FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 239, 2 July 1908, Page 10

FINANCE AND COMMERCE.

WELLINGTON SHARE LIST.

THE, SHAKE MARJvEI 1 Investment " shares .were''exceedingly quiet V yesterday. No business was reported, and tlie buying quotations ./were; few;, values, however, ?/show, no cftangeV'/: > -Bank*.'jihare^"«ere'' ; . Nationals were,■ offered for. sale at .£5 ss. 'Gd. ; cum dividend, and Bank of New Zealand shares were.'not quoted. .. were dull; Wellington Trust and Loan, buy:ers £T Gs., sellers .£7 7s. ~6d. ex dividend; Wellington Investment, sellers 12s. 3d.; Loan •' and' Mercantile, sellers ,4s. :3d;.',,',: QtJiei'c quottf-' , '.tions were:—Feilding Ghs, : sellers"-'2os.; British Insurance, sellers SlI 155.; Wellington Meat Export, third issue, sellors 55.; MdpaV watu Rails, sellers 495.; New Zealand Shipping, buyers <C6.'Union'..Steam, buyers 345. 9d.; Wellitfgtohy Woollen," r buyers,"" G7s." j West-" port Coal; sellers ,£G 18s. Gd.;' Leyland-O'Brien V Timber, sellers..43s:] ,6d:; S..J?ejr :-:Zealand> Srugs, ; buyers £i 10s.'' Gd'.-; ; '-New Zealand'- Portland '. Cement, buyers. 28s. cum rights; "New Zea- , /ltiiid : Times," sellers,'lss.';.'Sharland's,' cellefs 20s. ■■ .

THE MINING. MARKET. ■/ . There .was great, animation, in the mining market yesterday,' arid' ; amount of scrip. changed ;liand6.'. .Waihis hardened; and business was done at ,£9: 2s. Talismans firmed up-,' and Wero" sold at 445., 9d". and 455.,, with further i buyers, at the latter price.'Cable advice'has'been received-that. Mr. Tur-" ner has resigned the chairmanship of tho Talisman Consolidated, and. has been succeeded by Mr. 'Auld, 1 a j,tho.: ruittce. The' New Zealand shareholders liavo now complete. control of their property, and as the new directorate is determined upon a vigorous policy, '-'tlift. prospects '.for. .the future, are decidedly bright;'.' At' 453. ' the'shares"are' ;wcll worth buying, for,they'.have seen their lowest, and must now improvo in value.' Tangiaros keep steady, with sales at, Is. Gd., and it is obvious that a good many- people fancy those. Consolidated Goldfields sold at 155.. 9d„ which seems scarcely a fair value. The quotations'yesterday were.'as under:— Buyers. Sellers. Sales.

W. AND M. RAILWAY. ..... The Economist"-.(London) of i May 16 says:— "The .debenture' issues" fall dub on ! June 1, 1903,, an^' as the 1 Government of New Zealand will . purchase the railway .undertaking,' arrangements have been mado that- the money needed for payment of tho debentures, together with the final coupon, will be provided, and the debentures anil coupons paid by the Bank of New Zealand, 1 Queen Victoria' Street; 5 " 8.C."

NATIONAL MUTUAL .LIFE, • _The ordinary half-yearly 'meeting of the' National' Mutual Life Association of Australasia was. held in Melbourne on June 22, in compliance with statutory requirements. Mr.' Andrew Newell, who presided, stated that business was progressing satisfactorily,. and it . was hoped that. v whbii .. the accounts for the year, wore presented tho results would comparo favourably with preceding years. He mentioned with regret tho' dea:j of the ■ founder an:', managing director of tho - Association, the late Colonel Teinpleton; and stated 'that the directors had decided hot to lill tho position, on the Board at present. A resolution expressing regret at' the deatli of tho lato Colonel Temple.ton was, passed. v ', ■ . 'JOHN' I.YSAGKT, LTD. Once again the engineering, firm of John Lysaght, Limited, is able to point to a substantial increase in profits. Tbo report' for tho past year shews that tho net.revenue, amounted to ,£192,300, as compared 'with .£171,200 in 1906, or an increase of'<£2l,loo. Considering that'this, follows a rise of JE35.300 in the previous year, excellent proof is thus afforded of tho present prosperity of the business. The sum of ,£50,000 is placed to reserve, tho same as last time, and the total of the fund is thereby raised to .£310,000. The dividend on .the ordinary/ shares will' be 174 per cent., as compared with 15 per cent., this being the highest distribution made by the company. The carry forward of ,£169,700 is .£41,400 more than twelve months ago.

