FINANCE AND COMERCE.

Dominion, Volume 2, Issue 329, 16 October 1908, Page 10

FINANCE AND COMERCE.

THE SHARE' MARKET.

. ' At-the ".sitting-bf the~ Wellington Stdck change sales'; were reported of Wellington Meat' Export 'sharesj paid, at .£G ■ 45.; AVestpbrtStockton' Coal, 10s.';paid,;at.0s! lfl^d.;' LoylaiidO'Bncn Timber .at ■,£!! 2s.'. 3d., cum dividend,. ; Some .of the high-priced shares yielding a very small return on market'quotations ■ are beginning4o feel the effects;of dear'm'on'ejr,.and are' beginning: t6 'show' a weakening t'e'nderioy.'. Baiik'i of.New .Zealand Bs.'} National .Banks; V'setlerii>£s " 2sV; Equitable Biiildihg.-isellerS •Wellington 'Investment," sellers lis. 6d.; Wp|lington„ Trust and . Loan, sellers £1 75.; New Zealand and River Plate, buyers ,£1 10s. 9d.; National Mortgage, sellers ■ ■£& is.; Chris'tchurch Gas; sellers>E9 165.; New Zealand Insurance, sellers ..£3 155.; Standard Insurance, sellers XI 2s. '6d.; Christchurch Meat, buyers. ,£9 ' 155.; Gear Meat,' buyers £2 95.; Meat Export, £i paid,' Meat Export, .£2 12s. fid.; buyers .£3; Manawatu Rails, buyers S& 12s. Cd.; New. Zealand Shipping, buyers J26 95.; Wellington Woollen, or- , ' ainary,' . sellers'.. *85s. Coal, sellers 'i6.'9s..V'Westpbrt-St'ockton, 10s.~; paid, buyers 9s; 9d;; Donaghy Rope and Twine, sellers ,£l-2s:_6d.;'.D;LC. preference, eellers £1 25.; New Zealand iDrugs, sellers ,£2.118.; New . Zealand Paper Mill?, sellers £1 3s. Taranaki Petroleum'shares have come into prominence, the latest news .from the bore being'very:on-: ccuraging.' Buyers were offering ss. .yesterday, with sellers at 65., but the quotations were. nominal. ,

' THE MININGJIAEKBT. ' Talismans continue .to .decline, and it.is diflU cult to account for this movement. The truth probably is that .many of those who bought for future delivery are unable to meet their engagements, and'., are. 1 • their., losses' by forced sales. Talismans were 'sold on 'Change yesterday, at ill 17s. 9d. The quotations were as under:— • . . ... ' " Buyers. Sellers. Sajes. '.£ s. d. £s. d, £s. d. Talisman 117 6 118 0 117 9 Waihi ..3 1 0 9 2 0- ' — ' W'aihi Grand June. 114 ,0 115 0 — Waiotahi — 0. 3. 0 — K.Z. Crown ... ... — 0 4. 2 .. . .-.v—. Big River'... ...113 0 — Blackwater 15 3 , — -r--1 AUSTRALIAN GOLD RETURNS. v. The gold: returns of the various States of the Commonwealth and New Zealand' for the nine' months ended September 30, show a decrease of 44,070 fine ounces, as compared with the corresponding period of last year, but this decrease occurrs wholly in the Commonwealth, the NewZealandfigure exhibiting an increase of 3930 fine'ounces. The actual decrease in Australia, was therefore 48,000 ounces. The figures for each State compare as under:— . i. ■■ 1907. 1908., .. Fine 0z... 'F]»e.'oz."':',-. : ••- Victoria . ' ••• ■■ ■ : 524,600 -"504,948 New South Wales ... : 182 1 47 , i) . 167,86-1 ' -Queensland, ... ... 341,873 338,053 - 'W. : Australia ...1,247,156 1,235,370 S. Australia ....... .13,140 ' 12,375 ' Tasmania "' ... ... 45,(08 48,240 - 2,306,850 • New Zealand 359,418 - V; 363,348 , ~, : 2,714,268 2,670,193 .' The figures for South Australia and Tas-mania-are'estimates. 'WORLD'S GOLD OUTPUT. . ■ The revised figures of the world's gold output for last year are now available, and they indicate a'further increase of 1.8 per cent, over those of. 1906 and 9 per cent, over those of the-: previous year. The. figures may be"; compared' IS follow:— Year. Fineoz. ' Value. . . 1895 9,652,003 .£40,999,778 i 1896 ... 9,820,075 41,713,715 . . 1897 ,11,483,712 48,780,511 1898 ' ... ' ...'-14,016,371 59,538,652 1899. .... ... 15,220,263 64,652,663. •' .: 1900 "rf ... ... 12,684,958 ' 53,'883,164,•. . >1901 . ... 12,894,856 .54.774,769 '' 1902'- ■ ■ ..." ... 14,437,669 61,328,330" ' 1903 ... ... '15,778,010 67,021,856 1901 ' ... "... 16,739,443 71,105,827 1905, 18,290,567 77,694,670 .. .- 1906 "... 19,372,887 '81,1)12,193 : 1907 - ' 82,511,000 ' > Of the four oti'ief gold-producing countries which; together last year furnished. 78 per cent, of'the world's production, two increased their', output, while two experienced a decrease. The Transvaal and Russia showed gains of 11.5 and 18 per cent, respectively, while the output of the United States fell 5.5 per cent., and that, ofvAusiralasia • 7.9 per cent: Mexico showed a moderate gairi,; while Canada, exhibited a considerable falling off, chiefly in the Yukon; > India was also, among those which' showed shrinkage. Rhodesia,-on the other hand, showed; a considerable increase.

