FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 205, 23 May 1908, Page 8

FINANCE AND COMMERCE.

W E"L LING TON SHARE LIST.

■ " THE SHARE MARKET. Investment shares were again dull yesterday, • the only' cheering factor being that inquiries were made for .'a few of the miscellaneous -.stocks.'- . The fashionable groups, such as banks, financial, insurance, and gas were quiet: • There wero sellers, of . Bank of New Zealand at J29 2.3. Gd., National Bank at -Co 55., Equitable ■ Building at ,£lO 2s. Gd., . Wellington Trust and Loan at £7 Wellington Investment at 12s 3d., Loan' and Mercantile at 4s. lid., National Insurance: at 27b. 6tL, South' British' Insurance at £2 Christehurch Gais. at .£lO 2s. fid, and Wellington Gas at £19 7s. Gd:. Feilding Gas shares were'wanted at 19s. 3d., D.LC. preference at 21s. 94,-' Mountain • Rimu Timber aty 225. 6(Ly and Sharland's ordinary at 19s. ' There •'.. wcro .bnyors rf,'Wellington Woollen at : £3 35., " and sellers at £3 Bs.; N.Z. Drug, buyers £2 ,10s. 6d^■ sellers..,£2 lis.'Gd.; Leyland-O'Brien ■ Timber shares, sellers, £2 3s. ; and Taranaki Petroleum at 7s. ,

. themMinixg market. . The''feature' of" the market yesterday was ■ again the activity in Talisman. The course of sales was .£2: 55.; £2 ss. 3d., .£2 ss. .Gd.,- £2 55., and it is obvious that i-the Auckland , 'Tjears" "have had an additional lot to throw .on■ the...market.. '.Wellington',speculators• are, however,' quite equal to taking up all ' the ; shares offering. Besides . the syndicate of buyers referred to yesterday, others are com- , ing in: for small parcels of 100 to 200 shares, : and this steady absorption of the;shares must, result in bringing about tho defeat of the ■ bears. l '■ Sales . were also made yesterday of Waihis.'at .£9 lis. and Big River at 225. The : quotations were as under:— . .. Buyers. . SellerSi Sales. 1 « i"v •*6s. d. £ s.d. £s. d.V\ aiJn Grand JiniC" tion ... _ „ 19 9 -—- ': : Big River .._ 119' — I 0 Kgatiawa _ , 0!' 0 — : — —— Tairua Broken Hills 0 3 3 0 3 5 Waihi _ ... ... 911 0 912 0 911 0 ; Talisman ; ... ... 24 9 2 5 0 2 5 0 -' ' 1 ' ; ■■■:•.,■ ' -253 2 5 G / ■-•.■■-. v : 250 . GOLD-PRODUCTION. ' ; The gold output of the several States of the Commonwealth and New Zealand for the . first four'months of this year represented approximately 994,186 fine ounces, as against 1,0-18,647 fine ounces for the corresponding term of 1907, exhibiting a reduction, of. 54,461 fino V ; ounces, as: regards tho Commonwealth. The following table shows the movements in each State:— -. '• , ' . Four Months. 1907. . 1908. . , Fineoz. Fineoz. Victoria, ~ .... ... ... 230,334. 198,439 New South Wales ... ... 85,885 77,301 Queensland ... ... ... . 150,936 133,408 West Australia ... 555,242 55G,353 South Australia' ... ... ' 6,250 ' 6Co ' Tasmania ... 20,000 22,000 . .J ' ■ 1,(M8,G47 994,186 , Ivew Zealand ... ... ... 135,511 162,381 1,184,153 1,15G,507 An improvement of over 1100 fino oz. is revealed : in the caSo of_ Western Australia, while Now • Zealand exhibits the substantial increase of > 27,591. fine oz. Taking the New. Zealand figures in, the, decrease- for the period amounts to 27,591 fine oz. l '; THE SWISS SYSTEM. The absence of monetary difficidties in Swit- ■ zerland during .the troublous times of 1907 is attributed to the new central bank of issue, . which started operations in that country under ' the' title'of the Swiss National Bank.. The' capital .of this. organisation was fixed at <£2,00(U)00, -of which .£1,200,000 was subscribed by tho cantons and existing banks of issue. The latter were so eager to participate that • they applied for over three times the number ■ ,of shares available. The objects for which the National -Bank was founded was to control - the paper currency of tho country, and three , years were allowed for the' transfer of the. note issues from the existing banks to the new central institution. But shortly after the latter .opened no fewer than nine banks:of issue renounced their privilege, which thus accrued , to the National Bank. By the end of 1907 more than half the note circulation emanated from tho: National Bank, to which fact is due the • increase of its influence on the discount market. Although the'proportion of coin reservo was fixed by law at a minimum of ,40 per cent., of the whole circulation, the quota retained by the National Bank has ranged from 50 to . 75 per. cent., and to the improvement in this ' respect'is due. the steady growth of confidence in the' sufficiency of the currency when tho crisis in other centres became acute. According to . the. "Economist," the great advantage of the ,'new central bank over tho former s.vs--tem of competition in banking lay in the larger:'choice of bills. Two principles have ; been maintained by the directors throughout: only the official bank rate has' been applied, arid only real trade bills have been discounted. The exclusion of finance bills from discount reduced - the'..area ' of . speculative, engagements, and thus prevented' the world-vide crisis from assuming appreciable dimensions in Switzerland. Tne use of cheques and clearing houses has greatly increased since the establishment of tho Swiss National Bank, which in the first six months of its existence saved cash payments of no less than <£200,000,000. Unlike the Germans, the Swiss people seem to have accepted the new methods with alacrity, greatly to the advantage of the trado of the country.

