THE SHARE MARKET.

Dominion, Volume 1, Issue 232, 24 June 1908, Page 10

THE SHARE MARKET.

1 The market exhibited a little more vitality yesterday. There was a. .sale .of Equitable Building at v£lo 2s. Gd., but as the interim dividend, equal to about ,ss. per share, is payable in the course of a fortnight or so, the actual value of the shares is about .£9 17s. Gd., but at ' this price; the return to the investor is a shade over 5 per cent With money ruling at 6 per cent, and more, the return on tho shares ia very .small;. in other words, the shares aro . over-valued on the present rates for money. There was also a sale of New Zealand Shipping shares at £6,.which is,ls. 6d. above the parity, of the previous sale. Bank shares were in fair ; demand. Bank of New Zealand shares were ;■ at .£9 25.,6 d., cum dividend, but thers .-Syerg no declared;,sellers; National Banks; -by.Jf'ers .£5 is. 9(L, sellers £5 6s. Financial shares were steady: Wellington . Trust and -Loan,' buyers £! 9s. Gd:, sellers £1 lis.; WellingtonlDeposit, buyers 95.;, Wellington Investment, sellers 12s. 3d. Gas shares were without change: Gas, buyers .£9 17s..'fid.'; FeUding Gas, sellers, 205.; National';lnsurance shares, were wanted at 275., '■ and 'Standard 'In-surance-were on sale at 225. 3d.' Other quotations were-.—Christchurch Meat shares, buyers , ,£lO, sellers .£lO 2s. - 6d.Jfanawatu Kails, sellers .49si"; New Zealand Shipping, buyers <£5 19s. Gd., Kellers JIG 2s. Gd.; Union Steam, sellers .£1 15s. Gd.; Wellington Woollen, buyers J23 75., sellers £3 10s.; Westport .Chal. sellers <£G 18s.; ' Leyland O'Brien Timber, sellers 435.; ."New Zealand Times," sellers 155.; Sharland's, sellers 205.; Taranaki Petroleum,; sellers. 7s.

THE MINING MARKET. ; . Business was done in Talismans at 4Gs.,and inWaihis at' -£9. 'It is believed another bear Taid is to be v made'on Talismans'by an Auckland clique, and. preparations are well forward for meeting thiTattack.,,-Tangiaro shares have weakened, buyers now offering Is. fid., while sellers are willing to, accept Is. 9d. Big Rivers have firmed with, at 245. - The-,quota-tions yesterday' Were as under • ~. ' Buyers. Sellers. . Sales. . I ' 'j!-s.;d. is. d. d£,s. d. Talisman ... ... ,2 5->3 26 3 26 0Waihi , . ...•''B 19. 0" "9' 1 .0 9\o 0 Tanfiiaro ». ... 0 16-019 — Ngatia-wa », ... — ... '0 12 — N.Z. Crown 0. 6-, o>.. — — Big River ' .*• ~ 1 4 -.0 . — — i ■' ■ ~ V THE PAPAEOA COAL MININ.G COMPANY. Tho report and. balance-sheet! of tho above company for tho year ended, March 31 last, issued in pamphlet form, have reacted us. The directors' report, which goes 'very fully into tho progress of operations, states: that the scheme of works • shown on the plan" acconi-' panying the, last annual report coipprised a lino of railway, ■ one mile .and thrcsiuaftors, .long, from. the Government Blackball'branch:'tennis nus to 'the bins ' .site; thence,V a steep incline rising 1 in 3,. ab.out 44 chains.' long, to, tho cliffs Hat, to, bp worked by "'endless rope;, from this flat, an incline, rising l:iii 11, jiiifun-', nel, to the mine mouth'at .tho coariutcrops at' Soldier's-.Creek, about 51,-; chaiiis long j a, tbtal; length- in all of./ about : . three miles. TJjis';; 6chein9 : 'proTidcs lor! tho:coriveyftnce; tlio coal' from tho-working'faces l to the ; bins :by;igravjty.. , The railway formation' and .bridges' complete,-except forming the connection, with the Government staiion. Rails have been imported, and, with; tho sleepers, are now available for .the plate : laying. ~,^

