FINANCE AND COMMERCE.

Dominion, Volume 2, Issue 322, 8 October 1908, Page 10

FINANCE AND COMMERCE.

, THE SHAKE • MARKET. : A couple of unimportant sales were reported yesterday. Meat Export shares, third issue, changed hands at ■£!), and Kauri Timber, 15s. paid, sold at 14s. There-were very few .quotations, but the ..majority were buyers' .bids. Bank of New Zealand: shares show further easiness, and were quoted yesterday at X 8 lis. National Bank, buyers .£5 Os. 9d., sellers £5 25.; Wellington Trust and Loan, sellers £7 75.; Wellington Deposit; sellers 9s.- 2d:.; New .Zea.-. land 'and River Plate,i'buyers .£1 lis.; Port' Chalmers Gas,, sellers .£1 25.; Wellington Gas, new issue, buyers 7s. 6d. premium; Gear Meat, buyers 95.; Meat Export, paid, sellers £5; Manawatu Rails, buyers <£2 lis., sellers \£2 12s. 6d.; Union Steam, buyers £1 14s. 9d.; Wellington Woollen, sellers .£3. 55.; «sVestporti Coal, buyers .£G 75., sellers £6 10s. ;"'New ,vZealand Drugs, sellers £2 lis.; New Zealand Portland Cement, buyers ill 7s. 3d., sellers ,£1 7s. . 9d.; New Zealand Paper Mills, buyers .61 2s. 10s., .sellers £1 3s. 3d.; Taranaki Petroleum, buyers 3s. 6d., sellers'ss. THE MINING MARKET. A sale of Tangiaros at Sid. made on 'Change was all the business, done yesterday. Tho quotations were as under:— Buyers. Sellers. Sales, s. d. £s. d." £s. d. Waihi Grand J'n't'n 114 9 115 3 - Talisman 2 1 9 2 2 0 — Waihi ' 9 1 0 9 2 3 -. Waiotahi 0 2 fi 0 2 ,9 ; - • May Queen ... ... 02 7 02 9 — N.l Crown ... — — 04 2 —-• Tangiaro ... ... 00 8 00 9 00 81 Big River '114 6 117 6 — IMPERIAL CONSOLS, .£BS. The 21 per cent. Imperial Consols are quoted at £85, a fall of 15s. since last ; Saturday, and this gives an indication of the prospects of war between Turkey and Bulgaria. If the premier security of the world is depressed we may be sure that the stocks of Russia,France, Germany, . Austria, Italy, besides Bulgaria and Turkey are also very much depressed, and the Continental' Bourses must be feverishly ; excited. ; .War cannot'be carried on without money, and none of the Powers, with fhe exception of Great Britain and France, are in a position to finance a conflict. Russia is in want of: huge sums ol' money for dom'estio purposes, ' Germany ' is' struggling with a big deficit and increased taxation looms large for the people of the German Empire. The German Government can revert to the war chest of ,£6,000,000, which has been kept for such a purpose ever since the Franco-German war. The money was retained out of the indemnity paid by France. Austria and the. other .Powers, nave never, been remarkable for easy finance or unlimited credit. ' .If war should unfortunately break out it will cause a hardening in the. prices of wheat and petroleum in particular, and may also stiffen the price of wool, because if field -operations are to be carried on during the next four'or five months the soldiers will need woollen clothing, and orders for suchmustbe placed at once. Other commodities- including the metals must also advance.

