FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 226, 17 June 1908, Page 10

FINANCE AND COMMERCE.

WELLINCTO M "s HAfi E :..Xl. ST.

-THE SHARE MARKET. ■ '• Investment shares were very quiet yesterday, ' »nd brokers were only able to report a transfer if Bank of New Zealand shares at .£9. The buying quotations were few in number, but the ■I-;', few exhibit i;firmness. .;-For. Rational ..Bank, , shares, buyera ,'offered. i5.;.'45. ;.;6d.,>;.and r t j asked- "£&•'■ ss. 'Financial shares 'were; steady,' •' „■ y Iwith buyers of National Mortgage,; aj; >£9,-„l?s. , and Wellington: Trust and loan at £7 !fc' 6d. * -■ iSouth British Insurance shares were on sale'at £2 i6s. - Other quotations wer§i^oh'ristchurch' Gas, buyers £9 17s. 6d., seilers\Sl(Tss.;o?eildhig Gas, sellers. 205.; Manawatu Rails, sellers 405),; ; .. . . Wellington- Woollen,- buyers .<£3 75., sellers' £3 •■. lis.;'. Westport.:^oal,. sellers 18s. 6dyj-Ley— - laneWßrien Timber, sellers £2 3s. ;,Sharland's, . ordinary and preference, sellers 20s. . , THE. MINING MARKET. ' ' H ■■ ■ ■ There was'quietness in the: mining market. Waihis sold at £9 35., and Tangiaros at Is. Bd. • The latter, have weakened slightly. It is what iscalled good • show," but- :that -alone. was • ' ; ,not the rea^tfw,the'Tapid::upward ;i itttiVeKentj :' . in the . pricesJ'SfA s small'.syndicate- own£''.9o''.pe'rv ' ' ■ cent, of thoiffiffp? and: their.- ? 'i tion to sell has helped to firm prices. Some ; : ' speculators look upon it as'a good gamble, but in mining ventures it is difficjUtptQikjow/whosq lead to follow. Talismans 'werejquiot->afc<the quotations of the previous "day. w : In're'terfing . to the .meeting of Talisman shareholders ,in '"" London, it was stated that two directorf'nomi- - . -nated-by the Wellington .Committee were'to be elected, -This'is 'not quite'correct, as Mr. v Stafford, one of the. nominees,' Was suggested by the Auckland Committee, and. his nomination was cordially agreed to by Wellington. The quotations yesterday were as under:—

• .• THE BANK QjP NEW ZEALAND.. The balance-sheet,of tho Bank of, New Zea- • land ism6d"last,year"was,' regarded: as vremirkably fino, but the document for 1908 is a great deal better. The gross profitsand_ net profits arc larger, and the balance-sheet is 'as clean as . v .: could be wished. It is interesting to take a . r ■ retrospective view of tho operations of this institution. It was on June 30, 1894, that the • • State came to the assistance of .tho ißank with .a guarantee. It was an; eventful evening, as those who were present on tlie occasion well know, and the action of the Government was .' very much -discussed. Then began the struggle , on the part of the Bank to rehabilitate itself. . . . The balance-sheet of 1895 disclosed -. ' ■ there ivas a feeling of fear that the Bank would ■J. not pull through. In the following year there was a small profit, and for eveij year since, but ouo, there has been an expansion in. profits.,ln the'thirteen years from April 1, 1895/ to llarch. 31, 1908, tHe profits of the Bank of New Zealand,' after deducting .interest on the guaran- ■ teed stock, ' have totalled. .£2,442,690,. and the - .figures for each year show as under:— •

