FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 308, 22 September 1908, Page 10

FINANCE AND COMMERCE.

THE SHAM MARKET ■ The /usual dullness characterised -the share market 'yesterday; ."and" at' the'; sitting "of: the Wellington Stock Exchange no-sales/were r* ported. . ;Baitk -of: Zealand shares .were quoted, sellers ~-8$ 18s. j National. Bank, .buyers sellers' £i Is.' (id.; Equitable Building, ,£lO 2s. 6d.j Wellington Trust and Loan, sellers .£7;, 75."; New. Zealand and River Plato, buyers iil 10.-j. Sd.; Loan and Mercantile, buyers is.-- 3d".-;. Christchurch' Gas/' sellefs, i£9 17s.;' Port•Chaliiierp''(Ja ; s, s -' : bu'yers £1, sellers 3s.';-National Insuran'cb, buyers iCI 7j. M.; Now Zealand Insurance/sellers 155.-; South British Insurance, sellers\£2.lss.; Gear Meat, buyers =G2 9sV j Meat Export, £4 paid, sellers i's, J62 12s. • 6d. paid, buyers £3} Mauawatu Hails, buyers £2 lis. Gd., sellers £2 145.; Union Steam, buyers 'J-1 14s. 3d., sellers £1 15s!; Wellington'AVoollen, sellers ,£3 6s. 6d.; WestportSt'ockton Coal, sellers 9s. 3d.; Leyland-O'Brien Timber, sellers '£2 7s. 6d.; New Zealand Drugs, sellers' £2 lis.; ,Now Zealand Portland" Cement, lieiv. issue, sellers 6s. 6d. 'premium; tJ Tarkhrfki Petroleum, buyers 2s. 6d.; Sliarland's ordinary and preference, sellers '.£l. ''

THE MINING.MAEPT In the interval between the sittings of the Wellington Exchange on Saturday and .Monday sales were made: of Talismans at 40a. 3d.j and on 'Change yesterday sales 'were registered' at 40s. 6d. and 40s.'9d.' This improvement will bo very gratifying to the'many- holders, of the shares. Yesterday's quotations were, as under:— Buyers. Sellers. Sales. - £s! d. £s. d. £s. d. Talisman ; ...- 2 0 9- 2 -1 6 2 0. 9 AVaihi ... ... 9 0 6 9 1 6 •— Waihi Grand Jun't'ii 1 12 G — — Tairua Broken' Hills '0-2 8-0 2 9 : N.Z. Crown ...: -... ' 0 4 3 ,:—.1 ■' Big Kivcr ... ..'. 112 6 —. . Blackij-'ater ... ... 13 6 — — ; ' . /■' — 1 . .NEW BIG RIVER. MINE.. /. Tho ' directors' in -thoir first annual report which covers tho operations of the company since the formation to August 1,- go very fully into all important details. With respect .to the property, the report'says:—"Mining areas extend over 100 acres held under Special Claim Licenses, and 100 acres held under Prospecting License', in the Big River district, together' with'water rights,'.machine, special, and tailing sites. Mine plant consists of winding engine, and hoisting gear,' and aerial tramway of 47 chains long connecting- mine with battery."Dealing with the" mine working the report states that "a most beneficial p.hange has been offected in; the' working of the mine by confining the whole of tho work underground to the day shift. The size of the reef has, enabled this' to be done, sufficient stone being broken in tho one shift to keep the battery going full time. This is a; good indication of the improved' stato ''of .the. mine, as it 'was never possible in' the previous years to keep the mill supplied with stono unless two, or more often three, .shifts "were worked in the'mine. Under this system , tho work is doao to better advantage and .-is liiuch more economical and satisfactory in ovcry way. Milling recommenced in Octobor last, and full time has been run except for tho stoppages for Chri.'itmas holidays, ■want of water, in the early part of the year, and the shortage of stone in Juiie and July when alterations to the winding plant, etc.-, were being •'effected. Three thousand and twenty-six tons havo been crushed for a yield of 45230z. 15dwt. of melted gold, valued at .£18,259 19s. 3d. The cyanide plant, formerly owned by, the New Scotia Company, was purchased; at.-a, very low' figure. It consists' of■ three pteel ore-vats and two isteel sumps, with buildings,' etc. . -A commencement-was made to' treat 'the old sands stacked on the. dump, arid,'so-far, COO .tons; havo been treated for a yield 0f:2570z. of bullion, Worth, approximately; £591. During tho yoar, dividends tim'ounting to 7s. per';shnro- have, been paid, absorbing ,£B4OO, and a reserve fund of '£2005 accumulated towards the opening up of the new, level (No. 10). It is intended to build < the . reserve- fund to £3000 " r The capital of the company is £6CiO,'and the excess of* assets, over liabilities totals .£3021 19s. Cd.

