FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 219, 9 June 1908, Page 10

FINANCE AND COMMERCE.

' < - , . »/' c / ' THE SHARE MARKET-. / i-v , : The week has opened rather favourably. Sales; i-ft V - T^eremade Woollens at. J!3 75., ii : 'somewhat; betteir than ■. ther-lait: rei-j' f\ ,-.. v.; ported), sale.. . New t Zealand'-; and'; River. : , Plats. : at' '.1ls." 6d., A " which '-is " thb fx parity of the last sale. A continued feature fv.i.',; of tIM market is'the. "increase in the number, .' ,of : buviag orders, and these rare pretty well; 'v,';-; ;V: spread...'.„.There,,.was< ; no movement .in. Bankjwere /wanted'-'at ;;v£s- - sellers ;&>ldiig 'for 'j£s.yss\~3dt ■' , /Banlc , 'of- New Z': 1 Zealand-shares'were on sale .at <£9, but., there, :/were Nnd ' declared, 'buyers.' '"All.-- ; i'nsurarice' ' shares came .in for some. notice,. tho /quota-V;;-.v:a tioris- being:—National!lns'ftraic.o,'< , biteersJ i 26s.,| 7 .sellers 265.' 6d.; New- ' Zealand .'•lnsurance;' -• buyers <£3 155., sellers ,£3 16s. 6d.;, Standard Insurance, buyers-21s. 9d., sellers 22s.—3dr; "■ 5 . u South British, sellers £2 16s. Financial shares,. •\"f - - apart '.'from - the''sale /of .Eiver' Plate "shares, •'' 7 were quiet. • There were..-sellers of Welling- : ton Deposit at 9s. 3d., National. Mortgage at 61s. 6d." and Loan and. Mercantile-'-at}4s. 6d. Gas shares were unchanged, but there "were ,i . inore buyers than sellers. Feilding Gas_shares, --buyers,\ 19s. . 6d., sellers 20s. 6di j,iNapf6i' Gas' 20s. paid up; buyers i! 3 ■ >2s. fid.; Wellington' Gas, J319 75.; 6d. and ',£lO 2s. 6d. for the - respective issues. . Meat- shares were steady:— Chnstchurch Meat,, buyers .£lO 2s. 6d.,--sellers £10' 55.; rGear- Meat,-buyers* .£2 95.,- sellers ■£&■ • 10s.Canterbury r Frozen Meat, sellers .£8; /-,-r Other y(quotations ..- ; were : T-Manawatu„;-EaiW„ . v ; buyers,;4Bs.',:;sellers -495.v: 6d;'j...TJniori;.' Steainil -'/b'uybrs, 345". 3d., 11 sellers ' 345. >9d."; ■ Wellington 1 :■ .. . Woollen,-i buycra .£3 6s. .-6eLj Westport-.C0a1,, sellers'JE6 18s.' 6d.'; : Donaghy Eope arid Twine, -■ ■■.• • :sellers- .£6,-/.D.1.C. Preference, .buyers-215,6d.,> ■ sellers 225.;: Loyland O'Brien Timber,sellers'...V; 435.; New Zealand Paper Mills, sellers 225. 6d-V Sharland's Preference, buyers ,19s. Cd.,. f. - v • 'sellers' 20s. j Taranaki. Petroleum, buyers, ' ss. :vV. I'-."'' 6d;,-sellers 75.;. • -r ; ;"

THE. MINING.'MARKET, r ■ ■- : This market,was;quiet< yesterday,.-Tangiaro. v" scMp'-'meetiiig'-with most-business' the''"6d. paidup shares v changing hands up to Is. -'.Talis-: '; min's. sold at 485., and maintain the recent advance." ':The Auckland bear movement has • collapsed completely, and now letters are being sent broadcast in . a vain effort , to'prove; > that no attempt ~was-inade to.- bear the mar-; 'r. ket.,' , It will be'- hard matter to' bring conviction to those who were advised 'to sell ; • Talisman scrip at. Ms. and;4ss.; Wellington.! people want' to know why; iti*' the.-face, o,f J !■ a strong market here,; the' Auckland' quota- : tions - were lowered;.almost each day. Ast'rorig ■/buying '■ deiriaridgenerally .forces -up shares, ■ and this did. happen as soon as' the bears wero cleared of their lots. It is to be "/• v hoped). the. bear,;.;operators. - have .been? taught a lesson so' far/ as; Talismans are. concerned. ." .The^iharl£et :: qubtations Yesterday', wer.e' 'as: unt der:— v '- . ■ ■ . ■- ■ A ; r Buyers. X Sales. s. d. .'■<£ -s. d. •,s. d. ■ Tangiaro 6d. paid 0 1 0 .0 1* 2 0 0 9} .* AVaihi .... .. 93 0 9.4 :0 0 0,0 . Tangiaro-'Cd. ■ - paid '0 10 0 1 2 0 0 9i 1 .0 0 10 - ' 1 0 011 .'1....' 0 1- 0

