FINANCE AMI COMMERCE

Dominion, Volume 2, Issue 317, 2 October 1908, Page 10

FINANCE AMI COMMERCE

THE SHARE MARKET. At the sitting -of the - Exchange yesterday sales' ware reported of Westport-Stockton Coal (shares.,at '9s.,"and" of' Taranaki- Petroleum-at Bs. 3d. There is no strength in the market, and there, is no doubt .that/at present prices some ' share's yield a ■ very much smaller return than' (Cah'be'dbtained from : investment in other highclass, securities.' Bank'of New Zealand shares we'reon',\sale ;-.at-;-£8 ■ 135., with.no declared buyers; National Bank, .buyers £5 Os. . 9d., sellers; £5 lsy6d,;, Equitable Building, sellers . £10- 2s. ! '"6d.; 'Wellington. . Trust and Loan,' sellers-£7 75.; National Mortgage,'sellers £3 Is. 6d.'; Christchurch Gas, sellers £9 165.; National Insurance, .buyers £1 Bs.; New' Zealand Insurance, sellers. =63 145.;- Standard . Insurance, buyers £1 25., sellers £1 2s. Gd.; Wellington Meat Export, sellers .£6 lis., 6d.-, £5, and £3 Is. for the respective issues; Manawatu Bails, sellers £2 12s. 6d.f Union Steam, buyers £1 149: 6d.; Wellington Woollen, ordinary,, sellers J£3"ss.; p'referrate, 30s. paid.-seltos £1 7s. Mr; . Westport Coal, buyers £5 25.; Westport-Stock- , ton, buyers Bs. 9d., sellers 9s. 3d.; New Zealand Drugs, buyers £2 9s. 6d., sellers £2 lis.; .New Zealand Paper, Mills, buyers £1 2s. 9d., sellers £1 35.-3d.; Taranaki Petroleum, buyers 3s. 3d., sellers 4s. 6d. ; Sharland's, ordinary and preference, .sellers £1.: ■ THE MINING MARKET. Sales were-reported of Talismans at £2 3s. and>£2 2s. 9d., and Waihis at£9 2s. 3d..Othershares were unchanged. The quotations were as'under:— ■ , . •; . Buyers. . .Sellers.. 'Sales. , - '■■■ - £ s. d;. £ s. d. £ s. d. Talisman 2 2 -3- 2 3 3 .9 Waihi ... ... 9 1 6 9 3 0 9 2 8 Waihi G'd Junction 1 12 6 — . Tangiaro ... 0 0 8 0 .1 0 N.Z. Crown ... ... — 0 4 2—. Big River ... ... 1 13 0 1 14 6 — ■ Blackwater ... ... _1 5 .6 .1. 6 6 — - The Wellington Stock Exchunge has received from the Consolidated Goldfields,' Limited, the following telegram, dated Octobed • 1" Dividend, one shilling per share, deolared payable .October 31." . ... 1 SOUTH' BRITISH INSURANCE CO. The balance-sheet of the South British Insurance Company, Ltd.) for,the year ended Aug. '•ust- 31 -shows ,tfi'at. this.,, well-managed concern ■has' 'experienced' another profitable' year. The • net.revenue for the'.year amounts, t0"'£347,283 15s.- lid:, after making -full provision for-' losses outstanding,'there is a surplus in -the;revenue account of £44,431 6s. 4d., to which has to be added, the sum. of: £19,108 ss. 7d. brought ,forward:.- from; th'e ."previous year, making the amount at credit of profit and loss.,account £63,539 lis. lid., and' this has been appropriated as follows:—To dividend , of 3s,\, per share, equal to 30 per. cent. £30,000; transferred to reserve" fund, £10,000; written off leasehold properties, £360; written off. office ' furniture, £645.145. ; contribution to Officers' Superannuation and Provident "Funds, £3018 6s. lid.; leaving £19,515 lis. to be carried forward. , The -premium income ..(less reinsurances) amounted to £317,621, the losses paid and outstanding totalled £200,414, equal to 63.10 per cent.' ot the -premium' income; the expenses amounted to £102,438, equal to 32.25 per cent.',: arid the underwriting profit is thus £14,768 or 4.65 per cent; of the premium income.. This is very small'profit, and shows how unprofitable the insurance business is in New Zealand. The income from investments totalled £29,663, and this added to the-under-writing profit'gives the: net credit balance of £■4-4,431. .The reserve fund of the company now stands at £290,000; the, reinsurance reserve at £130,000;. reserve for, outstanding . losses, £71,100; investment .fluctuation reserve fund, £3032 55., and other small liabilities. The assets include