FINANCE AND COMMERCE

Dominion, Volume 1, Issue 250, 15 July 1908, Page 10

FINANCE AND COMMERCE

; THE SHARE MARKET. . '■ -.-V Investment shares.were again quiet yesterday; ' ;and no business wasdone.. Quotations shovf no; change, : and for the more .'favoured itocki'pn&sL', • remain . the samc-^Natiorial'Banks,' tellers, JBsi, . ss. 3d. (cum / div;);- Bank-y/bf-"' NeWr.'Ziif- ■' ' land,, sellers <69 65.; Wellington Investment, sellers,-.' 125., 3d., (cum div.); Wellington .Trutfc. . , and- Loan;' buyers ,£7 Cs. Cd.; Wellington' Dc- , ;' posit, buyers'-9s. ; Christchurbh GaS;-buyers <60'. . . ■ 17s.- Gd.; Peilding ;Gas; sellers -20s.'; iSNntlbhul'} | f Insiiranco, buyers',27s.' 3d.,;: South'--Brifisli: In-, '.- .-.suriuice, .sellers <62 las.; AVellington^Meijtijßx^-.' ■ port,'; third-issue,! sellers '.£3', 55.; .''Manan'&tu v Rails, ..buyers 49s;;'^New.,Zealand. Shipping, buyers <66 Is; ; ', <61 lfe; 9d. j AVellingtoh Woollen,! buyers'<63 75.,' . sellers .'<£3-95.*; .Leyiand-O'B^ibh^Timber,', f M 35.. 6d;; faharland's, 'ordinary- and-prefel 1 -; -. 0nce,,20 .V 'THE MINING MARKET. .' A fair, amount'of'-business TfaS "doiio'-in ' '.'.tag ; shares, yesterday.,'/! There -was- tfading-'in- : . .. Talisosflns at' 463?, AVaih'is Ss?'9,d\^ J T3^ck'|- 0 - water-'Ulines -W 21s.- 3d:, and'?Ngatiawa' ,l ac , i lOd. The quotations- were as under:— . Buyers.- Sales. - >■;. -~" .'..JS.si d..,.< 6 j-.. d. ,d._ \ ; Talisman • ... ... 2 .4.79 2 5.8--2- <• 0 Waihi 9 2 0 9 4 0 9.39 . ■ - — ; '-'o 6 2 '. — May Queen .. ..023 0 2 6. — i jSgatirfwa'!:' 0 X 0 0 0 10 Waiotahi — 0 211- — , : Blackwater ... 1 1 0 1.-l. ?I< f 3. > . Tangiaro 0 1 3V ; Big River ... ... 15 0 1 G O . — ROYAL INSURANCE The report of. the :Royal Ipsuraneo Company, . Ltd.,*,for the year r 1D07,-'presented.at .thb:'me()P. ' iiig f at;Liverpool'oii'Juno. 16, states>that 'thu net fire premiums amount to. ,£3,670,215, the losses to <£1,758,766, and the surplus on the fire account to ,£653,038, of which JEIOO.OOO. has been, udded. to;,tho.-fire: fund, . difd-:-thd!balance," <6553,038, carried;to.profit and;lo'ss:accpuht; In: :the •"-!empl6yefs\ > liability-" j 'arid'".accident and_ general? .'sections'tKcs'-i^'preiiUittfCitaointito"; <2162,303,. theclriim3to,£s9,39o,-andt;he'surpltis' - : /at-;tho';pna?of - tho;year,amount .to .£108,934.' The profit .and loss account is credited with <£171,265, interest not carried. to other, accounts.. ..The ; purchase._pf-.. ";. tho " Northern Accident", business and' spccfal : expenses in connection wilt the organisation of. the accident department, tho company's Act of ■ Parliament and the adoption of limited lia-bility..have-been -provided,for.v After meeting- • these, charcos.'paythent'nf ;divid«hd and .traiifi ferring <659,076 to. accident funds and -<6151000 to the. superannuation fund, a balanco of .;. <6917,708. .is carried forward... .In the life'department 'tho. new business is ■£1,454,233, .tlja ■' total premiums, affcr deducting roasSurane.es, : . ,£709,862, and tho life funds at'the "end" of the year <69,691,003.'