FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 284, 25 August 1908, Page 8

FINANCE AND COMMERCE.

THE'SHADE MARKET. < The week opened with the investment market 111 a very dull condition. No business ivas reported yesterday, and judging from the number of buying orders, there is little hope of brokers : seeing a recovery this week. Values show no , change, but perhaps if they did. l'all business might be better.' National Bank shares were on Bale at £5 25., and Bank of J\ T ew Zealand, at .£9 2s. 6d.; National_ Mortgage, buyers .£3, Boilers i.'3 Gd.; New Zealand and Biver. Plate, buyers 30s. 3d.; Wellington Trust and Loan, sellers £7 Bs.; Wellington Gas, sellers .£l9 ss. and £11 ss. for,the respective issues; Gear Meat, £4 paid, sellers .£9, IBs,; Manawatu Bails, sellers -,£2_Bs. ,9d;;. Union Steajn, sellers .£1 15s. 6d.; Wellington Steam Perry, sellers 17s. 6d.; Kauri Timber, 15s. paid, buyers 13s. ,3d.; Leyland-O'Brien Timber, buyers £2 is. Gd.; Sharland's ordinary, sellers 20s. .

THE MINING MARKET. The market generally is weak. The only sale reported yesterday was that of Talismans at' 425. Gd., which : shows a decline of is. 3d. on the highest price realised on Saturday. Alarmist rumours are'floating about with respect to the flooding of the mine, but shareholders will 3o well to heavily discount these rumoursrv-The position is not nearly so bad as it is»represented to be. However, it will interest the holders of the shares to learn that Dr. Prendergast Knight has received from his colleague on the local committee of the Talisman. Consolidated, Mr. T. Shailer Weston, who is now at the mine, the following telegram A" If it comes tothe worst onlymeans temporary stoppage. The new plant enables developments in different parts of the mine to be materially increased, hence, blessing in disguise. Prospects more than justify expenditure. Cannot tell wftether water will be stopped at ,12th level as yet: Shareholders foolish',to' quit." As previously indicated in this column there is no reason why shareholders should sell unless, of course, they are selling at a -profit. The- mine is as good as it ever was, and the unwatering is only a matter of increased .pumping, plant, which'the company is well able to afford. Even a temporary stoppage of operations should not mean much loss. The mining quotations yesterday were as under — - Buyers. Sellers. , Sales. '£ s.'d. ■'£'*. d. £s. d. Talisman .J ~ 2 2 0 2 3 0 2 2 6 WaihO — • 9 -4 G ' . Wailfi Gd. Junction — " 112 3 — Tairua Broken Hills 0 2 7 0 2 9 — Ngatiawa ... 011 — N.Z. Crown ),,i 1 - , — Tarna- Conqueror'-." • - >---V (3d.paid) ' ...'0 0 0 0 10f- -. ~ Blackwater ... ... 1 3'6 14 6 —. .- : - Big Biver .K " 118 6 ' —, : KYNOCH.' V The report of; Kynoch, Ltd., for the year ended March 28, 1908, shows a net profit amounting to ,£20,d35.v 'To this has to be added .£45,145 brought 1 forward, , making a total of JX&jBBb. An interim dividend <"of ; 2i per cent' on the preference shares < and-.dehenturo interest,; amounting-i together to - .£31,501, has been paid, and tho'directors' fees 'will | absorb .£2090. The directors now recommend that a final dividend. ; of. 2£ per cent, be paid on the preference shares,' making 5 per, cent, for the year (this distribution', being . free of incometax), and that the balance, -.£19,679, be carried forward. . The?-, directors: regret' that the company's unbroken'^record of-a 10"per cent, dividend on'the ordinary shares extending over-a, period of eleven years ! should, be 1 interrupted this year; and they regret also tliat the anticipations which they expressed last year that the earnings for the year under review would show an improvement should be falsified; but after, the ;most careful , and'exhaustive examination of the ■ condition and prospects of every"'department they remain satisfied that the business is-in-a sound'and healthy condition, and that their profits are -already in course of returning to normal. Contracts ■.havo been signed with all the gold mining groups in the Transvaal for the supply, at a satisfactory price, of a proportion of their requirements of high explosives. The contracts _ amount in the whole to very large quantities, arid extend over a considerable number of years, and involve, the manufacture of the goods'in'South Africa. Considerable progress has already been made in the erection of the factory, and deliveries will commence in January of next year. The site selected has the double advantage of offering the most satisfactory position for the supply of markets south of the Equator, as well as for the inland supply of South Africa itself.