. 442,505 ■ This gives "an'^verago-of-'nearly perannum, and is liighly'creditablo.The' distribu;', 'tion of this sum is shown below■

v The grant to the. Provident Fund is much' larger than shown above, but in recent' fcai-rince-sheots the allocations to this fund li.ivo not boen shown. Tho gross profits for tho past > year totalled tho magnificent sum of jefiOO.OOO ' l"s 2d., and tho expenses of managemofir '' amounted to .£230,037, .or woll under 50 poi cent, of the gross profit. Tho Bank has pulled through, thapks' to' the 'general- prosperity _of •: Kew Zealand,-and in no,small degTeo,_t.o,._thp careful and efficient management the lnstilu- ' tion has had in recent years. Tho'danger'that ■ threatens tho Bank of ..New Zealand arises frqm V ,tho proposals'of financial'limovators and paper- - currency advocates. The-directors of the Bank' of Now Zealand appear determined to build up an adequate reserve fund, and m that tnoy deserve the support of everyone., . > TRUST AND AGENCY OF AUSTRALASIA. The report of the Trust -and Agency v Com-. pany of Australasia, Ltd., for the year ended December' 31, .1907, states that after payment of debenture and debenture stock interest, management chargfls and taxes, and making f." , provision for the lobb ■ referred to below, tho revenue flccotmt, inclnsivo of brought forward, shows a credit balance r of- :» Of this amount, .£18,865 has -been charged .as . interest on ordinary capital paid in advunco of calls, ,£43,750 as dividend on preference" capital, and £'2187 for interim dividend on the