THE WOOL MARKET. Our commercial cables this morning show that crossbreds, suitable to tho American market, have advanced a halfpenny, owing to a strong American demand. This -is the most cheering news in connection with wool that we'havo had for some weeks, and if it may

be accepted as an indication of a recovery in the economic conditions of the United States, it promises much for the wool growers of New Zealand. Consumption, of wool in America has slackened considerably, and the Americans have been compolled to buy, Ilowevor, it must be borne in mind * that the domestic clip of some 54,000,000 sheep will be available shortly, and, under ordinary circumstances, there would be pressing necessity to.secure sup-, plies of foreign wools. It will be within the recollection of, those, interested in tho staple that a cable message was published'in the' daily Press'of New Zealand, stating that the wool growers of the United States were forming a . pool; with* a, capital of <£20,000,000,- with the object 'of forcing up, the value of wool. The capital was intended to. finance wool growers to enable them to hold their clips until the market'had advanced to a fair; level. These tactics may. be forcing the American manufacturers to look to th'e London wool sales for supplies, but .whatever the cause, it is to be hoped the Americans will continue to bo operators in Coleman Street.,.' ■

SHIPBUILDING TRADE POSITION. Early' last .month we were advised,by cable that there had been a great dcclino'in shipbuilding during the first quarter of-the year, and mail advices more than confirm this. The "Economist" (London), pf April 4,;' says: "Taking'tho Clyde yards' production for the quarter of; the year just closed as typical of the ■ general situation—it is, in faOt, ' rather favourable—we -find that the condition of things in this great industry is undoubtedly BOTioiis. There • are quite fifty firms in that, district—several-capable of turning out, on an a'vorago, from 6000,t0 8000 tons a: month, and employing, when in full swing, 15,000 to 20,000 men each—but'from the beginning of January to the end of March all of-them together put into-the water only 60,000 tons of all sorts 'and sizes of craft'. That' is the smallest amount registered since 1897, .when,- in the corresponding quarter, the launchings totalled 59,439 tons, and it is 50' per cent: under the quantity for the first quarter of 1907. Shipbuilders throughout the United . Kingdom report, that there is no inquiry for "steamers of the tramp class, on the production of which many of the largest yards mainly 'depend. In order to try and keep things going, , several firms have laid most tempting, oilers^,before shipping houses, but without result."." It ..is no secret that builders , have expressed their willingness to lay down keels at .£5 10s. per ton for trading vessels, and to fin'ance' practically the whole of the purchase price,;, but without finding buyors. The price named is within ss. a ton of the'lowest quotation''named for many years, and that- it has failed •to elicit reasonable response is the most conclusive evidence, that could possibly be afforded, of the depressed condition of the shipowning business. Experts agree that only . in:, exceptionally favourable circumstances .are trading steamers paying their way, and that the majority are running at a positive loss. This arises from the fact that thero is too much tonnage afloat for the volume of trade passing.", ~ .mining news. ; ' The following tolegram, dated May 21, has been received by the • Wellington Stock Exchange from the Talisman Consolidated, Ltd. "Fortnightly cable—No. 11 level: Progress, Bft.; reef, Gin.; assay, Is. 6d. No. 12 level: Progress, 27ft.; reef, 15in.; assay, 2s. Gd. No. 13 lovel: No. 12.rise: From 30ft. to 35ft.; reef, 45in.; assay, ss. 7d.; from 35ft. to 48ft.; reef] 30i'n.; assay, 3s. : ' At a meeting of directors of tho Wairau Valley Gold Mining Co., Ltd., held on Thnrsday, a. contract was let for an intermediate drive of 300 ft. to tap the reef some 200 ft. below the Nelson winze. A recent crushing, from the stonein this reef showed 18dwt. to the ton, and assay results have gone as high as loz. lldwt. Tho stone has been p'roved to a depth of 70ft. in the winze. Twelve men are now employed at tho mine. STOCK EXCHANGE SALES. (BT TELEGEAPII.—MESS ASSOCIATION.) ■ - ■ Dcnedin, May 22. The following Stock Exchange sales are' reported:—National Insurance, 2 parcels, ,£1 Gs 3d.; D.I.C. ordinary, ss. DREDGING. . (by telegraph.—pbess association.) r, J'• \ DONEDIN, May 22. Dredging returns--Mystery Flat, 490z. 4dwts ; ICoputa'i, 4Soz. 17dwts.; Masterton, 440z. Gdwts • Hessey, 40oz. 7dwts.; Waikaia 330z. 3dwts' : Mundy Creek, 18oz. 15dwts.; Kura. 1307' lGdwts.; Electric No. 2, 13oz.

