FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 254, 20 July 1908, Page 10

FINANCE AND COMMERCE.

THE SHAKE MARKET ■';-'TKe: ;it;eek'..closed - with the: market'' dull/' b'ul with Tho i • quotations « oii f Saturday' wero: meagre J." thero i - were sellers pfi ;Natio'nalrr:Bank ;shares: at. 45 ss. 3d.; Wellington.. Investment,' sellers ' 12s. ... 3d.;v,.Wellington,.Trust,-and..loan, .buyers,■ 47 ,' ; 7s.';::'Wellington.iDeposit,'; buyers'/'Osi;' CliriSt-,-church,Gas; buyers; t;QaSi-■■]\-sdleffi!^j:tyyiiii£ s QapP&Utirs' f %s : .'fSi£ ! ; NWf; :Is.;''Wellington, V*> WooU'to,'; buyers,"'. ''M 7s. •;6d ! ,j /'.sellers r '£3'i W&f. 'Westport-Stpckton, f'Rollers:, . land-o'B'rien Timber/'sellers 42'.'35. '(fdl;:Whit~ combo and Tombs,- sellers '44" 2s. 6d. j Shar- :.: land's Ordinary, sellers 20s. '-i THE MINING MARKET .'; • A' fair business was .done" in'; mining shares' ' on. Saturday.".... Talismans changed- rhands - -,-nV ; £2,55.': 3d.', and exhibitedJaiMmproving'tand.'oncyV Waihis had' quittance ;itt yC? ,gs.; 3 ;Taij,-, ' • "giaros sold at Is.: Gd.'.^ls.- and- i ls.'- i -7d'.>' ,but closed . weak,: with: buyers at ..lsi sd. The;, quotation lyore: as undor:— v. or, ■ ; ':iiv/ Buyers. - : . /SoUbrs.nj-.Salcs. : "■■■■; . . 4 s. d. i's.'d. 4 s. d. . Talisman .......... 2 5 3 2 5 0 2 5 3 Waihi 900 020 920 Tmgiaro 0 i 5 0 1 GJ 0 1 7 Blackwatcr. . .......1.3 0 • i:. Big River 15 0 —■ 1 — Consolidated Gold : V"'.. Tields 0 15 9 — — ' WOOL RETROSPECT AND OUTLOOK.".'. , In Dalgety's "Wool Rovieir," jnsfc to hand, ;; there appears- the following .the' two seasons,(lß99-1900,:and 1907-8,-: the'firat'thiiig • :: ,- whiclj; impresses 'ono :is that whereas the;, 1899. boom "was. brought about by .wild. speculation.' ■ and the collapse fwhich . followed,.'.was; stub-, ; bornly contested step;: by'' step .» by ; incredulous; holders, .the position?ifr September-October'; last; was. in every way legitimate;. Price? '.were, high,; but:, not' ,unnaturally-'so. . Wool iis'err had not forgotten; 1900, and ever since ~had . conducted >their ; ,business, in. a r.iost '-'careful . manner,'buy ingsupplies : only, from hand to .mouth,' yet tHe - increased -population and the wealth of the world had been so great and .: the purchasing, .power' of.;.the, people so : ex- .': tensive that all .available vwool had been . absorbed''.'-irithout .'satisfying tnoi demand' . which,'vhad' it-Vcontinued: at, tho ;sahio v ratio as of; late years, it " would, have.' been-'iguite impossible fo.'supply during the nsxt-fow years. : Reviewing 'the '■eviflen'ce.-.'it' seems, safe ..to say ... that; the'-finer, grades of wool 'would : hare exV perienced' a', ; ,rem'nrk(iblo boom; had >,not., ,tho. :. comparative-;dcaTness- : of • money . practically . -' prevented speculation';' and had- the 'skeleton"of ■'.. 19i)0 >not .walked side : by side; with .-neiirly every 1 man in"the "trade,. grower,' broker, anil ~ buyer "alike,, all .of . whom; wero. 'anxious' : to" provent ; a'ny .undue. .values-so .sure to be ,'paid for later on. ;- "Th'ere ; was: every, Justification for 'a ■ boom, • , but .'it ; did not oceur. ' ; Siinpiy a high-range ;of 'values -which had been ;brpught .about .by. . tho laws', ofsupply' arid deniantl atnidst, cool v . heads.. has. -been a collapse, and ' . largely tho -.'