FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 212, 1 June 1908, Page 10

FINANCE AND COMMERCE.

: THE' SHARE MARKET. Investment stocks were f'luicL on Saturday, 'and no business was reported. There 'Were,--however,'a few buying orders, which may lead uj>.ts.transfers.to-day; The quotations;were, ■ National Bante,-buyers JSS'.'isZ sellers' ,£!) -s's. ' Bd.; Bank ;of • New.; Zealand,: buyers,- v >£B-' 185";; Wellington" l , Trust Loan;..sellers,: £7 'lis.-; Wellington' rDeposit; (.sellers, 9s. ; '3d.:; :Natiorial Mortgage; sellers,!6ls! : $d.; -Eeilding Gasi buyers, 19s. 6d;,- Wellington Gas, sellers, i£l9 lbs.; Now Zealand Insurance, buyers >23 155., sellers £3 16s. j- South .'British,- sellers,ii>2>'l7s.; 'Christ-; : church-jMeat, bnyers.j'ilO. -,25.., 6dV .-sellers,- £10 55.; Maiiawatu Rails," sellers, M Bs." 6d.;' Wel-lington-'-Woollen, buyers, 665.; Taupiri' Coal; sellers, £I;.Westport Coal; sellers, ,£6.185.-6 d.; WestportStocHon, ,Is'.,' 6d;.'^premium;'. D.I.G. "preference, \ sellers, :- 225.; ; LeylandO'Brieri Timber,' sellers, 435.;! N.Z. : Drug; sellers, 515.; N.Z., Paper Mills, sellers, 235., cum div.y Taranaki' Petroleum, sellers, 75.. The course of sales for the.past month was. as under:— ' ' . . Bank of New Zealand, £3 95., ,£9. National Bank, £5 ss. Equitable Building, .£lO. Wellington Trust and Loan, £7 9s. 6d., £7-9str Ed., £7 9s. 6d. . V ■.< "Wellington Deposit, 95., 9s.', 95., 9s. National Mortgage, 615.-, 605., 605., 60s. N.Z. and River Plate, 325. 6d., 325. 3d., 325; Sd. ■ ; - . - Feilding Gas, 19s. Gd. - . . ~' . Wellington Gas, £19 55., JEI9. ss. ' New. Zealand Insurance, .£3 15s. 6d. Manawatu Bails, 485,, 475. 6d., 475. 6d. N.Z. Shipping; £5 18s. 6d. Wellington Woollen;'£3 6si "■ Taupiri Coal, 19s. 6d.... .... hi; Kauri Timber, lis. 6d. ' D.I.C. Preference,'22s. 1 ! 6d.-, -225.. 6d:n" V .<• Taranaki Petroleum, Bs. 7Jd., Bs. 9d., Bs. 6d., is. 6d. --- • 1 ■-. THE MINING MARKET. .-There was again active business in Talis- ■ mans, which,■openedvat: 475.,- J advanced ito 47s.'' 9d., and closed at 475. Talisman Consolidated shares sold at 25.. 4d. and 2s. sd. Waihis were 6toady, with, buyers at ,£9 lis. 6d-, -and.sellers at 12s. 6d. v " The course of sales last month is given below:—. Waihi, SH 10s. 6d., J® 10s.,< .£9 lis,, - JE9. lis., 6d.y £9 lis., JWIIS., .£9 lis., £9, '10s7;' ;69' 9s.', £0 10s„ .£9 10s., £9 lis., £9 lis., ,£9 125., .£9 lis. 6d., £9 lis. jGd., ,£9:i2sU ;k.( , Talisman, 495. 6d., 505./505.,' "50s.V 505.; ''50s£ ,495. 6d., 495. 6d., 19s. 3d., 48s. 6d., 4G5.,3d., 405., 445. 9d., 455., 445. 9d., 455., 455„ 455. :'3d.;' -455., 455. 3d., 455. 6d., jss., 445. 9d., 445. Gd., 445. 3d., 455. 3d., 455. 6d., 455. 3d., 455. 6d., 455. 9d., 465., 465.; 465." 6d.;' 47sV, '475; 3d.',' 47sV 6d.','"475. 9d.","~475. Big River, 21s. 3d., 215., 215., 215..6 d., 21s. 3d., 22s- ' V.■ I '{ £ • Blackwater, .255.V'265.,. -265.-? '-25s.'''6d. ' ' ■ Waihi Consolidated, Is. 10d., Is. lid.; Is. 10d., 2s. 4d., 2s. sd. Waihi Grand .Junction, .365.../. May Queon,, Ltd.; -Is?' •'* . Consolidated: Goldfi'elds,'-18s'.';-6d.';Mßs'. : '-9d.''-'' , LONDON WOOL SALES.'' 1 n Tha; bales' ' closed.'..o'nr. Friday',last"".with .an" excellent tone,;,and there,-appears to,'have been.", an actual ""recovery. 1 Thus, at the commence-;, inent of, the,sales, fine crossbreds/ogened.jit x a . decline {'of'* 10./ per:, cent. on-,-the v March ■ sales' closing 'rates, ' and at the',.,close,of,..the,iiMay,;. sales there was a recovery of 2J' per cent.;" medium' and coarse crossbreds v,opened- at w decline of 121 per cent.,. ;and ilosed atlarf', advance of 20 per cent, for medium crossbreds suitable for''-'America; other descriptions. Medium and coarso crossbreds thus recovered more than :l the T 'i'nitial ! fall. ' This improvement in, the market apfiears to.; be., artificial,- that.Js-10-sayT—values-lave been forced up by limiting the quantity , for sale. The quantity available for the May .sales',-.wis ,-263,000 bales,, and of this no fewer" than 120,000 bales are camed-'ovtr. 4 '''This,! heavy carry-over makes the prospecte' for.itho July sales distinctly unpromising. Th<C do- , mestic clips of Europe arid America, besides the new arrivals, which ; are limited to 150,000. .. bales.'iriius't . to ,the ,carry-over.- of 120,000\ bales, wliica, makes ; it .very clear-, that, manufacturers will' .have a- great mass, of..,the. raw staple to faco'. , -:Great. Britain- will shear 29,000,000 , sheep,,,.j and... the ~ .United -.States' " 54,000,000/ without reckoning upon tho Euro..pean Continental,, clip.,. AVith.,anything; like' improvement in"'consumption'there,.would -be : nothing" to' ! fear,- but ."this is : . just : where ,'theshoe pinches. By Septeiriber the outlook may be moTe promising, but another heavy carryover from July (.would ! hamper, theprospects. There is reason' to'believe that a good deal of wool is still held in first hands in New Zealand, and is being stored in woolsh-ids or etatioris. ' ■'