Landed property, • £203,35G; loans on mortgage, £147,115; fixed deposits, £46,000;. stocks and debentures, £22,598; municipal and harbour board debentures, £51,900; Government securities, £51,522; cash in bank and bills of exchango in . transitu, £26,446; balances at branches-and agencies, £74,896;' and other small items, making the total £641,355. - THE MEAT TRADE. ' • The market for frozen meat-continues dull, and. the quotation for. North Island, mutton is H'shado lower than it was at the corresponding date a year ago. According to tho High Commissioner's cable, Canterbury mutton is quoted at'4Jd., and a year ago it was the same price. North' Island mutton is quoted at-BJd., against 3Jd. twelve months ago. Messrs. Dalgety and Co!, Ltd., in their report dated London, August 20, give the following :— , New Zealand Mutton.—The demand has fallen off, but prices remain unchanged, and prime light' carcasses sell fairly well at late quotations/heavy and inferior being still very hard tp'dispose'of. Mutton from the Argentine is so satisfactory, and it comes so much cheaper in price than New Zealand, that buyers naturally hesitate before paying the premium for the latter, arid some people hold that New Zealand prices will, eventually have to be reduced'in order to meet competition. ' Market in> General.—Owing to the British Exhibition, there are a very much' larger, number of people in London than is usual at this time of the year, but nevertheless the demand is slow'and dragging for almost all classes of meat, and it is difficult to realise quoted prices off the hooks. This is not a very pleasing prospect, and taken in conjunction with the drop in wool, means that farmers must be content with a lower range of values for fat sheep this'season. : The freezing companies are getting ready to - begin-'operations, . and it is expected that about the middle of the month the Hawke's Bay .concerns. Nelson's,; and Borthwick's, will commence killing. Last year the opening price for. prime, freezers was 175., .but this year it is hardly likely that the price will exceed 145., it is more; than probable that it will bo 13«. This difference of 4s. a head will make a shor.l-

age in the income of our farmers,, who must of necessity curtail expenditure.'' This will be troublesome, but it is inevitable,'and the whole community must learn this lesson of'ecoriemy. . . MEAT SUPPLIES FOR ALT A. . v The Department of Industries Imd Commerce has received from the LieutenanfcGeiieral Com-mander-in-Chief, Malta, a form of. tender'calling for, the supply' of fresh meat aiid' live cattle for army and naval services iri ; '(hat command, during the' period-, of' twelve- months from January 1,,1909. Tenders,-which should be rendered in duplicate, must reach■the offica of the Assistant Director of Supplies and Transport, Malta, on November 2, 1908. In tli6 event of a . tender from this Dominion being accepted, notice'of same will be cabled to the tenderer. : GERMAN MUNICIPALITIES. An'Tnferosting review, which has'- just appeared, deals with the participation of the greater German municipalities in undertakings connected, with the public welfare. Of the 58 cities in the Empire, embracing populations of over 50,000, the town councils of 56 control the entire drainage system,'have municipal gasworks, 88 supply electricity; 13 ;own waterworks, 47 control the oattle and .meat markets, 42 provide public baths,-'lO. run tram services, 16 have installed general markets, whilst. 22 build and let houses (most of- the 'latter, however, . ffre occupied b,v. municipal; employees). The total capital, value of.'-municipal undertakings,in German cities is estimated at from jeiso,o(Kl,ooo to -results are the most ..favourableinn connection with the city; gasworks, which,'taken-altogether, give an , annual profit of about £2,250,000, 'of which, -however, .