FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 282, 21 August 1908, Page 10

FINANCE AND COMMERCE.

THE SHARE MARKET." : ; , The only transaction in investment shares reported yesterday was a sale of Leyland-O'Brien Timber shares at £2 ss. The tone of tho market was quiet, and tho buying offers were few. The quotations were:—National Banks, buyers £5 os. Cd., sellers .£5 Is. 6d. ;.Bank of New Zealand, sellers £9 '■ 25.; Wollington Trust and .Loan, sellers «£7 Bs.; National Mortgage,• buy? , ers £3; New, Zealand- Loan' and: Mercantile, : buyers : 4s. 4d,; Ralmerston North Gas, buyers ■£1 65.; Wellington Gas, sellers ,£l9 ss. and .fill' : 55.. for'the.-respective '-issues;. National: Insurance, buyers 275. - 6d.; New Zealand Insurance, , sellers il3 155.; South British Insurance, sellers iE2 15s. 3d.; Gear Meat,; £i paid, sellers . .49 165.; Union Steam, sellers JSI 15s. 6d.Westport Coal, buyers £6 3s.'; , Wes'tport-Stocktori Coal,-sellers 9s. 9d.; Kauri Timber, 15s. paid, ! buyers: 12s. 9d.; New-Zealand Paper Mills;-Duy-; ; ers ,225., 9d., sellers: 235. 3d.; Sliarland's. ordinary, sellers 20s. J THE MINING MARKET. jji ft ' Yesterday sales were reported of' Talismans at £2 3s. 6d. and £2 3s. 3d., which are very fair prices .considering the water trouble now. affecting the. dperations at tho mine. It is . somewhat; satisfactory,- to see_ that holders, are . \not eager to sacrifice .tlieir"■ shares, and there seems to bo no reason why they should be. The: nnwateringi, of the, mine, is, a. matter ..of time and machinery, .and the bullion-producing capacity of the mine is in no. way"injured.' At ■ the worst,' it means the loss of one or 'two' dividends of .about 25.,,6 d.; a share, and it is obviously better,to'j>iit' up with this small loss than to make!a. greater, ono : by sacrificing, the •• shares.J, Tangiaros-changed hands at Is. 6d„ : ' but this speculative stock is bound to witness some .fluctuations, as..it is expected tho'reef, will be cut in a day or two. Tairua Conquer-' ors sold at lid. and ls v Id. for the respective; issues.- Crown shares were wanted at 4s. 2d:, and Waiotahi at 3s. Yesterday's quotations ■■ were as under:— .... Buyers. • Sellers. • . Sales. £s. d. £s. d. £s. 'd. Talisman ... 2 3 0 2 3' 6 2 3 3 Waihi ... .„ ... 9 5 0 9 6 0 — ICuranui ... ... ._ 0 0 6 0 0 7 — Waiotahi '. .., ... 0 3 0 — ' v—"" Tairua Conqueror, . ■ 3d. paid,..; _ o■o 10 0-0 11 0 0,11 Tairua Conqueror, ' , ; 6d. paid ... ... 0.1 0 0 110 11 Tangiaro; ,' — . — 0 16 N.Z. Crown ... „ 0 4 2 —— Blackwater -13 3 —, ' .— ■ UNION. BANK OP AUSTRALIA.. The balance-sheet of the-Union - Bank- of .-Australia, Ltd.,' for the sis months ended February 29,1908, shows , that the gross profit earnedduring. the'period was>,£3lo,9G6,iand expenses .and costs of management took v£147,778, leaving 'a iiet , profit of .£163,188. This compares with ,£146,560 for the' August term,,and w£237,940 for. tho corresponding: period;,last yeari when, however, recoveries of debts imttenvjoff yelped to swell the total. Results for .the six' months dealt'with in the present therefore, represent more normal conditions, and- they cannot fail to give satisfaction- to shareholders.: Liquid and readily available as-' , sets amount ; to! ■ J59,924,003, against >£10,485,664 twelve months ago;'; tho' reduction; of .£679,000 in balance and drafts in transitu more accounting for - the '-'difference.. Money at 'short' call" 'in London';.has: been '■ reduced by' £560,000 in tho twelve months,-this transfer of-'iesources to Australia being:ih;.li'no ' with tho: action'of other institutions. Specie on liand and'bullion have increased by .£742,530for the year;;>hilo investments stand:, at .£1,708,538, as-against ;81,773,G78. The changes in some of itho leading -figures for the'past six half-years shown by; the following , table:— :

