' — -•

the metal markets. BY TELEGItAPH—MESS ASSOCIATION —COPYRIGHT London, May 17. • Copper, on the spot, ,£57 17s. 6d. per ton; three months, ,£SB 12s. Gd. Tin—Spot, .£135 per ton; three months, ,£133 15s. Iron, 525. per ton. Lend, 413 ss. per ton. '.'Silver, 21Jd. per oz. Antimony, ,£lO per ton. Tram rails, 45 15s! per ton?* Tin plates, 12s. Ud. to 13s. lid. PRODUCE MARKETS. BT TELEGRAPH —PRESS ASSOCIATION —COPYRIGHT ' „ . London, May 17. Copra—Firm. South Sea afloat, .£ls 10s.' to 415 12s. Cd. Hemp—Steady. ■ Prices unchanged. ,Wheat —An Australian cargo has been sold at 375. IOJd. per quarter. Babbits are dull; the season is practically over. Nominal retail prices—Large Melbournes, 12s. Gd. to 145.; Sydney, 14s. to 15s. Frozen Meat. — Sheep — Canterbury, light, 4 5-16 d. per lb.; medium, 4 3-16 d.; heavy, 33d. ; North Island, 3Jd.; best brands, 3 11-16 d. Lambs—Canterbury, light, 5 9-lGd.; medium heavy, sfd.; North Island, 5 MGd. Beef—Fores, 3 3-16 d. per lb.; binds, 3§il. River Plato sheep-Heavy, 3Jd.; light, 3Jd- Beef—Fores, 3d.; hinds, 3|d. HIGH COMMISSIONER'S CABLE. The Department of Industries and Commerce has received the following cable from the High Commissioner, dated London, May IG, 1908:— The mutton market is very dull, except for prime light-weight Canterbury brands, which are getting very scarce with the brisk de-t, manu. Canterbury mutton is' quoted at 4d.,~ and North Island at 3fd. per lb. There is a good demand for prime quality lamb, but there are complaints with regard to the quality _of Now Zealand brands this season.' There is a dull' sale for .all lamb of inferior, quality! • Canterbury brands are quoted at 51d., and other than ■ Canterbury at 5Jd. per lb. The beef market is weak. New Zealand beef is being pushed for sale, hind-quarters being quoted at 3fd., and fore-quarters at' 3d. per lb. . , ■ The butter market is quiet, with a tendency in favour of .buyers. 'European supplies.• are increasing. Choicest New Zealand butter is quoted at 110s.; Danish, Ills.; Australian, 1045.; Siberian, 104s. per cwfci' . The cheese market is quiet, and small business is doing. Prices are .irregular, white makes being quoted at 595., and coloured at' 58s. per cwt. The hemp market is very quiet, with nothing doing, and prospects are uncertain. The following are the current quotations:—Good fair grade, on spot, ,£25 10s.; fair grade, on spot, <£24 10s.; fair current Manila, £2i 10s. May to July shipments are quoted as follow:— Good fair grade, .£25 155.; fair grade, .£24 10s.; fair current Manila, - ,£24 10s. There has been no alteration in the cocksfoot seed market since last week. The wool market has recovered, and values eqnal tho closing rate? at last; sale. The kauri gum market •is quiet; but a : moderate business is doing. Stock held in London amounts to 650 \ tons. The following are the current' quotations :—Ordinary to fair! three-quarter scraped, 1605.; fair half scraped, 100s.; brown fair half to three-quarter scraped, 80s.; brown pickings, common to good, 475. Gd.; bush fair to good pale, and amber scraped, 130s.

The hop market is dull, and supplies are large, best quality English being quoted at 555. / . '

