FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 237, 30 June 1908, Page 10

FINANCE AND COMMERCE.

THE SHARE MARKET. /v;: vMpnday ; 'is never, a:"busy -day.'.'witK the, Stock Excnange, 'nevertheless a' little' Business was done. Westport Coal shares sold at M 18s., yielding to - the'.investor JGG. 7s. per. cent, approximately, r Bank shares'were steady.'' For Bank of New Zealand - ,£9. 2s. 6d. was offered (ex dividend), which is quite a fancy price, in view of the fact that the dividend is not likely to exceed 10 per cent, for some time i 4 to come.. National" Bank, buyers £5 is. 6d.j 'sellers iill. ss. 3d. Financial shares were in. good demand, .with buyers, of Wellington .Investment';at''lis. 3d., Wellington Deposit at 95., and Wellington Trust and Loan at £1. 10s. Gas wero quiet, sellers quoting 20s. for Feilding :■ Gas, nnd .£5 15s. for Hokitika Gas. South British Insurance shares were on sale at, £2 155., and Wellington Meat Export, third issue, at i 3 ss. Shipping shares were in better demand, New Zeafandj.'Shipping. shares were .wanted at £6, sellers asking .'IBO/23.'' 6d.,; and '-'for •"•Union Steam buyers bid 345. 9d., with'no sellers. Other quotations; ,were Woollen, buyers i£3 75., sellers .^3-lis.'; .Westport-Coal;-buyers £6 165., .sellers .£G 18s.; Loyland-O'Brien Timber, sellers '£2 3s. 6d.; Sharland's ordinary, Ecllers 20s.

; -THE MINING MARKET. .. . .:. Talismans-made'an excellent-recovery I 'yesteit-' day, and,' sales,;,were.• made at 445.6 d. ,;and-.-<44s;<, 9d., withVstrong- .buyers ;,at tho,.latter;;, jf figure. Tangiaros have weakened,' sales' being 'made at Is. 6d.,' with sellors at'ls. 7d. Yesterday's, quotations were as und0r.......... '"Buyers." " Sellers. Sales. £ s.' d. £s.d. ■ £s. d. Tangiaro 0 1 5 0 1 7 0 1 8 Waihi ... 9.0.0 ,9.. 2.,6 — Talisman ...' i.isi. 6 .249 . THE MONEY MARKET. The London, money market,was .exceptionally easy last week. The gold in "thg. IsSue'ieparfe ment of the Bank of England amounted to the enormous sum of .£37,852,000, as compared with' '.£34,219,000 a year ago, and the proportion, of reserve to liabilities wa5;51.17- per cent.''The favourable showing is in dfert due to tho end of the quarter preparati™, and. this week's disbursements will '"'show '■ "-'-some - importantchanges. Money, however,'is in plentiful supply in London, due to tho dullness.'-cf;, trade,; and because money is cheap 'iii.-London." it is dear in New Zealand. The trade dullness affects the value of Colonial produce, there is a. smaller income for-the producers, and consequently less money is. available for local , expenditure. ' The'.money-markets: of Paris'and Berlin aro higher than that of London." The Frenoh'capital 1 has the pending Russian-'loan: to provide for, while Berlin is suffering from. financial ' stringency... . According . to., tho "Statist,"- Germany .:'is largely ■-indebted to ' France."," The' French banks are employing at the present moment vory laTgo amounts'in financing business in Germany. Therefore,- if., thero we're to be any considerable decline in the rates of interost and discount in Germany, it is probable that French capital"would bowithdrawn, and that would certainly: check the fall, and possibly might cause:a'recovery inrates. Still, as trade slackens, money, is bound to bccomo cheaper, and- more .plontifnl, and ultimately- tho state of things will enable Ger-' many to pay off its indebtedness to'other countries." Under the circumstances that now.prevail, -Franco-may .be obliged to. withdravj.funds_ from Germany, for it is important that she should support the Russian loan as soon asever it .is- proposed, "andjits emission 'cannot, long be delayed/ ■ ' i >- «■ .v>■" '

