FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 224, 15 June 1908, Page 10

FINANCE AND COMMERCE.

WELLI N-cVoV S'KAR EV' LTST.

aHE SHARE - MARKET, ■ - , •VTm-bstment/'shares were":.dull.;, on" Saturdajr, and .lio vsalps. wore made. l ' Buying 'ordbrs .wero within smaller, compass, and values'were well maintained. Bank of New Zealand shares were £n jiale at .£9 la., bnt there rare no buyers. A at-.onal Bank shares had •buyers! at £5 45., : and sellers at ■ ss. Financial shares wera steady and unchanged;. National Mortgage, buyers £2 385.; Wellington Trust *nd loaiv buyers 47 9s. 6d.; Wellington Deposit, buyers Bs. 9d.;<sellers 9s. 3d.; N.Z. Loan and Mercimtile, sellers 4s. tid. For gas shares there was a rostricted demand. 1 Ghnstchurch Gas, buyers sellers XlO 2s. * 6dr; "Feilding" Gas; eellei'3_d£l os. 3d. Other quotations were:— South Bnti3h Insurance,' sellers\£2 ■165.: StandInsurance,'sellers 225. 3d.; Christchurch Meat, sellers .£lO 55.; r Manawatu Rails, • buyers £2 7s. 6d. sellers; .£2 Bs., 6d*.'; Wellington-Wool--to .Coal, 'seller's f' G I®; Gd.; Leyland-O Brien Timber, sellers 435.; N.Z. Portland Cement, buyers-245. 3d.; bhariand e preference, sellers 20s. .Business wm-quiet;'in the mining market. irTahsinans changed hands at'46s.'fid., and 'Tan-, giaros at Is. 9d. The latter managed: tb hold their position. The quotations yesterday wore BS'unaerr-

NORTHERN . The report of the Northern Assurance Company for the year 1907, submitted at the meeting in Aberdeen on May 6, states that in the firo department the net premiums amounted . to £1,268,468, showing an increase of ,£40,510 in comparison with .those of the previous yea 1 *. The net losses were; .£622,876, and the total expenses of management (including commission) •were £144,053.The' result is that, after reserving 50 per cent, of .the-premium to cover liabili-.. ties under current policies a profit' was earned' - of -£181,284. In the accident department the net premiums amounted to -£34,159 in the.employers' liability section, and .£11,307 in tho ! general section. In the life .department ~12-13 policies were issued for new insurances amounting in the aggregate- to yielding in ennual premiums JGIS 887. The total income of the year from premiums was <£289,327, and from interest £138,148, and the increase in tho funds in respect, of the year's .working, was £132,696. The balance of profit and-loss account;'after crediting'it with r £lßl,2B4,tho'iprofit on tho fire account, and'charging it with £22,536, the cost of purchase of- the Compensation and Guarantee Fund,; and the interim dividend paid in November last, amounts' to £286,995, out of which the directors, proposo to , add £100,000 to j the fire - reserve fund (which '• will thon amount to, £900,000), to transfer £5000 to the employers' liability fund, and £5000. to tho general accident fund, to pay a further dividend.of £2,and a bonus of 10s. per share (in addition to. the instalment of shareholders' life bonus) on account of -thenar 1907,' absorbing £185,000, and leaving £101,995 to : be carried forward. The total accumulated funds on December ,31 amounted to £7,089,229.

