FINANCE AND COMMERCE

Dominion, Volume 2, Issue 314, 29 September 1908, Page 10

FINANCE AND COMMERCE

THE SHARE MARKET. At the sitting of the ; Wellington Stock- Ex-, change yesterday; several sajes were reported a3 having been made since the sitting'on Friday morning.- ; South British Insnrance shareß sold at jE2 145., Meat' Export shares, - third issue at £3,, Westport Coal at .■;£&' 19s;; - and Westport-Stockton at 9s. .'' The'market-Vis inclined to be quiet. : Sellers.:have again lowered their quotations .for Bank ofNew Zealand Ehares, and are now willing to accept's£B 135.; National Banks, buyers ,>,£s os. 6d.; sellers -j65 Is. 6d.; Equit<iblb; Building, sellers JJIO 2s. 6d. j Wellington Trust and Loan, sellers £1 ■ 75.; National Mortgage, buyers £3, sellers .£3 Is. 6d.; Wellington Deposit, sellers 9s. 2d. 1 ; Christchurch Gas, sell.irs £9 165.; Napier Gas; £5 paid, sellers. .£ls; Wellington Gas, £5 paid, Buyers-,£lo 10s., sellers ill, cum 1 rights; National Insurance, .buyers J3l 85.,. sellers £1 Bs. 6d.; Gear Meat, £i paid, buyers .£9 165., il paid, buyers., £2 95.; Meat Export, £4 paid, sellers £5, £2 12s. 6d. paid, sellers '-C 3 Is.; Manawatu Rails, buyers £2 lis. 6d., sellers £2 135.; Union Steam, buyers Jil 14s. 6d.; Wellington Woollen, sellers £3 ss. 6d.; Westport Coal, buyers .£6, Westport-Stockton, 1 sellers 9s. 3d.; Leyland-O'Brien Timber, sellers £2 7s. 6d.'; New Zealand.Drugs, sellers £2 lis.; New Zealand Paper Mills, buyers J6l' 2s. 6d., sellers £1 3s. 3d.; Tarpnaki Petroleum, buyers 2s. 6d., sellers 3s. 3d.;.Sharland's ordinary-and preference, sellers <£1.

THE MINING MARKET. Sales were reported yesterday of Waihi at '£9 Is. 6d. and Talisman at ,£2 Is. 3d. A sale of tie latter on 'change was made at £2 Is. >6d. The firmness of Talismans may be attributed to the more encouraging report emanating from Mr. Sigelow, the expert who recently visited the mine'on behalf of the consulting engineers. Yesterday's quotations were as under:—' Buyers. Sellers. . Sales. .£ s. d. £s. d. i 6. d. Talisman 2 10 219 /2 1 6 Waihi 3 1 3 9 2 6/ 9 1 6 N.Z. Crown ... ... — 0 4 2 — Big River ... ... 1 13, 0 1.14 0 — Blackwater ... ... 1 3 0 1 4 0 —