£500,000 has ,ito be written off for interest on capital: outlay and■ depreciation. Electricity,, too, is a - very, paying .'proposition, showings a total .surplus of J8875,000, whereof £275,000 has to be written off. The waterworks pay a-dividend'of from 8 to 9 per cent. Markets, and tenements do not pay, ; whilst' public baths just clear ;themselves. : '. "• NOTES. ■ In the bankruptcy proceedings of the Solingen Bank, .Germany, it has been; proved that the deficit reaches nearly £150,000.v v' ---' ! The Government returns show .that in tho calendar 'year 1907. only 96,000' tons of pig iron were made- in the whole Dominion from Canadian ore, while 538,000 tons were made from foreign. The butter imports into the United Kingdom during July totalled 451,798cwfc,- against 401,039 cwt. in July, 1907, the increase being principally in arrivals .from Russia, Holland, France, and Canada. - - . • i , The imports of tallow and stearine into the United Kingdom during the.first seven months of 1908 amounted to 1,270,308cwt.j as against 1,369,325cwt. in the corresponding period of 1907, and 1,165,796cwt. in 1906.; J-:-- 1 The imports of merchandise info Victoria for the first eight months of tho year- totalled £10,650,482, as compared with £10,662,874 in the corresponding period of 1907. .'' The exports totalled £5,128,709, as against £8,338,707. . : During the month of July the Transvaal mines produced 584,450 ounces of . gold, valued at £2,482.608. The total is 929.-ounces above that for December,-1907, which was the highest on record. The total value of.tho Transvaal gold output to the end of July was £214,016,141, and the dividends paid totalled, £48,218,839. According to "Bradstreet's," prices reached their maximum in. America, at the beginning of; March last 'year, • when their' "index numher" stood at 91.3. At the beginning of June' that number had dropped to 178.2^-which was an average decline of 14.4 per cent. There was, however, a rally of about 1 per cent/ in June. In the first quarter of the current financial year, the revenue of the German Empire showed a shrinkage on the estimates of £2,800,000. The depression which prevailed in all branches of trade naturally led the authorities ';to expect some reduction of income, but ' not such a serious one. The Revenue Department, meanwhile, is placed in the difficult position of having to find .means to cover this large unforeseen diminution besides having 'to discover a method of taxation which ; will.cloar off. the large deficit already taxing the Imporial resources. , . • Tho Customs revenue collected- at Wellington yesterday amounted to £3934 lis. Id. • LIVE STOCK SALES. /•, Messrs. Dalgety and Co., Ltd., report that at their Palmorston salo yesterday, they had a small yarding of sheep and a; very fair entry of oattle. Nearly all lines were ; qui. ttdd under tho hammer. Store wethers made 135.-3d.; mixed age ewes with lambs at foot, 15s. Bd.; mixed fat ewes and wethers, 14s. 6d.'; store.cows, S4s.; yearling heifers, 20s. to 265. 6d.; yearling steers, £2 :Bs. Cd.; . 18-months heifers, 845.; mixed weaners, 17s. 6d.; 2-ycar steers, £3 55.; mixed yearlings, 335. 6d.; forward cows; '555.; 2}-year steers, £3 15s. 6d. v The New Zealand Loan and Mercantile Agency Company, Ltd., Palmerston North, report:—On Thursday we ihad a. small entry of sheep and a'good yarding of cattle., Prices were good all round, and buyers wer« present for all classes of cattle. We . quote;— Cattle: Yearlings (small), 195..6 d.; yearling heifers, 235. Cd. to 275. 6d.; mixed yearlings, 335. Gd.; empty heifers, £2 6s. to £2 9,5. 6d.;.forward cows, £2 9s. to £2 145.; yearling steers,. £2 75.; 18-month steers, £2 15s. Gdl; 2-year.steers, £3 55.; spring-ing-.heifers, £4 to £5 25.; .fat forward bullocks, £6 15s. Sheep: I''at ewes, 13s.hoggets, ■lis. 6d.; cull hoggets, 4s. 9d. . .

