FINANCE AND COMMERCE

Dominion, Volume 2, Issue 334, 22 October 1908, Page 10

FINANCE AND COMMERCE

■ , -THE SHARE MARKET. 1 • , There was a little more animation ,in the market yesterday; and sales '-were reported of New Zealand and River Plate at SI lls.,\Wellingtori Gas. (SlO 'paid) at Sls 12s. 6d., West-' port-Stockton ■ Coal at 10s.''3d., and Taranaki Petroleum at 10s., 105.'3d., 10s. 6d. The quotations were practically unchanged. Bank of New Zealand, sellers. ,£8 9s.'; .National Banks,. Kellers -S5 Is. Gd.; Equitable Building; sellers iilo.2s. -6d.; 'Wellington Trust..and Loan,.sellers 'S7 75.; National Mortgage, buyers S3, sellers S3 Is. 6d.; Christchurch Gas, sellers' S9 165.; Port Chalmers Gas, sellers XI Is.; New Zealand Insurance; sellers 53,145.;. Standard Insurance, sellers SI 2s. 6d.; Christchurch • Meat, buyers £8 155.; Wellington Meat Export (<£s paid), sellers S6 Is. 6d., (X-t paid), sellers £5 (£2 12s. 6d. paid), buyers, S3; Manawatu Rails, buyers £2 12s. 6d.; Wellington Woollen, buyers S3, sellers S3 55.; Westport Coal, sel- , lers S6 10s.; Westport-Stockton. Coal, buyers 10s., sellers lis.; Leyland-O'Brien Timber, sellers. SI 2s. 6d.;-New Zealand Drugs, sellers S2 lis.; New Zealand Cement, buyers SI 75., sellers "51,.:85.-;" New Zealand Paper : Mills, sellers Sl' 3s. 3d.; Taranaki Petroleum; buyers 10s., sellers lis.. . THE MINiNG MARKET. ' Yesterday sales were reported of New Zealand ■Crown at 45., and Waihi Extended-at 3s. 4d. The quotations were as under:— Buyers. Sellers. Sales. ; £ s.-'d. S s. d. .S s. d. Talisman 1 18 0 1 18 6 — Waihi, ....... 8 IS 0 — " Waihi Extended... , ■ — — 0 3 4 Komata Reefs ... -013 — . N.Z. Crown •... p- — 0 4 0 Big River ..... 1 13 6 ' — — TARANAKI PETROLEUM COMPANY. The balance-sheet of the Taranaki Petroleum Company,. .'Limited, for the year ended 'September 30, has been received by Wllington shareholders, and the annual, meeting is to be held on Friday, October 30. The paid-up capital of the company is 579.754, but of this amount 52115 145.. 4d. represents calls in arrear. Of the unpaid calls about SIBOO is due in respect of the last call made, and in view of ; the improved ' prospects . no doubt this amount will be paid up. The assets, besides the property and plant, include SISOB Bs. 6d. cash in Bank of New Zealand and 525 7s. cash in hand. The uncalled capital of the company is S/918, so,that with uncalled capital, calls in arrear, and cash in hand tho' company has available'about 511,567, but.against this there is the debit balance on working account amounting to 54915. The management expenses, or rather, office expenses, total 5699, or Sl3 55., 'or more than i!2.per working day, . which appears to be excessive. The secretary's salary and directors' honorarium absorb 5350, or. about half the total. The cost of the office seems large for a company that should have very little office' work, but perhaps the directors can justify the expenditure. The report, and balance-sheet were issued' before the favourable results in the No. 2 bore were disclosed, consequently there aro no references. ' to the matter.' Private advices' from New Plymouth; 'while not 'too sanguine, are- distinctly optimistic; at all events Taranaki speculators are buying the shares very freely. The people of New Plymouth have suffered so many disappointments over petroleum that they may well be excuesd if they are displaying specticism now, but they are not. They still believe in oil, and they are buying the shares. The Customs revenue collected at Wellington yesterday amounted to 51437 14s. Id. WELLINGTON PRODUCE MARKET. Messrs. Laery and Co., Ltd., Wellington, report wholesale prices ruling on the marketsWheat, fowl, ss. Id. to ss. 3d., broken 4s. 6d. to 4s. 9d.; oats, 2s. 6d. to 2s. 10d., seed oats 3s. to 3s. 3d., Algerian seed oats 3s. lid. to' 45.; maize, ss. to ss. 3d.,- crushed malt, Bs. 9d: ; fowls' barley, 3s. 9d. to 45.; horse beans, -4s; Bd., all at per bushel; ricemeal, S6; flour, New Zealand Sll 10s., Australian SlO ,15s. to Sll;' bran, 55.105. to.Sa 155.; pearl barley, Sl9 10s.; peas, partridge 4s. 9d;, Prussian blue 6s. 6d., fowl peas 4s. 7d., split SlB 10s.; bonedust, S6; superphosphates: S5 to So 55.; guano, S4 10s.; chaff (oatensheaf), S5 to Ss' 55.; oatmeali Sl2 to Sl2 15s.'; potatoes, table S5 to S5 10s., New Zealand seed (Up-to-Dates) S6 10s. to S7; molasses fodder, S6; bacon, factory, sides 82d., hams 9d., rolls 9Jd.; butter, bulk, prime 10Jd. to lid.; poultry, hens 3s. 6d. to 45.; ducks, 7s. to Bs.; turkeys, gobblers lis. to 125., hens 9s. to 10s.; cauliflowers, 6s. to, 12s. '6d. sack; cabbages, 33. 6d. to Bs. sack; fresh eggs, Is. to , Is. Id.; cheese, 6d. to (Jul. per lb., loaf 7Jd. per lb.; Akaroa cocksfoot, lOd.; ryegrass, 4s. 9d. to ss. 6d; per .bushel.. ... . STOCK SALES. Messrs. Dalgety -and Co., Ltd., report that at their Wanganui sale yesterday 1800 sheep and 100 cattle were yarded. The sheep were nearly all hoggets. Competition was quiet, but they. cleared, the bulk at late rates. A total clearance of cattle was made at mostly advanced values. Quotations:—Medium mixed hoggets, lis. Id., lis.'6d., to lis. 9d.; small hoggets, Bs. lOd.; good 2 to 2j-year steers; S4 65.; small weaner steers, 255.; 2 to 2£-year empty heifers, S2 17s. tq S2 19s, 6d.;'yearling to 18-o:onths heifers, 325. 6d.; small mixed weaners, 255.; Carward store cows, S3 55.; do.; fair condition, S2 15s. to S2 175.; do., old and poor condition, 255.; springing cows, S4 los.; pld cows and calves, 20s. to' S2 ss. 6d.; small weaner pigs, lis. 9d. (11* TELZOKArn—I'ItKSS ASSOCIATION.) Christchurch, October 21. At the Addingtbn live stock market to-day there were fairly lanje entries of stock an! a good attendance. Fat cattle showed an imin price. Store sheep were also in

