FINANCE AND COMMERCE.

Dominion, Volume 2, Issue 319, 5 October 1908, Page 10

FINANCE AND COMMERCE.

• THE SHARE MARKET. At the sitting of the Exchange.on .S&Qirjiay a . sale of : Wilson's . .Cement preference at £1 ■ 19s; Gd. ciim dividend ivas repprte"dJ. :'vTh"e. market' was quiet,; ■ with' more' sellers than buyers. National Bank", shares, buyers .65 : os. 9d., sellers -£a: 25.; - Equitable Building, sellers, <£10' 25.'." Gd.-; •' Wellington' lis. 6d.; Wellington Trust and Loan, sellers,, JW 7s. ; ;National Mortgage,V b'U^crs' v A3^, ! seller's • S3] Is. v 6d.;: Christchui'ch ;Gas,. sellers, '5-9 16&; Standard .Insurance,''sellers, «£1.125. fid. ;,Mc'at Export,, sellers, ■£&.' lis;, '£5.;' and -~£3> Is. 1 ; for the Manawatu-Rails,- sellers,. £2 12s'.;'Union' Steamship';, buyers .£l'.l4§. 9d.v sellers Jei 155.'3d.; Wellington .Woollen, sellers, JE3 . 55.;. Westport Coal, buyers, ,£6 2s. 6d.; • WestportiStocktonf.Goal,* sellers;'os;. 3d..j?®.l!Gf prpference r "sellers, .fl -2s; ;6d.-; -N-Z.;Drug, (sellers, <£2115.; 'N.Z:"Paper Mills',:'buyers" ,£1" 2 s:'10d., sellers ,£1 3s. 3d.; Taranaki Petroleup], buyers,3s. Gd., sellers 55.; Sharland's, Ordinary and; preference, "sellers; tEI. THE MINING MARKET. ' > 1 There was no business reported ;in*'mining' shares, and the quotations show no change:— • Buyers. Sellers. ■ .£ s. d. £, s. d." Talisman .'..2 16' '2 2 6,' Waihi , ... ... ... 9 0 6 9 2 6- • Waihi Grand Junction 1 U 0 115 o'■ Waiotahi ..." ... — o'3 0 Tangiaro ... ... .0 0.8 0 0,11 N.Z. Crown ■ ... 0 1 2 .'Big Hirer ... ...113 0 114 6 • Blackwater. . ... 1. 5 0 1.6 0 WHAT IS A TRUE, RESERVE FUND? ' In the August number of the "Financial;. Re -: view of Itoviews" there 'is /an article unde'r the above.'caption,, by. -Philip .Tovey,:, whiqji should .be .read and. studied Vby directors and others interested in the managemeht of joint stock companies. At ,the ; outset the iwriter raises the" point ..whether it would not -be advantageous'.to the investor if the -State, augmented the often doubtful prudence of the directors of joint stock enterprises by- compelling. th,e formation'.of a -reserve fund.. In France, Germany; and Belguim, joint, stock companies, must'contribute a suni equal to 5 per cent, of their profits towards a reserve fund, until such reserve equals 10 per cent, of ''the • company's capital; In Italy the law-enacts that this fund shall receive 5 per cent. of. the profits until it equals 20 per cent, of the company's capital. : ; : Mr. Tovey then goes .on to . say-.—"The reserve fund of :a public company is merely the equivalent in the world of finance of the household 'stocking:.; It is an emergency fund, aij insurance against the ways of fate. For there is an apparent errnticisra 'in the affairs. of men which mathematics cannot calculate, nor .wisdom foresee.- No. business,man will require this . point laboured. He knows from sternexperience' that, it-is the unexpected , which happens.' The most surely laid plans may. fail before a concatenation Of disasters or the widespread ruin caused by an 'act of God.' . ... . In fact, the\ whole category of unpredictable commercial ills—strikes; lengthy i cycles of depression, financial panics, "political animosities,' and war—emphasises the necessity for an;ainple; and readily-available reserve. The health;of a company is-dependent-' upon the quality and availability of its financial resources, which represent the life current's' of its system. As in the hour of sickness the patient who possesses a large store of reserve strength has a; more- excellent"chance' of successfully emerging- frpm the trial/ so, iihi periods of financial 'depression, - that concern which has accummulated a store of .financial strengh in.days pf prosperity will more readily recover from the shock of adverse fortune.','* ■ j;, THE TKUE EESERVE FUND;. :.:.:' vl

'The true reserve fund,"- continues. the writer, "is formed by setting aside a. portion, of the .net profit- for the purposo -of' infeetiii'g' contingencies. It is important;,to note that the sum reserved is set apart out of profits otherwise legally .distributable' toVthe' shareholders. It is thus . self-restraint on .the part the'proprietors—the deliberate.sequestration of.earnings at.tlip prudence. .Further, the contingencies the'lreservti' fund is designed to meet must not be 'of?the nature of expenses ..incidental^::to"' tho.business, and chargeable ..-against,!; the-.-.profits.r.of- : the; year: These principles are so often transgressed that too. much stress- cannot be laid.upon their observance.. -Let- -us state—them—.definitely-:—(1)-There can be no true reservo except that .which is. formed by out, pf.net .profit; and (2) there can be no net profit until--all expenses and Josses incurred? in' producing revenue have been duly provided, for. Now these exponses and losses are of many kinds. They pertain not ' only. jfp : the. obvious Expense's' if: production and 'fo-'the machinery and plant, whose working life is shortened, in the process; to' the buildings, which gradually decay,-arid tothe: leases, patent .'