FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 204, 22 May 1908, Page 10

FINANCE AND COMMERCE.

WELLINGTON SHARE LIST.

.. THE' SHAKE MARICET.-' i" / • The dullness in the sharp market; continues, and yesterday ; the quietness' in investment 'shares'' was iiiost marked. " There were muuerous sellers at tho usual. market'^prices,' but' buyers were not to be found. Business seems possible only at a roduction on present quotations, and' naturally sellers cannot be brought to see this. Theimarket -wilL.right, itself,preKontly. -Yesterday there were' sellers, of National Banks at £5 55., National Mortgage-at ,{3 Is. Gd., Wellington Trust and Loan at >£7 10s. Gd.,. Loan and Mercantile, at 4s !ld., National Insurance at 275. 6d., Sonth British i£2 Ghristchurch Meat ,£lO 55., Gear Meat ■£2'los.6<L, N.Z. SJiinping £8, ; Westp'ort, Coal ■£7, Taupiri Coal .£l, Leyland-O'Brien Timber £2 35., N-Z. Drug £2 lis. 6d., and Taran'aki' I'etroloum at 7s. Wellington' U'ooli jns were' wanted at. <£3, 3s. , 6d., but sellers.asked J!3 ;Bs.. Peilding Gas .shares were in'demand at-19s. .i,',.

THE MINING MARKET: ; Waihis and -Talismans', met. with '.exchange'] yesterday/'the former: 'changing hands" at <£9' 10s., and the. latter at £.2 ss. 3d. .The slump, in Talismans may be regarded as over.'' The quotations yesterday ; wer© as uu-ler:— 1 Buyets." Sellers'."" Sales'.' £ s.: ; d.vS:s. dv i's^d.f' Talismans ... 2 5 0 2 5 6 2 5 3 Waihi ... 910 0 911 0 910 .0 Tairua Broken Hills 0 3 2 0 3 6 ■ frrrr —' : i THE; TALISMAN SLUMP. The slump m hind the scenes, providcs r a ; comedy' tliat Is exceedingly interesting. . It.may be stated, at,tho outset that on April 30 Talismans'.fwere. sold in Wellington at .£2 lis. .A week later sales were made at £2 10s., on May' 9 they'sold, at '£2 10s. : very"freely, -on May 1 13, they-were''at-•V 62 9s. 6d.'/.-on- May .15' at 'i£2'9s. 3d:; "oii'l-May 16 at £i\ Bs. 6di, and "'on-'May ; 19,/ Tuesday last, there was a tremendous:slump; the shares going down to' £1 4s. 9d., and they now stand at about £2 ss. There aro three important, markets for Talisman .shares, viz., London,: Auckland! and Wellington, but in recent years Wellington lias secured tho lead. It is unnecessary to recall the aggressive attitude of the "Wellington Committee," but tho fact remains that Wellington shareholders have: beenriblo to impose their policy on' the ' directors and to have needed changes effected. This did not please' ascertain group of shareholders in Auckland, and it was freely stated some months ago that Talismans would be down to 455: The developments ■ at the mine have all been of a favourable character, and there ;.was never any warrant for. such a •strong "backward movement in the shares. Tho Auckland group, assisted, it'is believed, by-some; operators in London, have been quietly waiting an opportunity to "bear" the-shares/ This group is reported to. have" sectu«d:"serei , al in some of;, the country -districts/ and"alto-' gether they appear to have had about COOO, chares to' operate with.''' The • bearing "pra'ctically commenced on ..May 16, that is.,towards the end of' last. v.'dsk," and'the "bears" are believed to have entered upon,a contract thatmust result in 'severe'loss.' 'The' Wellington shareholders were quick, to sco tho game, a buying syndicato' was'"quiotiy formed,"' and orders'were sent ! ; to-Auckland, to buy/ up all the Talisman shares that were oil the market. • The action of the syndicate -induced other buyers to come in, and on tho- days of this week about 5000 shares were bought up by the Wellington syndicate.'. Yesterday . fresh telegraphic; orders wero sent to Auckland for 1000 Talismans, and it is believed that the "bears" aro unablo to tneet the counter-move. Even if they can supply tho last lot ordered there will bo. calls .-.fort another 2000 »or '.3000 shares, probably more. The "Wellington syndicate has not overlooked the London market; and stops have been taken to hold the "bears" there in check. The Auckland group will be sorry -presently that they- started in to bear the shares, for Jf they wish to get back .what thoy have sold they must' pay higher prices. With the. additional-shares that have-been purchased recently/ Wellington, holds' the premier position. Now that the .bear attack/has. been niefc'by a': counter-attack there'is every probability, of a strong -upward movement .setting in- No shares aro procurable in Wellington, and it is doubtful if any are to bo obtained in Auckland, j,while' there- are "nume-. Rons buyers ready to'"snap "up the shares. This is about the third time that Talisman . snares have been subjected to market manipulations, but on each occasion , the' Wellington shareholders have triumphed. ' Tho Talisman mine may now be regarded as a Wellington property. ......

