FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 222, 12 June 1908, Page 10

FINANCE AND COMMERCE.

WELLINGTON SHARE LIST.

| THE SILVEE MARKET. .- Investmerit' shares",\verei again'."quiet;yester-:, day, tho buying. ; and . selling orders being withii smallteVcompass.v-'-Bank '-shares were P'.,;;. I extremely dull, ,j with:; sellerso£ New Zealands, &I'."'.'-at-;S9;..2a;'.:'jtnct? Nationals ''at-'"iEs.:.ss'.-,-3d.';ssA- • ' little inquiry for shares was noted/' There were buyers of Wellington Trust arid Loan at -iE7--9s. 6d., and of;,\yelliugton . Deposits Bs. 9d;;';sellers of the latter wanted 9s. National'. Mortgage shares were on sale f at JG3. . Gas shares were quiet:—Eeilding-Gas, buyers 19s. 6d., .sellers 20s.' 6d.' In' meat shares there was a sale df Gears at 495. ; ChristchurcK Meatj 'buyers 2s. 6d., sellers 55.; Can- ;. - terbury Frozen Meat,' sellers .£B. I'or Wel- ' lington Woollen shares buyers' advance'd,itheir< bids to £3 7s. Other, quotations' Vrere':—- ' Taupiri Coal, sellers'ilr Westport Coal, seli - ten . JG6 18s.; Westport-Stockton, sellers 9d. ■ . premium; Mountain Eimu Timber, buyers 225. 6ij New. Zealand Paper Mills, buyers 21s. sellers 225. : 8d..;. buyers ss. 9d., -sellers 6s. '6d. THE MINING MAEKET.>-7i. • Now Zealand .Croivns and Tangiards"'!'sold" , , freely yesterday, but Talismans and , Waihis .v, were.; quiet.-.-It--is, we; ? • - • have not seen a sale of. Talismans.. The quota-' -:tions yesterday -were"as undc-r:— ' ' ; ' Buyers. Sollers. Sales... ' . -: £s. d. £s. d. .X,s..d. .; ..Waihi Grand-: June.- ■■,—. . iIB G Talisman . u; .2-7 ■ 0 .-2-. 7'-0 Waihi ... 9'3 6 9 5 0 — AVaihi Consolidated 0 2 0 0 2 2 — : ; Big Eiver — — 14 6 -r- ■ May Queen'»< ... 0 7 6 0 8 G 0 6 7 v:' - ■ -0 '6 8 TangiaTo .... 0* 1 8. --0 1-10 0 l\J 1 74 y ■■ ■ ■ o l 8 BRITISH TEADE.- - > )?'•'« ■' As the year advances tho recession; in trado «• becomes - pronounced. As"orders- are 'worked ■ of? and frcshvorders , ' faiV to ,como 'in, the.'posL-., ;.V tion becomes'-'serious'.. 1 So ' far '.each,. uonth. , : hibits » Tho decreases are; shown in the; table-;ap-, pended:— , 't -■ 1 ■ ; 1 . '''' " ' 'Imports.' Exports. . • i. ~-; • : Decreased. Decreased. January 5 ' "L' ... 4,1GG,488 . ,6612,840/..February 499,782 . 123,631 March ... 5,625,662 1,829,610 ' April . ... 9,682,792 ~2,711,528 ' May w. 8,344,418 - '5,855,671' ' ' ■ , ' -British trado has - declined' by''i639,502,422 •■in ,! . fivo months, and the figures do riot include " ' the re-exports,,which would increase, the..dei. ! ficit by about another five millions. Of course, lower prices would account for no inconsidernble portion of the decline, especially as re- " , gards imports, and, unfortunately, it is this • ' fall in values that is hurting New Zealand and • Australia. , r TRADE-DULLNESS IN VICTORIA. ' - It is useless .to deny that trade is dull in 1 '';" New Zealand, and , that' there i 6 a certain amount I*: of quietness in^all business circles., .But New; Zealand'is riot''singular in' this reßpect, for: tho same thing applies to all-tHe' ;: States t, '6f ' the. Commonwealth. With regard, to. thereon-. ...ditions prevailing'in tl!e Melbourne v'.