: ",- *LONDON STOCK EXCHANGE;.'-'"'.. The«;cheapness :.of .mqney..vlias.:not .'.brought.about an improvement in business on the London Stock Exchange. Gilt-edged securities have not revived, and'new capital applications aro not as well supported as could be wished. The position on/the-London Stock,'Exchango may be judged from the.fact that 193 membersintimated their intention of not applying for re-election, and ten others did not trouble to apply, making a total-of 203 withdrawals. The "Financial Times," referring, to ~this,,s ays:— "Of course, some of these may. be merely taking advantage of the rule which allows thejn to resume business at the end of twelvemonths,; but in'any case the fact that so'many should not find it worth while to continue membership -affords^striking■ evidence-of the depressed condition into which i business has fallen." ... , • , . ; .- ; SUN FIRE OFFICE. The report of tho Sun Insurance Office for the year ended December 31, 1907, states that' tho premiums received on fire account, less reinsurances, amount to-. ,£1,477,643, ■ and . tho losses paid and outstanding to !£722,114, whilst tbe expenses of management amount, to ,£531,181. After providing for the usual'reserve of 40 per cent, of the premiums to covor liabilities under current policies, there is a credit balance of .£317,882,'". whioh has , been transferred to tlio profit and loss account. In anticipation of the Employers' Liability Act, 1907, a sum of £60,000 was transferred from special reserve to constitute an accident, etc., reserve to meet the expected requirements of tho Act. The premiums received'by the accident and the general insuranoe account amount to .£63,551, and the losses paid and outstanding to vC21,732, whilst tho expenses of- management' amount to "J!19,640." After providing for a resorve of 40 per cent, of the premiums,'-there'is a debit balance ,of ,£2OIB, which/lias ,been transferred to:'the. pro-' fit and loss account. The income 'from investments', during the year has ; amounted., to ,£97,271, and there haa been'paid'for dividends in respect of 1906 >£020,000,, leaving a balanco of profit . anil losp of .£40,253. This, by ' ,the operai.ior.i9; of the year, has, been increased to JE353.574. There has been carried 'to pension fund ,£SOOO, .and, to. general, reserve, f-oruwa. credit- balance of .£258,574..

WEL 11 NGT O N SHA R E LIS T;

Out. of this an- interim dividend at the rato of ss..por. share was 'paid in' January 'last, >and the • directors' have declared a further dividend of ss. per share, leavinj to be earned forward .£138,574. . . ~

AMERICAN CRISIS REFLECTED. There are a good many people, who still pretend tp ; bsliovojhat -not a ripple of the Ameri'ca'n'finaricial crisis"has been •felt' in New-Zea-land. Business men know differently,' and shippers of . wool: andr sheepskins, hides, heuip, kaurE gum,". v ,an.d I! :spni6 other products know to their', cost that we have been hit by a ' mighty,'.wave., A snipper of sheepskins has placed ot our disposal an invoice showing the results obtained . bylo3 bales of sheepskins sold at the May sales. The lot sold for ■£BS3 ss. 4d.; and tho unfortunate shipper is called upon to make good a, deficiency of 16s. The a'dvanco obtained against the shipment was on a, par with that previously cured, ;tat ;ftß-pjarket had slumped, and ■skins whfch'at'che»;May salesi loßt year readily made B|d. , were sold at the May sales this year at 4jjd., a fall of about 50 per cent.

NATIONAL". SHOE'AND LEATHER MARKET .v. . PAIR. . ~-;. The v (Mr. J. Duncan) has .;be i ßn. | ydvised,-.that, the third annual National . Shoe' tuoid'Leather'Market Pair will be held in ''Cliibagfr'from'-AupriSt 26 to September '2. Manufacturers may exhibit samples, and buyers and sellers from all parts of tho world may attend and interview"! representatives of the leading Amorican houses. ... . _ NOTES. '' • The net earnings of the United States Steel Corporation during the first quarter of this year, were ,£3,718,716, as compared with .£7,980,888 in the' first three months of 1007. Naturally the various appropriations were much .reduced, but tho Corporation continued to; pay-i -2 -per cent.' fc* the quarter on its common stock. ••• v - .. .If. the,.Dutch, hav.e taken Holland, the Swiss ihave.^says-.an l "-English, financial "paper, captured Australia—so far at least as the lacteal fluid goes in tins. The Cham Milk Company has taken over, lock, stock, and barrel, the Cressbrook Dairy Company, of Brisbane, at .;prioe;„ and factories in Toogoolawah and'"Wilson's Plain, also in Queensland. Condensed milk, this paper adds, has become a current feature on the highly-pro-tected,. breakfast,, table "down under" ; sirce December,, last..:;:';,, Tho attempt; by-the Canadian Government to stop'the'dumping'of tin plates' in Canada is already encountering 1 a good deal of opposition. It'appears';that'.'from May 1 a dumping duty of'ls' pef'cent.'was' levied upon all tin plates coming into Canada,' -and one grievance is that the notice'was'to'o short, as tho tin plate for tho canning soason is now on sea, and much of it by this time will have arrived. It seems also that the total produotion of Canadian-, made tin plate would hardly be equal to the capacity 1 of: one large' cannery.. The"■ rapid " development in ail branches of life assurance in-the United Kingdom during :thiClastjtwenty,".Tears is shown by the returns furnished annually to the Board of Trade by British companies. These havo just been issued and-show that *the premiums on ordinary assurances have' increased from .613,033,945 in 1888 to .in 1907; and industrial assurances, taking the''same period, frim .£5.523,'811 to"h(Tles!f" than' '.£31,765,237. Tho total assurances in force at the close of last year amounted :to -£713,491,783 under ordinary tables,., iii addition to .£251,553,949 by means of industrial', policies..

