FINANCE- AND- COMMERCE.

Dominion, Volume 1, Issue 273, 11 August 1908, Page 10

FINANCE- AND- COMMERCE.

THE ,SHAKE MARKET. Business .wast done 'yesterday in Wellington Woollens-:at JiS 7s. -Svhicli" is' a'very-low price in view of the fact that a dividend-is' due' shortly/ Woollen shares ought to bo worth some study on the part of investors. Loan and Mercantile shares had quittaijc? Shipping shares are evidently coming 'into'strong -favour. New Zealand Shipping: shares havo been very firm for some weeks past, and buyers, finding it ■ difficult • to/ obtain 1 '; theshares, .- havo advanced their bids to >£6 55.,-bat fhero .are no sellers;Union Steam; shares/are 1 quoted at £i 15S. buyers, and' .£1 15s. 6d. sellers. Bank'shares continue quiet. Bank of New Zealand, sellers 1 2s. Gd:;;National-Banks,-buyers- i£s.-ls., : sel-'' lers .£5 25.. ; ;:lnsurancd. shares were quiet, -but': : steady. : Thero wore buyers of Standard Insure ance at 225. 3i1.; National Insurance, buyerl" '27a. 6d., sellers 28i : ; South British Insurance, sellers £2 ■ 15s. ■ Gas.'shares.-.were Christchiir'ch Gas, sellers .B 15s-;:Feildiiig..Ga&i. sellers 195.; Wellington Gas, £10 paid, .sellers iCI9 10s. Other quotations were;— Gear Jleat;-. £i_ paid, sellers .£9 17s. Gd.; thijjd issue, sellers £3. 45.; Wellington Woollen, buyers £3-75., sellers £3 Bs.; Westport Coal/' sellers '£6 12s.'; Westport-Stockton, 10s. paid, sellers 9s. 9d-.; Leylana-O'Brien Timber shares, buyers £2 3s. 6d.; New. Zealand Paper' Mills, buyers ,£1 2s. 9d., seller? ,£1 3s. 3d./-Saarland's, sellers 20s. V THE MINING MARKET. The excellent return from the Talisman for the past month has realised:; an inquiry for the shares, and yesterday sales were made at £2 7s. 3d. and £2 7s. Gd. Ngatiawa changed hands at Is. Bid., and continue very firm. Waihis were not quoted. The market quotations yesterday wereVas'-under:—-. -■ -kJ •' . Buyers. 'Sellers. - Siilesi's 1 : i's.d..-' .£ s.-i1.:..- r i!.'s..d.; Talisman !.. ... 2 7:0 ' 2 7.6 2; 7 G Komata Reef ...0.1.1 , y .-r '.n N.Z. Crown... ... — 0 4 6 — May Queen... >. .... 0 2 0 - _ T>l . Tangiaro ... .... 0,,1,8 '~0 ,1 10,/..0 XW Big River „ ... — 2 0 0 . ; THE .SUGAR CONVENTION-, « On and after September 1 Great- Britaiu'will be able,-'to'import sugar from..any.' country, Whether the commodity is bounty fed or otherwise. The new conditions which arise by the removal .of restrictions on'r'British"" imports,' makes the sugar crop outlook a matter of some interest and importance.' " The "Wall Street Journal," commenting in a recent number on tho sugar outlook for -1907-8, states that-the prospects are, now in favonr of tho smallest sugar crop in threo years. Taking "Licllt's beet sugar estimates for .Europe at 6,542,000 tons,' and Willett .and Gray's figures for cane crops, and the United States beet crop, the combined total for-:the world is-now figured-at 13,837,000tons, compared with 14,-178,01)0 tons lust year, and 13,956,000 tons the year before. Tho.decrease from last year will bo about 641,000 tons, of which shortage Cuba alone, with a crop of 925,000 tons, will contribute 500,000 tons... This' leaves 141,000 tons'for decrease elsewhere. . The shrinkage in European beet sugar' yield-vwill - more than offset this,- because 168,000 tons less than last . year will be produced thero, and 890,000 tons, less, than, in the year before. The shortage in''Cub'a}ahd'Europo,is>,duo .to entirely difforent influences.': ,C,uba is alwdys seeking to expand-her/production, and shortago 'there is tho result; of .unfavourable weather conditions. Sugar firm.-failures in Russia and the/withdrawal of.'i England from ■ tho Brussels--agree-ments helpjito unsettle the industry in temperate, zone countries, especially where production has been;stimulated to an.undue extent.. The tropics - are /now; in'.;a.better position. . Java,', where the'jerop is, now being harvested, is leading Cuba,; iyith an 'estimated, crop of' tons. Japan-will'gather 90,000 tons from For--mosa in the/fall,-;'arid) the.Hawaiian 'Islands in November'will -probably reap-tho best harvest in years.-.