UNITED STATES STATISTICS. The Cus£oms statistics of the United States for thp 'year ended" June 30 last reveal somo interesting features resulting from the financial crisis.' The total value of the-imports for tho first six months, of tho last'commercial .year shows a: decline' of ' i£2,200,000, but the total for the last six months shows a'falling off' of no less than =£18,000,000, the aggregate purchases mado by, Americans abroad for the year being .£295,000,000. Consequently, the so-called balance of trade shown by 'the excess of exports over imports amounted to Theso figures, however, do not 'indicate the true condition of the American export, business, because they are increased, of course, by the 'decline in imports. Another factor which does not appear, .but jvhich must be taken into consideration, is the largo sums of American money which were expended by' travellers from .the States in fares, hotel bills, and other-items. It is impossible to give the exact total ,of this sum, but it is believed to be between <£25,000,000 and £10,000,000, as the report's.'of the steamship companies show that travel from America abroad was as heavy during the past commercial year as during any similar period. The falling off in imports naturally affects the revenue of the' country, an illustration of which is given by the figures for July; The Government disbursements are always heavy in that month, and- in 1907 exceeded the receipts by j62,200,000. This year the expenditure amounted to .£15,-100,000, and the recoipts were only .£10,400,000. WHITCOJIBE AND TOMBS, LTD. The directors, in their report for the year ending August 31, 1903, completing the twentyfilth jear . pf ; thg :

state''Reference to the accounts now presented show that the results attained exceed those of any year in the company's history. Tlie special effort made by" the management to'work up record results for our .silver jubilee, year having been realised, yoiii' directors recommend thpfc the quarter .contu'ry of successful trading should'be marKcd by a bonus to shareholders of'2s. Cd. persHaro iu addition' to'" the 'usual' 10 per cent.' r dfvidend. After making ample'provision for bad debts arid writing down both stocks and accounts liable to depreciation, and after payment of the dividend and bonus, there remain's an'amount of .£5871 12s. sd. to be carried'forward."

AUSTRALIA'S FINANCIAL CENTRE. There is at all times great rivalry between Sydney and Melbourne, and the papers in both' centres take 'a delight in hurling statistics .'at one another. Melbourne is'"beginning'to feci that it is losing its grip on the title of Australia's financial, centre, and how it : is endeavouring to attribute its' loss of financial prestigo to the abolition of the tax on bills of exchange in Now South Wales. The Melbourne ."Argus" says: —"The' wool season is about, to' open, butltho Government has made no announcement of its intentions in respect to. the'retention by Victoria of the 2s, per cent, duty on bills of exchange and promissory notes, financial bouses dp not object to this duty, if it were also collected in New South Wales, but they wish' for its removal, so as to prevent exchange business leaving Melbourne for Sydney. Such a transfer will not mean'any lo*s to the .banks, as all. business will bo dealt with , by the branch establishments across the border. The whole point .is that exchange'is. so sensitive, that a difference of even G(I. per cent, will carry, tho' balance down in favour of a given centre. Therefore, New South Wales having abolished the' duty of 2s; per cent, on bills of- exchange and promissory notes, the' drift will bo to Sydney, A fact that proves how little it takes to change the 1 course - P current is indicated by tho experience of one bank with a branch on the Murray which, to : retain its customors, had to opeii a branch across the river, so that they should not have to pay* the penny duty on ohequcs, rho. argument may bo used that, up to - tho present State returns do not show any shrinka?e in_revonue from the retention' of the duty. .SSi' Y?°L f°?. s ? n has -yet. to' bo gone through. A substantial reduction may not be seen even this year, for wool buyers may not care to cancel their Victorian/ credits after their arrival here. Tho following season, however, may see them.passing on to New South \\ ales, because ,of the nori-existence of the duty there. As the revenue will suffer by the •loss of their business, what is the utility ofretaining' an impost that will then bo non-ef-fectiVG. Ihe duty of the Govornment. is to adopt such a policy as will meet tho case, and ensure, the maintenance of the'financial status of Melbourne. '

The Customs revenue collectod at Wellington yosterday amounted, to £1147 Os, 2d.