WHOLESALE PRICES. Laery and Co., Ltd., Wellington, report wholesale prices ruling on the market:—Wheat fowls', ss. 3d. to ss. Gd.; oats, 3s. to 3s 3d ; seed oats, 3s. 3d. to 3s. Gd.; maize, ss. Gd to ss' 9d.; crushed malt, Bs..Gd.; prussiau bine peas' Gs. Gd. to 75.; fowl peas, 4s. Gd. to is. 9d all at per bushel; llour, New, Zealand <£13 -10s Australian, ,£ll 15s. to ,£l2; bran, «£G to .EG 55.; pearl barley, .£l9; split peas, „£IS 10s.; bonedust, ,£6; superphosphates, <£! 15s. to .55 S S . ■ chaff (oaten sheaf), £5 15s. to ,£G; oatmeal, .£l4 10s.; potatoes, .£5 10s. to JC6; Tnsmanian seed (Up-to-Dates), ..£G 10s.; Beauty of Hobrons, ,£G 10s.; flukes, M 10s.; bacon, factory sides, 83d.; hams, 9d. j rolls, 9Jd.; .butter, bulk, lOd. to 10.} d.; poultry, liens, -2s. Gd. to 35.; ducks, ss. • Gd.; tnTkeys, gobblers 15s. to 225., hens Bs. to 95., all at per pair; cauliflowers, ss. to 10s.; cabbages, 2s. Gd. to 7s. 6d., all at per sack; peas, green, 9d. to Is. per peek; fresh eggs, 2s. 2d. to 2s. id.; preserved ejus, Is. sd. to Is. Gd. per dozen; cheese, Gd. to Gjd. per lb.; onions, £1 10s. to «£9 per ton; Alcaroa coekifoot, lOd, to lid.; ryegrass, 4s. 9d. to ss. Gd. per btuhel.

WELLINGTON PRODUCE MARKET. The New Zealand Farmers' Co-oporativo Distributing Company, Ltd., report as follows:— Maize, ss. 9d.; wheat, fowl, ss. 4d.; barley, foed,