STEWARTS AND LLOYDS, LTD. Stewarts and Lloyds; Limited, are tho largest tube makers in tho United Kingdom, if not In the world. The uniting of the Stewart firm, the largest tube, makers, in the United . Kingdom, with Lloyd, Hho largest tube makers, in England, which , took effect.,aa * from:-.January-1, ' 1903, iis regarded'-in : business circles* in '■ Glasgow ' as a' master stroke ...ofi policy, - and the - amalgamation -is fulfilling' tho best expectations.- Stewarts.and Lloyds have representation in' New Zealand, and' the figures (if their, balance-sheet: are not without interest The credit balance for 1907, after making all charges, and including income-tax, directors-. and • auditors fees, : and interest on debentures,- amounted: to £229,237. ' Out of tliis, £70,000 was written off for depreciation leaving £159,237. The preference dividend at the rate of. G per cent, absorbed £33;000, ■ and the ordinary dividend at the rato of 10 per cent, absorbed £85,000, leaving £11,237, to which 1 , has to be added £61,571, the amount brought forward, making in all £102,808, out of .which £30,000 has been added to the ro. serve fund, leaving £72,808 to be carried for. ward. That is, tho actual profits for the year have covered all charges and outgoings of overy kind, and have left a surplus of £11,237. Allowance for depreciation, which was £15,000 in 1902, was doubled in 1903, and made £40,000 in the succeeding two years. This was followed by ,£70,000 in each of tho years ISO 6 and 1907. These allowances for depreciation are in addition to amounts written ofi , old plant, and are really a provision for capital expenditure. The directors i'orsee the possibility of considerable expansion in capital expenditure during tho next few years, and thin contingency they wish to provide for, when, ' as now, the means are at tlioir disposal. . The reserve fund stands at £350,000, and the toUl capital is. .£1,400,000. ■ Last week the Customs revenue collected at Wellington amounted to £15,487 Gs. 5d.,-tho return for tho same period of last year being £10,998 os. 7d. The beer duty collected last week was £288 12s. 3d.; the amount for tho 1907 period' was £331 14s. Bd. On-'Saturday, tho Customs revenue collected totalled <£1G25 Is. 3d.; the corresponding day of last year yielded £1471 16s. Id. NOTES. For tho year ended December: 31, 1907, the London Bank of Australia, Limited, mado a net profit of £34,951, after the payment of £42,310. interest for the year, at 4i ■ per cent.. oa the transferable deposit- ,

, Tha' exports of 'butter from . Victoria during May amounted -to ' 237,5t>91b., valued at .£13,254, bouth.'. Africa' faking IM.DGOIb., valued at JCfoOh" "': The revonue. ofi New. South Wales for tho ended: ilay 31 amounted to •£12,J17,288, or J3/08.557 more than for tho corresponding period; of the previous year. The-. "Mutual Provident Messenger" this month naturally refers to the approaching opening of the branch, of the A.M.P. Society m London, for which purpose Mr. MeeTts and Mr. leece are now on their,way thence. Tho society has already on tha London books 2351 policies, assuring 31;135,738, and yielding annual, premiums of .£37,632, and 'theso figures will doubtless* be''swollen , fapidly. Mr. H. W. Apperfey has been appointed resident secretary in London, and Mr. J. U. Kingsbury, 'branch accountant. • v ■ According to, German statistics relating to' the value of the foreign" trade of that country in'. 1907, _ the .'Unitied Kingdom continues to oo the largest, purchasor of German goods. The .value •of the German exports is returned at 1 * * ,£53,013,000 -in 1907, 1 as compared 'with .£53,360,000 in 1908, a slight reduction of £8242,000. On the other hand, exports from the United-Kingdom, , which country occupies the second position in tho import trade of Germany, aro stated to have amounted to .£•18,825,000 in 1907, as against .£42,217,000 in •W'SWSt. J!**' or an increase of au,608,000. Imports into Germany from Australia and Polynesia totalled i 11,955,000, as contrasted with £9,313,000 in 1908, whereas the value of the Teutonic exports to the same countries was £3,430,000 and 790,000 in the two years, respectively.