.rights, and coffcfssjons,-'.whiph',automatically'.'diniiriis!!,! in value .by ■ effluxion of, time.; Such u assets,' therefore,, should, be. consistently, written/.downannually- by .ascertained on: the basis of dividing their cost by the. number' of years of . 'life' i .they, possess,. ;;or„ .more,, scientifically, by means of a sinking fund actuarially-,cal-culated. These ' amounts represent depreciation. 'i'hey must .be churned against the year's trading tint! deducted from their'.' respective hriore the net profit is arrived,at!''..." ' . PSEUDO-RESERVES. - : , "-Th'a amounts tliiis ; written off are'-frequently oarried to the balance-sheet on'the ' side of which t'-.oy are accumulated-under such headings 'as 'Leases Reserve-; Account,'- ,' Machinery and Want Depreciation Account,' 'He'netvals Reserve,; :' Buildings . Depreciation Account,' and so on. The investor, observing; them, congratulates himself on • the ' way- his assets are being .safeguarded. .The larger .the so-called 'reserve'' tho greater is his satisfaction. The Simula truth is that the creator

such' reserves . the less' are his assets. For. at .best $ey;;dffilrat-;serve to'sliow.-how far th& . company's officials' the.'need for . preleases will expire^-their*'machinery .be ' scrapped,' arid -their premises require rebuilding. . It is clear that all reserves which merely have as their -aUeged-oLject r ttie~upkeep of the company's efficiency as. a; revenue, producer by, the; replacement ..if/., worn-outparts' ' are s pseudo-reserves. of her children, but the.reis fl wide.difference, between sapierici rind, that; cheerfulness of spirit which attaches .a cash value'to,;mere optimism." ' THI3 "CARRY FORWARD." >" Shareholders are sometimes reiriinded by . anxious ; to explain the; absence of a ;resery£/furid.,-that 1 , the. accounts .show a large JiCairry ..forward.. ; The company, they say, exeroises 'a wise, restraint,..abstains ,'from dividing all it's available profit and leaves, a substantial sum' to he credited to .the revenue account of the., erisuing.; year. . Now it ~is not contended ;jhat, ..this-. policy st i's ''without merit; but a 'carry forward''is at. bost .but. an unsatisfactory subsitute for a true reserve. The placing :bf...a;.sum,.'to -reserve is usually decided by the board under, powers contained in the Articles of.-Association;,lt is transferred from the profits arid duly appears in the balance-sheet under, its new; title..—lt- tKere -form's. part : of an amount which represents the savings.- of tlie companv, and.any sum withdrawn from it to benefit another account is instantly/apparent, .and, the result is that no board '.would drearii-of .diminishing the company's reserve without explanation. But it is otherwise with, a ' carry ■fqrwatd.' It merely passes,to the credit'of tho revenue account of the - succeeding year. It is added to ,the profits of that, year, and is sometimes set off against" the ordinary ■ current expenses." , .. ' THE RESERVE FUND. .' . "The item 'Reserve Fund' iri a .balance-sheet may. be created by the pen: of. a bookkeeper .acting upon authority; the . real point, is as' t'ft. the form in which/the reserve is retained peijding tho call upon its services... Now the .reserve fund must necessarily be represented by assets—real or,, fictitious. . F.or since, the totals under tho respective headings of' Assets' and,' Liabilities' are exactly .equal, any amount : appearing on the; one s.ido; of .the balance-sheet must have its equivalent counterpoise on the .other. Thus the item 'Reserve Fiind;' which finds a place among the 'Liabilities' (it being regarded as a liability to shareholders), is balanced by 'Assets' of Similar amount. The question is in what assets?" The writer takes the last balance-sheet of Bovril, Limited, and shows iri an analysis that the whole of the ".Reserve."- upon which the company relies is locked up in such assets as stock,.of raw material, stock of advertising material,: tablets, show-cards, advertisements unexhausted, balance of goodwill,, trade-marks,, pat.ent rights, and balance of book debts. "This," he says, "is a typical case of reservo fund ' invested in the business.' In the event of an emergency .the company inust; either sell off its stock; at ruinous-prices, and thereby: vitally injure its trading. capacity, or raise money in-other; ways.' The principle is unsound.' A reserve fund to be effective must be hold in assets which, are independent of the fluctuations of the business -it is intended'.to, safe'-, guard. It must be. available at' the moment of need,'-not sunk in assets wh'ioh,; valuable as they may be in periods of ordinary trading, aro rendered, worthless in the hour of crisis by the crisis itself. -All sums passed to reserve fund should be invested separately from the business in readily realisable securities of undeniable .excellence." It .would be liiir.d to find a'\Ncw Zoaland joint stock company with a true reservo fund such as is here described.

