THE SHAKE MARKET.

Dominion, Volume 1, Issue 231, 23 June 1908, Page 10

THE SHAKE MARKET.

Investment shares wero affected by the usual Monday , dullness. There was, however, ono sale, us National Banks changed hands ai .£'j . ss. 'The dividend announcement ,o 1' this bank for the year ended laarch 31, may he made any day. Bank, of New rZoala'd'd''.shares' were..indemand at £0 2s,'^d^.'cum.['dividend.'.Tho-an-'" , luial' meeting is to be held;6n "Friday,-'and na doubt tho .dividend of 5 per cerit!, ; equal to' slightly more than, 3s. . 3d.., on tho ordinary shares, will he payable immediately thereafter.' There was duUnosaVin-most/'sections, the Buy'ing orders being -very' restricted. •' Yesterdays quotations.were Wellington Trust and Loan; buyers .£7 9s. -6d.; Wellington Deposit, buyers, Bs.; Wellington sellers. 12s. 3d.; Christchurch Gas,- bnJrers i£9 1 ..175.-'6i-;;Teilding; Gas, sellers 205.;" South British Insurance, sellers .£2 16s. ;: Standard Insurance, sellers 223. 6d.; Union Steam,isellers.,'3ss.',6d.'; Wellington; Woollen, buyers i 3 7s.', sellers <£3 lis.; West-' port Coal, sellers £G 18s.; Westport Stockton, buyers 6d. discount; Leyland-O'Bricn Timber, sellers 435. 6d.; N.Z. Portland Cement, buyers 245.; "N.Z. Times," ordinary and preference, sellers 155.; Sharland's, ordinary and preference, sellers 205.! • .. v TEE MINING MARKET.'' ' The market was slow, with a weakening' tendency. Tangiaros had quittance at Is. Bd., which was all-the mining' business reported yesterday. Talismans were ..dull, and quotod slightly.'lower, than;*dn ;Satufday., Thbiguotaf, tiona were aa under:— ' Buyers. Sellers. Sales. •" £b. d.' £s.cL ' jB-'g.'d. ' Taneiaro w<- 8 17. 019.018 Wnini ... — 9 10—' Talisman ~ 2 5. 3 ■ 2 G 0 . — ; Ngatiawa — , 0,1.1 N.Z. Crown'" '.. — ' 0 6 9 Big Eiv'er■&. " l,i '6'""' —'■ /

■ . IRON-; AND STEEL TRUST. The international steel trust, which the'iro'n' and Stoel Trades Journal announces has been formed with a capital of c 5100,000,000, is a gigantic concern, but it is difficult to seo what - the:, reasons were for calling it into existence. It does not appear to be altogether a price-regulating combine, for it is expected that great works will be started in tbo United .-Kingdom,; British*ironmasters are not likely to' be parties to such a. movement, and it looks, therefore, very much like a , foreign invasion of Great Britain. American, German, and Russian syndicates are co-operating, and it is just in these countries where there.is slackness of trade and,financial; pressure. The iroA and stoel trades-are' . fering in sympathy with other trades, and prices are being cut, and a certain amount of dumping indulged in. Early in May, "The Iron , and Coal Trades Review" 6aid:—"The demand for .imanufactured iron and steel i 3 undeniably very slow, and at present no signs of any ; early aro discernible.. Al-. ready makers "of plates,. angles, and similar" material are in a very unsatisfactory position, as a result of the acute depression in tho ship- . building industry, and apparently bad.i? to be succeeded by worse." With reSpe'ct to,th6'sit- ' nation -in the United States, the "Economist" of May 2 Bays:—"lt has been common know-' ledge for 6everal months that the iron and steel trades, of the United States were .unusually short of work. One trade report after another : has told the same. story of poor; demand, overcompetition and inactive furnaces. The present depression of trade has provided a curious ll- • lustration of the working of . the 'combine' ' system in the struggle waged round the,price, of the metals. >The purpose of a-trust'is to'' control , the market and arrange> prices,. and' whenever a trust "is. formed- prices are less-elas--tic, and easily, to the fluctuations of demand than in'a trade .where, competition i is unrestricted;" In the United States" the iron and steel business is dominated by the Steel Trust, but there are-also, associations of iron producers which regulate v the. price."--.The-I Steel Trust has jinaintaihed with the result that the'' independent makers who have cut prices are securing the bulk of the business. The position ,in.i Germany s and Russia is quite as bad, if..not-..worse,,than'in-th'o United. .- States, which; makes it-very remarkable that 'a Trust, with'the huge capital named, should be formed just now.

