HE SHARE MARKET.

Dominion, Volume 1, Issue 218, 8 June 1908, Page 10

HE SHARE MARKET.

V.'Although no business was reported on the Stock Exchange on Saturday, the quotations ■ give indications of an improved tone. There are more . inquiries, for shyics, "and brokers have 1 quite a number of buying orders to dealwith. Bank; shares'; were quiet. Bank -'of -Hew Zealand 'shares ;were offered for sale at \£9; but there were no buyers. For National Bank shares £5 4s. 3d. was bid, and ' is ss. 3d. : wanted.' Financial: shares' 1 exhibited •*an im--proved tone.' 'Wellington Trust and Loan, buy-' Bis £7 9s. Gd, sellers £7 lis. 6cL;N.Z. and River Plate, buyers.3ls. .6d., sellers 315;9d.; .- National Mortgage,' sellers 61s. In gas shares a steady demand has set in for Wellington gas, .: buyers offering' £19 7s. 6d. and £10 2s 6d,.'for the respective issues; FeUding - gas, buyers' 19 s ' Gd., sellers, ,20s. 6d. Insurance shares were dull: N.Z. Insurance,"sellers .£3 165.: 6d; South- ■ British, sellers £2 17s. Meat shares were steady ' ' at late rates. Christchurch Meat, buyers JCIO 2s. Gd, sellers «filO ,Ss.Gear 'Metft, buyers 495., sellers 50; Manawatu,'Eails, 1 buyers 475. 9d., spllerei49s.;.Wellington Woollen;-.buyers. £3 65.■fcd.J Westport .Coal, buyers :£B 18s., sellers *26 .18s, fld.^raupirj^Qoal,-sellers 205.; Leylaud--0 Brien <Timber, '435.;- N.Z. - Drugs,'' buyers 505./ sellers 515.; -. N.Z.. Papeir Mills,' - buyers 225, sellers 225. 6d.; Sharland's. ordin- ' ary, sellers - 195.; Taranaki Petroleum,- 'buyers' ss. 9d., sellers 7s. - ' ! '

V :V; ■ THE MIXING MARKET. ' : . Business in' Talismans 'is '■ easing, but ' the . ; shares keep firm, with an upward tendency Saes were: 'made.- on' Saturday at "4Ss;;: cum , dir. Waihis 'were-firm,' with bnyera at' £9 2s. 'iiie quotations were as , ! Buyers.' Sellers. Sales. £s. d._ £e. d. £s. d. Tahsraatt(cum.£iv.} 2 7 9 2 8 6- 2 8 0 Waihi ... . „9 2 0 9' 46' — .Waihi Grand , Junction .u _• —. - I'l6 0 ' — Tairua Broken ;•■■■'■ -j Hills , .... _ o3 0 ,0 34. — . Tangiaro ... uO9 /0 0 10< -0 - : b',-9 | Waihi Consolidated 02 3 02 5 — ; Big River (cum-div.)-: — 15 0 15 0 ' A -;, L ;V."." ■ ' .'l. 4 6'j :. THE MONEY MARKET.:'.''v ,' j Money in London' is .almost "dirt cheap." I The open market discount rate for- best trade > paper- is down to ,£1 Vs. 6d. per cent, and although the Bank-. rate is at '2{ per cent., it I cannot bo long .before .it. is. reduced' to the' 2' per cent level, which, according to the tradiV .tions that ihavo;grown up r with" the Bahk'of ' England, is the irreducible' minimum. A year ~ ago the .Bank-rate .was- 4 -per .cont;;- and,: the " open market rate '£& 17s: 6d. per' cent: .The chango that has come over the .situation is' most marked, <and indicates tho measure' of the; , prevailing commercial depression > The cheapness'of money-in London has had an excellent affect on Imperial Consols,'which have hardened i very'considerably. Tho 2J per, ;eents. : _,are 1 \ quoted now at.,£Bß, while-a year ago the-price j was .£B3 15s. ,* so that-the improvement is' equal to £1 55., Those colonial institutions which wore courageous enough to invest in Consols at the lower quotation will now be ..very pleased. The' riss in the gilt-edged security . will be helpful to many, of tho Australasian banks, as the'so instituions : will, now : be able .. to write back what was written off last year. Colonial Government securities do not show the same relative-improyement as Consols, but their turn will come prjsently.' Taking the'"4 per cent, the prices, twelve month's: apart compare as' Tinder:— . . ~ ,