• The depression.in America is telling severely on the Government revenue; For the ten months, of- the -U.S. fiscal year ended April .30 .'the totiF revenue 1 amounted to ,£102,756,656, a decrease of -28,4-15,000, as compared with the like period of-the preceding year. The expenditure for tho ten months amounted to .£113,292,157, an increase of .£13,607,000 as compared with the like period of the preceding 'fiscal year. The "excess of expenditure over receipts, for the ten months amounted to j510i035,500, whereas last year there was an excess of receipts over expenditure amounting to .611,516,500. - . 8 -Reporting upon the iron and steel industry in the United States/ "Dun's Review" says that dullness..continues, the outlook for the year being indicated by a reduction in the estimate of ore shipments to 20,000,000 tons. Several mills have resumed, including some of the leading rail plants, but these are not started at more, than one-third of their full capnoity. Demand is.most active for tin plate, the principal producer operating 85 per cent, and the smaller companies 75 per cent. Wire products experience a seasonable movemont, and the new 'year's demand for cotton ties is fully opened, although production Will not equal that of 1907. / ' According to the returns received by the British Iron Trade Association, and published ill "Tho Iron and Coal Trades Review," the production of Bessemer steel ingots in th» United Kingdom in 1907 was 1,859,259 tons, as against 1,907,338 tons in 1906, 1,571,210 tons'in 1905, and 1,781,533 tons in 1901. Of the 1907 output-1,280,315 tons were made by th» acid process and 578,944 tons by the basic process. ,The production of Bessemer nteel rails in the United'.'Kingdom'ih 1907 was 832,576 tons, as compared 'with 851,740 tons in the previous year. The production of puddled iron in tin United Kingdom'.;in .1907,' as far, as tho returns are available, was 975,083 tons, being a decrease of, 35,263 tons on the output of the previous ■year,* but an increase on 1905 of 36,525 tons. . The, Customs revenue, collected at Wellington ikterdaiamoiHited'to .£1929 16a. Sd,

STOCK EXCHANGE. CBT TELEQBAPH. —rEKSH ASSOCIATION.) 0 , , Diinedin, Juno 29. otock Exchange quotations: — Dredging btocks—Alexandra Lead, sellers 35.; Bignell's Notown, seller's 35.; Chicago, buyers 'Is., sellers <s. Gd.; Electric, sellers 10s. Gd.; Golden Bend, sellers 12s. 6t1.; Golden Treasure, sellers £2 Is.; Ivoputai, buyers .€2 4s. Gd., sellors -£2 75.; Ladysmith Jcontrib.), sellers Is. promium; Molynoux Kohinoor, sellers 2s. Gd. ,• New Trafalgar, buyors 18s. Gd., sellers JCI; Now Roxburgh Jubilee, sellers 95.; Notown Creek, sollers 10s.; Riso and Shine, --buyers ,£1 10s.; sellers .£1 lis.; Rising Sun, buyers .£1 12s„ sollers ;E1 15s. Gd.; Sailor's Bend, buyors Its., sellers 15s. 9d. Mining Stocks—Big River, buyers ill 2s. Gd.; Talisman Consolidated, buyers £2 3s. 9d., sollers £2 4s. 9d.; Waihi Grand Junction, buyors .£1 165., sellers -CI 17s. Investment Stocks—Bank of New Zoaland, buyers £0 2s. Gd.; National Insurance, buyors .£1 Gs. 9d.; Standard Insurance, sellors jGl—2s. 3d.; Perpetual Trustees, sellers 195.; Milbnrn Limo and Cement, buyors .£1 75.; New Zealand Drug Company (.£2), buyors i£2 10s. 6d. ( sellers ,£2 125.; New Zealand Portland Cement, buyers -51 Bs. 6d., sellors -€1 10s.

