COMMERCIAL.

Dominion, Volume 1, Issue 262, 29 July 1908, Page 10

COMMERCIAL.

TIES. SHAKE MARKET.':?;, . • . Sovoral sales of . investment shares were, re-, ported yesterday. Wellington Investment' shares changed hands at lis. 9d. ,cum div.j Now Zoalaml Loan: and Mercantile at 45.; ana - 'Timaru -.Gagi at -.£3.145. With respect" to: the buying and selling quotations there were no changes, oxcopt. that a demand, no doubt specu- ■ lative, appears to -haveisprung .up for .brewery v ■ shares, ifank/of New. Zealand shares were on sale - at' £9 55.; 'National Banks, buyers £5 Is., sellers >£3 2s. Financial shares ,were., iu' fair demand:—Wellington. / Trust, and Loan,. ■ buyers .£7 7s;, sellers £7 .Bs.; "Wellington 'Deposit, buyers 95., " sellers Os. id.j,Wellington'ln- . vestment, ••'sellers,-f125.;.,-National buyers £2 195.6 d.,. sellors .£3 is.;" Loan and V i Mercantile, buyers 3s. .Qthpr quotations were:—Christchuroh 'Gas, • buyers £9 17s. 6d.; Feilding Gasj ' sellers," 195"..'.9(14, .Timaru Gas, buyers J63. "13s: 9d., sellers 1 -'j3: 165.; Wellington Gas, paid up, buyers, .£lO : 7s. 6d.;'National Insurance, buyers 275. 3d., sellers 2Ss.; New Zealand Insurance,- jbuyers- • - .£3 155., sellers £3 165.; Standard * Insurance," buyers 21s. 9d., ssfllers 225. 3d.; Gear Meat, £i. ■ paid,_ sellers,-; ,£10;20s. -paid, buyers,-495.: Manawatu Hails,-sellers,' 495. ;'N.Z.'Shipping, buyers," £6 25.. Gd-ivWellington Steam Perry, sellors, 17s. 6d.; Wellington' Woollen, 'buyers £3 7s'., sellers .£3 95.;. Westport-Stockton Coal.shares,. sellers, 10s.; Leyland-O'Brien .Timber,••sellers,;; ' .y" . : £2 3s. Gd.; Manning and Co. (brewery), buyors,' £3 16s. 6di;'-Ward and Co. (brewery), buyers,' , ;vE-t,155.; N.Z,. Portland. Cement, .sellers,-,£l-55.- • 6d.j N.Z. Paper Mills, buyers .£1 2s. 9d., sellors £1 3s. 3d.} Whitcombe and, Tombs, sel- " l lers, £i 2s. Gd. THE MINING MARKET ' ' Business was very slack yesterday, and only ' Tangiaros .changed--hands, the price -.paid be* ing Is. 7d.. Tidismans-.were,slightly,easier, -with-. ~ . buyers at' 465. 9d. Waihis were steady,- with : , -. buyers at .£9 4s. cum dividend.;;!T;bis:-Waihi; dividend is:at the rate of 4s. per share, arid will absorb ,£99,181, bringing the total disbursements to shareholders to .£3,186,565.'JThe r-. - dividend is payable on September I.' Testerday's quotations were as under:— !■ v , ; i Buyers.; Sellers. ,: Sales. •• : . £s. d. • £s. d. Xs. d. : . Tangiaro ... 01 7 ' 0 '1' 9 0 I' 7 Talisman ... "... 2 6 9 2 7 3 — •;.-.- Waihi\ • .... 9 4..0 ..-9—s— 0 - - i - 1 ■' .Tairua -■ - - Broken ' Hills ... ... 0 2. 9 0 3 0 . h-. N.Z. Crown -.., 0 5 0 — : Big .River, 1 7 G — — ; ' Blackwater — 13 9' t— i) THE WOOL MARKET.' ; Unfortunately [TiieT- London wool-rmarket-.-is ji not.improving,'.'and; that', notwithstanding the' ••.; .. special . efforts; of, the Woolbrokers' . Committee • ' -v; .-!to raise pricesiartifioially bylimiting the nu'm-' -ber,of. selling;'days and so'^curtailing.ihe,.marr,. e t : -supplies.,. (Crossbred 1 wool hasi-made;,nb tip-,; on the May.' sales, - and- the reports show that this class of wool' is'; weakening.;, Apart : from the fact that fashion favours .merino; wools,' the market must be overloaded with coarse wools, for,ivith the imports and the heavy carryjof erj there ..are th'e'l European clips, which amount-to , an'-'appreci-able quantity. ;• If,we look into the wool statist ii," - ' n ' relation. to; the; growth, of; . there is no doubt but that-- •' ' ( values-should , advance, but'a comparison of such, a 1 nature is worthless without some .con- ; sideration being "given" to" the'purchasing power-"' ;. s of-,tho masses.- It- is .the lack of this , :• < that,.is causing the .present depression. ' Trader j-- -■ - everywhere is bad, • and . there are no of ;-any'immediate revival. As an indication "''of:

