FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 240, 3 July 1908, Page 10

FINANCE AND COMMERCE.

\ . TUB SHARE MARKET. ' •• Investment sharos wero again dull yesterday, and iio business was reported. It does not follow this that no business was transacted,; for' it happens not .infrequently., that sales are not reported. On Wednesday, a fair-,, sized pareol of shares; changed hands at 125.: 6d., but the salo was not reported, possibly because'publicity would have • reflected on. £ho company concerned. However, it is a question whose interest is to bo studied—the investor or the joint stock company. There were very , ■ few quotations for investment .shares yester«. day, and the buying orders were restricted.. ..There was inquiry , for . Bank. of New South . Wales shares £U 10s;, andj'there..'ivere sellers of- National at : £5 ss. 6d.. (cum dividend). Wellington Trust: and ..Loaii shares were.wanted at £T. 65., and there were sellers'• "of Wellington.'lnvestment at-125.,3dv; -Loani-ahd'* Mercantile ..at .'-Is. lJd..;-,Feilding .Gas 'tit. 205..; , :Soutli BritisTiv Insurance- at;£2 15s. j: Welling-' ton Meat Export,.ithird issue, at ,£3 55.; MatiaV " watu Rails at 495.; Wellington Steam Ferry, at. 17s. Cel.; Leyland-O'Brien Timber at: 43s. : '.'C(l ; .';' . Sharland's 205,.. There . were bids .-rf:.,,i£.G.. i .for j ., New ■Zealarid-'Shipping;., .£3 7s. for -Wellington" Woollen,' and-JB21; 10s. Gd.; for New Zealand Drugs. -- . ■ THE' MINING MARKET. ' The feature of the marlcet»yesterday was the active,buying of Talismans. Sales. at 465., 465. 3d., and 465. Cd., and thero wero quite a number' of transactions. 1 Waihis sold at £9 25.; 6d. and Taisgiaros ;at' 7 IS-r,'6d. : ~i.Th6;; quotations yesterday 'were as .under \. v > i: ">*

■ GUAEDIAN ASSURANCE, The;report'of Assurauco pariy for''l9o7 "state? that tho livo '"premimils, after' deducting' 1 ir'einpuraiibes',- V' p" :; -urit"d >0538,6*19, ;as : against-£526,111 in-'lSOG,".'showing-' 1 an .increase ut £12,538, anil tuo losses, , , making the samo deduction, to £301,519, as against .£282,210 -in »!?$,- -being .Jss.9£pe#. -centr • of the premiums.. Tho.expenses and commission" • togetliei' amounted to £183,303, being 3-1.03 per ccut. of . tho premiums, 'as compared with 34.72 per cont. in 1900. . .providing, for, losses, expenses, bad debts, anil' for' the" additional 'prefflium reservo .(£6SSU) Required by the increase -in premiums during• the year, there was a .profit on the trading account of -£45,681.. Add- ' ing to this the interest on the reservo funds, which amounts' to .£28,709, there results a profit of £7-1,390. Out of this sum tho direfitors liavo; increased the general reserve fund by £10,000! loavinj» a balance of £64,380 to be transferred to profit and loss'. The premium reservo fund now amounts to .-£233,850,- and the genoraUreBerve fund-to £510,000, making tho total fund in this department £7195j0. : .In tho accident, burglary and general assurance_department_tha- - premiums, after deduction of reinsurances and refunds amounted to £106,081,, while tho 'i claims after deduction,of sums're'-ass'ured were £35,452. The expenses of management and.coinmissioiKaniountod to '.£-10,991. The.premium, rer. serve' fund .now. amounts to £-10,8-17, and tho . - profit of. the-year. to £10,173,.out:of.v,'hichhas\ been carried to profit and loss account £503(i aiid tho balance of £5137 to tho general* reserve fund, thus raising tho total reservo funds:of the departmonfcto; £98,347: ;.-Tho : directors -re-' : a.- dividond oLlOs. ;.bo "doclared... for the year,; freo of income-tax, on each £10 Bharo of'the. subscription- capital,-being ah'tho ,ra.te of 10 per cent, on tho paid-up capital; of : £5 per share, and that 4s. on «ach-share having been paid as an interim dividend in January last, the balance of 6s. on each share bo paid on July 1 next. Tho appropriation statement will thus be as follows, namely:—Balance on .profit and loss account, loss balanco,. of -life t ■ profit 'unexpended, £129,7430nc-fiftli 7 sTiaro!of. • life profits (amounting-to :£7o,ooo^by the cjuin-' quennial, valuation) : applicable to- this- year's dividend,'..£l4(oooj-jtotal,- .£143,743.'—Th0 ■ proposed dividend at 10 ,pof cent., incometax (of which.£4o,Coo : has/already,been pafd.as ' interim dividond) "will require '£100,000, leaving to carry forward £43,743. -Adding one-fifth of proprietors! sharp .of Jife profits reserved for, dividend applicable to next- year,. £14,000, ,;tho s . total carried, forward: is £57,743 . MOVEMENTS . IN DEPOSITS. Bankers and others maintain that with the very attractive rates allowed 'by the Post Office Savings Bank for deposits, the tendency is for money to be placed with this institution rather than with the private banks, and that it thus deprives trade and commerce of very necessary funds. Taking a series of years, tho deposits in, the private banks and the Post Office Savings Bank compare as under :—