3s. 10(1. to 4s. 4i1.; barley, Capo seed, 4s. 9d.; oats, 3s. Id. to 3s. 3d.; oats, discoloured, 25.;9d.; oats, crushed, ,Is. Gd. per bushel; oats, seed, duns, sparrowbills, garlons, 3s. fid.; African Algerian, 4s. per bushel; ryegrass, perennial, ss. fid. per bushel; maizo, crushed, ss. 10(1. per bushol. Hay, ;C5 to .EG 10s. per ton; straw, £3 10s. per ■ton; pollard, .£'!); bran, £7 10s. per ton; sucrosine, 200's 18s.,'100's .Bs. Gd. per bag; prime oaten sheaf chaff, ,£G to ,£G-ss. per ton; potatoes, table, -CG to .EG 10s.; onions, £1 10s. to ,£B. Butter, separator Is., milled lid., dairy pats lid. to Is. per lb.; eggs, fresli 2s. 2d..t0 2s. 3d., preserved Is. Gd. per dozen; honey,,'GO's, 41d.; bacon, sides 83d., rolls 9Jd., hams, 9Jd. per lb.; beeswax, Is. fid., fungus, 4Jd.; walnuts, sd. to Gd. Porkers, 70's to 90's 5d., 90's to 100's 4!. d.; heavy pigs, 3d. to 3Jd. per lb. Cabbages, ss. fid. per sack; cauliflowers, 7s; fid. to 10s. per sack; swedes, 2s. Gd..to 3s. per 'cwt.; marrows, ss. per sack; pumpkins, ss. to ' fis. per sack; carrots, table reus, 3s. Gd. to 45.; horsn carrots, 3s. per sack. Apples, dessert, Gs. Gd. to 10s.; apples, cookers, Gs.; pears, dessort, Bs.; pears, cookers, fis.; quinces,' fis. per. case. Poultry.—Table roosters, 3s. Gd.; cockerels, 4s. to 55.; table hens, 3s. to 3s. Gd. ; ducks, Gs. to Gs. Gd.; geese, fis. to:7s. 6d., all at per pair; turkey, gobblers 10d., hens 9d., live weight. LIVE STOCK SALES. . ; Messrs. Dalgety and Co., Ltd., report having held their Eketahuna sale in the Loan (jnd Mercantile yards at Eketahuna yesterday. ■More sheep came forward than were advertised, and bidding was brisker than at late sales: All cattle entered came forward, and all were eold. They quote: Fat wethers, 155.; fat and forward wethers, 14s. 7d.; store wethers, 135.; ewes in lamb (good mouth), to 125.; medium ewes in lamb, to 9s. 3d.; empty cull ewes, to 4s. 3d.; rape lambs, to 10s. 5d.; store lambs, 6s. lOd.; cull lambs, 3s. to 4s. 3d.; cows and heifers in milk, to ,£G Is.; 18-months steers, to .£2; 20-months steers, £2 45.; heifers in calf, to .£1 Gs. Messrs. Dalgety and Co., Ltd., report that at their Feilding sale yesterday there was a very good yarding of sheep, and a fair entry of cattle. Forward ewes made from Bs. 3d. to 95.; cull ewes, 3s. 3d. to 55.; small lambs, 3s. 3d. to ss. Gd.; forward lambs, Bs.; fat and forward lambs, lis.; ewe lambs, 7s. 3d.; cull 2-tooth wethers) Bs.. 3d.; medium ■ 2-tootli wethers, 12s. Id. to 12s. 4d.; empty heifers, .£2 1/s. 6d.; empty cows, £2 Gs.; store cows, £2; backward heifers in calf, ,£3 3s. The New Zealand Loan and Mercantile Company, l'eilding, report;—On Friday we had a, good entry of sheep and a medium yarding of cattle. Lambs were again in good demand, and sold freely. There was also good inquiry for good conditioned ewes. Cull lambs made from' 3s. 2d. to 4s;; medium lambs, Gs. fid;,- ewe lambs, '9s. 3d.; cull ewes, 3s. Id.; cull wethors, Gs. sd. to Ss.; store wethers, 10s. 2d. to 12s. 3d.; forward ewes,. 9s. 3d. to lis.; forward bullocks, *£5 10s.; forward cows, £3 12s.'; 2-year steers (rough), 345. to 38s. fid.; 21year steers, £2 lGs.; yearling. heifers, 20s. Mr. Newton King supplies the following weekly auction report:— , At .Stratford on Tuesday there was a good yarding and attendance, but bidding .dragged, and prices showed little alteration. Yearlings made from 225. to 255.; 2-year heifers, 30s. to 41s. ; IS-months steers, 445.; 4-year bullocks, JM; store cows, 20s. to 31s. Gd.; forward cows, £2 17s. to £3 55.; fat cows, .£4 125.; bulls, ,£2 lis. to ,£3 12s. , • At _ Omata on Wednesday Mrs. Crompton's clearing sale was well attended, and good prices were realised throughout. The cows were nearly all young, and showed a good deal of Jersey. July to September calvers made .£5 to ,£8 55.; October to December calvers, ,£4 ss. to £1, 55.; 18 to 20-months heifers,' £2 lis. to £3; heifer calves, 235. to 295. Gd.; good calves, £1. At Okafo on Thursday I' held a very successful salo on account of Mr. Hy. Putt. There was a large attendance, buyers being present from all parts :'of the district, and prices, -with i)ne or two exceptions, were rema\kably good, aome of the unbroken horses anc 1 brood mares selling at prices a bit on the low side. Tho bullocks were a and in excellent condition; in fact, the condition of all tho stock spolie volumes for the grazing qualities of- the farm. Fat cows made £5 25.; forward heifers, ,£3 10s. Gd. ; fat bullocks, £8 9s. to J3G 10s. Gd.; 2 to 21-year forward steors, £i; store cows, 225:; bush calves, 215.; fat wethers, 15s. to 15s. Id.; ewes, 7s. 9d.; lambs, Gs. 7d.; ewes, in lamb, 12s. 7d.; unbroken horses, j?3 15s. to .£2O 10s.; light harness horses, ,£G to £20 10s! ; light draughts, to ;S2G 10s.