the present trade depression in Germany, 'tho' , f "Berliner / Tageblatt" ' reports a somewhat that, j/ puted 'by theißeichsbank' to inspect- the branch;' ■. banks -ill the provinces ■ lias been, sbinewhaf dis-' / ' ;;} Hi concerted- to- find ' numerous ■ bills "'in tlreif $§?; ■ ■ session, .the/acceptances of which: havo beeri-re- : ; newed: so' 'fi^ntoUy.;.'tWt ! -they'?Ti'are <! -acfoally!' -been in' circulation for'two-and even for'three" years. - ' .-' T4LISMAN CONSOLIDATED •» ~ , /;' At . the /meeting /shareholders- of' the s atiorft ' • Company,'-/held''4ri; ,l lbiidrtii :'o'ii'''Ju!iie ; V;. Chairman, 'Mr;;.W. F. Turner,«'-in'-'stiinmiiig;up; ;-V-'/.''..'tlie;-poaUonV^'Saia:^tT6-' ! s in regard to -de'vMbpmerit;-' t§§, odr'i?gs0dr'i?gs /fnV'the'' . . .1 11 and 12th .levels. are"b*eing^con'fiiine"d'.for; ' ' exploratory .'affd -Sr"6' afpres'ent-'iii : *"•■;unpayable * ground;* -the? at > : the ;, ; lptn, level are,. sp. far;. all: that- could bo' de'-. ; /; sired,.-and proiTO^jliat;-thg-'' < ;tftobJ ,i is I 'jiilißlj?'lSi' // J./ .continue toiyi'eid. satisfactory: j resulis"at}iri'ucli : •ereater : depth, djhop. we ; have ;;yet.<MacM>; 1 -... .. . whilst wo . have -suliicient. ore : reserves-{o keen'; 1 ' tfio .plaint";fully-'' employed' and■'"prbduce''. divi"dends until ;> tve- t can' resume sinking thO"sha'ft ' ■ ; , and open'"out'; another level." Mr. F. C.'AdldTwll'o"was" eleSted a director - ' through.the votes of Now Zealand shareholders, • and who lias since, been aiipsiutsd; ihairnmu , ot the Company, said:— "The" sole .aim and object/of tho Dominion ; shareholders has been ■ to secure a'_steadfast, ; / / active policy in"' developing', the" -p'roperty-'of -'tho- - /...;. . companj\ ''They../believe;{/and^are'undoubtedly ' v;''\ - justified ini'believingj that/the : Teserves *ofore" are: of much greater/ value and extent than I appears from tho published reports of the :/'://. ...company. belief/is confirmSl- -by-'the ! ;. ■ \ testimony.: of- trustworthy ' rep'resbntatiyes 'yvho ; /' | visit, the - mine 'and .'go through the ; *wo'rkings- • .' /.Nfrom' time to time, .and whose views largely : 'liarmonise'-Avith-ffibse'^of.^the,-mine l , manager.' l • ". Mr.. Stansfieldi'.' thafl : count .lAve .a better'or"m6re 11 capable' mine f m'a'nag6f/ 1 As :a; general rule, it is a prudent course in jv '.-;. connection' with reports' dealing mining. property to err on the side of caution.- .Time- ■£, // / .antt' again .people have been deceived By~sajjj;; ./.-/">Vguite, rosy-coloured reports. Here, however,"tve afe under no temptation tp.„paint_tlie.lily._. Our .report's"*err o'n r the"side .of caution to such jn extent that they aro almost belied by ;•; / the splendid results' which .th'§y ; tabi(la(6 i ;Th(ise results,.in the nature of things/ 'will'be largely incr,eiis<d now that wo have got under way . ': with the installation of adequate power and"' - treatment plant. ~ i, J, . .. .. . *: . / "It is daily becoming apparent; : that : th'e mino v ; ' is", pntetijtally. in; its ;,;infansy. , Each . levejf reached has improved/-nptln-the preceding one; tho bo.ttom-'oE the mine at the last opened level ;.V . : .'. looks better. than that of any other level ; v : .. ih: the minj,' and that is one of the best tests ;ijiir/'i' of the futuie of a mine.. In a shpit,space,pf tiuie'.wo;shalh'hav'e reached tho'fourteenth level' . and and ''cleaned"up 7 -the' 'Woodstock'' : / ■' . shaft, and connected itrwith-'the main shaft.' 