FINANCE AND COMMERCE

Dominion, Volume 1, Issue 252, 17 July 1908, Page 10

FINANCE AND COMMERCE

THE . SHARE MAKKE.T! j .. Yesterday'.'inv'estinent'v shares wore'f again?' ar.';' 'v.-blank,vfor..no ;business,W\as;.r.oported..v:Al'alues' j . 6hoiv''So" change,; -andAthe.- only: now feature; 1 ■' is-;,tho . addition i '.of-.ii a«; feiV--mprO'A quotations/, '■ ' Thero was inquiry for Bank of .'New Zealand A/a;/', shares.it-£9 as. ifidi^but^sollersiwiantod i£D• 6sv,»! ' -a - BankAshare's wereAon! sale::at A,£s'. 53.'.. ;:^3d;/Acumdividend, ?3Kjl J iiißnci'al.-ishaws' : ..:-we're^ ■ .'steadyNationals-Mortgage, buyers, l ,£2 19s.;'. | ■Aiils T ;Z.' Loan arid -Mercantile,'. buyers 35. ; lid., sol- •• lors,- 4s. 6d.; N.Z.. and 'River ;i*l&te,i sollorsi ,JSL , : lis/.. r 3d.'; '^sellers,':l2s.;, 3d. ; :-Welhngton r;l , rust: , ;and-!--lioan, i > buyers, rXi. Bis;'' 6d;; Wellington Deposit, buyers, 95.... Other '•rfl-'.r quotations-i.wore^Feilding.aQas,-7rsellers,, -205.;-2 ' f ivational ■ Insurance, buyers, -275./Cd.;- South , Ofkr British J' Christ-'! :£■-' ch'tirch, Meat, -sellers, i. £10; Manawatu 1 Rails, , s ' ; -'l.buyers :485., sellers'49s.; N.Z. buyers, » ~£6ls.r'Gd.;'-/Union-'. Steam, .buyers,--345.: fid.,; :. : i ! 'v:-: : :sellers-:'3ss;;' ; Wellington Steam Ferry, sellers, '17s • Gd. and' 13s. for tho respective issues; . '" . Timber,,, sellers,. £2 35.. Gd; j N:Z.jPortland-Cement,;^jUyers/:2ss;Jes ; rights*,. . Shanandf6!;-Bt-dinaryyand' J preferbnce, ■■ sellers, vKivVaii ;:-i Wellington: .Ice,., sellers, - Bs. -6di-j 'Whitoombe'arid ; .Toinbs)''sellers;v>£4 :^Si THE MINING MARKET - There -were sales ;of-Tangiaro at,>is:,Gd., and.,: Blackwiiter /Mines at 21s. 6d. - NoMJusinoss was ■: :.vdone:in either..Talismans 'or-,Waihiß,'.tho'.lattor !#': , : 'being -quoted; afew.- shillings ~lowerr - 4han: . ; foh t tho past' few days. l : Yesterday's quotations, . as under — » , <■' ■--/ Buyers..'./Sellors. iSales.*''-' I- v"-a ' ''■ ~; -* |i S ; 't£*s.'d.'-' • £, s.d. £ s.d. ; Talisman .... 2 .'4 9 2 5, 3.-. — Wailn 9 2 0 9 3 0 v* rßlackwater ■ "1 • 1- 6 . ■ — 1 .16 ', Tangiaro 0 1 G 0. 1 8- 0 16 May Queen... ... 0 2 1 . : — - — \Big ■ Iliver 1 5 0 v 1 G 0 — THE WOOL SALES .- Tho second day of tho London wool sales Bhowed. extreme firmness in prices, and .tho opening rates wore fully maintained. It is : VV -stated that even the .Americans- are operating freely,- and-this is excellent nows. :it is."very ■ easy, however, to give a rosy complexion to this < advance, and to indulge ißiextrenie optimism; but it must be remembered that the firmness ' of the market is duo to rostrictiiig the supplies • and iiot to increased consumption. 1 : It' is satisfactory, to'know that woor has seen, its' lowest lovel,-: but prices .to-day even with the . advance - ' aro a long way from w'hat they, were a .year. ; ... - ago. 'There are 222,000 bales' to /be ' offered at. • - .' tho current; sales,, which/js 'the largcst/cata-. logue for any.'July sale since If) 02. It is not i; ' : . unlikely?;that a fair quantity ofwool will be ; ' V lield over ' in addition to the 50,000- bales that havo-already been put' forward. Tho "boom" : in wool has been followed by a.slump and tho ' slump in - turn .'will ■ bo followed '-by /a - boom, / . but no ono can guess at the margin of time between the two. ( THE 1 PAST WOOL YEAR -/. In' their- annual wool -.review just to hand, ' . ' Messrs.. Dalgety and - Co., Ltd., give the fol-, . lowing: as tne-.