• wool; skin, and hide sales. •' Jlossrs.. Murray Koberts and Co. report as follows:—AVo submitted - a fair cataloguo of 2000 skins and 150. hides yesterday, when prices for sheepskins, owing, no doubt, to the more hopeful turn in the current wool sales in London, .were distinctly firmer, and all sound pelted lots met with a strong demand at prices from to 3d. above late rates. Hides were in about the same level as last sale, with the exception of best stout ox hides, which were in request;at slightly enhanced prices. Tallow rilled on a par with last'sale. Prices wero as below:—Sheepskins,,erossbreds, 3 to full wools, 4£d. to 51d. per lb.; erossbreds, i wools, 33d. to 43d. per lb.; erossbreds, short wools, 3d. to 3Jd.• per lb.; lambs', 4d. to sd. per lb.; dead and damaged pelted, 2Jd. to 4d. per lb. Hides, heavy stout ox, Cd. to Gld. per lb.; medium ox,■sJd. to s|d. per lb.; light ox, 33d. to 43d. per lb.; medium cow, id..to 4Jd. per lb.; light cow, 33d. to 4d. per lb.; damaged, cut, and slippy, 13d. to 3Jd. per lb.; calf, 3id. to sd. Tallow, in tins, 17s. to 195.; in casks, 17s. Od. to 235. The date of the next sale is June 5, 1903. ' '

The New Zealand Loan and ' Mercantile Agency Co., Ltd., report as follows:—We offered a fair-sized catalogue of skins, and a small quantity of wool, hides, and tallow, at yesterday's sales. Wo.aro pleased to report a' firmer tone in the skin market, especially for sound lots, and for. these values are about £d. per lb. better than last' salo's rates. We quote:—Wool, good clean crutchings, 2\d. to 3d. lb.; seedy and inferior, lid. to 13d. lb.; crossbred fleece, coarso and'seedy, 2ld. to- 33d. lb. Sheepskins—Halfbred, 4Jd. to" 5Jd.. lb.; crossbred, full woolled, 3|d. to 4d. lb."; crossbred, half woolled,' 3Jd. to 33d. lb.; crossbred pelts, 2Jd. to 33d.; damaged skins, id. to 2jd. lb.; green skins, Is. 9d. to 2s. 9d. each. Hides. —In good domand at late rates. Tallow.—Butchers' good mixed, in shipping order, 235. per cwt.; fat in odd packages and tins, 13s. 3d. to 20s. 6d. per cwt. >,