THE POSITION OF SILVER. . ' The white mctAl has experienced a .very heavy fall during'the past six or eight months. Silver is, and has been since 1872,, when Germany. demonetised silver, a commodity- with fluctuating prices, subject, to the economic laws of supply' and demand. The factors influencing supply and demand are:-(l) The yearly production, (2) the mint demand, (3) the demand, for , industry. , and'. art,\ (4), the Asiatic', demand. As "every -.one .of- these main factors is the result-of. a great many Subfactors, it is obvious /that the silver market must:be immensely sensitive.' ' ... ■' ; . > !'.'" ;' SILVER PRODUCTION. ■ .: ~ j'te World's of 'siiver during .the last few'years' lias been " practically .stationary. The; average "of. the .last three years' was : abo'ut 1W millions. of ounces, and '.there,-has.beqn.little

variation :despite .the, "fact, that, prices' have varied-..during- the period', about i2s. ; vper 'cent,. The principal silver-producing countries " 'aro •Mexico Aand.the'trnited. iilyer pro-? ducHon-.ofvAu'stfaiia-idbes 'libt'count'.for. imich,' as:it- fornls-only -8. per cent, of'the world's output/ ■ Mexico;'which: had* until .a.few years, bnuk a; silver currency, adopted fa;-. November, • l?p4,a' double ; standara, and-syspehd&l the s free cpinage ; of silver.' 2t'thereby'' forded its miners ' tpvsetl --their silver in the' shape of-ibals, 'instead of\exchanging;'it- at- the' 'Govern'ni.ent 'Mints against iiiew silver coins; which found their way all over' the world." The Mexican silver produotion , since: is,. therefore, • easier to handle'thanthe ( outputin former years,, and .as the. majority of the Mexican silver mines are "controlled'• 'by'■ the' same people who govern the Tlnited .States silvor mines, there is a big in-terest-.not'to push production. Moreover, the present price of silver leaves hardly any margin to the producer, as a great number of Mexican silver mines, have been shut down lately. " ' ' •' THE SILVER' MARKET. The most important feature in the silver .market,\is'v the demand for that metal for the minting of. coins in gold standard countries, and of legil tender money in countries with a double standard. This demand :varies, of ooursei and is more or less dependent, on tho increase, of the inhabitants of a' country.' and'. theiJCprosperity. During tho last three years the Mints used yearly about 60 per cent, of "the' output. At present Germany is minting ' subsidiary coins of a. face -value of J020,000,000,: and will therefore absorb ; the silver-production of-, fifteenimpnths. -The demand .for .industry and' art "depends "entirely upon the'prosperity of the times/ During the last' three years: about 40 per cent, of the output was required'; yearly in industry and.arts'. The lower price' hctv'of course, in a "certain sense as a stimulus, . but its' effect is . set-off by tho .diminished- buying'power of the people. The Asiatic' demand" is far more important than the preceding three factors, as Asia, with its people, is_ the silver land par excellence, notwithstanding that India -has adopted a double standard, and Japan a gold standard.; Gold is not in general, use in eithen/Ifldia op Japan, while silver, circulates freoly, in!; and enormous,.qu'an-: ■titles of it are : constantly. China makes ' all ' payments' 'either' in 1 silver',or.!in copper, and treats gold as a commodity. It is, therefore, clcar' that the. balances of .these .countries-must, influence the; demand • for silver. Bad.crops in India or Ghin.i mean $ reduced export capacity, and no demand for silver.' In 1907" the 'Indian export was satisfactory,- and. tho Government coined njore than 200 .million rupee pieces, whilst,,in-"1908 the export '.was ;6o .reduced that the Government "did "..not ".buy;'a ounce , pf.;. silver.. But as the Indian trade' outlook is now brighter in consequence of a heavy rainfall, which was. the' best for the last 14 yeqrs, an Indian de'mand'" for.' 