•' .1907,.. '■.- 1903 "< ■ / , \. . ,£ ; N.S. Wales .. M ~j ,100 107J" i Victorian . 101 . 101 . Queensland';' 1031. •— - 10-1 r New Zealand _ „ 106J _ ' 106| ; The New Zealand quotation is actually lower than it waa\a-'year'ago.vlt'wotdd:-be:.unwise to attach much importance to this, although it nvould be interesting to know why our 4 per ; cents, are lower and the others higher. However, New Zealand 3$ per cents, are 15a. higher, and the 3 per cents. 50s. higher than a year ago." : WORKMEN'S COMPENSATION INSUR- . ■: , ANCE. A significant reference «to, possible developments in the methods of /transacting ' insurance business arising out ,of . the Workmen's Compensation Act (British),; - the chairman of the General! Accident, Eire, and Life Assurance Corporation, Limited, at . the annual meeting of that company. It was suggested that employers jof labour would be asked to pay considerably higher rates unless they were willing'to discontinue the employment of hands over a certain age, and also -.. such as are not certified as being thoroughly sound and healthy. It was further suggested that before long a medical examination of all employees would be required , by, the . insurance • companies. Commenting -on' 1 'this/ the Guardian" ventures the opinion l . that such regulations would be, extremely dis- - tasteful to employers, and that any company seeking to enforce them would very soon find . its business falling off. Most employers have friendly human rola'tions with , their .work ' people, and would resent vei:y much any-ar-rangement that made middle age or slightphysical infirmity a bar-to-the employment- of otherwise capable men. There is no complete analogy between workmen's compensation in- / suranco _ and life insurance, for fhere is no danger in the former case, as in the latter,, of the candidates for insurance "selecting" themselves against the company; The'company . is quite sufficiently protected by insisting upon insurance 'of the , whole of the' work-people omployed by any one firm or factory, for the employer's' interest in having competent- and efficient employees guarantees a selection of risks in the insurance company's fa-rour. No employer would maintain a staff of tlje halt, the deaf, and tho blind merely in order to "do" the insurance company. ) THE WOOL MARKET. The Bradford top market has again weakened, V)'s now standing at o}d., as compared witn

