FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 213, 2 June 1908, Page 10

FINANCE AND COMMERCE.

THE SHARE MARKET. Investment. shares exhibited a , slightly bother tone; there, appeared 'to,;'be.imqre,:,inquiry,, vrith • sales/''of;"the more gilt-edged' class\'of shares.' Union-Bank.'■shares >.sold' at'. tß6p;'!but.: other bank; shares 1 were . quiet;.; New : Zealands' were offered-for sale'at .£9 2s;';,'Natiorial.Banks;,. buyers- i!5(45., sellers ss. . Financial shares, •were quiet, with sellers of National Mortgage at - Gls. and Wellington. Deposit at 9s. 3d. Feilding Gas ,;shares were»in*'demand;>at <-19$ 6d.; Wellington'.Gas,; buyers >61?., .£l9 7s. GcL ".Insurance shares were dull, "and; there were' sellers of Now Zealanda at £3 16s" Gd. and South British at £2 17s. Gear Meat shares changed hands <at £2f 10s; / • Chxistohurch; - Meat-. shares < weio •. on 1 ,, sale .' atJSIO : ss, : Other! Union ■ Steam^' 355. Westport Coal; sellers, £6 18s. 6d.';VN.Z. Drugs, Bollors, >'£2 lis. . 6d.; N.Z: Paper Mills, sellers, 225. 9d~; Sharlind and Co., ordinary,., buyers,; 19a. THE MINING MARKET. ,There was a fair amount of trading in Talis*' liian scrip, and prices showed a downward! ..tendency, sales being made down to dGs. This was due to some weak holders being forced to realise! in a hurry, but the shares were quickly taken by others. The fall had .nothing to-do with the-Auckland "bear" movement,, which, may be said to have collapsed altogether. 'Tlio , directors of the Talisman Company '• have declared a dividend, of 15.;,3d„ Yt;hiph-means : that* shareholders. 'are to. receive 7s.' (id. per sha,i;e this year, and thrise who. Boughti'the'scrip at ,455. will get a return of about 16i per cent: on. the capital invested. The increase'in the dividend discountsvthe importance attached (to.the running- out of.gold, in the No. 12 rise,"as a matter of fact, and it' is stated on oxcallent anthority this -"rise 'ir ruiuiing to payable gold. So that with bigger dividends and the mine in excellent condition,' it does not require, much courage /to suggestthat- Talisman' sTiiires 'mil-'see "a "substantial' rise before the month closes. Yesterday's quotations were as under :-7. ~ ' Buyers. Sellers, Sales. ! £s. d. £s. d. £s. d. Big Elver 1 2 9 13 0 Waihi Consolidated 0 2 5 0 2 6., Qw2,.5,, Tangiaro . 0 0' 3J 0 0 6 0 03? Tairna Broken Hill 0 3 0 0. 3,G ..... tt-t-. : Waihi „ —— .9- 5';,0, '. '-r-r 4 ' Talisman .„ J 5 9 "2? 6'3 2 6'"6

' • ■ ■ 2 G.iO 2 6 *0 LONDON MONEY SIAEKET.' " : • The cheapening of money in London is havv: ing'.an excellent effectjop imperial, Copsols. *In our regular London ' commercial"'cable published yesterday Consols woro shown, to Bare advanced 15s. on the week, and 6inco Thursday, when the Bank-rateMvasy-reduced l 'to )2J' per cent, there has'b'efeh..'^ : "12s/Gd.' in' Consols. ■ tion r; at;whiphVprieo' ; ;they)'would i; yield'''about 5 per cent.- v to 2f.per ,! Consols?provide.' an 'exceUent evenv : on-i borrowed"' > ■ money.' Speculators .are'.'ii6''doubt^buyih'g 7 for' -. l .ho rise,swhich.'