Constantly the question crops up trhy, with ; trade, ,so .brisk as it was nino months ago, it should be so stagnant now. Then, it was • found well-nigh' impossiblo for American railways to carry the goods offering; and now hundreds of thousands of railroad cars are standing- idle, and- there is just the same difference m the volume of employment and prices. But there is really nothing remark-able.-about .it. Active trade and traffic mean .. active .'(buyers, and. a free expenditure of money. If the' supply of money runs,dry and usually it runs dry suddenly, tho trade and tr'affie collapse at once, and must do bo. Germany is feeling the check severely, as well'as'Amorica. .The situation is probably slowly mending; but a crisis always pulls up finance and trade' with a sudden and violent jerk: That always results upon a banker's notice that your customer has no more money. , / MINING'NEWS. NEW .. BIG RIVER. (BY TELBQEAPn.—PBES3 ASSOCIATION.) s ßesfton, June 13. The mine manager of the Now Big Biver reports'forthe past/week as follows:—The winding plant has been moved out of position, and a new concrete foundation has been'piit down. Tho mechanics from the Dispatch Foundry Company are now at work erecting new drums and ofFccting repairs to the engine. The battery has been working full- time, except for a small stoppage owing to breakages. DREDGING RETURNS. (BT TELEGEAril —FitCSS ASSOCIATION.)' Dunedin, Juno 11. Golden Bed, 510z.; Enterprise, 20oz. 18dwt.j Sandy rßoint, 20oz. 14dwt.; Muddy Creek, 18oz. Bdwt. Electric No'.'' 11, 18oz. sdwt.; Alexandra Lead, .17oz..iddwt.-; : Olrig, ,12oz. ldwt.; 'Welshmail's, ..10oz. 2d\vt. ':'.;;;BLISmS'cQNSOLIDATED, LTD. . " The' Talisman Consolidated, Ltd., report as follows-rfor fortnight ending April 18,' 1908:— No. 10 Level.—Stoping: Tho values from the No. -1 Bonanza Block slopes average 15s. Sd. The average of assays from the No. 2 Bonanza Block slope's: is £3 16s. lOd. No. 11 Level.—South Drive: Advanced 37ft.; total, ,1295 ft.; width of reef formation, 18in.; average of assays; Is. 7d. At 1247 ft. a crosscut has been started eastward and advanced 18ft.this will bo known as No. 8 cross-cut. Stoping: Tho average of assays from the stopea of No. 10 rise average 19s. fld. The leading stope and stripping south of No. 12 rise have given assays that average ,£lO Os. Gd. No. 12 Level.—South Drive: Advanced 22ft.; total, GUlft.; width of reef, 6in.; average of assays, 6s. Gd.; discontinued. At 631 ft. a crosscnt is being driven westward; progress 9 lft This cross-cut has interecjtcd about 24;n' of reef formation that assays 9s. At Gssft a cross-cut has been driven 3ft. Sloping- Tho values from stopes off No. 7 riso (east vein) average .£1 16s. 2d. The values from tho No. 2 North Block stopes average .£2 Gs. 9d The values from the No. 1 South Block stopes average <£1 17s. sd. No. 13 Levol.—No. 12 Rise: This was started at 445 ft., and is intended to reach No. 12 levol under No. 12 riso; progress, 14ft. ; width of reef ' 4ft.; average of assays, JC2O Bs. Bd. Stoping: A loading stopo has been driven northward from No. 12 riso 18ft. Assays from same average ,£2O 135.. 3d. Tho values from stopos off No, 1 north riso average £2 Is.'3d. LIVE STOCK AND PRODUCE SALES. Messrs. A. H. Atkinson and Co., Ltd., report i —On Friday wo held our weokly salo of horses, pigs, poultry, produc«, and lundries. W» had a good yardinj of pigs of fair quality. Coinpe. tition ivas keen for forward lorts, but rough weaners woto hard to quit. Tho entry of poultry was heavy, and young good conditioned birds were keenly sought after. Some older and light birds made low values. An average entry of produco met with ready sale. We quote:— .Hoiaear-Sii-sear maro», ja -foal,-£Z

pony, ,Eo 55.; aged mare, in foal, .£B. Pics.— Weaiiers small, 2s. 3d., 2s. 0<1„ 3s. Gd.; slips, <s. 3d. Bs. Os. Gd., 10s., lis.; small stores, 12s. soo<l stores ' 17s - (!d " , l'oiilttT' nci!s, lid., Is., Is. 2(1., Is. 3d., Is. Pi' O B ' n ' ls ; - s - roosters, Is. 3d., Is. Mcb)f" ' 2J- ' 2S> 7d " 2S " l(!,U at

