FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 214, 3 June 1908, Page 10

FINANCE AND COMMERCE.

. .'.TIIE, SHARE MARKET. ' In; the. investment section ' there . were "sales' yesterday! of 'National Banks Vat' v£s;ss.,vand; ■' Wellington Gas at. .£l9. 55.,' both being on «' sparity .-with previous sales?,'3CheTti" "appeared 'to, bo inore<buying orders, which later on lead- up ;'to business. ,' National 'Bank\ shares ' wero; in Ukm'and at .£5 4s. 3d., bat holders wanted.' i£s ss.?6d.'.Banfc of New Zealand shares . were on ' sale fat £9 3s. Financial shares were quiet , and unchanged. ; There were sellers of National'.Mortgage at 615., N.Z. River Plate at 325.; Gd.v and Wellington Deposit at 9s. 3d. InBurance shares were neglected. New Zealands v,ero offered' at .£3 16s. 6d., and South British at £2 17s. Gas. shares were unchangedi'eild-' . ing: Gas,,buyers 19s 6d.; Wellingtoh'Gas; bay-" ■".srs N£l9 2s. 6d., selleis il9 10s. Other quotations. were.—Christchurch, Meat, sellers- 3610. s;>-.;',Manawatu Rails, 6d., sellers. .' 4ss. S6d. ! ;'.*Weliington Woollen;,; buyers .£3 65.: Taupiri'Coalir: sellers, 20s. ; Westport Coal, sellers ,'jj6 18s. 6d.; Leyland-Olßrien Timber, sel . k-rs;43s!;'New,,Zealand Drugs,,sellers vC2 lis.: N.Tit Paper jjlills, sellers ;225. 6d.; Slnirlaud and i Co., buyers 195.,- stllers ■: 205.; Taranaks Petroleum, buyers OS;.9d.,:selltrs Ss., , , . f h sTHE MINING MARKET. Notwithstanding some forced sales ; ou-. the part of-.weak holders, Talismans . re- : ceded very slightly; indeed, it may be said that ' they are;, again on; the up ( grade., Big-! River gliares changed hands, at 245. 6d.,.; and are firm, at the'-.price. The Wellington Stock' Exchange has been- advised that the directors of the Big River Company^have declared a dividend of, 2s. per -share, 'payable next Saturday, and haije added 12500 to the reserve,'-making the'' total ■ -,£1250. Yesterday's quotations were as under:— ' r- Buyeis., 'Sellers., Rale'..« ■- . dfi s. d.. JG s. d. JB s. d. Big River r— .1 4 6 1 5 6 1 4- 6 . Tangiairo — 0 0 7 — O.' O' 6J'" Wairn v Consolidated —- . 0' 2: .6 ~0,2. 5. 1 Waihi (ex: ; drO' i.9 -2 0 Oj3 : C ■ 9--2 0 Talisman - 2 6 - .6 2 6 3.. • 'T ' . / 2 6 9-' ' - . 1 ■ ,-; ■ ■ ; 1 TRADE WITH. THE EAST. Mr.:.J. M: Sinclair, cbmmerciij'agent for /he State of Victoria, at Singapore, whose dis- , trict' covers ' Indiaj Burma, ..Cochin,, China, Java, Sumatra, and the Malay,/ States] and : who , Is now in Melbourne, stated; to,'an-'interviewer that Burma bought last-year 1 521,726 lbs.'' of butter, ~llo,7illbs. of che'bse; and 183,000 lbs. of ■ ham and bacon. Questioned, as to the real difficultias in the development of a practical : commercial relationship, Mr. Sinclair 6aid :-Tri r, : "Prices of commodities fluctuate so consider- • ably that merchants'will not buy except; for , prompt delivery, and;, prompt and constant delivery will not bo possible until one or more 'lines of steamers sail at fixed short intervals botween Melbourne and all the principal ports in tho East. The conditions are ripe, if enter-; prise will step in, and the Chamber of .Com-' morco has the subject on its/agenda. Refriger-ated-steamers would have no difficulty now tho way has been prepared,and .the'peoplein-.-formed as to our commodities';,ii''disposing'('of; full shipments of meat,-" butter, i'and fresh; fruit; Biscuits and. preserves will make a market as soon as introduced. Is it. not comical that Victorian flour sh'juld'go"to England to be baked-into cracknels, to ,be shipped to ths.Bast? Is it .-hot curious'th'at a landwith such splendid fruit available for export should stand by and leave j the profits on conservesto be reaped by a'.country which docs not grow a fourth of-its;own requirements in ap-; pies, and , haidly. ; 'any.T peaches,' ; figs,, 'and' oranges? Is it .nbtt strangd that Victorian orchardists should;havo been tearing up rasp-; berry, bushes as msisless, while China' and; Burma are prepared to at a-good price, all the raspberry jam and jeUy we'can. makaf' ' ~ .J.. THE MOTOR -MANUFACTURING., :. / INDUSTRY-. '

