FINANCE AND COMMERCE.

Dominion, Volume 2, Issue 331, 19 October 1908, Page 10

FINANCE AND COMMERCE.

. THE SHARE MARKET. " '" ■The past wpek closed -V.th the hiarket dull and the buying otders within small compass. Bank of New Zealand shares wereonsalo at i 8 95., but business can be done, at- ■ lower figures. ■ National Banks^'sellers .£5 2s;i'Equitable Building, sellers 'Xlo./2s'!/'6d.';' Wellington Trust: : and loan, 7s;; Wellington Investment, sellers lis.';'. 6d.; \WelHngt'aii' ?De-, posit, sellers - 9s.'; National. Mortgage', : sellers >£3; Is.; National Insurance, sellers ,£1 85. ,0(1.; New' Zealand. Insurance, sellers £3 15b'; ; Christchurch Meat, buyers \£9 155.; Gear Meat, buyers £2 95.; Meat Export, £0 paid, seller's JS6 7s. 6d; j 'JStf- paid, sellers £6; £2 12s; 6d. paid, buyers. JO3; Manawatu Bails, buye'fs £2 12s. 6d.; New Zealand Shipping, buyers £6 45., ex div.; Wellington Woollen, sellers ,£3 55.; Westport Coal, buyers >£6 7s. 6d,, sellers .£6 95.; Westport-Stocktori, buyers 10s., sellers 10s. fid.; Leyland-O'Brien Timber, sellers i!l 35.; New Zealand Drugs, sellers £2 lis. Ze»v land Portland Cement, buyers ,£1 75.," sellers .£1 Bs.; New Zealand Paper Mills, buj-er's XI 2s. 9d., sellers'.£l 3s. 3d.; Taranaki Petroleum, buyers ss. sellers 65.; "Sharland's 'ordinary and preference, sellers'l9s. 3d.'" ' THE MINING MARKET. Sales were reported of New Zealand Crown shares at 4s. and Talismans at 38s. The mar-:. ' ket is affected by the' tightness of Saturday's quotations were as uiiderV

. MONEY AND' LOANS. Money, or rather credit, appears to be in plentiful. supply 'in the' financial ' centres' bt Europe and in New York, and the abundance inevitable. The colonies hAve i gone upon the London market this year to a much greater exteint than usual, that is because supplies are unobtainable locally; 1 but colonial loans have not met with the kindly ■ reception accorded to the Chinese loan, issued last week, which was subscribed threefold. The New South Wales loan, issued, in March last, was a failure, as the underwriters had to take up 90 per. cent, of the issue. The West Australian loan, floated later, had to be supported by the' underwriters to the extent of abount 70 per: cent., and the South Australian issue was poorly'taken up by the public, the iinderivriters finding about f)5 per cent. The Canadian loan, necessitated the support of i the underwriters to 'they extent , of 75' per cent: • New - Zealand'is issuing. Treasury Bills for £I,ooo,ooo,;'with a; currency, of twelve months, on a basis of about '3}'. per "cent. - These are probably i per cent, bills, and are being discounted at a, price which will yield the investor 3J per, cent., and it is evident that they are being sold Y.'ov.dr" thp ' counter.",. Under, the prevailing" conditions this may. be a good scheme, but next • year the Minister for. .Finance will have to face' the redemption of these Treasury Bills' aid arrange for a fresh, loan. It isinot unlikely, that" Victoria ivill be in' the market shortly, for "it is evident' the" inquiries are being made on the market. ' " A RUSSIAN LOAN. . ' The announcement of a Russian loan of £50,000,11110' has been long overdue, for it was expected in August. The Paris correspondent of "The Economist" says:—"lt appears to; be admitted that a'part of "the new money will be employed in the redemption of" the Treasury Bonds of 1904,' but these only fall due in May next, and. the operation of a conversion or a reimbursement is not yet urgent. The, moment is, ' however, a favourable' one for appoal for funds in. France, as after the experience of the last two years-Russian State securities are at the top of the tide with investor's.' The loan of ISOG in 5 per cents.- was issued in Paris at 88, but subsequently "dropped back to 80. It lias since recovered," and last week for. the first time was'quoted in Paris at 100, or. 12 points above' the .issue price.: Interest at 5 per cent, on'the, debt of a first-, class European Powor. is rare,and .'it makes Russia rank below such countries ' as Turkey and Spaihj which have not an,. unblemished past history. It is almost'certaip .that at a fair remunerative price France would take up a 'Russian' ! loan for any reasonable amount. The amount of the Russian debt held in France is no .doubt enormous,- but. it- comprises : the greater part of the indebtedness abroad. Russia has not'repudiated any of her' loans,'or "arbitrarily reduced the'rates, of interest on them." ' . ;• DECLINING TRADE. The decline in trade this'yqar appears to be: ' confined to no particular country, but is uni-; versal. The complete figures for the. first half; of« the yeai' are now available and,' compared with those "for 1907, show' as under.:— " • 7 ' ' IMPORTS.

