FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 234, 26 June 1908, Page 10

FINANCE AND COMMERCE.

.' THE 'SHARE MARKET; . '/ . • Thore was rather irioro than the usual,turn-, over oiitlio. Stock Exchange yesterday. There' ' - were sales of National' Banks at <£5 55., Wel;v lington/Investment "at 125.,. South British at • 3d., . and -'Union Steam at e £l 14s. 9d. ' ; Profit-taking appears to bo the oauso of many . i ;of '.these- sales. : Bank. shares wore in excellent. 0;. ..demand; - - National Bank, buyers jBS. Is. Dd.; : , Boilers £5 fls/iGd; '; Bank of New Zealand, buyers ~ - y£9; 2s. 6d.y'Sellers .£9 Bs. Gd. "Financial shares •'.wore , steady Trust and. -Loan, : ; /'buyers., <67 105„.% ■ sellers,;. VB7.' v,los: .. Gd. ; ;t ■ . 'Wellington; "'.'•Ddposit,. ■: •• buyers • 9s. • : Wel- ■ ;■ ; ,lington; sellers ': v l2s. v ' : '''3d. Gas : shares- wore unchangqd.,. Feilding'. Gos, sellers, 205.; - .Hokitika-'Giis, sellers',,£s'3ss. liisnraiicj shares, were..quiet,,' except-'for tho sale 'of :South" i /.British., Other' "quotations were:—Wellington Meat-. Export, third issue, sellers £3. 55." Gd.; • -.Union; Stoanv buyors .fr-Ms, fld.; Wellington ' 'f. : "• SWtilti" Ferry, j/El paid up, 1 sellers 18s.; Welling-! /Wn.-'Wobllen/fpiffors .£3' 7s.v: seller.l^i'.lOs. - "v'-Jtotijjny liope and Twine, sellers'2'is. j Leyland- ; O Brion/Timber, :sellers 435. Gd.; N.Z. Portland Cement,.cum/rights, 'buyers .27s;;'6d."'jv.'''N.Z.Times/--'; sellers lfis.; Sharland's,' sollers 20s: ■ THE 11IMNG ill \EJCET. ' : - Thore'wcre'sales of Waihis at' J9, N.-ZiiCrowni / at.Gs. Gd.',- and Tangiaroat Is. 7d. 'Talismans ,:vy woro in demand at Us. Gd. v 'ex div, v Tho .pencl- ' iu? labour.trouble at tho . .'-a; disturbing:; effect. ,; yesterday's •"-quotations' :'r-\ '.were as'undor:— ' . ' 1 , .

■' ■■ . - ■ Buyers. Sellers. ,'Sales." . *■" v.' . , .£s. d. £s. d. S. s. d. Wailu. Vi.;,... ...... 818 0 0 1 0 9 0 0 Talisman': 2 4 (5 .2 5; 3../ — $ Z Crown 0 G,- 3--''.!o G l 'B v 'o''.6 C May Queon ....' ... 0 1 8 — Tangiaio 01 G 01 9 017 7, TIIS WAIHI SOKE. . v .'•_ At the '.ordinary general meeting of the' the vWiiihiGold - Mining L Com-. ' pariy; held i|\\London oii Mny'l4, the chairman, ... in _■ with ■ theV past year's operations,' pointed: out,'that',' as.against,the increase in' the tonnage crushed,:, .there .was a demand iii tho. : average vatuo'.'o'f the. ore. brought'to tho ijiills,' it. was S2,'i4s.^ndl'this 'year! as against £2 '17s. Bd. last year, or. a falling off of 2s. 9d. per ton. But ;if',£878,485;" the total amount received for ;the output of gold ijnd .'silver during :,U>q year,' bo divided , by. 350,974, the number of tons crushed,, it'works out at £2 9s. 2d.;' v/ 1 evens , last ' year the corresponding figure was £S 10s. lid. The'efoye,. though -.the 1 pro.was worth.2s.: 9d. less per. ton', yet' t'ho 'decrease in what was' got out of it was only is. 9d. Be- . forritig to tho fall in silver; which is an important matter tp the Waihi Company, cuing ; to tho'ffact that tho,'output is about 1,120,000 • ounces, per annum, ho stated that' li.c fall had. been morb accentuated during the present year. . mid, whereas-during; .the' first four months of 1907, tho average price obtained was 2s. 7.23 d. per ounce standard,fin lOOt! it was :'s. 1 2!ld. '.With .respect to'tho working .oxyonsos, .the • total'for''tile: year was .£357,674, as against .£345.123 in- .the, previous, year, an increase of iC12,551. .. If,-- -for- the year,JC357,671, be divided by , the nuujber,. of tons crushed, it' is just 20s. per ton within'a halfpenny." Last year, tho corresponding ''* figure was oyer 20s. lid. per ton, so that U.o total revenue ..expenditure, .including development work and all London expenses, has been reduced by over lid. per ton during tho year.' Tho result is that the gross profit on the. revenue account for the' year amounts to .£530,190, being an'increaso of <£2S£l7 over the''■ corresponding figure of..lapt year.