I THE WOOL'SALES! " The fifth of ,the series of London wool sales will commence .this evening, and it will be Borne time to-morrow before we know how the market opened. The general expectation is that values for some grades of wool will be maintained, with a tendency to weakness in the case of coarse wools. So far, we have merely the Bradford quotations,' and the Antwerp sales to give us an indication, and both are disappointing. The report from Bradford is that the market is quiet, and prices are barely maintained, and with respect to Antwerp, although there was animated bidding for all qualities with prioes firm, the fact remains that considerably more than half the quantity offered was not sold; 8885 bales La Plata wool, which, would be mostly crossbred, was offered, and only 3354 bales sold. There are other factors to be taken into consideration—there is the general trade depression, which promises to be. much worse during the next months than at any time during the past nine months/ According to the "Textile Mercury," Bradford appears to have lost its grip, for the timo being, upon a good portion of its American trade, exports. thence to the United States in July a falling off of 50 per cent., a greater \ shrinkage than in any month since the financial crisis in October. The record of shipments from Bradford to all parts is very depressing, and the year's returns are looking like £1,000,000 less than in 1907. The "Mercury" states that "American importers! are at present buying only 'from hand to mouth,' and this policy is certain to be followed for some months to come. Nobody speaks hopefully of tho future, and there is every prospect of buyers waiting to see what the promised legislation is likely to be when the new President goes to the White House. Owing to our present fiscal system,".,continues the "Mercury," "Bradford manufacturers (iave lost the power to talk to American importers in a business like way, and are therefore to-day. completely at the mercy of high protective tariffs, and the lessened business with the United States means Increased competition in Homo markets." Of the general outlook as it appeared during the first week in August, one authority says:— "In the manufacturing districts of this country the turnover in wool in its original state, as well as in tho form of tops and noils, is on a very reduced scale. For the present tho market is doing no moro than virtually marking time, and waiting upon event's. . Such' transactions as tako place are for the supply of extremely pressing requirements, to meet the need, the providing for which cannot possibly bo furthfir delayed. Accordingly, no,sooner is a deal concluded , than the purchaser'insists on delivery—an eloquent testimony to how closo consumers are running in the matter of supplies. 'Another point of importance is the manifest desire of users to keep in close touch with, the market, obviously with the object of being able to act .promptly the moment they feel convinced that further delay may be disadvantageous. In one very important respect progress has recently been made, namely,, in the ijarrowing down of tho difference between the price which holders have been demanding and the price which consumers are willing to pay. Very little now separates them, but as each side adheres stiffly to its own limit, the block to business continues 'operative. On the one side, dealers and . top makers as a whole are determined' to. avoid trading at a loss; on the other side, spinners and manufacturers maintain that the prices .they offer are the utmost they can afford, if they, are to get even the very leanest profit from their enterprise. Speculation at the moment there is none. No forward selling on the chance of any weakening in the value of the raw material, no desire to buy. in advance, in fear;of the possibility of a rise in wool prices.. This, of course, makes for' stability and the general

soundness of' the ;situatiori, and current rates are.fqr thq.most part firmly upheld, in.spite : of, ,the extremely: limited "amount of business do-' ing. Merinos of all qualities are- quite unaltered,'. so:'also, are-the fine grades, of crossbred, arid- it' is only'in the'coafso'Wts of the 'latter thair'a buyer:'can 'find (any '.dispti'Sition to ine'et him,.'.in. dealing; for a ijuaiitity-.on-prompt eash'ternis. Even in'such a case'the number of those, who, will submit to make a concession is ;foW'"and," as a ; rule, anything,: sol.d at. less, than 'the acknowledged current quotation is ; a' little off. the standard type', in ohe respect or another." ; .The Customs revenue collected at Wellington yesterday'amounted td'J64BB2 Is. Id. •" , LIVE STOCK SALES. Messrs. \Dalgety and Co., Ltd., report:—At Wangahni.V on September 23, we had a small yarding of sheep and godd entry of cattle. The sheep-consisted mostly of hoggets and sold well according to quality.. Cattle, especially store bullocks, showed improved prices all round. Some nine pens ,of store bullocks'from Martgamahu elicited good competition. We made a good olearance. -At Waverley, on September 25, we had a good entry of cattle and small pens of sheep and several lots of pigs. There was "irlatge" attendance, and we had a very brisk tale, a total clearance being made under the hammer.. All-classes of- cattle were in demand, aid sold'freely at. an advance on late rates. Pigs sold well. Quotations: WanganujMedium wether hoggets, lis. 9d.; small mixed hoggets, 10s. 4d.; forward 4-year. hillocks, .£6. lis.; 4-year bullocks/ » fair-. conditiftn, £5 18s. 6d. to >66 55.; 4-year bullocks, inferior, £i 195.; fat cows, to jCG 2s. 6d.; forward cows, ■ .£3 to .£4 165.; store coWs, 30s. to- 453. Waverley— Small'mixed hoggets, 9s. .' 3d.; tfnil hoggets, 65.; old ompty ewes, 45.; 3-yttr store bullocks, £5; 18-month steers, 475. 6d. 545., to 555.; weaner steers, 355. 'to '585.; springing heifer (Jersey; cross), ,£8 25.; others, £4, £A 55., to J!4 10s.; cows in calf, £i to £i 10s.; forward empty cows, J!3 1 13s. 6d.; store cows, £2 10s. 6d., £2 155., to £2 165.; mixed weaners, 285.; weaner heifers, 225.; sows in pig, £3 7s. 6d., ,£3 -155.,- to £i; young sows, 345.; light porkers, 315.; slips, -16s. 6d.' -<• • -•