-now-tscems--inevitable: ~fhmug' tho Inst period of very cheap money, that is in 1904-6,,, Consols, which -ivere then"-a-'2$ per' ■ cent, 'stock,-^vent.up,to.as .high .'as and' there is. thus plenty, of margin tfor an"advanceJ'j GOLD PRODUCTIOfcVV. 1 /|j Thi> gold production of.Australasia .has .now; oxcoeded .£s6o,ooo,ooo,'the'total'-havingreached'' .£559,986,658 up to., the close of last year. .-Tho Australasian; gold output in 1851 was returned'' at ,£1,319,932, and it rose to £12,912,950 in . 1856.-. It then , fell,- with . various-fluctuations down to in 1886. In 1897 it had risen to .£10,870,118,. largoly owing to tho West Aus- . tralian discoveries. ' ■ ... i Tho Transvaal .gold-yield in 09G, and five years later it reachocL.; £1,490,568;'; in 1893 it amounted to £65,480,498, and in 1898 to <£16,240,630. In 1903, after the war period, : it totalled: .£12,628,057,' and in 1907 reached' the magnificent total of, ,£27,403,738.- •■' -If-we compare the production," of, Australasia' 'with 'that'' of tho Transvaal .- for-.-the past-~fivo years - tVq- . get the following... v. - 1 Year. Transvaal.'/I;'Australasia; - '.- 1 £ £ .1903 ... v 12,628,057 18,332,-515 . , ' 1904 16,028,8?3 r .t '~47,884,838!. r , ; 1905 ;"™ 20,854,440; 17,644,846.' A 1906 ... . ... 24,G16,702' 1G,902,649 1907. 27,403,738.. . . ,15,572,J23The year 1903 was :tte ; 'recordr'year.'''for. AW tralasia, but since then the production in West " Australia and Queensland has decreased appreciably. The -past year was the greatest- in : Transvaal,' but 1908 is likely to 'see better re- . eults, and for the first quarter of the year. the increase-in production is equal to 107,483 fino ounces. The value of tho gold produced .'. in tho Transvaal from 1884 down to March. 31, ;' 1908, totals .£204,215,561,'-.. arid 'the - '' dividends paid by. the Band gold mining companies from .1887 to date totalled .£47,757,021;,

STOCK EXCHANGE GAMBLING. ' Tho tnrnbverVof "stocks in'New'York','.owing; to tho existence -of-,the ■'Exchange ■ clearing.' house . system,, and. the..facilities with;swhieh' loans on bonds and shares can be; obtained for. the carrying on 1; of''transaction's/ is on'a larger scalo than; probably,-, on any.;other- exchhngo'in the world. The opinion that the recent crisis was largely due to gambling in Wall Street is widely held in the United States. ;As a - con-, sequence, what are known as the Wagner and the Cuvillier bills have been introduced into the New York Legislature. The scope of these bills is to stop "spec" selling. This; is to .be done by compelling brokers to tako out licenses, and to enforco the filing with the State comptroller once a month of lists of numbers of shares and bonds dealt in<by .him during tho month, with the names of-'t,he' sellers and the buyers. Heavy penalties, ranging up to .£I,OOO, with tho altenativo imprisonment are to be imposed for a breach of this law. The State comptroller is also-to-be given, the right to , inspect the books <if any broker, in order to prevent any "wash" Bales, These