The'-railway station at the bins is'formed aa far as .is at present necessary., .Rails'.'..and sleepers, for this-station, and for:-the'two;,in-' dines,' ore,on the/ground, and are kid on'tha loiver incline into tie hinneLt'The'lower incline will be fcompletedrfor 32 chains . of l its • length, inolnding.'i9 ohains>of tunnel, few days, • leaving'••l - chains,'-: including'twb ;l viaducts ii) progress..' The jarrah, timber: fpr the viaducts, has been delivered,fand thovwork, of construction is well advanced. The oUffs flat formation is completed; tho'!large hydraulic.brake to bo stationed; there, to work the '.lower inclino, will be delivered in a few.- weeks,-.and jwill be erected when. the viaducts'iare'i.completed;,. .The-upper incline tunnel is being driyen";from both ends' with Ingersoll-Rand 'worked by-com-pressed air, the boilers,' c&iiipresso'rs,-and drills', having been imported, . conveyed through'.,very, difficult- country, -erected 'and'successfully' put• into operation duringvtbb past -year.' This in-' 1 ?,line is expected tovbo : finished abont the Vend; of the year. Water,'rightshave been'-acquired,: and races:are being laid'out, to supplyhydraulic; power & the bins/.'and .'shops'.' Water rights have also been acquired' 1 and' hydraulic power laid on for operations-at Soldier's Creek. .V, Saw inills and -bush".tramways .have'.beoricompleted, and arc- furnishing a supply . of; cheap timber for various .works and buildings-: in progress. Various . for shops,-; surithies, ; .office3, manager's residence, huts, eto.j: liave been erected; v> .Two .aerial ' rope trams} have been mado,'each-.with-a' .riso of about;. 600 fret, one to lower cool from the outcrops, 'to cliffs'flat., for-the use of! tho -.temporary," enginos, -'and the' other for the.-transport of materials' from below up to the flat. Sundry;, materials- and ; plant for tho bins,. v mine' tubs and "equipment aro- under order'-for early dolivery. >,' • " ' I'ho Government 1 has put . the ' Compan- in: possession of tho I '. Crown lands' necessary fori; the company's operations,' and has ; issued" the proclamation private land-fdr' tha' company's railway.-:;-Negotiations- deter-miniii"--the compensation payable'for tho latter lands'are beingtcarried ,on.■ The purveys, ■ desi"ning, layingSout,; ordering,..and. construethv° special appliances .and'-. machinery,.-watery power, road works, : ;-';'and ; -tram; linesfor the, numerous accessory:;,works . to. carry --,on .con-; struction-.' and transport an the ■ very - rough, and previously unopened, country -have taxed the;'energies of the'CompanyV.phief - engineer, end his. st&fE very; heavily. % V; ; -:£ The. operations '..connected: with the -.explora< tion full r )ro!irninar'y ;/ works necessary:', for. working the 'two .--lower■ seams' of ■ anthraeitou3 : coal have been proc«cleA..'.irith;. , . , .The< mine' manager -reports that, htf.is Abpresentydrivini*.' ia the No, 2 seam, tlio - face showing ■ about

13 feet 0f..-clean-coal. Exploration with the diamond 'drill at another point also proved this seam to -be about 13 feet thick of good coal. An outcrop of tho same seam has also been proved 18 feet thick. Tlio upper incline tunnel was .driven through . the lowest seam, No. 1, some, weeks, since, proving a thickness of 14 foot of first-class coal. '-The mine manager, states, that-the, general' results of the development. work 1 have been satisfactory. An extract is appended from tho. annual report of the Colonial Laboratory by Mr. J. 3. Haclaurin, D.Sc., F.C.S., Analyst to Mines Department, and it was stated, that the additional independent tests fully confirm the previous reports, showing .that -tho company's anthracitous coals stand first in rank as regards evaporative power and freedom from sulphur." Coupled with these facts, the successful development work and the intersection by the tunnel/of'tho lowest anthracitous seam will,' the; report states, givo shareholders .the fullest confidence in tho prospects of the enterprise. . ' ' The construction works,. throughout the en-, tire .length and the development of tho mine, were" :put in - hand '•■ and carried on simultaneously, with the expectation that the Blackball Government branch line would be completed early, in the year. - Although' only a very short length of this remained to bo done, the procedure was such as to load to tho conclusion that it would not be' completed within tho present year. Tho completion of tho company's works necessarily depends on this. The directors, therefore, de. ferred. pushing some parts of their work to avoid "premature outlay, and reduced the number of hands accordingly.. Tho company now has the assurance of tho Public Works Department that the branch-line will be finished very early in i 1909. . In accordance with the proposals indicated in the last annual report, ,a' further issue of 50,000 shares to provide for the completion of the equipment and development of tho property was offered for ' subscription. .Of thf-se,- 39,602 have so far been subscribed, chiefly by - the shareholders; •; the remaining, shares, together with the unsold balance of the first issue, are now under offer for public subscription. Since the construction ' commenced the chairman, and Messrs. Watson, Studholme, Noes, Pearce,'and Blair have visited the works. Mr. A. E. Pe'arco having resigned frenn tho board, Mr. J. Duncan was appointed in his stead. Messrs.' Blair and Johnston are tho retiring directors, and, being I eligible, offer themselves for ro'-olcction by [ the generaf mooting. The paid-up capital of the company is .£94.012 10s;, and tho nominal capital is w£125,103. The disbursements show that',£3G,42l 17s. Gd. has been, paid for mining leaseholds, interests, j and rights, buildings, materials and stores in hand, machinery and plant and office furniture; the preliminary expenses account totals .£2185 10a., and tho development account .£55,5.11 17s. Bd. The liability on account of machinery and material under order is estimated at .£10,500. ; v . ; - • -