-: "Age".of June.s. says:—"The dullnpss'of'tra'de/ is now sufiiciently pronounced to attract con-- • siderable attention, in commercial circles; Various theories are advanced to account for'. ; v tho steadily diminishing volume of business, ; ..which, of courso,--is- attended .'-by a -corresporid-' : ing reduction in the profits. The causes con- : '- tributing to this depressing situation may be "-' found partly'on./the-spot and ...partly '■ :M condition. of the' world 'at large. Amongst - the former, figures most prominently the un'■i : ; satisfactory character of the season up. to date, coming on top of the poor harvest-; or- ; last year. Consumers .are restricting their ex- . penditure; the country storekeeper has to give longer credit, and -a' • smaller stock, and the importei".rgdu6es\ , ''hi3' ~, commitments accordingly. The, influence 'ex- ' -jercised by the world's markets on local trade'is twofold, buyers and sellers being both af- ' fectcd. In tho present dislocation of manu- • factoring industries' abroad there is "no gfii-" bility in prices, each week showing a lower level of value than its predecessor. Such uncertainty.. compels the prudent, .trader, io^ if, abandon purchaSeß''in"-anticipation of orders' :• as far as practicable, and even with the exercise of the greatest care, goods unsold on arrival have generally to be sacrificed. Amid such policy'is to contract' ... .business to,the smallest dimensions, - ; and' this' course is being followed By traders, nil along.! the line. ' Theffirst'indication of a shrinkage" h .: . in ■ importations - was ; given; in '■ the • Cnstoins figures for. last April, but - the, ; full, effect: of. f, , tho. reduced "'indent oiilers , has still to bo shown. ' •. . •• ■ ' ; . -/'The wisdom of curtailing operations in i ■■ ■ ■ anticipation ■of less prosperous times . will i hardly be questioned, and the fact-that'such i " n policy is being almost .universally pursued i by the coirimunity is . the' most satisfactory .*.' . feature of .the, position; It indicates that the' i.-V" lessons of the past have .not been .forgotten, i:'; and that the people] of this, State intend to cut their coat according ,to their-cloth.AWhsit-!ever yields 'of grain and,!wool nature may see v. fit to send'i'us,' the intrinsic value 'of,, these - products.in the aggregate will fall- far- slior't of r.;' ■ last. season's figures. . Butter'- will' probably- ; realise remunerative :rates,' but in thatycase, i too/ there, is always the jchance of. a .reduc- !.■ tion in tho output. The prospects of indusf trial metals"are, still obscure, ' nnd' in'leg'ard f . : to such it'..would' be rash to rely upon mirch L ; ; - appreciation of present values. ' Our main f - , sources of wealth, therefore, are, figuratively f; .' speaking, in the' melting pot,' and what will i be the actual return, in. cash, to .the pountry Kj. -, ( .i R Bi.t;..oiv o. matter of ■coniectru'e;- ■'< •"

