FINANCE AND COMMERCE.

Dominion, Volume 2, Issue 332, 20 October 1908, Page 10

FINANCE AND COMMERCE.

WELLI NCT O N SHA R H L I ST."

THE SHARE MARKET.

At the .sitting of the .Wellington Stock Exchange yesterday!.a-,sale;.of Westport-Stockton Coal shares was-made.'at, 10s.; and sales of Taranaki Petroleum; at: 6si • 6d.- and Bs.:. were reported; In other, respects the -market was quiet.'- Bank of Now "Zealand,, sellers J!8,95.; National Banks, sellers ,£5 . IS. 6d. r Equitable Building, sellers ,£lO 25.--.-6 d.; -Wellington' In.-, vestment,' sellers lis. 6d,; Wellington Trust and Loan, sellers >£7 75.; National Mortgage, buyers ,£3, sellers £3 Is. 6d.; New Zealand and River Plate, .buyers 41 10s. 9d.;. Christjhurch Gas,- sellers'. JE9 165.; . Wellington Gas, £10 paid, buyers <£15' 12s. 6d., sellers ,£l6; Christchurch Meat, buyers £S 155.; Gear Meat, buyers £2 9s. Gd.; Wellington Meat Export," £& paid, sellers <£6 7s. 6d., M paid, sellers £5-, Mosziel Woollen,. buyers .£2 18s.,- sellers-I£3; Wellington Woollen, sellers £3 55.; Westport Coal, buyers >C 6 65., sellers J26 95.; Westport-Stockton,-buyers 10s., sellers 10s. 3d.; LeylandO'Brien Timber, sellers Jil. 2s. 6d.; New Zealand Drugs r spllers £2 lis.; Sharland's. ordinary and preference, sellers 19s. 3d,; Taranaki Petroleum, buyers Bs., sellers 12s. ' : THE MINING MARKET:

Waihi shares show a weakening tendency, and it is reported that London holders are selling. If this is correct then it is the disturbed political, outlook in the Balkans that is disturbing the market. Talismans are also, weak. The quotations are as under:— Buyers. Sellers. . . • • £ s. d. £ s. d. Waihi Grand Junction ... 1 13 "9" ' 1'14~6' Waihi ... ... ... 817 3 819 0 Talisman ... 1 17 9 1 18 3, Tairua Broken' Hills • 0 1 10 — N.Z. Crown ... — 0 ft 2 Big River .... 113 0 115 :0

THE MONEY MARKET., _. , New-Zealimd appears. to .be exploiting the London money market just now, and'it remains to be seen with what success. The Government is issuing Treasury Bills for., a million with a year's and ;it is probable these have been taken up by , the underwriters. The Christchurch City Council*is-.negotiating for .£88,700 in 4J per cent, debentures at 102}, and it is rumoured.that the Auckland Harbour Board is endeavouring, to raise-a-million.ster-ling, but is-not meeting with'much encouragement. The political - ; outlook in .the "Near East" is a.vory disturbing element, and. although money is exceedingly cheap in London, a war in the Balkans, which, may break out at any. moment would stiffen- the market, very speedily. Locally, the stringency is being felt, and the banks are quietly putting up the overdraft rate to 7- per cent.- .The banks are practically forced into this step, by the many and persistent- demands made upon'.them for advances. Traders complain.of quietness, and as yet there are no indications of any attempt at economy.on the part of the public..

The Customs revenue collected at Wellington yesterday amounted to ,£IOS3 Os. 6d.