'silver'!"' may "soon be expected. The Customs revenue colloctod at Wellington yesterday amounted to ,£IB6B 16s. od. ' v ..'ilVB.- STOCK SALES. !lilesCTS.'!Dalgety v and Co., Ltd., report that at •their., Palme.rston sale yesterday, .they had a : small. entry' l of both sheep and'cattle. There was very, little'inquiry for. sheep,;:' : biit, a good demand • for? cattle: Fat and :forward heifers made j£3 ss.!6d!;'stbr'e cows, .£2 ss. 6d., £2 Bs.; fat' and .forward cows,- JC3'-2s.yearling steer's, small, : 305.; ; medium yearling .'steers, 395.; fat cows, £4 135.; 2}-year steers,- £4 4s. ;•■ fat bullocks, ;£6' 16s. t0.i7.185. Messrs. Hudson and Marriott, Ltd., Levin, report having held a most clearing "sale of dairy herd, horses, ..vehicles, harness, arid furniture, oil' the farm, Levin., on Labour Day, on account of Mr. T. K, Edwards, who has sold his -property!'" There' was ? very large attendance of' buyers, and' every -liiio offdred was quitted under the hammer;' The cows were a good lot, and made fair prices. They quote: TT-C'ow's full profit,'from iSS'tci ss;, the whole herd making'the very good average of £7 4's.; spring trap horse, .C' 23; 3ryear-old colt, 'sows,! £4 T's- ' Gd! to stbre pigs'," 275.; gig,, J81'6..-los. V ■ spring cart, !£lO ss. rhSrness, £4 s's. "and £2i 2s'.' 6d.

. tltlJiaßlTß—rK*Sß ASSQCtATION.) : ; ' " . . Dunedin, October 15. Burnside Stock Sale. —Sheep, 2788, a full yarding. Owing to butchers Tiaving full supplies on'-hand;-there was a poor attendance of buyers, : and- the market .was, .considerably slacker. Very few prime sheep came forward. Heavy wethers declined about Is., and unfinished sheep 6d.. Best wethers, 19s. 6d. to 215.; extra,-t0:225.'.6d.; medium, l"s. 6d. to 195.; inferior' and light, up to ifis. 6d,. ;'_best.. ewesj Up to 17s. 3d. Lambs—s2 yarded. l ' .These sold up to 2'2s. Cattle —162 yarded, a fair yarding, consisting chiefly of .medium, quality.' Prime cattle sold at-equal to late.'rates, unfinished sorts being . slightly. easier. Best bullocks, to- £11 j medium; £8 to' J610; infe'rioi 1 , jEfivto £7- 10s.; best heifers, up to X 3. Pigs—A fair yarding. Small pies were slightly easier. Porkers and baconers: were firm at late rates. Suckers, 18s. to 215.; . slips, .225.. to 2Gs. 6d.; stores, 335. to 375.'; -porkers, ,435. ;to! 495. j. light baconers, 525. to's7s.';-heavj, 58s. to '655. ■' ; ; '.HIDES,', SKINS, ETC. ' •; Mews....Hudson: 'and < Mnrrioitfc"report '.having held" their- usual monthly sale'of;>op],.. skins, i\ndhides.on- "Wednesday, when they-offered',a good catalogue tq a representatiye attendance of buyers. '.They.quote:.. ; ; .'. : Wool'.—D'oa(l, 41d.;, crutchings, l 3d.; inferior, l|d. ; - locks, ':Hd.;'. sheepskins',; fine - crossbred, sJd.;;'crossbred, to 43d.,; crossbred^broken, 31d.dead, 3id. hoggets, !jd.;; doud; hoggets, 35d<;' ; green skins,' : 35.. 9d., lld'.-,,45. 1d.,,45. -sd;'(':green- ImbsV'id.;-.green,.,.dead, la.-ls.| gelts,;salted, lOd.. eapn. ■ i'-. ;..i