..cause- : of< • its ihappeniiig whs, tho • . ronieiubraneeV of-; that ,a'wfiil-> 1900/ .vQitlHlii'#' /.' occasion the*: American;, financial crisis'', arid' .-/. further tightoning'.of thoMnohey marketf'ups'el: - trade,. and caused values . to, recedo. on the averago 20: to 25 per cent.-, by the end of ; :February; Uho'altered lcvol under the circum- ; ;:stances .being ; perhaps, reasonable. ./.Tlien'/thP. ... . trade .took' fright',i'uiado • no- attempt. to' .talli : the- market' up-or: to steady' it in any way) but'- - ini. said:--i,Wo -triedUii, 1900, we. . hnng- Ho, and:.,lost,,.f i prtuneg; M Pn j this .occasiofi'.wo; will not"fidvo : '-"wool" o'n' our .. bands ..aG any- price;'- ! r'--Thd''-'i , 6siilt was' that : they sold "as _much of their: stocks (whether in the form of'.Ttivr iwool, • tops, ; or- yarns) as thoy could find-buyers ..for,and- refused to look at wool. They 'literally ',ran away from' it, and. many were so madly pessimistic that, with money plentiful;,and cheap again, and : lessened, wool production staring them in the face, they ;refnsed %oott*6o?s ; 'at^l9jd} : and -W's, at 7'Jd. "Certainly, quotations were not' allowed to reihain at that .level long. Outsiders woro . the first -to see the opportunity. Bankers advised their wealthy, to lay, least some stocks, speculators -who.' had-, never previously bad anything, to do'with wool lont a hand, and their compPtition, which, little as 'it really was, gave the '--market''a turnf : - the.favourable nature of which;dias btan, accentuated by .tho hand-to-m'outh''reqnir6m*ents of users, and the almost imperceptible recovcry in trade, which:'is gradually 'taking place. The slump' emanated in America, and ,:the recovery is likely;,to^bp«initiatcdsame, quarter." : CASH ON DELIYERT POSTAGE. " '• To increase the facilities for trade in small articles within tho .Empire; tho British Post-mostCT-Goneral - has ".been: in--negotiation'' with , certafri'-bf.'.tho colonics:'and"■ deperideneies' : for the establishment . of a- mutual- cash - on' ' liwiry, system. Underuthis: system-goods can . be'^po^ed'-from tho'United Kingdom and the money collected for the-vendor by the post office at their destination,', and vice yersa.,;, Tho firet\of these serricos was:brought-into' operation on .Tune 1, and is available between the United Kingdom and Eyypt, Malta, Cyprus, and the British post offices at Constantinople, ' Smvrna, Boyrout, Salonica, and Tangier. ;Ir outline, tho procedure is as vendor ..takes 'his' packet, to'. a post office!, fills ir a form, and pays a-special-,fee :of -;2d. i';He given a-! certificate-"(if which he liljti- ' inately restores to tho post .offico when receiving the cash. The post offico collects from tli( ■ addresses.'tho- value . etated : by tlio vencloi in the form, and remits' it,'by money ordei or postal order to the vendor, after deduct /ing whatever, may be i tho, commission 'on th< 1 money order or postal' order-'itself,- in additioi to the delivery fee. The ehiof restrictions ari ■ that tho, : sum ,to be ■ collected (tho "tradi charge") . inust-. not'; exceed >£20,;-tliat. •' tern is-'confined;to':goods sent!in"fulfilm'ont,Q -an order, ,and,that• tho goods must ; be';'sen by par Pel post.unless they are.registProd.br,iii sured;' vlf the system proves' a' practical 'jsup ' cess, it. will doubtless be exteuded to Australii and >icw • Zealand. ,