10id. last week and 171 d. last year. The other counts, are also lower, as the following tablo will show:— . ■ ' - - \ , Last • Last '' . Now. 'Week..- Year: in . x .- d. ! d. . d. 40 s tops ... ; ... * 9|' • • 17£ 46's tops' ... 11 Hi . ■ " 18 1. 1)0 s- common ... 21} 22 26} 60's super " ... 22j ' '23 2/j The special correspondent of the "Age," Melbourne,: writing under date, London, April 24, gives the'following as 'the conditions ruling at that date:—"When one takes a 40's top at Bd., or even BJd., and > considers' what tho wool must have cost to make it, .in comparison with the pricepaid hera and in.'New Zealand in January and February, spinners' losses can be gauged. Even the strongest houses are feeling the strain .acutely, and, there -are no signs of relief; in fact; many prophesy' a "still further decline in the next serios down to the lowest rates of 1901-1902, viz., 6|d. to 7Jd. Should, however, prices reach -near such a level, I fancy many speculators -would be, - found, and' then a.roifl'ction -.would übe-1 sure-:.to follow. • The finer grades ot topS afe being .nulled down with the, > coarse, ana< dealings/' to-aay - are consequently on a yery. small scale. Only those who are coin'pelled- to realise aro entering the market, it'be--lng'.utterly impossible •'to > sell' any"weight of a fairly good standard 60's" over 20id.* On 'interviewing some' of those who are trying to-effect sales,.-and anquiring the.c'auso for forcing business, I am told 'we must, clear'; and one of the most, persistent sellers .is expecting'a further decline before May is out of another Id. per: all .tops.;,- His argument-is that everyone knows what, enormous quantities are available; that there is not the slightest occasion to buy a- pennyworth, inoro than one wants; and -for ~ months to come : prices will decline. Even some of the orders : for next winter's cloths are not yet placed,-instead of being nearly made up. This forcing down of prices is not confined to this market, for I have before. me copies of two contracts made in Boston, -within a fortnight, of over two milpounds- of clean v scoured domestic, showing' a" clear'loss bf 'over;9d., per- pound. Such sales as theso show clearly the desperate conditions ; of finance throughout the trade, and make ns all see nothing but a lower level nere_-next-month.-AIL brokers are valuing on that'basis, as the quantity available cannot be less than 250,000 bales, which, in the face of the present outlook will be twice as much as can be lifted - unless the speculator comes on the scene. Tho level of values is'.certainly al :temptingi.one, and one may find' m himthe 'much-needed:, helper. -In discussmg the question with a large Bradford spinner of -the cause of his not-buying tops or offering yarn, he quietly, summed up tho situation as follows:; —When tho present yarnorders . are finished,.'we find out what manufacturers want, and until then I prefer to stand out of the -market, although at a ,great loss.' ' If' hiaiiy"'others are doing , the same it will partly- account. for the situation for with a decreased consumption of yarn the -finished goods must naturally be, less wanted also. Another sidelight on the situation which ii m P' eaS!m '- for English spinners is .that Germany to-day is quoting cheaper rates ..than ..Yorkshire ..for ..some of tho grades in which they have not beon able to compete with English houses.: --1 know of sampling orders'in several cases being in'hand, which will want carefully watching, but this will show how all branches aro working against one ~ English .wool of all grades ■is Tiowrveryi'little inquired after, there being such a dearth of. orders that all can bo supplied from colonial grown at oheapor prices than.:!.English'growers J, will consider."

CUSTOMS REVENUE. ', • The Customs.revenue collected at.Wellington last t week amounted • to ; .£7706 15s. 10d., and the' beer duty' to' .£193 7s. I The figures for the corresponding"week last year were .£15070 3s. lid. and ■ >6146 respectively. The revenue collected on . Saturday was M 22 9s. 3d. ' ;;y \ mining' news. ' (BT TELI'GP.APir. —SPECIAL CORRESPONDENT.)' Grcymouth, June 6. . At a meeting of the .Ross Goldfields, Ltd., the engineer in charge reported that Chesterman and • party's contract had been finished. Stewart and party were making good headway * with.-their--! tunnel, and M'Beth and party would! finish theirVfluming- this month,, when'l ■the Kanierf Lake race .would be handed over.* The company's; engineer .^reported'that a large'"! -number of - pipes" - were ready for laying at. the Kanieri works, and he intended to immediately put. in hand the erection of the Ponstock and other works adjacent to tho Forks'. It;.was decided to at once call for tenders for the clearing of the. site for themain shaft at Ross. Sir. Grimmond reported that fifty-five chains of the adit had been cleared out an dre-timborcd where necessary. Some forty-five chains or more still remained to .be done to .complete the tunnel to the. site of the main shaft. It was resolved to continue to carry out the work by-day labour. Mr. Sniyth reported that ho had received word from Messrs. Maben and Welch, tho contractors for the erection of tho machinery, cable etc., stating that they expected to reach Hokitika in the course of a few days. NEW BIG RIVER. (BT TELE^KAVir.— SrECIAL CORRESPONDENT.) Reefton, June 6 The mine manager of tho New Big River mine"reports for the past week as follow:— : Work in tho mine was discontinued on Wednesday last to allow tho necessary alterations required to- the winding plant to bo undertaken. In, the . meantime the battery will crush full timo, until the stone stacked in the battery and in the mine paddocks has been crushed. - ' j ■ ' ■■ » THE TALISMAN MINE. (by telegraph.-special correspondent.) Auckland, June 6. The Waihi correspondent of'.the "Star" reports as follows in regard to the Talisman mine:—"The fact that the main reef has