Messrs. Dalgety and Co., Ltd., held their usual fortnightly salo of wool, skins, and hides on Friday, when a good catalogue of skins and hides was offered to a full attendance' of buyers.. The demand for skins showed an improvement on last salo, prices for best lines being about one halfpennyjier lb. in excess of previous rates. There was also good competition for hides, and a firmer tone existed throughout, prices being slightly in advance of last salo. Wo quoto as follows:—Wool— Crutchings, 2d. to 2Jd. per lb.; sliped lambs, 4Jd.; crossbred, *3Jd. Sheepskins—Full-woolled crossbred, 33d. to 4jd.; fine crossbred,--41d.; half-wool crossbred, 4Jd.; J-wool crossbred/3|d.;' shorts, 3Jd. to 3Jd.; crossbred, dead and broken, 2Jd. to 3{d.; pelts, 23d.; lambs', 33d.; lambs', broken, 2|d.; crossbred, salted, 2s. 9d. to 2s. lid. each; halfbred salted, 2s. Gd. each; lambs, salted, l's. 7d. to Is. Bd. oach. Hides.—Ox, 721b. to 751b., GJd. to G|d. per lb.; 511b. to G2 lb., 4sd. to sld. por lb.; 421b. to 4Slb., 4}d. to 4|d. Cow, 511b., 4|d.; 401b. to 411b., 3£d. to 4|d.; 371b., 4d. Yearlings, 181b., 3jd. Calf, 101b., 5d.; Gib., Gld.; Gib., cut, -lad.; 51b., -Md. to iid. Tallow.—ln shipping order, .£2l ss. to £23 per ton; in'tins, 18s. to 20s. 3d. per cwt.

Levin and Co., Ltd., report as follows regarding yesterday's saleWe held our fortnightly sale to-day, offering-a small-quantity of wool in bales and bags, 1000 skins, 500 hides, and a quantity of tallow and horsehair. Wool.—Market remains steady at last sale rates. Wo quote: Medium crossbred, 3d. to 4Jd.; inferior, 2d. to 3d.; lambs' wool, 4d. to 5d.; pieces and locks, Id. to 2d. Skins.—Market firm at last salo rates. Wo quote: Fino crossbreds, Id. to -lQd.; crossbred, 3d. to 4-d.; dead skins, 2d. ; to 3d.; dead lioggets, ljd; to 2Jd.; dry pelts, Id. to lid.; lamb skins, 3d. to. 4Jd.; greon pelts, 2s. to 2s. !)d.; green lambs' woolly, 2s. to 2s. 9d.; green lamb pelts, Is. to Is. 9d.i Tallow steady. Parcels in shipping order, .£22; tins, . *£15 to JilD; rough fat, jCIO to

Horsehair, "Is. to Is. Id. per lb. Horns, ss. to 17s. Gd. per 100. Coivtails, Is. Gd. to Is. Bd. per dozen. Hides.—Wo had a heavy catalogue of hides, wliioh wero well competed for at last sale priccs. Wo quote: Ox hides (heavy), Gd. to 6Jd.; oi hides (medium), Gd. to GJd.; ox hides (light), 4d. to sj!d.; cow hides, 33d. to 4Jd.; cut and slippy hides, 2d. to 3Jd.; stag hides, 2sd. to 3Jd.; bull hides, 2d. to 2Jd.; calf best, 4d. to 5»d.; calf cut and Blippy, 2d. to 3d. Messrs. Abraham and Williams, Ltd., report on their skin sain held yesterday as follows:— We offered a good catnlogu; tc a large attendance of buyers. Skins—The market showed