The figures of. the private banks' include fixed and free.depbsits, butindt'Government'dopbsits. In six years the Post: Office Savings'-Bank de-, posits h'ave'iricreaso'd by-' -£5,173,217, or about 80 per cent., while the deposits in the private banks expanded by <£5,739,481, or about 35 per cent. It will bo seen from the-figures that.'in 1902, 1903, and 1901 the increases were-normal, and amounted in the • aggregate to .£1,411,369, while for the succeeding three ''the'increases were abnormal, and in the aggregate totalled: £3,KIMS, the average annual

WELLINGTON SHARE "I IST.

increase in 1002, 1903, and 1904 was <£470,45G, and in 1005, 1906, and 1907 tho average was .£1,253,949, or nearly tlireo times the average of tho/ three previous years. 1 No doubt tho , prosperity of: the community, has ill a measuro ■ • contributed'to this increase, but the chief cause : of. the Expansion,is tho more attractivo rate of interest, the larger 'deposits on which interest is paid, and the greater, facilities given to-large depositors to make use of the Savings Bank. This institution has during tho past • threo years .inppped 'up more than two millions ■ sterling, which amount, it is contended, would otherwise have found its way into tlio privato banks, and: into legitimate trade channels.'---' ■ ■ AUSTRAIiASIAN ■ LIFE INSURANCE.' ' : -.VTCiih''re'gard'.'lto .the Australasian life insur- . ance.-business. i in ;1007, the '"Insurance and Banking Eecdr'd" 'gays that this has progressed "on'^regular 3 and" tin'oventful lines. Particulars of the .new business ;of tho year com para with ' tlioso'for th'e-two'provious years as follow:— 1 i ,:iiii»s;'a 3si:;: ; jcHl9os:' 1906. 1607. . No. of policies ' k. ,v issued : ... 52,754 . .57,423 . ' 63,251 Amount. ..£11,447,790 .£12,792,51S .£18,833,400 New annual '''' / premiums ... . 410,391 463,987 496,203 Tlio numbor of policies issued for 1907 exceeded that for I'JOS by, 5531, the increase for ' : 'rp'pWvious' year 'Being 4069. The total amount assured shows an increase of .£1,045,888. I'or the jiirst time tlio-,premium,income has exceeded , (v£4,1G2,i63),; and the. total income exceeded' *iC6,000,000 *'(.£&,189,806). The following table., shpws.: tlio ,increase in tho accumulated "funds' "of 'th'o'-M-'tfffifces :— 1905. ' 1906. 1907. Income- -.:;—,£5;539,C40 .£5,820,087 £6,189,806 Outgo .... 3,833,4G4 ■ 4,002,143 " 4,123,270. " Difforonce... /1,65G,i7fi ' .£1,817,944 i .£2,088,536 ; Percent. 1 .•. Per cent. Percent. Proportion . of • income ' '. 29,09 , ■/, ■ 31.23 ■' . • 33.38 Tho proportion. for 1907 is satisfactory, and tho total-funds at the end of 1907 were .£42,134,969, ;VT«,7BOtECABLB LIFE. ; :Th'o accounts of. tho Equitable Lifo Assurance ;Society,...of. .tho'. United dtates show the! effect of! the''American crisis unmistakably. Tho. in-cbin6:;fbi;-'l9o7,,HMclUdhig iG10,980,019■ from preiiniiimi'i arid. 4:4;G04,190 iroiii:intorest.and rents, was >615,137,762; while .tho claims, maturities, surrenders, annuities, and cash bonuses absorbed, ,45,284,554; (surrenders took JC2,63G,150); and "ccmlmission and" oxpenses- £2,053,070; making together £11,337,024. This would have left 4-3,500,138 to be added to the funds, only there vivas" a depreciation in the securities held to th6"ainoulit"'o¥ .£4',331,538, and thus the funds wero reduced by .£531,400. The drop in the business has been remarkable,' as will be seen if wo compare 1904 with 1907:—'