WELLINGTON WOOLLEN COMPANY,

Tho twenty-fiffh/annual -report of ,the directors of the Wellington' Woollen Manufacturing Company, to be presented'at the. annual! meeting on Septomber ; B,-.is asifollows:—"ln sub-' mitting to shareholders • the balance-sheet as at July 31, with statement of-profit and loss, the directors are pleased, to bo -in :a position' to announco a satisfactory year's' operations. The available balance, • after writing off .£2OOO for depreciation of plant, etc., and making full provision for possible bad debts, enables tho recommendation of a further dividend of 3 per cent. (,£2761 10s. lid.), which, with the interim dividend, makes G per cent, for tho year on both the ordinary and preference ehares, leaving .£6105 as. to be carried forward. The producing power of tho plant has been increased by additions amounting to £1858 18s. lid., and its efficiency maintained by renewals and repairs charged as usual against revenue. The Ron. C. J. Johnston, SLL.C., resigned from tho directorate after thirteen years' valuable service as chairman. The vacancy was filled by the appointment of Mr. Walter G. Foster. The directors to retire, are Mr. A. E. Exley and Dr. C. Prendergast Knight, LL.D., who 'offer themselves for re-election. Messrs. D. T. Stuart and Henry Kember and Son again offer themselves for re-election as auditors. No other nominations have been lodged."

Yesterday tho Customs revenue collected at Wellington amounted to JG2217 Is. Id,

STOCK EXCHANGE. (BY TELEGHAI'II —FRESS ASSOCIATION.) □ unedin, August 21. Stock Exchange sales: —Hartley and Riley (2 parcels), 17s. Gd.; Talisman Consolidated, £& ,2s. 9d., £2 35., £2 3s. 6d.; Kauri Timber (contrib.), lis. lid.; Waiotahi, 3s. 2d. Stock •: Exchange quotations: — Dredging stocks; Bignells Notown, buyers 3d., sellers lid.; Chicago, buyers 65., sellers 95.; Electric, sellers, 95.; Golden Bed, sellers, 10s. 9d.; Lady Roxburgh (contrib.), sellers, Bs. 6d.; Pactolus, sellers, lis.; Rise and Shine, sellers, .£1 14s. 6d. * Mining stocks: .May Queen, buyers, 2s. Id.; Hercules, buyers, 10s.; , Tasmanian Copper, sellers,. 7s. 9d.; Talisman Consolidated, buyers £2 Is. 9d., sellers £2 2s. 6d.; Waihi Grand Junction, sellers il 135.; 'Waiotahi, buyers 35., sellers 3s. 4d. Investment stocks; National Bank, sellers, .£5 Is.; National Insurance,, buyers 7s. sd„ sellors ill 7s. 10Jd.; National Mortgage Company, buyers, £3 Is.; D.I.C. (preference), . sellers, £1 2s. 6d.; New Zealand Paper Mills,-sellers, ,£1 3s. 3d.; New Zealand Portland Cement (new issue), sellers, ss. 3d.; Kauri Timber (contrib,), buyers 14s. 3d., sellers lis. 6d.