WORM'S "SUGAR CONSUMPTION. ". ! "lo JournaLdes Fabricants de Sucre" has'.anV interesting*article on. the..production, consumption, and'.prices, of sugar generally for. the last 15 years.',-, L lt;appearsJthat;'the.:production;:of beotroot sugar "between."- 189b-91 ! 'and 190G-7' rosV from 3,(3-12,000 tons'to 7,138,000 tons, an increase of 3,496,000 tons, or 96 per cent. The production of cane sugar rose in the same poriod from . 2,537,000 tons "to 4,888,000 tons, an increnfo of 1 2,231,000 tons,' or 88 per cent. -The production of beet sugar is thus now notably larger than that of cane, but an important factor contributingf to this position is the appearance on the scene, duriiig the period, ! of beet grown'in North' • America, whero- the States produced last year 43*3,000 tons of beet sugar. As regards tho future of the sugar industry as a whole, statistics show that producers need have no fear of want of demand for . their commodity.'.The'following shows the consumption of , those countries in the world for. which figures are usually published:— ■■ ■ > •

Consumption Difference in ' in" 1000's of tons. 1000's of tons. 1899-00 8,G20 plus 824 1900-01 ............ 9,263 ■ plus .613 1901-02' 9,629 plus- 3CO - .1902-03 "' 9,512..:". . '117'. ;; 1903-01' 10.258 plus 770 1904-05 9,037 -.631 1905-06 11,991 plus 2334 1900-07 ■ 11,280 165 In this period the world's consumption has thus risen from 7,230,000 to 11,286,000 tons, a rise of 4,596,000 tons, or 63 per'cent.',''showing an' annual gain on ,tho average of . 355,000 tons, or 4.8 per cent. -The total "production in tho same period has risen from 7,314,0uu tons, to 12,,026,000 tons, an increase of 4,712,000" tons, or 61. per cent; in all,'and an average of 4.8 per cent..'per ''annum'. The table ; shows that," while'the real consumption increases continuously, the quantity", delivered annually is subject to largo fluctuations, owing to the larger or smaller amount of. invisible stocks held by traders. In the whole period the growth''iu production slightly exceeds that in consumption.