Produce.—Straw chaff, 2s. Gd. per sackj'potatoos, 95., 10s., 12s. por sack; onions, Id. to Igd. | per lb. (sack lines); carrots, 401b., Is. 6d. to |-s.; swedes, 3s. 6d. to 4s. Gd. per sack; pnmpKms, /s. 3d. per sack; marrows, ss. n&* sack. Messrs. Dalgety and Company, jSriited, report on their Levin sale as follows: —A fair yarding of sheep and a good one of cattle wero submitted to a good attendance of buyers. Except for one line of small two-tooth wethers, all sheep were sold at the following rates:—Fat wethers, to 16$. Bd.; fat ewes, 13s. 9d. to 14s. forward wethers; 155.; two-tooth wethers, {?• A sonn d-month owes, Ss. 7d.; othors, 7s. 7d.; poor-conditioned 21-year steers, £2 195.; fat steers,. 155.; light cows, to £5 2s. Gd.; springing cows, to £5 55.; store cows, 375.; two-year steers, £2 125.; yearling steers, 285.; small heifers, in calf, 37.'6 d.

BANK OP ENGLAND BETUKN. *T XELBGUArn—PRESS ASSOCIATION—COPIBIQH? m , _ , , „ , London, June 11. The Bank of England return issued for tho week ending Wednesday, Juno 10, is as under:— Issue Depabtkent Note Issna ... £54,698X00 Gov. debt £11,015,C00 Other eeenritiea ' 1... 7.431.000 Gold „ 36.440.WP £51,898,000 £54,808.000 BiNKrao Department. Proprietors' Govt, securicapital £14,553,000 ties ... £15,008,000 Public de- Other securiposits ... 9,760,000 tios ... 29,428.000 Other doposits ... 44,329,000 Notes ... 25,878,000 Best, 7-day andoiher Coin ... 1,516,003 . biUs ... 8.218,000 £71,860.000 £71,860,000 The leading items of the Bank of England i return afford the following comparison:— ' This week. Last week. Last year. £ £ £ Bullion ... u. 50,449,C00 36,693.000 33.795,0C0 Reserve 27,4-24,00) 27,486.060 24,015,0C0 Note circulation 29,020,000 2),182,000 28.835.10J Public Doposits 9,7t'0.CC0 9,797,000 9,774,1X0 Other Deposits 44,3'29,000 . 41,235.000 42,577,000 Proportion of reserve 'to liabilities ... • k.65 • 60.83 , 46.96 GOVERNMENT SECURITIES. Tho following are the latest quotations for Government Securities, with a* comparison .of those ruling last week:—

THE MONET MARKET. The Bank of England discount rata is 2$ per. ecnt., to which it was reduced on SJay' 29. The London open market rate of discount for best threo months' bills is higher at 11 per cont. Short loans aro quoted at J per cent Tho Paris discount rato is J lower at 1? per cent.