CONSEQUENTIAL FIKE LOSS. Would it not be wise for fire offices generally to encourage the insurance of consequential, loss resulting from firo, instead of so rigidly confining themselves to settlement of the actual loss on articles which have been destroyed or damaged?' As things stand at present, a business man has to go searching for a company willing to cover the inevitable loss which would happen to him were his stock damaged, his machinery stopped,'or his premises gutted. Yet the loss is as actual as that on tho goods, and it can be ascertained with about as great accuracy. Wo believe that, in many cases, tho desperate struggles of tho policyholder to gel the better of the company on tho assessment is due to his knowledge that, in any event, he is sure to bo a heavy loser, and it is likely that if he knew that his consequential loss would bo made good to him, he would be much easier settled with on the main claim. Wc can see no sonsible reason why every office should not give the option of adding such an item to the others in its policy. The "principle" is already conceded in tho permission to insure a year's rent, and, as the concession would mean a large increase of good business, it is a pity that so many of our larger com. panies should let tho opportunity go pasl them—"Financial Times." AMERICA'S COAL OUTPUT. Statistics just issued by the United Stoles Geological Survey show that the output of coal in America in 1907 amounted to 480,450,000 tons, an increase of GG,293,000 tons as compared with 1906. This quantity not only beats all previous records, but is far in excess of the estimates of tho year's production. The official report says that 1907 may be considered a redletter period in the history of the industry. In addition to the enormously increased output, there was a general advance in prices, and an absence of all labour troubles. Of the thirtyono States producing coal, only'two failed to yield more than in the previous year, and these were both unimportant centres. The coal production of the States is equal to 40 per cent, of the world's output, is more than double that of Germany, and is more than GO per cent, greater than the production of tho United Kingdom. The record of 190S is scarcely likely to be as good as that for last year. Tho railroads and the iron and steel trades are tho biggost consumers of coal in America, and, as these have both been' suffering from severe depression duriug the current year, the effect must inevitably be witnessed in a considerably diminished production. An indication of this is already to lie seen in the 'returns • of the Pennsylvania Railroad for the first sis months

of 1908. This line is the largest coal carrier in the States, and its shipments of coal during the period mentioned exhibit' a decline of 25 per-cent. •- 1 ''- ;LIVE STOCK SALES. Messrs. Dalgety and Co,,' Ltd., report that at their Wanganui sale yesterday 2000 sheep and 400 cattle were yarded. The sheep were .inosfly hoggets, for which competition nas "easy./ «:. Cattle sold well. ' Quotations:—Store wethers, 12s. 7d. to 13s. 7d.; medium hoggets, lOs. ed.;-small hoggets, 9s. to 9s. 2d.; 3-year steers, rough condition;-.£4 7s. Gd.; good 2-yoai steers,. ,£3 14s; 6d.;'do., rough condition, «£3; yearlings to 18-months steers, £2 2s. Gd. to .£2 75.; forward empty, cows, .£4 55.; springing heifers. .£4 7s'. Gd. to-'-&4 17s. Gd.; empty heifers, £2 Is.; yearling heifers, 325.; mixed weaners, poor condition, 19s. Gd. Messrs. Dalgety and Co., Ltd., report having held their Ivopuarajga, Taratahi, and Masterton sales on Monday, Tuesday, and Wednesday respectively of this week, when stock came forward well above' advertised numbers. At Kopuaranga sale the quotations were as fol. low:—Hoggets, 9s. to 10s. lid.; 2 and 4-tooth wethers, 13s. 3d. to 13s. lOd.; ewe hoggets, good lino, 175.; springing heifers, £2 to >£3 10s.; empty cows, £2 to £2 55.; steers and heifers, ,335..t0.,355.; pigs. ,355. At the Taratahi salo ewes and lambs made 155.; black-face hoggets, Gs. 6d.; hoggets, Bs. Id.; springing cows, £2 14s. to .