„THE WESTRALIAN LOAN. ■ Tenders-.for.'the AVest Australian 3£ per cent. loan for ,£1,000,000 at 97 were to close' yester-.: ■day,- andravcable,.message:!i)ublished this morn.ingfirtatesi'that theXissuoVis quoted at par to Ss: prommm.'.'.vThore hvOuld ,be dealings'in the scrip before the tenders closed, and this would be the special province of the underwriters. .PMJho_buyers_d6 not seem keen,- and the low premium indicates that the issue will be a failure, and that the underwriters will again yithithevgreater portion : of the loan, as they were; iri'{he case of .the New South Walos emission. " Although money is cheap in London, there does' nob. appear to be any disposition' on .th'e^par't"of'investors fo subscribe for 3| and 4 arq plerity of other giltedged.' securities' that yield a better, return. - WOOL. . ,-. The complaint made by the Napier Chamber of-, Commerce "JShat./.the.. I Customs returns of -ex--ports for March quarter;,were'misleading in ,respect of tSe'value of'wool, in that the wool "ffas valued at lOd. per lb., whereas the actual ■average price, realised on sale,was about GJd.," isweil tKe'fault lies mainly with 1 the shipping';housesr, ; and ~not with the Depart..ment.V ;Tke entries are generally made ,bjr and for some time new wool has been assessed •atitw-high.'figure;-when the-slump-'came, the clerks -continued ■to insert the old figures in quite a mechanical way, and in the of specific instructions they were probably -justifiedjtt not. making any alteration. At, ,the same time," 1 tHe*»w6olEvaluation:is exceed-' irigly high, and wrong impression of the aggregate value of our exports. •An adjustment or the past • quarter's figures nhould be made, - and some steps should bo taken to avoid a repetition of the,mistake in the current quarter'slr,etsrns. y.The Customs revenue collected at Wellington amounted to r i3l2Bos. 5d.. • uMinSTOCK; EXCHANGE. ■ .'■■ ~.,. V ABSOOIATIOK.) ' i 1 ...U'. ' ...". i.ii,. Dunedin, Juno 11. Stock "Exchange > sales New. Zealand Portland Cement: CQ.,-, ! 235. : ,4}d., 235. 6d.' . " . SALES. 1 ■ •..Messrs. Dalgetyvand,iCo.rfiLtd.,, report that at their > Ealmerston-j.sale-.'. yesterday they had a very good yarding of sheep, and a small entry of-cattle.„Tw-9rtooth wethers, made 125.,. 12s. .Id.fo.r.w#r<J l ,kwes;;Bs.',''BS.6d.,-9s; Id., 9s. 3d.; fat 'and forward' wethers, 14s. 3d.; forward • lambs* 957;!.-'twb-yeai l - ste'ers, £2 lis., £2 165.; .w.eanei.heifera,,small,.Bs.,2J-year heifers, £2 lis;; store-cows/ heifers,- £2 55.. Gd. , .. - GEiIN; - (PY TELEBBAPH —PEE3S ASSOCIATION.) .-' ■' "■ Dunedin, June 11. The wheat market is quiet, farmers' ideas of values being higher than millers offer. Prime milling, 4s. 7d. to 4s. Bd.;'fowl wheat, 4s. 6d.; broken, 4s. to 4s. 2d. ■Oats— Shippers- are, not operating, and buyers are well "supplied in the meantime, but prices keep,firm. Prime seed lines, to 2s. 9d.; prime ,millingi"2s. sdjr.tq.t2s. sjd.; best ieed,, ',2s.''4sd."fo 2s.''.^d.; 'medium, 2s. 3d. to 2s. 4d." per'bushSli •'•"r '•*> - j:' ~J\ILL-I4|j;S J ;A:NJ) : . i KET^LE,.LTD., n.»nU[BTS!rEU!(}BAJPH.