Tot tho business ,is probably on distinctly sounder-lines-now-than in 1901, when tho Society,.was willing-.to pay almost any. price ',fpi new business.- The . depreciation in the securities" was' ' to; "have been expected under American conditions. ■

JIPANESE FINANCE. 'Tho report that Japan is buying thirty warships,, ..with , Brazil acting as friendly broker, is not.on all fours with recent reports from is suffering from a-severe .financial and-trade; depression. At the end "of '1907"tlie" foreign' loans current amounted ,to .£181,102,620, .and." internal borrowings wero .£103,069,655, equal in the aggregate (o a debt of £1 10s.' per' head of population. Eight years earlier tho outstanding debt' was £50,296,700, or 30s. per capita, so tho increase has. -bpcn-; rapid ~to ail extent that has temporarily'. exhausted the community. As far as an improvement in trade is concerned, :there-'seems' as yet*no indication of it. Heavy losseshave, been made in the realisation of silk, and cotton', yarn, is stated to have touched the lowest price, known in tho local markets for. twenty-five years. All manufacturing ccn'ce.rils' are,- working', short time, and only tho Government dockyards and arsenals are kept busily.etaployed. \Vhatever may be the atpirations .pf the Japanese nation, a.halt will have to' bp ..called,"if their financial stability is to :.be .'maintained,." ' GOLIj EXPORTS. ;V LATESTKETURNS. An increase of 27,9150z., valued at .£101,552, is shown in tho gold exports of New Zealand for tho first six months of 1908, as compared with tho corresponding period of 1907. The increaso last month, as compared with Juno of', tho preceding year, was ' '20,7140z„ valued at £86,197. , . . The-detailed figures for last!month are as follow:— .

. For Juno, 1907, the export was 26,7020z„ valued-at< .£104,459..-. : The'eiport of silver last month was 175,54902., valued ; at .£17,760,' compared with D1,2310z, (29342) exported , during June of last year. The gold exports for the first six months of the present year amounted to 254,8150z. (.£1,007,971), as /Compared with \ 22G,8700z. '(ie90G,419)' for tho same, period,of 1907. 1

The Customs rovonue collected at Wellington yesterday: 1 ' amounted to J87184 '4s. lOd.

MINING NOTES.

Prom our Northern exchanges we have extracted the following items:— The directors of the Phoenix Gold Hiring Company lmvo decided to erect now machinery and a 20-horse-powcr suction gas plant, and new winding gear and pump have been purchased, and will bo put into position as soon as possiblo. The manager has been instructed to proceed with the erection of the necessary buildings at once. He has also been advised to sink the present shaft another 100 ft. as soon as thfi plant is in working order.