Hides.—Ox, 521b. 5d., G3lb. 5Jd.; cow, 3Jd., -Id., 4Jd.; yearlings, 3Jd.; farmers'- hides, 3|d., cut 3Jd., slippy 2d.; calf, best 6Jd., medium sjd., cut 4d., slippy 2d. Tallow, in tins. 19s Gd.

GRAIN AND PRODUCE MARKETS. (BY TELEGRAM—PRESS ASSOCIATION.) . Dunedin, October 15. The oats market is quiet, the majority of buyers showing little or no disposition to operate. Late quotations are barely maintained. Prime milling, to 25.; good to best feed, Is. lOd. to Is. lid.; inferior to medium, Is. Bd. to Is. 91d. per bushel (sacks extra). The wheat offerings for the week have been light. Millers, however, report having sufficient stock on hand for present requirements, nnd are not over-eager buyers. Fowl wheat is scarce and has strong inquiry. Prime milling, 4s. sd. to 4s. 5Jd.; medium milling and fowl wheat, 4s. 3d. to 4s. 4d.; broken and damaged, 3s. Gd. to 4s. per bushel (sacks extra).

LONDON WOOL SALES. (BT TEI.EGBAPH— PttESS ASSOCIATION —COPYRIGHT.. London, October 14. : Wool is firm with a spirited sale. The Home trade is operating more freely. ' Kningaroa 60ld at 6fd. The dates of the forthcoming sales have been fixed for January 9 and March 9 (both unlimited), May 4, July 6, September 21, and November 23. ■

Mr. A. D. M'Leod, a Martinborough farmer and Featherston County councillor, who has. just returned from a trip Home, told a Dominion reporter, " I mingled with -the wool men in ' Colman' Street, and attended the July wool sales in London. •'Although' there was a slight brightening at the time, the general impression among city men in the trade was that the price would not improve to any extent for some time to come. •In America the outlook was more hopeful. With the Presidential election over and the big wheat yield paid for, the American competition . will be much, brisker early next year. .The .buying power'would be. restricted for some time to come, but there was plenty of. money, in America, though it' was locked' up until after-,, the- Presidential election. Generally speakingy I do riot think we can look for a much better , range of prices ithan those ruling at present .for. some time to . come." . THE WOOL BOYCOTT. .both sides'firm-' (oi TELidttAi'n—rnrss association— coriiiicnT.l Melbourne, October 15. The' real point with regard to the woolbuyers' strike is .that they receive better terms in Sydney than 'in Melbourne. Both sides are determined to. see the fight out. ■ ■ 1 WHEAT "MARKET. ~ ■ (BY. TELEGItAriI—PIIESS ASSOCIATION—COPTRIOIIT.I - • ' . ■ London, October 14. 'Wheat.—Eleven' thousand quaftert of''Aus-tralian.;D'ec'em6er-January' shipment' sold : at, 365../. The, American' visible supply Vis. 60,739,000" bushels. . " ' . '.' VTALLbW SALES. •. -At : tlio!'talldw' sales 900 casks were offered and 500 sold. Prices were unchanged. METAL. MARKETS.'". spot, «£59 155.;- three months, w960 I2s. : '6'd;Tin.—On spot, JBI3I 17s. 6d.'; three month?, .8133 10s. '•• ■ ' ■ Lead, .£l3 ss. '