: „i-.'Advances and' 'Net -profit.'-Deposits. Discounts. Feb., 1908' V-. 7 :163,188 19,065,901 14,820,354 Aug., I'JOT 116,560 • 19,153,123. 14,125,971 Feb., 1907 . _ 237,901 . ..19,367,502' 13,210,728 Aug., 1906 v ... 172,252 18,176,248 ' 13,283,650 Feb., 1908 '101,878 "18,683;208 12,351,530 Aug., 1905 ;.™ 161,767 - 16,988,632 " 12,600,929 Adding to '-the;Jfct'iprojifc; vOf-/:aB103 ! 188 - 'S the: sum of MjfougKt"" 'forward, tlie' directors had available From tliis the board has appropriated ,£IB,OOO as a 10 per , cent, bonus on their salaries' to \ the staff, .£IO,OOO in! reducion of bank premises, and ,£30,000 as an addition to tho reserve, raising its total to .£1,230,000. Out of the: balance of ,£141,058 the directors liavo paid a dividend at'the rate of 10 per cent. (£1 ss. per share) and a bonus of 2 per cent. (10s. per share), absorbing. .£105,000, and leaving ,£36,058't0 bo carried forward. The balance T sheet shows that, the 'liability to the proprietors, including tho paid-up capital of .£1,500,000, reserve £1,230,000, and undivided profits .£141,058, amount to Liabilities to the public amount to <£22,470,026,:; and comprise notes in circulation £498,017, deposits .£19,965,901, and bills payable, etc., .£2,006,075,. the balance-sheet total being .£25,341,084. Assets may be grouped and compared with those for the corresponding halfyear in 1907 as follows:— . ' Feb., 1907. Feb., 1908. . ' £ JE Specie, cash, etc. ... . ... 4,768,505 . 4,951,835 Public securities ... . ... 1,773,678 1,708,538 Remittances in transitu... 3.9-13,481 3,203,631 Bills discounted, loans, etc. 13,2-10,729 14,820,354 Premises ... ... ■ ... ,623,935 596,726 DRAFTS PAYABLE IN AUSTRALIA. According to tho "Sydney Morning Herald," it has been agreed by the London .-representatives of the Australian and Now Zealand banks that deferred of. drafts drawn payable in the Australian States or the Dominion of New Zealand, negotiated in the United Kingdom, shall be charged for at the time of negotiation as follows:— On drafts drawn' against shipments by. sailing vessels, one-quarter of 1 per cent, cxchango for each 15 days, or fraction thereof, of tho ■period of , delay to bo charged against drawees at the same rate.

. On, drafts drawn against shipments by steamships, one-oighth of I.por cent, to bo charged in all' cases .where delayed presentation is requested, any delay ■ beyond seven days to bo charged .locally at tho same : rate as in the case of : drafts against shipments by sailing vessels.;■;, The" new arrangement camp into force on July 1. ' . lOVELI AND CHRISTMAS. . Tho report of Lovell and Christmas, Ltd., for the year ended June 30' states that, after providing for all contingencies, there remains, including ,£22,925 brought forward, available for distribution. It is proposed to pay a ; final dividend .at the rate, of 7 per cent, on the ordinary shares, making 7 por cent, for the, year, carrying forward (The directors regret that it is advisable to reduce the dividend 1 on Itlie ordinary shares, but all those connected with . the provision trade know that the past year has been one of exceptional difficulty, .The most .gevoro drought-ever known in "New 'Zealand, a'hfl'clroufeht'valso in Australia and the. Argentine, together with failure of the usual supplies of butter from Canada, so reduced imports that the usual rates of profit have been impossible. The safes of the company have been well maintained. The net profit for the year amounts to ,£65,052. A-BRITISH RAILWAYS. • It was stated in a" cable message received'a few days?ago that tho British Railways had' gained a-million sterling during the first half |of the qurrehtjjrear, as compared with the corresponding ' period of:, last year. Instead of a gain there was a loss, for according to mail advices 16-companies announced an aggregate decline of- .over ,£1,000,000. Altogether the companies.ldiiring' the half-year lost ,£182,505, in passengers; or : rather'less than 1 per cent., and j£845,228 in goods, which was no less than. 3.5 per cent. In goods and passengers together the falling off amounted to ,£1,053,065, or 2.5 per cent.- t "i' . . \ . ; - GERMAN WOOLLEN INDUSTRY. The Berlins correspondent of "The 'Economist,' 'writing under' date July 1, says:—"The situation in the woollen industry, while apparency. somewhat better than with the cotton mills, is far- frcm satisfactory. Nowhere is any considerable new demand for goods apparent, but the mills are mostly still fairly [busy ;on- old orders. At the Berlin wool auction last week, however, the' attendance of buyers was large, and.allthe'': Unwashed wools offered wore sold at prices partly-higher and partly-lower than those of a year ago. Prom Leipzig, the chief market for combed wools' and worsted yarns, it,is . reported-that consumers are holding- back to a striking extent; but it is added that their reluctance to do business'is dictated solely by the fact of .the', near approach of the London wool-auctions, of July. From the Lower Rhino it is reported that wool-spinners havo been'compelled to take'orders at unprofitable prices in order to keep their mills in operation at all. The worsted spinners there have been able to got better'orders than for some time owing to the improvement in ..the price of merino'wools." _ In'the Berlin ready-made clothing trade a more active demand for goods for women's cloaks is noted, but the amount of business'actuallyytaken-has undergone but a 6lightimprovement."