A. .recent report byHhe United States Consul at Lucerne gives a', very gloomy picture of the outlook for the-auto jiobile -trade in Europe. According :.Consul,'. there;isa'genoral' feeling among antom jbilo manufacturers . and, dealers in Europe 5 that a crisis in : the trade is imminent. In" France, Germany, Italy; and Switzerland, there is'talk of lack of demands, large stocks, and financial stress. Present conditions' and indications in the. automobile trade are similar,; to those' existing in the • bicycle business'; some ten years ago, which' f resulted in radical; changes in pricos, and the financial distress of'many firms and 'individuals engaged in the business. The belief generally prevalent, that prices will bo cheaper next season, is given as a reason by many intending purchasers-and agencies for not plac-ing-orders in advance. As . a result 'many, of; ■the large factories''and warehouses find themselves with a heavy-stock of 1907 models on hand, with little prospect.of disposing of them, except at a very low figure. Various reasons for the present situation and threatened crisis are offered, by those engaged in tho industry, among which are over-production, especially in large motors, and: the j cost of maintenance.: In* the past few year-3 there haslbeen-'A-strusr-gje on the part of manufacturers to,keep pace with the demand in • Enrope . for high-power, high-priced machine.').* The demand seeiped unlimited; prices were high; and profits exceptionally good on that'class of vehicle. To meet v tho unusual demand,': and encouraged by this temporary prosperity, many new factories •'were erected, and existing firms increased -tho .capacity of their plants, and, supplied themwith expensive equipment for the production of large cars. 1 ' "T"' i Out of tho crisis that is inevitable < in the trade will come the more practical and perfect automobile," the small, economical, but speedy, car, possessing all the qualities . that reasonable peoplo want or can'desire. In addition to tho changes in tho weight and power, of machines which common-sense conditions aro furcint; upon tho trado, denatured • alcohol or naphtha will' take tho place o£ petrol, which- . fs an important .item in the upkeep of motor cars, thereby greatly reducing, the cost of fuel. Manufacturers who aro not totally Hind tor

the., fact , that ..opinions are changing among purchasers are studying the economical machino of..small, power,, cabbie of doing all that ordinary 'people' require. Chemists are experimenting : witta fresh'fuels, and tho tyre makers are'looking 'for 1 fresh materials or, processes of • fabrication.i', All-' this■ will result in the: cheap automobile',' and; makers who aro. working toward such; ends'have no reason to fear'the impending crisis in the' trade. As a vehicle of pleasure and"rutility : the automobile has come to stay.' and there is still a great future for.,tho motor trade; in fact,' it may be .said that business is only just beginning, for when tho question of tho private vehicle has boon satisfactorily solved there wijil, remain that of the -Vindustnal: wagon •; and Wan; asked 'for by thousands of firms and so far only imperfectly supplied.