ANOTHER ESTIMATE OP THE WORLD'S chop. ' •

The Hungarian- Minister of Agriculture, pub-, lislied at the beginning of September-his'usual estimate of tho world's wheat crops. In the case of Argentina, Australasia; and India,,he; has used the figures representing the last crops; whereas it is, of course; possible-that the. crops to be reaped,in December-January inArgentina and Australia,,as well as .the; next Indian crop, , which will not be without influence in the-sec-ond haif of tho . season, may largely exce'ed those of last year. It is, however, interesting

to note that the-Hungarian Minister's estimate of 1 the world's probable wheat crop this season' is:37B to 398 million quartern/ as compared with, million quarters, his final estimate for. last' yeir. "Beerbohm's" estimate; published a month earlier, was 400 million, quarters. Since that date this total was .reduced Jto.' 394 million quarters, -.. against 392 million quarters last year, arid " .432' million quarters in the previous year. If we take the average production of the , previous five years, compiled.by the same methods/ it becomes-quitc incontestiblo that the crop last year was- far below, the normal requirements.- -The average, production for the five years ended-and including 1906 was, in fact, 407 million quarters;..and as.the world's consumption increases owing to,: natural causes by at least five million quarters per annum, it is, in "Beerbohm's" opinion, quite obvious that a serious inroad. miist have been made last year upon the world's reserve stocks. If, as seems likely, the world this season has another deficient crop, the conso-.. quences sooner or later must make themselves felt.

BANKING LAW IN CHINA.

In a recent report from the British Consul at Canton reference was made to the awakening of .China to' the advantage of adopting "Western ideas in somo matters. Progress is stated to be .visible in every direction, and already there is a demand for labour-saving-machinery! In finance a new. banking law 'has just come into .operation, which for the first time subjects actual banking business to legal regulations. The most important provisions are that eveVy six months a list of the assets and a statement 1 of receipts and expenditure' of any bank must be submitted to the Minister for Finance. Should ■ any special cause exist, ,the latter sends an official-, to inspect the whole of the books and documents and to examine the cash" on hand and business conditions. The annual balancersheets are to be made public, and business hours are from 8 a.m. to . 4 p.m., but tho hours can be otherwise arranged, in so far as business renders this necessary. It is permitted to the banks to close on the usual market days or holidays, but on other occasions the closing is.subject to tho permission* of the authorities and must be publicly announced. All banks are to be registered within three years, and. after .the-expira-

tion of: the latter term any;.bank' regaining unregistered must no longer accept deposits. It .is-further • provided -'that 'the ■ banki : are .:to in; vest 'their. surplus-in State- or: communal loan securities," or to be: placed • temporarily.' on interest at reliable-.'.banks; that:'the banks .may. combine with institutions , of.. the'same kind; may 'act .as .bankers for manufacturers . ? and agriculturists;, issue .bonds -to- the.extent-ofifive times, the working .capital, and:.o'ight-'times.'.thc amount if the capital exceeds .-.2,000,000 .taels, but .'the sum -must-, not surpass l the aggreg'ate of the loans granted. At the beginning of each year the . banks have to apply to : the or the local authorities to fix the maximum rate of interest for . loans ■ or for permission to' alter the rate during the year if the condition of the .money market renders, this necessary. Accounts are' to bp prepared ..and published every year showing the business and a55et5..:..,.,,., .NOTES. , :V ; ... ■ . . The/British . Vice-Consul, at. Antung, Man : churia, has forwarded a sample of-a polishing grass which grows very plentifully umong the hills north of the Yalu basin. Its commercial value, is due .to its'properties as a . means, of polishing ivory, bone, wood, or soft metals; for ivory polishing it is said to be much in favour amongst the Japanese. ■ -•'Certain . fire ..insurance-, offices- have...started business in.. London that 'issue, indisputable policies, Whereby in the! event of. loss ,by fire or the full value of'furniture,. picI;uiei7": of" r virtui etc.,., may covered without question or;;delay,'. provided that a complete inventory-, and valuation sotr. ting forth the value of ,each particular ; item and made by- an .established- firm of valuers 'shall have been'previously supplied to them. . The .Cunarder. Lusitanifi, is stated to be-very, economical in the'.consumption of- coal, >-hiqn i5,13351b. per horse-power per hour. - For' all that burns 1090 tons a day,;or.say, three tons every.-, four min'ites. She puts some 65,000 horse-powor on. to her .screw-shafts, and ! uses some thousands of horse-power - in : other ways,-1 and,it ,wi)l- learn the life.of a, ship-, apd.-her- machinery, developing such power, .and running 25' knots an hour. Another; English gas company, has started profit-sharing with, its-employees. The-Tottem ham and Edmonton Gas Company: offered- the entire staff a bonus of 4i'..per .cent.; on tjieir wages, ithe-percentage to vary inth the price of gas, and one-half ; vof-'±he bonus to be invested in:stock of the. compa'nv,'while the -other hajf might.be .invested, or draiyn; by'the.-.recipient, at t his option. The ■. company.' antedated the scheme with a bonus!.of, 44100, "all to be in-, vested in stock,, so.-that the; entire/staff were created stockholder's from the. outset. Naturally the scheme was endorsed by the men with. enthusiasm.