AUSTRALIAN KODAK .COMPANY. ' The . AustraliTn" ICodak, Limited, has been formed with a capital of .£150,000, ill Jcl shares, to acquire the'manufacturing, portion of the business of Baker and Rpuse Proprietary, Ltd., manufacturers of and dealers] in photographic, goods, at Abbotsford, near Melbourne, with all rights thereto, together with the sole agency fbr'-Au'stralia and New Zealand of the Eastern Kodak. Company of New . Jersey, Kodak, Limited, of London, etc., and the trade-mark "Kodak." Messrs. Baker and Rouso-Proprie-tary receive. 71,900 shares, plus the value of assets over POO, and tile Eastman .Kodak Company, apjily for the remainder of the shares to be paidr for •>& cash. Buildings are being erected ;at a cost of .£25,000; and Baker and Rouse will bo the wholesale distributing agents ..of. .the company in Melbourne,' Sydney, Adelaide, and Brisbane. The arrangement , will, it is enable Baker arid Rouse Proprietary to reduce,the prices of kodaks,, films, etc., to English list prices. ' . SHIPPING. LOSSES. "The reduction'in the world's shipping last year by.O wrecks, collisions, breaking up, etc., amounted to 851,221 gross ■ tons, as indicated ' below .1900. ; 1907. No. Tons.., Np. Tons. Steamers-••'•••• 378 509,707 396 . 565,119 'Sailers ,r ' 51i7 307,105 ... 512 280,105 915 . 810,812 ... 808 851,221 Tliis excludes vessels, under 100 tons'. The actual '(looses : qf,; sfefimers by wreck- ,are ;diminishing, and. those' m tho British mercantile marino 'compare" very 'favourably with .those of other nationalities. Tho percentage of steamers lost by the,. United Kingdom during 1907 is, 1.09, while the average of the percentages for tho ..next, six-countries is 1.43; as regards sailing vessels, the'percehtages are 3>35 'for the United Kingdom, and 1.03 for the other. Six countries. NOTES. . :'-»Pfficial' statistics show that-of all the companies established in Norway in the years 1904, 1905, and 1900, about the half of them were shipping-companies*. namely, 22G in 1001. ISA in 1905. and 187 in 1906.

The chief exports from the Argentine Republic for the seven months ended July 31 were as follow:—101,100 tons frozen beef, 40,900 tons frozen mutton, 10,700 hides, 101,000 tons wool, 381,000 tons oats, 851,900 tons linseed, 1500 tons butter, 25,900 tons tallow, 15,100 tons barley, 926,600 tons maize, 3,087,700 tons wheat, 73,000 tons flour, 118,300 tons 145,400 tons quebracho logs, 20,900 tons quebracho extract, and 18,900 tons hay. The total quantity of exports for the seven months was G,081,200 tons, as compared with 4,520,000 tons for the same period of last year, or an increase of 31 perjeont. The New York "Commercial and Financial Chronicle" estimates.roughly the world's output of gold in the first half of this year at .£41,556,000, or at ,£681,000 more than in the first half of last year. But tho African production by itself increased £1,400,000, so that there, was some shrinkage in the output of tho rest of the world. However, these figures .will doubtless bo subject to a good deal of modifi-* cation later. Three-fourths of that gold appears to have found its way into the stores of tho leading banks. - An interesting paper on "Rent Insurance," by Mr. W. Mitchell, was read at the Insurauco Institute of New South Wales, on September 21, and also in Melbourne and Brisbane during the current month. Rent insurance is not much understood in the Commonwealth, but in case, of .fire the insured is not only covered in tho' loss of property, but also on the loss of rent, or its Equivalent. The regulations in many countries in respect to such insurance were set forth clearly, and the differences pointed out. The board of the Royal Bank of Australia has decided to make a new issue of 100,000 shares of .