FROZEN MEAT TRADE. . The following t useful' table, prepared by tho Colonial Consignment and Distributing Company, Limited, shows at a'glanco tlie' ; heavy decrease all .round,'(with a triflins; osnention) which has taken place in imports. of frozen button, and lamb:— IMPORTS OF- FROZEN SHEEP AND v . J .: ; . LAIIiSS. ... -■ January Ito j April -10, '1907 . and 1908. Now.Zealand;., .Australia., ..'Total. ■ ' Sheep. Lambs. Sheep. Lambs. Carcases No. "No.'' No.'. ' No. " 'No" 1907 ... 485,843 552,277 107,173 758,155 2,917,233 08 ... 337,463 447,893 192,414 685,803 2,358,769 .145,380 104,384 215,059 72,352 558,464 Dec. Dee. Dec. Dec. Dec. The\totals given include the .imports from South America,' 'which were' as'follow:—l9o7; 'sheep, 682,960; lambs, 130,525; 1908, sheep, 607,594; lambs, 87,602. Messrs. John Cooke and Co., the well-known Australian firm interested in tho frozen meat trade, have received information from London that the steamer Elstreo Grango Bailed some little time ago from the Straits of Magellan, Patagonia, wjth 20,000 carcases of frozen mutton and 10,000 carcases" of lattibs for London, and that it is expected that eimi-