pinched in at No. 12 riso from No. 13 level, and that the high -values in tho south faco at No 13 level have been cut out by tho extension of a cross lode appear to have affected tho price of shares in the Talisman Consolidated Company, but n cioso examination of tho position indicates that mino developments do not warrant tho downward tendency in prices recently experienced. Tho pinching of the reef in the rise is no new phase, as it is charactristic of tho ore-body which" has pinched and swelled from time to time from tho surface right down to the lowest 1 workings, and in no fewer than four rises put up in tho deeper areas of the mine this same feature of the pinching of the roef and cutting out' of values has been in evidence. As a natural sequonco it may be expected that tho reef will again increase in width and improve in value as tho No 12 riso is carried up, particularly in view of the fact that it is showing strong underfoot at No. 12 level. With regard to the cutting -out of the rich sulphides in the south face at No. .13 level by the new make of ore, it seems only reasonable to as-' sume that whero the "stranger" has been passed through the high grade oro will again bo disclosed as in the level above (No. 12). Tho rich sulphides live going south for close on 200' feet byond the present south face at No. 13 level. It has also been- pointed out that the south face at No. 13 level is not looking very well, but this was only to bo expected as the boundary of tho values in tho Bonanza section have been left behind, and it is not anticipated that values ,will be met with here again for quito 300 feet in driving which will bring operations about under tho point where tho paj; dirt existed in the higher aroas of the mine. Altogether it may, therefore, bo said that no grounds exist for uneasiness on the part of shareholders in the Talisman Consolidated, particularly in view of the fact that the main ore body is wider and rioher under foot at No. 13 level than in any other level in the mine, from which it may roasonaMy be assumed that the reef will live going down." ' DREDGING RETURNS. ' Ibt TELEGUArß.—ritssa association.) Dunedin, June 6. ■ The following are the dredging returns for the -weekWaikaia United—No. 1 28oz. 13dwt., No. 2 30oz. 9dwt.; Golden Bed, 230z. lOdwt. ; Rising Sun, 51oz- lOdwt.; New Roxburgh Jubilee, 3-3oz. 19dwt. i Charlton Creek, 170z.; Manuherikia, 220z.; Rise and Shine—No. 1 70oz. 3dwt'., No. 2 360z.' 4dwt.

Dunedin, June 7. Further dredging returns:—Chicago, 360z. Bdwt.; Alexandra • Eureka, 21oz. lidivt.; Sandy Point, 15oz. lGdwt.; Molyneux Hydraulic, looz. 13dwt.; Olrig, 12oz. lOdwt, . FEILDING MARKET REPORT. A. H. Atkinson and Co., Ltd., report:—On Friday we had a fair entry of pigs, poultry, and produce. The pigs offered, with, the exception of one pen, .were of good quality. The. poultry was in fair condition, and made satisfactory prices. Quotations:—Horses: aged mare, <£2| 10s. Pigs: Weaners, small . and stunted, 25.; good, 6s. 6d., Bs.; slips, 10s. Cel.; small stores, 12s. 3d., 13s. 5d., 155.; forward ditto, 165., 16s. 3d., 17s. 6d., 255.; boar, 15s. Poultry: Small roosters, 9d.; good, Is. 5d., Is. 6d., 2s. 4d.; liens, Is., Is. 3d., Is. 5d., Is. Bd.; ducks. Is. Bd.; turkey hens, 3s. 6d., all at oach. Produce: Potatoes, 95., 10s., 12s. per sack; onions,,small bags, ljd. per lb.; pumpkins, 7s. 6d. la sack; 401b. carrots, 2s. Homecured bacon 7d. per lb. . SALE OF TAIHAPE SUBURBAN ' SECTIONS. At a sale of Taihape suburban sections, held by Mr. A. T. Yickers on Thursday last, x thero was a large attendance of buyers, and spirited bidding. , Quarter-acre sections realised from £20 to £78. v ; ' . GERMAN BANK RATE. ST TELEGRAPH —PRESB ASSOCIATION —COPTEIdHT London, Juno 5. The discount rate of the Reichsbank in Berlin is per cent. , ,*