WELLINGTON SHARE LIST

AUSTRALIAN SECURITIES, . During tho .past thi:co or four.yenrs all the States of, th) CommPL.wealth and New Zealand have been 1 borrbfringI*locally,1 *locally, and the lenders were given the opt'on of having interest paid in the Australian capitals or in London. These emissions were made .^during;a,period of comparative monetary "ease, but now, however, money, is dear, and there is a desire to unload in London, where the outlook for gilt-edged securities, is favourable. It is proposed in Australia;to; make .Government-inscribed stocks interchangeable between the London nnd Australian registers, "and to this the ; members of -tlieo Stock Exchange dealing in colonial securities objeot ;.most strenuously, and their protest. IB- supported :by tho Bank of England 'and' the /London.-, and Westminster Bank. The memorialists declare that it would be impossiblei.to/hold. large blocks of stocks or to make because,.' at.lany further unknown quantities'- may- be thrown on the market, and this uncertainty is enough to kill the market-*,, if -the;; Australian Governments per-sistj-inr 'carrying through this new proposal ,then ,'suel},,securities will tumble down, and loan-flotii'tion'Vin'.London will become a very difficult, matter. __The: South Australian Government tried a new scheme, but had to nban"don"itrvery .quickly,,,and wo have no doubt that--the'proposals ; which - havo met with so strong a protest will also be abandoned. ... THE/TALISMAN RETURN. The last return from the Talisman'was an exceedingly good one, and tho manager is evidently working on sonie very rich stone. The actual-return for the past month is .£25,139, but bullion to the value of £7119 is held in reserve to equalise, if necessary, future returns, or" to"'Ve "applied as the 'directors may think desirable.''''Tile declared return for the : montli.'is .£IB2O from--4181 tons, equal to . the :very fine yield of £4 Gs. 2d. per ton, while the costs of .working-were only £1 14s. sd. per ton, leaving,•.& profit ,of £2 lis. 9d.' per ton. ;Tho / returns of bullion for each of the past seven months compare as undor with those for the corresponding .months of 1907:— . ' 1907. .1908. —,-i. i jj) January. -— 12,500 18,'216 February, 12,315 16,662 March " 11,599 17,675 April :.7.V.. 11,313 17,296 • -May - - 16,979 ' . 18,909 June 17,517 ' ■ 18,884 — 18,506 '.' 18,020 ' £100,759 £125,662 1 ■ There is an increase'this year of .£24,003, or about 25' per ctat'.'mor'e than last year, without taking into- account the value of the bullion in reserve. Tho Talisman appears to warrant all tho confidence reposed in it by Wellington ■investors...

BRITISH TRADE. There is a further, serious declino shown in the 'British.trade returns for July; The decrease for the month in imports, exports, and re-export 6 ■ as compared with the corresponding . month .last year, is .£13,259,000. Taking the figures for seven months, the decreases aro as under:— . Decrease in Decrease in . V imports. ' exports. >... < . January..... 4,166,488 602,840 ■•V: -February .......— 499,782. 123,631 -''March.,. 5,625,662 1,829,610 ' April — :.. 9,682,792 2,711,528 -- May " 8,344,418 5,855,671 _ J.une .. . 1,669,000 5,227,000 July, 5,435,000 : 6,747,000 »• ■ ' X 35,423,142. X 23,157,280 lu " the seven months' British trade, cxsivo of re-exports, has declined by the enormous sum of X 58,580,422, or at the rate 1 of X 8,368,632 .per month, and this declension must cause terrible : hardships in the coming winter. . Yesterday the Customs revenue collected at Wellington amounted to ,£3481 16s. i V:,-:,;-STOCK-EXCHANGE. (11Y TELEGRAPH—PRESS ASSOCIATION.) Dunedin, August 19. Stock.. Exchange..sales: Mystery Flat, X 2; Talisman Consolidated, X 2 7s. 6d.; Portland Cement,' XI ss. • ' (DT. TELEGRAPH—PRESS ASSOCIATION.) Dunedin, 'August 10. Stock 1 ""-' Exchango quotations:—Dredging stocks—Alexandra Eureka, sellers, 4s. 3d.; Bignells Notown, buyers Is. 3d., sellers 25.; Chicago, buyers 75., sellers 10s.; Electric, sellers, lOsi; Golden Bed, buyers Bs. 3d., sellers 10s.; Hartley and. Riley, sellers, 155.; Lady Roxburgh • (eon Mb.),- sellers, 95.; Manuherikia, buyers 175., sellers XI; Molyueux Kohinoor, buyers Is., sollers 25.; Mystery Flat, buyers XI 195., sellers 432 Is.; New Fourteen Mile Beach, sellers, par; Now Trafalgar, sellers, XI os. 3d.; Notown Creek, sellers, 10s.; Pactolns, sellers, 175.; Rise and Shine, sollers, XI 14s. Oil.; Rising Sun, buyers XI 135., sellers XI ,175.; .Sailors Bend,-sellers, 15s. "Bd. Mining stocks—May Queen, buyers 25., sellers 2s. 3d.; Tasmanian Copper,..buyers 75., sellors Bs.; Tangiaroa, buyers 15."7 d., sellors Is. Bd.; Talisman Consolidated, buyers £2 7s. 3d., sellers X 2 7s. 9d. j Wailii, buyers -CD 65., sollers X 9 75.; Waihi Grand JuncKt® buyers .£1 12s. fid., sellers XI 13s. 6d. Investment stocks-National Bank, buyers X 4 life., sellers X 5 35.; Bank of jNfcW Zealand,'-sollersrr..£9 3s. j Standard Insuraiico, buyers, XI 2s. ,4i<L; Westport Coal Company, sellers, -X 6 135.; Perpetual Trustees Company, sellers, 18s. 9d.; Dunedin Stock Ex. I'ropy., buyers, X 2 55.; Milburn Lime and Cement (XI), sellers, XI 9s. 6d.; N.Z. Drug Company (X 2), buyors X 2 10s. 6d., sellers X 2 125.; N.Z. Paper-Mills, sellers J2l 3s. , 3d.; N.Z. Portland Cohfont; 'buyers, XI 4s. Od.; N.Z. Portland Cement (new issue), buyers 4s. 7Jd., seller's, 55.; Kauri Timber (contrib.), buyers 113. Gd.; Kauri Timber (paidL buyers, XI Is, 3d,