STOCK EXCHANGE, (or TELEGEirn—phess association.) Dunedin, October 1. Stock Exchange sales:—Blackwater, 2s. j Union Steam, £1 Ids. 9d. HIDES MARKET. (bj ißLieaiPH—miss association—combust.) . (Rec. Octobor 2, J. 3 a.m.) Melbourne, October 1. In the hides markot there was good competition. Kips and inferiors were a shade easier, other were firm. NEW ZEALAND SHIPPING CO. (Rec. October 1, 11.35 p.m.) London, October 1. The New Zealand Shipping Company declared a dividend of 5 per cent, and carries forward .£15,508. LONDON WOOL SALES. London, September 30. At the wool sales there is good competition. The opening priccs are being maintained. The Department of Industries and Commerce has received the following cable from the High Commissioner, dated London, September 30, 1908:—"The wool sales have commenced, the attendance and competition being satisfactory. America and the Continent are bnying and shipping suitable lots. Best wools realise the same prico as those ruling at close of last sale, inferior qualities being a farthing lower." Messrs. Abraham and Williams, Ltd., have received the following cable from London, under date September 30:—"The sales have opened quietlv, with large attendance of buyers, and there is a good demand for all kinds of crossbreds. Prices for superior crossbreds show no change from last sales, but inferior wools show a decline of from par to 5 per cent." METAL MARKETS. (ET TELEGRAPH —riiESS ASSOCIATION—COrTRIOnT.) London, September 30. Copper.—On spot, .£59 155.; three months, , *260 lis. 3d; f Lead, JEI3 3s. 9d. WHEAT. London, September 30. The American visible supply is 17,965,000 bushels. THE TALLOW MARKET. The New. Zealand' Loan and Mercantile Agency. Company, received from, their London, houso, , the. following cablegram, dated September 30:—"We quote present spot values for the ' undernoted description of tallow:—Good mutton,'34s. fid.; good beef, 325. 3d.; mixed, 30s. 1 3d.. Market 6rm." ' ■ FROZEN MEAT MARKET. (BY TBLROtIArn—rnF.SS ASSOCIATION.) ■ Napier,' October 1. The Colonial Consignment and Distributing Company cables .general .tone of the frozen .meat market is weaker, and'the value of mutton and beef has declined. ' To-day's quotations :—Best ; Canterbury " mutton, 4d. ; Napier, Wellington, l and' North Island, ■ 3}d: Lamb—First, sJd.'; second,. 5Jd. Beef—Hinas, ii.; fores,-3Jd.