PEOMPT SETTLEMENT.. The-following interesting, particulars of a prompt settlement of a marino insurance claim ; by an .. Australian office appears in "Fair- ■ . y " "Fremantle, W.'AI, "February 24, 1908. \ "(To the Editor of 'Fairplay.') " Sir,—lnsurers are frequently recommended t(J cover their interests with British companies, for their own protection. / The following, 1 however, is an instance of prompt settle-' \ inont by an Australian company. On the Ist inst., the s.s. Windsor, chartered by us, sailed for ! Hong-Kong with a. cargo of timber. Oil, tho following day sho totally wrecked some two hundred miles north of Fremantlc, on the Abrolhos Islands. News of tho disaster was • received on sth inst. ' Our claim on Ihc in-, surance company,- amounting to' i! 14,650, ; was ! rendered' on 13th inst., and on 10th inst. it was paid. The insuring company was the Australian Alliance-Assurance Company, and, iin justice to Australian companies, we think ' j -it fair to' quo to this instance of prompt settle- ■'. ment. . . , .' i " Yours faithfully—Paterson and Co., Ltd.; S- Duncan Patorson, "Director." |. TJTE ENGLISH PATENT ACT. ' The fact that Eiclish patents held by forIsigners have he.wfortl'. to be worked in tho f. : /' .

ITni ted''Kingdom .is preferred to by , the Berlin "Tageblatb/'-which states'that the natural con-sequence-is an; Emigration of German capital and work: •"TMs-is , not -only tho case'in regard -to ; -,tho:.,ohemical.-industry,- of which instances .wero. recently roported, but other branches are also'! preparing .to romovo a portion of their manufacturing to England. Tho demand for sites for the 'erection of works is increasing, and the Tr;[iord'Park'Coriipauy and the Manchester Ship Canal. Company have submitted land schemes for'foreign interests to the Consulates, inoluding the German Consulate. The German cutlery-branch and-the-machine*tool department, for instanco, represent industries which own English patents,and., this migration of trado' is naturally of'great'a'dfantage to England. Of 'course, f.the'riew ..works.', will purchase raw materials .m. the . country,'and be compelled to employ' English workmen. So seductive is this ■practico'ito' the-.'Ainericans that it is reported, th'ey 'inton'd''to introduce a Patent Bill of a similar'character;-and' -thus the Germans might ''witness, 1 the-Berlin- newspaper declares, tho country. 1 of'-'Ereetradevand the country of extreme -Protection 'proceeding hand' iii hand in placing a burdbif'liponiintcrriational production. AlthSuglv German industry has m part started ,to comply ..wjth ,the regulations of .the •new'-English Patent .'Act. tho Berlin newspapbr' u'rgcs''tli6''Gerrtaii Government yto energetically ! §tter.fpt v to :an -, amelioration of : the-English-regulations. - i' :•