WELLINGTON SHA R E L IST

lar shipments will hereafter continue during the export season. . There have been several -small-snipments of mutton from Patagonia before, (but there have been no previous parcels of' lambs, so that , the Australian trade must be looking upon" this-'riew, departure with great interest,--ds-it a fresh element of competition in the export lamb trade. /It is also apparent that exports of, frozen mutton from Jhat,,portion,,gf the globe-'are going to' continue^arid,;iri6roase.,- ' '" ; AUSTRALASIAN. BANKING. ■' The ; 'bariking.; 'rfeturns .'of the several States of the Coriiin'onwealth-and of New-Zealand aro summarised by -the:.': Melbourne' "Argus": and coiripared with the December , and March- quar- , tors ofi,last.year., According' to the tabulated figures the deposits;-show a.very moderate increase. "' ' ■ - . DEPOSITS. : — - -March ■ Dec. March ' - Quarter, Quarter, Quarter, •i . 1907. 1907. • 1908,. Vict0ria38,165,945 37,262,462 37,474,464 N.SfW. 41,113,697 41,997,340 42,997,914 Queensland ... 14,671,776 15,492,699 15,417,281 South Australia 8,136,418 8,163,965 8,613,111 West Australia... 5,410,214 5,193,463 5,104,579 Tasmania ... . -3,729,541 3,649,568 3,640,448 'Total C'wealth 111,222,592 111,696,497 113,247,797 New Zealand ... 23,459;309 22,739,730 22,837,476 Total Aust ! asia-134,686,901 134,43f1,227 136,085,273 Advancos have'increased, nearly for . the. year.-- .This movement has been going on steadily "quarter by""quarter. Tor the March quarter-,*of->.'l9oßn the. .advances aggregated' i 123,060,655.,.- / . .v . -. ...' ADVANCES. March Dec. March --'-''.'Quarter; .Quarter, Quarter, . 1907. 1907. . 1908.' .'^ r .- .' I'-i*. - '--£ '£ ■ £ Victoria 31.020,756 33,238,732 32,885,599 N.S.W. 34,032,294 37,130,950 37,413,367 Queensland:-. ... 14,722,530 15,561,902 15,768,904 South Anstralia • 5,617,627 5,622,917 5,553,391 -West Australia... 5,081,958 5,337,213 5,436,800 Tasmania ; 2,768,237 2,915,043 2,945,140 '' TokYc ? wealtir'93,2'i3,462 99,866,757 100,003,201 New; Zealand,..., 20,160,825-, 22,452,851 23,062,394 Total C'weaith" 93,243,462 ' 99,866,757 100,003,261 The. banks, at-present have very large holdings of coin, the total now standing- at .£30,786,028, as against a year ago. N6te cir-culation-also shows a - slight expansion. HOAEbmSilN' AMEEICA. During the late financial crisis in the United States the scarcity of currency ' was in part attributed to .the. hoarding.practised.by timid depositors.' An arElolo on the' question, pub-lished-in'the' "Quarterly. Journal of Econo-mics,'''-contains'"' Borne interesting statistics, based'- on'"oflicial returns. Thereby it is shown that;' i apiSrt ''frOhi, 1) the cash lost ■ bjr' the trust' companies;- Statejwpfivata and savings ■ banks, at "least- y£50,000,000 of-' currency "was withdrawn from : the <national'' banks. botween -August and Dec"ember'.'la'st;' There is evidence from many -cities ; thafc-. aJ'largei'part of this sum was taken 'by feh'rful'Jdep'ositbrs'. and stored away in the boxes"of''safe''deposit' companies. This occurred upon a most striking scale in New York. On p£t6beit 26,,-:tlio Safe' Deposit Company inadoVcarivass of-33 of the principal safe deposit conapanies-in, that, citv, and found that from Tuesday' to-\Friday of that panic week , they, had leased ,a total, of 789 safes, or, as they estimated, about' six' times the usual number. It is stated that the general testimony seemed - -toHndicato-tlmt-thi's - transfer of money was due to operations of large business concerns, and not to women, clergyman, and othor small ~depositors.,. The .latter section no doubt wero 5 participators' in 'tlle'-withdrawals from the'banks 'outibf JgenuinG distrust of those institutions, but-the, transactions of the large operators was 'probably'due as much to a desire to profit by the'"subsequent' -premium offered -for cash as from .'any .doubts-as", to the solvency of , the' national banks;-"To r the withdrawals from tho national'banks'-must'-of course be added 'the , 'sums taken"from- other institutions of. tho liko •character 1 all over the States, of which no-esti-, mate has yet-been-published. The aggregate. ■ amount,-'however, must have been very large, .when, one considers-the, savings of 86,000,000 of - people./,; '.'

