FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 301, 14 September 1908, Page 10

FINANCE AND COMMERCE.

THE SHAREITARICET. Investment ; shares .were, quiet on Saturday. A sale of National Bank shares was reported at £5 Is., which was all the business- recorded. There were buyers of National Bank shares at ,£5, and sellers at £b Is. Gd.; Bank of New Zealand, sellers .£8 17s. 6d.; National' Mortgage, sellers £3 Is. Gil.; New Zealand and; Hiver Plate, buyers iCllOs.; Wellington' Investment, sellers lis. Gd.; Wellington Trust and loan, sellers £7 75.; Wellington Deposit, sellers 9s. 2d.; Feilding Gas, buyers 19s. Gd.; Port Chalmers Gas, buyers 20s.,'sellers 225. Gd.; Welling- • ton Gas, £5 paid, sellers .£11; Gear Meat, sellers £2 9s. Gd.; Meat Export, third issue, buyers £2 195., sellers £& Is.; Manawatu Rails, buyers £2 12s. 6d., sellers <£2 15s. Gd.; New Zealand Shipping, buyers iG 75.; Union Steam,'buyers £1 1-is., sellers «£1 155.; Wellington Woollen, sellers ,£3 75.; Westport-Stockton, sellers 9s. 6d.; Kauri Timber, 15s. paid, sellers-. 145., 6d.; : Leyland-O'Brien Timber, buyers £2 55., sellers £2 7s. Gd.; 'New Zealand Portland Cement,buyers J2l 76., sellers i!l 95.; Sharland's ordinary, sellers 205.; Taranaki Petroleum, sellers 2s. 9d.; Whitcombe and Tombs, buyers £i. 7s. Gd. • ■: THE MINING MAEKET. ; . There were two sales of Talismans oh 'Satur- ' day, and both were at-10s., the same as on the previous day. The quotations were as under:—

NEW ZEALAND FARMERS' CO-OPERATIVE-ASSOCIATION. ' " . . ' The balance-sheet of the New Zealand Farmers' Co-operative Association of Canterbury, - Limited, for the year.ended. July 31, has been circulated. /The. net profits', for', the twelve! months amounted to .£26,758 17s. Bd., as,compared with '<627,030 12's. 7d in the /previous year. : AVith the amount of .£5386 15s. *-' sdbrought forward from the previous year ' the sum available' for distribution is 232,145135. Id.'; as against £31','500 lGs. Bd.. iii.1507... The directors propose to allocate this amount' as follows:—To pay the usual dividend "of 6 per cent., and a bonus'of ; 3 per cent., on the paid-up capital (exceptinp the capital of .the late North Canterbury Co-operative'■ Stores Company, Limited, upon. whioh --8 ' per cent, per annum ; '. will be paid for the eight months ending March 31, 1903, in terms of the agreement of; amalgamation, and 6 per'cent and 3 per cent, bonus as above after that date) ;■ to pay a bonus oi 3 per cent, on shareholders'; 1 purchases of merchandise during l the year (net' items excepted); to pay a bonus at' the same' rate on sundry salaries and waj>es earned; to refund twenty.-five per cent, on-all commissions, earned (net business and Mvopl ..excepted);; to, carry <£4762 9s. Gd. to "the'reserve fund,'winch' will then stand at ,£58,000; to writo 10 per cent, off machinery, office ..furniture and -warehouse ■ fittings; to write 20 per cent, oft-' amalgamation expenses and goodwill account, !nul to carry the balance forward. The profits on merchandise, for the past year amounted to £5G,790, .is canlpared with £40,G0G, in the previous'year, commissions, etc., brought in £13,320, as against' £11,5G2, and the total incoiuc was £7G,51G lis. 3d., as against £57,831 IPs. id. The expenses were particularly heavy, aggregating. £148,975, . —against £29,727 m 1007.. The amalgamatioir with the North Canterbury Co-operative Stores accounts for a good deal of this. . JAPANESE. BUCKWHEAT P«LP."^ Scientists in Japan have been investigating for some time into tho possibility, of discovering a substituto for wood pulp in the manufacture of paper. The consumption of wood pulp in Japan and other countries tp.'.whicli.', she looks for . her supply of pulp in tho future is increasing so rapidly as to make the question of finding a supplementary source of material for paper-making one of immediate interest. An announcement that has just been made regarding tho possibilities' of manufacturing paper from buckwheat straw has created .considerable interest, both among tho Japanese manufacturers and consumers of paper. For a while it was hoped that the pulp .made from rice, straw, rags, and waste would supply tho reasonable demand in the market; but the materials have increased in price so enormously that these sources have been practically closcd. The pulp that is now mado from buckwheat stock is tho result of many experiments on the part of a leading scientist. He claims now that he has not only been successful, but that the product of his manu-" facturo is decidedly economical. Tho Canadian Trade Commissioner in Yokohama reports that the paper made from this pulp is excollent, and that the Japaneso paper which is mado with a mixture of buckwheat pulp is much better than that which is made, as heretofore, mostly from wood pulp. Tho new product producos a result that is smoother, less blurred, has more lustre, and is a better paper than when iiii.de from wood pulp. THE PRICE OF CITRIC ACID. The commercial supplement of "The Times," on July 24, wrote that as a result of the action which the Italian, Government is taking to place the lemon industry on a more profitable basis, the price of citric acid and other products of the lemon will, in all probability, be materially increased in the near future. The Lemon Industry Protection Bill, which recently passed through the . Italian Parliament, provides for the imposition of an export duty from September next on citrate of lime