- '' DIAMOND MINING SHAEES. ' . ' The rccent American crisis has affected prices in many directions, but its influence on precious stones has been the. most striking of all. This has reacted' upon We .--.prices' of diamond mining shares ana De Beers, which at the close ""of 1906 were worth .£24 17s.'Gd., in December, 1907, dropped to .£l4 155.", and at th<-, end of-March'.£ll 12sniGd. Premier diamond shares in the .same: :perio.d-ifoll from .£l2 7s. Gd. to,-.£5 los: Then tha i pearl trade is also for ,tho- o itim6,,beihg. l .soriousiy,i crippled. Advices from -Colombo'-state-- that';." there .will be no pearl -fishery .this,.year." According to the "North China Herald," the end of tho fishing • season finds the pearls collected at Bombay by;;tlie:'j6w>l morcnants.'-and they are theiice dispatched'"for'the : 'mosfc part to Paris, whei'o they are purchased chiefly by American magnates. ' At the present time pearls are selling in^.'Paris, at a. „thisd : ,-.of ,the usual price, and jewellers \have--\cancelled». all their ' orders for further consignments from Bombay. Tho de-pression-'lias..deprived Vthe trade, for tho time being, of most of its American customers. It is :said.. that_the .dealers.have been hit rather heavily. . Vw ' -* -livE STOCK SALES. t .Dalgety..,and Company, Ltd., Palmorston North,, report having hold a very successful clearing sale on Wednesday oil account ;of; Mr. Sanson, when they offerecV tho.' r wliolo 6f/his.-livo and dead stock, Implemehts,'!etc.'; v t6' r ',a,",vci-y largo attendance.of buyers., Bidding ; was,brisk, aud all classes of stock," also implements", 'ot'e., met. with a ready sale, at horses, "Ml,' £22"Ms!,* lOs.,- -m-, hacks, M :10s.; ,trap;,njarp;, .£24 10s.; dairy cows in milk, «£G 2s. Gd., .£6 i ss.,- backward calvers, ..£2„55.,105,.;,,.heifer5,, 30s.- to £2 '2s: 6(1.; ,-weaner heifers, ,?s.;- wethers, ; 12s. Gd. to 12s. Sd. A-large-,quantity.,of. poultry, and sundries sold at current rates. ''Messrs. Dalgety and' Co., Ltd., report that at;, theiraPalmerstpn.'.salo, yesterday they hada fair entry of sheep and cattle. The demand was fairly good, and almost the whole yarding was" cleared "at auotion: Small lambs mado from 4s. Bd. to ss. 4d.; forward lambs, 9s: 3d.; empty ewes, 4s. 9d., ss. 9d., Bs. 7d.; for-ward-ewes, 12s. Gd.; 2-tooth wethers, 12s. Gd.; 2 and-4-tooth ewes,-in lamb, 135.; fat ewes, 13s. j7d.,\;fat and'forward heifers, .£3 155.; 3i to 4"year bullocks, £5 Gs.; empty cows, £2 135.; 3year steers, •£•! 2s. Dalgety and Co. report:—At the fortnightly salo at Upper Hutt yesterday there was a large ; 'entry "of ' cattle'and a fair yarding of shoep. -There was a good attendance of buyers, and: tho jdemand. throughout showed an improvement on - recent' sales, all tho sheep and a majority of the cattle . soiling. under the hammer. Two and 4-tooth wothers. roached "135." ldv; aged ewes, in lamb, Bs.; woolly lambs, Bs. 3d.fat cows, to ;85 10s.; forward cows, .£3 to ,£3 Gs.; store cows, .£1 ss. to ,£2 10s.; good-springing cows, to £7; othors,' £S to M; springing heifors, £2 Bs. to 18-months and 2-year heifers, 355. to 435.'; 18-month steers, 275. Gd.; weaners, 10s.; harness pony, £5.

, The, Now Zealand Loan and Mercantilo Agency Company, Ltd., report:—At Palmerston North, on Thursday, wo had a medium entry of-sheetf arid : 'cattle. F.M-. owes, in lamb, made 7s. 5d.; weaners, 75.; 18-month heifers, 265. Gd.; heifers, in calf, 355. to £2; store cows, 21s. to '355.T forward cbwsr'i£2 145.; fat cows, XI Cs.; two and two-and-a-half-year steers (rough), £2 95.; bullocks ■ (bad colours), £i. A sale was effected .in conjunction with Mossrs. Dalgety and Co.- of three-year steers at JM 2s. The New Zealand Loan and Mercantile J Agen l cy ( C 0. ,; Ltd., report that at tho Rangiwah'ia sale,' oii 'Tuesday, .there was n good yarding, of sheep, and a small one of cattle. All classes of sheep sold fairly well. Mixed ago ewes made from lis. 4d. to Bs.; throe and fouryear owes, in lamb, 155.; cull two-tooth ■ wethers,'7s.Mod.'; two-tooth wethers, 12s. lOd. to'l2s.'4(l.J mixed lambs, Gs'. to 75.; wether ' lambs,'7s."'6d.'to 7s.', 7d!'; empty forward cows, J'. sp/jhging heifors, £& ss. , ~ s WOOL SALES. BT TEIiEQBArn —I'KESS ASSOCIATION—COPTEIOHT. London, May 21. "■ At tho' wool sale's,'the "Waimanu clip realised 7d.'. por lb. . • Tho.'. Now.- Zealand., Loa- and Mercantile; Agency Company, Ltd., has received tho following " cablegram lVom London, under dat* .May 20: —" wool.—As compared with last sale's.