HIGH COMMISSIONER'S CABLE. Tlio Department of Industries and Commerce lias recoived the following cable from tlio High Commissioner, dated London, August 8, 1908:— Tho mutton market is quiet, but rather steadier. River Plato mutton is in largo supply, and is being strongly pushed for salo at 3d. per lb. The following are tho current quotations—Canterbury mutton, *ld.; North Island, 3i(l. per lb. The lamb market is steady, with a very good demand. New Zealand Canterbury lamb is quoted at SJd., other than Canterbury at 5Jd. per lb. 'I'hore is a hotter demand for beof, and tho market is firmer. Hindquarters are' quoted at id., foroquarters at 2jd. por lb. The butter market is quiet, but firm. Choicest New Zealand brands are quoted at llGs. nominal; Danish, 1225.; Siberian, 108s. per cwt. There has beon no alteration in tlio cheese market since last wc;k. Tho hemp market is very dull. Stock held in London amounts to tons. Tho following aro the current quotations Good fair grado on spot, ,£2G; fair grado on spot, ,£22 10s.; fair current Manila on spot, £22: August to October shipments, good fair grade, £25 10s.; fair grade, ,£22 10s.; fair current Manila, ,£2l 10s. Last week's output from Manila, 21,0tj bales. FROZEN MEAT MARKET. (UY TEI.EGiIArn—I-KESS ASSOCIATION—COriP.IGIIT.) London, August 9. Tho Frozen Meat Trade Association's Smithfield market quotations for tlio undermentioned classes of frozen meat are based on actual sale? of not less than one hundred carcasses of mutton or lamb, or twenty-fivo carcasses of beef of fair average quality. These quotations are not for selected lines, but for parcels fairly representative of tho bulk of tho shipments now on tho market:— August 9. August 2. r d. d. Mutton— - Canterbury, light — — Canterbury, medium... — — Canterbury, heavy ... — — ■ North Island, 'bost brands „ 3J 3} LambCanterbury, light ... 5J • 5£ Canterbury, medium... 5jJ 53 Canterbury, heavy ... 5J 5J iDnnedin and Southland — — North Islaud — — .BeofNew Zealand fores ... .3 2 15-16 Neiv Zealand hinds ... 4i 3£ RIVER PLATE. Mutton, heavy ... 3J 3J Mutton, light ... 3| 3jj Beef, foros 2} 2f Beef, hinds ... ... 4J 3 13-16 ' THE METAL MARKETS.