■ WELLINGTON PRODUCE MARKET. .'••• Messrs :Laery Vand.;iCo., : Ltd., Wellington, report wholesale prices ruling on the market:— ,Wheat, fowl,"4s. lid. to ss. 2d.; broken wheat, 4s. 6d. to. ,4s. 9d.; oats,; 2s. 9d. to 35.; seed oats, 35.-2 d. to 35., 4d.; Algerian seed oats, 3s. lid.; maize, ss. to ss. 3d.; .'crushed malt, Bs. 9d.; fowls' barley, 45.; horse beans, 4s. 8d. : ; all at per. bushel. Ricemeal,'.£6; flour, New Zealand .£ll* 10s., Australian Jill 55.; bran, £7 to £7 ss. ;■ pearl barley, .£l9 10s.; pea 3, partridge 4s. 9d., Prussian blue 6s. 6d., fowl 4s. 7d., split .£lB -10s. ;-bonedust, ;'superphosphates, £i 155.; guano; :-!£l"103.; chaff (oatensheaf); £5 15s. to 55.; oatmeal, .£l3 to «£l3 10s.; potatoes, table ,£5 10s. to ,£6, New Zealand seed (TJp-to-Dates) i£G 10s., Early Rose,M 10s., kidneys £6 105.,-Beauty'-of Hebron- ifiG-.-lOs.; molasses fodder, 8-Jd., hams ,9d., -rolls Old.; butter,'bulk, "prime: Is. Id.' to; Is. -2d.; cheese, factory CJd.; poultry, hens 3s. to 3s. Gd. ducks Gs. to 7s. 'Gd., turkeys, gobblers 15s. to 225., hens Bs. to 95., all at per pair; cauliflowers,'los. to 175.; cabbages, 4s. to 125., all at'per sack-;-fresh eggs, Is. 3d. to Is. 4d. dozen; cheese, Gd.,t0.65d., per lb., loaf 7Jd. per lb.; eiiions, «£l2 to .£l3 per ton; Akaroa cocksfoot, 10d.; ryegrass,-4s. 9d. .to ss. Gd. per bushel, WAIHI GRAND JUNCTION, (nr TELEGRipn—riiESS association.) Auckland,-August 20. The return from the Waihi Grand Junction mmu for tho past month wns -iGI6B 95., from 42CG tons. STOCK SALES. - Messrs. Dalgety and Co., Ltd., report that at their Palmertson sale yesterday, owing to rough weather, no sheep wero yarded. There was an exceptionally good entry of cattle which met with a ready sale. One particularly good lino.of i and 5-year forward bullocks realised .£6 9s. .Nearly all lines wore quitted at prices as below:—Backward springing lieifers £2 to £1155.; backward springing cows, £2 7s' 6d.; mixed cull weaners, 16s. Gil.; forward cows' £2 135.; 18 to 20-months polled-Angus steers' £2 135., £2 145.; 18 to 20-months shorthorn steers, £2 18s.; 2|-year shorthorn 6teers, .£3 8s 6d.

The New Zealand Loan and Mercantile Company, Ltd., report:—During the week we have held our ordinary stock soles at Himitangi and Palmerston North, and sales of dairy stock on account of Messrs. Boyd and P. Gruwwald. • • At Himitangi, on Monday, we had a good entry of sheep and .cattle. Bidding jyaa not

particularly brisk, but wo were successful in placing practically tl\c whole yarding at lato rates.