ordinary capital called up, leaving J56629 available, :'a'nd' they: j recommend payment (free of income-tax) of a dividend, for the half-year, ended December last of • Is. per' share, making; - with, the 'interim /dividend paid in November, i a total distribution for the, year 1907 •'6'f . ls'.. 6d. per share, or 71- per .cent. A bal- • , anco i ;,of ''^2254 : wilh-romain , to :be carried . forward. Mortgage securities realised during tho •.yeai''M'oV a:-'deficiency of .£7205, towards providing for which £7000. has been transferred from resei've-ofund. ~ The reservo fund now stands at' £15?,000. ' EASTERN 'TELEGRAPH. Tho roport of' the' Eastern Telegraph Company for the half-year ended,December3l,l9o7, : states: that -the 'revenue . amounted to £595,432, from'which- ; are " deducted .£193,228 for the . and .663,526 for expenditure relating to,, maintenance of cables, depreciation of spare cable,, sundry differences in exchange;" and income-tax payablo abroad, leaving .£333,727,' to which is added £41,651, .bitiughtVfrom ""the: prsceding account, making .'a totiil.!;availabie};balance;' : of, £375,378.. . After payable'in England, *intere§fi'-'- on'"-'ihortgagi ' stock, and' dividends on the preference stock, which in all absorb £82,583, thore remains £292,794-, out of iwhich-tha-directbrs .have placed £7000 to the res&tve ships, and £70,000 •to the general reserve- fund, and have paid ;an, interim :di^idend 7 of. li per cent, on the ' ordinary'"stodlf,* 'amounting, to £50,000. The .directors now. recommend a final dividend on 'tho' bMHafj 'stock of 1} per cent, and a bonus of 2 per cent., amounting together to £130,000, ;free of income-tax, and making, with the three previous payments ,on account, a total distribution of 7 per cent, for the year ended December 31, 1907. It is proposed-to carry forward the Balance of £35,795.' The'.meeting of the,,. International._JTelegraph Conference has ;beeirfixed in Lisbon on Juno 4. EASTERN EXTENSION, AUSTRALASIA AND CHINA TELEGRAPH. ■ Tlie' gross' receipts' of the Eastern Extension Australasia' and--China Telegraph Company, Limited,. -for'.. tho . ,half-year ended December 31.' 1907,"'amounted to £304,416, against £296^393--for the- corresponding half-year of .1906. ;The'working.-expenses, including £26,069 idr •_ maintenance : of cables, absorb £154,203, against £139,549 for the corresponding period of .1906,„ leaving, From this is deducted'£l9,77o for income-tax payable in England, interest. on mortgage debenture stock .and other extraordinary expenditure, leaving as. the net profit for the half-year £130,442. After ; 'adding''£74,947 . brought -forward from tho previous half-year, there is an available balance of £205,389. One qnarterly interim dividend of li per cent, has been paid for the half-yoar, and it is now proposed to distribute another of liko amount, making, with "the l.interjm dividends paid for the first halfyear, : a total "dividend of 5 per cent. It is .also proposed to pay a bonus of 4s. per share or 2 ,i per cent., making a total distribution of 7: per cent, for. the year 1907. Tho sum of' £50)000 has been transferred to the general reservo fund;-and, £20,389 carried forward. Several partial renewals of the'company's cables'have been effected during the hall-year, and tho most, amounting to £28,848, has been ■charged against tho general reserve fund. ■Since .the, ,cl,ose of tho 'year the company'n hew .direct "cable between . Java and tho Cocos Islands has been successfully laid and opened for traffic.. ■. The Customs 7 rovenua collected at the port yesterday totalled £1634 16s. 3d. " 'WAIHI GOLD-MINING COMPANY. "(by telegeaph—press association;) Auckland, June 16. In consequence, no/doubt, of the'dispute'at.' .Waihi arising from the contract system in mines, Waihi' shares Reclined 9d. to-day. , ; . ' ' ■ STOCK EXCHANGE. (BY TELEOBAPH—PHKBS ASSOCIATION.) , Dunedin, June IG. Stock. Exchange sales:—Golden Bed, three parcels, 10s. 6d.; two parcels, lis. WELLINGTON "PRODUCE MARKETS. Messrs. Laery and Company, Ltd., Wellington, report wholesale prices ruling on the market:—Wheat, fowls' ss. 3d. to ss. Gd.; oats, , 35.. to ,3s. 3d.; seed oats, 3s. 3d. to 3s. Gd.; maize, 'ss:. Gd.; crushed malt, Bs. 6d.; prussian blue peas 6s. 6d. to 75., fowl peas 4s. Gd. to is.. 9d., all at per bushol; flour, Nov/ Zealand £12 10s., Australian £11 155.; bran, £7 ss. .to £7 10s.; -pearl barley, £19 10s.; split peas, £18 10s.bonedust,\- £G; superphosphates, £4 15s. to £5 ss.;'" chaff (oalensheaf), £5 15s. to £6 55.; oatmeal, £13 10s. to £14 10s/; potatoes, table, £5 . 10s. .to £G; 'l'asinanian seed (Up-to-Dates), £6 '10s.'; Boauty of Hebron, £6 • 10s.; Flukes, £G 10s.-; bacon, factory sides BJd., ■hams.;9d., .rolls 9|d,; butter, bulk lOd. to 10.U1.; poultry, hens 2s. Gd. to 35.; ducks ss. Gd.; tnrkoys,..,:gobblers-15s.> to 22s.,'hens Bs. to 95., t all., at per pfiir;'cauliflowers, 6s. to lis.; cabbages, 2s. 6d. to 7s. 6d., all jit per sack; fresh eggtf 25., preserved Is.'4d. to Is. sd. per doz.; cheese,'6d..to 6Jd., per lb.; loaf, per lb.; onions,-''£7 10s. to £9 per ton; Akaroa cocksfoot, . lfld, to .Jld,,i ryegrass, 4s. 3d. to ss. 6d. per bushel. [■ LIVE - -STOCK SALES. ; Messrs. Abrahams and Williams, Ltd., report , on their Johnsonville sale as follows:—A fair ; entry of bullocks,. mostly of good quality, were 1 keenly competed for. Beef made up to 243.; t best bullocks, extra weight, £10 17s. Gd.; others, ;< £9 10s. to £9-17s. Gd.; light., £7 17s. Gd. to £8 I 10s. A':good yaMfngvof'sheep, mostly of prime ) qualiLy, were sold at the following prices:—Ex--3' .tra'prime-Down-ewes, 16s. 9d., 19s. 6d., 205.,3 d., j rl7iK; 15s. JOd. to 17s.j wetiun,

