FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 279, 18 August 1908, Page 8

FINANCE AND COMMERCE.

: THE SHARE MARKET. The market displayed the usual Monday dullness; no business was reported, and the \ quota-,' tions were restricted. National Bank shares were on sale at £5 25., but there were lio declared buyers. _ Loan and Mercantile shares have firmed slightly, with buyers at 4s. 3d.; National Mortgage, buyers ,£2'l9s. 6d.; 'Wellington Investment, sellers 125.; Wellington Trust and Loan, sellers £7 Bs.; Feilding Gas shares, sellers 18s. 9d.j Wellington Gas, J3lO paid, sellers .£l9 7s. 6d.; £a paid, sellers \£ll ss. j National Insurance, buyers XI 7s. 6d.; South British, sellers £2 155.; Meat Export, third issue, sellers ,£3 25.; Manawatn Rails, sellers 495.; New Zealand Shipping, buyers .£6 ss. 3d.; Westport-Stockton Coal shares, sellers 9s. 9d.; Donaghy Ropo and Twine, 1 sellers 245.; Kauri Timber, 15s. paid, buyers 125.; Leyland-O'Brien Timber, buyers 235.; New Zealand Drugs, sellers .£2 lis. 6d.; New Zealand Portland Cement, buyers 255.; New Zealand Paper Mills, buyers 225. 9d., sellers 235. 3d.; Taranaki Petroleum, sellers 4s. 9d. ; Wlutcombo and Tombs, sellers £i 2s. 6d.; Sharland's ordinary, sellers 20s THE MINING MARKET. Waihis came in for some attention yesterday, Bales being made at X 9 ss. 3d. • Talismans had quittance at >82 7s. 3d., and Tangiaros at Is. Bd. The quotations were'as under:— , ' Buyers. Sellers. ' Sales. £s. d. .£ s. d. £s. d. Talisman w ~ 2 7 0 2 7 6 2 7 3 Waihi . „ 9 S 0 9 6 0. 9 5 3 N.Z. Crown 0 4 0 — — Tairua Broken Hills .0 2 7 — — Waiotahi 0 2 6 •—i ■ . Taneiaro . _ - — — • 0.1-8 Blaclnvaler • .... _ 1 3 C — — . Big River ... ... — ilO 0 —' TALISMAN CONSOLIDATED:- /' The London Board of the above company has, taken an important step in the. interests ot'. New Zealand shareholders. Dr. Prendergast Knight and Mr. S. Weston, members of the Wellington Reform Committee, have: been appointed to act as a lucal Board, and practically their duties consist in conserving the interests of local shareholders. These two gentlemen will niako periodical visits to the mine and report to the London Board.. It is - well known that' they are: loyal supporters of Mr. StansSeld. the manager, and shareholders may be sure that the recommendations of Mr. Statis-tic-Id will receive cordial support. Another groat advantage of having a local Board is that adverse rumours set afloat to boar , the shares can be promptly discounted, for Messrs. Knight and Weston could easily , visit .the mine and ascertain'the 'facts'and publish them for the benefit of shareholders. Tho London Board has made a commendable movo in appointing this local Board.