The United Kingdom isstill far infront 'of any other country; "and well ahead' of her own

WEL4.INCTON SHARE LIST.

in 1906.' Germany-'shows a/f&irly steady position, but the 'fluctuation iti tfre/trhdirig. of the United States, is indicative;'of' of , stress' through!' which she has' Bdeii .-passing.' In'-the same ; period the importa. of Britisli IndiaVwere* • in' the. first ; five iajMktfis this year/'an'".increase''of/ J£f>,OOo,OtoJ.^while'.' tho exports'' itfminished,' by . about /.^5,000i000. v i t6 X 42 I ,&42 i ooo.Canada's ■ imports' ;iri.j..tl\e' similar' perioiiife.il away-by exports rose, by/ iCI,2SfIiO'OOV '■ :T-nei' itiip.ortsM Sduth "Afriea declined- from . ißii,Ml,oiH). 'in'tnfe first I "'five months of 1906 ' to je10,581,000 this year, but the'exports rise from 'to .£18,343,000, the latter figure being '.£1,250,000 lower- than'last year.. THE WOOL SALES. I The London wool sales will olose to-day, and so far it'cannot be said that there lias been any. laok .Competition has' been keen at the"ioweir range' of values, and'perhaps if prices" did 'advance, the bidding would' probably have eased" .off. Manufacturers «j» taking advantage of the'low prices to fill their lofts with cheap wodl. " * •' ' The Australasian wool exports fr,om July. 1 to the close of a's'comp.iled'by Messrs. Dalgety and' Co.;' show. ah'' inisfeaso as ' compared ' with' the previous corresponding' period of 36,429 bales. - All' the States "excepting West •Australia show increases, the largest gain falls' to -New-South WalesV 'New Zealand' coming rieit. 1 ' The "details are as" under iff '' ,