The May Queen Gold Mining Company is to acquire tho property of the New Moanataiari Gold Mining Company, tho consideration to bo paid being a sum not exceeding ,£125 and 25,000 ordinary shares in tho capital of tho May Quoon Company. Old Hauraki.—Tho manager of the Old Hauraki mine reports that tho drive south' on the 4in. leader at tho 300 ft. level, which is to be known in futuro as No. 8 leader, has been advanced sft. Tho reef averages Sin., and strong colours of gold are seen at each breaking down. The rise on the west branch at tho is up Dffc., which is a sufficient distance, to allow the leading stopo to bo proceeded with. Tho leader averages 2in. in width, and looks well, for gold. The leading stopo oil No. 7 reef towards tho junction of tho west branch has been advanced sft., and the reef is about 4in. wide, while colours of free gold were obtained by dish washing. At tho 220 ft. level driving north on the lona reef has been advanced 4ft., thb reef averaging Gin. in thickness. Stoping on Legge's reef is also in progress, the reef avoraging ISin. of low grade ore, while from the stopes on No. 2 cross reef a rise is being put through to the 165 ft. level for ventilation purposes. ■ The quartz coming to hand shows strong blotches of gold. At the IGOft. level Legge's reef in the stope is much disturbed, but from tho appearance of tho country will be more settled in the' next stopo. At tho 100 ft. level the drive on Wills' leader has been discontinued for tho present, to allow the leading stopo' to bo worked. .Tho reef in tho stopo averages din. of good general ore, and a little picked stone is coming to hand.

Waiotahi.—The manager of the Waiotahi Gold Mining Company roports for, tlie week as follows:—No. 6 level: Tho winze on tlio footwall dropper 16 down a depth of 21ft., and tho leader has been pinched out, in the eastern end. In the western end the loader is about 6in. in width, and on Saturday a few dabs of gold were seen. We are now sinking a winze on tho Cure reef, below this level, and a. few colours of gold have been. seon. Stoping out tho block on the dropper above 'this level has been started, and east and west of No. 2 rise there is a block of payable ore, about -10ft. in length. No. 5 lavol: Driving west from tho Mary Ann shaft for tho Waiotahi No. 5 reef is in hand, and is in a distance of 15ft. Stoping oh the main reef above this level'has been in progress, but no gold has been seen. Tho second- stopo on the dropper above this level has been carried east of tho riso for a distance of 91fti, and colours of gold have been seen in the'quartz broken. Cure reef: Tho first stopo has been carried 50ft. west of the rise, and colours of gold have beon noticed. No. 4 level: Tho first stopo on tho Waiotahi No. 5 reef has been carried tho full longth of tho block, but no gold has been seen during tho week.' In the rise on the main reef above this level very little work has been done, and tho drivo' on tho main reef has been, connected with a crosscut to the Mary Ann shaft. In doing this work a hanging wall rib of ISin. in thickness was intersected, which will bo worth prospecting later on.

Tairua' Broken Hills. —Tho. main low level crosscut in- tho Tairua Broken Hills mino has been extended to a total distance eastward of the new reef of 4Sft. The country in the fa'co is still of,a very good description.; Tho rise on the new reef has been advanced 7ft., and during the past few days the prospects of the ore coming from here have improved. Tho reef in tho face of tho drivo northwards is small, and tho prospects aro not good. Driving on this level has been discontinued for the present, and a start has been, made to carry along tho leading stopc. "When this work is completed and tlie timbers and passes placed in position driving can be,resumed. The slopes over tho ,80ft. level from the shaft, and, also those' above' tho battery level on No. 1 reef, are still producing ore of a payablo grade. During tho week onded Juno' 24, 107 tons of oro were crushed for a rot urn of 2700z. of amalgam.-Kuranui-Caledoriian.—The operations in .prdgress are tho continuation of the drivo eastwards on the big reef intersected in the crosscut at No.-l lovel and the .driving-of. an-inter-, mediate Wei on the Eed Queon leadeV./froiii tlie bottom of Whitoley's winze eastward between Nos, 3 and 4 levels. In tho former nothing ot\any importance has yet been met with. Tho reef, which was 7ft., in thickness where intersected, has been driven on for somo distance, and is of low grado so far. Tho face of the drive-is,now,entering a.firmer and more promising class of counh-y, and tlio reef, which has.been variablo in size along tho drivo, is about 18in. ,in thickncss in., the 'face. , ,-In the intermediate), drivo below No.'3 level tho loader as-driven On continues to look promising and shows good dabs of gold, and .it is intended -to continue the, drive until the junction of the leader with tho main Cambria reef is. readied. j , ,\ May Queen Extended.—"Work in .this mine is' confiued to tho main intermediate level, which has now-reached a point, opposite the" shaft,'at a distance', from it of 45ft.', and a ventilation crosscut is being driven from tho' main drive to tap the shaft, the face of which "is now within about 10ft. of the shaft, and it is oxpectcd that tho connection will bo.made somo time during next week, which will then greatly improve tho ventilation of this portion of the mine and. enable tlio further development, work to be carried on more economically. A bpdy of riuartz was passed through in this crosscut last week,- about 21ft. in thickness and of promising appearance,, and in which colours of gold w'ore,secn in broaking through, but nothing further has been dono on it as yet. , . (by TEt^GRAPII—rfIESS ASSOCIATION.) Dunedin, July 2. Stock Exchange sales:—Eise and Shine, 21 10s. Cd; Tangiaro, Is. 6d.; Waihi, 29 2s. 9d. LIVE STOCK SALES. . Tho Now ■ Zealand Loan and Mercantile Agency Company, Ltd., report as follows:— At Palmerston North on Thursday we had a small yarding of sheep and"cattlo. Prices'for shoep wero low, but most lines were quitted. Wo quote:7~Fat wethers, heavy, 17s. 3d.; lambs, ss. 7d. to '7s. lid.;-ewes in iamb, Bs. lOd. to 12s. Gd. Cattle—Store cows, 205.; forward cows, 375. Gd. to £2 10s.; light fat cows, 23.