.... : THE WOOL. TBADE. Mail, a'dvicei'show that "the improvement' rhich took'place during' the'iftray '''series was In a measure due to the facWtliat many opera'.jors were! investing in the staple believing that bottom had been reached.ls tho-timo ripe to buy wool?" was a subject/that received a good deal of attention, and one authority writing to'the "Economist," London, says:— fit is certain that good crossbred fleece wool at -Jld. to sd. per lb. cannot lose a great deal, more, and at these figures the wool should • be right some day. It"is. certain that.at so. low a"figure, the wool will be worth an investment, but in analysing the crossbred situation one very important'fact has been entirely overlooked. What' was it that pulled crossbred wools out of the ditch and caused them: to ;rise, over 200 per cent?-. Essentially :the chief reasons wcro' the 'South African and Japancso wars. Yorkshire manufacturers in. dozens , of instances were running their factories almost dav and'night for, years ,in. the production of huge quantities of khaki serges, all'being .made from crossbred wools. Nobody, knows the big weights of raw material' that'were absorbed, but to-day- tlw requirements for military purnoses the ,wide world over have fallen off trernendmisly,' SO much BO that ftare is hardlr

a crossbred spinner,, or manufacturer that can be'called" busy. '-'Mn-'ifr wbrd, the consumption is • not there, and even . tlio ■ sensiblo shading of .prices for crossbred serges, tweeds, etc., is not bringing .oiit niiuchJ business. ,-it',is genor'ally admitted that strong wools ' arp : relatively cheaperthan merinos, and that it so. Men with most experience assert .that fine wools must oither -comq ; down, or, crossbreds, advanco the "gap --Between "the' 'two"being,.too. greit to be. rcasonablo." - . " , - It can be taken-.forr granted that fashions Still regain on.',fine ..woojs:aiid,if prices are coming down to a still lower basis, buyers are not .going hastily, to..throw fine soft-handling fab-rics'Overboard."-It'Seems clear that production l'or the time boing, has overtaken consumption, -and-manufacturers both at Home and abroad have lately been compelled to reduco their output very considerably. At the same time, where riion liavo loose capital,'it should not be bad business to buy wool by way of an invest'jnent, though-,onofmust frankly say that at the •'moment the lC qutlook .is >so that there is no immediate prospect of a return." From another source it was reported that wealthy London -financiers had formed a little syndicate with a capital running into sevon figures '.'fOT- l, the : "purpose of buying wool -and holding same for, jfuturo, realisation. The main objeqt svas ,to..buy r crossbred wool whilo thero '.was. tbo chance. . : . -

• -Tlie"CiiStomß"'i'6ve'nue collected at Welling;on yesterday amounted to .£1538 14s. 10d;

Ip: j;; :.v::stock:;exchange. (BY TELEGRArn.—rRESB ASSOCIATION.) • ' Dunedin, July 1. r Stock Exchanger; isales: Bignells Notown, Gd.'; 'Perpetual' Trustees,' 18s.. 3d.

•"WELLINGTON HORSE SALE. ' Messrs. Dalgoty and' Company, Limited, held theiiv fortnightly horse . sale at the Wellington "Horso Bazaar yesterday, when about forty horse's were submitted to a good attendance ;of;„buyers. ..Prices realised were as follow:— Trap "horses'; «£ll Cs., £12 10s., J613 10s., and liprses, .£9.; hacks, £7; express horses, £27 "10s. j' aged draughts, £5 155.; harness, £4' 55.; dray, iis.