are... transactions—wall-known in Australia— " here two brokers operate in such a way as to create fictitious prices for stocks,' with the Wbjßct by the public; The •New --h'as been collecting the views of, United Statos financiers as to theso ,two measures, and'it gives a list of the hoads '.'of Savings .Banks, .holding over ■ .£100,000,000 "worth; of';'deposits, . inIfavour.1favour. of thoir enact--,ment.' The' idea /of the framers of the . two ,bills is simply to compel publicity, as it is rj jiold that-this .will, abovo .all other measures,, /prevent thevheadsiof ■ the,.great insurance and; 'banking -corporations, from , secretly, utilising the resources of those; institutions ta gamble in- Wall Street. NOTES. ' . Imperial Consols have advanced 12s. Gd. since Thursday, -and- aro now quoted at ,£B3. Lead is now quoted at £12 17s. Gd., and copper at..£57 15s. ' f •' * —— ■ The New Zealand Trust and Loan Company made a profit of .£21,696. A dividend of 5 per cent. - is-imnounced. |Owing to "ffligSj small supply and high prices ruling , for hay • arid chaff in Australia, arrangements have been made for importing from. South Africa. . The 1 'present 'portion of Son 4 h African agri-;cidture-differs considerably from' that of a few ,the,,d9yolopment being an extreme--I^-satisfactory ' t for' the country.' it-The; Directors bf».thei«Talismaa l Consolidated Jffining Company recoramond a dividend of Is. - ; 3d.'' : per'shaVe.« This-means'an increase-in the dividends froy 6s. to 7s 6d. per aDnum.' Last year out of the 211,859 immigrants that ,ian,ded;in 39,000 wore from the United States." It 'is' estimated that these collectively carriefLwith them i£8,000,000. If so, it was better tban a loan of the same amount, which i.,Ki>tdd >l ,*E2SO,J)|)O per annum, and the principal bf which wouid have had to be paid • back. .„ - » r , .. .. , Tho United States bid fair in the fiscal year to June 30 to' l record the greatest excess of exports ever known. In the eight months ended February the imports were 2170.559,000, show-ing-a - foiling off-of-i519,721,000, while the exports' were an increase of .£13,831,000. The. excess, of exports on the eight i months was* therefore <';£105,2G2,000. But that does not spell prosperity, but the result of panic and crisis. "According 1 to the", estimated''issued by the "MetaUgeseUschaft/'ijof Frankfort, the produc-. ,tion and. consumption: of . copper in the past, threo - years: lias h.CQii::— ~- ~ . v Produb-j'Cpn-' a*V;'tionl^'^hfn'ibtn. '. Excess of— ■■ 'i , ...., '-Net \ ' ' - , • '190.1 6Midoo " 723,000 Consumption, 29,000 i9od'";™;"/7fßjod6; ,Do., 5,000 1907 ' ■:. v .;^7lS ' Production, < 38,000 In 1905, in spite of rising prices, consumption was;, copsjdeiifibly ahead of supplies, 1 but last yiar'. Ithei' adjaiice materially checked buying, and with production curtailed only towards -thevdnd of.;' thai year," there was a. considerable .excess, ..and „i.t would..have been greater but ■'f()i:"the : ''cciliapse %^rolues.