■ HIDES, 'SKINS, ETC. Messrs. Dalgety and Co., Ltd., Palmerston North, report- as followsV-tWe" hold' our usual monthly 'sale".of wool, : hides, "tallow, 'etc* bn'-'lMday, 'when'we"ofF6red a' large catalogue,. comprising. 1600' sheepskins, 450 large 'hides,' 1100 "sall'skins!' 19 "bales' and 25 sacks wool, 3 casks -arid 3S .tins'fat, also A quantity''of hoi'sehair,' coivbair; rabbitskins, bones, 1 tails, etc. ' There was' d'- 'fair ' attendance 6£" buyers, and although '".prices "were nearly on same level as last''sal;, bidding was lifeless. " ' Wool.—Prices were slightly easier than last sale. Crut'chings, 3d: to '3id;; 'roughs 2id.'to 2"id.; orosibred, 'lleece, 41d. to sd.'; : , and dingy; 3Jd.- v to 4d.;' 'to""4id.; locks and pieces,' l}d. v; to 2d;';"hlack,' 3 Jd. ' Sheepskins^—Prices-were on a par with last sale rates,' except for greenskihs/ which' were easier by: about 3d. - ''per skin. Medium and fine, sjd.j crossbred;- i.Jjd. to'sd.;'and ! '3}d. to *{<l.; damaged,'2Jd;'. ! tS' 3id.'; .'quarter 'to -halfwools, 3}d. to 3Jd.; dead,- 3d. to ,'Bfd.; dead hoggets, 3d.; pelts, 2Jd." to 3d.;'latttb's, 3Jd.'; rams,-oid. ; '..slio'rts, .'2(1.; crossbred; part dry 'ahd 'crreenr'is.' 9d.-,--45. ! 7d., is. Gd;," 4s.' '5d., & i'd./ is. 3d;, and■•Bs. lid., to 3§. ldh salted 'pelt's, Is. 2d. to Is. 3d.; salted' fine/, \vool; 3s;; salted 'crossbred, 35.,- 6d.; 'saUed 'Woolly' liimbs,' 2s. lOd." ' " " ■ '■'" , Hides—Prices were about equal to last sale, but the-nSarket seems to have' a tendency to ease. ' Ox, 591b. to G2lb., s}d.; 531b. to IjSlb., 4£dl to 4Jd. ; '431b., 4d. to 4id.cbws,- 461b. to 541b., Hd.' to 43d.; light, ,3|d.'Uo 'ijd.; cut, 3}d.; hprse, ;ss.\ 3d, pach; cut, 3s; 6d. each; yearlings, '4d;; : cut, 3}d." Calfskins.—Ther£.;.was' an exceptionally keen demand for all lots Offered.'" lots, 73d.', .7Jd„ to BJd.; meaty,' Sid.".,to 4id.~; slippy, 3|d.{ dry, 6d. each!'' '-' *• • 'l , allo*y.-rCasks, '21s. 3d.; tins, ',205.; barrolls, '19s. '' Sundries.—Tails, Is.; horsehair, Is.; cowhair, ll'd.; bones, 2s. ' *'/' 1 ' LIVE STOCK AND PRODUCE. . Messrs. A. H. Atkinson-and Co., Ltd., report:—On Friday we','had .<a J 'eoodvyarding of pigs,, etc., sorts'we're, a' little', eisier, but competition' for well-grown 'was' keen, arid the prices obtained' were good. Again, the poultry enfry_was considerably short' of the demand—the line .being cleared at satisfactory prices to vendors. Good'table 'potatoes met with" reaSy sale.' Quotations:—Pigs, weaners, 10s. 3d., 10s. 6d., 13s; '3d.,' 14s. 3d.: Ks., 175., 18s.; slips, 15s; ; 6d.,'185. 3d,, 20s. 3d., 21s. 6d.; stores, 205., 225.-, 235.,' 255. Gd;, 295. Gd., 30s. Gd.,■ 355. Gd., 375., 425.; porker?, sd. per lb Poultry: Hens, Is. lid., 25.,' 25. : 8 d., 2s. lOd.; roosters, young, Is.; "goqd, - 25., 2s. 2d.; turkeys, gobblers,-75., 7s. 3d., 7s. 9d., all at each. Produce:; Potatoes, pig,' 45.; eating, 7s. 6d., 95., 10s., lis.-per sack. _Y

The Customs rovenuo and beer dnty collected at 'Wellington'' last ''week? amounted to JC7480 10s. fld: and'iCß?l Bs. respedtively. Tho corresponding figures for' 1907 ivore '(rovenuo) i18,G?9"75. 'Id., and (beer duty) J2iOQ : Gs. 3d. On : Saturday the Customs revenue collected amounted to . J!1041 7s. sd;', a?' against"iC4s27 10s. for 1 the' same' day of''last" y? jr. NEW., BIG RIVER. (BI TELtOEIPH—FKESS ASSOCIATION,) Reefton,-p'otober 18. The- mine manager; of ' tho \ New vßig . River reports Eastern 1 ;block: In No. 'G ; stope, the reef is 12ft'. wide, in No. 7- '12- ft., No.' 8 stope" 4ft.', No. 9 stope .18im ' l : On the w.esterri reef the stone - has. cut" out. - Iri : ; No'., 9 winzo sinking continues on a good reef, with "gold visible. In No. 8, level both' ends fias been continued.' There Ms .'io change': to Report. ' In No." 7 level repairs " are' being effected. In No. I'level, m' tEe .itfnze, tile

water has been bailed out, and early next weok a start will be made to drive an intdrinediato level northerly from the'winze. During the week 120 tons of stono have been raised. The battery was stopped for threo days, owing to au intermediate shaft breaking.

