FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 210, 29 May 1908, Page 10

FINANCE AND COMMERCE.

' ; THE SHARE MARKET. : , Investment shares were exceptionally dull yesterday, and there wero very few quotations. Brokers with selling borders are no doubt tired of -repeating their quotations i each day,; and v."'- Bot'meetiag with business. Yesterday's quotntions were: National Mortgage, sellers "£3, Is. v (id.; Fcilding Gas, buyers. 19s. 6d.; Wellington Gas,- £5 paid, buyers £9 17s. Gd.; Christchurch .Meat, buyers: £10 2s. 6d., sellers-'£lo hs.; Wel- ; lington Woollen, 1 buyers £3 55.; D.I.C. preferv:; ence, sellers 225.; Leyland-O'Brien Timber, , \ sellers 435. . THE • MINING MARKET; . The "bear" movement in Talismans appears to have been smashed. vThere are now more, buyers : than .sellers forthe shares, which are, in consequence, advancing. On the Wellington - Exchange yesterday' sales were reported'- at : ' .f s ?' and buyers here are ready!to- . .. take more at the latter quotation. Tho prices . for mining: shares yesterday. were as under:— \ Buyers. Sellers. Sales. . j.';,. "■ '£s. d. £'s. d. £s. d. Waihi ... 912 0 913 6 ...; " '.TJie iKivor-- ... 1 2 3 — — Misman 2 G O, 2 6' 6 -2 5 9 ■ " * . .2 G 0 ' . , - 2 G 0 THE CTJNARD STEAM. -SHIP, COMPANY.'' ■The report of the above cpinp'ahy for-'1907 . ihows that the profits for the year, including £01,411 4s. sd. brought forward from . 1906,amounted t0,£613,908 15s. 4d. After debiting income-tax and interest, reserving lis. k lOd. _ for depreciation of. ships and wharf pro- . perties,. and debiting other minor expenses, 1 there remains at,the credit of profit and- loss account £289,883..: Of this,7a sum" of' £100,000 has been specially written off the coat of now ships, leaving £189,883, out which-the . recommend the payment of a dividend: at: the" .rata of 5 per cent; per 'annum-on''tho'paid'up : ;capital -of-the company, 'carrying- toward'the' .balance • of--'-£109,882.';- It -is;* stated-'.that;' the . volume ,of 7 traffic' in -the-" Atlantic - passenger trade 'during . 1907-:.was : -^'satisfactory',';;but'-' re-" ' . coipts wero affected: by tho low rates which' prevailed during the' latter' part of, the' year.' l Another'cause which has affected. the net re-* , : suit has been the serious increase in the cost of coals, labour.and materials incidental to. tho' running - o'f. the - ..ships. - The , income' : from' ;freights, passage • moneys, postages,' etc.; .- 1 totalled £2,499,274 16s. 10d., the-; working cx- ' penses amounted to £1,721,930'145:9d., of;which : £1,629,531 16s._ld. - wM-spent;on ;CoalSi ; , wages," '• 'Provisions,' ship :and' engine'- Stores,'"and'''port' and general charges, and £86,890 19s. on office and-agency-expenses: The book value, of the Gunard fleet is £6,033,6G4, 'having been- written down by £344,658 fojf'tho*year. "Tho,'paid-up' capital of the company is £1,600,020, the odd' £20 being.;the.;Govermnent share.-;- . . . JAPANESE.COTTON LOTTERY.- ,v Some time ago a cable announced' that a . Strong protest had been 'made at Shanghai, against the Japanese Cotton-lottery,, and it . .was further, stated that, tho Japanese merchants ; .-lad. agreed, to- withdraw., the c0up0n5.,,,;.-Tho ■ • "Economist ", (Lon<lo'n) furnishes details, of. this • - matter, and says: "A '.strange .scheme has -been devised." bytho Cotton Spinners';, Association tp .encourage the purchase of Japanese .yarn in Shanghai.'-It. is proposed; that.''purchasers of Japanese yarn/in" tho ■ Chinese':port : shall bo' entitled to.tickets,'' according to.; the : amount of their purchases; the possession i'of;' which will enable . them :to participate'in a' lottery for money' prizes. A protest'having'. : been'made by the Shanghai Consular-Body; against .this lottery, the; scheme of the .Japan Cotton Spinners' Association has received a cheek, but,'still undaunted, the spinners have decided to continue_ the lottery, system,, but. to award tie prizes in yarn instead , : of money. 