arid concentrated lemon juice. Citrate of limo is, the. raw material from which citric acid is obtained, "and it is estimated that the cost of production of the acid will be- increased—as a result' of the export duty—by about 3d. per lb. As this, acid is very largely used in the manufacture of popular temperanco beverages, the increased cost ivill make a noticeable differonce 'in ; the ;cost ; of production of theso drinks.'' It lias often been observed, however, that, when,.owing to natural causes, the value of citric acid rises substantially, tiio demand becomes smaller 'while the sales of tartaric acid arc correspondingly increased. At the present time tartaric acid is approximately sd. per lb. ~, cheaper than citric acid, which is sufficiently; tempting in many casos to cause s u bs ti tliti oii'." . Wlferi * the 'difference in price is raised-to Sd. per -lb. the temptation to substitute the less" palatable and cheaper tartaric will be, onhanced. r . - EOYAL:3IINT.,PROFITS. A fact brought-.-into .prominence in the report of tho lloyal ilint for 1907 is the large .profit':;esr.ned.nfhis" was .£817,815, as against £199,048 This favourable ' result was .due..to. the ujiusually large demand for Imperial br6hzo>.urrency, the profits on which amounted' —to- v nearly '•■£1,000,000, as against .£650,000 in 1906. Silver coin issued amounted to <£2,019,473, as compared with ,£1,701,697, this incrcaso" being" duo to the larger shipments made to Australia, and, to a far greater ex•tenti, .to African, dependencies. In Australia jthe. inquiry ]Ip'r", silyei;, coin, so noticeable in 1905, continued, the result being that the Sydney"; branch' 'issued ,£177,800, as against .£78,600 iir'the preceding year, while ..the . Melbourne total was .filOSi'lOO; : as compared with .£26,400 in 1906. The , de'mand' < was unprecedented. The totals-silverbullion purchased by the Koyal Mint for coinage during 1907 was .£690,130, representing an-issue -value of .E1,490,027, tho gross profitobtained.ilieing J8799.597. At tho .sam,e„tiine the worn coin received was of the nominal value of ,£721,137. Tho total expenditure for metal, ..therefore, was ,£1,411,266, from which coin of the nominal value of .£2,156,728 was produced, so that a profit of J0745.462 was mado on-, tho-purchases of bullion and worn coin, or at the rate of 52.82 per cent. The to, the Australian fctates 4unng the past two years is as follows:—