prime, 19s. 8(1., lGs., to 17s.' lid.; lambs, 13s. (id. to lis. 3d.; light, 10s. to 10:;. ad. Messrs. Dalgety and Co., Ltd., report, that at thoir Marton salo yesterday a good entry of sheep and a fair entry of cattlo came forward. Cull lambs made Ss.; medium lambs, in low condition, ss. lOd.j fair lamb, 7s. Gd.; cull ewes, in lamb, 3s. Id.; aged empty owes, ss. 7d.; sound month ewos, in lamb, Bs. Gd.; fat and forward owes, 10s. 1(1.; fat owes, 13s. 3d.; two-tooth wethers, small, 10s. 9d.j fat bullocks, iES 45.; fat heifors, ,£G 55.; 18-montk heifers. 325. Gd.; 18-month steers, .£2 4s. Gd.; forward eows, .S3 7s. Gd. Messrs. Abraham and Williams and the Loan and Mercantile Company hold tlioir usual weekly stock .sales at Pahiatua yesterday. Despite very cold- weather, the day was fine, and the attendance and yarding wero both good, but prices remained on about a par with last week's rates. Two to four-tooth wethers, 10s. Gd. to 12s.' 3d.; fresh full-mouth ewes, in lamb, 125.; forward owes, 10s. 7d.; lambs, Gs., Bs. Gd.; culls, 35., ss.' Id.; two and a half to throe-year steers, 525. Gd., 555.; yearling heifers, 20s'.; store cows, 205., 335.; wcaners,'ss.; bulls, G3s. ; EXPORT OP HIDES TO AMERICA. (BY TELEGRAPH—PRESB ASSOCIATION.) Auckland, June IG. The American Consul-General for New Zealand (Mr. W. A. Prickett) has received from the American Secretary of State an inclosure from the United States Treasury Department, which intimates that, at the request of tho Secretary for Agriculture, the various Customs officers in tho United States have been instructed to admit hides of cattle slaughtered in abattoirs in New Zealand and Australia without requiring tho production of tile certificates of disinfection provided for by the Department,' if the'invoice covering such' hides shall contain a declaration of the shipper that tho same are the product of such countries, and were 'taken from cattle in abattoirs, and a certificate, be produced from the official veterinarian or Government inspector stationed at the abattoirs, to tho effect that such hides were taken from perfectly healthy cattle. Uji to the present, all such hides. had .to bo immersed' in chloride of mercury. This restriction was a sourco of many complaints from merchants throughout Australasia, and the American Con-suls-General frequently mado representations for its discontinuance; apparently with the desired effect. ! LONDON MARKETS. BY TELEGRAPH—FKESB ASSOCIATION —COPTRTOHX London, June 15. The quantity of wheat and flour afloat for the United Kingdom, is 2,710,000 quarters. For tho Continent, 1,870,000. Atlantic shipments, 241,000 quarters; Pacific, 19,000. Silver, 2-iJd. per ounce. ! i