THE FROZEN MEAT MARKET. (BY TELEGRAPH PRESS ASSOCIATION—COPTttIGHT.) „„ „ ' t London, September 20. lhe Frozen Meat Trade .Association's Smithfield market quotations for the undermentioned classes of frozen meat are based, on actual sales of not less than ono hundred carcasses >of mutton or lamb, or twenty-five carcasses of boof of fair average quality. Thoso quotations are not fo,r selectedv lines, but for parcels fairlv representative of the bulk of' the shipment* now on the market:— v ~ Sep. 20 ■ ' Sep.'l3. Mutton— . d. ■ j :; Canterbury, * light " ... . Not quoted ' - • Canterbury, medium ... Not quoted 1 ' Canterbury, heavy ... • Not quoted North Island, best' 1 brands ... ... - 3 1346 LambCanterbury, light ... 5} _ Canterbury, medium ... 5 5-16 — Canterbury, heavy ... 4} . ~. Dunedin and ' South- . ' . *r la « d t J•" - 5 ' 5 5-16. North Island ... ... 5 — Beef— New Zealand fores ... 3} ' 3j New Zealand hinds... 4J RIVER PLATE. Mutton, light ... 3} 31 Mutton, heavy ... 3 3-16 3 3-16 Bear, fores ... 3} ' 3) Beef, hiAds ...' ... 4} COLONIAL AND OTHER PRODUCE. ■nri. 1 London, September 20. - Wheat.-14,000 quarters of Australian Janu-ary-February, shipment sold at 375. 3d. . Copra.—Small business; in bags, '£16 15s. to .£l7. Hemp.—Market dull. October-Decemher shipment, £26. Linseed oil, £24. Rabbits. Market firm, with good demand, especially for young. • Hides.—Market steady. Extra heavy New South Wale 3, s|d.; Queensland, 6Jd. Loather is a farthing dearer. Basils: Strom: first Wellingtons, £16 ss. to £17. • THE METAL MARKETS. London, September 20. Copper.—On spot, £59 155.; three months, £60 10s. •• Tin.—On spot, £130; three months, £131 ss, Antimony.—£B 10s. Galvanised Iron.—First brands, £15 2s, 6d.; second, £14 15s. . Fencing wire, £6'7s. 6d, Tram rails, £5. -