closing rates, prices are lower about 10 per cent, for crossbrod slipe and 5 per cent, for merino, medium and inferior; and about 5 per cent, higher for coarso nnd medium crossbred. Good merino, about par." SILVER, it rm.EanArn—niEsa association" —copyright. London, May 20. Bar silver is quoted at 24! d. per ounce standard. TALLOW. BY TELEGRAPH —MESS ..tSOCIATICN —COrTBIGHT. London, May 20. At the tallow auctions 1565 casks were offered, and 812 sold, at an occasional 3d. decline. FROZEN MEAT MARKET. [bt telegraph.—miss association.] ' Naher., May 21. The C.C. and D. Company cables—Frozen meat .quotations: Canterbury mutton, <IJd.; Napier, "Wellington, North Island, 3}d.; lamb, first, s£d.; second, 5Jd.; beof, hinds, 3fd.j fores, 3Jd. NORTHERN STEAMSHIP COMPANY, (nr i'Ei.KGiurn.—ritEss association.) Auckland, May 21. At the Northern Steamship Company's meeting to-day tho annual report showed a net profit for tho year of .£8778 IGs. 3d. The directors recommend a dividend of 7 per cent., represent]';l.;* 3s. 4d., and carry forward ifil'JSS 12s. lid. The report was adopted. REUTERS' TELEGRAM COMPANY. Tho director of Reuter's Tolegram Company, Ltd., have doclared the usual dividend at the rate of 5 per cent, per annum for the halfyear ending December 31, 1907. 'The amount of the company's reserves is now .£'33,152; cash in hand, bills and investments at' December, 31 stood at <£118,356, while freehold properties ,aro set down at .£45,899.