£4 10s. ; springing heifers, £3 10s. to ,E4 2s. 6d.; 2-year-old 'steers,* £2 17s. Gd.; 3-year-old steers, .£4 17s: Gd;;'fat'cows, .£3 17s. to JM 10s. At. the Masterton sale, hoggets ;niflde from lis, • 3d. to 12s. 7d.; ewes and lambs, 12s. to 12s. 7d;; 2-year-old' steers, .£3 2s. Gd. to £3 10s.; 2J to 3-year-old 'steers, £4 lis.-; 3 and 4-year -steers, backward condition, £4 2s. Gd.; yearling steers and heifers, 365.; good line 2-year-old steers, <£3 lis.; good porkers, £2 2s. .(BY TELEGRANI—rHESS association.) " ' Christchurch, October 7. At the Addington live stock market to-day there were fair entries of stock, and a! good attendance at the yards.Fat cattlo were easier; store 'sheep were without change; fat lambs sold well, and there was a rise in fat sheep in consequence of a smaller , yarding. Pigs sold well. The yahling of store sheep was somewhat larger than last week,; hoggets forming tho'larger'portion; 1 There was a very good demand at- late-rates, and most' of ,the lines changed hands "at'auction. A few pens of the hoggets .were-good, but the majority of them ■wero' only of. a-medium class. Ewe hoggets sold up to 15s. Bd.; average lots, 13s. 6d. to 145.; and others, 135,; mixed sexes, lis. to 125.; and better sorts to 12s. 9d. Tlie ewes, w.ith -lambs, wore mostly aged and inferior sorts. The better class sold up to lis., with lambs counted, and aged ewes 6s. to 75., all counted. A few good "merino ewes, with lambs, made 10s. Id. There wero about GO or 70 good fat lambs penned, and they sold readily at 19s. to 225. for the best, and 15s. 3d. to 18s. Gd. for others. The yarding of fat sheep was not so large as the previous, week, and there were not so many prime sheep included. The sale opened .well, with prices 2s. in advance of last weok for prime sheep, and Is. for other descriptions, but eased off somewhat towards the close. The-range of prices was: extra primo wethers, to, 265. 4d.; prime, 20s. to 235. 9d.; lighter, 16s. lid. to 19s. Gd.; prime ewes, 18s. to 21s. 5d.; medium, 15s. to 17s. 6d.; and others, 13s. to 14s. lid.; prime merino wethers, 15s. 6d. to 175.; others, lis. Bd. to 15s. The supply of beef comprised 250 head, including a fair proportion of prime steers and heifers, tho average being rather better than of late. There was a falling off in the demand, and prices showed a decline equal to Is. per 1001b. Best beef made 235. to 275.; medium, 20s. Gd. to 225. 6d.; cow and inferior, 18s. to, 20s. per 1001b. The range of prices per- head was: stoers, £(i ss.'to .£ll 10s.; heifers, £5 ss. to «£8 155.; and cows, ,£4 12s. 6d. to .£B. . A medium entry of vealers of rather better quality than of .late made 4s. 6d. to 605., according to size and quality. Thero wan an avorage yarding of store cattle, mostly poor sorts, and they met with a limited demand at late rates. Yearlings made 24s.;.fifteen-and eighteen months, 30s. to 385.; two-year steers, . JE3; two-year heifers, £2 10s.; three-year steers, £4 ss. to M 75.; three-year heifers, X 3 175.; and dry cows, mostly of poor quality, sold at £3 ss. to £1 10s., with a poor demand. There was a medium eritry of pigs, and under keen demand values wnre fully maintained, the only class not soiling so woll being choppers for which there is now not so much demand. These sold up to £5 ss. Heavy baconers made i:3 15s. to £ 4105.; lighter, i! 2 15s. to .£3 4s. (equal to 6d. per lb.); heavy porkers, 40s. to 505.; and lighter, 325. to 38s. (equal to Gd. to r 6}d.); large stores, 345. to 395.; medium, 28s. to 335.; large weanors, 20s. to 265.; and smaller, 14s. to 19s. LONDON WOOL SALES. (lit TELEGBArn—FItESS ASSOCIATION—CorrRIOIIT.I London, October G. At the wool sales the following were the average prices realised for the (leeco portions | of the clips named: Opoua, GJd.; Waiho, G]d. | '■ IMPERIAL CONSOLS. ; DECLINE OF FIFTEEN SHILLINGS, j " London, October 6. ) Imperial Consols are quoted at ,£BS, as com. i pared with .£BS 15s. a few days ago. I . . .METAL MARKETS. . ! (DT TELEGBAPn—rUESS ASSOCIATION —COPYHI-jnT.) ■ London, October G. t Copper.—On spot, JES9 lis. 3d.; three months, . ;£CO Bs. 9d. 5 Tin—On spot, .£133 155.; three months, , £135 ss. , ' ; Lead, J213 10s.