'The drawings are to takn plr.co every, second imonth at Shanghai, and tho prizes offered wiU be as follow:—First prize, valued at 10,000 dols.; second, 3000, dols.; ten third prizes of 500 dols.; thirty fourth prizes at 100 dols. each; 100 fifth-prizes at' 50 dols.; and 2100 sixth prizes value 10 dols. each; The money for this' . .. gambling -scheme to- encourage the' sale of Japanese yarn is raised by a fund subscribed ' among the spinning mills. Bounties, we know, and drawbacks are-not uncommon, but only;in Jap-jn, surely, would.it-be thought possible . to oncourage a falling export trade in yarn :b'y the'millowners offering prizesT to the .big- : gest purchasers of their products.".- There does not appear to bo anything ..extraordinary in tho Japanese scheme, for ■ tho -principle- is ■ - nothing more than we have in New Zealand with tea coupons, and premiums of all kinds, ; and the. deferred rebate. It is unfair competition without a doubt, but can the foreign Governments, most of'.whom sanction this lottery in business,' object with any force?, , DEPRESSION IN.MOHAIR; Tho mohair trade is feeling'the depression - s-hich ' obtains in every- other 'branch of the textile industry, and nothing but quietness and despondency rules. The mohair trade of Great Britain practically centres in Bradford; at'least ; 75 per cent, of the raw-material grown; in Turkey and South Africa finds its way\ thither. That ecntro lately'has been passing through a very depressing time, , and worse 'markets havo been experienced than at any moment during the past-twenty-five years, owing to the heavy : slump'in' wool prices. If business had beon as good as last year, and if there had not been v such heavy losses to face: in the wool trade, mohair would be better than it is, but instead , of that there is everywhere a depressed feeling, the turnover is confined to supplying onlypressing needs, and' there is no expansion in consumption. It seems very strange that in such a short space of time business should . .have slowed down as much as it has. Brad-, ford lias felt this contraction and depression very acutely, and mohair users aro all sufforing /more or less severoly. Tho Cape Angora goat breeders are in for a very nasty time,' and they are going to havo a lesson in economics which some Yorkshire users havo been thirst- . ing; to administer,.for some time back. Care-

I WELLINGTON SHARE LIST,

lessnoss m breeding seems to be; the great offence of the Cape farmers. The dullness in mohair'is no different from that in wool. It is the absence of demand that is affecting both , staples,-and-wo can hopo for no-real lasting good until the consumption increases. , AMERICAN PAPER INDUSTRY. ~ His , Majesty's Consul-General "at Chicago •*(Mr. .'A. l''inii)," fppbrting on the. condition of the paper market in the.United States, states that by. the , statistics issued in AVashington of .the prices of newspaper andihe'-materials entering into its composition ' from, 18S0 , to 1906, tlito, standard of alt-commodities is taken tts 100, and in'-. 