FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 303, 16 September 1908, Page 10

FINANCE AND COMMERCE.

THE SHAREMARKET. At the meeting of the Wellington Stock Ex-* change yesterday. a sale of Wellington Meat' Export shares, JK2 12s. was reported at .£3, yielding to the investor 7 per cent.'' National Bank shares, buyers £5,- sellers;..£s Is. ; 6d.; Wellington 'irust and Lbhri, ! 'sfillefS^£7'7s.' 6d.; Wellington investment, sellers lis. 6d.; National Mortgage, ( buyers. sellers,. d£3. Is. 6d.; New'; Zealand', ■'arid•'. ; l{iver ' ; Plate,'''''buyei l S' ll £1 10s. 3d.; Feilding GaSj : Buyers"'lfe Gd.;*Port :i Chalmers .Gas, buyers -205.,- Seller's :23&T Wei s -'! lington Gas, <£5 paid, sellers JEII, cum rights, £1; National Insurance, buyers,J2l Bs., .sellers .£1 Bs. Gd.; South-'.Britislv sellers i£2 15s': ' Standard' Insurance,; sellers ;< £l. , 2s."":3di- ."Gear. • Meat, sellers -iC2* - 10s;; 'Wellingtbri'"Meat''®x- < . port, third issue, buyers £2 195.'3d., sellers .£3 Is. i Manawatu jßails, buyers £2 12s. 6d., sellers £2 losliiUnion Steam, buyers; l : i£l Hs.'vsel-'' lers JEI 15s; Wellington Woollen; sellers'.'i£3 6s. 6d.; Westport-Stcckton Ccal, scllers'9s. ! 6d:-;-D.I.C. preference, sellers ill 35.; New .Zealand, Portland Cement, buyers ill Bs. (Reliefs "£)' 10s. j Ward and Co., brewery share's,' buyerfe 155., sellers:,'£s; Sharland's ordinary and pr'6-?-ference, sellers <£1; ■ TEE MINING A There were two sales of Talisman shares yesterday, and both were at £2 per share; Waihi' Consolidated had quittance at ls.'-10d.< ••■The quotations were as , „ Buyers. Sellers. Sales. s. d. bi. s. d. 6. d. Talisman 119 . 6 2 0 0 2 0 0 Waihi ' /8 UM. ~9.3£<50E Waihi Consolidated ;ld W 7 aiotahi ... .... . •— ,-i ~0; - 3 , N.Z. Crown Q.-li ',o v Tof4/6^l Big River '..V'.: 112 6' 1,14,. 0.1 ! ;.COTTON : spiNNERS^«;;The Lancashire- cotton- ; spinncVs : *h'afe : ' : 'wisel3• ;, decided'to*'take a second ballot with respect-to-the proposed five per cent, reduction in wages. There is unquestionably asSbprcssioHSTn-.-'th'e-cotton spinning; industry, a period of ; -phenoineual prosperity®-. According-, to the Manchester correspondent of "Tho Economist" (London), '"These alternating periods of sharply, contrasted activity - and - slack- ■ ness of trade appear to be a permanent feature of tho "ears we find the following series.of changes:— 1885-6 were two. ; years?'pf depression, live years-of ;*pftsperit'v. 1882-93 of depression, v 'i.S?4-1901 were eight year&ofipiosperity,, 190:2-3,.■ were -' two years -of depression, 1904-7 were-fflui'.years of. prosperity; in"MS'a period of depression has .commenced; - ■'During' the last ponod oi; prosperity itho increase''of ■ the producingipo.ix'e/ mills lias been without parallel in ithe-world's'histoVy ofr-thc: textile' industry,; ahd.' iri'tho! opinion of -many. experts it ".hiis",exceeded the/limits of :prudence;In the yeaii'JjijOO niimber.-of spindlesat. work inr'fh'e. l ;iott6if,-spiiifling- industlies" of' the world iVas'Jo4,oo9,ooo, of which 43 per'.cent.,or- 44,700,0p0;>ji'ero in this country."' If cotton' spinners liad\ttien.-.b~een,:told. that' within' a"foir years the itumbe'r'yyould;be ;ipc'redsed ,25 cent, they, would;have:.beeniiricredulous.' -The: total number'niay. 