THE METAL TRADES. /'-jThe "Iron and Steel Trades' Journal" of April 11 states that in the metal trade the most, important recent event has been the Birmingham quarterly meeting, at which most branches of. tho industry wore, represented. From''what' passfed l "at'this gathering it was obvious, soys this journal, that not only is the present-'state of affairs very unsatisfactory, but the outlook, is most perplexing and; Idiscdiira'girigJVK^'as : evident! that some 1 of ; th6; -Midland-manufacturers either canuot or will .not. read the signs of the times as quickly as those 'who hail' from "other centres. 'Whilst •they!were debating'as to whether they should' accept certain orders on the , terms offered, some of the shrewd representatives from. Wales got' Hold"'of 1 the'-bu'yers and promptly closed •the deal, acting-on;the principle that in times of slackening trade" an order in hand is worth half a. dozen in prospect. Those who take a •hopefui'Jview<' of : the future do so because tho wish is father to the thought, in which optimism /'lron , and .Steel" cannot share. The. tin-plate" industry; however, is reported to be in a very healthy condition, ana the works aro..well, supplied iWith, orders'for some .time ahead. '" Whilst "there 'is 'no indication -of a runaway market, makers, -are confident of maintaining prices at near 7 their present level. In the United States also this section of the metal trade is fairly prosperous, the demand for tin ipTate's ; ,is"--increasing,-.'whilst stocks on hand are small, 'and frequently orders are placed for immediate delivery. Such a condition of affairs .ip encouraging>to'-the producers of tin, that?tho recovery in the price of that- metal is.. : bai>ed upon, something more sub'st&ntiAl' than market manipulations. ■r-The" Customs revenue collected at Welling-' tioii' yesterday amounted to •£l3i& 65.-; 3d. ; \: I:-.' STOCK EXCHANGE.i [BI TELEGRAPH. —PRESS ASSOCIATION.] Dguedin, June 2. Stock Exchange sales:-Rise and Shine, 305.;, Talisman Consolidated, 1465.,. 16s.'3d. MINING. :te£egeAp'B:.—peess associaj3'on.) - Reefton,'June 2 1 The New Big River Company has declared a diyidond, of 2ttj;and tho Pactolus Company Is. 'to-yayj ' - 'WHOLESALE PRICES. '.'lXa'ery'''and;'~.Cor, Ltd., Wellington, | report wholesale prices ruling on the market:—Wheat, fowls',' ss.- 3d. to ss. 6d.; oats, 3s. to 3s. 3d.; , seDd' oatsr.3s."'3d.,''tb 3s. Gd.; maize, ss. 6d.; . crushed Bs. 6d.; prussian blue peas,' 6s. '6d.' ■'t6\7s.,'"fbwl!!jSeas,' 4s. 6d. to 4s. 9d., all at per bushel; ilqur, New Zealand, ,£l2 10s., Australian ■ .£11.;,155.,;,- bran,_ SI ss. to SI 10s.; pearl barley, *.£l9 10s.; split peas, ,£lB 10s.; bone-, dust;- £i 15s. to £5 ss.r ch'iff 1 "i£s 15s. to.-£6 55.; oatmeal, il3 ;10s'. ;tb ill-10s. ; potatoes, £5 10s. to £6; 'Tasih'uniah seed (Up-to-Dates), £6 10s.; Beauty :of Hebron,'.£6 10s. j. Flakes, £8 10s.; bacon, -factory-sides 83d., 'hams 9d.,'rolls 9Jd.; buttor, bulk 10d. to" lOijd. ;' poultry, hens 2s. 6d. to 35.; ducks, ss. Gd.-; turkeys,' gobblers 15s: to 225., lidns,'Bs.'.,toj'!)fi : , a}l .at per pair; cauliflowers, 7s. to 145.; cabbages, 2s. 6d. to 7s. Gd., all at por sack; fresh eggs, 2s. 4d. to 2s. Gd.; proserved eggs, Is. sd; to Is. 6d. per doz.; cheese, Gd. to G-lil. per lb.; loaf, 7id. por lb.; onious, £7 10s. to £0 por ton; Akaroa cocksfoot, lOd. to lid.; ryegrass,-is. 9d. to ss. Gd. per bushol.