" I CUSTpMS RETURNS. • Tha Customs returns and beer duty for tho montlL'of ,May.:ar<> ,j£57,625 10s. Dd., and ,£1192 0s;- : Gil.- respectively. The figures for tlio corresponding period of last year lvero: Customs returns JESS,-183 16s. 3d., and beer duty ,£1205 16s. 4d. Last week the revonuo collected was ,£9661 10s. 3d., and the beer duty for the saino poriod amounted to ,E264,135. 6(1.. The revenuo collccted on Saturday was .£967 lis. lid. DREDGING. , (BT TELEGRAPH,—SPECIAL CORRESPONDENT.) ' Greyjiouth, May 31. 'Last week Pactnlus' No. 2 got 440z.- ISdw't. for-121- hours* and No. 1 270z. lldwt. for 137 hours.'. , , ' " Donedin, May 31. Dreijging returns:—Golden Bed, ,40oz. 9dwt.; Sandy Point, 270z. 18dwt.; Enterprise, 270z. 3dwt.; Molyneux Hydraulic, 230z. 18dwt.; Alexandra ,Eureka,, 230z.. 4dwt.; Muddy Creek, 18oz. 12dwt'.i Welshnians, lloz. 4dwt.j Olrig, 10oz.; Clutha River, 9oz. Gdwt. " ; THE" ROSS GOLDFIELDS. ' (dt telegraph—special correspondent.) Greymooth,- May 31. " Tho "Robs v director of tho Ross Goldfields (Limited) reports that work is going on satisfactorily with the clearing and repairing of the drainage. Thero are now three shifts employed, so that work is continuous. It is also reported that the cable for conveying the electric power to be used has been, or is im>

mediately cxpoetod to be, landed in Neiy Zealand. Tho arrival of tho cable requires, of course, work to be promptly carried on in erecting tho polos for transmission. This will bo immediately taken in hand, as nearly all tho poles required are already deposited approximately at tho places whero tuey are to ho orected. NEW BIG RIVEE MINE. (by telegram,™special correspondent.) , Reefton, May 30. Tho mine manager of tho New Big'.River 'reports:—lSG tons of stone has been raised for the week. All tho stouo mined for tho month is of a good quality. ■ LIVE STOCK SALES. Messrs.; Dalgety 'and Co.; Ltd., report on their Levin sale, held on Friday, as follows:— AV'e yarded 2700 sheep, and, with the exception of 100 owes, every lino was sold at tho following rates: Mixed aged owes in lamb, 7s. Gd., Bs. 2d., to 9s. lOd.; aged ditto, 45... Id. to ss. 3d.; woolly lambs, 6s. 5d.; empty ewes, Bs. lOd.; fat wethers, 155., 16s. Gd., to ISs.; 2-tonth wethers, 9s.' Gd. to lis. 7(1.; 4 and 6tooth wethers, 155.; halfrbred wethers, Bs. Cattle—Heifers with' calves, £2 3s. Gd.; 2-year heifers, 415.; yearling heifers, lGs.; yearling steers, 345.; 2-j-ear steers, £1 17s. Gd.; fat steors, £6 to £7; stags, to 305.; calves, 9s. Messrs. A. H. Atkinson and Co., Feilding, report:—At our usual sale on Friday we offered to a good attendance of buyors a full yarding of pigs of good quality. A fair entry of poultry of average quality sold at late .rates. A large consignment of produce met with ready demand. Quotations:—Horses— 5-year-old pony, ,£5 ss. Pigs—Small weaners, 2s. 3d., 2s. 6d.; good weaners, 4s. 9d., 55., ss. Gd., ss. 9(1.; slips. 9s. Gd., 10s., lis., 125.; stores, 145., 15s. Gd., 16s. 6(1., 175., 18s., 195., 215., 235.; porkers, 235. Gd., 325., 31s. Cows, in low condition, 305., 355. Poultry—Hens, 9d.. Is., Is. 3d., Is. 5d.; roosters, Is. Gd., 25., 2s. 3d.; ducks, 25., 2s. Id.; Buff Orpingtons, 3s. 2d., all at each. Produce —Potatoes, 95., 10s., 12s. per sack; swedes, 3s. 6d., 4s. Gd. per sack; onions, sack lots, Id. to lid. per lb:; marrows, Id. per lb. <. HIDES, SKINS, ETC. Messrs. Dalgety and Company, Ltd., Pal- i merston North, report having held their usual monthly salo of wool, skins, and hides on Friday, when a good catalogue was offered to a largo attendance of buyers. Wool and; skins sold at last salo rates. For hides tho market was easier, and all classes declined Jd. to Id. per lb. They quote:—Wool—Crossbred, 4d. to 4Jd.; erutehings, ; 2Jd. to 23d. ; ■ locks,. ljd. Skins—Half-wool crossbrod, '33d; . to . Id; 'quar-ter-wools, 31d.; -pelts, 2Jd: to 3d.; lamhs, ! 3id., to 4Jd.; dead, 2M.; inferior' and'' damaged; *id.' to lid.; butchers' part dry and green, Is. Bd., Is. 10d., 25., 2s. 3d., 2s. Gd., 2s. Bd., to 2s. lOd. each ; lambs, Is. 4d. to Is. Bd. each; salted, Is. 4d. to 2s. Id. each. .Hides—Heavy ox, Gd.; medium, sjd.; 1 light, -i-icl. to 51d.;'steers, 3ld. to 4Jd.; cows, best lines, 4d. to "4}d.; other lots, 3Jd. to 3Jd.; wet and sloppy, 3Jd.. .to . 31d.; bulls, 2i]d.; calf, 3Jd'. to~''4Ja. ;'cut 'aiid slippy : hides, 2d. to 2M. Tallow—ln tins, 17s. cwt.; barrels, 18s. 3d. "cwt. Horsehair, Is. lb. Tips, Is. per doz. -