'noi,y;',,be : estimated „t ;-oi. which nearly .50,000,000 are - inGreat' Britain;^-'26,soo j qo,q..;injhe„ United,Lst-ates';. 9,500,000 in > Germh^-:-;G,-BUO,ooo"'iii to, fFi'a'nce'*' 6,500,000 in "Russia," and' 5,500,000 in India." ' Convincing evidence of tho ,<ie_cljnc:.of_busi-_ ness in Lancashire and the surrounding districts is afforded ,J>y.;the,report,of Chester Ship Canal' Company for the half year ended June 30., The ..weight- of toll paying merchandise passing' through:.'the' canal'Tdrbpped from 2,403,792 tons -to ; 2,-169,173 tons, ' the.' S?ji borne merchandise' alonf showing a drop of 128,500 tons, mora than half'of which was in imports of coal and,ores. The. total receipts) from the Ship 'Canal .diminished'■ >y and there, was a small decline !of in ex- : penditurc, so that the net "'rev'4nue Ts jG10,600 down. Tho expenditure, it is" stated, would have been less but for. higher rates and/taxes. the cost of conyiWsation'andrdear coal. The 'Bridgewater' Canal- receipts also suffered from the prevailing depression, and the net revenue ,of .£12,000 is.i!s4po. lower. J The; net capital expenditure for . tho'six" months Was .£BI,IOO, making, the .....total"''..' underthis head ,£16,698,230.'t0 date.' Tho'b'alnnce'required' to pay mortgage arid "other interest and prior charges is J!32,500, against only .£14,000 a year ago, this debit .being carried ..forward-to be dealt with at'tne'close of the tii-elve months.

AUSTRALIAN BABBIT FUR. ' According (o reliable report, Australian rabbit fur plays mrtny ■ parts. ■ It is sheared off' the skin,-"nnd dyed, and then sold as senl,_ ! electric seal,' Rod' Ri've'rseal; a'rid HMsoh "seal; the skins are_ in seme.instances dyed and. sold as sable or French sable, white rabbits' skins, dyed, going on the market,as ermine.' Hare-i skins often as fox. The English trade sometimes expresses surpriso' that there arc 110 firms "preparing" furs in the Commonwealth for the Home markets. The secretary of the fur section of the ..London Chamber of Commerce has (says the "British Australasian"), issued a iiotiqo to the trade pointing out • the alleged illegal practices which are' rife in the fur business of misnaming-goods and offering same for sale.' " . LIVE STOCK SALES. " ' • Messrs. Abraham and Williams, Ltd.,: reporK . on their Johnsonvillo sale as follows:—We had a fair entry of beef, ranging from prime, tolight.- Medium ..quality beef made';j2ss.;, best: bullocks, '£3 10s. to J!10; others, .£8 12s. Gd.-to i; 9 ss. A heavy yarding of sheep came forward, including some pens of extra prime. . The market was fair throughout. ' Best heavy wethors made from 225. 4d. to 225.-7d.y 20s;'3di, 19s. to' 19s. lid.; light, 18s. sd. to 19s. Bd.; eves,- 1 19s. to 19s. 2d., : 10s. 4d. to 18s. 3d.; plain, 15s. Id.' Messrs. Dalgety and Co.,•••Ltd.,- report- that'at their Marton sale yesterday, tliey' had a good' cntr.v of gheep und »'good demiirid.' Eire hoE^'

gets.made lls. r lod.; mixed hoggets, 10s. lid.; "10s. Gd. j fat ewes, 13s. 7d.

■ Messrs.' Dalgety "and Co., Ltd., report:—At Waverley-last-week we held a horse fair, when about 90 horses came forward. Outside buyers '»were«in attendance!.'* Competition was not keen, but a" fair" proportion* ot the '.entry' was disposed! of;'!> Good classes of spring .carters were .in,(demand...,.--. -r-.