£1 each, at a premium of 2s. Gd. per share.' The last occasion on which capital was increased was in December, 1906, when 50,000 shares of £1 each were offered to shareholders at a premium of ss. per share. On that occasion applications were received for over 90,000 shares. Allotment was then in the proportion of-one share for every three held. In the caso of the present issue, shares will be first offered in the proportion of one for every two held to shareholders now on the register, and any shares not applied for by present shareholders will be dealt with as the board may deem best. The directors state that since the bank's capital was increased two years ago the business of the institution has progressed so much that they can see their way to profitably employ additional funds; and, in view of the strong demand for money, they consider the time opportune to make this further issue. The consumption of salt in India now exceeds 1,500,000 tons annually, and until 1903 the duty collected thereon • reached being equal to 2i rupees per maund of 82Jlb. In March, 1903, the duty was reduced to two rupees, and in March, 1905, to 11 rupees, and this has brought down the revenue to .£4,400,000, in the face of increased consumption; of . which about .£1,300,000 is obtained in import duty, £2,900,000 in oxcise on local production, and the balance on sales of Government salt. The salt duty is one '.of the few ways in which the niitivo is taxed, but the average impost is only about 3J-d. per. head per annum. The statement of accounts of • tho Adelaide Steamship Company, limited, for the year ended June 30 last discloses a net, profit of i£51,850, as. against ,£49,890 for the previous twelve nionths. An interim dividend of ss. per share, which was distributed in March lasr< absorbed .£25,359, and the balance at credit of profit and. loss account, after providing for depreciation, etc., is .£29,472; A dividend of ss. per share'on the second half of the year, had been declared, and ±'4113 is carried, forward. There liave . been increases of. <fil4;ooo_'.in tho' insurance account, arid ,£17,000 in the repairs and renewals account, whilst sundry creditors and passages (Unused tickets) represent .£100,469 more, than at the end of the previous financial year. On the assets side, steamers, hulks, lighters, plant, etc., show an advance of. JG1C0,261, due to additions to tho company's fleet;:. freeshold, properties, wharves, and shares in other companies aro ,$77,216 less, and sundry • debtors,, agents' balances, bills receivable, etc.', show a reduction of «E123,707. . CUSTOMS RETURNS. .; . Last week the Customs revenue and beer duty collected at Wellington amounted to .£18,609 Is. Bd. and .£298 6s. respectively, while for the corresponding period of last year the returns were (revenue) ,£16,312 2s. Bd. and (beer) ■£199 10s. The Customs revenue collected at Wellington on Saturday ! amounted to ,£936 16s. Sd. WELLINGTON MARKET REPORT. ■The Now Zealand Farmers' Co-operative Distributing Co., Ltd., report as follows Maize, 4s. Gd.; .wheat, fowl, ss. 2d.; barley feed,. 4s. 3d.; barley, Cape seed,-4s. 6d.; maize, crushed, ss; oats, 3s. to 3s. 2d.; oats, duns, 2s. 9d.; oats, discoloured, 2s. Gd.; oats, crushed, 3s. 4d.; oats, seed, duns, sparrowbills, Gartons, 3s. 3d., Algerians 4s. 3d. to 4s. 4d. per bush. Ryegrass, perennial, ss. 6d. per bush.; hay, ±5 10s. per ton; straw, £3 ss. to ±3 10s. per ton; pollard, £1 10s.; bran, .