Messrs. Hudson and Marriott, Levin, report having held .a very successful clearing sale of a dairy herd, pigs, horses, etc., on account of Mr. J. Jones, on Wednesday, at Levin. There was a large attendance of buyers, -and all tho cows met with a ready, sale at good prices. Cows close to profit were keenly competed for. Thoy quote:—Early calvers, 28 15s. 27 155., 27 10s., 27 55.; spring calvers, 26 10s., 26 55., 26; late calvers, 25 10s. 6d., 25 55., 25; others; 23 2s. 6d. to' 24 10s.; tho whole herd averaging 25 16s. per head. Pigs—Stores, Bs. to 18s.; boar, 30s. THE METAL MAEKETS. (BY TELEGRATH—PRESS ASSOCIATION—COPYRIGHT.) London, July 1. Copper.—On. spot, 256 155.; threo months, 257 155.; electrolytic, 258 10s. Tin.—On spot, '2125 2s. 6d,; threo months, 2126 2s. 6d. Lead, 212 ss. ■ TALLOW SALES. (BY TELEGBAPH—PRESS ASSOCIATION—COPYRIGHT.) London, July 1. At the tallow sales, 1402 cases offered and 1188 sold. Pino mutton, 335. 9d.; medium, 30s. Pine beef, 325. 6d.; medium, 295. 6d. HIDES MAEKET. (BY TELEGRAM—PRESS ASSOCIATION—COPYRIGHT.) (Eec. July 2, 9.30 p.m.) ' Melbourno, July 2. The hides market is rather dull owing to the wet weather. Prices are unchanged. FROZEN MEAT. [DI TELSOEArH. —TRESB ASSOCIATION,] , Napier, July 2. Tho Colonial Consignment and Distributing Company cable tho following report regarding tho frozen meat market:—To-day's quotationsCanterbury mutton, 4Jd.; Napier, Wellington, and North Island, 3Jd. Lamb—First, s}d.; second, 5Jd. Beef—Hinds, 4Jd.; fores, 2|d.