-TrPEESS ASSOCIATION.] v . sir y Napier, June.ll. : The annual meeting of Williams and Kettlej ''Ltd.', 1 was-'held.' to-day-i.-The annual report, wjiich contained, the,f.qlloAring, was adopted:— "Tile riat*T>rbfits e forthe"year, after providing for all necessary depreciations' and bad debts, amoun.t to J815..537 12s. Bd., to which has to bo addecl the undivided'balance from>last year, .£1754 125., making the total available for allocation •••£17;292 Is. Bd. The directors recommend that this shall be appropriated as follows:— -Ih' -paym'e'nt' of dividend at rate of 7 per cent, per annum and 1 per cent, bonus on capital ; a bonus of 1J per cent, on all goods pur-3iJj4->ed by|sharehpt4ersi[ 10!, per ..cent, on com'missions contributed by shareholders; <£2000 to be. placed, tq.r.e.s.erve; and the balance carried •forward.'' year the business of tho company in all,its branches has considerably increased,.and.in.consequence your Board deem it advisable to raise the company's nominal capital to .£2so,QQo_iby.%iss:«p, of .20,000.additional, shares at £5 ej'clt;^3?l)6^ ; 'share'-to, be; called; up, .payable "or. at'intervals' as pro;vided by! the '.^r®ies; ( \6f,< Association; at. the', shareholders' Ojtipin^'^The.-retiring - directors,'' Messrs. B. Chambers,''!L'."-H.,;M'Hardy, and -N. -Kettle,.were :The annual bonus of; JE6SO '-was voted.ifort- distribution ''amongst the staff. j .......... | SHEEPSKINS. '" Regarding the sheepskin sales fixed for June ; 25; tho.- Now Zealand Loan and Mercantile Agency, Company have received tho following cable messago, .dated vJune 10:—"Combing likely to 'advance Jd'. to' Jd.; clothing and short Blii'ns, no' change in market." ■ - ; FROZEN MEAT. ' '. ' (BY IELEORAPn. —PRESS ASSOCIATION.) .. .. - ' Napier, June 11. ...The.Colonial' Consignment and Distributing Company; London, to-day cabled that frozen meat 'prices aro unchanged. ; ■ ' THE METAL MARKETS. BT.IELEOKAPE—PHEBS ASSOCIATION—COPYRIGHT. : ■' London, Juno 10. -..Copper,' on the spot, ,£SB 3s. 9d. per ton; three months, *l^s- 9J. -' ' Tin.—Spot, i! 128 7s. 6d. per ton; threo months, ss. >.■ ■■■ "••••Tiad, lQs. j)er to%

• ""['•• • * Vr«ei»rve ■■&$ Vrfiw-fcs —- • rRIGES. Yield COMTANT. Capital v Fnnd>nd lifa , ~ r ,g s " " t0 i:,.: > J : >.Paid/Up.. .Balance . • , r,„ s t Investor. i>. ' ' " Forward* k £ i ,v -g -Buyer;-- Boiler. gale.. ; . -BANKS. "''■■> 4': ' : £..:i:.yr£;- \ £ <! £ £ J «. d v £, t.'d. £ «. 3. £ I. a. r ' .Kew Zealand ... ... •_. ... •g^XUm' -.81,676 • s» "'3i 10 8 38 0 '9 2 0 8 0 0 3 14 1 .National ... ... ... ... 375.000 ,335.316' jJ :• 12 5 4.3 5 5 3 5 6 0 6 3 7 ■:■.■■■■ INSURANCE. •' -V;National, : .1. ' 100.000 549,339' vt'"uhltd/iIS- -*1 6 0 16 6 . ; ... . ... 500,000 396,674 a 8 10 3 15 0 3 16 6 3 15 6 6 6 0 . Boath Bntisn 100.000 474,913 i 44 10 9 16 0 .; Standard ... -. ... - . ..J5,(X)0. . .'...S2,3Sa.-..} ..9j. .10 .1 1 9 .1.3 0 FINANCIAL. .'.Equitable Building .... i; , ... .60.000 23,000 s C 10 10 2 0 10 0 0 .: : Metropolitan Building u_- 1 60,743 : 5,688 : io nil 7 ■r..; Wellington Invest. - .... w.OOO 3,833' "» --J a " 'us 'O/i'2 0 0 11 6 6 4 4 ; . Wellington Trust and loan ; ... 