£6 per ton; sucrosine, £7 per ton; linseed oil cake (genuine), 15s. per cwt.;' prime oaten slieaf chaff, ,£5 to .£5 10s. per ton; potatoes, table, .£5 to. J!5 10s. per ton. • Seed Potatoes, specially-selected Canterbury Up-to-Dates, ,<£6 10s'.; Canterbury Derwents, £5; Victory, .£5; onions, Melbourne, .£'l6. Butter.—Separator, Is.; milled, lid ; dairy • patsi lid. per lb. Eggs, fresh, Is. 2d., per doz. Honey, GO's, 41d. .. Bacon, sides rolls 93d., hams 9d: per 1!). Porkers, 70's to 'JO's SJd., 90's to 100's 5Jd., baconers 5d., choppers (heavy) Sid. 'to 4d. per lb.; beeswax Is Gd.; fungus 4Jd;; walnuts, 4Vd. to sd. per lb. Cabbage, Gs. to Bs.; cauliflower, 3s; 6d. to ss. per sack; swedes, 2s. per cwt.; green peas, 2s. per peck; rhubarb, ss. per doz.; carrots, table, 4s;; carrots, horse; 2s. 6d. per sack. Apples, dessert, 12s. 9d.; apples, .cookers, 10s. Poultry.—Table roosters, 4s. Gd. to 55.; cockerels, 55.. to Gs.; table liens, 4s. Gd. to ss. Gd.; ducks,' 7s. Gd. to 85..; geese; 7s. 6d., all. at per pair; turkey gob'blers, Is.; hens, 10d.,- live or . dead weight. . ■ LIVE STOCK SALES. Messrs. Dalgety and Co., Ltd., report that at their Feilding sale yesterday they had a fair entry of sheep and cattle. Medium mixed hoggets made 10s. ;• cull hoggets, Bs.; ewe hoggets, 12s. 3d.; 2-year steers, bad colours, £2 155.; yearling heifers, 235.; 18-months heifers, 355. Messrs. Dalgety and Co., Ltd., report on their Levin stock sale as follows-Any. extra good yarding of sheep sold readily under the hammer at the following rates;— Fat and forward .wethoj's, 14s. :ld. to 165.'3d.; ewes and lambs, 14s. Bd.;' 4-tooth wethers, 145.; hoggets, 125., lis. Id., 10s. Bd.; fat cows, JEB Gs.; store cows, -£l to iO2; low-conditioned steers, £2 Bs.; weanors, 95.; mixed 18-months cattle, 365. The New Zealand Loan and Mercantile Agency Co., Ltd., report oh their Feilding sale as follows:—At Feilding on Friday we had a medium entry of sheep and a small entry of cattle. 'Hoggets were a little easier, but most lines were quitted, and only two pens were turned out unsold. Quotations.—Hoggets, from 10s. Id; to 10s. 3d.; forward l wethers, 15s. Id.; fat do., 16s. 3d. Cattle.—Cows in calf; £'i 2s. 6d. to ,£.3 10s.; springing cows, .£r> to £5 10s.; 18-months' heifers, 325.; yearling heifers (small), lGs.; 21-yca'rs steers, £3 3s. ■

Messrs. A. H. Atkinson and Co., Ltd., report.—On Friday, at our weekly sale, we had a full yarding of pigs of all classes. Competition was keen, and a clearance was effected at satisfactory prices.' Only a fair entry of poultry came to hand, for which the demand was good. The supply by no means met tho demand, and intending sellers would do well to' send their surplus stock of birds to tho sale. An average entry of produce met with a fair demand. Quotations:—s-year-old-saddlo mare arid saddle, i! 10 155.; aged gelding, £8. PigsSuckers, 12s. 6d.; weaners, 14s. Gd..j slips, 145., 10s.; 175., 18s., 18s. Sd;, 18s. Gd., 19s„ 19s. 6d„ 215.; stores, 225., 225. Gd., 255., 31s. ;6d., 385., 435.; porkers, 345. Gd., 375., 38s. Gd., 41s. ;' sows, empty, 295., 315.; sows and suckers, 465., 505., 555. Gd.,, 625., Gss.' Poultry—Hens, 25., 2s. Bd., 2s. 10d.; roosters,.2s. 9d.,'35. 