LIVE STOCK SALES. Messrs. Abraham and Williams, Ltd., roport air their Johnsonville sale as follows:—A full entry of bullocks'o£ prime quality made 235. to 285.; best' bullocks, '£9 ss. to .£9 12s. 6d.; others, ,£8 15s. to £9:25. 6d. A heavy entry of_ sheep, including somo extra primo owes.and wethers, mado pricos equal to last week's. Heavy ewes sold at 17s. to 17s. 4d., 14s. lid. to 15s. Gd.; light ewes, lis. Gd. to 13s. Bd.; wethers, primo, 18s. sd. to 19s. ; lighter, 17s. sd. to 18s.; light, IBs. 10d.; lambs, lis. 2d. to 12s. 2d. jifessrj. Abraham and Williams and tho Loan and Mercantile stock sales at I'ahialua were held yesterday, when there was a fair yarding of all lines. Prices were about on a par with those of Inst week. Shoop.—Two and fourtooth'wethers mado from lis. 3d. to 135.; fullmouthed ewes, Bs. to Bs.. Gd.; empty ewes, 55.; good two-tooth ewos, good condition, in lamb, 15s. Gd.; oull lambs, 2s. Gd. to 4s. 6d. Cattlo.— ITaif forward cows, 70s. to 845.; heifers, in calf, •35s to 555.; three-year bullocks, poor condition 605.; forward three to four-year bullocks, 100s'*; springing heifer's, 905.; empty cows, 2Gs. to 575. 6dj( • VMossrs. Dalgety and Co., Ltd.,' report that at their Wanganui sale yesterday, the entries, were smaller than usual, 1700 sheep and 100 cattle being yardfd. On account of tho holiday on Wednesday, tho,firm had to hold its sale •i-csterday, thereby clashing with other sales, and the attendance was smaller than usual. Bheop, according to quality, sold at late rates, ; except lamta, whiili .wore" easier.. .Cattle also.

sold at lato rates. Quotations:—Light, fat owes, lis., Tel.; medium 2-tooth owes, 10s. Gd.; forward empty ewos, 7s. 3d.; aged half bred, owes, lis. 7(1.; medium 2-tooth ewes, 10s. Cel.; inferior 2-tooth wethers, Ss. 4d.; medium lambs, 'Is. 3d.; 3!- year bullocks, <£4 135.; forward cows, <C 2 17s. Gd.; draught mares, with foals at foot, JGIS to <£21 10s.; unbroken half draught filly, £$ 10s. GRAIN AND PRODUCE. (DY TELEGRAM! —PIIEPS ASSOCIATION.') Chbistciiuroh, Juno 2. Tlio grain and produce markets are at present very dull, and littlo or no business of cousequonco has been done since our last report. The local wheat market, in sympathy with the London market, has firmed slightly, but there is next to nothing doin". Farmers aro offering on a vory limited' scale, and thoy do not feel disposed to accept 4s. Gd., that being about the rato mentioned by buyers. Oats, if anything, are a shade easior. Southern people have gone on making sales, which goes to show that the Australian demand has fallen off considerably, if it has not altogether ceased. Cowgrass is still firm, and up to 101 d. is paid for best seed. Potatoes havo declined to ,£3 15s. per ton. Thero are largo quantities on offer, but buyers are not operating oven at this quotation. Tho samo applies to onions, the price having fallen from .£6 ss. to ,£G 2s. 6d. at country stations. Chaff is being bought for shipment to Sydney, and this week some largo consignments will be sent away. VICTORIA'S FINANCES. CREDIT FONCIER BONDS. ST TEIjEaRAPH—PRESS ASSOCIATION—COPYRIGHT. (Rec. June 2, 9.45 p.m.) Melbourne, June 2. The State Government has opened tenders for a hundred thousand Credit Foncier 31 per cent, bonds at a minimum of 98. The public subscribed ,£29,000, and' the Savings Bank took the balance.. WHEAT AND FLOUR. BY TKIiEOnAFH—PIIEBS ASSOCIATION —COPYIUUHI. London, June 1. Tho wheat and flour afloat for the United Kingdom is 2,875,000, for tho Continent 1,875,000 quarters, Atlantic shipments 253,000, Pacifio shipments 3000.