London, August 0. - Copper-On tlio spot, XGI 10s. per ton: three months, .£O2 ss. Tin —Spot, ■ J!139 per ton; threo months. .£l4O. . Lead, £13 10s. per ton. Antimony, J;9. Tin Plate-I.C. coke, 12s. B*d.; I.C. charcoal, 13s. BJd. Fencing wire, jGG Cs. 3d. COLONIAL AND OTHER PRODUCE. „ „ . London, August 9. Lopra—Better inquiry. Southern, in ■ hags, £17 2s. Cel. ; ' • Jlemp—lnactive. Prices unchanged. Linseed Oil, £25 ss. Wheat-The total quantity of wheat and flour afloat for the United Kingdom is ,£1,825,000 quarters, and for the Continent 1,035,000. Atlantic shipments, 202,000 quarters. Total to liuropo for the week, 720,000 quarters, including 27 r,OOO from the Argentino and Uruguay. MINING SHARE QUOTATIONS. London, August 9. Buyors. Sellers. TO ~ . s. d. £ s. (i. Wailu 9 3 9 9 6 3 Waihi Grand Junction 1 12 G 1 15 0

COMPAKT Capital' pSmd §|l.W»bi- . PRICES. yiol.l U Paid Pp. 'Balance P°r S3 - to "■ - I " ■'-.■• FbfB'tril. j Share. >1> EcIlon Lori Investor BANKS< . ; .4 & < kj s b. a. £ s. a. £ s. a. £ B . a. ::: ::: :• ».'* mh. 000 '• dlsm "»#» 2J to- 12 G 1 0 6 3 8 0 6 D 514 3 INSURANCE. ' Newtoland I' ' I T *>'&.' iF-Wfr It 0 'l ! f 5 0 1 K? Ut rt B , riti8 ' 1 - jcojow- «&« 1 • Jjj 31i ,° 0 15 -p 310 0 5 0 1 bundard; ... ,., ... tsm hUM J , g, .jg '.j o' 3 g P j g „ 5 0 1 .• FINANCIAL. -" l ' "• . Equitable' Building ... ... •• _• £0.000 ' £0,743 ' e. ,'n-'in' n'n--in o n in o « ,„ , . Metropolitan Uuiliung ... ... to,742 6,683 J n n 10 10 0 0 10 2 0 10 2 6 4 ig o • '.Wellington Invest ... £0,000. iwas i l i on fi mi n nn fi . 1 : : Wellington-Trust and Loan ... 101,250: , 4-1,334. «V, 5 4 5 -VI-o ? n n S s n 5 » o .. National Mortgage 1CO,000>- , 127,746. i «\« -,5 J-inn ' L ? X I 2 2 « « ? N.Z. and .Bivcr Plato ... ... • tCO.OOO 256,«>'J J nil ™ i'? 0 '" 2 ?i? 2 | J | ;. . Loan and -ilercauiu# ... ... ■ v&itu 315.1W Y'ta" I 5 ° 0 0 1 3 0 4 0 12 10" ' - CAS. . Auckland :.. 1E0.370 ' ' £5;4G3 >V ** 'nil'- -in Cnristoiiurch - 160,000 63,M7 - „;i n ... . . . ',v . i'eiiding ... ... ... 12.000 J J . 10 " ° 10 g ° B 0 0 • ' liisoornu ... ... 17,iCO 10,565 'J £ :"} 0183 °?°° °» « -. Jiawera ... - E.250 • . . -■ "i 2 12 .; 6 210 0 6 10 0 VJiew Plymouth J6.tC0 '• ! 