s'-At Wla n gft'riui: : w;e':had;.a',small yarding, which tsold'aihdeiv the' hammer.; At Waverley,: on Friday, a fair yarding" of sheep and cattle came to hand:-; .Bidding for sheep was slack. Young ■cattle 16ord,"«well.i / Quotations;—Waverley liorso l fa}r:„.i.U-nbf'6::en,V.".,3-3;ear J draughts,: <810, :; £l2'los. to -JEI3 55.; 2-y'ear } draughts,' iEST'to i : draughts, to ; -light classes, ■'£&' to JBB 155.; broken .3ryear^4raughts to .JS33j i .draughts and spring cajtefs,''il4:;Xls;-''.iE2o, Mi.to £24 155.; Jiglit. - harness, ,*SB'tp ; "10s.; hacks;. etc., >£3 15s. to i;9;""Warig'oriui:'*4 l and 6-tooth wethers, 13s) Cd.*j > aged--ewes and lambs, 10s.; mixed 4ffl'an"er.C.(})oar 'jSiifiditi(f(i), 18s.' 6d. Waverley: ,-4'andj4-tooth wethers (fair condition), 14s. Id.; ifyear" steers', lis.'; sfore cows, <£2 10s. to £2 '17s'/; "inferior —EtnrC "CoTvsr 205.; springing heifers. .63 7s. 6d.forward empty heifers, mixed 21s. Gd,. ' The" Ctet6fflS' ; i'eveniie'"cdlleoted at Wellington yesterdaypamounted to hs. Id. "" O '' Oi, GIiJN'AND PRODUCE. Christchurch, September 15. There was very little wheat offering bv growers, and the only sales made are of small Jots, at 4s, .at counti[.y- stotions,. .Some wheat is also being, pf.jstore by merchants, but the turnover is''iMfng "inado at a loss on the purchase price. 'TltSte is no business doing •in oats, and chaff is dull of sale. There is a fair inquiry'for"'p6tatoes < *for coastal shipment, but mostlyHlfsniall "I'dtS. • - . r-.l r. : . ,; ,r '"&LD-BEARING'YiINS IN TOKATEA. . aJ (BY tELBGUArIf.— Sl , ECIU..COKRESPpNDEST.) .'•"'Auckland, September 15. Mining reports of an encouraging nature 'are " "the' Tokatea mine,.: Coromandel. In on Woods's leader, at what level, a . distance: of some picked stone dfrive«was! stopped; at that' ' was put. in-over it! at the reached tli&"fac6 of-the flnveparid'Tiere a well-developed J minCTa,l'seam, showing'-strong dabs and patches fff^Jold'was cut."' Beyond, poking, forward ' 'd'Httfe 'itf'the face stope'to'ascertainthat, the mineral vein—extended into the "gr&uiid'aheiid'; ■'t!i l e''.cl'e,velopiuent of tho new ■covory'has ■ not! : proceeded. In order that it may.' p'roc'eed ;; the drive is" now, however, being ,Yritli. 1 • the fact, that the mineral-vein is-lying-rather flat 'in the stope ' thfe r , prftTjUfjlj: have to be-advanced some'lsft."or 20ft'.-before intersecting- the vein cotffse. Both in ,the leading stojie arid 'in the' stppes 'above, as woll as in ''the.';drTvis,';itse)f,''it;;\vilU be possible shortly to work this veiu, on which there are 40ft. of "-biicks-where-it-was.