'STATISTICS MADE-IN GERMANY. ' ■ When the German and Prussian'loans aggregating : i£42, 500,000 were on the market at the •nd of March last, statistics prepared by Dr. Zahn, of Munich, were extensively quoted, the object of the ; compilation being to/ shqw -. that Germanyv. occupies' an 'unusually strong ; fiscal position' as compared with England Tana- ;, France. The figures are made up for theVendof 1905, and show a. public debt for'the JEmi ' pire and all'.-the. German' States", aggregating i 792,400,000, of about .£l2 15s. per caput of , tho populatipii'; for Great' Britain, .£757,800,000," ■or i£l3:'3s. per 'caput;!fbrPrance£l,2lß,4oo,ooo,: or..,£3l' ; ls.%er' : -capnt'. 'But these;figures "do 'not) bring . but,'-.'fully the 'favourable position of Germany until- it is - stated/.that; more, than;, 1 ' ;half --of - its'indebtednessr'nam'ely.; about .;£4po;-' ; ■;■' 000,000 iis'-inv'ested in'rairways'-'and v'r. ductive undertakings, whereas, such .investments.' . in -the ; other- two countries are far "smaller.- 1 Ac- : ;, Zahri,'' only v 2s.ol''per'''cerit..' l bf ! the aggregate expenditure- of "Germany "'and the German States in 1906 was devoted to such unproductive purposes as the, army and',navy,, - and the interest on public; indebtedness other' •; than railway debts; while in'Franco'Gl.os per . cent.' of public expenditure went 'to'sdeh pur- : poses, and'in England 64.19 per cent. Stating the saineHhing in another-\w : ay,' in Germany nbout 275. Gd. per caput was devotejl to the unproductive purposes mentioned, while in .'. France the figure' was '4Gs. 3d., and in England 445. 7d. If allowance were made for tho : heavy burden of conscription, the comparison between, Germany and Great Britain would be • upset.... 1 .

THE POSITION 03? CKOSSBRED WOOL. ' Under this caption a writer in the "Economist" (London) says that by the change that has come over the wool trade, crossbred qualities have been affected "more than any other/, and adds, "That values should fall by sonie- • thing «like/-45 to' -50 cent. • in the shorfi space of-, twelve months, is astounding, and. must necessarily damage many and upset tho trade. 'If ,the situation be carefully 'analysed,' , it will be found that crossbred wools begnn to wane' not 'long after all the Khaki "ordors for. the late : Japanese-Russiap war were finished. The two wars, (from 1899 to 190G, were factors in lifting both Colonial;, South American, .and English strong: wools: to a; height : that''has never been known, and "with fashions steadily but surely going on to fine ;• . wools, crossbreds were bound to suffer. .' At • one time'good : strong crossbred fleeces showed ts rise of 200 per cent.; in other words, what ' was selling at 4d. per lb. at the Norombor series, 1901, readily fetched 13d. at the March and May series in 1906. At that time, and oven many mopths afterwards, it was said by the majority that these wools would never again get back to low-water mark;, but; 'in new of present and the very, largo.