At Palinerston North, on Thursday, owing to the wet weather, sheep did not come forward. There was a good entry of cattle, however, including several pens of 'well-bred young steers, that we offered in conjunction with Messrs. Dalgety and. Co. We effected a. total clearance at satisfactory prices. At Mr. Boyd's dairy sale cows made up to ;£7 55., the whole herd averaging £i lGs. Yearlings made from 255. to 305.; culls, «£3 55.; hoggets, Bs. Gd.; porkers, 215.; breeding sows, £2 2s. Gd. to £3 55.; boar, 325. Gd. At Mr. Grumwald's the cows, which were in low condition, sold particularly well, prices going up to £0. The whole herd, including several with three teats, averaged ,£5 15s. Yearlings made from 16s. Gd. to 255. At Himitagi sheep, hoggets made Gs. Gd., Bs. Gd., 9s. 2d.; ewes in lamb, 10s. 9d. to jlls.; fat ewes, 10s.; springing heifers, £i; fat' and forward cows, 35.; empty heifers, ,£2; fat cows, £o 45.; 25-ycar steers, .£3 lis.; forward bullocks, £5 10s.; light fat bullocks, .£6 10s. At Palmerston North storo cows made from 295. to 315.; wcancr heifers, 12s. Gd.; weaner steers, 245.; 18-nionths heifers, 25s._ to 2_Bs. Gd.; 21-year steers, ,£3 Ss. Gd. Iu» conjunction v.-ith "Messrs. Dalgety and Co. 56' 20-month polled-Angus steers mado from .£2 13s. / to £i 145.; 124 20-month shorthorn steers, «E2 18s.;.and 70 21-ycar shorthorn steers, ,C 3 Bs. Gd. TALLOW AUCTIONS, (uy TEr.ECßArn—peess association—corrmnnT.) London, August 19. At the tallow sales 1356 casks wero offered and ■ 186 sold. Prices were unchanged. SILVER. 1 London, August 19. Bar silver is quoted at 23£ d. per oz. standard. HIDES MARKET.' fur Tr.r.Eciurn—riiEss association—corYniGni.) (Eec. August 21, 0.55 a.m.) Melbourne, August 20. In the hides market there was excellent competition, and the market was firm. Kips were specially active. ! FROZEN MEAT MARKET. • Napier, August 20. The C.C. and D. Company cable the following report on the frozen meat market:—To-day's quotations—Napier, Wellington, and North Island mutton, 3Jd. Lamb, first quality, sfd., second, sdj. Yesterday the Customs revenue collected at Wellington amounted to .£975 6s. sd.