. BRADFORD. TOPS. . In 'the High Commissioner's'cable published this morning the quotations for Bradford tops are given, and it is interesting to compare tho current prices with thoso of a year ago. The figures are as under:— ' ' Aug, 1908. Aug., 1907. Fall, d. d. d. S6's low crossbrcds ... 10 15} 5J 40's low crossbrcds 10£ 10? 6 44's medium ..crossbreds. 11$ '17.. .. s'-, 50's half-breds" . i»." , '"ls|-' ' 20| " "4s : 'sG's' quarterrlireds 1 ' 18J , 24J gV Go's merinos':;." 23 " 23':' "5' This table..' illustrates the enormous decline that lias taken place in wool, but the disturbing feature 'at ; tho present moment is tho fact thai, rue tendency of the market is downwards, liio next London wool sales do-not begin until towards thei-pnd of next month, so that there for-improvement^if;. : such is probable; but with British trade depressed, heavv stocks in tho London-wool lofts,'and a new clip iust coming on ;the ..market; the prospects aro not very bright,'-;: ••' .- : N.S.W. SAVINGS BANK. cf m ft? Government Savings Bank of New South Wales are conducted on a very large scale, the bank having some GOO branches and agencies. In addition, the commissioners have .under, their control)the State Advances to--Settlers Department: For some years the bank had a debit'in its profit and loss account, as tho balanco to credit on Decomber 31, 1903, of X 92.559, had by December 31, 1906, been reduced tb X11,G91. On January 1, 1907, the administration of tho bank was vested in three commissioners, and these officials have been instrumental in checking tho drain. The first step taken was to mako a : small charge in connection with tho accounts, as it was found that tho public, to avoid the exchange imposed by banks, ilsed the institution to remit money from one joint to another. With the number of depositors in the institution, the charge, though moderate, must aggregate a considerable sum. Tho chief cause of the loss in past years has been a commission of is. Gd. .per cent., collected by tho Commonwealth on . all deposits and withdrawals % at post offices at which Savings Bank business is done in the Stato. Another grievance was that the bank could not-until recently get a refund of X 25.000 from the Commonwealth that had been handed to the PostmasterGeneral at the beginning of Federation for use as till-money at the different branches. That money had now been handed back, and . interest allowed at tho rate of 3 per cent. Such interest amounted to XSOIB, and was added to the amount of X11.G91 brought forward, Tho total balanco at the credit of profit and loss on December 31 last, including these items, was X 19,654. The extent of tho business of tho institution can be realised from the fact that the total balance at the credit of depositors on December 31, 1907,' was X 11,128,494, an increase of X 1,805,572 for the 12 months. The number of account! remaining open on December 31, 1907, was 305,265, and tho average amount at the credit of each depositor was X3G 9s. Id. New South Wales possesses a second Savings Sank under the control of a board of trus-

WELLINGTON SHARE LIST.

tees. Deposits in that institution during 1907 amounted to .£6,401,662, tho total number v of depositors being 116,663, and the average sum at the credit of each: depositor ,£!54 17s. sjd. Therefore, in tho two institutions the total sum standing to the credit of State depositors was .£17,530,166. If the figures for the year ended June 30, 1907, of . the Victorian Savings Bank be taken, it appears .that depositors' balancos on- that date- were 590. There is thus a wide difference between tho amounts at the credit of Savings Bank depositors in Victoria and those in New South Wales. The inference '(says a Melbourne paper) might bo drawn that this arises from the superior thrift or the greater'prosperity of the masses in the adjoining State. Another cause, however, operates strongly to swell the total of the New South Wales institutions. In Victoria tho rate of interest allowed by the commissioners is 3 per cent, on deposits up to .£IOO, and 2J per cent, on deposits over J2IOO and up to ,£250. In the Government Savings Bank of New South Wales 3 per cent, is paid on deposits up to >8500, and in the trustees' Savings Bank of that State tha intorest is 35 per cent, on deposits of up to .£2OO. It is manifest that the policy of the Victorian commissioners in .paying 3 per cent, to only £100 is calculated to limit deposits to within that sum, and to tell upon the total balance at credit of depositors. There is, consequently, a much larger percentage of depositors in the Victorian institution with small accounts than in tho Now South Wales Savings Banks. This makes' for strength, because -the small depositor is not the- man who watches the money market to take advantage of any advance in the - rate of interest to invest elsewhere. Another fact that is impressed by a study of the balance-sheets' of the three institutions alluded to is the use they must be to State Treasurers. Thus the Government Savines Bank of New South Wales has invested in the funded stock and Treasury bills of that State .£8,922,000 and the trustees', . bank <£3,453,000, while the Victorian Savings 'Bank in'vestments in State stocks and bonds was .£5,133,312 on June 30, 1907. •