FIRE INSURANCE IN THE UNITED . / ■ vSTATES. ._ i :• - ; An - official report recently issued in the flnited States contains some interesting figures on the business-'ofj the-native and. foreign fireand marine insurance companies doing, business in the Statq-of ;New York. • A comparison of tho companies' positions in 1907 and 1906 shows rather curious results, especially in connection with the foreign fire offices which have branches in tho States. The two years' business of the foreign offices, most. of. .which are British, is summarised in the, following "table:—. ' IDO6. 1907. £. s X '' Tt'tal, income ... 26,528,137 15,062^257 Losses paid 17,874,780.; * -6,737,196 Total disbursements 24,533,774 13,905;216 .'Risks in force ... 1,884,418,558. 1,916,051,358 In 1906 there-:were 30 companies, and in 1907 SI. These statistics intlicato tho change in the policy of English' and other outside companies which has resulted from the disaster at San Francisco. There has been an. increase of ,1.7 per cent, in the risks in force',' but a fall'of 1 63 per cent, in the total income, of 38 per cent, in the lossop paid, and of 43 per cent, in the total disbursements.' Tho offices as a whole aro now doing a much safer business than formerly, contenting themselves with a smaller income and paying,away less in.claims, though their liabilities have, increased,DEVIILOI'MENTiS* IN THE USE OF ' ELECTRICITY. , A recent development in electric lighting is not only of general interest to .the -people of of Wellington)'but is nlsn of some importa'neo to gas consumers. .According to moil advices, the advent of metallic filament lamps -is. cer-'

taiji to have a considerable effect on the business aspect of electric lighting. Speaking roughly, these lamps provide tho samo illumination as the ordinary; carbon filament lamps, ■with one-half or one ; third tho curront consumption. They are now being widely adopted, especially for,-lighting _lnijfo rooms, offices, .. shops,i;halls,_ (incT.-cthor buildings; 'and :. Ithexj-jpje ; .bringing f; .abput,,a,slackening in t.ho' ■ rate.of increase in.revonue enjojred by tho ' electric lighting' companiSs. It is expeoted i .'that ultimately the cheapening of electrio light ! .-"flli he' of' peat'-advantage'to"th« industry in : competition' ;with "gas, -but meanwhile'tho oom- , -pariies'-are feeling ; the . effect of reduced quarterly billß, and are casting about for a means • 'of'-increasing- the:revenue per consumer. What is in .demand is a,method which will lacilitate. •' the'use of 'eloctricity'in the home for various heating and cooking purposes. '' aThe-Customs 'reTOhue" collected at Wellington yesterday amounted to .£1493 9s. . . ... STOCK -EXCHANGE. fit TEMrastir'n.—peebs ' association.) -Duncdin, June 22. ! r ( Stioclc Exchange !e'al£:',NeV : Zealand Portland . Cement', M'Se.