"""THE FROZEN MEAT TBADE. (BY TELEGRAPH —PRESS ASSOCIATION— COPYRIGHT.) ■ ■■', London, August 23. The Frozen Meat Trade Association's Smithfield market quotations for tho 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 beof of.fair average quality. These quotations are not' for selected lines, but for parcels fairly representative of the bulk of the shipments now on thej.market:— - v Aug. 23. Aug. IG. d. , d. Mutton— 'Canterbury . light.. Canterbury medium — • ... — — Canterbury fyeavy — * - North Island, best brands... 3J — Lamb— Canterbury light 5 9-16 5 9-16 Canterbury medium'... 5J 5f Canterbury ,heavy -... iP . 5 5 Dunedin and Southland ™ — — , North Island ... — — BeefNew Zealand fores 31 3J- : .{New,'.'Zealandi",hin'ds ... ... 4i •4j X V IVi-RWER,.PLATE, Mutton'^noPqubted; Beef,.:fdres v' i- . ~ ... 3-f ■ 3 "Beef, '-hiridsr.. •«. i\\ 4J' f ..' .. .. . COLONIAL AND. OTHER PRODUCE. London, August 23. Cheese—New Zealand, 603. to 625.; Canadian, 60s. to 61s. ' Copra—Market quiet. South Sea, .£l7 2s. Gd. Linseed oil, £2i 155.. Hemp—Market firm. August-October' shipment, .£26 155.; October-December, .£26 10s. Babbits—Market quiet and prices firm. Hares—Scarce. New,-, about 2s. Hidos, at the, periodical sales,, were neglected. Five hundred were offered, but there wero no sales. Leather—Prices unchanged. Basils sold at par...to- a''halfpenny advance. First Wellingtons, 16ld. to 16! d. WHEAT AND FLOUR. I London, August-23. The wheat and flour afloat for tho United Kingdom is 2,005,000 quarters, for the Continent 1,343,000, Atlantic shipments 462,000 quarters. The total shipments to Europe for the week were a million bushels, including 175,000 from the Argontine and Uruguay.

THE METAL MARKETS. London, August 23. Copper—On spot, JECO; three months, £G0 15s. Tin—On spot, .£132'155.; three months, £133 10s. Load, .£l3 Bs. 9d. Antimony, £8 10s. to £9. Tinplate, 12s. 9iL to 13s. 9d. Tram rails, £5. Wire netting is quoted at 2J per cent, and 5 per cent, oil the list. HIGH COMMISSIONER'S CABLE. Tho Department of Industries and Commerce has received tho following' cable from the High Commissioner, dated London, August 22, 1908:— ;> There is a good demand for prime quality mutton, light weights, but with .this oxcoption, trade for all classes of mutton has been very slow, and prices are barely maintained. The supply of Canterbury . brands is practically exhausted. North Island mutton is quoted at 3Jd. per lb. Tho lamb market is steadv, and demand Las been chiefly for light weights. Canterbury lamb is quoted at sj-d., and other than Canterbury at 5Jd. per lb. The beof market is firm, owing to reduced supplies. Some of the New Zealand beef now on the market is of inferior quality, but that from the Argentino is of very fine' quality. New Zealand hindquarters aro quoted at ijjcT forequarters at 3jd. per lb. Tho butter market is quiet, but a moderato business is doing. Danish butter is quoted at 120s. j Siberian, 1035.; Canadian, 116s. per cwt.

Tho cheese market is firm, and thoro is a good demand. The following are tho current quotations makes, Gls.; New Zealand white, Gls.; coloured; 60s. per cwt. The hemp market is quito, but rather steadier. Good fair grade on spot is quoted at £26 155.; fair grade on spot, £23.; fair current Manila on spot, £23 ss. October to December shipments aro quoted as follow:—Good fair grade, £26 10s.; fair grade, £23; fair current Manila, £23, Last week's output from Manila amounted to 19,000 bales.