WAIHI'S FUTURE' -DIVIDENDS. ' On' this question, the-chairman, said:—"For. many reasons, : shareholders naturally and. rightly desiro that as much of the annual distribution ias possible shall be : made in . the form of dividends, and if it seenis. likely that we shall be able to make ,a distribution of 16s. in the current, year, and certainly I can i'see no reason at present why no shall not-he ableto do so, then I think shareholders would like* ; us to start paying quarterly'dividends,'of'4s.. each'in Soptember. The result would- then if- the total distribution i/t respect of 1908 i 3 ..10s..—that it would be hiade by two dividends of 3#. Gd. each, and two of 4s. each, and a bonus of Is. It. is impossible, of course, to forecast, at present what the.-exact distribution for .1903 will be. but I think wo aro justified in basing our calculations on a IG-s. distribution as a minimum,- and .-in -indicating, a'.4si dividend as probable in September, unless' any unforeseen ovonts should occur to : -prevent .it. The principal argument against this arrangement of the distribution is that if the results at any time proved disappointing after the'quarterly dividends had been increased to 45., so that in any ■year.a total.; lGs.\ distribution could not be properly paid,'thert ■ it' would :bo worse for-the Company to have to reduce dividends than if it could make up for the falling off out- of- the bonus. But having regard to the developments of the mine and the whole financial .position, we think it would be carrying-- ''conservative' principles too far, to allow'this argument'to prevail. We are dealing with a mine, and ;we. all know'that risks are inseparable from mining, and all. that. v.-o can do ..is to minimise, thom by careful finance, 1 as we have always tried to do, but a fair judgment based on all thd- circumstances of the ; case : points" to' the probability of the Company being able to sustain a 16s. distribution as dividend.'' -The threatened strike at tho mino, if it materialises, will probably cause a modification of the dividend policy of the directors.

• V EXTRAVAGANCE.- ,■'. The "Now Zealand Trade* Review," issued yesterday, details exhaustively with tho im-ports-'into New Zealand for the five years 1903-1907, and says:—"ln the presont issue we give interesting particulars ■'of tho importations of New Zealand for tho last few years, which,'as wo read thom, point to a spirit of extravagance on th'e part of tho community as a whole. We think it must be conceded that an increase in our importations at the

WEI LIN CT 0 N SHARE LIST.

fato'of 15 per cent." in each of two corisecutivo years, .with an inoreaso of population at the samo timo. pf;. 3 per cent, per annum or less, is extravagant. While- the valuo of our exports was increasing from year to year by eaps and bounds such conditions woro possible, but the sorious fall that has now takon place m this direction clearly calls for. a halt, and ljMjiink thisjis generally recognised. • Caution is being observed' by importing houses, the result of which wo expect to soo mado mani-. fest,in the'.scale: of, our importations in the ,near _ future. -Tho ' country, is .undoubtedly.sound, "-and- .With a- sane .recognitibn of'' the actualities of the- position there• is. no reason' to anticipate any sorious trouble."