3d.; ducks, 2s. id.', 2s. 7d., 2s Bd., 35.; turkeys, gobblers, Bs., 9s. 9d. (all at each). Produce—Potatoes, pig 45., eating 95., 10s., lis., lis. Gd., 12s. Gd., 14s. per sack.; horse carrots,'4s. 9d. sack. At the Paliiatua mart weekly sales, pigs were in great demand, and prices'showed .'a marked advance. Weaners sold a little better,' and suckers brought 14s. Gd., 165.; others, 16s. Gd., 18s.';, slips, 205.; stores, 305., 38s. Mr. Newton King supplies the following market report :— At Raliotu on Tuesday the yards wore full, arid there was good inquiry for all classes store cows and springers selling especially well. Heifer calves .to yearlings made . 18s. to 295.; mixed yearlings, 21s. to 305.; steer do., 30s. to 325. ■ (id.; 2-year empty heifers, 425. to 445.; springing heifers, .CI 7s. Gd. to JIG; cows, 12s. Gd. to ;£B. ' At Stony River on Wednesday, the yarding accommodation was taxed to the utmost, and thero was a large-attendance. Competition was keen from start to finish, and .nearly everything sold at advanced rates. Calves made 15s. to 235.; mixed yearlings, 2Gs. Gd. to 295.; heifers, 2Gs. to 2Ss. Gd.; steer do., Gs. I'o 135.; 2-year empty heifers, 41s. to 475.; 3 to 4-year forward bullocks, .£") 7s. to ,£'6 2s.- Gd.; rarmfiiuc heifers, £3 Us. Gd. to £5 95.; sprinE-

ing cows, .£4 to .£0; fat cows, to «£-t. 10s.; store do.,' J!2 3s. to JC2 10s.; forward do., •£!) to .£3 lis. ' At Waiwakaiho on Thursday thoro was a good yarding, and bidding was brisk," nearly everything being sold at the hommor. Mixed yearlings made 28s. to 325. (id.; steers, 375. to 415.; heifers, 295. Gd. to 31s. ; 2-year empty do., •15s. to ISs.; store cows, 435. (id. to 505.; springing heifers, J!3 10s. to JM 12s. Gd. ;■ springing cows, JJ3 10s. to oCS 10s.; fat cows, .£5 10s. to .£6 15s. ' DREDGING RETURNS. (8i TELEGiurn—rnr.ss association,) Dunedin, October 3. The,following dredging returns aro to hand:— Waikaka United,- No. 1, 300z.; No. 2, 21oz. 3dwt.; Rising Sun, 550z.; Rise and Shine, No. 1, filoz. 7dwt.; No. 2, lb'oz. Tdwt. Reefton, October 3. I'actolus, No. 1, 250z. 15dwt.; No. 2, 19oz. ; Callaghau's Creek,. 360z.; AVorksop, 420z. Bdwt. Dunedin, October 4. Waikaka Queen, 230z. 15dwt.; Golden Bed, 230z. Gdwt.; Molyneux Hydraulic, 130z.; Olrig, Soz. 13dwt. . NEW BIG RIVER. Reefton, October 4. New Bigißiver report:—Sloping continues on the eastern, western, and branch reefs. Eastern reef: —No. 6 stope: Reef 12ft. wide; No. 7 stope, lift, wide; No. 8 stope, 3ft.; No. 9 stope, blank, ground. AVestenrrcef: No. 5 stope, reef 15in. Branch reef: No. 6 stope, reef 4ft. wido. No. 8 level:/ Driving at'-tho-north and south ends is being continued. So far no stone has been met. No. 1 level: In the winze the men are engaged in retimbering' the old portion of the winze. During the week 150 tons of oro were raised. BANKS'S CO-OPERATIVE MEAT CO., LTD. (DZ TP. LEGE Am—rRESS ASSOCIATION.) Woodville, October 3. ..At a meeting of debenture-holders of Banks's Co-operative Meat Distributing' Company, Limited, held here yesterday afternoon, it was unanimously resolved to carry oh the business. METAL MARKETS. (BT TELEGRAPH—rKESS ASSOCIATION—COFTRIGUT.) London, October 1. Tin.—Stocks, 18,311 tons; on spot, 5391-; afloat, 4088; deliveries, -2805. Lead, £13 Gs. 3d. Silver, 23 13-lGd.i LONDON WOOL SALES. London, October 1. : At the wool sales short faulty scoureds sold at from 5 to.lo per cent; below closing sales rates. ■The following were the averages of prices realised for the ileeco portions of the clip named: —Gear, GJd.; Menainute, 6|d.j. Tango, 6jd.; West Dome, 7}d.; Longburn, 7£d. BANK OF ENGLAND RETURN. JI TELEGRAPH —rHESS ASSOCIATION —COPYRIGHT , London, October 1 The Bank of England return issued lor the week ending Wednesday, September 30, is as under:— . ' Issue Department Note issue ... £5<,'i9S.UX) Gov. securities i 11,015,000 Other.' securities ... 7.434,000 ■ Gold ... . 3i>,b4l',lWJ £54,703,030 . £54.708.000 .- Banking Department. Proprietors' ' Govt, securi- . capital £14,553,000 ties . ... £15.731,000 ■ ■ - Public de-" • Otbo'r securi- ■ posits .... 8,091,000 ties ... 26,238,C00 Otlior de- . .. ;' posits ... '42,517,000 Notes ... 25,218,000 ' Best, 7-day anil other Coin ... 1,670,C00 bills ... 3.726,C00 . • £68£87,000. £58,837,000 The leading items of the Bank of England return. afford tho following comparison:—