-.; Ther. gold-'.-yield' of' the' Commonwealth for the first BixJmohths of 1903 was 1,524,739 oz. -fine, as compared with 1,595,2470z. fino in-.the corresponding period of 1907.' Tho decrease this', year is fine,- of ;which Westorfl Australia is'responsiblo for 11,240bz!, Victoria for 23.2310z., Queensland ,for. 12.21G0z.; and -New r South' -Wales ; 'for 23,5G00z; ""lf New Zea- . land^si yield ;bd -added ' the total oiltput-for Aus-; l tralasia.'is' 1',779,55ipz., fino, as-compared with >:i,822,117pa. fine iin' ; 1907.'., ;; •", ''•■.Thß'Hhdiri.dual; figures .are,.given!.bolpw,,.ib . comparativdi-fprmi—' - ~, :'.c . ——Six Months — : - ;"; . . '• 1?07.' 190 S. -. ' FiiioOz.' FineOz. • Victoria ■ •••. ... 352,661 329,433 ■Now 'South . Wales'' ... 138,459 114,929 . Queensland ; J -'.l-.'... "227,077 '214,861 ..W-astornlAnstralia ... .. ... .838,258 827,010 ■ •South-Australia ;... : . ... 8,761 8,500 30,000 _, 30,000. Commonwealth ... 1,593,247 1,524,739 :-Now Zealand. 220,870 254,815 'I'M:,. ■■■■' - >v«'dT6fils mflsttaiasfr-;;.... 1,822,117 ' 1,779^1" ■■" '■ •:■ ■'.•' -■ . ■ * Estimated. . . The reduction shown in' the.yield of Austra..lasiii'.'is;.42,s63pz. fine,- tho. shrinkage in the n total for the,§rst half, of 1907' as compared' \rtth 7th.at'for,.tho:c6'rrespondiug term in 1906 amount- . :ing, to' 167,4490'z,. fine.',; ".' ■ NOTES. . > !! ; Last wool year tho average woight of a bale pf 'wool,'was'-333.71b.; against 338.3 in 190M7. -tudecronsevof 4,Gib. per bale, ':,The actual falling off:in the .exports of wool >last-.seasonj.-was -equivalent to 56,336 bales. Lipton's, Limited, recently paid a final divi"'dcnd ' ; ati the ,rato' of ,10 per - cent.,: making 8 per', cent, - for the. year, placed to the reserve; iCISjOOO, - and- cari'ied forward . $020,261. Tho Australian .butter yoar 1907-03 endod on June. 30. Exports from, the Commonwealth totalled : about 869,000 boxes, a shrinkage - of .no less, ,than. 458)000 ■- boxes as: against- the ■ preyious.'.'sca'son,; , ■' Only 38 miles : of . new .railway.! - lino were openod inrthe'-.Unitod" Kingdom'last year. But .the.total;:now in' operation is 23,101- miles, or ■pne mile of railway to every square- miles of country, so there is not much room for additional linos.., But a-good many millions are expended; annually ;in increasing, tho carrying .capacity-of-the ! 'sxisting lines. Tho/ Melboprne, Tramways < carried 65,567,121 passo'ngers in: the year to Ju'fio 30, showing an increaso of 5,093,848 on tho previous 12 months. The were i£SSG,OOS, an increaso of .G37;550." THe"'Sydney ; trams carried over 150,000,000 passengers during ,the,same -period, and collected about >6900,000 in. fares, but in Melbourne 'thej?,.is;: a' larger' suburban train -traffic. That docs not, however, 'make good tho difference/ , • . ■ The statement of accounts for the year cuded March 31' last, issued by Holbrooks, tho well- • known''-''viriegar"-' ',and : • sauco manufacturers, . .shows,;thab--.the>-.net- profits arfe-, abput 41100 jhigher., a ti-425)800, . compared, with 424,500 in ' , ißp6rl9o7.'