The Berlin discount rate is J lower at 33 per cent. . COLONIAL AND OTHER PRf BUCE. Wheat.—The hot weather has' weakened all wheat markets, and-buyors aro verv scarce. An Australian cargo sold at 355. 3d.'; steamer parcels May-June shipment,are offering at 365. 3d.; Australian, spot, 38s. to 295. Gd. ' Flour is dull and weak. Australian is pressed for sale at Glasgow 275., but there are no buyers. ■■' f , . Butter—The market is quiet and firm. Danish, 112s. to 1145.; choicest Now South Wales and Queensland, 102s. to 1045.; Now Zealand. 110s. to 112s. ' Sugar.—Gorman Beet, 88deg., 3d. higher at lis. 5d.; first mark granulated, f.0.b., Hamburg, 3d. liighcr at 13s. 3d. per cwt. • Bradford Tops.—Business is limited, but quotations are unchanged. . . Kauri Gum.—At tho kauri gum sales, 675 cases wero offored and 150 sold. Prices were unchanged., THE METAL MARKETS. Tin—On spot, 12s. 6d. lower at 7s, Gd. three months', 12s. Gd. higher at .£l3O 2s. fid. Pig-iron, lid. higher at 51s. 3d. per ton.' Lead, 2s.' Gd. Higher at 51s. ;i<K i'er tjn Imports, 17,957 tons, Australian 4151' tons; exports, 6631 tons.

1 ' Bosorvo ft 2 T • t • CT ' PTJTPPQ COMPANY. Capital- Fund and & S f S mbl ' 1S» iKU/fcS. TieW Paid Up. BManco : to .-■ .. - . Forward, p, M g Buyer, f Seller. [" " InVMtor .. MNKI, < £ js £ i ; -i 's.-'a. £ it d> t t. a. £ t. a. KalioSf 1 "' 1 '■ c-'-'r '«8'S»-- '4' &' 'isaro g i o HO sm I •V. 375,000 335,318 jJ lo 12 ' 5 4 0 6 5 U 5 5 0 6 3 7 INSURANCE. z~ z jjjjffis 'ggMg® s unna, » i «.o m South "Britich ... > SfSS JS#. 3 ,8. 10 : SIS 0 3 11 5 .8X5 «- t « 0 Standard ... ... .. . } ' ii 10 210 0 ••• 75,000 02,386 J 91 10 1 1 9; 1 3' 3 FINANCIAL. - "'" - • .£-•• Z : • : <'-8?§ •• •' • 5 i 5 m M> '.I'i'w®. 10 30 1000 > Wellington ' Invest;:$«»••.- S'Hf 10 nil, . 1 , . '... Wellington Trnst and I/oan ... 101'aw iJ'Su i * 6 '£'«"» 8 0 031 6 6 4 4 National Mortgage MS Ai'$i 5 5 8 7 9 6 7 11 0 7 9 6 5 7 0 N.Z. and Siycr Plate ... .. fg>25 3- 8 io 9 18 0 3 0 0 3 0 0 6 13 4 Loan and Mercantile ?&?2? 1, SI 1 7 111 « 111 ) in f nil 135,222 315,133 J sj 6 ., 0 4 6 0 1 6 11 0 8 -OAS. ' i : , - 'r IfflF* ::: 3 ®sr ' 8 ...... ... •Gisborne i.! • ZrZ • £28 ■ 1 "« ....2 9 6 1 0 3' 010 « Hawera ... ■ ... ' • J i$5 •' Wg 1 .ml: 13| - ' ■. (10 0? S10 0 E10 0 New Plymouth ... jiftS . ,®J 2 .1 10Napior; : ..£ ». 1%™.. , • 3 ' 159 .. 5 ..""I, 10 \~V~-Hms7:' • 23.isi ; -i SteS? No ? h ;::: r •* • «.«* :$ ...V$ - » t 121,570 ...71,703;. 10.. .nil . 10 10 7 6 19 10 0' 19 7 6 5 3 3 ! 5 *5 • ,10 1010 .0 . V MEAT " -v ; • •" }■ £2,000' .86,261 -'1 nil.' M .8 90 2 10 0 J90 520 $ellineton Meat Biport Z ) , i Ji a 915 0 ,2 ? .. .. ~ ;; . ... 105,766 ' '63,767' f.'>5.-?" J» « gs# V, .WsnBMui „ ...' ~ . 45,850 10.315 f 8 3 5, 0, ! 6 0 6 8 3 ." ■ TRANSPORT. . Jf;,»nd.M.;iaUwar'„.'^- r 1. •170,060' ia;«a. 1 ■' v s t"b a r «■ con •„,» . 2s.i. Shipping 473,0-40 110,760, s .'nil 5 2 8 6- 2 17 2 Umon steam ... ... ... .600,000 381,917 1 nil fi 114 3 1 is 11 • WKtu.'Steam-Ferry ... .... .„ -46,250 65 J nil 6 •• 0 ■ coal. . '..'.-\- v :' •'•. ' ... "W mis ' "3} > \i 124 613 6 618 t 6 6 4 p ... .. ... (MM) MU 1 ml 7i 1 1 0 0 019 6 7 14 0 V/COLLEN. "I r '' v - ' ' Kaiajjol 'l..' J 100,600 ''s2,8M- s 'nil 65 ■' - ' Jlosper- ...■' ... ' -83,457 "17,212 3 j 14 ' 4 - '- 3 10 4,, »' Wellington ... - v ... .. 62,625 24,368- { 1 6 3 7 0 3 9 0. 3 7 0 7 3 3 ' . KSSCELLANEOUS. Donaghy Bopo > , S3.500 -■ •• p181 1 nil - r « i i A Lejrland and O'Brien ... ! "S5,D00' 3t,761" 1 ' nU* 15 ' | J' ::: ::: : .^g,I, kz:-.p r apfr t iiffli :::-::: : %Z- S S .? si \ J 1 ; § » ?»j 680 Gaining and Co. i" ~ gg? \ f \ t \ g "pora Hinse 6 ~ K " J .'. . J®. : : tt 5 0 0 4 15 0 8 8 I i Wsta. fresh Pood ... ..! ' ~ smi . • i S? 1J ' i- . ; • c ' 6 • a ' 311 1 ail. 7} 1 0 0 0 19 t 714 0