.return- of the United States copper production last year has- been issued, and the.-smelter output is placed at. 868,996,4911b.' (say, :.388,000, tons), showing a decrease of 48;6()9,i911b7, or of 5.6 per cent. The' production i,of.--ili.S.' refined new copper in 1907 is stated at 781,271,4271b. (350,500 tons), a decrease of 103;410,9601b., on of I.3.2'per .'.cent., but American refineries also, dealt with'scrap copper. and ..impprted ,copper. Consumption in A'lnerican decr'eased ; 200,000,0001b., and notwithstanding heavy' exports the stock during 1907 increased 79,248,6151b., or up to''. 125,745,7961b., or. 56,500 tons. The New York- "Evening Pqst" ,says that'th'd stock of copper-in American refineries in --August had increased to 75,000 or 80.00Q tons','"'vfhich at .£6O a ton, would be worth. from <£4,500,000 to : <£4,800,000. ■ No wonder that the market does not revive with that deadweight upon it. •

The' increased dependence of the population of . the United Kingdom on imported food is concisely shown, by a comparison of- the quantity, per'heatl annually received for a, series of .years. Returns of imports havo been collected on, substantially the. same basis for over 50 years, and by arranging the figure? in .septennial' period the! gradual; growth of Supplies is clearly indicated. Thus' in 18591865 Britain imported 1261b; per head of wheat and flour, in 1866-72 the quantity had risen to 1461b.,, and in 1873-9 to 2001b.. In the next septennial period the quantity . per head was ?391b., rising to 2561b. in 1887-93, 2731b. in 18941900, and 2941b. in. 1901-7. In the three last periods the total- crop-of wheat in this country fell from 1121b. per head in 1887-93 to 881b. in. 1894-1900, and 751b. in 1901-7._ Evon assuming, therefore, that • the whole' of. tho home crop was actually available for food'(which, in view •of tho requirements for seed and other purposes, is. not the case) four-fifths of the wheat consumed in tho .United 'Kingdom is, supplied from abroad. -The average values per head at tho first, middle,' and last septennial periods for wheat were as follow:— 1359-65, 12s, 4d.; 1880-86, 20s. 10d.; 1901-7, 18s. • sd.

• How much industry was affected in Britain during tho first half of the: presont year is shown by the figures of • unemployment published by the-Board of Trade. - The percentage of unemployed artisans ,is:, given at 8J per cent, against a previous highest in January, 1905, of just below 7 per cent. These figures relate only to skilled trades, and take no account of unrecorded unemployment. Of the 646,511 unemployed recorded ' they- are distributed thus . 152,839; • coal mining, 128,753; textiles, 97,638; ...building, 64,286; shipbuilding, 59,831. , During the last quarter the percentage would havo increased. Printing and bookbinding,, 55,394; woodworking and furnishing, .35,281;. other metal, trades, 31,503; miscellaneous, 20,896. From this barometer of thf, trade in-England it will be seen that, all industries are affected, touring the last quarter the percentage would probably have increased. , . • ■

STOCK EXCHANGE.

