FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 299, 11 September 1908, Page 10

FINANCE AND COMMERCE.

THE SHAEEMAEKET. No business ivas done in investment shares festerday, but there'were plenty of buying and selling quotations. Bank of New Zealand shares wero on salo at £8 17s; ;6d; Banks, buyers M 19s. 6d.,- sellers y Equitable Buildings,, sellers, .£lO 2s. 6d.; Wellington Investment, sellers, lis. 6d.; Wellington Trust and .loan, £7- 7s, 6d!; Wellington Deposit, sellers,; 9s.'.'2d.;■ .Niitional."JVldrt'-'' gage, buyers £3, sellers £3 Is. :6d.; New Zealand and River Plate, buyers£l 10s. 3d., sellers ,£1 lCj; 6d.; New Zealand Loan., and. Mercantile, buyer?,;..4s. ,3d;';' Fielding Gas, ' buyers,'; 19s. • 6d.; Port' Chaline'rs Gas, .buyers', 205:; ..Sel-: lers 225. 6d.; Wellington Gas, sellers; ".£l9 and" £11.for the .respective issues; National Insurance, buyers .£1 ,7s. ,9d., sellers £1 Bs.;, New Zealand Insurance; buyers £3 ~1337, "S3"'14s. Gd.; South -British, "sellers, £2 15s:'6d.; Standard Insurance, sellers, .£1 2s. 3'd.';.'Gear' Meat,; sellers,. £2 9s. 6d.; Wellington : Meat Export, ,£4 paid, sellers, -C 5 Is.; Meat Export, £2 12s. Gd. paid, buyers ,£2 195., sellers £3 Is.; Manawatu Kails,' buyers, £2 lis. 6d.; New Zealand' Shipping, buyers, £6 -75..; Union .Steam,. buyers XI 14s. 6d., sellers £1 155.; Wellington Steam Ferry, sellers, 17s. Gd.;.'Wellington!Wool* ■lon, sellers, .£3 75.; Wcstport-Stdckton' Coali'sellers, 9s. 6d.; Kauri Timber, 15s. paid, buyers 14s. 3d.,; sellers 14s. 9d.; Leyland-O'Brien Timber, .buyers 455., sellers 485.; NeW>,Zealand ; Portland Cement, buyers VXI-> 7s. '6di T sellers •£l' 9s. ; New Zealand Paper "llills','sellers) £1 3s 3d.; Sharland's ordinary and preference, sellers, 205.; Taranaki Petroleum, sellers, 45.; Ward and Co.. (brewery), buvers;'~ ? £4 ? 12s.")" Whitcombe and . Tombs, : jbuyers £4 . Bs. - 6d..' sellers M lis. THE. MINING ,MARKET, This market was not quite so active as on the previous day. . .Talismans; .sold at- 405./ Gd> and 405., and show "a \yeakening. tendency...Thoi quotations were as' uncler:—', . Buyers. Sellers. . Sales.' •' • . .£ s. d.. .£ 5..d.~ X 5..d.Talisman -1 18 0- '",I'-18 .6* 2 0 0 Waihi '8 19 '3" l9'.'0"0"« r .'C.?=i"' Tairua Broken "* J " """" " Hills .v. * ... 0 2 8 0 2 10 — Waihi Consolidated 0 1 11 . 0 2 0. —.... Waihi Grand Junction ... — 1 11 g — Waiotahi ... .... —. 0.;3.':,0: ... v ..—;,'X N;Z. Crowno 3'6 0 3 9 * 6 3 10 Big River ; ! 1'12.; 3 1 ■Blackwater 1 I*'6""J ;l;:,0 WORLD \ Activity in.b'iiilding new .railwa.fs'was'gi'eator in 1906 than in any previous year. The actualpercentage . of 'was 3.1', against 2.3 during the .preceding- 12 .month's. /The same rate of progress ; was'■main'taihed:. in • 1907; 'while the figures so':'far..l;or;.ipQß.3ndic : ateia /material decrease in ;;aistiyity.' "still holds: the lead in . the proportion ""of . railways'" to population;' as -she possesses rather : over' 70 miles per 10,000 inhabitants, whileßelgium