■ • STOCK EXCHANGE.. . <BT TELEGRAPH—PEES 3 ASSOCIATION.) Dunediri, August 17. Stock Exchange < quotations :-Dredeing stocks: Alexandia Eurekiij sellers 4s. 3t1.» Alexandra lead, sellers 3s. 6d.; Bignall's No Town, buyers 3d.; Blackivater (contributed), sellers 65.; Central Charlton, sellers 7s. 6d.; Chicago, buyers 65., sellers 95.; Electric, sellers 95.; Golden Bed, buyers 95.. 6d., sellers 9s. 9d.; Hartley and Riley, sellers lis. 6(1.; Koputai, tellers X 2 >12s. 6d.; Kura, sellers £1; Lady Roxburgh (contributed), sellers 95.; Manuherikia, sellers XI Os. 6d.; Molyneux Kohinoor, buyers 3d., sellers 6d.; New Alpine Consols, 1 sellers 10s.; New Trafalgar, sellers XI os. 6d.; Pactolus, buyers 10s., sellers 155.; Rise and Shine, sellers .£1 lis. Mining stocks: Nokomai Hydraulic, buyers JEI. 3s. 6d.; May Queen, buyevs Is. lid.; Hercules, buyers 10s.; Tasmania Gold, sellers 125.; Talisman Consolidated, buyers X 2 6s. 9d., sellers X 2 7s. Gd. Investment stocks: National Insurance, buyers ,£L 7s. Gd.; Standard Insurance/buyers XI 2s. 3d.; U.S.S. Company; sellers XI 15s. 3d.; D.I.C. (preference), buyers XI 25.; Mosgicl Woollen Factory, sellers X 3 Os. .Gd.; New Zealand Drug Company, sellers X 2 12s. New Zealand Paper Mills, sellers XI 35.; New Zealand Portland Cement,,buyers XI ss. Gd.; New Zealand 'Portland Cement (new issue), buyers is. 9d., sellers ss, Gd... - • ■ - . MINING. . The following is'the report of the Talisman Consolidated, Limited, for the fortnight ended Juno 27, 1908: — No. 10 Level.—Stoping: the values from the No. 1 Bonanza block stopes average 15s. lOd.; from the No. 2 block the average is X 2 is. No. 11 Level.—South Drive: advanced 46ft.; total, 1430 ft. Width of reef formation, 24in. Average of assays, 7d No. 6 Crosscut: advanced 37ft.; total, 151 ft. No change in ground. Stoping: thti values from stopes off No. 10 rise average 15s. id The values from stopes off No. 5 rise, average 18s. id. No. 12 Level.—South Drive: advanced 21ft.; total, 750 ft. Width of reef formation, 15in. Average o fassayS, 7d. No. G Crosscut: advanced 37ft.; total,-273ft. Ground shows considerable pyrites and small seams of calcite. Stoping: the values from No. 2 north block stopes average XI lis. Gd.; from No. 2 south block stopes average 17s. Id.; from east vein stopes average X 3 9s. 5d.; from 6topes off No. 5 rise average Xl 2 lis. 9d.; from stopes south of No. 12 rise average Xl 2 15s. 6d. No. 13 Level.—No. 12 Rise: advanced 13ft.; total, 101 ft. Width of reef, iSin. Averago of assays, 2s. 3d. At 102 ft. a crosscut lias been driven westward sft. without disclosing anything further than the reef that is boing followed in rise. South Drivo: at. 466 ft. south a crosscut has been driven east 7ft. The i'ootwall was reached _at 3ft. Beyond that the country shows stringers of quartz giving low values. Will push this crosscut out a few feet further so as to mako sure of having the true footwall. Stoping: the values from stopes off No. 1 north rise average XI is. 3d. Yestorday the Customs revenue collected at Wellington amounted to X 1378 Gs. 7d. HIGH COMMISSIONER'S CABLE. The Department of Industries and Commerce has received the following cable from the High Commissioner, dated London August 15:— ' The mutton market is steady; there is not much demand, but prices are firm. There is ■ a scarcity of prime quality mutton: The foli lowing aro the current quotations:—Light weight, Canterbury, 4Jd.; North Island, 3jd.; i heavy weight, Canterbury, 3|di; North Island, , "'tiuflamb'market is quiet, with a moderato ; business doing. There is a. dull sale for heavy carcasses, but a good demand for light i weights. There is no change in prices to re-. • port.