.' I THE MEAT TRADE. ' ' : " It /was - reported "by"' cable'" refeofltly that, ...owing, .to, tho shortage; of; supplies, tho prico of ment- -m Groa tB r! tain had been advanced. Of tho, shortage there,is .appareritlv. no ques'tion; for ' according, to tho Colonial Consignment and Distributing Company's circular, datol May 15, tho imports, .into ithe United Kingdom for ■ tho period from January 1 to 'W ®> compared, with the corresponding period aS n,-S r ', sllow that 20,282 fewer live sheep and JSuj fewer, livo cattle:woro imported, ohiiled beef totalled -d().9jocwt. - The imports of, frozen mutton and lamb were less by 615,323' carcases, but ot frozen beef'there.-was'ah-increase of 76.621 .quarters. , 111.addition:to this-enormous shrinkago in supplies in Great Britain it was as.sorted,.'that a..considerable Quantity of canned moat, was being ro-importeil into New' York' because of- shortage there. The American shortage may bo, dismissed, for what rcallv happened was that old canned .meat 'was resold by the War Ofiico, and'this was bdu'clit "P-. A"J?ricww for their own market. The .British War Office ?s -still buving meat in Anrorica, under conditions' imposed by the authorities. The position of tho United Kingdom as regards shortago of supplies is clear, and one would think that wholesale prices would, under the circumstances, havo improved. If, thero has boon any improve-' men., it has. not 'been felt to any extent by .-frozen,meat sent'.from Neiv Zealand! ■ Taking cabledto Now,.Zealand by tho High . Lpminissioner. .tho "quotations 'at dates 'spven vweeks apart comparo as undor — 'Mutton- ' May 2. June 20. Cantirrbury 4UI. • 4Jd. '«/• ■.Northilslaiid 3Jd. ■■ 3Jd! Lamb— ' • - , Canterbury <s?d. '/ s|d. „ Othors 5Jd. 5Jd. Jjeef— ,» • • • -Hinds ...i..'....'........ 33d.,' 4d. Fores 3}d. -, ' '3d. The figures are disappointing for taking the average prices; thero is a decline in mutton no chango in beef, and but a slight inoreaso ;in lamb, v In-their circular above roforred to the Colonial. Consignment, after 'reviewing tlio statistical. position, and tho trend of priccs s.ay:j-"Tlusiis a disappointing position in viow of the , fact that tho output has not been largely 'increased," aiid it evidently points to somo privation amongst tho classes with whom imported meat is. a staple article. There does not. appear' to bo tho. free purchasing power which gives life and animation' to any trade and which would., bo. heartily • welcomed v by' both the importer and retailor." It seems thei-ofore, that although imports are in arrears'as compared with last, year, they aro lioverthelcss^-nioro :than,sufficient to meet the present . restricted demands, and' while tho purchasing power of •'tho. poo'plo of the- United Kingdom is curtailed thero can be no improvement in valuos-.'■ ;

NORTH BRITISH INSURANCE, iAt - tho annual meeting of the. North British Insurance Company;" held at Edinburgh, the chairman stated that during the past year tho company had not suffered from any of those disastrous conflagrations which had wrought such havoc in'.thoir, affairs for the four years ended 190G.' 'For the' five years ended last year ;thoy had-;paid somothing like i£870,000 in ro.spect:'df"(hose'.,disastrous conflagrations! Notwithstanding'that'tho company' had been able to'-distribute-tho same dividend and had increased the sum carried forward. Sinco 1904, owing to the" increased value of money, they had seen their hidden reserve gradually melt away, and during the past two years' they had had to malce''some provision towards meeting the depreciation. There was every "reason .to hope that when the stringency in money passed away thoy would- not only have the benefit of. the bettor i'nvestmofits, but would seo a considerable proportion of that money come back which they had put on one side for depreciation.