1890 the price of newspaper was at,its highest—viz., 127. From that year ' it showed a gradual docreaso to 103 in 1893, after which it'dropped to 64 in 1889. ' f: The International, Paper Company, popularly- . known as "The Trust," was formed-in IS9B, , ;with a., capital . of .52.. million dollars. The price of ' newspaper rose in 1900 to 90 owing 'to ■the output of extras and the increased demand for paper, some of the newspapers : almost doubling their requirements. On account of' ' the-increased .. price; new mills were opened, and the price "subsequently - foil to 73 in 190 a! but in ISO 6 and 1907 the price again rose, and at the end of 1907 was 20 po'r cent, higher .than at ...the .end '0f.,1905. Tho rise is ascribed to various causes. The prices of labour, sul- . phides, coal, machinery, and wood havo all risen since 1899, and-','are ■ now very high. In 1907 the .demand was equal to tho output, and competition : for.: ibusiness was not so keen. H.M; Embassy at Washington.has forwarded a report of a debate in Congress giving further information on the state of the paper industry. It was stated that the only wood that can be .found suitable for manufacturing newspaper in the mills of tho Northern Slates is spruce, which is found in Maine, Now Hampshire, New' , York,:-Michigan,' Wisconsin. 'Minnesota, and in considerable quantities in West Virginia. In 'Michigan, ''.Wisconsin, 'and ...Minnesota,, how- '' ever;" tho'supply . has ,beSn largely exhausted, :and- the mills-there are dependent on foreign .'Rupj>lies.-t:-Ini'l9o7 there-were 2,800,000 cords of •■'United States sprucowood and 736,000 cords of Canadiap.'^ruco'-'usfed'in' making pulp. _ i „ .'AMERICAN,'STATISTICS. '. "Late files give:interesting figures relating to the| economic conditions in tho United States. ; -With respect to. business mortality, it. is reported' that during- tho March quarter there ' S?re-. 4909« bankruptcies': involving liabilities ■ to 'the 'amount.'of £15;141;238, as compared with :3136 bankruptcies for £6,415,118. There wero m addition CO failures, involving £13950,325, as against, 12 .banking suspensions for £1,397,044 . in the' corresponding quarter 'of last year. ' The aggregate liabilities for the nrst quarter of this year wero thus £29,091,563 as compared with £7,812,162 . last year. The figures tell their own tale of business depression. -With respect''to l ' exports and' imports, for - the-firsti three* months of the calendar year ,1908 ..toe, .tptfil , oxports reached :£102,985,340, -or a gain of £900,000 over 1907 and. 1 for.the;nine,months of the fiscal year 1907-8 the total- at' £299,580,507 exceeds the -penod of 1906-7-by.,£9,400,000. The merchandise imports-far the,first three months of 1908 aggregated £51,773,379, or a loss of from;;tho record'fabvement of. 1907, and for tho -dine months of.-the' fiscal year reached £186■173,521, contrasting, with £213,169,005' in the corfcsponding; period.,,of 190S-7. The most noticeable, contraction' in volume of imports this year'is"iii' luxuries, particularly in diamonds and. other stones. During tho four -months;; December,- 1907, to March, 1908, inclusive, the "import's'of precious i 6tones into ' Now ; York" wero'.-less "than £300,000 compared -with £3,200,000 for-tho -corresponding period of a year ago. .. The-.Customs .revenue collected at Welling-ton-yesterday amounted' to £1616 10s. 7d. 'v MINING NEWS. . ~;l " ',(n'r,'l lT Ei,EGiiAp'H.r: :;P 2tEßß association.) ..-.■ . ,■...-- Auckland, May 28. Komata'Reefs in the. past four, weeks crushed 2300 tons -for £3601. - - ' . .' STOCK EXCHANGE. - . [BT TBLEGEAEH.- —PRESS. ASSOCIATION.] ' . Ddkhdik, May. 28. Stock Exchange sales:—Golden Bed,-lis. 6d.; Rise and Shine (three parcels), 30s. 6d. ! . LIVE STOCK SALES. Messrs'. Swainson an'd.'Bevan, Ltd., Levin, report on their wool, skin, and hide sale held on Wednesday,-as follows:—We offered a very large catalogue, and as competition was keen we cleared every line offered at satisfactory prices. Wo sold:—Wool—Lambs', 4d. lb.; dead 3d. to 3Jd.; fleece, 33d.; horsehair, Is. id. lb' Tallow, in casks, - £20 and £22 3s. per ton! ■ Fat/,in tins,'at ,19s. cwt. Cow tips, Is. Id doz.; horns,: lis.'