-principle' features of the wool year:— -' '- • ' V- ; '-High. values ruling at tho commencement of the. regular selling . A;/... American -.financial crisis . and subsequent :'serious decline in the value of commodities. : A Tho rapidity and: unoxpeotodness.' of. the, doA\/. clinc in wool values. . : ;/>. ' . The :neglect tof medium/and/coarse..quality - . /.', 'crossbred .wool,/'and; consequent'' slnnip,;in.-'tho value of same. - J - - Figures relating to the number of sheep , in the world make.it\ovident that flocks are on" • the decrease in the -. Northern Hemisphere, but- increasing, in the' Southern, chiefly in Australia and South Africa. r;.v,:-;;i. •; Seventeen million sheep/were slaughtered in / Australasia'during the past' year, but.-never-theless there has been a net increase in the flocks of 5,000,000. . During the. past: year fashion has favoured; .. goods made from/merino wool. ; '■ , : : \ A.' The.decreas'eAin ;i the\AustralasianAwool oufej A : put'was.attributable'to' the severity of the :sea-; , son over/thejSputhem-portion of ; the Continent,, of and poor lambing. : :A Heavy proportion of short tender faulty wool,.and scarcity of good >warp combings, duo to adverse season and sheep being shown date in 1900 and early in 1907. . .. At no time did scoured wool sell relatively as well as greasy, and.only.nine per cent, of tho A -total/wool sold fin Australasia was composed, of the former. • . WOOL EXPORTS. / ':>■ -In their* statistibs, .Messrs. Dalgety and. Co., Ltd., give the following as tho: exports of Wool for the - years ended June 30, 1908 and . A 1907:-- ' 1908. ' 1907. Bales. , Bales. '"-'A New South Wales . A 777,743 . 837,869 " -■ Victoria ;.. ' . 462,815. : 506,650 Queensland ..- 1 ... 144,640 117,550 ' South Australia ... ... 183,892 146,431 .West Australia m» ... 50,745 - , 40,789 Tasmania ... ... ... 21,050 ' 13,811 New Zealand ... ... '436,941 , 427,058 - 1 2,057,831 2,090,183 This discloses a decrease of 32,357 bales, but - this is mpre.apparent than real, for there must be a consideraDlo quantity withheld'from shipment; It is believed that fully 30,000 bales of th« last clip arc hold back in Neiv.-Zoaland. -LONDON MONEY MARKET. - The writer - of the financial article in th e "Times" .on June 5 deplores the redundance of money on . the London rmarket. He points out that'such cheap .credit as exists at: present in that centre is of -little, real advantage, . and in addition'.it, indicates-the want of or-, ganisation .iinAngst the banks at times when the Bank of England is not in control of the position. ' When' lending rates are'nominal, dealers in credit are tempted to-use it in soecu-