WELLINGTON '• "■r; v.-i, I? 00 ?** 0 .r.mbi-->1 • rRICES ' , yield • PnwPATJY' Capital Fund'and ,gtu v nftT So • to . , COMPANY, raid Up. Balance. •atfl s w™ : „ ., " t Lnst Inventor. Forward, p, hlmre - M g Bnyor. Seller. Bnlo . ,, - banks. £ 1 ; "i'" i .1'i i i i 4 i. a. ■ 1 New Zealand .v. w ... ...; ooo' 81,675 a. . s| 30 8 18 0 9,3 0 0 0 0 314 1 National ; ... _ 375,000 : 335,318 j} Ja'lS " : 12 5 ,4. 3 ,5.5 6 5 5 0 H I ■IHSUnANCE. ! f i : National ... .... •... ... 100.000. . 249,339 ,.i. nnltd, » 'ISO '10 6 . „ „ _ . ' . New. Zealand ... 300,000 396,671 (j 8 10 3 15 0 3 16 0 3 15 8 650 \ South .British ■*■„.... — 100,000 <74,912 . i ! 4}., 10 317 0 ■ Standard _ : : ... 75,000 . 02JSC ;J. 10 -I; 3 0 12 0 ; FINANCIAL. ;. ' . . Equitable Bnildtitg L. • w -• 1., 60.000 , 22,000 6 5 10 :' a " 10 9 0 10 0 0 Metropolitan Building . E0.742 . 5,688' jq . nil 7 «<-' . . . , . Wellington Invest. ... ... .. ...i 50,000 ' 8J83' 1 1.0' l:'» 1 012 0 Oil 6 5 4 4 Wellington Trust and' Iioan ...> 101,250 44,334 5 5 8 -.7,9,0 7 11 0 706 6 7 0 National Mortgage ... ..... ..., : 2G0.C00, 127,746' a 8 10 .3.0.,0 3 1 0 3 0 0 6 13 4 • K.Z. imd BiveriPlate 300,000 252,000 1 nil ' 7 •1U";9 1 12 8 1 12 3 4 6 4 . Loan-ond .Mercantile ... . -. 135,222 315.133 J Si "5 " " ' .0 5 0 0 5 0 10 0 0 CAS. A Auckland ... ... ' ». ... .... 1S0.370 .'85,463' —nil'' 'lis' - „ „ Christchurch - ... ... ... 160,000 , 70,918 5 ■ nil ■ '10 •• 10 0 0 10 0 O 5 0 0 , Feilding , .. ... - 12,000 108- 1 nil 0 19,6 019 6 Giabome, ... , ... ■_ _. .... 17,300 10,565 . 1 . nil 33j ■; 3■ 9 6 210 0 2 10 0 6 10 0 Hawera • ... ..... 8.250 694 5 J 10 New Plymouth ... u.ooo 3,159 5 'nil 10 " Napier; ...; ... : w u — ) 10 nil 15 „ ... - - K 49,957. :;23,1B4 ";5;?;*'5; : .15 , Palracr'nton"North.-'.. Z ••• 27,000 li;092' 44 10 „ ' ' „ .Wellington ... ~ 1 10 . _ 7M 10 ' nil 10 10 3 6 19 10 0 19 5 0 5 4 0 ; „ „ ... ... m. ,>124,570 n '™ :5 5 10 10 0 0 HEAT. . .',v ■ -vv ,-- v.-V.f .< ■> Canterbury, • •£.