- per; 100. Sheepskins—Pelts' 2Jd., 3d., to 33d. lb.; pelts, broken, 2Jd. lb.; dead, 2d.; lambs' sound, 4,} d. to 4}d.; broken, ljd.; dead, 13d.; salted, Is. 7d. each; crossbredi'souhd, 33d.' and -Id.; damp, 2s. Gd., 2s. 7d., and 2s. 9d; each.; salted, 2s. 6d. and 2s. 9d. each;,light dead damp, Is. 4d: each; black) 3d. .lb. - Hides—Calfskins, sound, 5Jd.; cut, ;3id. : ; pigskin, 6d;; oows' sound, B|d., 33d.,-and 3|d.; cut; 23d.; slippy, 1-Jd.; green, 14s. each; 'os, >sound,' 4Jd.' to 5Jd.; bull, sound, 2Jd.; 'slippy, 2d.,; yearling's,,sound, 3d.; slippy, Id. and Co. report that at the Palmerston North sale yesterday there was a good entry of sheep and-a fair yarding of cattle. Two and 4-tooth forward wethers, 13s. 6d. to 145.; 2-tooth wethers, 12s. 3d. to 135.; empty forward wethers, 10s. lid. to 125.; full-mouth ewes, 3s. lOd.; mixed aged ewes in lamb, 7s. Id.;'empty two-year heifers, 325. 6d.; 15 to 18month lieifers, in low condition, 21s. 6d.; wcanor heifers, 10s. to 17s. Gd. The New Zealand Loan and Mercantilo Agency Company, Limited, report as follows;—I

At Palmorston North on Thursday we had an average yarding of both sheep and' cattle. J lie sale was not brisk, but wo finished up the day everything sold, mostly under the hummer.' We quote:—Sheep—For ewes in lamb, Bs.; empty ewes, ss. id. to Gs. 2d.; cull °.wes, 2s. Cd. Cattle—'Weaners, Gs. Gd. to 155.; forward cows, 395. to!£2 10s.; fat and forward cows, ,£3 2s. to. ,£3 155.; lioifers in calf. 275. ucl. to £2 Gs.; empty forward heifers, .£2 25.; cows and calf, «£2; backward 2-year steers, £2 Is.; low-conditioned bullocks, ,£3 lGs. NEW ZEALAND PAPER MILLS. (BY XEr.EGRAI'H.—ntESa ASSOCIATION.) Dunedin, May 27. "lie annual meeting. of the ' New Zealand "'}P e r Mills Company was held to-day. ihe chairman of directors, Mr. Mitchell, in moving tho adoption of the report, said the business transacted during tho year had shown considerable expansion, with an increase in profits which, while not entirely in proportion to the greater trade, must bo considered satisfactory. Owing to the increased demand for the company's products in the North Island, the board had considered it expedient to add materially to the plant at Riverhead. A new paper-making machine with necessary equips ments had been authorised, aud tho manager of that mill was to proceed to the Old Country at an early dato to supervise the preparation of the plant. With its : installation it was anticipated'that the output of tho mill wnukl be much increased, and the earning power .equally benefited. Tlio.roport was adopted. It was decided to postpone the election of directors till after tho meeting to bo held to confirm the proposed alteration in tho articles of association regarding the number of director:!. Messrs. Barr, Leary, and Co. (Dunedin) and 11. ."Wallace Bruce (Auckland) were"re-elected auditors.' At an extraordinary general meeting it was resolved that the board of directors consist of not more than eight nor loss than five, of whom at least one-half shall be resident in Otago. FROZEN MEAT.. (BY TEI.EGKAI'H.—I'ItESS ASSOCIATION.) ,• Napier, May 28. The C.C. and D. Company cables the following report on the frozen meat market:—There has been, a further fall in values of beef and Canterbury mutton. To-day's quotations-.— Canterbury mutton, Napier, Arlington, and North Island,\ 3ld. Lamb—Firsts, 'SJd.; seconds, sjd. Beef—Hinds, 3Jd.; fores, 3Jd. LONDON WOOL SALES. BY TEI,Eor.AI"J —I'IIKSS ASSOCIATION—COrYMOIIT. London, May 27. The wool sales were animated. Light crossbrcds brought the highest rates of the series. Occasional lots of faulty crossbreds woro slightly in buyers' favour. The Titirangi clip fetched G|d. ■ ' SILVER. Bar silver is quoted at. 2-1 7-lGd. per oz. standard. \ ■ , THE TALLOW SALES. by ir.i.Mcr.Ai'H—pr.i'iss association—j-corvßion?. __ London, MaY 27. .. _At the tallow sales, 775 casks wero offered and 3<5 sold. Prices wero unchanged.