a sligatly better tone than Inst sales, and prices advanced }d. to id. per lb. Hides were °, n . a . l )ar w "-h last .'.ale's rates. Tallow in shipping order showed a decline of 9d. to Is. per cwt. We quote: Skins—Merino quarter wools, 3d. to 3|d.; merino pelts, ljd.j linlfbreds (short), 4Jd.; crossbred half-wools, -Id. to «d.; crossbred quarter-wools, UJd. to 3!d.; lambs, 3d., to 3Jd.; crossbred half dry, Is. 7d. $2. ? s - to 2s. 7(1. to 3s. Id. j lambs, Is. lOd. Hides—Heavy ox, 6J.; medium ox, Sjd. to ojd.; light, id. to did.; cows (heavv), 55d.; medium, 4id. to 4.3d.; light, 33d. to -lid.; bulls, 3d. to 3}d.; calves, 4!d. to s§d. Tallow—Casks, 225. 9(1. to 235. 3d. in shipping order. Cowtails, Is.,!!" - dozen; rabbitskins, 2d. to id. LONDON WOOL SALE. 'ADVANCE IN NEW ZEALAND CROSSBREDS. STRONG AMERICAN DEMAND, nv TEr.EGitArn —press association— copyright. . London, May 21. There is a strong American demand for best New Zealand crossbreds, which aro a halfpenny higher. Other sorts aro very firm. Ngaio, GJd.; Erewhon, 7jd. A LATER MESSAGE. • , London, May 21. There is animated competition of all sorts at the highest prices of the series. Americans are operating on best New Zealand crossbreds. WHEAT. _ _ _ London, May 21. Tho American visible supply of wheat is 33,704,000 bushels. P. AND O. COMPANY. DIVIDEND OF 7 *PER CENT. lIT TELEGRAPH—PRESS ASSOCIATION—COPTRIOHT , London, May 21. The Peninsular and Oriental Steamship Company has declared a dividend on deferred shares of 7 per cent. . LONDON MARKET REPORTS. Messrs. Dalgety and Company, Limited, Wellington, have received tho following cable messages from their London house, under dato of May 21:— Wool.—Sales continue firm, and prices are rather higher, especially for greasy medium and coarse crossbred and good merino combing wools (free). The programme of sales will be shortened by three days, closing May 29. Butter.—Market weak. Tho Copenhagen official is one kroner (about Is. lid.) per cwt. higher. The total imports of butter into the United Kingdom for week ending May 10 amounted to 77,000 cwt., as compared with 103,_000 cwt. for tho corresponding week of 1907; showing a decrease of 26,000 owt. Finest, 104s. Owing to poor demand for Australian, it may bo found necessary to place id cool stores. Frozen Meat.—There is a good demand for frozen lamb, but at unchanged prices. Frozen beef and mutton —Fail* demand at unchanged prices. _ Rabbitskins.—There axe indications of an advance in prices. Tallow.—Since our last advices tallow is at par to 3d. per cwt. lower. The decline is chiefly on beef and mixed tallow of good colour. THE PALL IN WOOL. (BY ■ TIiLEQIIArn.—PRESS ASSOCIATION.) ' Gisborne, May 21. Mr- A. F. Kennedy, replying to tho toast of Commercial Interests" at a banquet here today, said the recent drop in the price of wool i la ,T cos ' ' 'he districts surrounding Gisborno fully. .£220,000. However, he was confident the district could stand the loss, though, a cautious policy would have to be followed, and expenditure curtailed. . .Land values would obviously be atticted, and it would perhaps be a good thing to get back to values based on average market prices for a series of years, instead of on_maximum rates, as had been the case latterly.