* ? ThV.'ordinary .shareholders on this ' oC'iiisifili i: recdive'' a th4) gonerous distribution' of . is 1 por.cont.-higher than' twelve months ago, and the largest of the satisfactory payments, made, by tho Company .throughout-its The, sum,,of 45000 ■ is ' agaiij'plaeSd "to reserve, making a , total of 438,000, and'tho amount carried forward is 42800, or about 4900 moro than that brought .into the accounts.' ' 1 i .*« " i; - .1 r*. *. • .'~Biitish trade returns for June again show decreases, as compared with the correspond- . ing p6riod N of last year, imports being ■;smallor i exports or home piroMce'jd'by.«i.:r44,157,930, : . and re-exports -by: 41,068,914. The total figures for the - first > Jialf'-of* the year compare , with, correspond-. ■ ing periods of previous years as follows:— %IX MONTHS. ' ' , ..j.„ Exports; . ——... - . Home i Imports.' -Produce; Re-exports.. 1 -U-TT: TSB.- '• - • , A-; 4.. "1905 ' ... 273,134,633 155,706,221 40,054,293 ■ -1906"" 1.300,519,553 180,593,516 44,418,882 1907 ... 325.365.300 -206;317,4C9 51,5*19,256 ; 1903 • -... 298,378,855 189,993,395 .. 39,290,331 ■ As compared with tho first haif, pf 1907, this :year's , ';'oxp6rts' i ''of British: prbduce show a de- '■ -emse'iof-410;324,074; bnt as-compared with • first'half "of 1906 an increase of . nearly i- ;49,400.000'is shown. Imports a'ro nearly 30 mil- ) lions smaller than in the first half of last I year; but only, _ about two millions less than > .in the"isamo- period of' 1906. The-reaction , this -• 'year "is 'duo,"patty 'to the reaction in business > (tanorally since-tho American crisis, and partly 1 to r the lowo'r' p'riees now ruling. '• • The "Bankers Slagazino" for May shovs that i there has been'a substantial increase in market j. mines on.-the London Stock Exchange during . May, th'o usual 337 representative securities be- . ing' taken as, a standanLof measurement. In s comparison with.the position of the samo stocks p.' ".in 'April thero.,hiis been an appreciation of 1.30 r per cent ■ Gilt-edged securities havo profited . cheapness, of : money, and it 8 j 3 in tho speculative departments that tho bigx gests'gains-have occurred. This is notably the o ense in Amerioan rails, which havo jum pod o 11.6 per cent., whilst South African mines 'li'ave gone up 9.B'per cent., and financial, land, f and investment shares have risen 9.3 per cent, f Copper mining shnres aro 4.4 percent, higher. L ." Against those-exceptional gains, howevor, havo .. to - be sot. a-, good, many moderate' declines, a "chiefly in industrial securities." Iron, coal, and • ' steel shares havo fallen 4.V per cent.; trams and