has the largest-mileage' in. proportion, to larea,; as' there is one; mile-of-railway <for<'eaoh' : -2.4f' square miles'of territory,'JwHich^!is"morfl thaif double'the mileage for the'same''area of Great Britain and Ireland.. The.total-/longth of..lines, completed to' the end t .of/I9o6;is..s^t, t 'dojtn, v .at, 580,277 miles. '■> :;TlieVapproximat'e-cosfc,L;'dif--all-these, railways .in round figures is estimated at 9600 millions of pounds sterling. AMERICAN' RAILWAY' 'EARNINGS.^"Wall Street. Journal", estimates .'that Tthe' United States railway gross-earnings for the-'fis-cal year 1907-03 were .<£505,370j150, which 'indicates a decrease of <£22,155,102," or 4.2' per cent, from the year 190G-07. Net tho year ended June .30 approximated -£146.582,686,..the. decrease - being 0r,';,14:5'., .per .tent., The effect of the crisis'was therefore , very evident. In the two years frotrt^'J to June, 1907, the railroads of the United States increased their net. earnings ~£30,303,800,..and-, in the fiscal year jUst^bro.ught)'tp a i ''clbs|,'*nc-'|" cording to foregoing estimates, I '' the 'decrease in net earnings is -£24,730,700, making a net increase in net earnings between. June,; 1905;and June, 1908, of £5,564,100. * Yet','dunng this time the railroads issued not less', than, a n?t, of. of new '-securities; so that' theincrease in profits amounted to only 1.2 per cent, 'on the increase in securities. One of the most astonishing features, of,-the .operation of the railroads during. the'-paSt'-thTeo" years is that gross earnings have actually increased nearly £80,000,000, , a.nd the... increase..in.,.net earnings, according to' these estimates, has been but £5,564,000; or in other words, for every .£1 of increase in gross receipts, the railroads have been able to save only Is. 4d. as profit. WOLSELEY SHEEP-SHEARING. MACHINE. The report of the Wolseley. Sheop-sheaTing, Machine Company,. Ltd. i'-for- tho r year-'ended'-December 31, 1907, states thnt the ; accounts for the past year's trading show'a net profit of £23,251, after making adequate provision for depreciation during the year. To this, must be added the balance brought forward frOm 1906 of £25,415, making a total of .'£4B,666.'The interim dividend declared February 29, 1908; at tho rate of 10 per cent, per annum, "free' of income-tax, absorbed £3948. The .directors' recommend a dividend for the last.six months of 1907 at the rate 0f.20. per .cent, per annum,' free of income-tax, makingilS per-cent, for-tho J year, carrying forward the balance of .£30,821. THE ROYAL MINT. ' . The annual report of the Deputy Master of-, '.he Mint recently issued states that the exceptionally heavy demands for Imperial coins in sach of the three coinage'motals continued'iii the year 1907. Upwards'of ,128$ millions .of such coins were' struck,'.exceeding by..more, than 20 millions (he highest figure of any previous year, namely 1900—when 107} millions' were produced, ... ..... ' ... - Gold bullion weighing ,4.134,547.3550z. .stand--ard of the value of £16,098,893 15s. 31d., was'