-Tho dividend recommended.i's • 10s. per share,-.making,..with-the. 10s. paid-in . : December last, 205.. for tho' year,, being at, .the . same'rate'of dividend as that : pji'd'iii'-reSjlect ■ of the:-.'year 190 G. :The total funds as at tlie end of'tho, year,'after'making provision for payment of. dividend-,"amount'to'<6l4,29B,soo. NORWICH UNION FIRE-INSURANCE. ' .- The report of the Norwich Union Tire In- - Burjince Society, for the year ended December 31,,1907,^.presbiited^t^tjio.meeting in, .Norwich on-Jiiie 2,'states-'that tho net premium; in-, come,, for the , year, amounted \to, The ''losses - (paid and'"outstanding)' - were <£552,302; bqing. 52.02, per cent, of the premiums. After' setting 'asido" one-third of tho" (<6373,119), ;ns ,a. reserve ...against.. policies.not riin.'off,: fho "balance at jthe credit; of profit-and loss niTO'inl. inrhulinV tbn' unriV'-.' propriated balance,,. <6225,505, brought forw.ajd,,, . is <£§63,976," out of which •ari' ir.t'erim, dividend of f. -J& per. share was paid in January last,"anil, a"' further dividend of, <62 per share, with the. addition of a bbmis -of <61, has been declared ' by the board. Tho undivided balance, amounting to ; <£308,976, is carried, forward. to -neit. year's crbdit. ' . ' NEW ZEALAND TRUST,-AND - LOAN. 7i1.! .! The-ieport of tho New Zealand- Trusi : and | v Loan Company, Ltd.,; for the year ended Decomber- 31,..1907;--presented- tm - June 10, 1908, states that, the balance of un-divided-profits shown, after, payment of all current expenses, is <£21,696. . Tho .directors " recommend that a sunf'.of '.£2OOO be -now appropriated for tho payment of a dividend pn-. the £1 fully paid Ordinary shares of Is; per' share, free of income-tax, being 5 per cent. ■ for the year 1907, and that the then remaining balance—namely,- Xl9,69G—be carried forward. Oil .December,, 31' ! ,<635,'5.00""'.had'-been' 'collected .towards: the- <640,000 required-fo be set aside-for Redemption of 'the' capital,"'.and; since '1 that'date: tto whole amount has been received in London. Early in next year the directors hope -to bo in a position to make further • • substantial distributions ! out-,, of-.; funds whichshould then bo in'hand. ■' ■■■" • ENCOURAGING OUTLOOK. ' ' ~ ; The-"Financial Times," to liandby the mail,which roached the city yesterday,-is rpsponsible - for , the following :-r"Tho presence of' a largo number of Colonial visitors in the mar- ' lcets is lending encouragement to business at - a time when .the homo trade',continueslquiet... . Tlie majority of these ".are from Australia' and 'New Zealand; several of-whom" speak very hopefully of business .on tho., qther; side,, particularly in New Zealand, ! where trado conditions are, more. than satisfactory,; though' likely to'sufFer later by.'the condition of.'.wopl,, unlbss'-th'e improvement-which has set iri'con-' tinues to be maintained. In all-other ex-, ' .ports New Zealand is increasinsly active, while the: agricultural outlook is most promising ' These reports are to a great extent confirmed not only-'by thb,.cqrrcspQHdencov.recbived .fc<}.ni age'uts'and-travellers,-but'better still by cue large number of actual orders which arc .being placed by each' ntail.? '• 'One Colonial agency, with a general tradb in New Zealand, has received indents,by. tho last few, mails,