'buses are down 3.3 per cent., electric lighting and power shares havo dropped 3 per cent, and gas stocks aro'2.l por cent, to tho bad. Homo rails havo all slumped, tho proforenco stocks by 2.3 por cont. Brewery stocks liavo lost only 0.3 por cent. Banking and' insuranco shares are both, hardor, notwithstanding tho fall in mo.njy rates. CUSTOMS REVENUE. Last week the Customs revenue and, boor duty collected at Wellington amounted . to .£20,297 18s. Id. and X 243 lis. Bd. respectively. The amounts for the corresponding poriod of 1307 wore—Revenue, .£23,779 13s. 2a. ; and beer duty, ,£2OO 2s. On Saturday tho amount of revonue collected was JC1387 7s. 3d., while for tho corresponding day of last year .£4590 ss. Id. was collected. MINING NEWS. DREDGING RETURNS. (HV TELEGRAPH—PEESS ASSOCIATION.) Dunedin, July 19. Dredging Returns: Riso and Shina No. 11, 58oz. 7dwt.; Rise and Shine No. I, 500z.; Golden Treasure, 40oz. lOdwt.; Punt, 360z. sdwt.; Golden Bed, 31oz. 4dwt.; Sandy Point, 270z. 7dwt. ] ; Manuherikia, 200z.; Charlton Creek,, 150z.;. Olrig, 13oz. 13dwt.; Riley's Revival, lOoz. 12 dwt.; Enterprise, 9oz. Bdwt.; Waikaka United No. 1, 30oz. lldwt.; No. 2, 250z. lGdwt.; Bisnell's. Notown, 230z. 4dwt. Roefton, July 18. Pactolus returns will not be known till Monday. O'Callaghan's Creek returned 20oz. for 12G hours' working. FEILDING MARKET REPORT. A. H. Atkinson and Co., Ltd., report:— On Friday at our weekly sale we had a fair entry of pigs, a large entry, of poultry, and an. average entry of produce. Porkers and stores wore well competed for, and were disposed of in sellers' favour. The quality of the poultry was good, and all made satisfactory prices. Quotations:—Horsos, half-draught mare,' 6 years old, .-£2B; do, 7 years old, £18 10s.; pony,. £5 55.; aged do., 355. Pigs—Sows in pig, 195., 31s. t £4.; stores, small, lis., 14s. 6d., 155.; porkors, 295. 6d., 31s. Poultry—Hens, Is. 6d./ Is. Bd., Is. 9d., Is. lOd.; roosters,: Is. Gd., Is. Bd., Is. 9d., Is. 10<L, 2s. 3d., 2s. 4d.; P.B. whito leghorns, 35., 55. : 3d.; white wyandotte, 35.; ducks, 2s. 2d., 2s. 5d., 2s. 7d.; turkeys, ss. 3d.,- 65.; geese, 2s. 6d. All at each. Potatoes, 95., lis., 12s. por. sack; horses' carrots, 4s. 6d.'a sack; table do., small bags, Is. 6d.; parsnips, "35.;. apples, 10s. case; wheat, 225. Gd. sack. ' j, ' LONDON WOOL SALES. .' (nt TBLEGItAriI—ritESS ASSOCIATION—COFtRIfinT.) ; London, July 17. -. At the .wool sales there , koeu competition at full late rates. . The. 1 New ( Zealand Loam,: and , Mercantilo .Company, Limited,, advise having received tho. following cablegram from their London house, under date July 16:—'"Wool.— Sojes progress firmly. Good.'demand for America. Sheepskins.—Look for firm-'market."

WELLINGTON SHARE -LIST. * ■ Reserve • -ft S fiiui ' " 2 ~ PBIOES. Yield .-•' rn Vfp»vv Capital - Fund and S g .iffM' . to . . raid.Up.. Bul&neo. pS ghare" H 'i: „ cniirr • ' Investor. ;; ■ ....... . ■ . ; ; - ■■ Forward; p,>£ i?W? e — ••■g Etiyer. Seller.. Sale. OANKS. . .. .; £ - - '.i ... x Je . £ £ 6-. <1- £ a. a- £ s- a. £ 6. a. ' New Zealand ' ... - 2.000,000 . . 501,097 .1 35 10 0 3 6 0 C O 9 0 0 .114 1 . -.National «. ■, ... ...» . ■■■ 375.000 ■ 301,863 27 15 12 .5 4 6 5 5 3 5 5 .0 5 1-1 3 V ■ V INSURANCE. '. National ... - .. 