.ihip'tfrt'e'Ainto,the,mint for coinage, The value of,.the light gold, coin received for recoinago 'was' ife, fflftOOO," and' its weight' 685,891.7500z. The'gold coin issued was'in sovereigns'£lM64,o(lo, lialf-sovereigns £2,087,000, togdtfe£2o;9sr,ooo. ijA'ppoWded is a summary of the Imperial currency issues during the past two years sf-f f . ';!* -Metals.; 1906. '1907. -Gold. .!. 12,165,000. . . 20,951,000 "Silver ... ... 1,705,070''2,019,828 Bronze .."1 184,520 227,550 " £23,198,378 - Though-several-estimates of .the amount of gold in circulation have ."been compiled fromtime to* tiirrd, no attempt has ever been made to' keep-aiccord.of that -portion of this amount which' 1 -^tild'-'bd' Ascertained with approximate accuracy—namely,"-the- amount hold by tho .bank? ofiAhe United Kingdom on a certain date-in- eaeh yenri l Such returns only afford datC' l "'fb'r ""fstimat'es, • but''data 'which in the 'Cours'e'of yearS-beconlelextremely Valuable. Tho Deputy.llastcr of-.the.Hint obtained the approval of the Central Association of Bankers, andj with the co-operation«of the: various banks, he amSuht of gold coin held on June. 30,. 1.90.7, by the banks of the United .Kingdom—namely, £33,296,802. . This return, ho'-'-vWiy illustrates or determines the question of the gold reserve or the amount of gold which may be so held by the banks. It irrerely-recffrds that on that particular day the banks had the amount stated within.their /premises. bankers held £5,098,409 - of-silver coirij compared, with £4,713,233 at the 7corresp6u'dii)g 'fafe* lastsjear. ■ ' " Tho issnt of Imperial bronze coin in 1907' Reached tho.-unprecedented total of £227,550, 'exceeding the previous year by £43,030. -The"-amonnt'issued in the United 'Ki%dom; £200,235, was distributed as follows:— ; £705 to tho Bank of England, £54,480 to London Up'plicants, and, £lis,oso:,ta_,the provinces. The demand, which was.-larg'e.and continuous during three months-;of the year, fell on in tho second quarter, but rc■oovered in third,-and-irose steadily until Ih"e maxiniiim week—namely, £22,495—was attained in the second week in Deoember.—The-issues-in-the last quarter of the year amounted to £143,885, as against £119,775 in,1906. One of the largest companies owning 'aut^^i6UnacßiSS6-,t'63l£UH)m- them in twelve m0p,thf?333,9 St4 t pennies (g.bout 316 tons), being -an the takings of tho previous itwelv?e'/'iri'i>|ljt)SS. I • It is probable, therefore, that -the increasing! use of these machines will keep 'tbeufaemand for bronze coin' at a considerable figure -for some time. ' ' MELLIN'S FOOD F(|R AUSTRALIA. fi'.The accounts, Company for - Australia and New Zealand; Ltd., for-the year of the prefer--ence-idividond, show-'a-credit balance on profit out of this amount £1500 h!as-been applied/to reduction of purchase account,, leaving £89Sr.to lio carried forward. The;'Giistoi(lK,'WV®.h,'felfc(illected at