W.ELLINCTON SHARE LIST. ■'-i " ' Bcscrvo ag T-.i,', B ' raiCES. viola COMPAKY. ' ' 'tSSt? 1 Fund and P J iuj. L' r 1'° — " - :..••••/ PaidUp. Palanco ■sttmjJE. • Last Investor. ; Forward, s, Bnttre ', H g Buyer. SoIIer. Ealo _ BANKS. ■ .£ ' £' £ ' f £ £ 6. d. ■£ s. d. £ s. fl. is. a Kexr Zealand ... 3COO000 504 097 ni in I) 2 0 9.0 0 314 X' katloual ... ... ... ... ... *Jg£gg Sjgg g j° 5 .0 6 S 1 6 ; INSURANCE. ' . - ' ■ / '>- y :: I Rational ... ... ... , ICO.OOO 549,339 i nnltd 1-1 1 V 0 18 3 1 7 6 5 0 1 till Wand: ... ... ltifi67i I •«««• j« 314 6 3 15.0 315 0 5 6 8 . bouth British ... ... ... ... I Jj ig ' 215'3..2 15 0 5 9 1 • btandard ... ... ... ... ... l-',3bti 5 oi io 12 6 13 3 ■.,V • FINANCIAL. : ■ -- - ; j •" ■; " Eauitablo Building ... ... ... cocoo 48,243 • r - . 5 m MetropolitanBmiuing ... ... 'duo tJM' in nil 7 ' ' Wellington,-Invest.' ... , . 3*000- SiiO-- 10 . „ i -012 0 Oil 6 5 4 4 Wellington Trust and Loan ... 101250 44,83-1 r 5 r 780 780 56.2 Kational Mortgage- ..; ... ... juj,7M a B in 3 0 0 .3 1 6 . N.Z. and Elver l'lato too.CXK) ' KM*) ? nil g 1JI» 0 • 111 0 1 10 6 5 5 0 • ,,-•/■ toan acd.ilercauii.il ... ... j ta 5 0 i 4 " ■ 0 i 0 1-210 0 ' : r CAS. ' ' v ' Aucltland'... .... w . .... jfo,37a £5,463 s .„]j 17 , . enmteaurch ... ... "■ ... '" - ilo.ooo. 03,1,17- S u n.. in .'o;i2 6' 915 n lending ■ ...... ... ... lii.OOO 'tUi 1 nil "-'018 3 0 13 Ulsourutf ... ... .' ...' 17,300' - IC.SbS • ?• i> n ji'' 1,3 r-. 212 6 210 0 5 10 0 • '. JM.w«a ... ... ... ... ..v . .. t ,aa/ . MM •;*,/•.. i,$ i.uw.i-lymojth ... . . ... ... 16,(.to WU. V ■ -nil 10 . ftapier .... )• ' ,g £{ 15 - ' •y « 40,057 £3,1M : ° i % ,- . taWrston'HorUi ... •... ••• 07,C00 lW 4 i • "i ! -ln : 7'6 n -- . 7 6 0-6 3 3 • Wellington •••. ••• ',124,570 Vi.Vad 10 . nil -10 ' 19 5 0 • » » •" , 5, ; : 5 . 10 . .. .11 5,0 11 X 3 410 E ; .. MEAT, '•V'-''-.'" '^HtSmrch' ' r '' ~ ' - lE3.727 - r3.6E6 75 ■ c 8.0 0 ' ' " Uear ""V *" -'v~ ' 1W-20 ' -».bW nil' 8 ' ' - ' 10.0 0 r': 1 ".' ... 1. It,C00 '-H6M 1' -nil- 101 210 0 210 0 3 0 0 5 2 0 ' \'.'c!liiiiton "ilcai Export j J l'-5 5 W 0 916 0 " " z fus-w. «&o j j"; -g • Wanganai'" yJ.ecQy f ■;« .;. 2 0 TRAK3POR7. 1: S;S : ; j ,1 ~i J.f! U ! ■ "1 j. j j :. '•»• "■ ■ s, » ; f . COAI.«V r.;; , JV'cstport' ... ... ... ... 1E0.C03. Ii7,131 3.5 . ls i , c 3 0 .,6 .8 6 , . . iauvirj ' .... ... . ... 15.UU b.UoO' j ' nil" ,j5 019 0 ' WOOLLEN, :'.v : 'V Kaiapoi ... ... ... ' ]C0,C00 £2,851 5 ' , ni f- c i , iiosgiol . ... ... . ... ... ba.467 ■ .XWlai' .34 --u" 4 Visiuuston i 1 0.3 7. 0 3 8 0 -3 7'6 7 2 3 MISCELLANEOUS. Donaghy Eope ... . 53,500 ;. 1E1 '.1 ; n ii. .6 1 4 0 2 5 0 6 13 '4 ...... Leylana and O'Brien .- to.uw -ST.Vti., 1, , 15 - 6 kiauricevilio Lime ',,000 . . us 1 nil 8 " ; 1\.Z. Candle ... ... . io.OOO ' :' t76 10 U u 8 ' . 1 Krjk-'Dnigs,; .... ...- ... ... CC0.COO . 36,75:0 2 n ii 7 'ajo 6 211 6 £U 0 6 -8 "0 Paper II1II3 ... - .* .54,775 W84. 1 'nil 7 a 2 9 13 3 : N-4'.Cement; : ... . 50,COO . i',c'48 .1 B u ... 1 5 0 ■ , ' panning and-Co. ' .... , <6,tCO .. 17,650. .4 11, J0 ...Ward and CO..-...V..... ... IO.OOO M.613 : 4 , 1 10 412'6 415 0 . ; Opera, ilousO; T 18,630: •"'1,105 ",5 "nil' Hj- r ....... Wgtn. Fresh Pood • ... - ... !8i61 1 n ii' • - '- Wnitcombe and Tcmbs -.tWiSO. 10,153- 24 - 24. i'6 '4 1 0 4 2 6 '4' 2-0 6 13 bharland, Ltd. ... ...... ... a.tlJ li.?*4 .1 nil. 1 0 0 019 0 714 0