» » This week. Ija6t week. Inst year. Bullion 36,24.),000 36,017,(00 ' 3i>,£53,090 liesorvo 26,018,CC0 WMIE.OCO Ss.sat-.tx_o Note circulation '_0,550,00t> 2a,Eoi,loJ 29,'J:iO,UA) Public Deposits 8,091,' 01 7,540,u.0 B,ti'2l,oJo Other Deposits 42.517.0J0 44.293.0U0 . 43,781,01)0 • Proportion of reserve to liabilities ... 53.15 : 54.23 48.86 GOVERNMENT SECURITIES. The following aro the latest quotations for Government securities, vita a comparison ot those ruling last week ■ Variations — Price compared •irico vim last week. £ 6. d. 2}%lmperial Consols 85 15 0 Unchanged 4 „ N.S.W. 10i3Jan.-July ... ICJ 0 0 Unchanged bi „N:S.\V. IMB Mar-Sept ... 99 0 0 Unchanged 3 „ N.SAV. 1935 Apl.-Oct. ... 8. 2:i 6 Unchanged 4 „ Vic.lo2oJan.-July 1010 0 Unchanged Si „ Vic. 1921-6 J au.-July. ... 100 5 0 ss. higher 3 „ Vic. 11-29-49 Jan.-Juiy ... 89 10 0 Unchanged ti „ S.A. 1916 Jan.-July ... WOO Unchanged 3 ~ S.A. 1916 Jan.-July .... H0 II Unchangod 4. „ Q'rdl9is-21Jan.-'July ... ICG 5 0 ss. higher 34 QTdl92l-30 Jan.-July ... 100 II 0, Unchanged 3 „ Q'rdlW'i-47Jan.-July ... 87 15 0 ss. loner -4 „ N.ii. liii.May-Xov. ... 108 10 0. 10s. higher 31 „ N.Z. 1940 Jan.-July ... lOi) 0 0 ss. bighor 3•„ N.Z. lD4i April-Ocs. ... 87 10 0 10s. lowor ti „ \V.A.I9iO-40.\Iay-Xov ... 9J S O ss. lower 3 „ \V.A.1915-35.May-Xov ... Bti,lo 0 Unchanged 3h „ l'as. 1140 Jan.-July ... 19 0 0 Unchanged 3" . Tas. 19fl)-40 Jan.-July ... Bs 0 0 Unchanged THE MONEY MARKET. ' ' The Bank of England discount rate is 2J per cent., to which it was reduced oil May 29. Short loans are quoted in London at H per cent., an advance of i per cent. Three months' bills, 1-16 higher at 1J per cent. - , COLONIAL AND.OTHER PRODUCE. Wheat.—The market is very dull, owing to great increased visible supply. Spot prices are maintained, but shipments have declined Gd. to Is. per quarter. 395. 3d. is being asked for Westralian Octobers, and 375. 3d. for JanuaryFebruary shipments. Butter.—The market is quiet. Danish is quoted at 1235. to 1255. • Tallow—Stocks 4519 tons, imports 3276 tons, deliveries 2551 tons. Sugar.—German beet, 9s. Gd.; first marks, f.o.b. Hamburg, lis. 4d. Kauri Gum.—At tho kauri sales, 196 cases were offered, but withdrawn. The total in stock numbers 516 cases. ; . Bradford Tops.—The Bradford market is dull. Common sixties 21 id., super 22Jd. At the London sales Gormans are operating freely, greasy combing merino prices are gonerally maintained, but short, faulty,' and scoured varieties are weak. Sh'afty merinos are firm; other sorts are weak and prices'unchanged. - THE METAL MARKETS. Copper.—Spot, .£59 16s. 3d.; three months, ,£6O 12s. Gd. per ton. Supplies 39,322, deliveries 34,117, stocks 50,277, afloat G450 tons. Tin.—Spot, Xl 3-1 2s. Gd.; three months, =£131 10s. per ton. 1 Lead.—,£l3 7s. Gd. per ton. Iron.—sls. 3d. per ton. • . \ Silver.—Bar silver is quoted at. 23Jd. per ounce standard.