- Eefiorvo Sgy TRICES. / yield COMPANY., ... p C F ""'' " na -sllity por 3| - — to •• PaldUp " ? K Shire « ► „ ... • Lost Inventor. Iton^atfl.(i (( J oil - le • g Buyer. Soller.. g ft [ 0 . ' BANKS. . ,, £ £. .£ i E..d. i s. d. 1 I.,i i'B. d. Now Zealand ... • ' ... 2,000.000 • si.gts.. a ai:'-; 10 flit fliao sot National ... ... ... - 375,000 . 335,318- Si 15" 13 £ 6 0 6.5 9 613 6 INSURANCE. '■ Y :.v . ,.v . National ... ... 100.00CK B4D.339 1 unltd, .15 17 6. > New Zealand 300,000.'- 396,674"; ■ 9 8' 10 3 17 0 3 15 6 6 S 0 •••'. South British ... .;. .100,000 , 474.913 1 4J 10 218 0 Standard .... ... .:. ... ... -75,000 J 01 39 1 2 01 2 a FINANCIAL. : ' '' Equitable Building .... ... • 60.000>: • 22,Oi» '5 5 JO 10 9 0 10 O 0 Metropolitan Building. ... ... , 50,742', .6,638, 10 nil- «T- ■ "■■■ :••• Wellington.'Invest : 50,000 3,;i33 1 A 6 ' . 0 12 3 0 11 6 544 . Wellington Trust and Loan ... 101,250 4-1,334 ' 5 5 8 7 9 0 ' 7 10 0 7 0 6 6 7 0 National Mortgago ... 200,000 1 27,746 2 8 10 300 316 300 613 4 • N.Z. and Biver Plate ... ... ,800,090 252,000 1 nil 7 111 3 113 C 112 3 4 6 4 Loan and Mercantile:' .... .135,222.. - 315,133- 6- —- J 0-4 11 .0 5 0 10 0 0 CAS. ' 'Auckland ... ... ... ... ... 180,370 (V.ffil 5 nil 16 Chnatchurch 1CO.000 70,MS 5 ; nil 10 ■ 10 2 6 10 0 0 5 0 0 Feilding. 1«J>» )0S. ;'l i iiiU' \.i, i'' 019 0 019 6 . Gieborne .' 17,SCO . 10,."85 n •' . ail* 132 2 U 0 2 10 0 2 10 0 5 10 0 Hawera ... C.250 0.14 5 1 in* Ncir.Plymouth... ... 18,000 3,159 5 nil 10 * • ) 10 nil 15 » - - - f «,S57 23,154 5 fi 15 Palmerston North ™ " S7.000 ll,0£B. 4j °4 10 i*. Wellington ... ... . J 1M Pm 71tV=s 10 ' nfl 10 • .' 1010 0 . KEAT. -. '■ ... '" : - Canterbury .« w ■.''Vg.w' 7} : '2i f 8 "' '" 8 0,0 : , Christchurch 165,020- 77,642 . 10 nil- 8 <• 10 6 0 10 7 0 Til 7 tiear ... ...: ... _. - j,d»' V 261 ' 1 nil" 12} ' 2'9 6 210 6 2 10 0 6 0 0 " ••". J» „. •> . 'v'Tr ■ ~ I - - • i ---6" -12j "916 .0 10-0 0 Wellington Meat Export ... ■ - 5 - g -- ' 613 6 ■■ •• 'I 1D5,76G -53,707-.; ],i ; -l a , ' fl 5' 2 0 6 2 0 6 5 6 „ .... ... ... ~ J ' jj 23 II 350 350 693 Wanganui „ „ ... 45,K0-"-10,315 -5 nil '8" ' " ' Tr.A:iS?ORT. . W. and H._ Railway.:.. . .i.. . ... 170,0)0, -121,45-2* -1 -4- '7 ,2 7 3 8-9 0 2 8 0 3 18 i ■' K.z. Shipping '•.... ... 473.840 110,760 . 8 nil 5 6 0 0 Union'Steam ' ... ... £00,000 3a,117 1 nil 7i 111 0 114 c •Wetn. Steam Ferry ... ... ... • 40,-J50 £5 1 nil 6, •' •' COAL. 1 " V' : ■ "' ' ■ ' ' ' " r ' ". ' ... '• ... . ... iefO.OOO 117,215 3) 15" 12S 6 13 0 7 0 0 6 19 9 6 5 0 : l'aupiri v .... ... ... t5XG0 5,339 1 nil 75 1 0 0 019 6 7 14 0 . WOOLLEN. Kaiapoi ... .... '... f IOO.OOO"; y 3-3,854: <5 , nil,. Ci l;'\ :■ Mosgiel ... ... ... ..: ...' . W.457' 17,212 3S " if 4 '3 -0 0 -3' 3 6 3 1 0 4 12 0 v Wellington , tJ,'J25 24,368 4 1 6 3 3 6 380 300 8 0 0 MISCELLANEOUS. Donaghy-Bope ... ... ... 23,500 ... • 5 nil ... 6'0 0 6 5 0 6 10 Leyland and O Bnen _. ... 35.0CC 37,761 1 nil 15 2 3 0 . Hauriceville Lime. .... ... ... 7,000 : >■: - EOS 1 nil 8 N.Z. Candle ... '10,000 676 . 10 nil 8 1 • K.Z. Druga ... „. >. 200,000 36,730 ' 3 nil 7 211 6 S11' 0 6 3 0 ■ N.Z. Paper Mills ... ... :... 94,775 1,177 1 nil 7 120 130 133 006 N.Z. Cement .... I.. ... ... 40,Co:. 2,048 1 nil ... 111 0 111 6. • Manning and Coi ■ 96,000'i 37,670: v -a" 1,1. '10 ' 3 14 iO : Ward and Co. .;. .... ... ' ... • £0,009 ' 30,655 4 .; 1- 10 4 15 0 600 4 15 0. 886. Wgtn.. Opera House ... 18,630' • ' -1,706." 5 nil' 12} . Fresh Food,... . 28,261 .' 1 nil ■... ■: . - ! Whitcombe-and -Tombs : ;46,250. --£0,156 : -6- -■•nil- 19 • '••••< 8 0 . . bharland, Ltd. . ... - ... 4fc,67ii ( '.',311 1 " nil 74 010 0 ,1.0 0 1 0 0 7 10 0