WELLINGTON BHASE LIST, Deserve" og r . s PRICES. viola rnupm ■ Capital- Fund and 5 ', Si- to Paid Up. B&Unco ■aagjjgj,® c .. . Lost Investor , Forward, k Bnare ' H g Buyer. Seller. ., gaio, . BANKS, , . j> ■ . j>: £ Bl d. £ s. a. £ «• d. £ 8' d* ;••" He* Zealand ... M . - s.cm.OOO MM' 51 8 13 0. • -Rational ... ... ... ~ : &75.000 Stfjl,363 j|. 15 j° 5 0 0 5 1 6 5 r 1 ft 518 9 ' INSURANCE. . National ... ... ... ... 100,000 .249,330 , nll i H „ 180 186 1 7 ; 6 5 91 Hew Zealand ... joo.OOO' 196,571 . J nn B ltd ' »• 313 0 3 11 0 3 14. 0 5 8 1 bouth British ... • ... ~. ••• sco,UM . 43a,)!10 .. f Ji ffl 2 13 6 2 15 0 .2 14 .0 [11 1 btondard ■ „• ••• V&.00U u,38> | gj jjj 1 2 0 U 0 2 :6 FINANCIAL 1 Equitable Building ... -j ,,. £0.000 48,242 ' r m 10 2 6 taetropolitan Building .... - iri.ooo M48 ,5 nil 7 1 j'..Wellington Invest. ... £0,000 : . 6A50 10 , 1 £ 0 116 Oil 6 6 4 * ! Wellington 'ituat .and Loan ... 101,250 11,331 1 ' «' S , 7 7 0 7„ 7 0 6 8 6 National Mortgage too,000 1»,?« £ 8 in 3 0 0 3-1 6 W.Z. and liiver tiate ... ... too,300M6aM' ? nil n 110 6 110 0 1 10 6 5 5 0 Uan and Alercautiw ». .,. jjfcaj; bl5.1W j ba 5 0 4 3 0 4 3 11 15 4 - '■ ." .cAs,.'- y,.';.■ ' ■ ■ . : ; . . . 'Auckland 1E0W0. £6,463 - -H „ . 1510. 0 15 'V"'o" 510-0 uiristcnurch ... ... ... . 100,000 tb.blT f „ii; ii 9 16 : 0 915 0 . 5 2 ' knitting ... .... ... . li.ooo . .Ml ? ;■ nil 019 6 010 6 -.'tauoome ... .... ... ... ... . 17,SCO' '10,565 J. 2 12 £ 2 10 0 610 0 . aawera ... ... ... ... .- fc.250 : .; -birt • V } ™ : l\uw riymouth ... , ... 16,000 ..... WW - J - -n* -X Mipier ... 1 .... | ' . £ Jj ' 15 0 0 . . , ,»• - - ••• J 49,957 53,184 . 6 g ;.j 7 .6; .4 13 i talmeraton'Hort'h ~ - Z •» 27,000 11.092 41 - 9 j Jo 7 6 C • ' 7 ; .-6 0 6 3 3 1 ; e • "" 1 121,670' . 'il.Vaa 10 nil 10 18 7 6 . < . 5 .5. ]0 1° 10 0 U 0 . 0 -ll.J'1,,; 3;: 4 10 5 H-V meat.'' • & s s i i! ,;h Hi . , » Z'\ yAOOO lb.161 1 nil 12} 2 0 0 a 10 0 - 2 0 0 5 3 0 : • v .V?ellin'gton Meat Export ... ,.. , . i V 124 9 16 0 : 105.766 17.950. \ . ?'* | : | ; ;'l6a25 _- : 8,616 {j 3 ° ° | o 0 3 ° ° " " : . TRANSPORT.' ! W. and M. EaUway ..'. .,. ... no.OCO 121,152 , . , 7 2 n 6 '212 6 " <j' n'n >- A amppins - 473.M0 liu.Vod J . n t I e 9 0 J io 0 Binn 6 3 1 . ■■vjii.ion.buauu v . / r.„. *) ■« & g 1 " S 0 6 1 0" Ferry , ; ■ ib.soU i •. tS . :J jJU f 017 6 J - ,;.C0AL . • • .Westport .. _ ' SEO.OOO 1E7.431 ' 8 j jj: 12 , 6 2 0 6 > 3 0; • °. . 7 ■ ° , , laupTi ...• ... - T15.1XW' ' V.UO ? B l ' 019 6 q 18 .3 8 4 5 , WOOLLEN. \ ' Kaiapo* „ «. .. ... ... 127.765 32.651 6 _ u 7 • ' , ... Uoigiei,, . „ . „ 'S3,157. HAU M 14 4 - ■Wellington ... ... ... ... . 14,625 Ul.uo 4 1 . 6 3-5 0 3 6 0 .J.i 0 / . HISCELLAMEOUS. V,.' ! ' Donaghy Eope ...'. . .„ „, 181 1 „n 6 .. , 30 Lcylano antt O'Brien , ... ... cS.OOO 37,'ibl 1 nil is a ? 6 "i?" ;"r: \l -Sil \ . io,0.-; ... 'i si} :? in 6 8 °; H.Z. .Cement --... r,-mew:. 2,mti 1 mi 1 • ■ • 1 «■ o ...r-:s s' i ' ! ; • r-::«-« h /.f | u e u^ :mb . 3 z • ; '? J\ *.«> j;o . i • i-.-J. 7 ."'Tbe' above•• qvotatloiis sn- .taken'' from rthe daily gfioial lists of the Wellinfton Stoek •' 'iY C"-, Exchange. ' : •' •..