The beef market is firm, with moro inquiry, and small supplies aro coming forward. Hind quarters are quoted at 4jd., fore quarters at 3Jd. per lb. The butter market is steady, and prices aro well maintained. Choicest Now Zealand brands aro quoted at 118s. per cwt. nominal; Danish, 1225.: Siberian, 109s. per cwt. The cheeso market is firm, with an upward tendency. New Zealand whito makes aro quoted at Gls., coloured at 595. Cd. per cwt. Tlio hemp market continues dull, and there is no change in prices. Last week's output from Manila amounted to 16,000 bales.

The cocksfoot market is firm, but little doing. Bright clean 171b. seed is 795.' per cwt. The following are the current quotations for Bradford tops:—

36's low crossbreds ... 10d. 40's low crossbreds ... «. IOJd. it's medium ... ... ... Hid. SO'b lialfbreds Is. 3Jd. 56's quartcr-breds ... Is. GJd. GO's Merinos Is. 11(1. The market is quiet, with a tendency in favour of buyers. The hop market is quiet, with no alteration in prices. Crop prospects are favourable. THE FROZEN MEAT TRADE. (nr TELEGUArn —press association'—corriti gut.) London, August IG. The Frozen Meat Trade Association's Smithfield market quotations for the undermentioned classes of frozen meat are based on actual sales of not less than one hundred carcasses of mutton or lamb, or twenty-five carcasses of beef of fair average quality. These quotations are not for selected lines, but for parcels fairly representative of the bulk of the shipments now on the market: — Aug. 16. Aug. 9. d. d. MUTTONCanterbury, light — — Canterbury, medium ... ... — — Canterbury, heavy ... ... — — North Island, best brands ... — LAMBCanterbury, light 5 9-16 5J Canterbury, medium 5} 5| Canterbury, heavy ... 5 5} . Dunedin and Southland ... — — North Island ... -. — — BEEFNew' Zealand fores — ~. 31 3 New Zealand hinds ... ~ 4} RIVER PLATE. Mutton, not quoted Beef fores ... — ... 3 2} Beef hinds 4J COLONIAL AND OTHER PRODUCE. London, August 16. Hemp.—Market quiet and prices unchanged. Rabbits.—Prices hardening and more inquiry. Large Melbourne's are retailing at from 13s. to 13s. 6d.

Copra.—There is a large business in copra. South Sea, in bulk, =£16 17s. 6d.

Wheat.—The wheat and flour afloat for the United Kingdom totals 1,910,000 quarters; for the Continent, 1,110,000; Atlantic shipments, 370,000.

THE METAL MARKETS. London, August 16. Silver—Bar silver is quoted at 23gd. per oz. standard. Copper.—On spot, JiCO; throe months, .£6O 155.; electrolytic, .£O3. Tin.—On spot, .£136; three months, J!I3G 15s. Lead, £13 Bs. 9d. MINING SHAKE QUOTATIONS. London, August 16. Buyers. Sellers, s. d. £ s. d. Waihi ... ... „ ... 9 3 9 9 6 3 Waihi Grand Junction ... 111 3 112 6