Yesterday the, Customs revenue collccted at Wellington amounted to .£2854 3s. 2d. ' ' * " ' ' LIVE 'STOCK SALES. The New Zealand Loan and' Mercantile Agency C0.,.-Ltd., report:—At Palmerston on Thursday a small entry of sheep and cattle came forward. Wo woro successful in quitting the"'wh6le'of our entry at fair rates. Sheop— 2-tooth wethers made 13s. 5d.; ompty owes, 7s. 3d.";" niixed 'sheen," 8s; Cattle— cows, £i Bs. fid.; forward bullocks, £5 Bs. 6d.; light fat bullocks, • ,£6-,125.; forward cows, .£3 2s. 6d. Messrs. Dalgety and Co., Ltd.,. report that at their Palmerston salo yesterday only a small entry camo forward. Thoir principal sales were:—2-tooth wothers, 12s. Id.; empty cows £2' Bs. ' LONDON MARKETS. BY TEIjEGEAPH—FItEBS ABSOCIATIOM—COPTItIOn) London, Juno 21. Copper.—On the spot, .£SB; three months, £58 15s. . Lead, .£l2 12s. Gd. ■ Silver, 25 3-lGd. At tlio tallow, sales 1072 casks offered and 1312 sold. Prices showed an occasional threepence advance. Shares are .unchanged,

SYDNEY WOOL SALES. BY TELEGfiAI'H —mrSS ASSOCIATION —COTTnIQUI Sydney, June 25. Tha wool sales included, n few lots of now Queensland clip., .. Greasy sold to lOld., scoured 201(1. . FROZEN MEAT • MARKET.' ' ■ (by telegraph.—press association.) Napier, Juno 25. Tho C.C. and D. Company cablo the following report on the frozen meat market:—Canterbury mutton, 4Jd.; Napier, Wellington, North Island, 3id. Lamb, first 5Jd., second 5Jd. [ Beef, hinds 4}d., fores 3d. CLOSE OF SYDNEY WOOL,SALES. nv telegraph—press association—corYitioni (Bee. June 2G, 0.42 a.m.) Sydney, June 25. The wool sales hare closed for the season. Bidding was spirited, and there was a tendency to improved prices. HIDES. 07 TELEGRAPH —PRESS ASSOCIATION —COPnUGHT, (Roc. June 26, 0.42 a.m.) Melbourne, June 25. In the hides market there is fair competition. Prices are steady.