which in tho aggregate amount to qvbr <£60,000, . whichJ.is ii very gr6dt.':imprbvfefiieiit' npQii the $amo period ,pf 1907. and no doubt other Cbm.nussion jious'es couldfc roport- in a like strain. ' Tlib" majority, the: -big .distributing . : h'6iise3'.snii-f.nei'.City"have' ;Wcei?ed : sdni"o of. their best orders of lato from New Zealand," '"GEM!AN FOREIGN v TRAfiE..; : . :■ i FbT.'.ai'long .time,"the growth, of-' Gerniany's. Iforoign. Itrade been cited \tb-r I ,' prove • 'that . the irityli. irador.'";.was.-lagging ibeliind,: and, wrtsViiidiifer&Hifs i ' to :• the .future. ' '■ cared to',"cxamino''the! cause, of the. Gfinnan' expansion;,. but that this '■grbwtfi- .of "busfneSs-.v-was- deiifly'. bouglit. - In J.npj>n 1 • is suffering. ;vory. • severely-,arid a* sidelight is thrown on Gormaii aro not very creditablo. Japan is sufforing from a commercial, crisis,-jaiid.-occordiug.' to. the- Tokib correspondent of the "Economist" (London), "almost'all . tli-e- foreign-.firms..thus-far affccted are. Gorman, iahdj-JliMisnsdrivis ino|}far to seek. - Years ago •■■the Japaiiesb' imporb'trado was chiefly: carrjod "on jipon-..a .cash:!basis. :-■A"'Japanese merchant ' gave an . order for goods, against w'hicli ho deposited; bargain omonoy, and when the merchandise -arrived 'he' took only after iiThe German .riiercharits;. übwovor, gradually , introduced a credit sys-•item-.-J;i"' First.i'-the-.igoods . were '.permitted' to ue deferred .until • theyy-i;o'achcd-'"-tho? .go'dowris -.'of". the Japfincso '-'purchaser, this", concession being.-made-on-tho -qui(gf.:roasdn'al)le that as .soon as tho tho-. ..goods in his possession, lie j\ r eul(L.be..a.blo_io:-ftet-adv'ances on thoiii from the native banks,; and .liquidate his account. But th'o. timo limit 'was-- gradually . extended. - From fifteen days it becameiridhtli, then Six weeks,, .then two liipuths,-, untiL .delivery perQirttid.; to be t^ken';ag^to¥t ,, ;'ijrbriiisSov,y /hotes-.for as long as-from three''to sixmopths. Though the British merchants stood, out against the-pr'actico. as'.lbhg- ; as passible they were compelled to follow ;snit to.; Some extent; but, of credit was ddngbro'iis in' Japah'i "they never went sb ifar" as .their G'erm'ah jcbiiipetitors. ' "(3Q.,lpiig: as|jJ;hiiies,;-wont well the credit "systenv'worlced satisfactorily,"' and ; during the ''bo"dm v "'after'.'tho* 7 "waV there-.'c'an bo no douijt ■that 'the; .business".handled by the Germans went ahead inbro rapidly -thaif.' that in-.'the hands, of British merchants, who preferred ■ jto; Jirork- As soonr iiowpyer", as ; *'"a period' of stririprericy in money, and a.eoiitrActiefi ifi piece, difficulties began to arise; The JapKhese merchant found ho was unablo to meet , his pro- • nussorv- note -idr a particular date, and a?ked for an extension of time, "which had-perforce to,bp granted, as to ;insist in the'note being lio'nourcd at is - duo' d/ito would ..have precipitated the ; crisis. Then