1 / .. AVo are:: oritifletl * to. look, for >:i?ood, rosults.ifor; i . «i> doing, :buK'iven so, f arid; - . value of the "company's properties are looked ;vv'.oat\as. a whole,-'we, .are/still only ..working,'on>; the/fringe on;;if;,; ,Noiy / ,,.thero J .is;hp,need for, -. us to take , a 'tbo/'highly coloured "view of the* property; of -the company. All the shares are" placed, and for layself I have neither, tho de- . ;.,sire:nor tho inclination' to inflate''thbjr.'vhTtie'/; but -.1 feel some/nCcessity-'-lMd •tippil'-me.;''to' \ tvarn shareholders to bo on their against l operations.of .any bear movement calculated to depress the. truo value of the shares. When shareholders..approach-ino.-in- regard-to this matter I advise thorn not to part with their shares under the influence., ficial panic. _ In tho-workih'g'"df the company thero must in tho ordinarv course of things be occasional setbacks and disappointments, but these are trivial and temporary. The best and, indeed, the overwhelming answer is to point to .the increasing,. tha ; ptojdily,■ increasing, ;rtf-''. suits which' takeii, and will' continue-to" , take the substantial, forgl :large dividends.. I do not'jprofes > 5--to -,ie ifapiiliar with-: Stock' Exchange operations, sis I only buy shares as an investment, but personally if I sold a sharo in this company under .£5 J {would-: consider ; I; •tiros making an eventual loss) " •If,''. : 'tlieroforo,' our shareholders closc their ranks, sit tight and watch results, they will 1 find not merely .. th'e shares aporeciating to ttteir truo markot value, but what is much more satisfactory, they . will'be the recipients qf largo and increasing dividends." — — " . i'LOUR In : Accqrding to an investigation made by the ••apanese"Department of Agriculture and Com- ' morco, the present state of the flour-milling : .: jus'iness.in Japan is as follows:—14 1905' there /ere IG, mills and 18,993 labourers, whilo in 190G there wore 16.96S mills, with 18,642 labourers, .thus showing a slight decrease, ow- ■ ■■' ing, ' perhaiis,:;./ to the! amalgamation of mills • !, and the consequent. decreaso: of small ■ In 190-1, 187,718,82G1b. of flour'were value, of winch .was estimated at 11,306,955 y<yi; while in 1905<198,679.8351b. were milled, valued at 11,505,938 yqn. The, Japan-Flour Milling; :'•> Factory in TdKib, is the/largest, in Japan. It has a capital l of 300,000; yen, and litis motor, engines of 250 li<p.. The,next largest.;inills are the Sapporo'Floiif" Mill,'Masuda"Wheat'Floiir Mill in Osaka, and- one in : Nagasaki,'each bavins a capital offropr. 100,000.-yeft:to .150.000"yen,; and a horse-pov/er. of from 75 to 100. The'- ~ largest flour mill, .usintr water rjower is- that of the M'illing '.Co'mpany. It uses eight water-wheels of European' style, : aiul can utilise water- to the extent of 50 h.p. Tho capital of tho Company _is yen. There, are-also- somo "mills using''water"with' nil engines or steam, engines,, but ijiost are on a small -"scale. •'Flour-milling 'by 'liand- . constitutes a greater part of. tho secondary work of farmers. ' '• _ . - ■ KOREAN: COTTON. Cotton culturo , in Korea',- r which''is' being 'Cinr.h encouraged, by ~ tho Japanese - C'otton Growers'. Association, 'is believed to,have a