HIGH COMMISSIONER'S CABLE. The Department of Industries and Commorco has received the .following cable from the ITipli Commissioner, dated London. September 19, 1008: — Trade for all classes of mutton has been very slow, and prices aro barely maintained. ' Tho tondency of the market seems to bo to decline. River Plate mutton is in large supply, and is quoted at 3Jd. per lb. • Canterbury mutton is quoted at 4Jd., and North Island (it 3Jd. per lb. . The' lamb' market is dull, except for light weights. Canterbury is quoted at 5Jd., and other than Canterbury at oil. per lb.. The- beef market is steady; hindquarters aro quoted at lijd., forequarters at 3!d. per lb. Tlie.butter market is firm, with an.improved demand for best quality, the supply of which is running short. The-following aro the current quotations:—Choicest New Zealand, 1165.; Argentine, this season, llGs.; Danish, 1235. .per cwt. :• > The cheese market is quiet, but steady, Canadian brands-being quoted at-Gls. per cwt. . The hcinp market is lifeless, and there is no change in prices to report. Last week's output from Manila amounted to 21,000 bales. The wool market is quiet, with a .tendency in favour of buyors. The following are the current quotations for Bradford tops:—36's, low crossbreds, 9Jd.; 40's, low crossbreds, 10Jd.; 44's, medium crossbreds, lljd.; 50's, halfbreds, Is. 31d.:-sG's, quarter-breds, Is. Gd.; GO's, merinos, Is. lid. There has been no alteration in the cocksfoot seed market since last week. Bright,. clean 171b. seed, Inst, season's, is quoted at 755. per cwt. . ' STOCK EXCHANGE. (hi TiLF.GDii'U—rnrss association.) Dunedin, September 21. ■ Stock Exchango quotations:—Alexandra Eureka, sellers 45.; Electric, buyers 4s;; Enterprise, sellers 3s; 3d;; Golden Bod,-buyers-9s. Gd.; Golden Treasure, sellers .£2; Hartley and Riley, buyers 13s. Gd., sellers 16s;; Island Block, buyers Gd.,. sellers Is. Gd.; Lady Roxburgh (contributing), sellers Bs.; Lady Roxburgh (paid), sellefs, 9s.' 9d.'; Mastertim, sellers i£3 j Jlanu-' herikia, sellers 18s.; Molyneaiix Hydraulic;-sel-lers 2s. Gd.; Mystery Plat, sellers .£1 19s. Gd.; New Trafalgar, sellers ,£l;.New Perseverance, sellers Is. fid.; New Roxburgh Jubilee, sellers 6s. 6d.; Rise and Shine, buyers .£1 95., . sellers ,£1 12s. 3d.; Sailors' Bend, sellers 125.; Wailcaka. Queen, sellers'ss. Mining stocks: Big River, buyers JEI lis. Gd.; Welcome Quartz, buyers 25.. (premium); New Zealand Crown Mines, sellers 4s. 41d.; Tasmanian Copper, seK lers. 6S. Gd;; Talisman Consolidated, buyers £2 os.-3d., sellers £2 os. Hid.; Waihi Grand Juncr tion, ■ buyers JCI 135., sellers .£1 13s. 9d.' Investment stocks: National Bank, sellers £5 25.; National Insurance, buyers £1 7s. 9d.; New Zealand Insurance, sellers .£3 14s. 9d.; Standard Insurance, buyers <£1 25., sellers .£1 35.; Union Steam Ship Company, buyers .£1 14s. 3d., sellers JCl' 15s. j Westport Coal Company, sellers ,£o 55.; Now Zealand Coal.and Oil, buyers Is., sellers 25.. 3d.; National Mortgage Company, sollers v£3 25.; Dunedin Stock Exchange Proprietary. buyers £2 95.; Milburn Lime and Cement ' (,£l, ex dividend), sellers, ill lis. j Milburn Lime and Cement (10s.), sellers 14s. -9d.; New Zealand Paper Mills, buyers £1 2s. Gd., sellers o£l. 3s;; New Zealand Portland Cement, sellers £1 Bs. Gd.; New Zealand Portland 'Cement. (nsw issue), sellers Gs. Gd. (premium); Kauri Timber (contributing), buyers 145., sellers 14s. Gd;