LIVE STOCK . SALES. . ■ Messrs. Daigety aiid ■ Co., Ltd., report that at their Wungamii sale yesterday, 1500 sheep and 100 cattle' ivero yarded. Tlie demand for wethers ,wus quiet. Good classes of ewes in lamb'sold we 11.,: There was a fair demand for young:,,cattle,-.but grown cattle.'.were dull of sale. ' Quotations:—Good two and four-tooth wethers, 13s. 6d.; four-tooth' to f.in. wethers, lis. ldl; inferior,do., 9s. 10d:; and 6s. lOtl.j light fat ewes, 10s. 9d.; . forward "empty, ewes,'Bs.' DdJ.; medium four-tooth ewes, in lamb, 135." 7d.; f.m. ewes, ,'in lamb, lis. 20-month steers, 475.; good yearling steers, 41s. 6d.; mixed .weaners, 125..ui.; light fat cows, £1 10s. to Jii 17s. j cows and calves, 3ig. Gd. to 475.; store cows, 20s. to 405.; yearling heifers, 15s. to 20s.

M,essrs.. jDalgety 'and Co.. report, on ' their Masterton- stock sale,*' held at Masterton yards yesterday,,as .follows:—Owing to tho unsettled state of tho; weather the yarding did not come up to-advertised numbers. Competition was ktien for all good sorts. 'Wo quote as follows: Forward ewes, 9s. 6d.; fat ewes, 13s. 6(1.; cull ewes, low condition, 65.; 21-year steers, 18s. 6d. ; •

-;(bt lELEqiuFH.—press association.)' Christchurch, July 1. At tho Addington live stock market to-day, thero we'ro fair entries of stock, but the attendance was limited, on account of tho wet weather.- Beef sold well. Fat lambs were also very firm, and there was. an improvement ,in store sheep, and pigs sold at last week's prices. There'"w-'as a moderate entry of store sheep, the larger proportion being lambs; and the balance'ewes, .with'ah odd pen of-wethers. There was a' good inquiry for ewes, and though the quality-was only moderate, they sold •'well. Lambs also showed' an' improvement, and there was practically )io chango in values. Four, six;'and eight-tooth owes sold at 135., and .better sorts-up'to 14s.'!'.'forward lambs, 10s. Gd. to lis. Gd.; and others, 9s. to 10s. .There was a'smair.ontry'.of; lambs, mostly in fair sized lots. There was an excellent demand throughout, and prices wero very firm, tho bulk of the entry selling at 15s. and upwards.. Tegs made 17s. 6d. to 19s. 3d.; ordinary freezing weight, 14s. ,to ; 17s. ;■ and .lighter, 12s. Gd. to 13s. 6d. Thore - was a fairly-large yarding of fat sheep, .and at the.opening of the sale ewes showed an improvement where guaranteed free from lamb. The entyy of fat cattle totalled 388 head, and included some extra prime and heavy .weight steers. Tho market was at last week's prices, but : afterwards an improvement was shoivn,. and values, advanced ,Is, and 2s. 6d. per 1001b. Steers made ,£6 to t£ll.l7s. Gd., and oxtra .£l3 to £15 Gd.; .heifers,, .£5 to ,£8 12s. 6d.; cows, ,£4 10s. to .£8 55.; and extra, .£9 ss. to £10 10s., equal to 235. Gd. to 265. for prime beef, 275. 6d. for oxtra primo, 21s. to 235. for medium, and 18s. to 20s. 6d.,.f0r inferior por 1001b. A small entry of veal" calves sold at Bs. to 60s. There was a small yarding of pigs, and sales were made at late rates. Choppors realised 60s. tn '685.; large baconers, 58s. to 70s. (equal to SJd.'per 1b.),; light baconers and heavy porkers,, 40s. to 505.; light porkers, 325. to 355. (equal to Gd. : per 11)0; largo-stores to 325.; medium, to 215.; and weaners, Bs. to 125..