DREDGING RETURNS. (BT TEIiEGUAt'U —rKESS ASSOCIATION.) Dunedin, October IG. Dredging returns:—Mystery Flat, 470z. Bdwt. ,• .Ifasterton, 370z. 2dwt.; Muddy Creek, 21oz. 9d\vt.; Waiknia, 220z. 4dwt.; Central Charlton, Ifloz. lldwt.; Koputai, 12oz. 19dwt.; ■Welshman's, lloz. ■ ldwt.; Kura, lOoz. lGdwt.; South Waikaia, lOoz. lldwt. ■ Dunedin, October 17. Dredging returns: Chicago, 280z.; Golden Bed, 220z. 17dwt.; Mnnuhcrikia, 220z. 17dwt. ; Enterprise, lßoz. 18dwt. 18gr.; Carlton Creek, 16oz. ;■ Molyneux Hydraulic, 15oz. sdwt.; Waikaka. Queen, 14oz. lldwt. ! Waikaka United; No. 1, 260z. 2dwt.; No. 2, 21oz. 6dwt.; Patersoh's Freehold No. 1, 2Goz. 2dwt.; No. 2, 21oz. Gdwt.; Rise and Shine No. 1, Gloz.. lOdwt.; "No.' 2,'200z. lOdwt.; Rising Sun,'-460z. 18dwt. (BY TELEGRAPH—rEESS ASSOCIATION.) Reefton, October 17.' . The .following are. the dredging returns for the week:—Pactolus No. l, 240z. 2d\vt. for 132 hoursj No. 2,,250z. lGdwt. for 123 hours; Callaghan's Creek, 30oz. for 125 hours; Worksop, 440z. ' 14dwt.' for 120 hours. STOCK EXCHANGE. tBI TKLSaIJAFH—rnFSS ASSOCIATION) Dunedin, October 16. Stock Exchange sales:—Electric, 45.; Golden Bed, 9s. Id.; New Trafalgar (three parcels}, 18s.; Pactolus, 10s. Gd. BANK OF ENGLAND RETURN. [it TELiGiurn—ruEss association—'carriuGHT.! London, October 15. The Bank of England return issued for the week ending Wednesday, October 14, is as under:— I6SUB DEPARTMENT Noto IE3U« ... £53,495.000 . Gov.'BGCuritiesfll,ols,ooo • ■ Othor 1 securities . ... 7.434,000 Gold ... 35,«6,C00 f53.4E5.030 £63.495.000 BA.NEING DF.PAKTMEXT. Proprietors' Govt, securicapital £14,553,000 ties ... £16.631,000 Public de- Othor securiposits :.. ' . 4,046,000 tics . ... EJ.tOH.OOO Other deposits 46.707,000 Notes ... 24,437,000. Kdst, 7-day and other Coin ... 1.483.00} , bills ■ ... g.158,000 . •• £68,464.000 _ .. £58,464,000 The leading items of'the Bunk of England return afford'the following comparison:—

■ ' GOVERNMENT SECURITIES. •• ■ The following are the latest quotations for Government securities, with a comparison of those ruling last week:—