LONDON "WOOL SALES.' :: >•;,

MARKET CLOSES HEM. . }' i

VERY HEAVY CAREY OVER. BY TELEGRAPH —PRESS ASSOCIATION— COFTRIGHI ' ' '.London, May 29. The wool sales closed firm, with prices unchanged. The sales included Titi, 9J; Hoeraki, 8|; Buapupa, SJ. ■ (Rec. May 31, 1.1 p.m.J London, May 30. The wool catalogued to date, 154,500 bales; sold for homo use, 86,000,-.for Continent, 51;000; for Amorica, 6000; held over, 12,000. Compared with March sales, superior greasy-merinos .are par to halfpenny higher; good, par to halfpenny lower; medium, naif penny lower; scoured; par to halfpenny lower;, fine greasy crossbreds, par to halfpenny lower; medium coarse, halfpenny' to a penny higher; scoured, par to a halfpenny lower.-' /•;' Messrs; Dalgety. and: Company, Ltd.,: Wellington,'have received the following coble message froiii their London office; 1 dated May 29:' — The wool sales closed firm and active, with brisk competition. Merino wools—Prices are, on the average, at'par to 5 per cent, lower than closing rates of March. series. Fiius crossbreds are 5 por cent, lower. , Medium and coirse crossbred wools;' wools in light condition, and those suitable for America, are on the average 10 to 15 per cent, higher than closing 'rates of last series. Other descriptions are higher by 5 to 10 per cent. Out of. the riot-quantity - available for sale :• (264,000 bales), 87,000 bales have'been sold for Homo consumption, 51,000 bales for the Continent, 6000 bales for. America, leaving 120,000 bales to be carriod forward to the next series, of which 115,000 balesi were ; not offered "for'sale." Messrs. Levin , and Co. havo received the following cable, from their London, agents:— "The May sales have closed. Merinos and' fine crossbreds closed at an advance 0f.i2l per cent, oh opening' rates;', medium, crossbreds, at an advance of per] cent.v." Medium crosssuitable for America, 'closed at an advance of 20 per cent.; crossbreds closed, at an: advance of-17-1 per cent." The New - Zealand! ■. Loan arid- .'. Mercantile - Agency Co. has received tho following cable message:—"Sales closed firmly. As compared with last sales' closing rates, prices are lower about 5 per cent, to 71 per cent, for cross-, bred slipe and fine crossbred, and-.higher about; par to 5 per cent, for crossbrcd lambs." Messrs. Murray, Roberts, and; Co.. have re-; ceived the following wool market cablegr-imj from their London' House, Messrs.-Sahdersju,-Murray, and Co., dated May 20:—The sales have closed firm, with 120,000 bales held, over.' The market shows no material change. Messrs. Abraham and .Williams, Ltd., have received the" following cable from London The May sales, third series, have, closed with' a very firm market, and prospects are good. There is a good demand for medium coarse crossbreds, and prices are Is. to Is. 2d.' per lb. higher than March', sales' closing rates.' Prices- for all merino wool have improved by sto 7J' por cent. . Current prices airVas follow Coarse crossbreds,' 6J(L' to'GJd.; medium 7d. to 7Jd.; fine crossbreds, to 91d. . ' . '