supplies iconfronting-ithe'. trade, "we' should not be. surprised to see prices again approximate ■to the lowest point ever touched.", ~ ! ;The ;writes,j.however, 'takes'-a hopeful view, •of; the for he' says :^"lt'' can io longer' ithat'.iorossbred wobl is dear,' or that it'cannot be turned to good account Good, 1 useful wool, at '6d: to, 6Jd. per lb.,' with ~40,'g tpps.vatii9ld.:,'to' lOd.i, supplies : the- manu-. ' lacturer with ;, what has been ; 'beyond . his* ireach;dnring.-the past ■ few years'. • 'This class -ofnow at!a very ,useable priie,' and a fine' opportunity awaits' the trade to the.-large.-,..stocks .available':; to ' profitable; account.. Plenty' seem to think that the' bottomj is not. yet touched, but if we are to, lower -level it will be because users have' no pluck, - as, indeed, often j. happens ;even;:in ,;.thej,last stage pf a descent in prices.: During the past month pessimism has, per-, haps, been-overdone, especially-in crossbreds,' and there is now an opening for these wools.; Directly it is felt that the bottom is touched the-trade ■; will 'to buy in good i earnest, •aind ii£- Germany awakes, , and America, too,, begins to buy, we should see an upwardmovement' commence. But then Germany is ' stiffeiMg"Werely' from heavy losses on her: riierino imports. The stringency there is still' great, and some time will --yet! have to elapse before German importers are out of the wood.. - There" /some signs of recovery : a'crb'ss'the Atlantic, '.where wool stoisk's ,rire very loivi'-' What is'.-,wanted is simply . confidence, : and ? tfesif. i'thewool i'trade-* will, emerge , once •'more ifrom -iits''present state of 'depression «nd chaos." • ,- . /...Testerday.jthe* Customs/ revenue collected at. ;;Weilington.'.ari\o.unted to 4s.

' STOCK EXCHANGE. '' (BY 'TELEGRAPH. —PEESS ASSOCIATION.) ■'.??/''■■"■ .' Dunedin,. June 8. > Stock, .. Exchange.' quotations:—Dredging 'Stooks^Bignells.Notown, 3d.; -Charl-. ton Cree)£,-.sellers, 45./-6 d.; .Chicago, -buyers,55., sellers Bs.; Enterprise, buyers. 3s; 9d., sellers 55.; Kura, sellers. 215.; Island Block,: buyers 9d., sellers 25.; Koputai, sellers .£2* '9d.; Lady Roxburgh (paid), buyers 9s. 6d., sellers' i2s.; Masterton, buyers <£2 12s. Gd.;' • Manuherika,' sellers. £1 25.; Molyneux liohiiiioor, buyers '.Is:: 6d:; 'sellers' 2s. 3d.; New First. Chance, sellers 55.; Now Fourteen' Mile' Beach,: sellers par; New Trafalgar, buyers 145., sel-j lers 175.; Notown Creek, buyers'Bs. Gd., sellers, .12s;.;' Pactolus (ex div), sellers' 18s.; Rise and' Shine,' buyers .61 10s. 3d.; Rising Sun, buyers'.£l Us. Gd.; Sailor's..Bend,,ljuy6rs, las. Mining Stocks: Big River, sellers .£1 35.; Talisman Consolidated (Ltd.), buyers £2 6s. 9d sellers £1 7s. 6d.; Waihi Grand Junction (Ltd.),. sellers, <£1 165.; Waiotahi(Ltd.),buyers 2s. 10d. ' Investment Stocks: U.S.S. Co., buyers ,£1 14s. ' 6d.; D.I.C. ; (ord), buyers 55.; : New Zealand Paper Mills, buyers .£1 Is. Gd.', sellers .£1 2s. 41d-T New Zealand Portland Cement, buyers, ".£1 ' 25.,' sellers »Sl' 2s. 6d. • \ 1 _ \ STOCK, EXCHANGE. \ • (Bl> TELSQBArH—rBESS ASSOCIATION.) :. ! -v ; ; Dunedin, June 8. Stock Exchange sales:—New Zealand, Paper Mills'(2: parcels),-'22s. '•; HIGH COMMISSIONER'S CABLE. . The Department of Industries and Commerce has received the following cable from the High Commissioner^.'dated London, June ,6,- 1908 The muttoii market is weak, and there is .very little business doing. Prices are nominal except for light-weight Canterbury brands, for which there is great competition. Canterbury at,'43a., North-Island at 'SJd." per lb.- • . The" lainb "riiarket is very firm, and . there ;is-a good- demand for all brands.- Canterbury lamb'is quoted'at sid., and other.than Canterbury at 5Jd.: per lb. A small shipment of ■tamM 'has. arrived from-, Punta Arenas. . 'i The-.-b'eef market is' very, dull, the weather •21Sl'6lf! haViffg"'' been unfa'vojirable V for sale. "Hindquarters"*-are quoted 'at' 3Jd.,' and-fore-' ■qti'arterS"Kt t: 2Jtl:-per lb. . •• The'<butter'market is quiet but steady, and ■there is" a very limited supply of colonial butter. Choicest New Zealand is quoted at 109s.;,.Danish, ,111s.; Siberian, 101s. per cwt. i . -The 7 'cheese market is lifeless, and there is no change itf prices to report. , '■"The, hemp.market, is steady, with more demand. The following are the current quotations':—Good 'fdir: grade, on spot, <£26 10s.; fair grade, on spot, £2A 10s.; 'fair current Manila, on spot, ,£24 10s.; June and July shipments, good fair grade, -<£26 10s.;-fair grade, i£24.155.; fair current Manila, .£24 15s. Sfock held in London consists_ of 702 tons. The. cocksfoot market is very firm, and'-there is no pressure to sell. Few inq;uiries are being made ,by speculative buyers. , . Shipments from River Plate during the month of May wero as follow:— * Mutton London, 92,299; Liverpool, 120,847; Ihill," 1822j'CardifT, -10,933; Southampton, 4154; Plymouth, 1170; Ireland, 3734. Lamb.—London, G375; Liverpool, 5G51; Hull .381; Cardiff, ,825 ;' Southampton, 598; Plymouth, 316; Ireland, 100. n■ ; Bulteh~2»2- ; cwt..