WELLINGTON SHARE LIST. • COMPAQ capita, 5^$J '■■..■ Fa,dUl " Barer. Sol.er. ™ " banks. f f £ £ £ j t j, n J, { i J. i s a ?®y; Zealand ... o.COO.OOO £04,007 ,1 3j 10 3 3 0 0 0 311 1 National ... ... 575i000 tBli8(a of 15 12 6 2 0 INSURANCE. National ... ... -... jco.ooo 249,339 j unltd, 15 1 7 6 18 6 1 7 6 5 01 . hew•/■ealaud ... .... ... ... iCOXOrt l98iOT4 . .J " n 8 ' ft 3 14 6 3 15 0 315 0 5 6 8 bouth IJriUsh .... coo,coo MW-IO 3 44 »o 215 3 2 15 0 5 9 1 fetandard ... . .' Ui3sti | g $ 12 6 133 FINANCIAL. . Equitable Building ... ... . roooo 48,242 "V s in toouopolitan BuUuing tl0 ;> * fl . fS Nveiimgtou Invest. ... £0 ,CCO 6, t j0 » - 4 ' c • 012 0 oil C 5 4 4 tYuliiugion Trust and 'Loan ... 301 25 o 44,33-1 r 6 . s 7 8 0 7 B 0 5 6 2 hatiunal Mortgage .-.- LOOi ooo 1W.74U' U s 10 3 0 " 3 1 r. jaU. and Biver.-Hate lc0i ooo ab.iO'J 1 nil 1 lill 3 111 ( 1 10 6 550 Loan and Morcantnu ij&aa uMSt j " tj' 5 0 4 4 0 1 0 1210 0 CAS. % Auckland ... _ w w •- 380.370 E5.463 c nil 17 turistcburcb •... ... 160,000 ma ! nil 10 912 G 015 0 • feuoing .1 12,CM) 1BS ? nil ... 0 18 3 0 18 9 . UlBDOi-u# ■-... ■... ; 17,c00 10,565, i ' u jl 133 2 12 6 210 0 5 10 0 iiawera, f»60 • 8M a 1 in «ow.riymoutb .... ... 1WUJ 271.4 6 « n il M \ T: ■■= : E E ':( «« «« f » talmcrston North .... ... ... ' 57,000 11,092 i 5 10 7 6 n 760633 Wellington ) V1.793 10 nil 10 19 5 0 « — : I 5 5 10 11 5 0 11 1 3 4 10 5 , MEAT. (fciSSZl. 16S.72J • ' E2.6BG 7 J Si 6 ' 80 0 fey , , r, mm«o "•<>*> i# • »n , s »oo ... ... ... ... \ 12,000 ItifibX 1 • nil 12* 210 0 2 0 D 5 2 0 Vi'dliiiiton Meat;Export - .4 t 124 9 16 0 " '■ . ~ ••• ™ • ~ I 105,766. . 47,950 4 l' S fiansanui'" J6 , 125 M06 f g, <j 330 TRANSPORT, ' ' r. r. • » gg I * a I ill !£g r;^u^F.rry::: '««£. \ $ f • 1 15 3 6 8 0 COAL. ' Inr » ' i ' ' 6 7 6 \ Westport .££0.000 127,431 35 13 6 3 0 6 8 6 laupiri i&mjJ . i.vw 1 nil 7J 019 0 WOOLLEN. ' 1 Kaiapoi . ... ... .... 127.765 35.C64 5 nil 7 Uosgiel • ... ... 63,457 17,212 i,J 14 4 Wellington 14,025 s.4,b6d i 1 6 37C 310 0 376 723 MISCELLANEOUS. ' / Donaghy Eope ... . ... ... ... E3.C00 • ItL • 1 nil 6 1 8 6 2 8 0 6 13 4 . Lcylana and OBrien 15.0U) 37,'ibl 1 nil 15 2 4 6 juauriceville Lime ... ■ ... ... . 7,000 205 1 nil s Canute ' -f ... • 10,000 b76 10 nil 6 »•£ V ro8S ir-1," laww 36,710 a nil 7 2 10 6 2 11 6 njio 630 is.Z. taper iMilla ... 94,775 1,532 1 n U 7 12B133 N.Z. Ceiuoni 50,COO 2,048 1 nil ... 15 0 Manning and Co. ... ... < G.000 17,670 4 1 10 Ward and Co. ... 1 ... ... ... : (0,000 - 34,643 4 1 10 413 6 415 0 Opera House ... » 1,105 5 ■ nil 134 V. «!n. Fresh F00U n ... , ; , .. jgaj . •. j. .. D il Wmtcombe and Tcnibs iU,U50 . E0.153 25 - 25 10 4 10 4 -2 6 4 2 0 6 1 3 bnarland, Ltd. ... £0,013 11,Ki 1 n U 7i 1 0 0 C10'6 714 0