(Br TELEGRAPH—PRESS . ASSOCIATION.) Dunedin, October 19. Stock Exchange sales:—Westpoi-t-Stockton, 10s. Gil.; Westport Coal (two parcels), Bs. Stock Exchange quotations:—Alexandra Eureka, sellers 35.; Alexandra Lead, sellers 35.; Blackwater Bonst, buyers Is. 3d.; ditto, paid, 45.; Electric, sellers, 4s. fid.; Enterprise, buyers, Is. 9d., sellers 35.; Golden Bed, sellers 9s. Gd.; Hartley Riley, sellers lis.; Manuherikia, buyers 10s., sellers 145.; Muddy Creek, buyers 205.; New Trafalgar, buyers 17s. fid., sellers 195.; Notown Creek, buyers 9s. Gd.; Rise and Shine, buyers 295. Gd., sellers-31s. 9d.'; Rising Sun, buyers 325.; Big River, buyers 335. Gd.; Talisman Consolidated, buyers 375. 3d., sellers 38s. 3d.; Welcome, buyers 25.; Waihi Grand Junction, buyers 345.'3d., sellers 345. 10id.; National Bank, sellers <£5 Is. Gd.; National Insurance, buyers 275. 9d.; Westport Coal, buyers \£G 75.; Westport Stockton, sellers 10s. 9d.; National Mortgage, sellers J!3 Is.Gd.; Milburn Lime, sellers (il) 315.; ditto, (10s.), sellers 155.; Now Zealand Drug, sellers 515.; New Zealand Portland Cement, buyers 275., sellers 275. 9d.; ditto, new issue, buyers Gs. Gd., sellers 7s. 9d.; Ward and Company, buyers 955.

HIGH COMMISSIONER'S CABLE.

The Department of Industries and Commerce has received the following cable from the High Commissioner, dated London, October 17, The mutton market is quiet but steady, with a better demand. The supply of Canterbury mutton, which is quoted at 4d. per lb., is increasing. North Island brands are quoted at 3J3. per lb. The lamb market is very firm. There is a good clemaud for best quality, but a small demand for second-class quality. Canterbury lamb is quoted at s|d., and other than Canterbury at 5Jd. per lb. ■ The beef market is dull, but holders are firm. . Hindquarters are quoted at 3|d., and forequarters at 3}d. per lb. The butter market is firm, with an improved demand. The following are the current quotations:—Danish, 1285.; this season's Australian, 1205.; Canadian, 1165.; and Siberian, 110s.' per cwt. The cheese market is quiet, with a tendency in favour of buyers. Canadian makes are quoted at 61s. per cwt. . < The hemp market is dull, and a poor business has been done. Current quotations are as follow.:—Good,' fair, grade, on spot, <£26;. fair grade,'on spot, ,£23; fair, current Manila, on spot,- .£23 10s. October-December shipments: Good, fair grade, .£25 155.; fair grade,- .£22 155.; fair, current Manila, .£23 10s. Last week's output from 'Manila amounted to 26,000 bales. . The - wool market is firmer, especially for first grades.

THE FROZEN MEAT -MARKET..

(BY TELBGKAPH—PRESS ASSOCIATION —CQI'Y.^fGHT.) London, October 18. The Frozen Meat Trade Association's Smithfield market quotations for the undermentioned classes of frozen' meat are based on actual sales of not less than one hundred carcasses of mutton or lamb, or tiventy-fivo carcasses of beef of fair average quality. These quotations aro not for selected lines, but for parcels fairly representative of the bulk of theshipments now on the market:— ' . ' Oct. 18. Oct. 11. „ "•'•••'■ > d. d. • Mutton— Canterbury, light : ... ... 4J Canterbury, medium ... ... '41-16 — Canterbury, heavy ... • ... 3} — : Worth Island, best brands ... 3J 3J Lamb —' Canterbury, light ... 5| ' 5J Canterbury, medium ... ... 5 7-16 SJ" Canterbury, heavy 413-16 4| Dunedin and Southland ... 53 5J North Island 5 5-16 5i Beef—' * ■. New Zealand fores ... ... 3J ' 3i New. Zealand hinds 3} 4 River PlateMutton, ' light .... ... 3j • 3 J Mutton, heavy ... ..... ... 3) 3} Beef, fores ... ... ... ... 3J 33-16 Beef, hinds... 3J 3J :

■ COLONIAL AND OTHER PRODUCE. (by TELEGRAPH —PRESS ASSOCIATION —COPYRIGHT.)