WHOLESALE PRICES. • i.."Laery . and'; Co., Ltd., Wellington, report wholesale prices ruling on the market:—Wheat, 'fowls,'ss.''3d."' ! tt>'ss. Gd; oats, 3s. to 3s. 3d. $ ■ seed-oats, 3s. 3d. to 3s. tid.; maize, ss. Od.; 'Srush'ed irialt,"Bs. Gd.; prussian bine peas, Gs. Gd. to 75.; fowl;peas, 4s. 6d. to 4s. 9c1., all at per bushol; flour, New Zealand, .£l2 10s., Australian. .£ll 155.; bran, £1 ss. to £1 10s.; .peaii . parley; >£19-10s.; split peas, ,£lB 10s.; bonedust,'".£6'; Superphosphates, £i 15s. to £5 55.; chaff (oatensheaf), £5 15s. to ,£6 55.; oatmeal, i£l3 10s. to i£l4 10s. ; potatoes, £b 10s. to M; Tasmanian seed (CJp-to-Datos), £G 10s. ; Beauty'of Hcbrbn, £6 10s.; Flukes, M 105..; bacon, factory sides Bjd., hams 9d./ rolls 9Jd.; butter, bulk, lOd. to IOJd.; poultry, hens, 2s. 6d to 35.; ducks, ss. 6d.j turkeys, gobblers 15s. to "225;, liens Bs. to 9s„ all at fer pair;_

cauliflowers, 6s. to -lis.; cabbages', 2s. 6d. to 7s. Gd., till at per sack; fresli eggs, 2s. 3d., presorved. eggs Is. 4d. to Is. - 5d.; cheese, 6d. to GJd.per lb.; loaf, 71d. per lb.; onions, &T 10s. to <£9 per ton; Akavoa cocksfoot, lOd. to lid.; ryegrass, 4s. 9d. to ss. Gd. per bushel. FROZEN MEAT. BT TELEGRAPH —PRESH ASSOCIATION —COPYRIGHI ' London, June 7. Tho following Frozen Meat Trade Association's Smithfielct market quotations for tho undermentioned classes of frozen meats, based on actual sales of not less' than 100 carcases of mutton or lamb, or 25 carcases of beef of fair average quality, aro not for selected lilies, but. for parcels fairly representative of tho bulk of shipments now on tho market:—Now Zealand sheep.—Crossbred wethers and maiden ewes—Canterbury, light, 48 to 561b., 4 3-lGd.; Canterbury medium, 56 to 641b„ 4 1-lGd.; Canterbury heavy, Gi to 721b., 3 7-lGd.; North Island, 56 to 651b., 3gd.; best brands, 3Jd. New Zealand' lambs—Canterbury, : all kinds, sgd.j Southland, 28 to 421b., s|d.; North Island,-28 to ,421b., ojd. Beef—Unchanged. River Plato sheep—Heavy, 3jd.; light, 3Jd.