6d.; light, 15s. to 10s.; owes, las. to 175.; extra, to 225. 6(1. Fat lambs, 357 yarded. A very small yarding, 15s. . to ,16s. . was very small yarding. 15s. to 16s. was again given for best. Medium and inferior showed a decline on lato rates. Pigs—A small yarding of 75. Good quality sold at advanco on lato rates, but inferior were dull. Porkers and baconers were about {d. pound firmer; suckers, 10s. to 145.; slips, 10s. to 10s. Gd.; stores, 235. to 305.; porkers, 355. to /lis.; light baconers, 445. to 485.; heavy baconers, 535. to 625. .

GRAIN. (BY TEf.EIiIiAPII"rKES'J ASSOCIATION.) Dunedin, July 1. The wheat market continues exceedingly flat, and the prospect of immediate improvement is not by, any means-bright. Quotation's are nominal. . Prime milling, 4s. 4d. to 4s. 5d.; medium and whole fowl wheat, 4s. 2d. to 4s. 4d.; brokon and inferior, 3s. 4d. to 4s. ex stored Business in oats is confined to small lots for local consumption. Shippers show no desire to operate, and lower prices than those lately.ruling have to'be accepted. Best milling, 2s. 4d. ;• best bright short feed,' 2s. 3d.'to 2s. 3Jd.; inferior to medium, 2s. to 2s. 2Jd. ex store. ' , .■ WHEAT' STATISTICS. (BT TELEGRAPH—PRESS ASSOCIATION—COPYRIGHT.) London, June'2o. , The wheat and flour afloat for tho United Kingdom is 2,280,000 quarters; for tho Con--tinent, 1,500,000; Atlantic shipments, 183,000, and Pacific, 33,000 quarters. ■ THE METAL MARKETS. .... (by telegraph—press association—coptbight.) London, June 30.'; Silver is quoted at 24Jd. x Copper—On spot, ,£56 10s.; three months, ,£57 55.; electrolytic, «£SB ss. Tin—On 6pot, .£125; three months, <£12G ss. Iron, 51s. 7J(I. Lead, £12 10s. • AUSTRALIAN PRODUCE MARKETS. (BT TELEGRAM—PRESS ASSOCIATION—COPYRIGHT.) i Sydney, July 1. ,Wheat, 4s. ' Flour, .£9 10s. to' ,£lo.' OatsAlgerian, feeding, 3s. Gd.; seeding, 3s. Bd. to 3s. 9d.; New Zealand "A" grade Gartons, 3s. Sd. to 3s. 9d. Barley— Capo, 4sl Gd. Maize, 4s. 4(1. 'to 4s. sd. Bran and pollard, ,£6 10s. Potatoes—Circulars, .£4 10s. to ,£5 55.; Victorian, .£8 10s. Butter—Special, 130s:; prime, 1245. to 12Gs. Cheese, Bd. to 9d. Bacon, 7Jd. Melbourne, July 1. Wheat, 3s. IOJd. to 4s. Flour, JEO 10s. Oats —Feeding, 3s. 2d.; milling Algerian, 3s. 4d. Barley—Feeding, 3s. -flcl.; malting, 4s. 9d. to ss. 3d. Maize, 4s. 2d. Bran and pollard, Is. 4d. Potatoes, .£3 10s. to <£3 15s. Onions, „EG los.' to £1. Adelaide, July 1. Wheat, 3s. 7d. to 3s. lOd. Flour, iCS' 10s. Bran and pollard, Is. 3d.- '

(DY TELEGRAPH—I-SESS ASSOCIATION.) Dunedin, July, i. .At.Burriside stock 140: fat ortttle were yarded. There was good sale, but nothing of very good - quality wn6 yarded. What was sold- however/ 'was rather in advance of late rate?. Best, .£9 to 155.; extra, to Xifl 17s. Gd heifers, frOm.;".£G 10s. to £8;. medium. 'jsi 10s. to JX> 10s.cows, to M 55.. Fat 6heep, 2320-yarded'.. 'Prices were much on a par with last week's rates. Freezers—Buyers •were operating freely. Best wethers, 19s. to 225.; extra, to-24a. 9d.; medium. 17s. to IBs.