AUSTRALIAN PRODUCE MARKETS. Sydney, October 7. Wheat, 4s. 3d. Flour, .£9 ss. Oats, 'l'asmaii. Tan, 3s. 1(1. to 3s. 2d; New Zealand "A" grada Gartons, 3s. Ucl. Maize, -Is. 7d. to -Is. Bd. Bran and pollard, .£(>. Potatoes, Tasmanian, .£4 10s. to £5 10s. Onions, Victorian, 431-1; Japanese, iIG. Butter, 112s. Bacon, Sid. The above quotations are those ruling between merchant and retailer, and'do not represent slightly lower values obtained by recognised brokers. Melbourne, October 7. Wheat, 4s. 11(1. Flour, ,£8 10s. Oats, Algerian, 2s. 7d. Barley, feeding, 3s. 4(1. to 3s. Gd. Maize, 4s. Bran, Is. Id. Pollard, Is. 2d. Potatoes, £2 10s. to ,£4. Onions, .£ll. Adelaide, October 7. Wheat, 4s. Old. Flour, iS 10s. Bran and pollard, Is. MINING NEWS. SIGNS OF A REVIVAL. 181 TELEGKAriI.— SPECIAL COIU'.F.SPONDPNT.J Auckland, October 7. There are signs of a revival in mining in the Auckland district. At Waihi the parent company is obtaining consistent indications of permanent values, and the Grand Junction Company is rapidly opening up its lower levels, and recontly struck a new and promising reef in the shafts. r At the Thames the deep-levels scheme is being worked out, and should receive a spurt from the latest news, which is to the effect that gold has been cut in the Queen of Beauty section of the 'May Queen at No. 9 level (747 ft. down), which is tlio lowest point at -which gold has been got on the field. Coromandel, which for years has been erroneously supposed to have been worked out, has just been visited by a special commissioner of the "Herald," who, in the first article of a series noiv being published, suggests .great possibilities if works on a larger scale will bo undertaken. He advocates deep sinking in the Hauraki group of mines, and the more thorough exploitation of the Tokatca group, as well as the deep-level scherao about to be instituted by the old ICapanga; just now the latter mine and also the Tokatea are yielding encouraging parcels of picked stone, and in the Tokatcf a patch is not unlikely to come' to hand according to indications and the work in hand. In other directions also there are signs of more confidence in mining, and capital may soon be forthcoming for works on a larger scale. TALISMAN CONSOLIDATED. (BT TELEGRAPH. —SPECIAL CORRESrONDENT.I Auckland, October 7. Both the Auckland dailies publish the following:—ln reply to inquiries made regarding pumping operations at the Talisman mine. Mr. Slansfield, the general manager, states that so far one pumj> is holding the water below No. 12 level; ho is informed that the water is still rising in the Crown shaft, and until il is stationary he can say nothing definito in regard to continuing to hold it below the Talisman No. 12 level. In reply to the query whother the new pumping plant would take up so much room in the shaft that the development of the No. 13 level could not be proceeded with, Mr. Stansfield statos that when No. 13 leyel is drained the pumps will not be in the shaft compartments required, for working the level. He further states that no change lias been made in.arriving at tlio estimated ore reserves, and when forwarding such estimates to the board a plan is attached showing how the same are arrived at. Auckland shareholders i\ro on exactlv the same footing ns Wellington and London. Tlio fortnightly cables, fortnightly reports, and monthly cable giving output and costs are made public in Auckland, Wellington, and - London as nearly as possible simultaneously through the medium of the pr«ss, and this is the only information that is official as far as his office is concerned (I!T TELEGRAPH —PRESS ASSOCIATION.) Auckland, October 7. During TSeptember the Talisman Consolidated Goldmining Company crushed and heated 4(110 tons of ore for a yield of ,£11,883 7s. 6d. The return for the previous month was .£24.4fi7 from 3625 tons (a record), but the water difficulty at No. 13 level is responsible for tho present low yield.