AWAITING'THE SALES. , The. past . week ' has ■ not'• been productive of • very jihuch] by: way of , improvement, though tliings. -are' no'.worse. That is not saying a great deal/;for; conditions are still nioro or less demoralised, and wanting altogether, -in torio, and character. To uso a wool term, there is no "shaft/' in the market, everything being lean and weak to a' degree. . Last week-end there was a little buying indulged in, mostly" in 40's and 4G's tops, just by way of a slight covering movement, but where this was dono tho tops bought were at the lowest point yet named. Wlien a few cheap parcels had .been picked up, then topmakers being a little, unnerved decided, to sell no, more until London speaks,'- and tilings. rest : there. It , now all depends upon Coloman Street coming down to ■ Bradford's level, and if it doos we . shall, see still lower prices. There is at present nothing in this district to inspire, ono with much hopo that tho bottom is.touched, though' things cannot fall .very .much before we shall see a wave of 'speculative buying. : There are plenty of Bradford shipping houses as ; well as some spihnors prepared to place contracts for some bigvweights: if they can get -10's at a penny less'than what is an average quotation to-day, seem' detofmined to hold off until thsy"can do it. Tho accumulation;! of'jstock arci. gradually growing, consumption is. unqucs--1 tiopably contracting, and both yarn and piece orders' are very | much wanting. It may be thatytho advent of the' speculator would be' botM .a "boon and a _ blessing," for.it qnly l needs, onoj.bid firm to jump to see many more iii" sheep-like fashion. This centre is suffering inoVo from a collapse of confidence than", anything else, and if business can be. made to flow freely it will not be long before wool presents. a brighter face. All eyes aro .now tutpedi in the direction of London, and "tlio iiiiUjii-.Results aro anxiously awaited. Mori .here. arS. very, divided in ■ their , opinion as. itoV what*',the.' declino will - be, .perhaps the majority looking for medium and coarse crossbrcds.; to' fill all round 15 per cent., and ■'merinos cent. There is no. disgusing itlie fact'.that tlio financial situation is a., ivory pento one, and very few there ,-aro with ■'much'loosecash ready for the sales. Tho ipvcsbnt is ono of tho most difficult times that ;tho wool trado over experienced, and what :Ito do'' for tho best is a problem which is -gpjng to toko some solving. Thero is . no of the industry anvwhere either pre-paraC-or in a position to uuy liberally, and 'that' weakness of the present situation. The Customs rovenne collected at Wellington .yesterday to £2418C5. sd.' j .. . THE TALISMAN MINE. ■ Reliable, information just-to hand respecting; ■ tho; above, is all voij • satisfactory. ' Work is ■'going '-forward rapiflly at tho new poworhouse, 1 'and in six weeks or less the work of erecting the new machinery will bo put in ; liand. When the new pumping plant is in •! operation it will bo fully able to cope with -any watcs that may come into., tlio rniao m