WELLINGTON SHARE LIST. COMPANY ' FnrCES ' Yi ?" V ; F - Up - 75 BANKS. :, '. . £ '.■■■/£ £ ' £ ■ ■£ £ 8. d. .1 '*,'• a. ■£ s. d. £ s. a.; New Zealand ... . ... - ... . ... 50OO.CO3 CWiOSB 31 : J0 ' . 818 0 hatlonal .... .... ... 375,000 /■ 161,363. g 15'V 12 5 0 0 -0 1 6. 5 10 5 IS. 0 ■ INSURANCE. . ' ' ' , ■ " Rational . JOO.COO 219,339 , nnU d, js '1 T 6 18 6 17 6 "!i 9 1. New./ealand ... ... too,coo' 1 L!*MW4 ■ A e in 313 0 315 0 314 0 r. 8 1 bouth UriUBh ... ... , -.SCO,COO .&M40 .■»■ > «« 0 215 0 2 13 O O'J'l Hwndard ....... ... . l5iUJU . -liMtKl | Bi 10 11 6 1 2 3 , •FINANCIAL. , . ' ... ' : • . ' • 10 2 6 Eqnitablo Building ... .... ... [o.COO 48,242 r 5 in Metropolitan Buuuini; .-• .12,01.0 • 6,bbB nil , Jvelliugton Invest. ... . ... ...' : to.OX).: .6*40 V 4 ' '6 ' 0 116 . CU ,6 ,b 4 4 Wellington Trust- and Loan ~ 44,bi>4 '• ,5 X 7 r /0'770 586 ftaUoual'. Mortgage ...■ -... - ...■ no,coo 'lSi.'iM S 8 '10 3 0 0 3 1 6 and itivcr i'lato ... icc.iXJO kou.siA» f nil 8 110 3 3 10 9 1 10 6 5 5 0 toau uud juercautilu . . ... ... . . ..jio.ioJ ti . 5. 0.4 3 . .,0 4 3 11 15 4 • CAS, V ' Auckland •». j£0,37d ' (5.463 n il 17 1610 0 15,9 0 510 0 Curmcnurch ... ..; ... ... i6o,000 ' .tb,-.i7 •» „i| • ,n . ' . . 9 17 0 9 io 0 5 2 7 lending . ...' •;;.. ■ '... . i*,0uo Mi n j| 019 6 ' 0 19 6 fcisourue. ... . .... .... . 17.SOO', 10,605 f eU jja 2 12 6 iiq 0 5 10 0 buwera. ... ... ... ..., ... . • • . • f-A 1 10 ' £ew riyniouth ... ..... 16,000 , Hs.4•- - „ii JX. . . Napier .... ■ ... ... .... ... i' . • ■ » Bil .. g • . •• . » ;; ~ ~ J.<MCT f . W* .5 v 6. Z/\Z ,Z ' -£7,000' 11,092 A ' V 10 '» 6 0 "t '6 0 6 3 3 .Weltagtou , aa \ g •. 18 7 6 \' • " . '• « . -6 10 11 0,0 11 1 9 410 6 ; MEAT. ".. - ' '. ' , »«• .'«?■» n- 's'.ib Hear ' .M<i,ua> . w Ml. g • 10 0 0 > >2j I u,coo I nil laj 290 2100290 520 ..Vvellmgtoh ilca't-Export ' . * . •*. 1-i JJf '' : 1^ 6S ■ "- 950 S'-i ■' 8 ' S" 8 (ums• f J s .°- 0 , 5 0 0 3 0 0 7 0 0 TRANSPORT. • ; ' a tnW^f "• " - - ?^ 452 1 V 7 2 11 6 2 14 0 S 0 0 ' wtn S ::: ::: * ••:•»!}. a '?»» sto.# «S' Vtuui. bieaiu .Ferry-...; ... __... •' vi ; •] ; Jj} • 3 hi t J - • • • UOAL.. : ••• 1 ••• ' IEC.000 > li.7,431 3j ■ J4 121 6 3 16 6 0 laup u . .... ... , ... ........ .. ttMU.- . i.u j „ii 7J ■ 018 6 0 18 I 8 4 5 , . wqoluh, .. • '.w ' 127.763 • 82iffi4' ' 5 nil 7 kolgltl. M i ; . .... ..UM,-. ■ i i I 3 6 0 3 6 6 3 6 9 7 4 0 . MISCELLANEOUS." ' i i . ■ ■ .... . f pbna'ebjr' Kopo ; J/«#»'-■ . .,'iEi 'i • n ii c i a o Leylana ana UUriea i6,U*) ■ Si,'.u. i U n 15 2 5 0 2 7 6 JaauncevU o Lxiua, '. ... ... v.uaJ ■ 210 1 „ U . J 6 '0 •"> • IN.4. handle ... ... . .'10.00U '. tW lu U u b ,. . . •? y Y r . U| ? 3 m m" • / ' JLO.tXAJ. Sl.'uU s nil 1 210 c 211 fi r'u . c 6 3 0 ,'i 1"2 War^aii'd'oo °° ; 1 ™ ■ 1 3 17 0 3 16 « 10 0 2 w.C^ s6 ;::v - | VI ° 0 5 0 »■ 8 8 6 fch?S M ?f ?n U :i ' ;mb3 ■IW53 hii.' 24' 10- 1 8'6 410 0 bharlaiiil, Lta. ; ... ot.UJ ; ■•lltf**' 1' '•nU , ' i 7i " " 1 0.0 •; The- abow -'are -~taken : from tlio daily'official'lists of ! tho Wellington Stock ■ v"Eichanso. ■' i'. ; ■ • ->■ . ■