THE FROZEN MEAT MARKET. (BT TKLEGEIPU —rttESS ASSOCIATIO'^—CorfItIGIIT.) Londdn, September 27. The Frozen Meat Trade Association's Sijiith.field market quotations for the undermentioned classes' of frozen meat are based on actual 6ales of not less than one hundred carcasses of mutton or lamb or twentyvfivi of beef of fair average quality. ; These quotations are not for selected lines, -■ but for parcels' fairly, representative of the bulk of the shipments ndiy oh the market Sept, 27. .Sept. 20. d. d. MUfTTON- .■ < . Canterbury, light ... . Notquoted. Canterbury, medium ... ' Notquoted. Canterbury, heavy ... Notquoted. North Island, best brands 3J — LAMB- .. ' V : Canterbury, light ... 5 7-16 ■ 5} Canterbury, medium ... 51 ■» ." 5 5-16 Canterbury, heavy ... 4$ 4J Dunedin and' Southland b\ 5 North Island Notquoted. BEEFNew Zealand fores ... 35 3J New Zealand hinds ... 41' 4J "RIVER PLATE. Mutton, light '3J 3} Mutton, heavy 3 3-16 3 3-16 Lamb ■'■<} — Beef, fores ... ... ... L -3} 3J Beef, hinds ... '4J . t 4} . COLONIAL AND OTHER PRODUCE. , London, September 27. Rabbits.—Market very firm; YuUng have advanced a shilling,each. ' • ' Hemp.—Market dull; prices unchanged. Copra.—Market active. There have been a considerable number of sales. .South Sea, in bags, £16 13s. Od.; iit bulk, £16 125." 6d. THE METAL MARKETS. London, September 27. Copper.—On spot, £60 7s. 6d.; tiireo months, .£6l 55.; electrolytic,: ,£62 ss. '• Tin.—On spot, .8133 12s. 6d.; three months, .£135. Lead, '.£l3 2s. 6d.