BANK OF ENGLAND RETURN, BY TELEGRAPH —FREES ASSOOIATION—COrYEIQHT. • London,' May .29. . The Bank of England return issupd'-forthe ureok onding Wednesday, • May 27, is as under ISSUE Department ' Notefssue ... £54,651,CC0,. Gov. debt i 11,015,000 Otlior securities • ... 7.411,000 Gold - ... 36,202,000 £51,651,030 £54,651,C00 Banking Department. . Proprietors' Govt, securi- ■ capital £14,553,000 tics ... £14,575,(100 Public de- Other securiposits ... 10,427,000 tios ... 28,826,000 Other , do- ■ ■ posits ... 42,811,000 Notes ... 26,188,000 !■ Hest, 7-day . i' anct other Coin _ ... 1,474,000 bills ... 3.272,000 £71,063,000 £71,CG3,C00 .. The leading items of tlie Bank of England return afford tho following comparison:— This week. Last weolt. Last year. / Bullion ... „'3Gf102,000 35,040,000 24.001,0C0 Kcsorvo..: ... 27.6C2.0C0 27,710,000 21,8541000 Note circulation 23,463,C00 28,3U,000 ■ 28,823X03 Public Doposits 10.427.CC0 10,415,000 10,C0!\000 Other Deposits 42,8U,0C0 , 43,1)21,030 42,352,0t'0 Proportion of reserve to . liabilities ... 01.80 51.77 • 40.82 GOVERNMENT SECUBITIES. The following arc tho latest quotations for Government Securities, with a comparison of those ruling last week-.—

THE .MONEY MARKET. The Bank of England discount rate is 21 per cent.) to-vhich it ,waa roduocd ofl Mw 29,

The London open market rato of discount for best throo months' bills is § lower at lj per cent. Short loans are quoted at 1$ per cent. The Paris discount rate is 1-1G lower at 2 per cent. Tho Berlin discount rate is i lower at 8$ per cent. COLONIAL AND OTHER PRODUCE. Wheat.—Tho American visible supply ia 31,061,000 bushels. Despite fine weather, tho wheat markets are firm and hardening,\ as prospective supplies are too small for requirements. Buyers are rather inactive. Cargoes are firmly hold. 38s. is asked for Sou "h Australian, .Fobruary shipment; 375. <6d. steamer parcel, April-May j and .Australian on spot is quoted at 40s. to 40s. Gd. Flour.—Tho market is quiet and' steady..' Australian is offering, landed at Glasgow,' 275. Gd. Butter.—Steady and unchanged. All colonial is going into consumption as it arrives. Supplies of Continental are small, and English is plentiful. ' Wool.—The Bradford market is quieter, as high prices are checking business. Forty tops are quoted at 10} d. ' Sugar.—Steady. German beet, lis. 3d.;first marks, 13s. ' . METAL -MARKETS. Copper.—On spot, ,£57 2s. Gd.; three months. .£57 15s. I Tin.—On spot, .£127; three months, .£126. ' Iron. —.£2 Gs. lOd. / Silver.—Bar silver is quoted at 24 7-16 d. per oz. standard: PROPERTY SALE. Messrs. Dalgety and Company, Ltd., Blenheim, report tbo following sales of portions of Welds Hill and Upton Downs Estates, Awatero Valley, Marlborough, on account of the syndicate, to Mr., John T. Dalton, ,of Canvastown:—Block 3, 800 acres, agricultural land, at ,£ll ss. per acre; Block 4, 4420 acres mixed agricultural and pastoral land _at .£3 j 7s. 6d. per aero. They report a good inquiry for balanco of tho .blocks, and hope shortly to effect a clearance. THE GOLDEN BAT CEMENT WORKS, LTD. The whole of the capital of the Golden Bay Cement Works, Ltd., has been subscribed. Immediate steps, are being taken to make a start with the enterprise. The Company possesses a large area on the sea coast near tho Pata Island, Golden Bay, containing unlimited quantities of'limestone and clay. We are informed that, .independent of satisfactory local tests, samples sent to England and Germany havo been reported •on by experts as suitable materials for making cement .'equaU.to the best British', brands.; 1 The Company : purposes installing" an; absolutely-new plant.-of the most up-to-date doscription., ' • '] I