: o> Reserve £2 tj.w a J .'" 1 '••'■ PRICES. v ,*aM !" - COMPAXI, Capital.' Fund.and <? <3 ,£' a1 "" «;.3 V-; : ■■T i .".-'■ ' \ ..'■' .BANKS. ' , '::£.'! . :i : £ £'s'. .C. £ s. d. £ i, d. X s. d. i Wo^„?„°i :iland — — ~ — 2,000,000 504,097 3j 10 . !> ' 2 f. 9 7 6 0 0 0 3 14 .1 . . Bational ... .. .... . ., 375.000 .335,315 g| .15,. 12 6 4 0 S 5 .6 5 5 0 5 14 3 . INSURANCE. : >L. -j, " i : 100.000 249,339 * 'V unltd, 15 '1.7.0.'' h - .SOO.OOO 30C;674.: :.|. .8, - '10 '-SJ5;0 3 16 0 3 15 6 5 6 0 tH.rf ... ... ... ... 100,000 432,240 J 45 80 2,15 0 2 15.0 5 10 7 v 6tnndard ... ... ... ... ... 75,000 .02,386 .j Di 10 1 1 9 1 2 3 1'2 3 ;. ' FINANCIAL. ;-' ~ - —- • -- - - , , Equitable Building ... 'eaOOO.; '5 -6*.' tjD- 'i0/o''6 10 2 6 10 2 6 4 19 0 • '•••.. JletfpPOUtMl Bmlains ... ... £0,742' . 5,683. '10 nil ' -7 ; > We hngton Invest. ... ... .... . . [0,0<X> ,3,933 s 5 6 0 11 3 0 12 3 012 3 5 0 0 ■■■■.. WelhngtoivTruat and Ijoan ... 101,250. ■ 44,334, ,- 5 '.'5 * - B 6. <0 7 7 6 7 11 6 5 6 2 Mortgage ... ... ,/... 200,000 127,746 ' 'a " "ST* 10" 2 19' "0 3 0 0 8-0 0 • 613 4 f 12, «.nd_Eivor Plata ... ... 3CO.OOO. 253,000. 1 . nil- . 8 .111 6 112 0 111 6 4 8 11 : Loan and lloroantUa : ' 135,222 - 315,133 yi.'i'®'-''w«, 0 4'lj 0 -4 5 11 6 8 t : ' : .v.f"..., Auckland ' w . w ...' . 1S0.370 £5.463' 1, 5 16'' . ;. . Chnstchurcli , ... ■ ... ■ ...: .- ..; - • ICO.OOO ' -70,918' '" c' -'nir 10 ' 917"G 0 19.6 10 0 0 5 0 0 Feilding.. ... .. 12.030 -\ .933 1 -nil ... -019.0 1 0 0 010 6 Gisborno.-.;... .... . '17,500 • '10,565 -' ■'1 - ; "nil' 133'' 2 12 6 210 0 5 10 0 y aWC ™ ™.w : - 8.250 ,. 694 J J JO v - - r.. New.Plymouth ,16.000 • 3,159 --v -- nil - -10 : -Nai>lor. .» ... .» . - - ....' ;io - ml.' J5 ', : .s" ' ... 49,957. £3,184 5 . 5 15 3 2 6 ; - Z : - 27,COO: ' : U,cfe' 4J- 'lO' 51 "- Wellington a-rca 10 -nil- 10 19 .7 6 19 10.0 19 7 6 5.3 3 ' • « •» ••• •••.. •••- i. ', . ' 5 .:.510. 1010 .0 " "v' :/ meat/V:. ; u? . Canterbury - . ..; . .183,727.. 32,656 7* 2} 8 0 0 . ■ Christchurch' ; ...= , ... . 165,920 - -.77,642 10 -nil . 8 : 10 '0;0 10 0 0 10 0 7 14 7 . . . Gear ... ..... v \... ... ... 1 ijj, ffi5gl j nU!.'..12J -2.9..0 210, 0 2 9 0.5 2 0 , ■ : - ... ' ... • - -i ... 6'- 125 H 15 0 10 0 0 - Wellington Heat Export ... . ... I " "5 " nil * ' 8 " ' '■ 612 6 „ ... ... . ... . ... ... J- 105,766 ■ 63,767 4 1 8 ■ 5 2 0 : •... „ •••• ... ... I ' ' - ' '>05 :• • : 3 5 0 . Wanganul ... 45,650.. 10.315 J -ts , nil» 18. : . TRANSPORT. ..V.L.- . . . W. and H.'ltailway ... .... ... 170,000 121,452 1 4 7 '2 7 6 2 .9 0 2 n'.O 2 17 2 : . ■•■■■- ti.Z. Skipping'-... •'... .... ... 473.S40, .110,7£0., . ,g .-nil-. 5 ;C 0 0 6'2 1 ( 0 0 6 13 4 >' Union.Steam ... ..; «.•»: ;.. ■ IWXxn . "Sfcl,!)lT 5 " nil' 1 1 SJ <• 1 11 9 1 15 6 1 14 9 5 9 3 VVgtn. bteam Ferry, ... , .46;a0' L5-* -'i v '.'nil' '.6'" *, 017 6 - ;'cpAL. ;: ; 'nk' -V'i :-i; • ! ! . tTestport ... ... >5t0,003. .117,215 75!, -15 . 12J-. 616.-0 .6 IS 6 6 18 0 6 TO ! : Saupiri = ... ... ... ' '[S'.IXA): '• I "nil ' ' 7j '•'• 1 O'O 0 19 6 7 14 0. ' - :■ " ' ' I- 1 '..• '. / .WOOLLEN. ; t Kaiapoi ...' .„ ... .... ... 100,000 E2.S54 ..5 nfl ci V.-'f Uosgiel .- ... . ... ... W.157 - 17,'ii-j yi 14 .8 10 la O ; r Wellington. .... ... - . . • t!A9 ..S.4,bW «.'1 • l 6 3 7 0 3 9 G 3 7 0 7 3 3 ; . HISCcLLAMEOUS.- , : : - 5 '' ' Conashy-Eop'e .' •£3,500" ■>,--..-JEl 1 "nil-,; 6 1 3 0 1 4 0 '- ' • ■; -; .Lcyland and •O'Brien.' ' ... . iC.CtO J7.7G1 ' 1 nil 15 226 23'6 230 7 0 0 Hauricevillo Lima ,.... .'". 7,C00' ici5" 1 nil 8 ■ , - h.i!. Candle-. . 10,CO) - , £70' 10 nil': 8 - -" - ' "fi , §.'-'y r U S8 -';v.;r'- - ' ••• ••• • £W00. . f6.?30 2 nil-.-- .7- '2 10 6 211 0 2 11.0 6 3 0 " '. N.Z. Paper Mills .... . ... ... . 14,775 : 1,;82 l nil. , 7 1 1'9 12 3 1 3 '0 ' H.Z. Cement ''<0,109- '. 2,MS ;-l nil ... 1 8 0 • Jl.aunmg (and Co.;''. ;..16,LCO v -'.17,1,70,. 4 ' ' 1 111 SIC 0 310 6 10 9 1 ward .and .Go: ' tC,C00> IC.c&S' 4 1... 10.-4 15..0 5 0 0 - 4 15 0 8 85 Wgtn.. Opera llouso.... ... '.... lb.030. .-. 1.V05 -. 5 , nil lai . - . ■ ' ' , Wgtn. Kresu food .... -... : ... ; ££,S61 . 1 - nil ..; . . . . VUitcombe and . . , .t6,i60 V£0,ICG . 5 nil 19 ' ' l. BUMljoid. Lid...... : ...- ;..., ... .ifc.iiVO 1 -l;bll nil 7i , 1 0 0 .0 19 6 7 14 0