-cufc in tho leading stope, : the hill.. SOlll6 of tho picked stone selected .from tho mineral vein is on view at-the office of the -secretary-of-the company (Mr. H. J. Lee), to- , .gethcr with samples of picked stone taken last i'week from ' a ,: parMl]ei;;-leadcr (No. 1), at the • Road level, 70ffc"'-l)elpw. : ths Tribute level. In " th'e"Road levetiwprkiiißs.iit is stated,■ gold'has been seen at overyj-breakj.rig down for tho last sft. The samples :pn .exhibition-, comprise a few pounds of stonS;, soni(f of.'.which is estimated to be worth an oupcesbUhe,pound; and free gold i-.cniir.bb'seen di'strib'ytedV ; ,throug!i t it. Mr.',R. :' H.<i Harrison; who was'for three gears' manager of the Tokatea mine; when it was held by the English company formerly owning it, and who has acted for some time as consulting engineer to the present company, states that, previous . to .the English ownership of the mine, a party of tributers . took out. some very rich gold ..from a ;block about 30ft. south of where the --'-mineral vein has just been cut.. He considers the present development to be very oncourag-iriffj'.'-'By continuing the. Tribute level about 20ft.. he statesi -the mineral vein should be in hand, aritl'it' should, also ,be intersected in about 20ft. of driving in the ;Road level below. Mr. Harrison states that where these mineral seams exist in; ,Coromandel .it, is characteristic for them to, result ill. good gold being found. Ho ' dctes not consider, it likely that tho vein just cut. in the leading stope will die out, owing , .to the good class of .country in which it was intersected., It;. will take a few days before tho _ -drive- is sufficiently advanced to enable the manager; to break down the vein. j WAIHI COMPANY. YET ANOTHER PAYABLE REEF. (Br TELEGRAPH rRESS ASSOCIATION.) , .... .. - Auckland, September 15. • In driving north at No. 8 level'towards tho , .Martha reef, from the Empire lodo, the Waihi Gold-Mining Company has cut into what appears, to bp .a new reef. It is about Bft. wide, and shows ore of highly satisfactory values. STOCK exchange! . Dunedin, Soptember 15. L Stock ( Exchange sales: Pactolus, Is.; Talis:man > Consolidated. .£1 19s. 9d., i! 2; New Zca- . land,lnsurance,..£3 145..,, "

'■!; '• * 'WELtlNCTON SHARE LIST. - • i ' Reserve. «gl T . .. c v PBIOES..' Yield COMPAHT. Cftrttlf Eond.ana p| ,£&* » 1-« ;-j f ; to . Pud Hps yfflsharo " *" c it f v La.s6 Invostor vg Buyer. SoIIer. Sa i 0 , BANKS,-#. 3j?"C,£'i g', | li fl. «tS.iR* a. i b. d. ■£ i. a. . New Zealand ... n (vyi nn fAi orn . ri- 1n 8-18 0 Na "° uaI ~ ••• 3&000 HUB jjf , j° ., 5,0,0 5 „1 65 ■ 1- 0 518 9 INSURANCE.' . National ... ... -'—v 100 000 ■ iinTM : 1'"'s' 1 o' I S 6 .1 7. 6 5 9 1 New Zealand ' ..." ...' S™, 590574- | °n •' >4h' »3'13 '0 '-3 14 3 314 0 5 8 1 Bouth British ... - SSooq r -S .1 , fj. ,-2 ,,215 6 2 15 0 5 0 1 btandard .„,-v ..v"'wW. j [J: 1 ' t,« 3 FINANCIAL, ':' "v "X." 'Z.w.,.V'V^ - . 10 s s ■ Equitable Building..'.V.'