' .. Besorvo ' y,.., i,e . rHICES. v;„t, COMPANY. - Capital ■ Fund ana . "! ° . >r;. Pua up. n*i»nc»-qS5 l ,jr '> er ( 3§ — . . / .. . , krw»rt. £"»»»• Bwr.' Seller.' ££ , InTeslor - banks, .• £ . ;j6 . £ £ a _ in < 5. a. t «. a. Nationf?'"- •" ■" MM® mm' 31 3§ ' 10 0 8 # 0 8 6 0 0 0 S 14 1 national ...■ ... " SJSflX) ' 335.318 ai 15— 12 6 4 0 8 56 6 5 0 5 14 3 INSURANCE, jod - cco W9 - 3M i nnlia. 15 l 7 o Sotlrt 5i??l2l,- •" "• r - a*WW> 336.674 3 . B 10 3 15 0 3 16 0 S 15 J £ S 0 Standarf ."V "A . «*>•«»' ' .'433.840 ! .-.1 , 44. =0 2 15 0 2 14 3 5 10 7 . Standaid .... 76iOCO K368 , 3 9i ' 10 i j 0 133 . . FINANCIAL. Einltable Bnildlng. ... £0,000 £9,742 ,5 5 10 10 0 0 10 2 6 10' 4 6 4 19 0 Metropolitan Building 50.743' 5,688 io nil 7.. ' c S ■I™?;Ai's'-v -'w 3 " M i 4 g on-o -on s 012 0 500 101 ' 2S ° 44,334 5' 5 8 7 10 0 7 12 6 7 10 6 5 0 2 . National HortBaRD. . oco.CCO 127,745 2 8 10 2 19 0 300 300 6 13 4 Iml U»™™Hln 300M W 1 nil 8 1 11 6 1 12 0 1 11 6 i 8 11 , Loan and Hercantilo 135,223 315,133 / 1 ; S4 5 0 4 6 0 4 5 11 6 8 ■ .. 'GAS. ..... ...... ' Auckland w'v'r'.:. ... iie0.370 " f5;463 5 nil 36 .,.70,918. 5 nil 10 "017 6 10 3 6 10 0 0 5 0 0 V, .- . ' KB. 1 nil-' ... 013 0 1 0 0 010 G &T-;: ::: ::: ::: . ■ J, «n r m . , «» o ,210 0. 510.0.. ' ••• . sS' B * . nil 1 12 ; V ■ -f- 1= 3 2 6 ■ ; 'inflB'. 4' - •Wellington. . ... ... ... .... i . M nil ." 10 ,13. .7. 6 10 10.0 10 7 6 5 3 3 •• - ••• ••• i "•' J0 5 5 io"'1010'0 . ...MEAT.';-;;:. ■> ' ' ' '■ oi n iH r v Urs i'''163,727. 32.GS6 74 55 8 '"•••'■■ 8 o' 0 i- Unristchurch- ... .... 'i 165,020 v 77,642 io nil 8 lO.'.O'.O 10 2 6 10' " 0 7 14 7 . boar.... -... . ..., ... ... ... I go (jog r 6 / 01 1 nil 12} 2 9 0 2 10 0 2 0 0 5 2 0 „• •• . . - | • 4 6 125 915 0 10 0 0 .A. / WelhnBton Meat Export ... ... .5 nil 8 612 6 J 105,766 53,767 4 1 8 5 2 0 ' "A.WansanniZ y : 45,B50 : ;. i; ; 10,315.; >f / J • 3 ° 6 : . „ . Transport, " , . ,.''y-andJI.Eaih T ay... 170,000 ■' lai.-j'sd 1 "i 'f'V' 7 s 2 7 6 290 i 0 0 217 3 ..... £.Z. Uhippins 473,840. ,110,760 ;8. nil 5 5 10 G G .2 .6 • 6,'"0 0 013 4 • ''&^ n ' .1 ■ nil ; Ci ' l'14'.O : 115 6 1 14-9 5 9 3 • ■ WBtn. bteafli Porry,i! ...46,250' 65 i - 'nil \6 •' ' 0 18 0 " . ' ' COAL. "I -"v..: '' , ' ••*'' , L. ■V'ji:';. S..;. .250,000.. . 117,35 V34 V; 'ii.'-12J'818.0 '.618 6 6 6 4 ..;, . raup ir i.15.000 , fbiitiO.-. -j- nil 7} 10 0 0 19 6 7 14 0 .". . ' ' '•. WOOLLEN. ' J-V-r ;• • ■'■ ; ;V:Kaiapol:- : ;','U..'ilOO.OOO; ". :. *5 :: nil "; i'' . •'Hosffiel ' 83,457 ' 17/214 ai li' 4* ' r3 1 0 -4 19 0 .Wollington, • t2,025 .. U4.3S3 -4 .1. G .3 .7 0 ; 3 10 0 3,7 : 0 7 3 3' . . . • MISCELLA:!E0US. . -'"V . V '.' : .i'BoniiBh/, Kope.7 s; : .„ : 13,600.' .. 151 1 nil : 6 1 2 :n '14 0 ' ' : Lcyland and OBnen, W.OOO .37,761 1 -nil 15 2 2 6 2 3-6 2 3 0 lO-O. UaariceTiUe • Limov •• 7,000 , £05 a nil ,8 . •, - , . S.Z.. Candlo .. '. ... 10,001) ' {75 10 " nil' 8 ' " ■ " 'w7^ rUS3 'ir-rr-•" MOW- AW® IS nil .7- -210'0 2 11 6 3 11 0 6 3 0 '8'^ -: aPar i - 31 ' ■••• .f-4,775 ■ -ljS2 . 1' nil - 7 -1 1-0 12 3 1 3 0 .N'./„Cemcnt.' ... ... .... ' ' 40;C03 > ( , 2.04S '1 , nil. i<l ; 7/* 6 0 o-'r :'!WC0 '. 3!,b5o;. .4.; ,':...i . m .,si6;'o • -= 3 jg 6 wo 1 " . Co.-...;,• ... : tO.COJ . dMSS-' 4 1 10 415 0 5 0 0 4 15 0 8 8 5 ' - J#. tn ' g!> eI L a ... ,18.630 .1.'i05 5 nil 1$ ,, i etn. Froah Food' .... ... t6,afil ... "l" '"nil' .'Whikombe:and.Tombs' ; ; <6,k'50. :o,15C, .5 nil 19 • "" .1 -'nil' ; 7i V . : 1 0 0 0 19 6 7 14 0