3£iil c * nii 1 in ' ' • z'r::: ;::r. .f . {■almereton" North , I Hi £7,000 11,093 A 8 i 7 , . . . , „ , Wellington ;;; •" - 124,570 71.703 10 ' nil w ig 7 -g 19 10 0 19 7 6 B 3 3 ■- » ••• ;. •■•' • 1, ■■ ■* , 5 • 5 • 10.10 1:6. HEAT. Canterbury .... ... JE3.727 ISM ' yi ' t i 1'" „„ „ (Jnriattliurcll .... 165,1-20' VIMi in ni ? § 8 0 0 • ilnnH | 1U Jjjl K trt A A • . ::: ::: ::: ::: I ia«» wam I mi 2 oo 910 o % m 520 • Wellington-.Meat-Export ... ,.».i , „ Jj, 124' 915 o o 17 6 ; ,. ... ... ... f'105,766 47,930 l "HV .8 '612 6 , , ,, ... I - 1 — ii-ty 8-' 5 2 0 : \ .Wanganui ' „ ,, ~ ~ 45,650 , 10,315.^..^Jjjj, 3 4 0 transport. ' ?:. < W. and II. Kailway • ... 370,000 .. 121,452 1 - 1m .'A: tonippius ... >... ' 47S,i:4d lJO.VoO , s j. i ?§9 390 200 2 17 2 \jmon • btearn tUUU) ... &. # f J 6 0 0 613 4 i : \vgiu. Bteaui Ferry ib,2in) jjjj.- t 5 | 1 14 9 5 9 3 , COAL.:- ' - ' - Westport '... ... ... ... ... ££0,000, li.7,431 " oi " u „. : ' , J . ' ■' 'faupiri ... ... ' . ... to.wJ ; u.iity ,, i. , Bi | 6 13 0 6 18 0 670 1 " .... 1 ail -Jj 019 0 • 019 o 714 0 • WOOLLEN." • .-.y, • . . I Kaiapol ... 1 1C0,000 £2.654 ■- B ni , , '. ] lloieiel ...., ... ■ ... ... t3,457 I(,ai2 . u ( J 1 ; , WelliiiEton ..: ' ... ... . b'At-ii ' 1 a j . ...j ' „ „ ' v .'. . b .. . •. . a 1 . C 3 7 0 3 8 0 3 7 6 ' 7 3 3 .\ MISCELLAMC0U3. . . .. i i ...DonagW;Kopo• w - '.;. ■-.-..•isi' ..j. itf" "•••< <»•"«•., . „ ..... .'-urlana aHa.O.Bnenm'.-W.y/'i; - . .•>l5#«;c\,'t7ASl:.: l nil- 'is 110 „ . , „ I liauriceville Limo ,_i'. 5 ..7,000. „ , i ._«• , ' 1 ' 2 3 3 6 19 0 ; K.z; Oandlo.' ..WJUJ0 -. j) S ■ -KJS; bruga ... ... !C0.U)0 " T6.530* 2 2S - ' f *", „ N.Z.:/Paper Mills ... UM.; " W 1 .£i{" ? "i 1 ?' „ ? J i ® 211 9 « » •. i N.Z!. ! Cement ' ... ■; -2,048- i ?K 7 1 13:3 13 0 lianniug'and Co. ... ... ' LC.IX'J - ; 17,W0 J '4' i."'Vii S ■ ' Ward and.'Co.■' tO.LtiO. ■.-. : S4,o43 1 ; 4 1 ,J5. • 8 6 ? 16 S 10 ? 4 Wgtn. Opera ilouso :.. -18,(ii0" -, -• 1.V05 5 nil J& ill; ' <15 0 8.8 6 .■-•■Wgtn. Fresh Food . Kfl -i ?{}• ."1 7 0 0 OS . AVnitcombe anil Tcmbs ,.,',','10,153;. a' '-h. i'ci ■ . . . 5 ' Bharland. l>t<L ... ..... .... 6t.ilj. . Il,7i4 1 u ii- -Pi-'."' -' >426 M.jj" UU - -is X 0 0 .019 6 714i0