..,,'Mtibo': "'##12" '''j' Metropolitan Building .12,000. ■■*#»> -in"""nil "" ■ Wellington Invest: ... ... •» £0,000 fctfO j 4 c 0 116 Oil 6 5 4 4 Wellington Trust and Loan. , 101,250 44,334-, .- e !1 :.bV- »r -• 7. 7 6 7 7 0 5 8 6 National Mortgago ... - , ... ' .,00,000 ««■»«• r*».g®; j 0 0' 3'1 6 ■ N./S.. and Kiver Wato • ...' ...' inx0 iSs&9 i nil r 110*3 ' HO 6 1 10 4 5 5 6- . i-oan uLd Mercantno ... ... blM3£ rjjjisjj-; | ;;0M 3 • CAS. ' _ Auckland ... i, 1E0.370 16,46$ i nil 1510 0 15 0 0 5 10 0 Uinstchurch ... t3,#17 -nit- 10'." V. '• Fedding ... i-.;. ... ... ... 12,000- ntt-.V- ■ 010 6 • Misborno ... ... ... 17.800 1W65 1 nil i« 2 12 6 210 0 6 10 0 • Uawera ... ... 8,250 liu- 1 ! VAJ 2 V ./1MOO 6 \, ?!}*; ,M.. ... ■.Ai^toB~Hortii;;3§C""«-'-'~sj^''£2ywrZU?C : n o 6 8» ... |. 0 - g \heat.;' ./.'J.-.v' / Ohrktchuroh ■" 383 > 727 K ' 686 7l ti"~6 'Tl3.6 • • SxH? . ,- : y*-ytT ■>"*••• •••■ -■165,620 ! ig . rii, 1 .10 0--0 r , „ • : v' T : \ 12.000 -. WW... ■l-Moliii:. 12} ,.2 D.o, .2.10.0 ,3, B P 5 2 0 .Vr'ellington Meat Export ... ...{ — J Jj. 123 ■ 916 0 • ., j 10W 66v r-47,950;- ;ZZ XT.l\0 ■ ' sfa&m :• >>■ : ,ai9v »' 1 3 0 0 ? 0 0 TRANSPORT. . : •••:•• .r- • ... <j 7DiCC ; ' " 7 !.. :g i 2 'V 6 . 2 u 5 0-2 j,0 ii.i. snipping 473,MU Uu.'iw) Jj n j] . 6 7 6 6 10 0 6 v 7 0 6 6 0 ...JUMWJ: ..1- : nil,, iioi . 114,.0:.-! 1 15 0 115 3 5 8 0 .Wgtii. bteam ierry ... ... ... iW aQ .. w;,. !■ „ nil. .o : ' 017 6 " . ; ■ ;; :c'OAL..' : - : ' : '.-■•! : : (-,,.w rr •' •Westport ..... ll: • £60.000' .-. 3 j n,.: 3r r ';'f 6 . 0 . • ... l a u»« -• ~ ff'.'TtMWi !.:i ,- T J ,..0 18 6 0 18- 3 8 4 5 ' WOOLLEN. ■ t.'} $-7 -,T <i". ii j- ' Kaiapo' ... ... ... . ... , ... 127.765 SS.C64 5 7 ; Uofgitt' ;.V . V. ..1 63.457 Ti,it4 . : 3j 14 4 ... , ■ .Wellington ... ... . ..U.655 \ M 1 6 3 5 0 3 6 6 3 6 0 7 4 0 . miscellaneous;'-. '1 r iZ ■.'Gfli: Donaghy Kopo ;.. ... C3.E00 381 1 nil 6 13 3 ' ' Lcylana and. U linen ... ... 15.UX) 87,1 nil 15 2 5 0 2 7 6 - Maoricevillo''iiiin'e jr-i : • - 7j00i)„ i .liiiiiG a"; *-*-r >i ., N./5. Candle-.;,... ' ... iu.CXJO J&6' 1U . nil- 8 -N.f l)rug3\■ w.«-1-.:; .-< l0 ;u*) ..w.sertiu ."ik'' •< fail»• <<>t '-'2'10: 6 "211 ~6 su'C 6 3 0 7,84,775;. . „i,, , n ii. r , I, „1.2. r 9 .13-0 -i. . • N. L. Cement :.. , : . to,100 '. l.Ua 1 nil 18'6T10 0 ,Manning and Oo. - : tc.UJO..-•-IV.W0 •-:4 r . h l':_:10 .:■ :3 17 0 " 3-16 C 10 0 2 Ward and, Co.... . ... ... ,'c4,M3„ . i . )0 ' 4 15 0 5. 0 0 ' Wgtn. upera llouso.,.-... 38,630 - - : .1,<14 ■ -5 '' n ii- u* .-7 > 6"0 ' ' Wgtn. tYesn food:-,;;.1 iS.ua- • . ■ - 1 ■--'■nil • Wuitcoinbe and T:mb3 ■ ... : ' „. -uSC. ; 'TlfUSj ". "2J ''\t iS "T : 7' 6" 410 0 . _ bharlaua, Ltd. ... ... . 6c,tjld?-'' 1' ""bii-f • ""v ' r I 0,0 V,^.. The above quotations *re taken from the daily official lists of the Wellington Stock ; Exchange. • '