WELLINGTON SHARE LIST. : • . .. . Reserve a8 T ,'. M "f PRICES. , ' -'.i Yieia COHPAHY. W" a ?JaUta.Swl-S — to 2 Share « en kasfc Investor Forward. bnare * g Buyer. Seller. banks, £ " £ . £ ■ £ ■ £ £ s. a. £ s.,a. f t. a. £ i. a. hZonlf Ia ? d ::: :: .r '::: S »«g g $ g s e6 11® ; 5 » o INSURANCE. . :; , National ... M . ... 100.000 249,339 , m,im ,, 18 0 1 8* 6. :*i" 7 6 5 9 1 ? .1, 5 - *" i00.000 £96,674 * 8 ' J5 313 D 3 IS 0 314 • 0 6 8 1 ™ * '-ma*) IK,240 •? IS -2 13 6 215 0 .: 2 i* ? SU I ktajiaard ... - ... .. , 5i00u WiWi | g . g m 1 3 8 • j FINANCIAL. ' . ■ ' ' 10 2 6 Equitable Building ... _ H1 » ffl.sn > • Metropolitan Building ... „ b{Vbi 6 £ io WejlUigton invest. ... ... • . • £WW ) > '5.tJ0 •», : j ! 0 116 011 6 54 4 Wellington Trust and Loan ... ] 0 i lS s0 n,334. } 5 5 ° 7\7 0 .7 7 0 5 8 6 Rational Mortgage ... ... ... MM .'lM,7»d J J .5 3 0 C 3 16 • and JUver Hate •. ... • ... >00,00) ■ J nil 2 110'6 110 9 10 6- 5 6 0 Una ktid.MeroanuM ■ - ••• 'iss.aij sas,i*i .*} tj | 043 -.0 •*.; 3 1115 4 '/' OAS.' - Auckland .... .... \... w ~ .160,370 £5,463 . „ 15 10 0 15 9 0 510 0 Lurisuimircli' ... ... .... , ico.ociu: ti.vW ® Sir in 9 16 0 .9 J5 0 s a 7 tending ... ... ... ... ... u.ouu' sUi ? • J 10 019 6 010 6 UlBUoriie ... ... ... ... ... 17,300 10,£05 } ' -j, • J", .' 212 6 210 t 510 0 aawera... ,... , kita , . .. 1 : » u . «1 hew Plymouth ... .... la.OCO Mi4 J •.-«» ™ iJapier- ... ... ... ,. . * Jg- « 15 0 0 . ••• •••/ I 19,057 , 13,164 » V j£ . 3 7 6 4 13 4 ;■*!*' U '°® 2 i\ ' V 10 7 6 C 7 6 0 6 3 3 .Wellington. ... ... ... ... >• UJM) 10 . nil ' 18 7 6 • • - ••• ••• - ... , . s ,; 5" 10 1010 1 11 1 (1 ;1U 3 110 5 - 'I'', , HEAT. . ■ ' £.- z'-'f/.i ;sr'6 - 7W6.; Hear" . • . ' , ii.t4J 0 jo ml. 8 10 0 0 , „ •:...• ~ ~ ■ 1' isjtto'- -..ism 1 - nil 12J -2 9 0 2 10 0 . 3:9 0 S 2 0 .helliugton Meat"Export ." ? '4 ' U uj '0 16 0 9 16 0., 105.765 , 47.950 \ J 2 9 0 « 0 ' ' .ft'angauui -J" Z ' '-,16.125 . . •8,G«Tf 3 T° J J 0° ' 0 0 7 0 0 . TRANSPORT. , '' . ' ulSf!*?": •M 1 • '« » ««•« 918/0 2.9 0 . "mon bieaw. , • <> 5 6 0 0 6 1° 0 610 0.6 3 1 ,Vv tf ta.. b iWmFerry ::: -I" '.'1 .• J >#;» X . U ., # . 8 8 0 .COAU..', • •" :.\ K ' ~*J'- • . ■ ■■■ iV""' ? ; T T 0 •, p . ... ~~ - MM 1 - B ii T| 0 19 6 0 13 S 8 4 5 r'.-. . WOOLLEN. . - faJapo'- .., "l27.'765 1 ,'82.65i' j . .. -I, .... koigiei a«7 '.lijiU- 31. 14' -i .«*aS ' '• 1 - 1 , «; v '3" 5 • D '3 5,6 3 e" 8 . 1 'l 0 . MISCELLANEOUS. Bonagliy Eope... T -161 'l nn 6 130 Lcylana una O Brien • u.1.00 . 37,vn ,1 15 \ a 5 0 are : ::: -S- i I VIjJi. Cement . , ,„ r .,;U4d' .1 ' Su j il.'o ''}. 9 .0 ',1 a-6. * 50 - •" ' > tilW i 1 10 "31? r 6. llM 10 9 2 rrara ana uo. ....,.tO.UJO .4 n- in j 15 h 4 17 'fi " 4 it 0 ft s 5 Wgtn. Opera House it,tSO hWS 5 B u lii j"- ■ ■ , JVgtn. Freai food ... • ... ve,i6r 1 JJ} ,• -s - Wuuomte -and .I'smta. ~ &j,760. ' 24.1(1 '2J 24 15 : 4 8 '6 ' i lb'b fcharlaud, Ltd. ... / ... fc;tu • . u >m - j \ 8,6 ; 4 10. o ... ■ The above quotations sire taken from the daily official lists of the Welliiigto'i. Stock \ ' Exchange. ' •/ A .; .'