LONDON PRODUCE- MARKET. BY TELEGRAPH—PRESS ASSOCIATION— COPYRIGHT London, June 7. Copra.—Market firm. Sales, South Sea, .£l6 2s. 6d. Hemp.—Market steady; prices unchanged. Kauri.—ln stock, 565 cases. Rabbits.—Flat, and few retailing. ■ Large Melbournes, 12s. to 12s. Gd. THE METAL MARKETS. ; DV TELEGRAPH —PRESS ASSOCIATION—COPYRIGHT. London, June 7. ■ Antimony, .£3 10s. to £10. , Copper.—On'spot, J!SB 2s.'6d.j three months, £B lis. 3d. \ ■■■■■■■; ' - Tin.—On spot, ,£l2B 17s. 6d.; three months,. £128 15s; Lead, £12. LONDON MINING MARKET. , BY TELEGRAPH—PRESS ASSOCIATION- -CpPYRIGnT London, June 7. Waihi.—Buyers, J-9. 7s. 6d. ; : ,sellers, .J!9 10s. .. Waihi Grand Junction.—Buyers, 335. 9d. ; sellers, 365. 3d.

WELLINGTON SHARE LIST. ' '■ 'EoBorre' °£ L ,A. ,,«[ .. PRICES. Yiold I: '• • • . COMPASVi' ' ■ •'■••• Food and lity pot 3| - : -t— ~ — to Paid Up. Balance. pat gb * Last Investor. , y . . . / ■ Forward, ouaru - p liuyor. Seller. . Sal0i BANKS. ■' ■ . f' £ £ £. £ £ A i. £ e. d. f ». d. i ». d. ,Hew Zealand _ .. ... ..- 2,000,000 81.87S• jl 31 JO 818-0 -9 0 0 0 0 0 »'M -J -National _.. ... , ... ... .v ',375.000 335.318, jj 15 13 - 5 4 0 5 5 3 5. 6 0 6 3 7 ' . INSURANCE." ' ' • ' • r ' V.. ■■•■' ..V National ■' ... 100.000 249,339 » unltd, 15 ' 1 6 0 11 6 . , ' ' New Zealand ... ;.. ... ....' 300,000 396,674. 3 8 10 3 15 0 3 16 6 3 15 i 6 6 0 South British ... .... .... ... 100,000,. ■ 174,91a 1 '«} io 316 0 '* • - standard ... ... . .... ... 75,000 92,386 j 9i io 1 1 ? 1 2 3 '. FINANCIAL. Equitable Building ... ... ... 50,000 . 22,000 g 5" 10 10 9 0 10 0 0 . Metropolitan Builaing 50,742 5,683' io nil 7 , / ' Wellington Invest.' ... 50,000 3,933 i J 6 0U 0 Oil i t( J : Wellington Trust and Loan , ... 101.260 44.334 s 5 8 7 9 6 7 11 6 7 9 6 5 7 0 National Mortgage ... ... ... SCO.OOO 127.746 a 8 10 3 0 0 3 1 0 3 0 0 6 13-4 N.Z. and Eiver Plata. .... ... 300.000 , .252.000, i nil . 7 111 6 :111 9 ■ 111 <> 4 811 Loan and-Msrcantilo... ... ... 135.223 315,133 ,} .84 £,0 16 ,o i S ll 6- 8 <■-' ; ■ - n 0; .-f ■ • Auckland ... . ... ... 160.3TO 85.463 " 5 " nil. 16.' . : Ohrifltciiurch ... ... : ... ... 160,000 70,918 5 nil 10 •• 10 0 0 10 0 0 5 0 0 :. Feilding ... „. v... . ... . 12,000 .,103 1 nil 019 6 1 0 6 010 6 -.. Gisborne' ' ... •'... 17,300 10,565 -'j : niT ! 13j ■ 2. 