. ...... . Besbrve gS Li %.. , PRICES. Yield ■ rfiVPANV ' • Capital Fund and ,c*iH y n(l . S'o ' COMPANY, . p»idup. Madce ptt§g«Sf«3S V" Mtar I-* Inrwrtor. . t . -U ' • Forward. La " p Buyer.; Seller. &l(!i ■ BANKS. £ .. • i'- £ ",'i £ lilUiJlUi d. . • New Zealand 2,000,000 81,675 si Si 10 8 13 0 0 J 0 9 0 0 314 1 National ... .... ... ... 375,000, -S35.318 Jj. ,15 rl , ,12. r.5, 4 6 6 5 0 5 6 0 5 3 7 INSURANCE. ■ ... National ... ... . ' ... .., : . 100.000M9ij39 ' •» uniid, '15 ' -l 'fi'o 16 6 - Now Zealand , ... ... ... ...' 300,000 396,614 J 8 10 '3 15 0 3 IS 6 SIS * S I 0 ■ Booth British ... 100,000 v .-474,912 1 : 4|.». 10 -•-• 516 .0 Standard' .. .... ... . ~ ... 75,000 M.3S6 § si 10 110 13 3 ' FINANCIAL, V . ' ■ . Equitable Building ... w 50,000 . ,'-5 5 . 10 10 3 0 10 0 0 Metrop»litan Building ... •••' 50,742- ; ■■ 5,688'' 10' nil' -'7 Wellington Invoat ... 50,000 3,933 » 4 6 018 0 011 6 6 4 4 Wellington frost and Loan- ... 101,250 ■ 44,334.. -.5 ■ . 8 nlrti 6 ' Til 0 7 9 6 8 T 0 National Itortgaee ... ... 200,000 127,743 J "10 -*2-19"0 3 0 0 .3 0-0 6 13 4 , K.Z. and Riyer Plate ... ... 300,000 252,000 1 nil. .7 1 11,6 1 12 0 1 11 6 4 8 11 , Loan and 'Mercantile ... .» 135521 ( 315,133 J '84 6 0 4 6 0 4 5 U 6 8 .. ■■ OAS. *Auckland „■ _ « ... 180.370 65,463 5 .nil'. 16 , „ . Ohristehurch „. ... ... 160,000 70,918 5 nil ; 10' 917 6 10 5 0 10 0 0 5 0 0 Feildinitl ... •... ...' 12,000 : 103 1 ' nil ... 2 9 6 1 0 0 010 6 ' . Gisborno '.V. • ■ .17,300 : ' 10,565' ily . nfl 13J '-. 310 0 8 10 0 5 10 0 v Hnwora ... „... u. ... ... 8,250 , 691' J J 10 ; New-Plymouth . ... : .:. ■ .... '.'.18,000- - 3,159 6 ..nil'. 10 ' Kapler ... ... ... . _ ...; 1 ; 10 . nil 15 ' ' „ „ _ ...... ... ... f 49,957 23,184 5 t IS 3 16 . •' _ « ... J 1 9 15 1 Palmerston North ... — - '27,000 .11,093" 44 . -4- 10 . • ... - ... J jo li5 70 n.793 10 "« , "10' » jJ-.« 1910 0> 19 7 6 I S 3 ''meat,;' Canterbury w ; ' ... '183,727: ' 32.686 ' 7} ' 2} 8 ' ' '• 8 0.0 Christchurch ... ... ... 165,920 ' 77,643 10 •nil:"8 10-8 6 10 5.0 10 T 0 714 T Boar ... ■ l; 1 nil 125 »:'» 0 B10- 0 2 9 0 6 2 0 ,r ;; z I ffi ' 000 .' ■ S6,26 ?, i.,-t » o-o Wellington Heat Export ... ... ) 5 nil 8 312 6 „ i. 1 .. -!!! L : (■ 105.7CG ' ' 63,-767 • 4, ■ '1 ' 8 : 5 /3 0 5 2 0 0 I « I ... : _ " „J — n a- s 350 3.1 a ess WsacanaS » ■„ ... ... 45,650 10,315 g nil 8 , TRANSPORT. •. ; . W.-and J£. Eailway ... •...■■ „. 170,000 " ' -4- ' ; V' 'S ' 7'6 ' S 0 0 '3 9 0 2 17 2 ' H.Z. Bhipping ... 473,840 110.760 8 nil 5 6 18 6 10 3 10 Onion Steam ...■ 800,000 381,917 1 nil 7} 114 6 1 15 0 . l Wgtn. Steam Ferry ... ... .... '46,250 65 ■ l 1 "nil 6 COAU. . H-estnort '280,000 U7.215. ' 34 ., .1};. 12} • 6 18-6 1 6 18 6 6 6 4 ' ... • 83,000; 5.339: 'l.nU 7j ; , 1 0 0 019 6 T14 0 '■!. • 1 WOOLLEN. ' ... . ? :'T Kgfapoi ! ... 100,000 32,85-1 5 nil Gj UoiEiel ... ... ' ' ... - '83,457.' ,.'17,213 , 3i -. U ;,4 . S 1 0 413 0, Wsllinston ... ... ... _ r.pm 24,368 4 ,1 6 3,7 0 3,11 0 3 7 0 7 3 »■ '.••• - MISCELLANEOUS/' ' / ': r '- . ' \. : Danaaly Sope .23,500 181 1 . nil , 6 14 0 ■/ - Lerland and O'Brion ■ v.. ... . 35.C00 37.761 1' i;il 15 3 3 0 ■[ 1 Hauriceyille Lime ... ... 7,COO 205- 1 nil' -8 . NJ5. Dandle ... ..; -... -w 10,000 i »ffl« 10 nil. 8'■* y-\ ' - NJ5. Drugs ... ' ..i «. • 300,000 • -:-36,131 -3 ' nil- . 1 *210 0 : Sll 0 311 0 6 9 0 N&'Paper Mills ... ... .. 94,775 1.583 1 nil T 119 12 3 13 0 : i N.Z. Cement ... - 40,COO 3,048 1 ail .1 4 3 ■ . U inning and Go. . «. ... £6,000 37,670 4 1 10 3 14 0 Ward'and Oo. ... _. ' EO.OOO 30,655 '4 1 10 4 15 0 5 0 0 4 15 0 8 8 5 < Witn. Opera House 18,630 1,705 5 nil lisi '" VCt'tn. fresh Food ;•...' ;... .,28,'261 ■ ;,l' 7 nil .... . .."v wutcombg «nd<!Cdimbg.> : «:'.- .'46,250 hSO.UC, is. ..nil >19< « 4 8 0 Biarland. Ijtd.;_ . ,... .48,676 9.3U ' ' 1 ail 7i '019 0 1 ,0 0 0 19 li 714 0