101.250 44,334 V v 5 ; 8 ' 1 0*6° 7 11 0 7 0 6 6 T 0 • National Mortgaeo 800.000 127,746 o 8 10 300 300 30,0 613 4 : v . N.Z. and BiTor Plate ... ... 30O.OOO 253,000 1 nil 7 111 6 111 9 111 '6 4 8 11 Loan and Mercantile ... ... 135.1222 315,133 | 84 6 O4G016 .11 6 8V Auckland u.- • w •_< 1... -1-MOflWJ "itsja' 5 nil : 16 Chnatohurclj IT. ; ... 160.000,. , 70,918 5 . nl|J io ,4 10,0.0' 10 0 0' 6 0 0 ■ : Feildmg ... '12.000 ' . 108 1 nil ...• 019"6 'l'-'O 6 019 6 Gisborne w - 17800 , M0^65,i. 1 ' nil , is? S,,0.i-6 f j2 10 0', 2 10 0 fi 10 0 5 aw0 £? ' " 8250 694 1 J 10 '• ... ! V jNew,Plymouth ... „ ■■ . ie.000 •< " -3;i59 <'"5S >nif10 -" Napier _. ... v.. ... ) 10 nU 15 ' i-V '. - - »• >- - j- 49,957 ' 23,184 J 5 15 J.: •.. .... . 1 ._ 9 _ 15 3_.2_6 . • Pttlmorston North , 27.000:-: 11,093 i' ' Wellington « j n m „ nU 10 »£ 6 19 10 0 19 7 6 6 3 3 HEAT, ..v../,.;,;';.., % .X;.-. Ii;, ., Canterbury w w * 'MM Ti' -r 'i """'j 0 0 ■■Christchuroh w I-. ... : ... 165,920 77,642 10 nil 8 10 2 6 10 6 # 10 T 0 T14 7 fioar ... ... ... . ... '... ) ooQrn 96 261 1 nil... 12j 290 210 0 290 520 _ .... ... _. ■... I wm W>,aU 1 '6 124 9 15 0 10 0 0 . ■ i;- WellinEtott Jlost Export.™ •»..)•• 5 nil s 612 6 _ _ ... „ 'k_ f 105,766 63.767 4 1- ,8 «aO' 52 0 6S« „ k - J ■ i i.'v ,25 ,21 ,8 -k "3 5 0' 3 5 0 6 9 3 . . . .wansanul „ „ _ _ 45,850" 10315 ' 5 . J>g TRANSPORT. W. and M. Eailway ... i.. 170,000 • ; 121,452; 1 '» 2 8 0 2 9. 0 , 2 9 0 2 17 2 ?.. . N-Z. Sliipplne f... u. ,... 473,840','.110,760.' 8 Sg* » *> tl8 0 5 18 6 10 3 10 , Union : Steaui „ ... ... 600,000 361,917 j nil 74 1 14 3 1 15 0 ; > : .Wetn. bteam Perry ... .46,250 .65. 1 nil 6 f . .... COAL. \ Weatport w ' .£80,000 117,215 S | lj 12I 6 18 0 6 18 0 6 18 6 6 6 4 r ... .■■: Taupin ... ... ... 85.000 ;. 5.S39 1 nil , _ 1 0 0 0 19 6 7 14 0 1 woollen. , •:! -Z" 1 : :,- Kaiapoi ... ... ... _. ... : 100,000 6 ; 6} ' . • .. Hosgiel ... 83.457 .17,212;.' 3J , «J4*' r ; 4 3 36 310 4 12 0 Wellington ... ... ... ' BUBS' W» 4 1 6,3 70 3 90 370 733 MISCELLANEOUS. 1 : DoDSgliy Sop* . '«J w • w. 53,500 1,981 6 nil 6 6.0 0 6 0 0 Leyland. and O-Bnea .'..35,000 37.761 ,1, f nilv.l5 ,. ; 2.3 0 .' 1 MauneerJle Line :'7,000.' , .205 ; 1 .nil ■' 8 . .. if:' '.' Candle . ... ' 10,000' • ' 676' 10" nil' ' 8 ,. ' / f IfZ Drugs.w. • w .800.000, . 36,730. . 2 nil 1 2 10 0 .'211 0 211 0 .6 .3 .0 KtN.Z.,Paper J Hilla.rr'^.'.. 1 --„i-i'.i'W. - 94,775' ..oil,5fi2f>C'l. /.nil'i J. vl»l-'9 'l'i2.3 ' ?^';-W^'''0*»>«nt -,f ;-'.i'v .; 40,000 <.''.'9,048:,- l\' ; ;.nil-'i:U:jO ,il!U' 6 Jlanmng.and. Co.. £6,01)0 37,670 4 1 10 3 14 0 . Ward and Co"' L',' - 60.000 f ..10,655. .4. ,. a .• ,lo\'.i415 0 S<0 0 4 15 0 8 8 5. Wgtn. Opera Honia _ ' .18,630 1,705 ' 5' ' nil . 12j'" "*" - Wt'tn..Preah;Pood ... ; •... • ... ; .28561 - i ; nil x ■ Whiteombe and Tombg ;!... "1... 46,250. ■ 30,156 :■ -'5- - nil : '19 " >*'»" • 1 <' 8 0-. ' • .(v.'.VBharlaod. Lt(L 1...48,676 4,311" ''1 i "fiil 1 '774019 .0 ~'1"0;,0: 019 6 '714 .0. r.- > .*■ ■■ .' ■ :■ . .CwJ;.. k . - '