■ great- future. The " first crop was harvested in Z ..about, seventy-one hectares, which had been sown with American seed. It produced ..about 100-bales, fetching a price a"little' 3d? "j>er 11). 'The quality is • suitable, for-;blonding--;in order'to obtain tlio '. finer'.number's, .'Japanese company who ■''oivn-^the i 'estatd , 'oxpected to obtain 1000 bales last tyea'r, •and' ! lo,ooo'in 1908. Exports sent, by 'the .Ag'rieflltur'arvDepartment at Tokio have thoroughly studied-'the 'Question of cotton-grow- , ing iin ;-Koren,-vaiidi report that if all the un- , J cultiv«jte,d, or. partly! land in the country-guitable for.- cotton-growing were to be utilised," it .would be possible to raise an aver- - ;age ;pj;Qp7fif "JOP.Ofl.OJbiiles per aiirium, judgin;? from ;: tho,, results .obtained at' Mokpho. Of ' < c6ufso"'iho,rplantation'«at Mokpho was especi.ally ;wqlli.lobkedjafter, and, it stands to reason • -that- dftcotton-growiaig developed considerably it would naturally .not receive in a general -way tlip carp.given in the above-men-tioned' oaser- cßp' tliis *ns it may, however, the Jfapariese*" put,.great .'.faith in the results of - ■ these 'experiments, aiiil ealoulato that in a very fow years' time they will be able to obtain from Korea half the cotton required for their - - j y «.'■' • ' . .WELLINGTON- M73AT EXPORT COMPANY. ; j.rdO AMI4fr"I®PQRT. - '.The jfollowing is the report of the Wellington . Meat JSxpfirt...Company for the''year ended June 30: — _ ' ' , "The directors, ->in the balancesheet'for th'e.-yoar-Vnding Juno 30 last, have ■ able to snow a balance which, "althougir considerably below that of last and -severar-preceding-yearsnsf, notwithstanding the heavy declines in both wool and nelts, still satisfactorily ~on, the right side—viz., X 12.780 12s. of' which £$230 13s. has beon anticipated in the interim dividend paid December. , -31;rdSfe f;u ,p{' ; the i ''balaiibe; ; it is recommended, •that a : furthef dividerid ; of 4 per cent, be paid, making 8 per cent, for the year, and leaving •a . balance -0f"i£4319. 6s;;10d. to be carried for'ward'. 7 P6r' this" latter sum, however, and more, the cofnpanv is indebted to tlio surpluses ■overdrafts' againstunrealised stocks at June 30, 1907, which met advanced values subsequent to that ( dato. Further progress in the scheme of extension ®as ',b'6eh 'made as most "economical opportunity has 1 offered, ;• and its completion is J now.Twi'tliin i "expenditure range. The ■principal-items"haye.'been, the construction of cattle-yards and ■ shelters," new fellmongery (in lien of ""old premises"partially i destroyed by fire), and new refrigerating machines—the duplicates of-those-lost-in-the HaversTiam Granee, referred to at last annual meeting, etc. The year, just closed lias been an extremely anxious, 1 arid-bil't, for-'unex'p'e'e'ted' surpluses of previous year, an unprofitable .one; but it is confidently anticipated , that' values have toughed bottom, -and, that.,supply and Remand, bejng now so 'nearly • balanced.' an-''early recovery may be looked for. Directors desire'to refer to the loss the c6mpail3 , " , has';sustainedin the.death of, tho late Hon. ,W; -W. Johnston", .'who for .'eight years occupied a seat ,on the Board. ,Mr. ; G. C. '.Whcelerj if I '.'Stiinway,' 'HalAombe. '.has; been appointed toVtho l 'vncancy; J The retiring directors - are Messrs';-''J".-W, -•Marshall; and- W; H. Beet-' r haffl,"- Svho aro: elieible, . and offer themselves for re-election. The' auditors,' Messrs., D. T. Stuart , and p. S. Watkin's,'';also :.pffor themsolv'es for re-election." 'y. fii'i'ii*.* <• - ■ i. ■ \ ' ! -'rs'he! r CftS'toins.'TSyenue;CollPcted at'-Wellington amounted, to. X 2721 7s. exchange:. . • (BT TEIiBCKAI'ri—PItESS . ASSOCIATIpN.) Dunedin, July 28. Stock Exchange Sales: Tasmanian Copper, ss. Executors,[£3; Moly- , -. A", .ilttnews.'; .