' AUCKLAND CUSTOMS REVENUE. (BJ TELEGRAPH —PHIBS ASSOCIATION.\ j Auckland, June !.. ' ~.*TM7i ( ^toMS^dnties < 'collected / at Auckland The beer duty Rounds and drawbacks have to .be^deductedi^!^ Wellington (^fet^y a ;M»onnted''ti>»J69ls 7s.' '.;.;i.iiiNiNG NEWS. 1 ; -.;' [BI TELEQttAPH.^— PIIESB ASSOCIATION.] 0 /.in. Auckland," June 1. • m -The, Talisman., Goldmining Company has declared a tlivideiid of'ls.' 3d. per share. , The amount .of .the dividend paid by the ■'Waihi Company,'to-day was', and tho amount declared by'the Talisman Consolidated Gold Mine' Company, payable this month, ' jßlß,7soi'.i'"iThis: 'brings up tho total to be distributed by these two mines during June to .£181,250 v . - v THE TALISMAN COMPANY. The movement in Talisman shares continues to excite much interest. The monthly Ret' isteri and Property Investors' Guide, issued y Messrs. Harcourt arid Co. yesterday, takes an optimistic view of matters. In thecourso of its share roport, it states:—"The ovent of -the'-montli > has< been 'tho largo fall in tho price,.of, shares. During the past two', months those shares havo fallen'-lOs. This'Yepresents a depreciation in the' val.ue...of ,;tho' niino,. of and. as. fari-as we-.can" seo. little or nothing has transpired at''the nii'iio"'to''"warrant it. Investors here recognise the prosont as a favourablo opportunity- to. Beoure tho shares, and to our 'Knowledge"between 8000 and 9000 shares havo beon purchased by Wellington peoplo within the last-few'days. Nelson residents are also reported to havo purchased largely. At preappear to us to be a most attractive purchase. Tho value of tho mine, according to the present raluo of shares, is only XGW),OOO. After allowing for the cash the Company lias in band (JB100,000) the mine only," requires; to'produce a profit of .£560,000 to return the shareholders their capital, and '.wo.'qu'esti6ri. : ;.ver.v much if the value of tho ore already dovoloped falls far short of this amount?'" V After,. ; .reviowing tho position at tho' various levels, the report goes oil: —"To Bum up the position, the largo amount of

WELLINGTON :.;SH ARE LIST, Besorro £2 T .„ K; i PRICES. VMfl >'■ ' COMPANY . -Capital. Fund and p 5 .£'*;? * ".S ■ ' ' ' to : . COHBAHY. , - iU ij2tor. '.v.i'- r -'/,!» . ig fluyer.ti Hollor. g a]o . ■ ...banks. •• -<e i " 'i; i : isVai '£ t. a. £ «. a. t t. a. yr.* Zealand 2,000.000 81.67s'' jj ' jj" jo ! 818 o o a a 0 0 0 IK 1 National ..... .„. 375.000 335.318 Si 15, 19 i I 0 5 5 8 6 6 0 5 8 7 INSURANCE. • . National ... *1(0.000. im339 : i nnlta.' 'ML''. £!« 0 1 H 5-; Now Zealand ... ■ ... ... '-,300,000 396,674 '. i 8 10 ' 315 0 '316 6 315 f 6 8 0 v.v." , , Ubuth British ... ... ...: 100,000 174,913 1 „ 10 317 0 Standards.;; ... ■ ... ••• . 75,000 93.386. jj ' 9i 10 \ l 10 .1 I » - . FINANCIAL, . s , Eqnltabl'e Building'...- ~'tofi00~* ' 22i000 5 5 lO ' 1 "" *'■" 'lO 2 0 10 0 0 Metropolitan Building ... ' — 60,742 5,68S 10 nil 7 t Wellington Inyest. ... 50,000 - 3,633 I } . { 012 0 Oil 6 .5 4 4 *?••>• " Wellington Trust and Loan ... 101,250 41,331 5 .5 8 T-9,s0«' 7 11 0 7 0 6 6 7 0 . National .Mortgage , ... 