Wellington 15s. 7d, :r.' -r- LtVE-'STOCIi SALES. Ltd'., report that at their Palmerston sale yesterday they had a_. _small__yarding of sheep and a very good entry of cattle. Bid3i'ng*'was keen for all lines ; offered. Fat and forward wethers made 14s. M.;' mixed hoggets;.9si>ldi-;ioull mixed woaners, '.15sf.'6d.'; clill y^liSg''Jt"6l!rs 1 275.; empty cows, £2 os. 6d.F £3' ss. Gd.' to. £3 14s. Gd.; 3-year 6teersj->31ii.155.; 31-year bullocks, ' <£5 Bs. to £5 . . ■ • ■■j The-'New and Mercantile Agency "Co., .at; Eimatangi on Monday a smiil' ehtry of stoclc sold well, a good attendance, .of.-buyers being present. At Palmerston a'lhe'dirini-ent.ry'of sheep and -cattle met with good competition. Two pens of Very jiico; mixed woolly hoggets made 13s. to 13s. Id: The. firm quotes :—Hiinatangi: Cull ewes and lambs r 'i.?sr 9dl; Seattle—yearlings, 19s. to '255.; 2-year empty heifers, 365.; springing heifers, £3 2s. 6d. to £-1 35.; cows in calf, £3 t ss.;..heifers in calf, £2 17s. 6d.; pigs, stores, 21s-,-' ; i2Bs. 1 Gd.; small stores,' 18s. 6d.; slips, 15s. Palme'r'stbh; North: Woolly hoggets, 13s. to 13s. ld.i' mixed 2-.tooths; 125.; yearling cattle (small),-165.'t0495. ;rlB-months heifers, 285.; forward cpws; :'£2! 8s: Gd.;.t'd. £3 155.; 18-months steers, £2'ssi-" !>•(>«< Mr. H. Ernest' Leighion, Lower Hutt, re,poi;ts:—Theresas,a,largo.attendance of buyers ait. my salt jof. dairy,. s.to;ck;,on account of the Riverside Dairy Co.,'Ltd!i< on Wednesday, and cows in iprtifit 'and "springing' elicited very keen competition. Backward cows in low condition wep rather dull of sale. Springing heifers and heifers' down- to six months old sold at top prices. Horses, vehicles, hay, and sundries . . ..Wretched weath<St"p'artiallv spoiled tho attendance of buyers at Mr. W. Barton's unrcseryeC'sto'ck""sale held yesterday 'afternoon ,at' his; .South Feather.ston farm (writes our Wairarapa. correspondent). The dairv herd, which:-?as in splendid condition, did not sell quite so well as was expected. Those in milk averaged' £6 per head ; springing cows, £4 18s.; winter'calvers, £4 9s. The total salo of dairy ;stock 'Was'about 70 head, and prices all rounil ranged £3 to £8 10s. A sow and litter brought,-£6, and porkers, 20s. Gd. each. A halfbred, HblstSiri ."bull ;wii>. knocked down nt , 114 ■ guineas.' The auctioneers were Messrs. Abraham ,and Williams.' '. ~ .... . i ""HIDES'MARKET. (BT-iELEGRArit—PRISS ASSOCIATION—CorriiIGHT.) (Rec. September 10, 9.5 p.m.) Melbourne, September 10. ■ : In the'hides market, heavy ana stouts were firm,.',kip; Id, lower.' 11