goods. came out ,qp a .falling delivery, being -'fro-, liuently refused, pretexts; the merl'clTaudisp was,.left on-'the-hands'of the-im-I porter,,, iWho,. haying - abandoned .the system of bargain money,, found liiriifelf, without-any *protcotion against,loss,, for-to .seek a-legal 'rßWbdy" Vould' merely-, to' hasten the bankruptcy of the buyer; ;'. Coiiseqimtly very heavy losses ,have been- suffered.. It is hot too much'to say that in the' last six' niontlis .the; .German i nierohaiits have lost' -far - more ■ 'th'nn* thoy_ the two - years of tho boom by the extension' of the credit system.".. .WELLI-NGTONr.JNVESTMENT.. CO. . ' ■ I .-The l-tlie .Wellington -Investiiibiit;' Tr'dStbe,'; aAlfc Agency Corapdny, -Ltd.,-. in their report ;fqr ; the. yoar ended Juno 30, stato - tlmt 'the'-'net'-proiifc' on ;the year's business, in- • eluding--<£-l-33- 05. :, ,' 9 d. -brought -forward, l'rom 'liiit' year"'artibiiritod 1 tt> .<65349 18s. 5d., An ill- • (■erim"div4deiid'.bf - i ß'per ii cent.- was'declared and paid in January, 'ariu it'is now. proposed to pay '.a^fjirthSf^ jbf',3 per .cent., (making 6 •'pet" t'Ke--year). This'will absorb <63000, leaving a balance of <62349 18s. 5d., out " o'f "which <82000 is to bo lidded to the reserve fund, which will then stand at and, tho iba'lahceV'ot:<£S49llßs.-,5d.-is to be carried forward; -The'balance sheet shows—Paid-up capi- ; tal,- j *<£so,oooj ...reserve fund, <£3500; investors' ' "subscnptibns,'"il3so;6s...sd.; mortgages on free- - hold- property',.-- <E2O','COO; deposits and accrued -.interest^'<6l62,o7Z';2kii.M.; sundry creditors, <622 10s. 9d.; profit and loss, <68849 185.'5 d.; total, - -,£2-10r7D-147& -l-kL—On-tho other sido, the itom» are—Mortgages. <6182,838 Bs. lid.; intbrost and rents, ,£2348 17s. Bd.; freehold aud leasehold propertv, J340.686 15s. sd.'; Corporation arid Harboiii Board delieiltntte,'!V£l2.96B; office furniture • and fittings, '<£295 12s. 4d.; bank balance, <£1570 '' Bs. 9d'.'; cash in hand, <666 14s. 10d.; total, <6240,794 17s. lid.- ; . Yesterday the Customs revenue collected' at Wellington artlounted tb i '< 64757 7s. 2d. ; ' JIINISCf-'NEWS. ■ JIAORILAND COPPER CO. .'1 A privato' received from Nelson vester-.«-'day states'that .-sm'eltihg is to bo started to-day. The company, is driving upon a 3ft. lead of-oO per cent' ore' 1 in''tlvff ' Chanipion; mine, and is sinking from tho shaft at the low lovel nnon ' 'A"gi6'd''b"o'dy of nativo copper. There are about 2000 tons 'of -ore ready for smelting, which - -will-BO from.l 3 to 11.per cent. I rj T STpOKr,-EXCHANGE. : (bi TH.^anArri—rnis'ss association.)" ■ ! " ' .T't-K: 1 Duncdin,.■ 'July'l4. • . Stock Exchange' Sales; Golden Bed, 12s. 6d.'j [' National .£3.^ wellington-produce'report. . Messrs. Laery and Co., Ltd;,'Wellington;'rei 'port' whblesalb'pribis 'ruling on tho market:— . Wheat, fowls', 4s., lid. to ss. Id.; oats, 2s. lid. i to 3's. id'.'i'lsce'd'' oat's,. 3s. 2d. to' 3s. 4d.; maize, i 5?, ,ttf"s&''3d.';"crushed malt, Bs. 6d.; prussian i blue peas, 65.-'6d.-t0. ( 75.; fowl peas, .45..6 d. to i 4s. 9d.",' all' at"'per b'fifchel; Hour, New Zealand [ iil 10s., Australian 55..; bran. <S7 55..t0 .£7 10s.; pearl ba'rley.;i"il9 10s.; split peas, £ 18 ' 10s.; bonedujt, jCtj'i superphosphates, J64 15s. to