■ London, October 18. Wheat.—Fourteen thousand quarters of Australian . December-January. shipment and 8500 of January-February shipment sold at 355. 6d.-, and GOOO tons of January-February steamer shipment at 355. 10Jd. Rabbits.—Market very firm. Large New Zealand's are retailing at 17s. 6d.; Sydney's at 17s.Melbourne's at 16s:;. young Sydney's,'-,-Ms. 6d. to 16s.'; young' Melbourne's, 14s. 6d. to 15s. 6d.

Copra.—Market quiot. South Sea, in bacs. =617105.; b

Hemp.—Market quiet and prices unchanged,

THE METAL MARKETS.

(ni telegraph—press associ a tion—copyright.) London, October 18; Copper.—On spot, .£59 lis. 3d.; three months' .£6O. Bs. 9d. - - \ Tin.—Three months, ,£133 15s. Lead, .£l3 ,Gs. 3d. Antimony, £9. -, . Silver.—Bar silver is -quoted at 23jd. per ounce standard.

MINING SHADES.

(by telegraph—press Assocr ation—cory rig tit.) ■ : London, October 18.- : \\aihi Goldmining shares are quoted, buyers .£8 16s. 3d., sellers ,£8 18s. 9d.

LONDON.WOOL SALES. .

(nr TELEGRAPH —PRESS association — COPYRIGHT.) ' London, October 18i- ■ At the wool market: there was an animated sale, .and. keen competition at full late rates. Merinos are especially- wanted. -To date 217,943 bales have been offered, and 198,570 sold. ■The following were the average prices -realised for the fleece portions of -the clip named Mangatoro, 7id.; Annedale, 7fd.; Merri, 9Jd.