' NORTH'MtJNNEB COAL. - I'lie first ordinary general (statutory) meeting of the Company, Ltd., was held .on July; l! 9, at. the offices of the company, -Capel.-Hbusei o-t -New'•Broad Street, B.C. llv. .J. A. ,H.; JJrought;,presided. The. Chairman said: "As you are aware, this is tho : .,statutory-.meeting only, and wo have ; therefore 110 actual business to transact to-day. /i'He..report"is7iiiVy6uf.'liauds, and does not call 'for , afly' , sp'tfciar.'coWiiient from mo. You will see that, in 'response to the issue of our pro_spectus,...we_hacL_subscribed .£31,457. This is ample for our requirements. To those shareholders who studied tho prospectus and the plan, .that UccoiflEjii}|'t! it,- what I am about to -say -'will bo yery'>clear. Our property lies some ton miles I'fiMi.rtho Port of Greymouth, on the north river.. The coal seam upon which we shall-first start operations is at almost rieh£ angleVarid some 400 yards from ..tJiatj.Jjanfc. At^.liis',;,point tho river is 210 yardsi'across; thence'-M the Stillwater Junction oil tho~GovernmenFl?a"ilway is GOO yards. Thus wo have only 1200 jrqrds ot transport from the mine to a point from which we ship by rail vto the harbour of Greymouth for shipment by sea to- any destination. "We shall lay down a light railway line from the mine to Stillwater Junction; cfoss the river by means of a •wooden bridge, which will. carry a tramway worked by endless chains for the purpose of carriage- of our output. In close proximity to Stillwater. Junction it is'our intention to establish our bin ' Sh'e;dS"'and tho necessary plant for tho economic) handling of the'output, and I am glad to' be able to-day to tell you that the cost of our ' intended operations' will work out at considerably less thau tho estimate in tho prospectus foreshadowed. I say ' intended operations,' for-though the transfer of the proporty appears to be purely a formality, your directors would- not,"-until it was completed, commit tho' "company" to actual contracts, or indeed to any expenditure not absolutely necessary. This will incidentally explain to you why no more than ss. per sharo has hitherto been called up, though a second ss. will probably bo required in a very short time. The latest news from our attorney in New Zealand is to tho effect that tho transfer of the property is all but completed,, and we expect to hear in a. few-days that the company is duly registered in :New-Zealand, and in legal possession of tho property. . Directly we aro safely in the saddle, wo shall push forward to start orir output and reach the earning stage. We expect to bo shipping coal within the next twelve months. AVo have, I think, before us a comparatively easy proposition in coal mining, and prospects aro favourablo to our enterprise. New Zealand demand alono is far in oxcess of tho present output, and we look for a ready sale for all we can produce-so soon as wo aro ready to supply the ( vaHou§, markets. You will not expect to enter at this early dnte into full details, arid'l will content .myself by assuring you that I hope and think that prospects foreshadowed and estimates given in the prospcctus are well within the'mark." „-.'-BANKERS AS TRUSTEES. British bankers now. seem to bo actively taking up trustee duties, and with the extension of this class of-business to banks and insurance companies, and the formation of a Govern-