; Kcsorvo »8 -r.i.hi' ol : PRICES. 1 . Yield • • COUPAST, . n^S 1 , 4 ? 1 d and llty nor 82 — ; ~. ' tp ■ ' . '' -PaidUp, Balance Qiagiii- • oiw Laat Investor. . V . ' . " f " ' . Forwart.w ri bliaro ' g Bnyer. Seller. , Bal0| 1: : banks. ! . ,;-j: ; ■.£ )';■ £ - ' £ ■ £ £ e. a. £ s. a. i i. a. £ s. a.' ' S e !^' Ze ? land - 'i.. • ?,COO,COO 501,097 ,15 ! 3i : 10 <>'3 J ? ! 5' ?-? S ! ?! o • National .... ' : ... ■ 375,000 335,318 'jJ 15 12 5 4 6 5 5 6 . 5\ 5 0 5 14 3 ; ■ INSURANCE. ' .:■■■: I S atI <>9 a > 4 •••' ••• 100.000 . 249.333 ' 3 linlta; 15 J,' 0 , . , ,, , •' -' n • How Zealand ..... ... 300,000 396,671 g 8 10 JJM 3 16 0 3.15 6 5 fi 0 • • 8outh' : BrMsll*w'.<.-~-^'-.-~V.v~ lOOJJOO . 432,240 J- V-H 30 V ••• -9JS 0 2 15 0 5 10 7 ■1 -.-Standard-'..'. 75,000 . SJ2.386 § . 9i .10 119 .1 2.3 1- 2. 3 i FINANCIAL. I. - Equitable Building J i,, / L, co.OOO -\ £0,74-2.-. : 5 5- - io 10 0 0. 10 2 '6 10 -2 6 4 19 0 , Metropolitan ■ Building 50.71-2 6,688; 10 nil, 7 , ' „ n v\ Wellington Invest. ... ... . ...' 150,000 3.933 : i 6 0 11 3 0 12 3 012 3 6 0 0 I-:, v.: Wellington-Trust,and.Loan ,.... 101,250 44,334 5 ,5. .8 .'5 °' I 1 -® I'l.-S 5,5 ? National Mortgage ... ■ --200.000 -127,740 "j .-8' - 10 -2 19 0.3 0 0 3 0 0 013 4 N.Z. and Kiveiy l'lato 300,000 252,000, '1 nil 8 111' b 112 0 1J1 G 4 811 . > ' Loan and.llcrfcantilo ■ ;... , ... 135,222' 315,133 • j * 8S 5 o 4 3 0 i 5 11 6 8 cas.. v v^ ; .V 'V '' ' V'' . ' Auckland ... ... -...- -...- 1C0.370 E5,463 : '-5 " iil" 10 , n ' V'' , . ' ; . Chrifitchurch 1 ... 160,000 - 70,918 5 -nil-. 10 017 6 910 6 10 0 0 5 0 .0 Feilding .... - ... ... 12.000; - '"nil" '..V • 0 19 0 1 0 0 019 6 . ' . ' Gisborue ... ... ... ... ... .17,300 10,565 3 nil 133 . 2 12 6 2 0 ..'Hawera ... : ... ... ... 8,250 ■ 60-IV ---J 10 ' ' r... j "Kew Plymouth .... ... .. ... "... - IB,000 3,159 - 5 nil 10 f - ; ;. Kapier .... ...' ) . 10 nil 15' ; . , . ' ■ : ' „ : ...' ... ... p 49,957 S3,18-1 5 5 15 3 2 0 ■■ J ■ i 0 15 . i , : Palmerston Korth ... . ... ... .27,000 11,003 44 4 JO ..- - - „ -. - j,;. ; i/' .Wellington: , ... . ». ... i 2 .i i57 o 71,708 IO 10 6 '19 10 0 .19,7 6 5 3 3 .'1 ■ ' : ' ■ •' i : ' gSffih-'I-::::-:::. 'nl: 1 .0». ,g 8-S 10 0 7„ 7 ; ' • Geav ... ... .02,000 -£6,261. 