200,000 127,746 2 8 10 3 0 0 3 1 0 3 0 0 6 13 4 I-" . N.Z. and Eiver Plato ' ' SCO,000-25-2,000 1 "nil 7 .-'lllnJ -1'12 3 112 3 i 6 4 Loan and; Mercantile - 3iyK ) 8j. 5, "*0.6 0 0 S 0 10 0 0 ]/[ - •GAS.' .. - . ; j : 'Auckland .... 1.' ... ?m§ld"' ~ «5.«T '"5 ""nil 16* * " • • '* 'A. OhriBtchurch • ... •», —leo.OQO .. ,7p,$)18 , 5. . -nil -lOj ,,r 10 0 0- lOv.O 0 5 0 0 : r Fcilding •;« - '•••■. :."12,0M: 4108 ill Sail' m t 019 65. 019 6 fV . Gisboriie ..... ... ... ..-MiMOv -10,565-. -y ■' nil is-J 3 O'V'SIO 0 2 10 0 610 O t Hawera :.. ... ... 8,250 ,\J .-i AO.- ,, • v: New. Plymouth ... ' ifcGCO ' 31159"" 5 -nil 10 • ■ . ■ Napier ... .... ... ... ) 10 . nil 15 . . .. ■< -••• f 49,557 23,184 5 6 -15 - '»>. —vr "!u- \ 1 9 15 Falmerston, Nortn ; 27,000 11,092 .4} ' ,4 10 ..Wellington ... - ... - ! , M ,„ ?1 » M ]0 nil 10 19 3 6 19 7 6- 19 5 0 6 4 0 .. - ••• - /r?' 5 !",. - 5 »« 10»i«»a 0 » ; , HEAT. '• • -- - OantCTbnryJ .' „ 183,727 •?/ 32,6J6 r ; 7^*•><?''»> 8 0 0 . - Chnstchurch ..., ... . ... • nswao ' 77,642 . 10 nil 8 10'2 6 10 5 0 10 7 0 7 14 7 ; Gear ... ... ... ... „. ... 1 C6261 1 —nU 12} 2 9 t 210 6 310 0 5 0 0 •i - ' -I'Js - v - - ) w,wu 4 6 12J 9 15 0 10 0 0 ' ■ .Welbnston "Moat Export-. - 1. 5 v n il -8 612 6 f. 105,766. ;,'K,7671, ii ,,„1„ .8, -.5 2 O 5'2 0 6 5-6 „• >' , - - I , 2| I 23' , 8 • ■ . ' 3. 5 0 ; 3 5 0 6 9 .3 Wans«wi ,i „ . ... : « t 850 ' ''-10,315 "■ 5 ""nU';. 1 -,?;; TnA'iSPORr. ,■' ' -r<> nsi-i, a:) . • I, .M . „f <111 '• «• .. I.ffrr • !fll -r:'-, : . W. and .11: Railway , ; 170.000- 121.152 1 ""4 . 7 H. l 6 '2 T 6 3 0 0 "• S.a.-bhippins:. V • 473,wo.- 110,760,-. 8 nil . 5 6 13 6 6 18 6 10 3 10 Onion Steam.- ... ». £00,009 KISIT '' 1" "1 l?.,0f ',115 0 -v V 7-.WbU: Steam; Ferry; .:. t .... ..; 46,260. .05 ,.l . nil.' 6 ' . - ' ;Vl;l. -v '"COAL.'..i/Oii. ej 6< 'v™ '' TTostpcrt.'l... ... ...- , 21».OCO'. U7.215,-. 3} -in-li«isi " «'l8 "t 6 19 9 (J 0 ' -Saupisl : . ... M.C'JO 5,339 1 nil 7i 1.0 0 019 6 .714 0 1 ■. v;pout.E:j. • . • . "'-1, .; ':;0-r'- : . Kaianoi .v..,: ' v.. ... ... --100,000 . 3-2,854, 5 nil 65 ' . Hosgiel iA 831457 .: w3j .1 i.li. 'A «3»3»0 '3 3 6 3 1 0 4 19 0 ~ ...82,925 .24,368 :: 1-.. r c ;;3;v,6 fl- 8 0 3 6 0 7.5 6' MISCELLANEOUS. n,-. i , ; , Donaglly Rope .... ... 23.5C0 1,931 5 nil 6600650 : , ■A? »■ ■ Loyland and-O'Brien ... ... 30,000 37,761 1 nil 15 8 3 0 linuriccnllo Limo - - ..r —-7,COO- — £05--1 ■ nil ■ 8 • ' -ii.Z. Oandlo ... .... .10,000 676 10 nil 8 N.Z. Drngs ... ... ■ £00,000 36,730 2 nil 7 2 10 6 2 11 6 211,0 0 3 0 • N.Z. Paper Milla ... - ... 94.775 l,£3-2 .1 nil. ,:7 ,126120 ! • . N.Z. Cement ... ... i..l i"40JXX),' -.2,048 r "T. "; hll'" T.'"'. -?111 0 XI11 6 ' ! Manning and Co. ... <■£.'" £6,000 ."-37,670 i -,,l'i 10 - 314 0 - I •••':•' Ward and Co. ... ... ... ... £0,000 20,655 4 1 10 4 15 0 5 0 0 4 15 0 8 8 5 Wfftn. Opera House ... ' ... ;.. 18.6S0 1,705 . 5 . nil 12J -. i .: . ; V. r gtn. Preah Food i 28.2C1 ... • 1 "nil -... ■ }' —ffhitcombc and Tombs ■ 46,250 20,156 5 ■ nil 19 - 480 1 . ■ Kharland, Ltd. ... ..... •;UR616;-;li,;9,3U' il'; Ji'iiil "oioro". 1-0' 0 1 0 0 7 10 0