The quotations for New Zealand fours, and both denominations of West Australian - stocks are "ex'dividend. ■ THE MONEY MARKET. The Bank of England discount rate is 2J per cent., to which it was roduced on May 29. Throe 1 months' bills 1-1G higher at 11 per cent. Short loans are quoted at } per cent., as agalinqt 1} to 11 per cent, last week. COLONIAL AND OTHER PRODUCE. • The wheat markets are dull, and buyers scarce. ' Australian steamers' parcels September sold at 38s. 3d. ;■ October, at 38s.' Cargoes, by sailers (December- January) are'offering' at 355. 9d.; and by steamers, 365. - ' Flour unchanged, with a tendency downward. 'Butter. —Firm. Danish, 1285.; Australian, 116s. to llSs.'; second dairies, neglected.' Sugar.—German beet, 9s. lid.'; first marks, granulated, lis. 9d.' Bradford Tops—The market is quiet; 40's, 10d.;■ 46*s, ll}d. Wool Sales.—At the London sales, Parorangi realised BJd.'; Ngakonui, SJd. ■■■■■•- The'' Wool market' is firm. Prices are unchanged. ' ' THE METAL MARKETS. Copper.—Spot, 3s. 9d. higher, at .£59 12s. 6d.; : {h'ree months', ss. higher, at' £60 10s.; electrolytic, £61 10s.. per ton. ■ Tin.'—Spot, .£2 .7s. 6'd. lower, at £132 2s. od.'; three months', £1 l"s. 6di lower, at £133 17s. 6d. per ton. •Lead, 7s. lower, at £13 ss. per ton. ■■ Pig-iron, lid. lower, at 495. per ton. Silver.—Bar silver-is quoted at 23Jd. per ounce standard.' AN AUSTRALIAN COMPANY. (BT TELEOKIfB—I'RESS ASSOCUTION—CorrUIOHT.) London, October 16. • The. Australian Mortgage, Land, arid Finance Company's report shows a profit'of .£171,079. A dividend of 10 per cent., and a bonus of 3| per cent, are rgcommonded,. and £106,079 will be carried forward. TARANAKI PETROLEUM. ' « OIL IN 'NO; 2 WELL. (BT .TSLEGD iI'B.—CORI'.XSPONDINT.) New Plymouth, October 16. At Moturoa to-day the Taranaki Potroleum Company's No. 2'.well continued to give most favourable indications, a tremendous rush of gas making it impossible at' timos for the drillers to carry on operations. The manager reported to-night to the directorate that "this (Friday) afternoon the'gas at No. 2 bore is very strong and the well "dry* The cuttings thrown up by the gas contain a quantity of oil, and the indications aro constantly improving. The . gas continues to flow at an estimated rate of 80,000 to 100.000 feet per day"; , MANAGER'S REPORT. Cbt- telegraph—piiess association.) ' New. Plymouth, October 17. There wero buyers of shares at Gs. 6d. this mornirig. At 10 o'clock this morning Sir. Simpson, manager, of the company, reported to the directors that thero was. 500 ft. of oil in No. 2 well;'mostly pure, but, a small portion mixed with dobris from a mud vein struck recently; The •iron tanks'aro being moved over to thq well'to hold the, oil, which Mr. Simpson says may. scttlo down to t'tfo barrels , a day, or perhaps' develop to fifty barrels' or moro.- ' The, directors advise shareholders not to be led away; as it is impossible yet to say what the prospects may' be, but they can rest assured that they will be promptly informed.