HIGH COMMISSIONER'S REPORT. The Department of Industries and Commerce has received the following cable from tlio High Commissioner, dated London, Juno 27:- ■ The mutton market is quiet but steady. Prices aro unchanged from last week. Thero is a good demand for all lamb, and the market is' very firm. Canterbury brands aro quoted at sfd., and other than Canterbury at s'd. per lb. ; 1 \ Thero is a better demand for beef. Supplies of American chilled beef aro small. New Zealand hindquarters are quoted at 4Jd., and fores at 3id. per lb. The butter market is very firm. The Tongariro shipment arrived in good condition. Choicest New Zealand .is quoted at 1145., Danish 1175., Siberian 108s. per cwt. The cheese market is very 'firm. White makes are quoted at Gls., and coloured at 595. per owt. The hemp market is quiet but firm; Good fair on spot is quoted at ,£27' 10s. Fair grade .£25; fair current Manila .£24 per ton. For forward shipments ss. per ton less is asked. -The cocksfoot seed market is quiet, and buyers are not keen to do business. The American crop is expected to be light. Thero is a much bettor demand' for wool. Tho current quotations for Bradford tops are: .36's, low crossbrods, Old.; 40's.ilow crossbreds, lOd.; 44' a, medium crossbreds, lid.; 50's, halfbreds, Is. 3Jd.; sG's, quarterbreds, is. 6d.; GO's, merinos, Is. 9}d. The hop market is very guiet, and thero 16 nothing doing. Best quality English hops aro quoted at 60s. per cwt. THE . METAL MARKETS. BT TELEGRAPH —PRESS ASSOCIATION—COPTniOHi London, June 28. Copper—On spot, i£s6 17s. Gd.; threo months, .£57 10s. Lead, • i!l2 125.; Gd. . Antimony, .£9., Silver, 243 d. COLONIAL AND OTHER PRODUCE. BY TELEGRAPH —PRESS ASSOCIATION — COPYRIGHT London, June 28. Sheep—Canterbury, light 4 .3-lGd., medium 4 l-16d., heavy. 3}d.; North Island, 3 9-lGd., best brands 3 11-16 d. Lambs—Canterbury, unchanged; Southland, 5 7-lGd.'; North 'Island 5 5-16 d. Beef—Unchanged. . River. Plato Sheep—Heavy, 3Jd;; light, 3Jd. River' Plate Beef—Unchanged. . Coprar-Market active. South Sea .£l6 7s. 6(1. Hemp—Weak. June-July sh'pment, <£27 7s. Gd., ' . Linseed Oil, .£25.