tho lower levels. When everything is in working order a cross cut will be made from No. 12 level, east and west, to explore the| rtiino, and also to pick up tho Crown reefs, which evidently make into tho Talisman property. Recently the • Crown lias had a new find of rich ore, and the cross cut in tho Talisman is oxpected to reach this. The London Board, roused by Now Zealand shareholders is adopting ,a vigorous policy of development by supplying new plant, by deciding upon working down to No. 14 level, and' by 'sanctioning this cross cut to reach tho Crown reefs. The Talisman property":is worth all this attention, and tho shareholders may rely upon tho best and most satisfactory results. MINING. The following is a copy of a letter dated June 19 received from the Talisman Consolidated, Ltd., by tho Wellington Stock Ex-change-.—"The following cable has been forwarded to Talisman Consolidated, London:— No., 11 Level South, progress 30 foot, reef 18 inches wide; assay value Is. No. 12 Level South, progress 16 feet. No 13 Level South, No. 12 Rise, progress 25 feet, reef 45 inches in width; assay value 19s. Id." STOCK SALES. Messrs. Abraham and Williams, Ltd., report on their Johnsonville sale as follows: There was a full entry of bullocks, averaging from prime quality bullocks to light and finished steers. Prim" beef made 235. Gd.; best bullocks, JH) to .£!> 2s. Gd.; others. 10s.; light, .27 to „?8: small, 7s. Gd.; heifers,, £7 17s. 6d. anil .£8 15s. Thero was a good yarding of sheep, mostly of prime quality, including some extra fine wethers and owes. Heavy wethers. ISa. 3d. to 19s. 3d.;.light, 16s. 3d. to IGs. sd. and 17s. 5d.; owes, 18s., IGs. 3d., 16s. 7d.; light, 14s. 3d. to 15s. 9d.

Messrs. Dalgety and Co., Ltd., report that at Himterville salo yesterday, thoy l>ad a fair entry of sheep. Four-tooth wethers made lis. 10cL, and two-tooth ewes in lamb lis. 4d, Messrs. Dalgety and Co., Ltd., held their Pahiatua salo yesterday. A fair yarding of all lines came forward, 'and there was a modorate attendance. Prices remained mostly on about a par with last week. Two to four-tooth wethers' made lis. Gd., and forward owes from to 125.; medium'lambs, 3s. 7d.; fat lambs, ISs.;, forward cows, 50s. to 675. Gd.; store cows, 20s. to 305.; cows;in calf| 20s. to 505.; weaners, mother reared, 155.; three-year steers, 575. Gd. , LONDON MARKETS. YV TII,KCRA?H—PCESH ASSOCIATION —OOPTTtlGff* London, June 22. Silver is quoted at 25Jd. The wheat and flour afloat for the United Kingdom is 2,490,000 quarters, for tho Continent, .1,655,000, Atlantic shipments 225,000, and Pacific 13,000 quarters. Tho totals imported for the week were 750,000 quarters, uioluding 253,000 from tho Argentine and Uruguay. GEAIN AND PEODUCE. (BY TELEGRAPH —PnES-'i ASSOCIATION.) , Cliristchurch, June- 23. The wheat market is very dull at present,! and despite tho fact that the.price has been lowered slightly, millers are not keen to operate, and thoso who urgently require supplier are purchasing. Oats, \it anything, aro a sliado easier, but little business is being transacted. An inquiry by cable has been received from the United Kingdom for partridge peas.) Tho quantity offering at present is not large, but with a better market in the Old Country farmers will probably be_ inclined to sell. Oatsbeaf chaff is offering in fair quantities, but the demand is not very active, and about' £i is the ruling rate. Potatoes are not offoring in large quantities, and consequently thero is little doing. Prices show a furthor decline of about ss. per ton. The onion market has slightly improved, but trade is still dull oven at ,£6 to .£6 ss. ORANGES FROM SOUTH AFRICA. (by telegraph—press association.) Duncdin, June 23. The financial results from the sale of tho trial shipment of South African oranges show that there is little possibility of regular trade; being established between South Africa and,; New Zealand. The f.o.b. cost of tho fruit in Africa, tho need, of special and expensive methods of transit, tho clashing .of tho season, and the -heavy freightages are the chief-hindrances. The consignment or orangos placed on tho market this morning was in oxcollent condition. 'The' navel which showed slight traces of scale and mealie bug, had to bo fumigated. The prices realised were:—Navel oranges, lis. por case; mandarins, > lis. 9d.; largo brdiharv oranges, Bs. 3d.; and medium to largo and small to medium, Bs. per case. 1 A small profit was effected on sale of the navel oranges, but others wero sold at a loss. The cost of transit was' 555. per ton (measurement).