TALLOW AUCTIONS. (DT TKLEQRAI'II—PRESS ASSOCIATION—COPYRIGHT.) London,' September 9. At the tallow auctions 1072 casks were offered and 684 sold. Mutton, fine, 355. 6d.; medium, 325. Beef, line, 335. 9d.; medium, 31s. Gd. Tho New Zealand Loan and Mercantile Agency Company, Ltd., lias received the following cablegram from its London house, under date September 9:—"We quoto present spot values for the following descriptions of tallow: Good mutton, 335. 9d. per cwt.; good beef, 31s. fld. per cwt.; mixed,■ 295. 9d. per cwt. Market firm." THE METAL MARKETS. London, Sopteniber 9. Copper.—Three months, £62 2s. 6d.; electrolytic, .£63. Tin.—On spot, ,£l3l 155.; three months, ,£132 17s. 6d. Lead, ,£l3 Is. 3d. BANK SHARES. London, Soptomber 9. Banks. Buyers. Sellers. £ s. d. £ s. d. Australasia 104 0 0 106 0 0 Union ... • 59 10 0 60 10 0 New South Wales ... 42 10 0 43 10 0 New Zealand ... ... 9 5 0 9 15 0 National 5 0 0 5 10 0 FROZEN MEAT.. (BY TELEGRAPH—PRESS ASSOCIATION.) , Napier, Septomber 10. The Colonial Consignment and Distributing Company, London, to-day cabled the following report on the frozen meat market:—The market for frozen beef is weaker. To-day's prices are as follow 7 :—Canterbury mutton, 4Jd. per lb.; Napier, Wellington, and North Island mutton, 3}d.; lamb, first quality. 5Jd.; lamb, second. quality, 5Jd.; beef, hindquarters," 4|d.; beef, forequarters, 3{d. •MINING NEWS. (bt telegraph—press association.) Auckland, September 10. During August the Now Zealand Crown Mines, Ltd., orushed and treated 1724 tons of ore for a return of bullion valued at .£2165. This shows an increase compared with the return for July, when 166G tons yielded ,£1725. In tho corresponding period of last year tho return was X 4666 from 1992 tons. The total amount won from the mine to date is .£741,738. BLACKWATER MINES' CRUSHING. (BI TII.EGBAPn—rKESS ASSOCIATION.) Reefton, September 10. During August the Blackwater Mines crushcd ' 1030 tons, yielding by amalgamation bullion valued at J21485. There was no 'clean-up at the cyanide works. Thirty stampers are now running full time • INVERCARGILL CONSOLIDATED LOAN . DEBENTURES. (DT TELEGRAPH —FRESS ASSOCIATION.) ■ Invercargill, Septomber lb/ It was reported at to-night's meeting of the Borough Council that tho Invercargill, consolidated loan dobontures ,were quoted on July 30 on the London Stock''Exchange at buyers A'lo-4, sellers JEIOG, a premium of £2 17s. fid. This is the highest yet quoted. STOCK EXCHANGE". (or TELEGRArn—PRESS ASSOCIATION.) Dunedin, September 10. Stock Exchange sales:—New Zealand 'Portland Cement (now issue), 7s. premium; Masterton, .63.

WELLINCXOJN , ,SH^n,^ n '". ' ' lleEerib £2 r/lw' 'I''' vinlri rmrTM w Capital Fund and tri ' -.»*?► gfegffi.ff.jg .Buyer.. .Seller. " ~ - BANKS. .5 £ £ £ £ £ S. d. £ B. a. £ s. a. £ g a New Zealand ... ... .i '-...• frflcjbffo' • , E04.0J7, J-i-! Tj'jj 1 ,2 / « . HaUonal ... ; - ... <,75,000 ' 261,36a ' | 15 • J2 r 6 S-1- 6 ■ INSURANCE. 'V3V-' ' National - • ... ...' JM.CCO 249.339 ' > nrilta". 15 l'7 0 1 8 0 1 7 6 5 9 1 New Zealand ... - joo,oa) -196,671. J B {n .8.18-ft 3 14 6 314 0 561 . South British ... ... ... -£Wj a)o » 432.M0 ' . ! d £ ? <•* SOS 0 2 15 0 5 0 1 Btandard ... ... ... ~ ... fcgty '' W § 01 10 1 10 lT2 8 FINANCIAL. •'• •• i ' .;•••■■ : .... 