- . 3ny«s.V.-i gellers.... Salesj ; ' ,£s. : d. £ s. d." i!is. d. Talisman ... 260 270 266 Ngafiawa ... 0 0 10i 0 1 0 — Tairua Brokea* Hills 0 3 ; '()' 0' 4'' ! " Waihi 9 3' 0 r 9 4 0 ' - Tangiaro 0 18 0 1 11 0 19 Big Rr?er ... — 1 3 6 — .

Variations - Prico compared "with _ lastwoek. _ £ b. 4, 25 % Imperial Consols 87 15 0 5s.lowor 4 „ N.S.W. 1933Jan. July ... 1C7 0 0 5s. lower Si „ N.S.W.1918 Mar-Sopfc ... 100 10 0 Unchanged 5 N.S.W.1935 Apl.-Ocli. .. SO 0 0 Unchanged 4 „ Vic. ISM Jan-July 101 0 0 DcclinnOed 35 „ Vic; 1931-6 Jan-Jnly 99 10 0 Unchan«od 3 „ Vie. 1929-49 Jan-July , u 89 10 0' Unchanged 3i» S.A. IM0 Jan-July ...100 10 0 *Unclianged 3 „ S.A. 1916 Jan-July ... b7 10 0 Uuclmngcd 4, „ QTai015-24 Jan.-July ... 1C4 0 0, Unchanfed 3i „ QTdlO!<-3CIJan,July 0 0 Unchan"cd 3 QTdl82-2-47Jfl.n.-Ju]y ... 83 0 0 Unchanfiod 4 ..N.Z.lMiMar-Nov. ... lOfi 10 0 UncSed 35 „ N.Z.1M) Jan-July ... CD 0 0 Unchanged 5 „ N.Z. lOUiApril-Oct. ... 83 0 0 Unchanged SJ W.A.lOSWOMay-Nov ... ' 80 0 0 Unchanged S .. 'W.A.lS15-35M«.y-N0T ... 87 O O UnchanCcd Si. Tas. 1940Jan.-July ... £9 0 0 Unchanged 3 „ Tas.19KW0Jan.Jnly ... 88 0 0 Unchanged