. WELLINGTON SHARE LIST. COMPANY Capital Fried and ? J m r |J .... . ■P*' 10113, - TjoM , ■ ' COMPANY. Paid Up. Balance -an eyX JJ,™ 3'1 ~ ~ : Investor Forward. p< p Share. . Buyeri Sollcr . -Last, Investor. . . /BANKS.- £ : '■£ .- £ „■■'£■:, £ £ .B. d. £ s. S. £ 8. d. £ s. d. New Zealand "... '2,000,000 81,676 : 31 : ;3i"' 'iff' '! • 1 6 912'0 305 • National;,.'.; - - , 375,000 ' 335,318' 2V 15- 13 •" 5 5 3 5 5 9 5 13 5 INSURANCE. --v -■ -H /■ ''''' National ... ... --000.000 2(9,339 • - J unlW, -15 ---■ 1 I t Heir (Zealand ... ... ;300,000 ' 396,674, 2' ; lo '■"? 3 17 0 3 15 6 5 6 0 . . . South British ... ... A. 100,000' 474,91'J i 4j 'lO "' 318 0 . Standard ...... • 75,000 9-2,380. J Oi,,, 10 .1.2 .0 1 2 9 .•FINANCIAL. - ' . , . Equitable Building ... ... ' ■ 50.000 22-000 5 5 10 10 2 0 10 0 0 . V Metropolitan Building -... ... .50,742 -5,688 10 -nil- 7 / Wellington Invest. ... 50,000 3,933 i . } 6 0 12 3 0 116 544 .Wellington Trust and Loan ... 101,250 ,'44,334, .6-, 5-. t - ,g..iT 0. 0 7 10 0 7 9 6 5 7 0 •' .'-National Mortgage 200,000 • 127;74G- • *2* 8"' 10 "3 (hO 3 1 6 3 0 0 6 13 4 N.Z. and River Plate ... ... 300,XK) 252,000 1 nil 7 1119 1 12 6 1 12 3 464 • Loan and Mercantile 135.222 315-133 } 8J " 5 0-5 0 0 5 0 10 0 0 V IVy: CAS,'".' r 'Y/ - '''f. - . .'V' ■ : ."I AncWand';-..: Ui1SW70', A 65,463' : 5 ' nil 16 ' ■ . s Chriatohureh , -V... 160,000. ; ' 70,918 5 ' nil 10 = -«-« <■ 10 2 .6 10.0 0 5 0 0 : Feildmg ; 12,000 ■ .103 1 nil ... .O^'.Q,'. • •' „ ■■■■•. Qlsborue 1 •...." ...... ... < v .17.300.. 10,565 1 nU 133.. 2,|9T .6 . 210 0 2 10 0 CIO 0 .-Eawera • . ... .8,250 '604. 3 } 10 «' . New. Plymouth : ...' ... 18.000 " 3,159 5' 'nil ' 10', Kapier : -v. ' " " 10 " nil- 15- - . .. .. 4?,057 -23,184-.-''5 - '5' '15- - " " ' PaWraton North . 27.000- : ;"il,092-" 'x" 9 *' 1 .' .10 n.ne,»' '»« j° . . " 19100 ' MEAT. ; • mm.. -*3M86 7j.,.,2j. 8 _ _ „ 8,0 0 - - --- ... ,.;. r , 105,9201. -.77,6-12 10 ■ 'i«nil» 8 ""i *.» 10 5i0 -10 7 0 714 7 Gear .- : .. .... -'i...,\ . »» v 12} * '9* * • 2 10 6 210 0 6 0 0 ... » . •••„ ■■■ ■■■ f.., 3 ?:™,. . 5,2151 . . i, ■_ 6. V 15 ,.9J5„0. 10 0 0 - ■ Wellington Meat Export i ... .. : llu . ,,.x 5 . '.Jltfx*. g; nu.™ 612 -6 ' ... it ..; ' _ I 105,766 63,767 4 1.8 ' 5, 3 0 5 2 0 6 5 6 ' W-" Jr 23 ""23 — "8- " —- 3 5 3 3-5 0 6 9 3 Wanganui „ „ ... ... 45.850 10,315 5 nil 8 . ' . . .' ' transpokt. ,.; i; 3 / .. . W. and M. Railway ... ■ ', 170,000 121,452 1 4 7 2 7 3 , 2 9 . 0 2 8 - 0 - 2 18 4 V if-Z. Shipping ... ... ... ...: 110,760 8 nil 5 ■ '600 (Jmon Steam -... ... • 800,000 ' 381,917 1 . nit- ,71 114 0 114 6 :Wgtn. Steam. Ferry .46,250. 65. .1. jjnili , ; .6, • : : 'V v'/Vi'COAL."; '^ : f I.'ii U>v. iliY, '.Hi. .V UJ s\> • 'f'S" -^ssdUdd''-Mete. r i-2i ~g ib "o .6 io "6 oio'o « « 0 , Taupiri(.< 85.000') i'>"5,339-" »l Ufnil aj| 0 19 6 0 19 6 7 14 0 ' WOOLLEN. . ... '. Kaiopoi '... • i .100,000'' . 32,854 • -S nil. 6} ' . 1 . Mosgiel- . ... ... 83.457 17,212 • 3j ' lj,. , 4 .,3,'0„0' 3 3 6 3 1 0 4 12 0 Wellington - — 82,925 24,368 4 _1 6 3 3 0 3 7.0 3 0 0 8 0 0 MISCELLANEOUS. ; . 1..., . - .< . Donaghy Bope . ... J ■'e3;500 •' ' 5 'nil »'6"0?0 '6 '5 0 6 1 0 Leylandiand O'Brien ... ... 35,000 37,761 .1 nil 15 .2 3 0 . Ifauricejille Lime ■ ... 7,000- - -.205 - .il - nilw .iS I «>i -i>: ■ N.Z. Candle : ... ; ... ... V" ... - 10,000 ' . 876" 10 . nil '8 ! " . N.Z. Drugs. ... 200,000 36,730 ,2 nil 7 211.0 2 11 0 6 3 0 : N.Z.'Papet ,Mills' „ '.i - 94,775 1,177 ' 1 nil 7 12 6 1 3. 0 1 3 3 6 0'5 - N.Z. j Cement ... ... . 40,C03- - 2,048 1 nU ... 1110 1116 .Manning and'.'.Co;': 96,000 V':37,670 ",'4 10" 3 15^;0* v 1 Ward and :,j. : r..-aWOO. .-"30.655.. .-4 .10 . .'6 0 0 "415 0 'B 8 6 Wgtn. Opera House ... ... ... .18,630 1,705 5 . nil 12i . ./ Wgtn. Fresh Food ... .... 28,261 ,• ..; . ' a nil v 1 , lThitcombe and Tombs ,--...' ... 46,250 - 30,156" ~-5 ' nil- 19 4- 8 0 ;: Sharland,.Ltd. ....- 48,676 ' 9,311. 1 .nil 7i ,019 0 1 0 0 1 0 0 7 10 0