.£5 ss.chaff .(oatonsheaf), £5 15s. to..£G 55.; oatmeal, .£l3 Ids.' to .£l4 10s.; potatoes, tablo £o 15s. to iG 55., Tasmanian seed (Up-to-Dates) ,£6 10s., Beauty of Hebron: -EG, Flukes, JCG; bacon, factory, sides B}d.,. hams°9d., rolls fljd.; prime butter, bulk, lid. to-Is.poultry, hens 3s. to'3s. 6d., ducks Gs. to 7s. Gd., turkeys, gobblers 15s. to 225.,. hens Bs. to 95., all at per pair; cauliflowers, 7s. to 125.; cabbages 3s. to 10s. all at per-sack; fresh eggs', Is.' 7d. to Is. 8d.,. preserved Is.'3d. to Is. -Id. per dozen; cheese, Gd. to Gld. per lb., loaf 7|d. per lb.; onions,' .£S 10s. to '.£lO per ton; Akaroa cocksfoot, lOd. ;• ryograss; 4s'. Od. to ss. 6d. per bushel: ' ■ ; ...... ' . LAND; SALE -AT WAVERLEY. : Messrs.Dalgety and Co., Ltd., report:—On Friday, July 10, we held a sub-divisional sale of suburban land on behalf of Messrs. Murphy Bros. There was a large attendance, a.nd spirited competition, overy section being sold under tho hammer at tho satisfactory avorage of roughly per acre. , LIVE STOCK SALES. j (BI TELEGUAI']!.—SIT.CUt, COKBESPONDENT.) Pahiatua, July 14. The usual weekly stock sales wero held today. The attendance was good, the yarding in all lines ■ was good, and priccs generally showed an advance. Hoggets made 7s. Gd. and 35.; cull hoggets, 3s: 9d.; empty owes, ss. 3(1.; two-tooth to full mouth ewes in lamb, 75., 9s. 9d.; two-tooth wethers, lis. 9d.; fourtooth wethers, 15s. 2d. ; rams, fit boiling down, 3s. 10d.'; cattlo, two lialf-year' heifers in calf, 37s Gd.; two half to three-year steers, 655. 6d.; fat cows, 81s.; springing cows, 905., 115s. Messrs. Abraham and: Williams, Ltd.; report on their Johnsonville sale as follows:— Wo had. a full entry of bullocks, mostly of primo quality, including some,heavy, weights. The market was irregular. - Beef made up to 245. Heavy bullocks made £11.55..' £9 2s. Gd., to" JC9 12s. Gd.,- i£B 2s. Gd.. to light, £7 15s. Thero'was a fair yarding of wethers, but the ■ quality was only fair. A few pens 'of primo sold at 17s. 7d. to 18s. 8d..-and'l6s. - Gd. to 175.-4 d.; light sorts, 155.. lOd.; ewes, 12s. lid.; storo lambs, 4s. 9d. ' Porkers, 33s.; light, 245'.; stores^-13s. to 17s. . . LONDON MARKETS. . (liy TELnonAi-ir—miss association—cortniGnT.) - ' London, July 13.. The wheat and flour, afloat for- the United Kingdom is 2,135,000 quarters, for the Continent, ' 1,250,000 quarters, Atlantic shipments 176,000'.' : .' : Silver.is quoted, at : 24Jd. •

WELLINGTON SHARE J L f S T : , i'f '"V"'-' *■. ; ' Itcscrvo ag . | . .PRICES../.... , yield i j ' ' rrtMPANV Capital Fund and P 2 ti. . ®rj '—- ; —~—. ,.. to - CQMPAHl. :i •_ FaidUp. lUltnco '•'f'c liV • .&astv Investor. ; ; - - . V,. .., - f g • So " er -; - gfo.;: y ' 'vV ': BANKS. : £ . £' £:*..<!■ £ s. <l> £ S. a. - , New. Zealand ■ ,i. • 2,000,000'.' ;i sbijH7--' "J"f ■«" 2 i 8' "0 514'3 National 375.000 335,318, 2? 15 12 5 <.. 6 6 6 3 ::&? 0 . 