nmrrvtnv Capital Fund™nd & § ,^ labi " «l ' - ' m0BS ' ' ... Yield Pnid Up. B a Ianco%S' 1 ' J - ' ,or 1 3r- . T . T ■■■ : : ■ Forward. S, d share - Buyer. Seller. InTO3ior ' v : . ..• '- BANKS. . £ } £ £ £ £ S B. H. £ o. d. / B. d.- £ b. d. Ze . a ' and ~ ••• . •■• 2,000,000 S1.G7E 3V 3i 10 3 2 6 913 0' 3 9 5 National ... - ... ... 375.000 335,318 si Jo - 12 5 6 0 5 5 9" 513 5 INSURANCE. 7j ;/.:Nii«onai--~ 100.000 249,339 J mitt, 15 " il l 6 . Now Zealand . ... ... .... .300,000 . 396,671 3 8 10 ■■ " 3 17 0 3 15 6'- 5 6 0 . V South British- ... ... ..., JOO.OOO .174,912 J 4i' 10 : V 218 0 Standard.... ... ... ... ... 75,000 £-2,330 \ 9i' 10 1 0 0 -1 2 9 ; FINANCIAL. ' , . ''' Egm'taMoBuilding. ... 50.OOO 23,000 5 5 10 ■JO 2 0 10 0 0 , : Metropolitan• Building ... ... 60,713- 5,668 10 nil 7 ' • ' . : . Wellington Invest. ... .50,000 3.933: j j . .. 6 '"-.,.,'..012 3 0 11 6 5 4 4. Wellington Tnist and Loan ... 101,250 41,334 .5° 5 8 7 9 0 7 11 0 7 9 6 6 7 0 • NationiJ Mortgage - 200,000 127,7-16 .2 . 8 ' 10 .3 0 0 :/3 1 6 3 0 0 6 13 4 . ■■.N.Z..and.Bivor.Plate „. ... 300,000 252,000. 1 nil ' 7 '.I'll -'8 1 12 6. 1 12 3 - 4 6 4 ... Loan and Mercantile ... ... 135,223 315,133 •} Si 5 0 111 0 5 0 10 0 0 ■ :i ■ 'Ajclsland ... - ..., ifio.370 85,463 5 nil 16 Ohriatchurcli .„ „ ... ... 160,000 70,918 5 . nil 10 ■' ' 10 2 6 10 0 0 5 0 0 - : •" v~. 12.0=0. 103 1 nil. .019 3 019-6 ' . Hawera I ~ Z Z Z S »*«? V $ 3, 9, 2 10 0. 2 10 0 5 10 0 '' .New KjincmUi ..., 1M00 3,159 g* ' nil* 10 : " r : . - Napier-.. ... . ... ... | - 10 nil 15 — - „. J- 40,957 - 23484. 5 .5 15 Worth : I ;;; 27,000 11,02! 4 ' ' 3 i § WcUmgton ... ~ I m570 . 71.798 "> Di J 19 7. 6 . " . " " . . ' -.... 5 '• 5 30 ■ MEflX ■' ' J 32,686 7} "8 ' B 8 0 0- , unnBtcnurcn | ... ... ... _ J6S.SB0. .-77,642. 10 nfl. -8 - 10 5 0 10 7 0 7 14 T w«,... ... - ... ... ._ I ■■. 1 . nil-, 121.2 9 C 2 10 6 2 10 0 5 0 0 Weffinrton I - j ' ■ 5 : ' Jj T ; 915 " "la 6 "• . - 7. ~ f. 106,166 53,767 4 1 8 "• 5 2 0- 6 9.0 6 5 6 "• -V ~ - I - 28 23 8 - 3 5 0 3 5 0 6 9 3 45.850 10,315 ? nfl 8 TRANSPORT, /•••• v7 a Sh,-™,w- TOy "• ■ '•"• '- '• WOflXI 121,452 1 4 7 2 T 3 2 fl 0- 2 8 0 2 18 4 Site-"' - '•«««• 110,760 8 "nil 5 - 6 0 0! &52 1 ftp.-'- 800,000 381,917 -1 nil 7i Hi 0 1116 Wetn. Steam Ferry ... ... ... 16,250 65 1 tail . 6 . COAL. . '■ ~ "■ 2S0 ' 000 M7.215\ 35 15' 12} -6 18 0 7 0. 0' 6 19 9 6 5 0 Tanpin ..... ... .. ....- ... 85.000 5,339 1 . nil 7J .. . 1 .0 0: .0 19 6 7 14 0 ■ WOOLLEN. ' • ..--.piapoi ... •» - .100,000 32,854 . 5 nil 65 ■ • SrffKSL,,"" "• ••• ••• ••• b3,457 17,212 35 li 1 3 3 0 3 3 6 3 1 0 1 12 0 Wellington .... ... ... . ... 82,9-25 21,368 1 1 6 3 3 .0 3 8 0 3 0 0 8 0 0 MISCELLANEOUS. . Donashy. Eope_ .. ... ... w 53.500 5 - nil ... 6 0 0 6 5 0 6 1 0 Leyland and T OHrien .... i_. 35,000 . 37.761 • 1 ' nU 15 -2 3 0- ? Hatmcevillo Limo ' 7,000 205 l nil ft ' •••'•£•2. Candle « _ 10,000 ; 876 10 . nil 8 - - ' 'V ,N.Z v Druga r 200,000 36,730 2 nil 7 2 10 6' 2 U 6 2 11 0 6 3 0 •:N.Z. Paper + lElla . 94,775 1,177 1 nil 7 1 2 6 "1 : 3 6 1 3 3 6 0 5 2LZ.: Cement ... ... ... .40,C00 2,018 1 nil ... Ill 0 IIT'6 r. Maiming and Oo, ... . 96,000 , 37,670 4 1 10 3 U 0 • n n l-? 0 TT" 4 - ••• ' 80 ' 000 30.655 - .4 1 10 4 15 0 : 5 0- 0 4 15 0 8 8 5 18,630. -1,705 5 -nil- 125' Wgtn. Fresh Food ... 28,261 ... ' 1 nil be r?? d ' r ° mb3 ' - •••' *SSSO 30,156 .5 nil.19 .,'-4.80 . . Bhariand, Ltd. : ... | 43,076: 1,9,311 lj nil | ,75 0 19 0 1 0 0 1 0 0 7 10.0