* ,-S. , ■», :183,727 u 32,686 ; 7} ' 25 ' 8 - 1. 8 0 0 • , Christchurch • ... 165.820- 77,642 10 nil 8 10 2 6 10 5 0 10 T 0 714 7 Gear ...; .... ... ... ... ... -1" 'nil: 2 9 6 2 10 6 3 10 0 5 0 0. ,, ... ... ... 1 ... f -Wfcl - 4 • g- 12 | 015 0 10 0 0 , Wellinston Meat'Export,™ ... j 5 nil 8 612 6 .... - I.:-"- l'105,766 ■ 53,767 i 1 -;8 .. . 5 2 0 5 2 0 6 6 6 ... ... . ... •••• j , , 28 S3 8 3 5 0 3 5 0 6 9 3 .Waneanni . .. . „ - - '45,850 "10,315 5 nil 8 ■ THAHSPOR". ... . ' . ' 'V" W. and M. 1 170,000 121,453 1 i 7 276 286 276 300 . H.Z. Shipping. ... . ...' ... ... 473,840 110.7G0 8 ...ail.. .5 6 18 6 5 18 6 10 3 10 Onion Steam' . i mjtiP' "381,917 '1 nil T| 115 0 1 15 0 . VYgtn.-Steam Ferry ...' ... ... 40,250 -.'..••65,-- l';- nil- ...6. • coal. " ; ■- TTestport '... ... ' J .. ... \ ... ' ffiOjDOO" *117^15' "3} " 14 12i 6 18 0 6 18 6 6 19 9 6 5 0 1'aupiri ; . ... ,85.000 5,339 1 nU 7i 1.0 0 0 19 6 7 14 0 .' .; ■' V/60LLEH. -j;. .. Kaiapoi ■ v ... ... '•.'aOO.OOO I 32,651 5 .'nil' fij-*, : ;• llosgie! ... ... £3,457' 17,212 35 'vl'J 0 ,3,3 6 3 1 0 . 412-0 '.Wellington ,; ... ... ... 62,925 24,368 i V4 & 0 3 9 0 ; 3 6 0 I S i : ■ V i . ' ,-if ' j : ./ ,■ • DonagliyJ.Eapo U 1 \.i-r - ; 23,500* 1,981 5 nil.V i'6; 6 00 ■ G 5 0 • ■ Irsyiand. and O'Brien ... ... 35,000 ~ 37,761. 1 , nil"''15 '2 3 0 , Hauxicevilio Lime ... ... ... 7,000 '205 1 nil 8 . h.z: -Candle ' ... . ..„. 10,000 876, 10 nil, 8 N.Z.-Drugs 200,000 - 36,730;'. 2: .'.;:nil.. '-7 211 0 2 11 0 6 3 0 N.Z.; Paper Mills ... . . &1.775' ;k1,£82 .1 nil.-* .7. -.il-2 ,6 1 2 6 • N.Z.4Cement •'... ' -AO.cm "1' "nil'" "Til "0 '111 {• Maturing and'Co. « ... ... , C6.000 . 37,670 4 1 10 3 14 0 Ward .and Oo; ... _ ... . .a. £0.009 £0,655 I 1 10 115 0 5 0 0 i 15 0 8 8 5 sWetn. Opera Honso ... . ... . ...' .18,630 ; 1,705 ; 5 ' nil 12-5 , Wgtn. fVe3h Pood I. - 28,261. '■-.1: nil Whitcombc and Tomba ... ...' ' 46,250- £0,156 .5 nil 19 4 8 0 Bharland.'Ud.. _ '... ... . ... . -;!).311 ,1. Ti 0 10 0 1 0 0 1 0, 0 , 7 10 0