V ' : flOMPAWY. Capital Fimd and^S,^ »J HUCES. YwM ... , wia:A - u " Paid Up. Balance -ocfl L,, y p j*2 : , to , - Ki' ■' - ■ - Fon^.* tf sl, .»« ; *g ; Buyer,. Seller, ' Invostor ' BANKS. . £ ,. £ . . : £ £ £ £ s. a. £ a. d. £ s. <1. £ n. d. ; Kati0Mf land MOO.OOO . -a,m' SJ . 35 10 H I AW 0 3 9 5 national ... ... .... ... . : 375.000 333,318. . si 15 .13 ' 5 5 0 5 5 9 5 13 5 'INSURANCE. ' Rational ... •. ,JOMOO- iGlP,®) j nnltd, 15 16 0 1 f t . I<0» Zealand ; ... ... ... 300,000 306,671 3 B 10 3 17 0 3 15 6 6 6 0 Bntisa ... .... ... ... 100,000 474,012 1 ,j| 10 217 0 .Etandard... ... ... 75,COO 92,330 J oi 10 12 0 1.2,9 /V: -' financial. ; jf ! ; ; * ::: :: 8$ 10201000 - 33 ™ ' i'- » 12 8 -I" 6 12 2 lit* • - trad Kiver Plato ... ... .300,000 252,000 1 nil 1 111 9 112 6 112 3 4 0 4 '/.Loan and-Mercantile ; ... . ...; 335.22aMW33., j Si ■} ■ .0 5 0 0 C O 10 0 .0 '.i-' •. ' gas. •' ' •<•. •. • " - '".T.V.- .. ■ ' . 'Apcjtfnnd j;;.; •v 3P0.370 : %,463 k ' - - ■. 1 59-2 £ 5- ™.'-aS'v5 . nil 10 •. ■ 10 0 0 10 0.0 5 0 0 ■'' r SiS?* ::: • - ::: i .ii 1 spS'S S-,,. , »t . ... r : - ; - v " V- lo.. ; • i f! n s' 917 6 " 7 C ■ ,v7 ; •• T V ..V ' : CM B "chu r - 7 ch : , y,ta.ess- : n : <n 8 „:... ... 8 o o 'Gear •" .165.&20 77,642 ]0 • niW 8 10 2 6 10 0 0 10 7 0 7 14 7 . . "* *" I ''&2,M0 061201 1 12i "29' 6 '2 10 6 2 10 0-6 0 0 'Heat'Export,™. Z }'•■•.' * nil ' 915 ° I.. ..I. ...'. ... .... ... ... | 105,766 53,767 ' 4 1 . . 8 52 0 520 6 5 6 ■: ? tUnd ■" : : ; •: 1 .f & :i. s T[?A?:3?0R7. . ..- .. ' 'KZ a ShinDinc llWa7 "' 1 1M.4S-: -V<-< > .2 7 6 2 8 0 2. 7 6 8 0 0 ' S?n "' . <«<**>'• "110,760 '8 'ml 5 •' ■: 6 0 0 5 IS 6 10 #10 v S &rirry::: 114 «.•' COAL. ,:,J,, r> 117,215 'sj lj : 12! 618 0 ' T 0 0' 619 0 6 5 0. .. A-niJl.l. ... .... .... ... Isi.ooo 5,339 1 ,nii 7i. 1 0 0 0 19 6 J14'0 ' ' : WOOLLEN. I " , A Kr.iapoi ... ... ... ?';'m0M.. .; '32.S54 . J-s nil ' -ci '- • We.lin„toa. ...... ... .... . . 24,363 4 1.6 .3.5 0 3 9 0 3 6 0 7 5 6. ■ miscellaneous. ■ /-'K 1 '• 'Bonagiy,' Bop®' • • ...''-JO.KO' l.'dsr 5 , nil' 6 ;! 6 o" 0 ' 6 5. 0 , ... . Leyland and OBricn ... ... . 65,000 37,751 l nil '15 ' 1 3 0 ; :: JlanricoYillo Limo .... 7,coo £05 i' nil 8 ' ' . • , h.Z.; Candle , v ... ; ... ... . ... • 10.000-- .. ■■ 876- .10 • nil ' 8 ' . -v-'ri' § ru B s — ' ••• •- '200,000' . 36,730 2 • nil i 7 2 10 6 2IX 6 2 11 0 6 3 0 .' v'y' p ape nt 24,775 ' 1,682.. 1 nU , 7 ■.! 2 6 13 6 ■ ■ .■ : toirmd ci M:, S 3?:™ 1 io : TS-o -. 1116 ' Wstn. OperS'ilouw I" I "i U5 0 8 8 5. ; Fresh'Food ■ ... • ... '28,261' i n ii- • ' \ ; .. Whitcombe and Tombs : ... ... , .46,£50,. .'■ 30,156. 5 nil ' 19 . LharlamL Ltd. i.. ... ... ... ... . 4£,676 . C,ail 1 nil 75 019"0 -l' 0 0 1 0 0 710 0