■'. it.-**) it •' ' iS s.' d. : '£ s. d. £ s. d. Waihi L. ». v ; 9.t1,-0 9 : 3-.0 9 3.-0 .i Talisman ■ ... 2,'VG -®i. .2 ;,7 \0. ' ; . : Big iRiver ... .i.,1 1 0 . —. — ■ Tangiaro ... ... —' . •— 0 18 'Fairua Broken Hills — 0 3 3 — Ngatiawa ... ... .— .Oil.—. Waihi ' Consolidated - — ■■■• 0 2 2 v —

. March 31. 1 '1836 " .m — . 35,709 . 1897 ,V.»V- 39,391V; • 1898 . ... \... ~ 85,033 " 1899 . ... - 93,920 1900 145,020.. 1901 ■ ... ■ 210,665 v ■ 1902 *. 209,501 . 1903 ...< ' 210,590' • /. . , 1901 ... 212,803 1905 ... . ' .... 268,930 , ' ■ 190G . ... ■... 290,330 • • 1907 ' ... .... 310;880 . . 190S• : ... '329,923

; Paid to Assets Board .' ... ... i;235,207 'Written'off Estates Company-assets ... -139,988 ' Dobenture Conversion Account ... _ G8.-H5 \ ' Colonial- Bank goodwill ... " ... -75*000 Bank premises and furniture ... • 132,807. Written off Colonial Bank property " 25,000 Dividend on/ordinary'shares'-.;. ; / ...' 211,415 Dividend on Crown shares ... ... ■ 125,000 Added to Beserve Fund ... ... 368,(05 Srant to Provident Fund ... . ... 7,000 "arried forward ... ••• 54,098 £2,442,G95i