A ' : . V' V •; Reservo T.ikhi -« ; l 1 - PRICES. yield ,-i-' 'poMPANT . Capital: Fund and • m v • . to • PaidUp. Balance ? w gh J * V • LaBt Investor. : , g,Buyer. Seller,. Eale _ . BANKS. £. £ ,£ f, £' £ B. a. £ s. d, £ a. d. £ »• dNew Zealand ... '...< ..." ...' 81.675 3 i ' 8*"' 10 S18 0 9 1 0 0 0 0 314 1 National .... ... ... ... .„. 375,000 335,318 ; , si .*15',. 12 540 5 5 3 660 6 87 INSURANCE. ■ National .„ ... • ... ... 100.001) W0,3.19 1 unltd, 16 1 6 0 16 0 New Zealand JOOOOO . 306,671 { 8-.- 10;;315;-0 '318,0 '3,15 6 6 8 0 South British ,-; /loo,000 . ,474,012, 4} .. lb' a r-"V ,217 0 Standard ~ : 75,iM0 92,386 . j , Di "' lo'"1 2 0 129 , .. FINANCIAL.. . Equitable Building ..; „ .iV,-,.:/LCO.OOO . 22,000 '5 5 ' 10 n.V It- : 10 2 0 10 0 0 Metropolitan Buildms,. r, 60.74-2 , ■ 6,688 10 nil - jv ' ' Wellington Invest. ... _ :.. 60,000 3,033- 1 i 6 '' " * 012 0 011 6 5 4 4 Wellington T/ust and loan ... 101,250 44,334 5 5 8 7 9 0 7 11 0 7 9 6 6 7 0 National Mortgage ... ... - 200,000' 127,746 2 8 10 J 0 01 316 3 0 0.613 i K.Z: and Eiver Plato 300,000 252,000 '1 nil T ■: .101! 9 112 3 112 3 464 Loan and Mercantile . ... ... 135,2-22 315,133 } Ej , 5 0 6 0 0 6 0 10 0 0 CVvi 7- ; .CAS'...'- J jAuckland. ... ... . ..; .... 160,370 : £5,463 5 nil 15 - ' • „ ■ " ' Christchurch ...' ... ?•'•■ '160;000 ■ «• 70;fll8' -nil-' 10 1,1 " 10 0 0 10 0 0 6 0 0 Feilding ... ... ' ... ». i 2 ,O0O 103 1 nil ... 019 6 010 6 Gisbonio ... ...' _ ,'-.,17v3C0 vl0,565- 1 nil - ,33j 2 -9 6 2 10 0 "«10 0 5 10 0 liawera ... ... .. ... i.i,i. W fr;250 694 '• j 'i* *10 * Now. Plymouth-.:. v '16,000 ' : 3,150 ' ' 5 "nil" 10 Napier/ ..... - - V ... /. 10 i,, nil i 15 » .. - - h 49,957 23,184 .5 "5'." 15 ■ , ... „ . . ...„ - .- ■■■) 1 9 15 Palmerston vftorth .... 27,000 - -■ ll-;092 - -4J- ——4- -10 : — .Wellington ... .... ... 7170010. nil 10 19 10 0 19 5 0 5 4 0 11 1. . - ••• - ••• - / 4^' wu a '' ui 5 6 10 10 0 0 ■ MEAT. ' Canterbury ... _. ' ... : 183,727" 32.6S6 74 '"""2$"'' a""' "" 8 0 0 Chnstchurch ... ... ... • jegfiSO 77,642 10 nil 8 10 2 6 10 5 0 10 7 0 7 14 7 Gear,... .... • ... ... ... ... 1.. J '/■£ » .nffi' 9 8 2 10 6 2 10 0 5 0 0 ? v f ■ OCO ' 4 6 "12S 9 15 0 10 0 0 Wellington Meat Export ... ... j 6 nil g 612 6 ... - ' - — — >-105,766 63,767 4 1 8 5 2''0620656 . ... J 2i 23 '8 3 6 0 3 5 0 6 9 3 wansantu.-..... .• „. — .. 45,550 • 10,315 -0 .nil; S.-.-.-.H ■' . ' 1 '' l ' " ■ W. antf Eailway -ui'•' j;- 170,000 v !; 121;452.' !: "i ! U'" "-1 '2 "7 ' 6 -2 8 6 2 7 6 3 0 0 'N.Z." Shipping ... ' .'.V.' 1 473,840 ' ..110,760 .. ;.8; nil ;. 15. 6 18 6 6 18 6 10 3 10 Onion: 8toam . 60U.UM 341,917 1 nil 7} 1-14-0 '10 0 _\igm.;Steam Ferry,... 1B,'J50'. .'M', ; 1' .. nil.- .,6 ' ■ COAL. ■■■• T.'-'v-T.-.r-, V'"'\ Wesiporr ../V ' ../" A.. • -"i ' EfiO.OOO * ; 117,215;! '! 3J;. .- ij . 12l'■ 6 V 180 v"6 18 6 6 19 9 •: 6 5 0 Taupiri., ... .... ..... ... ... . texOO . ; 5.339 1 nilr. •-«rj 1 0 0 ,019 6' 714 0 ' WOOLLEN. ' ! ' ■ ' ' "" Kaiapoi; r ■" ... '"100,000' '' &.E54 5 : nil' l< "CJ ' V" ■ . Kosgier ... 111 ''83,457" ""'ITi'IlS' "3} ' lj ' "4 '3 3 0 3 3 6 - 3 1 0 4 12 0 ;Wellington .... .... .... .. -. 82,9-25 . 24,368 4 1 ', .,6 3 6 ; 0 3 9.0 : 3/6 0 -7,5 6, HISCELLAMEOUS. -, '■ „)'. Vnvi! .-/•■' V Donagliy Kope"' ™ ' w "S&OO' "5 "'6' '6 "0' 0 . G 5 0 1 , Leyland and O'Brien ... 35,000 37,761 1 nil 15 2 3 0' Mauricerille Lime ... ... «. 7,000 ■ 205 1 nil 8 , J\.Z. Candle - ... " ... ■ ... : 10,000 '.'06-10 nU 8 i • N.Z. Drugs " ... V2CO.OCO 30,730. .2 :-nU 7. .3.10-6 .211 0 911 0 I S 0 N.Z. Paper Mills.. - ... 1 94,775 ' 1,682 1 nil 7 126 130 N.Z.;Cement ... _ ... 40,COO 1 nil ... 111 0 111 6 Manning and Oo. -. . 96,000 37,670 4 1 , 10 3 14 0 ' Ward and Co. ... • ... e.EO.COO;, . 30,655;, ,10 415/0 '5- 0 0- . 4 16 0 8 8 6 Wgtn. - Opera Honso '»—-i ... /. 18,630 - 1.705; /j5 ; nil ; -, I , \V?tn. Fresh Food .... -23,5161" 1" ' * nil ... Whitcombe and.Tombs ... ... 46,550 CO,155 -6 .nil 10 4 8 0 B'narland, Ltd. ~ - 46,676 9,311 - ; 'l* Jl "'nil" ■ 7i 0 19 0 1 0 0 11 0 0 . 7 10 0