ment Trustee Department, conditions ill regard to the securing of executors, etc., have changed to n remarkable extent during the last y?ar or two. The London and Provincial mid tho Bank of • Liverpool had, when the last liuil left London, just decided to act in positiois of a fiduciary capacity. The chairman of tlo 3atik of Lavorpool spoko warmly in favour tf tlio adoption of the scheme. A bank is peiliaps hotter, fitted than any other coinmercia' firm to act in tho capacity of a trustee, and by so doing thev confer bonofits upon both themselves and their clionts. GERMAN BANKING. Further banking troubles occurred in Germany in tho third week of July. The statement that tho Solingen Bank, of the town of tho same name, would bo absorbed by a stronger concern was quickly followed by tho announcement that a "run" had taken placo on tho -institution, which had been compelled to close its doors. Although attempts were made, by means of joint action 011 tho part of scvcr.xl large banks to obviate tho necessity of tho Solingen Bank going into bankruptcy, it was found impossible to effect this object, and the bank accordingly passed into the hatuta of a receiver. Solingen is the centre of tho Germaji cutlery trade, and difficulties among some of tho manufacturing firms in tho district are also feared. Last week the Customs revenue and beer duty collected at Wellington amounted to ,£21',777 17s. 7d. and ,£lB7 6s. respectively, while the figures for tho corresponding period of last year were ,£23,769 Is. 7d. and .£156 ss. Oil Saturday the revenue c6llected amounted to .£2619 lis. Id. \ I SHEEP SKINS. The Now Zealand Loan and Mercantile Agency Company, Ltd., have received the fol<i lowing cable message from London, dated September 11 .—"Sheep skins, average advanco, Jd." STOCK AND PRODUCE SALES. Messrs. A. H. Atkinson and Co., Ltd., Feilding, report:—On l'riday, at our weekly salo or horses, pigs, poultry, and produce, we had a large attendance of buyers, and offered a good entry of pigs and a small entry of poultry. Good stores remain firm, and the supply by no means met the demand. An exceptionally nicc pen of bright p.b. brown leghorns made 4s. <td. cacvh and whito made 3s. 3d. Quotations:— Rough'slips, 65.. Ss., 95., lis. 6d.; good slips, 125., 13s-, 14s. 6d.; small stores, 15s. 3d., 175., 18s., 20s. ■ 6d.; good stores, 275., 285., 315.; sows, £3 55., ■A'.S 10s., <£2, XI 195., £1 12s. PoultryHens, 25., 2s. Id., 3s. 3d., 4s. 4d.; roosters, Is. 2d., 25., 2s. Id. : ducks, 2s. 6d., 3s.—all at each. Producer-Potatoes, 95., lis., 14s. per sack; horso carrots, 3s. 6d. sack; wheat, 20s. sack; Nelson applo's, 10s., 12s. case.