; lative purchases tof - gilt-edged-Securi ties, and | aro'invited-to nuance ■ ojcpoMcof Londoni This gives them a liold oil" Bntisli vcSources V/wiiichtf v. desirable, "whjlst the international monotSry position is m- Lcono« ' . nione J. 'q oestion' from • on tlie . conclusion that a general rise in snaro values will.ensuo. He argues' that unless / the -harvest is unexpectedly;' 'liirje and- commercial or- specufl'ative /activity;'; very.;.)qjicklj-,. a long, sjiell of comparatively low rates jnay. ipe. antici-' i 3 A«the .:;Opporiunities:of • using/ money • in industry will; bc;:few'er;.;the, volume -funds t !ccpDing : it6.\thft; Sigck .Exchango should.be pro« portionateiy: increased.' The recovery m prices, iinchis much the same basis . ago, /and where the ! v fall Vas": ihVholiest'the"i;ise will be the most ' marked.- If. somo ? such movement were to occur in .investment stocks, the moro purely ; ventures would be.bound . ovontually. . -V "• ; - A i«TIES El 1 IITOITORS. . Eminent counsel in London have futiiishod tho Instituto''of Chartered Accountants with an opinion as, to the duties of auditors under the,. Companies Act, ;in whieJu.they -sav; . , Wb. ' :do "nbt.' conSider ? that the dtfditors*. •. duties aro limited to-.a-:'com : t-ho,. figures. o£.,th'o -andiOfi.i'Jjflu'JiAPks-. ..Tnoy books 'themselves show ffio 'true position, Of tho < company.":* • i THii" : !!anSS«lt'6tal4ol also.-adviscd, "they'(the should not have the least., hesitation in -fully , as to 'any unsatisfactory the->'position.'.'. ...If ...that .be tho' .'opinion bf*men : like Sir-Robert' Finl&y; K-C-, Sir Francis Palmer, and' Mr. Felix Cassel,: K.C., iff , respect to "unsatisfactory features,": is liot the converse position that share- . holders hd#<Man 't)quab(Tif;ht-:to be informed, of: the "satisfactory features" whenever .they may ■ be /observed—; -. Should internal reserves be fouiid.'are they "satisfactory features" of sufficient importance, to be .mentioned. A leading London .rauditor',.(Mr. W. Strachan) emphatically (j?jfirn)3- t where'there is somo orm,of ; secret resorvo,' the auditor must monition that.< ifactyin,;. his report. "It seems' to me," ho says, ?, th'a't it would mebt, tho caso ifthe auditor WfM -jtg state.-in-his report that .such a-reserve was in existence, or. that, certain assets wore stated below their truo value, without going .into the question of figuros. The shareholders" could then require further information from the and it would bo , for the-directors to c<?nJyKs<lithem that it was in the best interests of' thovbompany to koop tho figures secrot." • •' s Yesterday tho Customs revenue collcctcd,at -Wellington amounted 3d. ■ • STOCK. EXCHANGE. - (DtTELEGEAI'H—rEESSASSOCUTIO::.) .• '*1' Duriediri," July 16. ■ Stock'.Exchange .sales:—Electrio, :9s. 3d.j : Molyneux Kohinoor, Is. 6d.A'. ' LIVE -STOCK 'SALES. 5 Messrs. ,Dalgety v and-Company, Limited, report that at their-Palmorsfon : sale yesterday they had a [fair yarding' of„both sheop and cattle,'all of which were disposed of but on'o small,pen of .cattlo at "the'lfojlowing prices:— Forward wethers, 12s. lid. to 135.; fat and for- . ward, wethers,, 145. : Gd.; mixed medium, lambs, i 6s. Sd.; prime fat ev.-os, 14s. Id.; mixed aged ewes, 9s. 6d.; three and foiirryear bullocks, £i i 195.; fat steers, small, .£6 12s'.. 6d.; store cows, I 225. : i. 295., to £2 Ss. -Cd,;*"fat' cows, iSS.fis.' 1 ~.'.®Se jLoan' Mercantile Palmerston ' -North. :Von'" : Thursday-;., ,w0 ...had,' a 'medium " gentry' of " both- sheep' and , cattlo. Thero 1 .'oifa,s' - "ft\ v ,bettej; / , l demand, and' -^'placedtho;; whole. ' our ■ yarding -at than, "those - lately ;; 4A!' lamb, lis. ,':6 d.;' Eomney v'owe's, ./ ; lainbs,' .'good, lis.