■ »i ■ ' Reserve »S TJIM-' J, 1 ' PRICES. Yield ' COMPANY. . : tPW'.'? 1 F™ 4 anii Ji litv Mr to " PaidUp, Balrinca jjco gbaro t> on - Last Investor. ' ;l " -•••• Fomanl. g. Payor. Seller. gale,. ■ BANK8i'' v i: : : _,, ,£ j-i's; £ s. a. £ e. i. £ ». a. New Zealand :,.; ... V w " ... 2,000,000 . 501,097 3 l 31,. 10 !>.,2.6 0 7 6 0 0 0 314 1 National ... . 375,000 -.335,318 2j • 15 -11 .C I 6 6 5 3 6 5 0 5 14 3 INSURANCE. National , 100,000 - 240,339 ■ J unltd.15" 1<T.:0 New Zealand "... ... ... ... "300,000 . 396,674. J , 8 . . 10 315 0 3 16 0 315 6 5 6 0 South British ......... ... lOO.OOO 432,240 I 44 30 " 215 0 ,215 0 5 10 7 ■ standard .... ... : ... ... . .... 75,CM; ■ 93.3S6 ■ J 10, ,1,1 9 12 3 12 3 FINANCIAL. .... y. Equitable Building ... a, s., £0.000 60,743 s 5 ' lo' 10 0 0. 10 3 6 10 3 6 (19 0 , Jtotropolitan Building ... ... 50,742 . .5,688, in - nil 7 Wellington Invest. .... 50,000 ' '3,833I *; 6 "Oil'3 012 3 012 3 5 0 0 Wellington/Trust and Loan ... 301,250 ' 44,334' * " 6 -'8 ' 710'0 710 0 711 6.663 National Mortgage ... ... .... . 200,000. 127,746 a 8 ID 2 19 0 300 300 613 4 K.Z. and Elver Plato ... ... . 300,000 1 252,000 \ nil-.8 Ill-6 113 0 111 6 4 8 11 loan and Mercantile ... ... 135,223 315,133 }8J 5 046 045 11 68 ' 0AS < 'V'?: Auckland ,. «. ;1S0,37D?' 65,4&' V .nil ' 16 . . , Ghnstchurch ... ... ! l£0,00ff\. 70,918' -f ."'•'ffl * '10 917' 6 9 10 6 10'0 0 5 0 0. Feilding ... 12,000 933 1 , nil ... 019 0 1 0 0 019 6 Gisborne ... : ... 17.300 10,565 (.fail ' 135 2 12 6 2 10 0 6 10 0 Hawera 8.250 " 694 J f 10 • Hew. Plymouth ... ... . ...18.000 .3.150 . -,5 . nil- 10 Na B lor . ■ -..V v-i . 1(| -/riU '15 ' J ' 1 ••• - 49.057 23,184 5 5 15 3 3 6 Palmerston North ... 27.000 11.OM A % io ' ! Wellington ... 1 1Mfim ■ 71Ma _ 10 ' .nfl 10 10 7 6 10 10 0 10 7 6 6 3 3 I : « ». . ». •" - t/ LA,m 5 : 5 10 1010 0 . ■ i ■. 1 •: ■',... ' .. . . \ 1 . ; Canterbury ... • .'183,727 ' 32,686 7j *2}: 8 . 8 0 0 • . Chriutchiirch165,920! ,.,'.77,643 io ,. nil 8 10 0 0 10 0.0 10. -0 714 7 fiear ...v . ... . ... > j nil 12} 2 9 0 210 0 2 9 0 6 3 0 • .. l i-. N-W. 4 -6 isl 015 o io o o , ■Wellington Meat-'Eiport ■ 5 , .'nil : >-8 612 6 — " .. „ ... •... ... ... ... I 105,766 63,767 4 .,1- - 8 ■'•- 5 2.0 jjt 1./ . ..... I & ;.fl 8 8 8 0 .. ' ' .Wanganui , „.45,850 i .;10,315 .;. 5 ' nil 8 ; , • .transport. . ' s C-f W. and M. Eailway ... 170,000 121,453 1 t 7 2 7. 6 3 9 0 2 ',0 0 217 2 • ■ N.Z. ShippinE ... ... ... 473,840 110,760 a nil 5 6 0'0 6 2. 6 6 0 0 6 13 4 Onion Steam'• EOOJJOO- '.381.917. 1 nil 9} 114 9 115'6 , 1 14 9 5 0 3. ' .Wetn. Steam Ferry -46,250., .-.K 1 ' nil .6 . ... 0.17.6 . COAL ' ; . . Westport ... ... •„.• W - 230,000. 117,215 ai- 15 123 6 16 0 6 18 0 6 18 0 6 7 0 . ... Saupiri ... ..... .... ... . ... -65,000 5,339 j nil' 71 1 0 0 .0 19 6 7 14 0 WOOLLEN. Kalapol ... ... ■„ •... 100,000 - 82,854- - 5 ' HobeicI ... ... ... .. ... .83,457 '17,212 -'34 11 14 - 4 310 412 0 Wellington ... .... ... W ;(2,S25 24,363 4 ,1 6 37 0 311 0 3 7 0 7 3 3 MISCELLANEOUS. - 1 Donashy Eope ... 23,500 1!1 .1 nil 6 13 0 14 0 :■ Leyland and O'Brien ' 35,000 ."37,761 *1 nil'-' 15 -2 2 6 2 3 6 2 3 0 7 0 0 '. , Mauriceville Lime ... 7,000: 205 -1 nil 8 •,N.Z. Candlo ... „ ... ... 10,000 - 876 10 nil 8 ... ... ... ... 2CO.OOO £0,730 2 nil 7 2 10 0 2 11'9 211 0 6 J 0 '. -N.Z. Paper Mills'... ,7, - . .'.1> • nil': : 7. <".'i.»H'9 12 3 13 0 N.Z. Cement '... ... • ... ... ' 40,COO ' 2,048- 1 nil ... 18 0 Manning and Oo.' £6.000 . 87,670 i ' l'' *10 "3'16' 0 316 6 10 9 1 Ward and Co. ... ... . fco.ooo £0,655' 4 - -1 10 « 4 15 0 6 fl 0 4 15 0 8 8'5 Wgtn. Opera Homo .18,630' ' 1,705' -5 ""'nil "12S "* Wetn. fresh .Food .... ■ ' ... ... r ,. S8.2J1,. , ,,1. „ nE , and a'ombs ... , 46,250- SO,156 5 nil 19 •• •fharliuid, Ltd 18,676'. - Mil: . 1 -"'nil r .' 1 0-0 0 19 6 7 14 0