, Buyers/' Sellers, i gales.; : , ■" , '£ s: d. s. d. . J6'&?d:' Waihi ... 9.1 0 9 3 0 9 2 G Kuranui CaledQnian_0. 0..9. ... — . , K.Z. Crown ... ... 0 G 0 - — — May Queen-.:.'" ... 0 1 10 — Ngatiawa . J>|2T-''.r.— Waihi Gd. Junction . 2 13 9 — ■ — Waitangi ■ 0 3-11 . Tangiaro . 0. 1 G. Talisman ... .... 2 G O 2 7 0 2 G O ■ 2 G 3 2 G G

' • P.O. Savings'-',' Privato Banks. Bank. • £. ■ ' £. ■ 1S01 i 15,017,732 6,35o)oi3 1902 .... 16,398,449 _ 6,883,787. ... 1903 .... ... 17,307,235 - ; 7,388,682" 1901 ... ... 17,524,388 7,761,382 • 1905 18,612,605 8,662,023 . ' 1906 20,093,798 9,953,205 1907 ... ... 20,787,213 11,523,230

' 1804. 1907. Now. business— ■Policies* . ... ■ 101,198 . .21,262 Amount ... ... .£46,153,250 .£15,058,945 Business in force— "I'ol'ioies" . 564,591 '508,269 Amount ... ... ,, ... ,£306,586,291 395,960 • ' Surplus ... ,£16,501,450 ,£10,948,099

, ' , Quantity. Yaluo. Auckland ... 3G,740oz.. J>148,143 Nolson 200oz.' '' 801 ■ Greymoutli ■ - ... 3,245oz.' 12,371 _ Dunedin .... ... 7,231oz.' 29,341 Total ... ... 47,41Goz. JC100.G5G