WELLINGTON SHARE LIST. Reserve ftg Ti-i,! ' = PRICES.- ■ . Yield rnrroimr ~ Capital Fund and S g -g,S .. '. to COMPANY, raid Up. Balance •aSSv..™ J> en "-ins'. Investor ■ . Forward. "g Buyer.' Seller. Stt ] 0 . - BANKS. £ £ £ f f e. d! £ s. d. £ s. d. i s. aSew Zealand ... ... 2 ,coo,000 £01.097 3J 10 • H 0 5 IB 9 Rational ... ... ... ~ , ••• bTS.ooo 361,363 -|* 15 13 5 0 0 & 2 0 ■, * 10 516 INSURANCE. ' '' Kational * . ... 100.000 249,339 , 4; 15 1 7 9 1 8 6 1 7 ? 591 hew Zealand. ... - ••• , - iou.OUQ UjM>f4 J 8 in 3 33 0 tu 0 ..311 0 5 8 1 boutll uriuehv... ' 2(J U,000 5i3,6.U "? 4& 3 0 2 13 6 215 0 2.11 0 511 1 bianuaril ... "• ' '(5,(XX) UWW .. J 9i ■ 10 13 0 12 6 X - b ill 1 financial. Equitable Building -. £0,000 48,212 '.- 5 : jj < r >>• 10 2 6 . iiutropolitan Building ia,Coo 6,to8 ® ' n il' 7 ' r „ . , Yv oliingion Invest. ... 60,000 , 6,t50 , 10 ,. j 6 0 11 6 011 6 5 4 1 W Diuugtou Trust and Loan .... joi.ibo 44,331 5 ' 8 7 , 0 7 7 0 5 8 b auoual' Mortgage ito.UOO 12V,Vlti jj B io 300 316 r _ n ii.6. anu luver i'late ... — iuj.UOO *ao*M .i nil 8 1 n 0 "J 1 ? | '.fit i tuau aua Mercantile olMW j ti 6 0 4 3 0 1 » U ls * . CAS. ' Auckland ' J ... ... 1E0.370 £5,463 nil' 17' "V J 610 0 15 _9 0 5 10 0 Luriitcuurch ... • 160,000 i nil 10 9 16 0 9 15 0 5 2 lending. ... ... ••• 12,<U> Mi ? nil' .... 019' 6 . Ulouuine .... ' ... .- 1'i.bOO ic,tb5 ,.J nil . J33 ■ ■ 2 12 6 • 2 10 0 6 10 0 liawera .• -.... . t.'ijO wil . s i 10 ' riymouth ... 18,WW SSt4 nil. 10 : ... liapier "'I 10 nil 15 15 0 0 • „ „ | 49,957 £3,184 5 6 15 '8 7® 4 18 * t'aline'rston North £7,000 ■ 11,092 A 4 10 7! 6 t 76063 s .Wellington : .... ... ... - •. la4^w . , U.Vm 10 "U 10 j m rt ... j- 0 10 HEAT.' '• A ,' Canterbury ;. ... IS3.727 • • £2,686'>1 n • • • • 712 6 , (iiu-utcliurcll ... - 1(4480 VIM* JJ- nil - a ■ ■ • 10 0 0 ;;; }• (.2,000 i6abi 1 nil 125 aj.'O' «io o 2 o o, 520 .vTellin'gton Meat Eiport ... ... . , nil 611 0 1 • ,. - ~ } 105,766 47.650 I S 6 0 0 _<• ' ,, "• -■ I ' -M tg •• "8 3 0 0 310 300 700 ■ftanganui « .„ 16,125 8,616 5 nU g 5 0 0 TRANSPORT. • - •; . ... V.. and 11. Hallway iro.ooo 121,452 j t 7 211 0 212 6 2 n o k.Z. ouipping ... ... . 473,14). Uu.ia) ij nil 5 6 9 0 fi 10 0 6 10 0 6 3 1 union bicam ... , tUMM) tofitl. 1 ml 95 114 9 113 3 -115 0 5 8 0 -.hKtu. bteaui ferry ... ib,an). >» 1 , ul 6 017 6 .. , r -COAL 6 10' 0 ' 6 2 6 7 2 10 •UTestport - ■ ••• - SEO.000 • K7.43X 31 15 12S 6 7 0 ■ • " iaup-ri ... ...: ... ••• •» t5.u*J >.,ww 1 nil 7i WOOLLEN. , j Saiapo' .... ... ... 127.765 S2.E51 6 nil 7 fcodgiei ... fc3,4a7 . 17,2li 3J - - li 4 .Wellington ... .. ... ... U.MB; 4 .1 . $ .' .,'3 5 0' ' MISCELLANEOUS. Donaghy Eope ... ... IZ,500 161-1 nil 6 13 0 Leylaua-aua O'Brien-' „.' ... i6,ux) S7;-,tJi 1 - n u- 15 '-9-7*6 iiuuriceviile Lime ... ■ 7.000 ■ 2i5 1 n ii g 10 0 h.ii. Candle • ;...' .... ■ ..; iu.ua) ; .t76. 10 _ D ii . , j, 'N.Z. I)ruga ... - ICC,COO - 86.UO- -l nil 7. s -9-' 6 211 0 .511 (630 &.£. Paper illlla ... , ... 94,77o . -IfH 1 nil 7 1 2 10 1 3 .3. ■■ U.Z. Cement ... ...' '... ... i.u.ltXi a.Wd. 1 - nil ... 1 7 3 1 7 9 1 8 6 Manning and Go. ... .;. „. <6,000 .am 4 :• 1 . 10 317 o : '316'6 10 9 2 Ward and Co. ... 10W) U.oU 4 ,1 10 .4 14 6 4 17 6 4 15. 0 8 8 5 Mr gtn. Upera Bouse ... ■ : 16,620 '1.71b . 5 . nil 12J . • • • • Yifc-tn. Fresn Food ... ... ... I8,i61 ... 1 nil ' Wmttonioe and Tcmbs . 53,750 24.402 24. - .24 15 4 8 6 4 10 0 knarlaud, Ltd .11.724 1 nil' 7i 1 0 0 • • ; - 1 The above cjuotations are.taken from ..the daily official .lists.of the Wellington Stock . Exchange. ...