CItY TELEOttArn—THESS ASSOCtATIOJt. V ........ Dunedin, Juno 22. , Stock Exchange quotations:—Dredging stocks: Alexandra Eureka, sellers, Is. 3d.; AlexandraLead, sellers, 4s. ; Bignells Notown, sellers, 33.; ,Central, Charlton,* sellers, Bs.; Chicago, buyers, !4s, selljers, ;10s. ;£Golden Bed, buyers, lls. s 6d.,. sellers, 12s. 3d.; Hesseys, buyers, 3s. 6d., sellers 55.;-Koputai, buyers, £1 155.; Manuherikia, sellers, £1 25.; Molynoux Kohinoor, buyers, Is. 3d.; New Fourteen Mile' Beach, sellers,"6d. dis;,- New -Trafalgar, buyors,'. lGs., sellers,..<6l;-, New. .Perseverance, buyers, 6d., .sellers,. Is. 6d.; New Roxburgh Jubilee, sellers, 9k. j Notown Creek,-sellers,''lis. 6d. ; Rise and .Shine-'(cx;-div;),. sellers,:'.ol 12s. 6d.; Rising Sun,.buyors, .£1 lis., sollers, £115s. 6d.; Sailors' Bend,"sellers,' 16s.'3d. Mining stocks: Roxburgh Amalgamated (contrib.), sellers, 7s. Sd-.j. Talisman Colsolidatcd, buyers, £2 55., sellers, >£2:55; '6d. ;• Waihi,; Boilers;' £9 5a.; Waihi Grand Junction, buyers, £1 125., sellors, ill 13s. 9d. Investment 'stocks: National Bank, buyers, JJS 2s. 6d.,'sellers, £5 ss. 6d.; National Insurance, :buyers,',>6l 6s. 6d.;-.Standard Insurance, sellers, £1 2s. 3d.; Union Steam Ship Company, sollers, £1 15s. 3d.; Westport Coal; sellers, «£6 195.; Westport, Stockton, buyers, 9d. dis., sellers, 3d. (p.); Commercial Property (10s.), sellers, 35.; New Zealand Portland Cement, buyers, >£1 55.; Oamaru Woolletl Factory Company,. i 7s. : ' HIGH COMMISSIONER'S CABLE. ' .'■The. Department of "Industries and Commerce has received the following cable from tho High Commissioner, dated London June 20, 1908:— . .The..mutton market is quiet. Trade is very disappointing, there being only a 1 very hand-to-mouth demand. Canterbury brands are quoted at 4Jd., and North Island at 3}d. per The'lamb.'market is very firm,:and thero is a general arid'active demand. Canterbury lamb is .quoted at Sid., and other than Canterbury at 5Jd. per lb. • The... beef. market is, firm. Supplies of -American- Ohilled* beef are small, and there are light stocks of New Zealand brands on haild. Bund-quarters are quoted at id., fore-quarters at 3d. per lb. Tho butter market is very firm, and thore is a brisk demand. Danish is quoted at 1165.; .choicest New -Zealand, >1138;;, Australian,'- 1065. ; per cwt. ' ... ... j., ; ~. The cheese market is quiet but firm, white makes being' quoted at 645., and coloured at 58s'.'. per cwt. , ''. -'There is a 'better' hemp, good fair grade on •spot-'beiiig- 'quo'teS at ahd fair' grade., in all 1 positions at J325 10s. per ton. "The cocksfoot seed market is quiet.

COLONIAL AND 'OTHER' PRODUCE. BT iy.LEGRAPH—PEEBS ASSOCIATION- —COPTRIOTI '■■ ""' London, June 21. •'■■" Sheep.—North Islands 3ja.; best) 3|d.; rest unchanged. 1 Lambs, 5Jd. •'Beef—Now" Zealand and "River Plate fores. 3d.; hinds, 3Jd. ■Hemp.—Market firm. Juno-July, £28. • ■ Hides.—Neglected.-Nominal prices—Queens, land heavy; .ox, 4|d.; light, 4}d.; cow, lid. Leathor.—'Unchanged. Basils declined half, periny." 'First'- Wellmrton'S/'lTicJ. • Cop'ra.—Firm.- South 7 Sea, £16 ss. to £16 7s,"Od. ""' . THE METAL MARKETS. IT, TSLKOEAPH—PHEBS ASaOOIATIONY-COPTBIGHT , .'London, June 21. Antimony.—£9 10s. Copper.—Spot,- £58 ; '2s.-'"6d.; three months, £58 lVs. 6d.; electrolytic, £59 2s. 6d. Tin.—On spot, £127 2s, 6d.; three months, £128. . 2. Load, £12 13s. 9d. ' ~ MINING SHARES. by TEi.Ecturn —rr.aa association—corrniGHT. • „ London, Juno 21. - £8-17s. 6d.; 'sellers, £9. .'Wflihi .'.Grand..,,Junction,—Buyors, 31s. 3d.! sellers','33s."i)d." • NATIONAL MORTGAGE COMPANY. ,bt rar,EGßAPn—ruESfl association—cofytiiqei • * V. London, June, 21. . .ThojNfttional-Mortgage', and i's«ncy (kmpany .of N»w Zeal*sd hw d#cl*red a dividend af 7J per c«*t.

, ... .ju . , ' Excursion fares on flovcrniuent lines in connection with the secondjest football match are 'advortised:-'--'- ;'.J i7.'S