-.ld.'-.-: . Catr:. Sdj'-stine'' cows, 235. 6d.; "forward--cows, ?.£2':los.; to-^3:'forivard 'heifers,--jeST-fat^lßiieiS/ : "springing, heifers, 1 "' 10s.; 2-yMr"steerS/ ' J ' ASSOCIATION.) 3 >■ " A' ' ■ .... [ Ghborne, July l6A'.- " At tho Matawhero to-day about, j;. 6000 sheep and aboilf-350. head of cattlo wero . j-arded. Fats, both in sheep and cattle, showed an advance, on late rates. "AEhe increase is said to be duo ."tp'"a .demand' from . Auckland in view of a shrinkage-of * local supplies for' Fleet' , Week. Wethers brbught'up jto 155., and steers' i ios. '.-a a- ;! THE METAL MARKETS. A . (ni TELEOBAPH—rnESS ASSOCIATION* —COPT RIGHT.) 9 London, July. 15. 0 Copper—On spot, JES7 75.. 6d.; three months, ® JCSB 2s. 6d.; electrolytic, £5S 10s. 1 Tin—On spot, JGI3O; three months, ? 2s. Gd. ' - Lead, .£l3. • 8 . WHEAT STATISTICS. : ;t (by telegrafh —PRESS association—corißianT.) it • • London, July .15. )- The : American visible supply -of ; wheat east if of the Itockiea is estimated 'at-18,860,000 bushels. ■' - , SHARES AND 'DEBENTURES. ; e (bi telegr'afh—press association—corrniGnT.) !e London, July 15. ts , Buyers. Sellers. »- -' JS vd. ■, X,s. d. 01 Union Bank ••• ? • 62 10 « Bank of New Zealand t ... / 9.10. 0 10 0 0 in Bank of iNe'w Zealand/icper-c'ent'Aguaranteed 1, Stock, iBIOIj N.Z. Loan and Morcantile debenn! tures £3i> ■ A

FROZEN MEAT. (HI telegram—press association'.) Napier, s July 16. The C.S. and D. Company to-day cabled tho following report 011 the frozen meat market: — "Canterbury mutton, id.; Napier, Wellington, and North Island, 3jd. Lamb, first quality, 5Jd.; second, 5Jd. Boef—hinds, 3Jd.; fores, 2Jd." THE TALLOW AUCTIONS. (bt telegraph—rnESS association—corTßianT.) London, July 15. At the tallow auctions 1253 casks wero offored and 951 sold. Fine mutton, IHj. 3d.; modium, 31s. Fino beef, 335.' 3d.; medium, 30s. Gd. Tho Now Zealand Loan and Mercantile Agoncy Company, Limited, have receiTod tho following cablegram from their London house under date 15th instant:—"Wo quote present spot values for the following descriptions of tallow:—Good mutton 335. Gd., good beef 31s. 6d., mixed 235. Gd.; market firm." ' HIDES MARKET. (bi telegraph—mess association—copiright.) (Rec. July IG, 10.44 p.m.) Molbourno, July IG. In the hidos market light and kips aro Jd. per lb. lower. Prices of others are unchanged. THE WOOL MARKET. (ni TELEGRAPH —rfIESS ASSOClATlON—copyright.) , London, July 15. Wool.—The market is animated, and prices aro extremely firm at opening rates. ..Tho Department of Industries and Commerce has'recoived tho following cable from the High Commissioner, dated London July 15, 1908:— "Wool sales have commenced, with a large attendance and great competition. Prices average;, oho advance over those ruling at close of last sale. Americans aro buyers of suitable qualities.".-,