100.000" ' 2#i339 ' '"'j unltd, 15 "i 1 6 „ , ' ... , 1 New Zealand — ■ ... . — 200,000 596,674 ■ « 6 30 315 0 3 16 0 Slj 6 5 6 n ; Vv--Bouth.leocoo. >.;ub,w-, I, v „ ?» g ais o .sit 7 V Standard ...V - , 75,000, i.WHr ,| ( Bi ■ 10 .>1»1 0 12 3 12 3 FINANCIAL. ... -'i'..j:!'.'.-''p. w-V' 1 E«titable~'Building;'-" : C0 Af% " '*> ' " B ",' 10 -lO'tO 0 10 2 6 10 2 6 4 19 0 '' ; : •••' ■ 50,000" ';'&33 ' ; 6 ' "oil'3 013.3 013 3 5 0 0 '• \r£utaKtoo ttastwid loan - im,850" 44,334 6 » * . e no 7.0 o. ill f 562 ui fu°8 rut ., ••• ••• • , -./j , ti. .5 0.-3 u o 4 6 0 4 0 1210 0 V''J : .".r'.'OAS. ■ i..'.r':'.' Ani-Mnnrt ' ' ' ' • ... - J 35 ' 570 SS ' 463 ' 5 lit 16 '•'•pSriffira- ■ ••• /1CO.OOO: ••ovc.ur: -H:10 'iS.JT 6 102 6 10 0 0 5 0.0 SlMin? ' ... - '•>•« 1 nil ... 019 0 1 0 0 010 6 <"Y: "V .= 17J0O. . i«W6S .J nil 133 2 12 . 6,.210 0 510 0 - ' .; ... | ffl,057 ' "23,184 \, • 5 - 5 . '16 " 3 2 6 talmorston.- North •••'.; j. 00 .. . ii; '..'J'.. Jj> . . •' 'yfeUiOKtOO' ( '< ■■■' •••' } 124,570 _ Jl.W, M /. _jg. "rjJ- « 10 12 6 10 I 6 8 3 3 X- .MEAT. . , i; . : \ : '■ Canterbury , 163.V27 K.686'. «■' ... '5% g B 0 0 : I ; . Christchui-ch V.l6Ma>l 77,612. M . nil . Jg 1 ■ - 10. 0 0 '•••: Gear .i J •••>..'••■ (j ra coo" ' 1 nU- -Bl 29 0 210 0 2 9 0 5 2 8 ... .... - , - ) , ,WJ - ■ ,.4 ,, 6.' .123-015 0 10 0 0 ul " ■ : . , . Wellington Meat.Export . n|1 - - 612 G ;- . -. - 103.765 . ,£3.767' 4 'i t) 5 2,0 ...... .' — . — . •■■ . - 25 B 3 5 l 0 • Wanganui M . i. ••• ••• '45,650 '10,315- 5 n u 8 • . ' ."TrCiV' ij'' ■•TT.'-and M. Eailway : ... -KojSbi' J&tlBt ' i!"!} * 0 3 0.0 '2.0, 0 217 a - / Jx.Z. bhippinpr ; ... ... ; 473,640 -■ llU.VWl - 8 n u- • • 5 ti 0 6 3 6' 6-0 0 ,613 1 ■- Union" bteam ••• ;bta,yAT. 'pi' ,.—nil - 'iJJiifcM 6 ,115 -0. . 1 14 9 5 9 3 .Vetn. ' ... ■ ■ ...46,450' 65 j .'nil" '6 '/ 017 6 . .i- v'V"--*'- ■: V7ckjort",...''';'...'"'-mmT- 35 • '15 . -12S , 616'"/ . 6 18 0 6,-T O : . I'aupiri ■.. :t5,000". .1 *' nil ' jj al [ .. . • 1,0 , , . 019 6 7 14 0, '' i '' V '' .. Kaiapoi- — 100,000• 5 nil 6} ' ' Mossiel ... ...; -' r • tS.15'/-:- 17.-43 3J . a*- ~i ■!1 0 4.12.0 ..' VV'eliington:.;...... '. s ..... ; tii.aS'.! ;4 i tfi X'3 ■ .= .* M 8 '° 11 3 JAMISO'ellakeous; [ .I""' 1 '' 1S1 l vinlw '.«6 O 14 0 . / , :.Loylana:and.O!Brieri/15,GG0 • £.7.761 l -<-nil • IC ■. !J ■ 3 6 '2-3 6, '2 .3' 6 ;' 7 0 0 .'i-lfau'riceTilio Limo;?v;'i";..V7,CC0.' ,a " V'05 1 ' * . .. ■ . . ' -. - ,: N.Z.:0andlB...)T'JO.WO: 10 nil - 8 :; N.Vi: ; :Druga ; r- -v.'..-V.:ii.-. ■ SuO,COOr -E6,'730; 2 mnil 1 -' T "'f'I0 211 6 'ill' 0 •'•!« S O -, .-.'S.Z,.-i J a^r.KiUa £4,775.. 1 IvMll':. ...7 ;li,S:0'l 2 3 .1.3.0 -. - N.Z. Cement- ... ... ':... ... '•' ) <0,CW. . . 2.W3 l " nil " ... 1-5 0 1 5 6 • JaLatmiosi'and) 0»;v .J fte.ooo* • 4 .''l, 10 316 0 - '316 6 10 9 1 '-. . :Ward.and-.Co;.■''.v..'!;'V. , .' .,:'£0,[<X)V'•■£0,£55'- ;4 ... 1 io 415 0 5 O'.'.O ;: il5 0 8.8 5 ■ WBtn.'Opera'HouseV.."r' T18.630-V; 'l',705 . 5 .-'Eil ■ "'la} *7'0 0 . .. • Wgtn.,l'rosli.Food' .v.: 58,561-. ./i.h..i 0 3 6 ,, ' . /. ..Wnitcombo aMTciubs ! ; frj56'• 5 : 'nil ' 19 : . ■•" .4 2 ;'ff . £iiarland,:.ljtd. . - ib,676 ■. '..bU'' 1- ■> Inil■ -,7i -1 0 0 -019 S 714 .0