Reserve &2 T . ., c • Yield COMPANY Capital Fund and 5111 v nrt1 . to COMPANY. Balanco L a«i Investor. Forward, g Ewer., Seller. ■ ga i 0 . , BANKS.' £■ . £ £ £ £ £ e - C V ~ "• d- *■*•. a * a - New.Zealand tfftom 504,007 ,, s t ]0 0 16 1 0 0 811 1 national ... ... ... ' mm iUiW Si ■»! g 5 1 0 S 2 0 INSURANCE. National ... iflorfli P 4P339 . i t,«iM is 176 IS. 0.1 76 591 New Zealand ... ™'coo ioe 674 I In' 3 14 6 3 16 0 313 0 5 6 8 'South British ... - rcMOO , m ,m ■ ■% ' „ e fK 0 ■ btoudard 75,000 12,386 £ 91 10 1 ! 1 FINANCIAL. Equitable Building, ; ... fOOOO 48,242 , 5 - jo Metropolitan Building '"CIO ' tjM in nil 7' Wellington Invest. ... ...' • «o,COO i.tSO 1 A '6 012 0 0IX G 5 4 4 Wellington Trust and Loan ... 101 mo 44,334 ? 5 s 770 7 8 0 78 0 563 National Mortgago ... m.ooo S B ' 10 218 0 ,,' „ N.Z. and Kiver, I J lato >00 COO 7 nil 8 1'0 0 1 11 0 1 10 6 5 5 0 Um atd Morcanuw jgym 5IW& 1 ta s 0 4 3 1 0/ 4 0 1210 0 CAS. Auckland i •... - 1E0.S70 £5,463 - n ii w • Caristchurch ...' .... ... — 160.0CU u,-i7 r nil 10 014 6 9 S i'eiiuiug ... ... ... 1*2,000 Wi. ■ 1 nil ... 018 3 0 IS 9 < ' iilsooma ... 17,eGO 30,665 , nil 2 12 G , 210 0 5 10 0 iiawcra • 8.SS0 «H 'a | .jn new Plymouth ... ... lt.CW 8714 6 * nil 10 Napier ... ... ] . 10 nil J5 .. ••• ■- | 4M57 £3.154 5 5 15 • l-'&lme'rston North ••• £7,000 11.092 41 4 10 "V* S 'O 6 3 3 Wellington 1 124,570 r il.79s' 10 nil io J? I £ .. 1 5 5 10 H 5 0 MEAT.. . : \ /''■■■■' Canterbury .... .... IE3i727 £2.666 7 i £| ' . 8 0 0... UUl'lStCU'ul'Oh 1G5iC20 ' lU 4ii .g ni , . 10 0 0 Hear ... ... ... .... ••• ■■■ I C2.000 S6,2dl 1 nil 12! 9 9 0 210 0 8 9 C 6 3 0 Vi clliiigton jleat Export ) ' ' ■ 5 id « 1 ••• ' - . -• J- 105,766 47,950 <18 Wangaiiui » » .» ... 46.125 8.606 f • § S ? 9 ... TRANSPORT, W. and IT. Eailway ._ ... 170,000 ' 121,452 1 4 7 283290 ii.Z. snipping , ... ... 4V3.WO liO/ioll g nil 5 6 5 3 6 10 0 . , bniou hteam ... ...' tco,(M) ttl,'Jl7 r x n il E i 1 15 0 1 15 6 115 3 5 8 0 Vgtn. Bteam Perry ... m&o ia 1 . Lil $ ' 017.6' COAL. Westport ... . ... ... ... . ... lEO.OOO 127,421 3 j H joj 6 5 0 6 12 0 'laupiri ... • — . ••• . 16.UUJ t.-JJ 1 . nil . 7J . 019 0 .. . . WOOLLEN. Kaiapoi. ... ►.. ..i ... ... 1CO.OCO C2.S51 5 nil 6J , kotjiel ' — b3,457 , IV3d . 1» 4 ■ WellinKton • ... ... 14,02a U.3M 4 .1 6 370 3 80 37 6 723 MISCELLANEOUS. , Donaghy Kope ... ... ' ... . ... .53,500 . ilSl 1 nil 6 14 0 Leylana and O'Brien ... ... £5,000 37,V«l 1 nil 15 2 16 iiiauriceville Limo 7,C00 105 1 n ji 8 fc.Z. Candle ... 10,000 b76 10 nil 8 N.z. Drugs .. ... ... ... £00,000 se.no • a nil 7 2 10 6 2116 5110 630 k.Z. I'ai.LT"Mills'. ... ... 94,775 1,682 1 nil 7 12 9 13 3 NJ5. Cpment ... ... .:. ... ' 60XW •' 5,048 1 nil ... 1 5 0 .Alannini; and Co. ... ... 16,000 • i'l.WO 4 1 10 Ward and Co ... ... 10,COO 4 ■ 1 lu 415 0 Vgtn. Opera House 18,630 1,'C5 5 nil Hi Wgtn. Fresh Food ... ib.aia ... 1 nil ... Wuitcouibe and Tcmbs n,i50 11,153 5 nil 10 4 1 0 4 2 6 bnarlind, Lui.'... ... ... ... Kj.ciJ li,vu 1 cil ti 1 0 C 519 6 714 0