IMPERIAL CONSOLS. i'Consols are,quoted .at £84 .12s. 6f1.. a rise of 55., since t: October,'ll.''.'. !• ■''^. LONDON MEAT.' MARKET. ■'• (UT TSLEOKAI'II—MESS ASSOCIATION—COPTIHQIVf.) " Napier, October 15. The-Colonial Consignment and Distributing Company, Ltd., London, coble's the following frozen'meat' quotations:—Canterbury niutton, 4d.; -Napier, Wellington, and' North Island, 3jd. Lahib-^Fjrst ! quality, 5Jd.; second, 5Jd. Boef—Hinds, id.; fores, 3Jd. WAIHI GRAND - JUNCTION GOLD MINING COMPANY. (BY TELEOIIA.riI —Fit ESS ASSOCIATION.) 'Auckland, October 15. The Waihi Grand .Junction Gold-Mining.Co. during the period: ended October 3' crushed 3903 tons for return valued at .£OSOO. This shows a slight decrease upon the return for the previous month, when-3610 ton J yielded .£6508. The tqtal amount won from the mine to date is .£143,396. .'■■■■■

WELLINGTON SHARE LIST; " ' • ••'•' EeBcm aj T . .. a rilCES. t v; 0 i,i COMPANY Capital Fund and £ a m' J'" —' ' ' to COMPANY. .... • PaidUp. -2 — Z~7 -: i'- Lask . Investor • Forward. H g Buyer. Seller., BANKS. .. • £' £ ■ .j -j, ■ £. . d. •£ s. ,di'i ! i'£ s. fl. Kew Zealand ... ... •*, w. OOOO.OOO SMfftt , n -in 8 8 0 '.'a iO O <00 Wloiial ... ... ... . 'So ;k:L- 31 4--12 5 0 9 5 2 0 S';1,0 5 18 10 INSURANCE. ' . Rational ... ... ... _■ •». JOO.OOO 249,339 , • 'gi ' i 8 0 1 8 .6: 'i' ; 'T.'6 ' 5 9 1 hew Zealand .» . ••• £00.000 MMM • s in 3 13 3 15 0 "'3H 0 5 8 1 bo'utll British ... — 2CIO.UO ' SUJUA ' ? ft 1 '' IS '213'6 215(0 "j3l4V0. 511 1 btauaara •... «• r i&.UUU W.«*i \ 9i j{j 12 0 18 6 ;»113» «. 613 4 \ .- FINANCIAL. ■' \ ". . ;,'V' Equitable Building ... _ ... eo.CCO <8,213 • . m 30 0 0' kelropoiitao Building 12,oo &.«*1 * ««• 7 1 Yi jjiiltigton. invest to,000 6*60 10, T b , 0 116 011 6 5 1 I Violimgloll Trust ana Loan ... 101,450 '5 a 7 5 0,7 7. 0 5 8 6 iittUoUii ilorigage ... ... ... ico.UX) . lav.vw r ' in '-'3'-00 3 I/O' V. ti.£.;anu itiver fiate ......... tlXJ.OU) 2SM0 2 nil 8 110 9 111-.-6' : ';1 ll'-,.0 5 3 3 tunu una. iiercauum ... ... sio.Ui 1 fci 5 , • 'Cas. luckland I... ... ..V -.., ' 1E0.370 ' £5,463. ' .■ n jv , 7 r ' liitMicaureb , ; - leo.ooo t&utf :.® «n ; 0 916o ;■ 915' -0' 5 2" kenning ' ... ... . ... li.OuO uJj ° nil' 019 6 1 •isOol'ue I7,b00 • 10,565 J nil' jq$ ■ *' 212 ,6 ,...2 10..0 510 0 aawera .-... '.... ... s.-jso. •... .tu4 .1 he* Plymouth :.. ... '... ... 16,UX)" MU ' A nil' in ! 