9 6:;210 0 210 0 6 10 0 Hawera ... ... . '8.250 ' •'694 , | i ■ New Plymouth ... ... 18.000 3.159 5 nil 10 Napier . ... ... V- , 10 nil 15 « ... ... ■'... -' v. k 49,957 1 23,184. '6 ' 5' 15 .. .. 1 ... . ... - -I. 1 9 15 3 2 6 s Palmerston North , .» ... 27,000 ■ 11,093 - 4J ; i 10 ' .Wellington ... ... ' ,04 57n ' ■'7170s 10 nil 10 10 7 6 19 10 OHIO 540 : „ „. ... ... h. ... ' .... / ' "•'» 5 5 10 10 3 6 HEAT, ~ ; - / • . .i. v 183,737. ■ 32,686 7i 8 8 0 0 - Chrstcuurch 165920 77612 10 nil 8 10 2 6 10 5 0 10 T 0 7 14 7, Gear--'.. : ... ... • ... ... I 92 000" £6 261 * 13} 2 9 0 210 0 210 0 5 0 0 „ f 82,000. ivw . i . 6 .. ijjj-gis 0 10.0 0 . v Wellington Meat Export ... ... ) .... 5 ",>il-. . 8.'V " 612 6 _ t 105.766 ' 63.767 4 1 8 5 2 0 6 . 2 0 6 5$ ' . : J, 2S 2J 8 , 3 5 0 :3 5 0 6 9 3 ■ V/angamQ ; >~ 45,850 10,315 5 nil 8 j '/ . . --. TRANSPORT,. .. .., .. . ... . ; V: . »■ , -and K-.Eailway...^' ;,170,000 - 121,453,,.. t ,4...7, .-3 8 0 8.9 6 2 7 6 '*3 0 0 ' . ''473,840 '110,760 • 8 . nil" 5-' 6 18 6, . 6.18 V 10 3 10 "S ' Oiii'on < Steainv ' ".■X" .v;' •- £00.000- '. 361,917,-; ,-jfc-SMI-:! •£!} ,a 11-.8' 114' 9 -' - . ! ' ' - v ' v Wgta. ; Stfcam Forry., '»•> !■.. »t . • f ' ,\--j 0V ' BT., tI , nPt . 2B0.003. 117,215 . 3} -1-1 12j (5 18 0 6 18 6 '618 6' 6 6:4 •• »JM0 . 1 . nU 7J - 10.0 019 6 7 14 0 v - v -v' -• ■•■> ■' * v • '/ ; "'r - ' WOOLLEil. 100,000 ■ 32,854.. 5 nil 61 " ? Uosefel •" ... ' a«T -17.212 3j li 4 3 6 0 3 3 6' 3 1 0 412 0 .,.{p8-, ,4 a a. S.5 ft r 9.•«-•«. 3 9 0 3 7 0 7 3 ?■ MISCELLANEOUS. ' ' Donaehy Kope „ ... 53,500 1,981 5 nil 6 '6 0 0 6 0 .0 ''J Leyllid and O Brian 3=000 37 *1 1 nil 15 f 2 3 0 . llauncBvillo Lime ... «. ». *599 - N Z Candle ■ V». -10,C00 . . 676 10 .ml ' 8 - NZ Drues ... .i- 200.000j. 36,730 2 - nU '7 - 2 10 0 .211 0 211 0 6 3 0 ■ NZ'-Paper Milla -- - " - v 84,775 1,683 1 nU J 1.3 0 1-26 S± a 40CW : : ,2.048 ,1 nil. - 1110 111 f . \ I - Manning and Oo- -. ... - ■ .... £6,000 . 37,670 -i ■-• 1 . 10 314 0 / Wardsmd Co. -'U - £0.000, SO,655 4 1 10 415 0 5 0 0 4 15 0 8 8 6 V. .--Wtrtn. Opera Honso;... .» V.18,630, ■ ,1.705i /i5 J \ nilV' 12i i I'. ;. • - .Wgtn.lfresh Food - ...,-. .» .. ... 28,261 — :1 nil — , ' Wliitcombe and Tombs **... - 46,550. . 30,166 5 nil 19 4 8 0 - taarland,- Ltd.- i..- . .48.676 .9,3U. .1 . nil.. ..7i .0 19 6 1 0 0 1 0 0 .710 0'