■ ' • WELLINGTON SHARE LIST.. ."O Reserve e PRICES. ' Yield" rrtUVAXV ■ Capital.-Fund and p . 3 : > r to' . COJLFANX.. ... .. paid Up, B&I&neo. vm J®' •. . . List Investor. ' ,; 7 '.;' . Forn&rd. j (i slut0, 3 Buyer. Seller. gait... ■ i.;';:*-;-;- ■ •;£ '■ i"; t ' £■ £ £ 6. d. £ s. di '£ »• <>• £ «• a. \ Now- Zealand ... •». 504.097 .55. '10' ■ «•« 6 «-j> r '» ° ® "1 J h :V, \ National, ... .... ... -• , 375.000 361,363 . jJ 15 12 1.16 5 5 3 5,5 0 5 14 3 INSURANCE. v- / [■'} , National ' - - 1C0.C00 ■ '249,330 3 unltd,15' : . r': d A :. ; , ; New Zealand .;. v.» ........ S00,000 800,674 j a .10 .J.".®. 5 H J ' 5 5.® T ■' ... ... : i.. •- 100,000 - 132,-240. 1 ■ A 30 . 2 "0 215 0 5 10 7 Btaudard — - S5.000 . -,12.888, { af. 10 1.1 0 • 1 2 3 ' 1. 2 3 FINANCIAL. •""" Editable Building,.: CO.OM «,743 5 ' '"V 10 10 0 0 10 2 6 10 3 6 410 0 Metropolltair Emitting |g.<" : .10 I f 0 u.,3 .; 0 i 2: 3- 0 Its 3 5 00 • 'S& • ' 5n 210 0 11? S 11? 6 VIA ■ ; & tt n nVA?rcaX ::: ■ &i» y.«. J...u? °<■«. °i P mo 0 r -V/;.' Aueltland .... ...' •••' - voltli jij nil 10 017 B 10 3 0 10.0 0 so 0 Chjytohurcll. ; ...; ; y r, 12 ,ooo stW ? nil ... ,0.10 0 1 0 ,0, ;'.010| 0 . ;Feilding,;,.,., / :i7,EC0 10,565 j nil 133.' 212 6 210 0 510 0 ... . - Gisborno ... v "• -f,wa . ',604 3. i 10 : . 1 j "f » . Ka P 10 r [, 49,057 .• £3,154 5 ./.-5, 15 : 3'.,2. 6 ' ' . f, 1 •' 0 , 15 ; ' ' ' " ; V 1 "lol'wn * ' Ji'tS niil . 10 13 j7-6 .10 12T6 -19 7 6 5' 3 3 : . 'Wellington ,. ...../.- ... : •» ; 124,570 ,l,7ia w iu 1(J 1() „ ; . . , H:': f ; , : Cantorbury^ ; »' .... .383,727 .. E2.6E6 74 C* .8 : ' 8 0.. 0 ■ „f,Ki .' ,, , Chrutcliurch .... .•• 165,KB 17,W2 w ; nil. 8 . 1 ,W ,;j:i . 'Va n' }:»coo ■«* J f\ | III I \ 9 0 6 2 0 ; : Export ... , ■ 5 , ml - i) J . - Wauganui ; ... ... : ',45.650 K ■*& *• !. H v: -' s - - 1 r ,. > transport. , -. "r : ' V ir. and M. i'ailway ... ... ... .121,453: -j; "X S 0 0 8 17 S : >v . Shippius ...V - ... • ••• • 473,810: UO,7bO r ,Q /ipil v 6, ,1 0' v 6,.0 0 j> 13 4 • Uxiioii bteain .... ; tcO.OOJ bbii'jit: i \Vnji,-''6«vl"X4 6 "115 0 ' ill fl 5 9 3 .•7 C X. ,\VBtu. Steam Ferry ... .... ... : iti.ioU ; f» i v ;6 i\ 017 6 •}>:<rr . v ' ■■ - - v ". 1 iifTaupiri'- • "... *■ L5,U0J ' 6<5fcUki- iu 't '.■** l 'l l,| 0> ,7 14 0 ■•*}&). yj :; i*'Kaiapoi :... ;•••'■ '• ...• ; • «.V ; -lCO.OOO ;• • C2.854.: , 5 nil ' * iv. a ■ i ■,* n : Mosffiel' V .. v . t-b,-15Yj' - 17»»1^;. : .3$. : lj i — —. 3 1 0 .413'0 '■- 'Wellington' ; '..V ... ... ... 4 1 . , tj 3 7 0 3 9 D d 8 0 7 1 - KlSCELLANEOUSi ' • . ■'■ ' W ' : ' ■ /->V' f"p' • •?' i V' * ''' * ■" Donagliy Eopo ... ... ... '...•• f3i00 • jfl "1. ..'hilv'f'.G: /jlUSl'O .1 4 0. • _ . ! : ;i'■..;Lsylana'and• O'Brien 'V.: ; -16,COO; v£7,<61 '1 nil 15 2. ii ■ 6 ..ia.3 . 6 , 2;.3 6, 7 0 0 ' V.JlauriceTillo Limo: j.'. . 1,(XD,' , : . : 1. ,' nil- ;-8 r.- .. 'i,.'/,. Candle- ... 10,CO) t76 io nil 8 » « , « MX UruM ... ' IUI.C00 M.730 ■ 2 nil. t i 10 6 211 6 . J11-0 «:» 0 .vx-:Mpcr-'Uilis -i.u,775l ... nil--7. ~i~s-0 l- 2.3 ,,i 3' o. K.Z.-Ceraent . ...". •. HO, 1(0: \ s 2,043 1 nil ... 1 5 0 15 .6 . ...•: •: , Manning and Co.' , ... ; '... .;. ■■' '16,COO. .17,670. 4 1, 10 „316 .0 _ 316 6 10 0 1 Ward and.Co. ...' ,...• tO.COO t0.£55 ; v' Vi 'iSO v..4'l5.!i0 ,ti -D p i 415 0 I ! 5 , Wgtn. Opera House .■lt.tS). , "1,705 1 >5 ■<:<'nil' 1 ?Ui , >7' OSO-.'), - . ■ Wgtn. Fresh I'ood ... ... ... 16,261 .■.■•»■ J , ml,. .... , r . A.- ' .'Wuitcorabe and'i'embs .' .... . ... ' ;4C.i50. , .£0,116, :.S, .. ; J hiK 4 A.'fc „'-t: ., ... . ■■■■"Sharland, Ltd. ..; ■ ...' 1.S11 1 nil 7j| 1 0 0 0 19 6 ,714 0