rrmr , TIT (lanital §S U»M- PBICBS. ' Yield COMPAHY. Paid lip. Balance, ,g fe el 0 ■■-■■ Investor Forward. & bl ? ar0 ' Wg i3 U yer. ; Seller. • g al0 , ' BANKS. g ■ g £ £ £ . A. £ 6. d. £ s. a: £ »• 'd. few Zealand „ ... jmj.ooo. soi.osrr , ".i ln . 8 0 0 8 10; 0 4 0 0 battoiuu ... - ••• W5 ,oao iw.aa ' }§ 5 d 0 0 i f 6 1 0 ,51810 INSURANCE. "■ - Rational ... ... ....... ... joO.OOO 249,339 , 91 IS ' 18 ° 1 8 ' 1 7 £ « g } hew Zealand ... -• I » to .313 3 15,0 3 14 0 5 8 1 boUth iirltlBh - ao.uM 513.C48 2 fs S 2 13 0 215 0 .211 O 511 1 tuuiaara ... . ... - ... ... ••• vb.ouu «m«c | gj J5 o i a.'e 1.2 » f" ! FINANCIAL. . ' Equitable Building;... ™ ... rg.ooo 18,243 n in 10 2 6 Metropolitan liuuuing Vl.ijij) S.oai 5 ".. Vreiuugun Invest— .... , . oo,ooo ijeU 10, T «• • - -0 116 oil 6 5 4 4 .WelUngiou iTust, and Loan -... mi.-iao 41,sm , i 5 5 ' ''• 1 ' 7 r i 0 "7 ■■1 0 5 8 6 hiiuouai Mortgage" ••• yx).U)0 1M.MU -5 » in 3 0 0 3 1-6 tiA. ana Hiver i-lute ... ... - tWJ.OOO . «M9 2 nil o 110 9 1116 .111,%0 - S 3 3 tuan and juercanum .••••», ... .. .jaoOiW '1 tj 5 . >■ - " s '*' . ■ • ' v.' Auckland .... ... _ „ ... 1EO,370 £5,463 '' nll , 17 ... - unrisicuuroli ... .... jeOJOO . KMdT ° nil in -- 916 .0 ,9:15 0 5 3 Feiioing , , ... .... la.OuO •««- -5 • nil J . "oi9'6' 's»«" .. „ uisuome .... : ... . ... ' H.bOO 10,600 . J nil ij . - ... 212 6 -.210 C 610 0 **wera .... ... ; ... ■ taSO: fowl 1 • - 1 s? — 'V ixew.fxymouth ... JSjGUI. -MM. . J nil in ■'< «»»»«• ' !• - . - )•..• .... ,5 -nil. 15 15 0 0 >.y-*-t „ » ; .» . .»•••• ••• J. 49,057. -£3.184 ] <> 5 jj ,. .3, 7' 6 4 12 4 : taimerston North ...; °7,7£0 11,092 :} }•'■ 'J5 ' 710-0 'i't 0' 6 3 3 '.Wellington •- 1 M ' WW 1?. nU . 30 * m . ■ ... ... j ■ . ., 5 jo 1512 6 16 ■ 0 0 • , ' . 1 ■ _ MEAT, .v'V-/,; r :: s- ?JS : | 4 . «i "■ • , ■ -• I umj" • U.2IU 1 nil" 121 S D-J 210 0 i .0,0 5 2 0 .Ceiliu'gton Meat Export !!! j - i nil ° 15 ° e" 6 , 6 " io 6 9 0 •.,« - 105,766- -47.M0 ' J ' fV \' >8 .',S 5 <0 ;,3 .0 0 7.0 0 . ft anganui Z Z ."8,646 ; ;'n!i" -" S ° ° '5 0'0' ) TRANSPORT, ff. and M.,Bailway ... 170,000 : 121,452 " 7~"V .sWV si5-ft' '6 .918 4in.z. anipprng ... ... ...• ... 45d,b40 116,old , y n jj g- 6 i O 6 10 0 6 l0 0 6 3 1 ■"" • coal. ' 7 "ry '.. .V cTf ::: : £^V 12 !:S J 0 o o i o.oWOOLLEN. ... s ; • Kaiapo' .„ lOO.COO S2.E54 6 nil 7 faoflgiet - - .- ~ , ... ta.457 17,al2. -'jj; "n" :'. 4 218 ' 0 3 0 0 )«euington ». ... _. u.Sbdr ,.!#*>■...( l : - : 6 ,3'0 l 0 .3 5 0 S a"6 713 • 7 - MISCELLANEOUS. ■ ■ XJonaghy Eope ... .... ' £3,500 " 3B1 ; i L nH ' 6 " 12 6 . . : . lxsylana and OBnen J '70.000 37,'ibi ' i . n n , 6 . ... .. l a 3 139.8 liauricevilio Lime ... 7,000 . 315 i „n fi 1 n n Candle : v„. ; ... io'.uX). . m . jo V SI, L . . ., 1 ' ° . '. , . . ' W.A Lrugs ... .. £U),UJO . lI/'UJ 2 " nil " • 7 ' Q 0' fi 1 211 0 nn ■ i 6 3 0 h.Z. taper iUlli .„ _ - 94,775 l,58r { °}| ' ? J I § 3 f11 ' ' Cement. ... ... ... ... ,60.1X10 -tiM. 1 . n il 170 1 8 0 180 Wanning-and Co. ... ... M . it.oto ' IV.rtU- -4 - • 1 - 10 3 17 6 316 6 10 0 2 ?? c °u'" - t0 ' CC0 u,54a 4 ' 1 10 414 6 417 e 415 0' 8 8 5 Wgm. Opera House .... it,630 - Mti 5 • B U & Wgtn. irean food „ i8M 1 nil wmtcombe and 'I'cmbs ... 20.153 2*' 3} i'5 4 8-6 410-6 ' fcnarland, Ltd . . 11,724 '1 ■ ;7j .: 019'3 ' . ; , . s The above quotations are taken from .the daily official lists of the Wellington Stook. . < Exchange. .