WELLINGTON SHARE LIST. • Heservo ,»£ r ,iM ■ | --PRICES. . .yield company Capital Fund:and i *«» ■ "wiq 1 —~ to COMFAri T. - raid Up; Bftlanco. ,c3g& j? „ , last Investor Forward. H g > .j;nj-cr. . Solltr. £ale . . BANKS. . £ £ ■ £ " £ ■ £ i"'i fl. £ * A." 4 s. d. £ i. a. Sew Zealand ... . ... 5,000.000 £04,097 ,1 jl-' JO : « 5 - , n <« q hatloual b75,K» i.bl.363 gj 15 12 500 j 16 510 518 9 INSURANCE. ' Rational icocar •W°339 1 , \miM {•? i rs 7 6<«1 8 0 1 7 6 5 9 1 New Zealand ... ... •-lx) COO it)6,674 i 8 10 313 0" ''3 H 3 314 0 5 8 1 Bouth British ccwSS ? . V 8 2 15 6' 2 15 0 5 9 1 fetandard ... ... ... ... ... w>UJl ) l!WK « J 0 j Jj| 1 1 0>« 1 2 3. . FINANCIAL. , ' 10 2 G ' Equitable Buildihg.... ... ... . jojoo K 5 10 Metropolitan Building 12,110' tjma ,n nil 7 1 ' Wellington Invest to(XX) 6.1SO . j - r. 1 0 116 Oil 6 ,5 4 4 Wellington Trust and Loan ... joi '250 ' 5 c 7 V 0 770 586 Kationai Mortgage : ... vco'ccq .m<h*; .2 , 8 .10 ,8 O O. • 8 1 6' ' • •" • ,K.ii. and Kiver flate ... .... • ;CO,JOO ■ iai.iwT... .7 \i nil- £ ,.'.1 10 0 ;il0 6 110.4 5S 6 liiuu utu MercautiiD ... .« U5.13J j 'tj' ' 5 '"0'4 '3' " CA3 . . - . ' Auckland- ... "jeo,370 f6.163 . nil 17 15 10 0 15 9 0 5 10 0 Curisujliurch ...: 160,000 Vc.-.il., .J.. _nil— -10 • - • '• 1'eildiug ... l-i.OuO W>. ?• nil' . 010 6 ,0 19 6 •algoorue ... •• 15,100 • ,'i '■ i cil''"iq?'"'2 12 6 £10 0 510 0 liawera t,'.'50 nU 3 1 10 i<ew Plymouth '... . ... Jf.UO • Wi4.' -• c* "•■i- c ir 1 "la ~ ' | ' ' -i5 ...nil. .15 , - ; - «&? ■- -aia,. « .,5^ taimerston Nor til ... --7,000 11,093 .J 1 10 , 7 6 C 7 6 0 6 3 3 V,elll,,el0U - J 124.570 r WU 10 "nil 10 •; -19 0 0 . . . » » t . ••• y "5~ 30 11 0 0 11, 1, 3 4 10 « . meat. '' k - \;: ■ /-• •, «3& r r j™ : . " ™ !" • I Z I tiWO . 1 : nil 12)1 2 -9 0 <2 9 -.6 3 0 0 B 2 0 Wellington ilea't Eiport ' {• • ' -l|i <- • 016 ® • - « ;; I 105.7CG 47,953 J j {J ' .510 Wknganui '" ™ Z <e> 125 '..UCO . 'if | 219 0 3 1 1 .. TRANSPORT. ' " " W. and JI. Kailway ... ... ... 170,000 1U.452. - j, ,,, 7 . ,'5.1.2,','e - 215 6 2 9 0'. 1,./. snipping .... . ... 47tJ.t4U - Xiioou; J .- B 4 U '. :l 67 .of 610 0 6 /7 0 6 6 0 aU;UWl Irm'-'iuliO 116 5 .115 8 S5 « 0 ttgui. m>mui *«.iry u> 1' L u 5- • - 017 6 , COAL. " .. i -v • Westport ... fEWioo': ■'•'irfiisi-'C- "ij- "i«i6 3 '( 6 6 ,0 laupin ... "... ■... it.uuj l.iuj f nil.; ',7j C10 ; 6 ,0'13 .1 8 15 WOOLLEN, • . .. . faiapol ... ... ... "l27.T65 ■ . f '".r.A- • hoigiel - ... ta.467 • . iV.iLlu M j, . Wellington ... ... n«5 » . . i.. .0 .3 5 0 3 7 0-3 6 9 7*0 MISCELLANEOUS. Donaghy Eopo :.... .„ ... 500 . - 1E1 1 „|j. ,.- 8 .'•... . 13 8 -v. • Leylano ana OBrien ;5,U*J , 87,vu I nil 15 "2 5 0 2 7 6 . „ Mauriceville Lme ■ l05 1' - n ji' v . £.Z. Candle ... ... ... . ... ic.UJO d# lu nil' ' fc S.Z. Urugs ... ■ ;.. UO.OXJ SIM0 * , nil 7 2 10 6 2 H 6 r.u . ( 6 3 0 N.A Paper iliiu ... ... 04,775 .IfM .1 til- 1..2 9 1 3 3 r : H.Z. Cement ... ... tUW -.i-W 1 nil ... 17 0 19 0 Manoiog and Co jt.ao i'i.l'/o * 1 j io ' 317 6 .316 10 0 2. wSfJ'iw. 00 !. lWW liMS 4 ■ 1 - 10 413 6 116-0 v~ * Wgtn. Upera House iwat) i.vw 5 nil- -is! 7 5 0 Wgtn. liresn Food i&adl ... 1 nil Wintcoinbe and T.-mbs ... ... .a.'.su it,153 "a4 " v*'- 'io 'V'7 '6- 410 0 kharland, Ltd, ... ' UUl it,hi 1 nil 7! 1 I! 0 "' ' ' The above quotations are taken from'the daily official .lists of iho Wellington Stock Exchange... ,

Buyers Sellers. Sales. £ s. d. , £ s. <1.. . £ 8. ,d. . Talisman ... 1 19 6 2 0 0... 2 0 0 ■\Vaihi. . .... '8 19 0 9 0 0 Waihi Grand Junction ... — 1 10 6 ■ — Waiotahi ...- ... — • 0 3 0 . ' : ; Tairua Conqueror, 6(1. paid ;.T- 0 10 0.0:111-. 1 Tairua Broken Hills 0 2 7 . 0 2 9 0 .2 7, N.Z. Crown ... ... — 0 3 11 — . Big Eiver ... ... 112 G 113 6 -

SS£?35,mSS?,; * 190& - 1907. Victoria.' J". 66.000* 101,200 New South WfilSX' 67,000 195,000 Queensland . ...• 9,000 <7,750 Smith Australia ... — 38,100 West Australia ... 22,600 — New Zealand ■ ... 80,370 —