-r WELLINGTON SHARE LIST. COMPAST Capital FmTll g§ W *f . ™ CES ' " ' T] f* . FaidUp. Balance Last. Investor .. • Forward. B ™ r : e - Wg Borer.' Eollor. ;gn.ie."- . BANKS.;',. ■ £ • - £ £ £ e . a.' £ «• d. ii'y.i «• &■ {few Zealand' ... ™ O.ooo.ooo ctn.(B7 , « , n ' .813 o l<atlouai . ... / ,«• — 576,UX) . ■ bbl.aea- 15 2 • 5; 0 9 •' « 0 '..f , 1 ,;°. v 5 18 °- INSURANCE, ... !. Rational V.. ... .... . JOO.OOO 219,330 ' 'a « 1 8 0 1 8 8 :r.r;6 5 9 1 hew Zealand .... ... ... .... -JOO.OOO 'MMM. ■< a ■ 5 '3 13 0 3 U, 0 : ; 3:14\.0 5 81 . bouth ; British ... . ... r . — -"-£tX).«J00 Sofia • ?» in • 213 6' 215 0 ,2*14.0 5 11 1 • btauoard ... ... ... 4 . ..«,«*). 4 liMjw.; .J' . 9 J.. g i'2 a i 2 c' "i v a ur. FINANCIAL. ■ ■ ; " /' . Equitable Building,... ... J' ' E o,000 - 48,243, „ ,n " : 10 2 .0 ' ..Metropolitan Hunting .woo . 6,6to -« nil ' 7 • \reUiugton Invest.... £ o,000 10 , » i . 0 116 . 011 6 5.4 .4 Wellington'I'rust and Loan ... v'101,260 • 44,334 s 5 r 7 '< 0 | I 0 '!'! I JiaUoual Mortgage ... ; ... ... 200,U00 J 8 in 3 0 0 3 1 5 N.iS. and iuver tiate ... ... .too,000 2Sd.it!) 'J nil- s 1 JO 9 • " 1 10 6 5 5 0 iMtiu and Mercantile, ... , ... . is$,aa bib. 13d ' t s - ■ 5 0 4 3 0 4 3 ll 15 4 ' .• : V; GAsP " ■-/»'' • ■'!! ; . . •' 4 Huolsland ; 1E0,370 . „:i 17 16 10 0 15 9.0 5 10 0 • turistcnurch ... ... .... ... 160,000. , iwaT.. ® . , n n ii • • 9 is 0 0 is 0 5 2 7 '. ieiiaing ... ' ... ■ la.ouo ; Mil: ■ 019 6 •• 0.10 .6 , Izisborno : ...: ■ 17,500' '10j5W" .f "j u . 2 12 6 2 10 0 510 0 hawcra. ... ■ ... fc.aso , ki4 1 l\ew Plymouth ... .... is,«x) SR.4 • - J -'-Jf fX 4 Hapior ... ..; ... ... ... 1 5 a J" ' ... 15 0 0 : 4 ... ... ........ ... f .40,957 23,184 » ■ " 5 15 3'7.6 ; 4 12 4 ; 'North ;««« ' •• '-11)®J"? .'ij'' -V ' JS' l -T 6 t 7 • 6 0 -6 3 3 .Wellington . 4 ... , ... .(»• ••• 1-24,570 Vi.lai io nil jo 18 7 6 ■ • • ••• - ■••• ••• •■■ i ■'C 5i . I 4 '. 5 ; 10 .1010 0 11 0 0 .11 1. 3 410 5, HEAT. s .. ; ,. ... I t 2,C00 IWbl 'J-''.ail.. J21 2 9 0 2 10 .0 2..9.0: j j-0 .\"ellington Meat Export ... .... 4. 12}. 0 • "• - - 105.763- '".47,950 f , « . , J" 0 ' ■ ; #ranganui " " Z ~ ' V.. i 6 ,125 8,646 :f ' f u - : -J 3 0 0 j J , 0 ° ' 3 "? 0 7 0 0 TRANSPORT,. : ' ... . .; : .' W."and;'M.. Eailway ...' . no.ooo' 121,452 4 \- ,y - j\ ,' 6 . ' „ ia (j' n . , limon n ciuam — Hu.voJ „ niI , 6 f.9 0 610-0 '610-0 - 631 9 -oirS •? 115 " 0 6 8 0 ■ " coal,. . v , v..> v w- .'' .ITestport 'EEOlobb' 4 '--1W.431 3J . ij. 12 s 6 2 .' 6 ' 0 i .° ! 6 ' 2 , 6 T ' 2 10 iauii ri .. 14.UOJ . I..WJ J - n u_ ;..7J___. C10 6 0 18 S 8 4 5 WOOLLEN. ; ; 1 ,-. . Kaiapo 1 ' ... 127.765 -'32.£5i , 6 .- nil n koigiev 'JJ.-' . fc3,457 17,'ili. a j u ! •" Vvcuiiietonn.us io.ua t ■ jj , ; ', 6 -• . 350' MISCELLANEOUS. '' ' " ' 4 V'.' Donagtiy Hope ' ■ Hjtio". .1E1 ,il- n jj 0 1 '-V 4 '-' -1 o' ■ : Leylana anu OBnen ... • i5,000> v-.37,'iul: 1 „;)■ 15 : ■.(,!. ... i ? « ' ilauricevilie;Limo ... ■ 7.U00 -2i5 1 .nil- 6- 4 ' inn'-' ; ' KJ6.-Oanaie ■■... • ... "'ili.OOO. >176, iu "'ail'" 8 - • Uruga - . - — ... ... ■«.. - - - £ CO,COO ■ 3f.icU~ -n *nil ■ - 7 —9 0 r on n .,, r •> n n «./: taper Mills ... „ - S4.775 ,iM I n 7 1 910 1 1 ? 111 C . , N.Z. Cement ... , -r ) irf .,,,£0,100- ■' i.wa r -,v offi. J. ■} 3 0 ■.} S n , -„ B ' Manning and Oo. ; <6,0C» .. K*JU •-.'tf*•'»!"* rjij ! 4,1- | ,« „• „ Ward and Co. ... ... ... ... IO.COO ci.frlS 4 j i|V 414 c JiJ-fi iK n s s s ■ Wgtn. Opera House-... . . .„ .,.,38,630.. . U.U& 5 , nil' 12i 4 15 0 8 8 5 < Wgtn; Fresh Food : ... •- - . "H8.261-, 1'''Sh': Wnitcombe.ana Tcmbs 53.750 21;i£2 gt 01 i'i 1 a-a a in n - kharliuid. Ltd. ... . . U,K4.;. 1 . 74 . .. 10 0 , ., : ; The. aljoye..quotatiohs are taken from'.the-da'ily-offioial-lisfs tH6 Well'in'gtoDjStool!'..- ' ■ ' '; . .-Eichange... . ' ■