10 2 6 ' Equitable Building.... ' :... ' ... rolOOO '48.242 r 5 in -..i ; Metropolitan Building , MW in nil 7 "' " ' '9" 1 ' ..Wellington invest. -1 to.oOO :"6,tW. u i * 6 ... & .11 6 Oil 6 .5 4 0 Wellington Trust and Loan V 101,250 •' > <4,33-1 -J. 5" . a r .v,7.tj 6 7.7 6 I ! f " . National Mortgage - ..'inuno- 127,746: 2 n 1 3 0, .0 '3-1 6 '■ N.Z. and iiiver 1'iato ... ... iOO.OOO !i56,Ufl' , " nil' 8 HO 3 J 1'10 6 1 10 3 5 5 0 Loan acd ileruanuio , ( ... . ... , .155,aa S15.1W ,.j..fci 5 .0 4 (J 3. Auckland. -...jjftSIO • • £5,463 '-nil • -if •••' , ; 1510 6 15 0 0 5 10 0 Cnristchurch ....:, ..: ... .•••, • 160. MX) , W>17 ' 10 ; • '' raiding ... ... ... ... '•« 1-2,000 Ujj '? „fl 019 6' 019 6 Uiatioruo ... ,... ... . 15,300 10,565 i n i] jos .. , 2 12 6 210 0 5 10 0 Hawera ... ' ■< ■ f,250-'"""'r W4K '.nux .. Jiew.i-lymouth;j. lROU)'.'.j Wli; i B * v.inil*' w . St. h-ti Mini ' Napier ... ... ... ... ... ) ,2 Ej] , 5 ... . • ...• " ,,X.iiL~u . talmerston'Kortli ." ... : V.. •"''sjflxi • ' : 'ilisa ; '41 45-* -7-«'• 0 ;i <•' 7 6 0 6 3 3 ■ .Wellington . ... ... ... ' i24,kd* J 10 "nil 1 ' 'Jo "lo .0 0 • : » « ••• - ••• , - > 5 '5 10 11 0 11 1 3 410 5 '«eat. ■■/%p^ ;v rz :::' :::''5S' hear... ... .... .. ■■■ ■■■ I' t2,C00' ' 1 « riU - i»j • 2 >8-9 9 6 3 9. 0 6 2 0 Wellington Meat Export I.. p «. - ; f losses i«.eso';i: r/4v. 5 ;i o. .Wans'anui . . .... ' E.eoe ' f "'"| "- 2 " 19 " 0 '' *■*' 0 • TRANSPORT. . W. and M. Kailway ■■ i... --jtojko + ; K1.4K-"' { f'SWi " , 2 9 0 lvZ. bmppiug ... ... ... ... 4Vb,b40.. ..(iiU.Vu). ,. g (nil: :r 6 , 6>7 -0 "'6 10 0 6 7 0 6 6 0 .unioii bieaiu •... ... ... ... t c0.0«)' ■ UjJ.ui/ . ••{ • -J- • "& ' '1 ai"? ' 'Il5 0 1 15 3 5 8 0 - .ViKUi. btettm Ferry ... . ... ■'. ... :■jti.au r^VT v ,h tf»".6 ■ COAL. JJ'" 1 ■ .ffestport; ... ... ... £60.000 187,481* S v s 8 'f 66 0 laupiri ... ... ... . ;nji ' a <\ 4 , . ; (J.9 6 0 18 3 8 15 WOOLLEN.. Kaiapoi „ ... ... ... ... 127.763. .. SJ.C64 5 _'nil '7 ' llotgiel ; ... "... . ta.457 -17213 sj li" i ; Wellington . ... ■■■:■ j r j; ... 14.655 j "J#?** rr .*5 0 3-8 6 7 0 0 MISCELLANEOUS. Donaghy Hope ... ... ._ ... 53.00 C 1S1 1 nil 6 13 3 Leyiana ana 0;Brien, „ ... .15,00,, ... 37,-.el, .,1 -nil-.,15 ,3 5:-o -2"8 0 ' ' llauriceville- Lime ... ... ... 7,UX) • U6 1 nil 8 ~ : : N.'A Candle.--' ..; •' ..V : ':io,UX) ■" V': "£76 . w r n il^- r 8 : ; N.iS.,Urug3 .... .... ;£lW0ft.. ...3«i0, is nil .7 .2 10 6 2 11 6 nil [ 6 3 0 ' 8£' ; -£ apuf • MU, » W.773- \m' T "'nil J ' "'7 '"Hi 9'' l'3' 3 . N.A Cement; v.. :i uum> .;,;i,(.4a: 1..nil;.... 1.7 -<i 'it '0 0 Manning and Co. ■ .... ■. <6,600 IV.tAa 4 ' 1 'i 0 , . ,3 16 '6 10 9 2 Ward and (Jo.,... <■ ,. .„. t. ... to,coo4 'T" -10 i'lQ 0 V" ' • wetn. Upera Houao ..., . ,.J-,Vta r . 6 ..-nil ,i-i*. 7..6 <0 --- < Wgtn. Fresh food ■ ... ... .... I8,i61 •...- 1 ' nil ' ,• Wniteombe and'l';mb3 itiSSU . ::ittilSsv :a4t;ik4 I jo 0 bharlaud. Ltd. ... ... JsAlS _ 11,'rM j 1 nil ji . 1 0 0 ■: The above quotations are taken from the daily official lists of the Wellington Stock . . <'" <' >■• -..'.Exchange.-.« m = rj;