1 h" tiipier ... :... ... i •' ' * nil' 15 15.0.0 V ; ... ... ....... | 19.957 . S3J84... " .jj,. :. 412 i V'almeraton"Nortb ... - • 27,750 11.092 : : V°A }n ' " 7 10 '0 :'7 6- C S 3 Wellington . - ... ... ... >.jj( 4iSW 10 *. • nil •. 10 • » ••• ••• 1 ..... ...; ,5' . 6. .. 10 ; HEAT. ... .v.:;. -..-;''.. m "• ••• . •. 183,727. ,£2.686 ' 7 i [} •' , 6 . •' "7 12 6" : ■ tear *" • l«Wa>" "»,04J .JJ nil:' '-8 "15 0 '30 0 0 n bear,.,... -... . ... ... . ... . ■ |ai; 10. .. nil . 12J j ? ;o .no.Oj ia-O 0: S.'-Q 0 .k!'eUington"keat Export "■ •" i f ' n u 12 J ° 1[> ' 611 0' -.6 '< 0 .'6 0 0 « " - ••• - . —f 105.766 .,17,950 "j 'l 'g" 5 0 0.3. 0:0 '700 Jklmganui " 'I .» ... 15.850'"8,616 - 'all i 5 • 5 - ° <° ' 5'0 0 _ •" ' ' TRANSrORT. I', "■ 'V- i?. W: Kailway ... 170,000*. 121,45a' * t , 7 _212-6., 2 15 0'2'19 6 .1' snipping ... ... , i7a,b40' ■ H nil • 5 6 9 0 .1 10 .0 6 10 "O : 6 3-1 buiou hieam ... ... .... • tOMMt;.; 7i»iw7' 1 ••nil' M 1 14 9 :i 15 3. "115' 0 : 5 8. 0 V. k 'Ui. Meam ferry ... . ... ... J' ... e ' • ••' ; 017 '6 ' ' ■ .... COAL. : . ■, ■■■ ■■■' ■ festport „ ........ KO.OOO; .127,431.. 3i.vli-.12j 6 7 0 6 9 0 ,:6 S 0 -7 0 0 iauvrn : ... tMw;' uiw j ".nii . " , . •" WOOLLEN. -v- •" ■ 'V Kalapo'.'-. ■ „ '■ '„ 1 '' ... ioo.coo 1 ' S2.S51 ".' 5 ' nil. ;.7. '. ..' '- - kOdgiei.. w ... -.' • « " bb',457' .'17;il-3. u ia 4 .. ' ' . . '. toeiUugton ... ..... ... ... . 17.63S W.iOov •::i " '<6 . 3: 0 0 .3 5 0.: E 3 6 713/ T • MISCELLANEOUSi . : ■ •• V ponaghy .-Kope ... ... ... • v ' £3,600 ' ; -161 "'-l7 .'n|i? ',6 t ■ . ], 2 6. Leylana ana .O'Brien ■ ■ •■ .... .'70,01*). S7,.Ci u ,5 .• . • j •»»... .139,8 Mauncevilie Lime,- ... ._ ... 7,(X)0 • S15 1 ni i 6 1 0 0 : . . - £.Z. p a ndio . ;; 1U.C00. , . fc76 w . n ii '8 V ' : . ».A llrilgf I ...' ;.1C0,UX) , BC.fsO , ..2 . nil. : 7 ,2,0 6 "211 0 : 'sijCt V« #."0 KW Mill" ...». . 94,775 . '1 „r 7 0' 1 • M.Z. Cement h .„* - '60.UW ' ' 2.WS r ' ' nil tS l 'l l 6 iU'vS-.fl' iiannins, and. Co. ... ... ... I6.COO H.HO M' 1---ilO ... 317 6 -316 :6 ;10 9 2 SSn'n ~ - «MW)- • U*a 4, ".'.'l 1 10 1 14- 6 4 17 6 ! 415 ; 0 ,88-6 .jygtn. Opera House ... 16,630 1.V05: ' 6 'nil' m ' JVgtn. Fresh JTood. ..; , t8J61 - - 1 -nil ? . ' iS dl ' ,!l '" ■" 30.153 2J2J 15 1 8 6. .'4 10 6 ; k&arland. Ltd. ... •... . ™ „ .58,013 . .11.724 1 oil 7j., ;0.19"tf- • "■ . The. above quotations are taken from the diilj official lists of the Wellington Stock '■ V Exchange.. ■ ' ' - ■