51i a , insurance. / := : ;v ; ! ;!,••• National .... . ... ... ... ... .... lOO.GOO " f 240.339 ' : | unltd, 15' I - .J. jj • «'• - K « n New Zealand ... ... ... ... SOO.COO 395,674 J ..8.. 10 -3.15 0 310 0. 3.15 6 5 B O : South British ... ... 100,100 ' 433,'240 i . .45 . 30 , £ .'2. 'i-'.2 510 " Standard -.... .• ,75.000; >2.386 \ .. Oi 10 ; 1 ° . '. -. . FINANCIAL. ; :V Enuitable Building ..V :/%>'. - 10 < V 6 ' l0 . 419 ° ; . • MetropoUtan.Building,L : .i'S .10. «; n."..- ..J rju'v •'oij'-j ■ 0l2"S : 5 0 0Wellington, 1 Invest.:. ,«.«» . '6'; S.4,.-£ . 2 .g . f.g % sii VIA. -f 6 "m P ,™.» oas."-; ; '■< •' ■ Auckland ... »• ; vasil ' I ' Si! 10 817 6 10 0 6 -10 O'O 5 0 0 Chmtchuroh , ... - 5 "u • 010 o l o.;0 .<019"6 *»ev-:-.i::: '::: s :• fl''-"ST'kjg' 1,2 12 6 2 - 10 0 • 610 0 New Plymouth ,' v 18 '^ 00 , 3,1 ,? n ,-2i i,S}"i..J8 ■ •<#».« , - . • ' ' .Napier ...... .... l-''4g 1 ,SM8f:. »• MS. • • : , " ;;; ;;; ... ) • 1 o is . , . - PalmerBton North ... ... ... , >27 . C0( '. : *11.9®.,. ,li. 10 , . 6 5 3 .3. Wellington- ... ... •■• V 124,570; ' 71.703 10, 10 1J £ g l»v s IJ . 7 - heat. . . . ' Canterbury• •... '... ••• . 163,727. . , r 2,6£6, 71 C4 s • ■ 8 0 9 ' , Christcliurch..., ... ••• 1C5.9S0' 77.Wi„ 10 ... nil 8 10 0.0 ;■ •. - .j ■ f , a.ilJ-,8 -iSTS ;2 ' 9 0 - M ' 0 ■ . \ 'f? "'If . "'Ho .. ... . „ • g) .•■s}'.' 1 '8' ""3, 5 o .. '. '. . Wanganui, . :. .. —. .. J5,ESI.;,10.315 . 5. - nil 8 . • .. ; TnANSPORT.' ! ,,, ' v ' W.- and v 3t. Kaiiway U' ■"... ' ; 170.CO0' '121.432 . f i-: 7 I sij-a iff .2 n'.O. "a n il '217 2 . . . N^Z..Shipping.- :.. r473,fc40- "U0.7W g - nil 6 6 l'O ,.6 .2 6-6 0 0 . 6.18 4■>.y. Union Steam. ,v.^ : -V.. tCO.COQ bt)l,t;17 j nil- ' gj 114'0 1 16 0 .1 14-0 5 0- 3: Wgtn. : Steam;Ferry ;..' . '.v. : 46,i50 / V ;W j nil 6 : ■. .017 6 • . . • COAL. ; ;; " Wostportx-;.. ': M. 1 JEO.OOO;' vli7,2i5 ' 3j 15 12} • 6 is 0 6 16 S s.7.0 ; - ;Taupiri;-.-—- •' ...■' 1 ''1'5.(A>J' 1 : ; i* niL 74v ...-1 0 0 0l'J 6 7 14 0 - .f ' woollen. • :W-.. ,■ •' - ■ KaiapM' ... ... ' .... , 1C0.CC0 E2.E51 5 nil ' & ' „ lio«(riel.:... . ... . ... ■ 17,m, .-3j - 14- 4 ..310 413 0 . Wellington .' ... ... •. ..'-4.3W l 4 ,1,;. 6 ..3. 7 .0 3 0 0 3 8 0 7 1 2 \ MISCELLANEOUS. ' : \v ■■, ' ' • 'A' ' ( j'-:'-. : Donaghy' Eopo ...53.EOO 1E1 -1 -nil 6 13 0 14 0. : .. Leyland and O'Brien ... ...' E5.0U) .17.761 .1 nU. ;15, ,2. 2 6 2 3 6 2 3 6. 1 0 .0 . Hauriceville Lime 1 7,(XXU .W5 - 1 -. nil '- S - : ly.z. Candlo ... ... r-'.llUW- iM» 10 inil - 8 y'rrlfii'] M.z;. Drugs ' ... ... ... ... -£CO,COO •«'16,130 • 2 nil 7' \210 .6 211 6 2 11 0 0 3 0 '.. : ■ K.i4. taper Hilla .... 14,775 1.C32 :l ...nil 7 1 10 1 2.3 1 3 0 .. N.Z./Cement ;. , ,40,[(X) -2,048 .1 .nil.-... 1 5 6 ... - .-Manning: and Co;. ;;;■ v.-£6', WO 17,670 .'4 .1. 10 ,■ 3 IS 0 - 316.6 10.0:1' AVard and Oo. ... ... ... ,;,.tO,C(JO,i i.0.055. . 4 •. ..'1 ■ JO -415 0 i'5 o .0 ,415 0. # 8 5 Opera.House '18,630. ,.-1,705 "5 nil, lili -.\T :-0 .6 Wgtn. Fresh Food ... '■ -88,1:61-' j. nil ..: -' u : \ Whitcombeand'1'cmbs '-'... ... ilixM £0,156 >i . nil :r 19 I'vri '4 2 6 • 1 ' ■ ' V. Sharland, Ltd. , 4£,t76' y: Wll . - l j , ,.7i t 1 0; 0 0 10 6 .711 0