;j A(g§ TELEQR CORRESPONDENT.) '''•-' >• i( "- u ■' v( j " Auckland, July 28. , r 'Two prospector9,; : Hessrs. : R.' and,.;P.- Spee'r, 'report fiaving. disddvtire(j (, a ; 9ft.. reef on" a' creek afcout, two -niOes'beyond:' Whitford(near Hoi'wiclc)V .Samples' assayed locally,.and;, have,' it givdii'. satisfactory results'. | The.' prospectors ' havo' pegged*' - off* aii: area of abdut G6 aci'os'.'. I !Tho'Mi3c6very is interesting, in T>iew of tittr fact-.that gold .was found in the' 'Same, district, : some jyears : ago, but the reef, .shedding, thS'''^^^ i g4 , "st.one . could , not be ; •located. : ' 'r ' ".v. : l /rhe manager of. Grand. Junction, mine 'reports that'iho .main, shaft is'down : Bpo feet.. Tho' south'-cifet crosscut' at :No. i' level is hi-613 feet, and .the rock shows a favourable change. , The'south-east crosscut at ;-No. 3 level' is itf'lj? feet. The drive west on •'No. .4 .lode -at .-Nor £• level'is 'in. 166' feet. Tho 'average width d^. 1 the;..fjC.ami,on thofootwall is '30 inches, ilfid Is. 3d. : Tho drivo .'easKon :'No."'ilode at-'No.' i level is in'l34 feet. ;,Hore J the .-average . ( wj.dth 'of' the seam •on the .'footwall is--28 inciies,'ina the value jg2 13s. 3d. "No; 2 lodS,'"N6l"4''rev'cr'east, from 625 feet to 668 feet; a width of 63 inches in the hanging' trail; •'divmjtj JB2""I0s. " Martha lode.'No; '4" level east, from 587 feet to 611 feet; a width ; 0f«59. 'iflchesraAi.tKe'ifOolHvall; assays, JE3 35.-; o-r LiyE STOCK SALES. . Ltd., report -i>n- then--'Jolins'ouVille ~salo as follows;—A full quality was sold at prices up to /245.' \ Best. bullockß made ,from £3 to.d£9i7s. Gd.; others,' '.£8 55.-'-to ",£S 17s.'Gd.; 17s.'.Sii. kWo , had a; heavy yarding ■'of ewes.'. Tho market /was, 4ci| u "sp' l keen:'/as J c.Jas^,.week. i '.. Heavy ewes 'mada<lß3.v-2d.7 Ins."; lighter, ,145.;'6d., 15s. 6d.j iWttfe,^Gs^?d '--.v'., . -At [Abraham - and,. Williams s .stock • ;,?tdei'yesterday tvispeci'alljtogood. yarding of sheep came • forward 'in' excess of the number •. adi.vertised. There was a good, .attendance' of i 16cal£rid.'Sutside ; ,buyer§ v including some from [the''South' Island. Bidding was consequently ;;®mate(l,'.r'iti)ilj J of. the:.entries wore cleared under the' hammer at an advanco of '2sT~per"'headr/ -- Hoggets and ' .bree'ding ■ ewes we're both greatly in demand.; ".Cattle also sold well, 'cxoeptingt-arlinoafy. station: yearling steors, tvliiih-.{dil'ed''loi'foach r tbn owherls limits. Aged breeding ewes made Bs., Bs. 10d,; good lino Cfaip-conditioned ewes, 135.; shorn hoggets, -7s. Bd., 95.; line 200 fair conditioned Hoggets, 9s. 9cl;-;l'ewe hoesets/■ 10s. -3d.;' fair conditioned wethers, 135., 13s. 9d.; forward : ''owes,'' wethers', 135.; empty ewes, Bs.; cattle,' eighteen month steers, 30s.*Gd.; heifers, 225. 6d.;,j'cotf%' in calf, 355. ,6d. , ' .;' ;. ./. WOOL SALES.- ' •'{Bl'TELEOßAni—rilES^'ASsbciATlo'N—COrYttlCHT;) . - '• ""' u ''" , '''" r '/ ; s 'London, July 27. '"•'Crossbreds weaker, faulties. Merinos very. firm. , V. ./.■■' -, The New"' Zealand' Loanand Mercantile Agency Com"pany.''"Has' 'received the following 'Cablegram<lfrom London, dated* July 27:—'"Mo- ■ rino "Wool.—Sales progress firmly. Crossbred iWool.—Market'slightly-weaker." V. : / ' Messrs. Hurray,' Roberts and Co.. havo received tho following w.ool market cablegram 'from thetaLondon'.'llouse, Messrs. Sanderson, Murray, ami Co.,.udated: July,. 27. ,1808:—The market is weaker. Crossbreds have declined 5 .per..cent •... .: : PRODUCE. ■ i(W, tobm association.) Christchurch, July 28. Tfiere*"i§' no business to report in the grain market, everything being practically at a stahdsfill.'---Tliere-.'is-very? little demand -for. 'Cliaff, < "(lild-;few 'orders ''are coming: in for pota--buyers- lately-obtained" supplies from :stofks ! 'held •'ifr-"stor£'bsr 'merchants, -s Auckland peoplo are hoping thaMhe American, fleet will require 100 tons, but nothing definite will bo known ti!rj,t;aS ; iv,fe's'. , ,: V; 'Jhis quaptity will havo little''effect'-upon "market^in.; face 'of the supplies that have. .gone, forward. . In the rfi'e'antiinb local' prices-fire easier, though there are not many; potatoes offering .by growers.