• • ' ' ' ' „ gesorvo ag a '• rRICES. v -ywa ' nnuDivir Capital Fund and P d Ui; ■ . COMPANY. ' . WdUp.. Wao« Investor Forward. slmre ' Buyer. Eeller. • ■ . • BANKS. • .3 . ■'£ .£ £ jj i ' d. i ,3-' i 'K '?• Hew Zealand ... ... ... • ... tjmm , hm.oot . ' W 8 0,6 -BIO' 0 1 0 0 *«f°nW ••• - ' " ■- S MMtt | 15 ' 1§ .5 0.9 ,5,8';0;/5.jr0 51810 . INSURANCE. •_ V-. ' National .... ... .... . ... ; ... jomioo MM39 ..M is ,1.8,0 . 8 *{6 ,1-7. 6 5 9 1 hew/.ealand. . ... ... s- tou.CCO W' '■ "s ?o 353 3 15 'S gill 2' ■ ?■,? J bouth uriuah ... ... ■ ... .. ••• su),U»'. -5ii>.6is , - 2 :• ?S via 13 ! C ;.215 :0. ,814*.'0 ;#11. 1 bluuaard ........ ... . . WiWi | g$ 12 0 'l 9;6 r -i;j; # .6X8 i financial. . : ; • ■:! ' ' r CQuitable, Building _■... ... ... t0i000 10 2, 6 iietropolitan Huiiuing ... i AM) 5 - Yvtmiugwii,Invest. ... ... coooo 6ili0 io ' : o 11'6:. Oil: G. 5 4 4 Wemugiou 'iTuat and Loan ... 101,250 h,kh - i V 5 : 7 7 so 7 7 0. 5 8 6 hauuual.Mortgage ..; tCO.OOO lW.VJd ' 6 8 ' in 3 0 0 3 1 0. aua:mver l-iate ... ,... tUWOO v> 'nil' « :U0- ; 9 -111 »i' 111 0 5 3 3 fcomi and iiercawuti . ... ... ..jij.ay wi.litf ' tJ • jj ! cas. .. ;■ ., v • . v.';'/.,'1 Auckland ... ..." - ' 1E0.370 £5.463 ' n ll , 7 : .' unrmmaurcb • ' 160,000 b3,al7 5 ' -ji ,» 1 9 16 0 915 . 0 5 -2; ieiluing ... ... ... ... ii,ouu Mi ® . nil 0X9 6 ' ••>.': ■'£ Mimoriie. ... ... 17,b00 10,565 • J nil ... 212 6 2 10, 0 5 10 0 iwwera ■-... ... ... ... ... .. #(J ao UJ4 1 . 5 iS 1 ■ •• , wsw. Plymouth ...;• ... • ItMO . <MU . J nil in . , i Xlapisr '1 B ii' u 15 0. 0 i -. <• ' »'"'••• ... ........ .»• K 19,957 23484 6 ■■ g ; 3 7'6 ' 412'4 talmerston Horth ' '' 07,750-' iiiffi' -.1 ' J- S "" : T10 50 V. 6 D 6 3 3 .Irtemngtou ..... ,... : ™ . ... nO' Jo ' '■ >. - " " " . •" ■ •".. ; H 5 JO MEAT.'" / "' J ., 183,727. £2,686 ji '; si' 6 712 6- i -V heap "" ' ' 16W«M -.".otl . ijj '• nil <8 . 9 15 0 10 0 0. ' hear... ... ... .... .„„ .... , ll)>aol '.nil uj 2 9 0 2 10 0 : 2 9 0, 5 3 0 : .vTeUiilgton' Meat.Export ' 4 'M »»:•." »« «" | l° 0 •" "• ■" I 105,766, . 47,950 ® 1 e 5-0 0 1 ;'"3 0 0; 7 0 0 , s ;m 4 A # .° 151 ' TRANSPORT, ( V " . _ . ;i. &SiK"~ :.aSjs6R:.« fW !■ KS :: ",»S S I:"';.' 'Egf'-S^-'A ..'.coal; j' : X. -' ■ : - '' SfrnFrf • "■ • : - EE?! 000 , 1£7,431. ' 6 6'•'6 9V'0.! *6 f8: ;r d f 7 0 0 • Aftup ii. . .„• ... ... ... io,uxj y&»i j . nil • •. ..i . WOOLLEN., ■ ■'f-'; V '' ' ; : ' Kaiapo' .. .„ „ .„ . •... J00.C00 . £2.554 ' s " nil '7- " ' . '• Uosgiei ; i kj.157 . 'WU-i I'jj : . ij ' t i V . ' heuuiKton. . .... ..... ... 1.7.038 ; va.ua, , .1 . . 6 .3 g o ; 3 5' 0; ,'|B,..2;?6 1.13. 7 MISCELLANEOUS.'',' ' v. X, ' Bonaghy.Eopoi i. j ' .'■ a,500 . 161.' 1 r.il' ; 6 1 ' ' • '1 3 0. . ... Uylana.and OBrien , ... ; 7U.WX) 57,'ibl l ' -'nil 15 ' ' l ; .'s 4 139 8 wauricertlie Lime " 7.CKW; ; 'M6, 1'' "nil; T';.: " 10' 0 »j"v' P andle ••• 10,000, .-kW '10 nil' b Is.Zi. Drugs StO.OOO 2 nil 7 o q fi ■ 911 n 'n«« / a q n gf Mill, • v„, 94,775 1>'., I ,. gj, ..? -M ; 9 .1 1° >.S : ■ .. ...' , 6U.C00 _• KJU48' 1 nil' . l-'7 ,0 ! 1.'8'■ ft'. : 1 O'- :: W«5 .L"n •" t6,tC0 ' l '- rtu '4. 1 10 ; » : , • 317 6' ; 316 6. 10'9 2 Weth UDPrS HAV.« "• 'S 1 ® 00 4 11 -10 4 14 6 4 17 ; .6; '415'' 0.' ■ 8 IS' v&.s8£$STz: ".. - ?SSS W(n ] -• ■ ; v-'-' •- ••-. 46,250 . £0.153 . : 2J ", V 4,8 6 4 10 ' »' ' ■ " bnanaud, Ltd. ... ... , ra « l0 i3:. 11,721 i , n ii ;j •. 019 % , The above quotations'are taken from'the daily official lists'of the WeUing'ton Stodk : . : •• .Exchange'. , x