1 0. i - v't.tfelUogion' Meat Export-.- ~ I ' - , 5 niI-.-'8- - • ■ 613 6 1 ..- , ... „. ..: . ... 1 103,763 53,767 4 1 8 , S 8.0 - 1 if : .- ' ' .' ..J '••" 2§ 8 3 5 0. ' - " . Waneanui - - ; . . '-.45,650 10,315 % - 5 nil 8 _ . - . . I : , TRANSPORT. '' ■ ■ 1 H Railway170,000 : j 121,452 j : .4 "7 3 7!-G''"2 9 0 '2'.fl"'0 .217 2 V jj ; Shipping' ... ; ..." '.473,640' "ll0,7tn i'-J nil 6 6 0 0 G 2 6 6 0 0 6 13' 4; !v.'u£on i ; £C0.Ud . ctl,«17 . 1 nil - 94 .114 9 1 15 6 :1 14 9 5 0 3 ■ \v gtn. bteam Ferry ; . .-P?i 1 nil 6 . ;:. x ,.018 , 0 ' ■ ; ;; CQAU' ; i - K-pstn'ort . ' 2RO.OOO U7.215 35 ij 12} 6 16 0 6 18 6 6 18 '0 6.7 0 . - . ' laup'ri ". ... ... " .15.000- ; 5,339 - 1 ' E il t\ .1,0 0 019.6 7.14,0 : . . WOOLLEN. '/ v--" y'.. .. - ' .. 100,000. .£2,654 '"".g ' nil" Gh ." ' • ; [ : ... - 63,457 -jlVM Hi 14 4 -" . 3 10 412 0 !<.V'-''-fV'/' : Weiliwton' •« - •. UV25 L4,K6d 4 1 G 3 7 0 3 9 6 '3 7 0 7 3 3 I • y y v , -miscellaneous. ' ' : • .Donagliy fiope" ; ... ... ,« S3.C00 ' v nil. G *".1 3 ,% 0 14 0 ' ■ . '. and • O'Brion 1 " ... ... 15,(XO 17.761 1 nil 15. 2 2 6 2 3 6 2'3 0 7* 0 0, ' Mauriccvillc Limo ... ... ... r /,C00 '. i.05 1 nil $ ' : Candie , .... 30,(4». r • fc76,. ,10 ; nil /r 8... ; ' V"' N.Z; Drugs • ; V.; ' JUO.WXl 7 '- 1 EC,720. }"2 ,7 ' r riil . * 7 M 2 10 6 211 0 2 11 0 6 3 0 \ N.Z. Paper Hills ..14,775.- - 1,582 , 1 -nil .-7 vl'l : 0 1.2 3 0 v '^'V- : Cement- . iO.COO" v,C48.l . hii ..V 1 8 0 v , , Manning nnd .Oo.. ... : (C,UX). » 4 .: »1".V: 10 "316 Z 16 6 10 9 1 , • : ' Ward and Co- ... .... ... .» .10,000 i 1 ]0 415 0 5 0 0 4 15 0 6 B 5 '-W: W05.' 5 '.'nil; \ 1 ! ' • Vutn.; Frcali .'i'ood;. v «.." ... x "1 . nil, ... • 'v.Wnitcombc'and Vombs • i; 16.C-SO "'-10,156 v -5 v nil - 19 '* .■'■*- ■ Bharlaud, Ltd.-... ... ..." 1 -nil <4 0 0 .0 19 6 7 14 * 0

' ,£ s. d. i s. d. . J3.s. d, . Wnilii ... ... 9 1 9 9 3 0 ' 9 I) Wailu Grand June. — 1 1G 0 — May Queen ... '... 0 '1 10 0 2 0 — N.Z. Crown-...- ... 0 C 0 — 0 6 2 Iiurauui Caledonian, — — 0. 0 9! Mt.-f'Lyell ... ..., : - : ■ " '1 10 6 i Tangiaro ... ... 0 1 G 0 1 8 0 '1 G BlackwatSu 1 ... ... — . 1 0 G 1 0 0 Con. Goldfields ... — • 0 15 9 Big River ... 14 0 — . . Talisman. ... ... '2 5 0 2 i 9 ■V . •-. 2 5 0'