Variations — Price compared ■ Lrlco with . laRtj woolc. ' £ B. a. 2!) % Imperial Consols... ' ... 87 7 (> ' J5s. liighor" 4 ..K.S.W. 1033 Jan.-July ... 301 0 0 40s. higher S4„ N.S.W.I018Mar-Sopt ... 100 0 0 10s. higher 3 „ N.S.W. 1935 Apl.-Oct. ... £8 0 0 Unchanged .4 „ Vic. 19-20 Jan.-July 105 10 0 . 10s. highor Si „ Vic. 1931-6 Jan.-July ... l'OO 10 0 Unchanged 3 „ Vic. 1929-49 Jan.-July ... 90 0 0 10s. higher 34 „ S.A. 1916 Jan.-July ... 100 10 0 Unchanged 3 „ S.A. 1916 Jan.-July ... bl O 0 5s. higher 4 „ QTdl915-3l Jan.-July ... 106 0 0 Unchanged 3l „ QTdli>24-30 Jan.-July ... 100 0 0 10s, highor 5 „ QTdl9-22-47Jan.-July ... 80 0 U Unchanged "4 „ N.Z. 1923May-Nov. ... 106 10 0 Unchanged Sj „N.Z. 1910 Jan.-July ...100 10 0 Unchanged 3 „ N.Z. 1945lAi>ril-Oct. ... 88 0 0 Se. lower M „ W.A.lM0-40!iay-Nov. ... 98 10 0 5s. higher 8 „ W. A. 1915-35.May-Nov ... 87 0 0 5s. higher 3l,, Tas.l940Jnn.-Jnly - ... 100 0 0- Unchanged 1.. T&5. Jan.-July ... 80 0 0 I Unchanged