Buyers, i Sellers. Sales, i s, 'd. £ s. d. £ s: d. Talisman ; 1 17 9 1 18 3 1 18 0 "W'aiM" ... . ... 8 17. 6 9 0 0 — KZ. Crown ... 0 3 11 0 4 2 0 4 0 May Queen 0 2 6 0 2 9 — Big Kiver .„ 1 13 0 1 15 0

' 1907. ' 1908. £ £ United. Kingdom... 270,807,000 259,010,000 Germany ... ... ... 213,603,000 - 201,554,000 Belgium 73,380,000 67,077,000 France ...' ... ... 127,388,000 121,944,000 United States 156,5161000 108,844,000 EXPORTS. . ' 1907 1908. ■ "' V £ United Kingdom ... 206,317,000 189,993,000 Germany ... 162,581,000 160,805,000 Belgium ' ... 51,846,000' 50,597,000 ' France' • Ill,325;000 ■ 104,327,000 United States ... 192,833,000 .. 180,153,000.

' ■' 1908. ■ 1907. Bales. Bales. Victoria 20,654 18,944 New South Wales ... 95,721 Queensland ... 46,412 39,415 . ' South Australia , ... 6,619 • 2,893 "West Australia ... 6,458 6,065 1S9,40S' 163,638 New Zealand ... ... 36,102 25;441 - 225;sos 189,079

, . -V This week. Ijaatweek. Last year. ■£■• f ■ Bullion ... _ f5,046,000 '• 35,325, COO 33.S83.000 ReeoWo... ■. ... 25,925,000 25,959,000 nj&IJXO Note circulation S9.05S.OCO 29,*29,CO)- M.sEO.OOl) Public Deposits 4.016,COJ' ' 4,?46,0C0 5,3C5,030 • OthorD6posits / 46,707,000 ; 16,599,000 42,786,000 Proportion of resen'e ••■to ■ liabilities ... ■ 51.03 • £0.03 - 49.39 ■

.Variations comparod Pn . oe . : with ' ' ' • • . . ~ ■ : last ffcek. 7" ;• 77<'- ■: £ 't. d.. 2s % Imperial Contois... ... 81 15 0 2s. 6d. lower i „N.S.'W!']833Jan;-JnIr'. ; ... 1C3 0 0. -Unchanged 31 „K.S;\V,1916JIar-Sept ... 99 0 0 Unchanged 3 . „ N.S.W. 1935 Apl.-Ott. .;87.100 ft. H. higher i ,, Vic. 1Q20 Jan.-July.-.. ... 101" 0 0 'Unchanged S4 „ Vic. Ja'n.-Jnly ... 100 0 0 Unchanged 3' „ Vic. Jah.-J.uly ... 89 O 0 Unchanged Si „ S.A. 1910 Jan.July' ... {19 0 0 Unchanged 3' „ S.A. 1916 Ja'n.-Jnly ... 86 15 0 6s. lower 4 ■ , QTdl915-24Jan.July ... 1C6 10 0 10s; higher 3i „ QTdlS24-30Jan.-July ... 100 0 0 Unchanged 3 „ Cl'l'd 1022-41 Jan.-July ... IS 0 0 Unchanged i „ N.Z. l£iJMay-Nov. ... 106 10 0 Unchanged3i ..N.Z. lWOJan.-July ... 100 0 0 Unchanged 8 „ N.Z. 1945 Ap#-Oct. ... 87 10 0 Unchanged' Si „ W.A.1920-40May-ftov ... »7 10 O Unchanged 3' „ \V:A.1915-35Miy-Nor ... 86 12 6 '6s. loWer 3j „ Tia.l940Jan.-July ... 03 16 0 5s. lower 3- „ l'a's. KHQ-10 J>n;-July ... 83 ■ 0 0 ' Unchanged