slightly better demand. Prime fat lambs sold at past Week's'rates, and the. : fat sheep sale opened at a decline. The yarding.. of store sheep wa's about, equal to that.. of'last Week, two-thirds.'.being hoggets and' : th'e''balancjß forward shorn wethers,.and .a few; peris'.'ot awes and lambs. There ! was a . very goo'd demand:Any.changes in "prices were in' favour i.f sellers. The. favourable weather conditions-und abuu. dance of feed encouraged, buyers 'trt operate .more freely; There were 225 fat'lambs penned, including a good proportion 1 of ;vely. prime, and some, lots that were. on the small side. For the best iambs prices' were fully equal to those of last week, and rather better in some cases, while small lambs brought correspondingly lower rates. Prime well-grown lambs made 17s. to 19s. 3d., and smaller 12s. 6d. to 16s. 6d. The entry of fat sheep was larger than last week, and the supply being beyond butchers' requirements, the sale opened at a decline in values, and prices were..further reduced as the business progressed. Graziers then came in and relieved the market of a number of unfinished lines. The range of prices was:— Prime wethers, 19s. to 235. Gd.; extra, to 245. 9d.; lighter, 15s. 3d. to'lßs. 6d.; merino, wethers, 13s. to 15s. 9d.; prime ewes, 17s. 6d. tq 20s. 6d.; medium, 15s. to 175.; others, 13s. to 14s. 6d.; hoggets, 16s. 9d. to 17s. 6d.; shorn wethers, 15s. 9d. to 18s. 5d.; shorn ewes, 10s. 9d. to 14s. 3d.; shorn merino wethers, 95.; shorn hoggets, 10s. lOd. The .yarding cf fat' cattle totalled 228 head,, and included some lines of extra prime, quality; There was a better demand shown than of late, and there was a general advance in price equal to about is. per 1001b. Prime steer beef made 255. to 295.; medium, 225. 6d. to 245. 6d. ; and cow. and. inferior, 19s. to 225. per 1001b. Steers ranged in price from S6 ss. to Sll; extra, to Sl3 7s. 6d.; heifers, So 12s. :6di'to SlO 2s. 6di; and cows, So to SlO ss. An average yarding of veal calves sold at prices from 4s. 6d.-.to 555., and'extra wellgrown and finished'to S4. There was a full entry of store cattle, a large consignment from Southland being yarded. These were mostly light-framed and in low condition. The local entries' were in> better order. There was. not a very keen demand,. but some improvement was shown upon late .sales. Yearlings made 16s. to 225. 6d.; two-year steers, S2 12s. 6d.; 2-yeai heifers, S3 35.; 3-year steers, .in good condition, :S4 ss. to S5 7s.*;;3ryear heifers, S3 lis. to S3 12s. 6d..; 'and dry cows, 15s.' A to S3 10s. The Southland. cattle. realised, for calves, 14s; twelve to fifteen months, 245.; eighteen months,-365.'; two-year-olds, S2 10s.; two and a half to three years, S3 ss. Tbere was a very large entry -of pigs, and all classes, except choppers, sold well. Choppers sold up to S5; heavy bacpners, JSOs./to 80s.; and smaller, 50s. to 58s. (equal to 6d. per lb.); large porkers, 42s.'to 505.; lighter, 38s. to 41s. (equal to 61d. per lb.); large stores, 355. to 405.; and smaller, 255.' to 345.; weaners, 20s. to 255: A lino of 50 halfbred. .Tamwortbs .'made 40s. to 525. -. Dunedin, October 21. At Bumside 264 cattle were yarded. Prices at the beginning of the sale were much on a paij with last week's rates. Unfinished cattle were, if. anything,- cheaper. Best bullocks, SlO 10s. to Sll 10s.; extra, to Sl2 2s. Gd.; medium to good, S8 10s. to S'iO; light and inferior, S6 10s. to S7 10s.; best cows and heifers, to S8; light and inferior, S3 10s. to S6. Sheep: 2629 , yarded.;; Freezing weights were much the same, but heavy sheep showed an advance of Is. per head. Best wethers, 20s. to 21s.'; exffa, to 235: Gd.; medium to good, 18s; to 195.. 6d.; light, 16s. to 175.; inferior, 12s. to 145.; best' ewes, to 175.; medium to good, 145.-to 15s.- Fat lambs: 32 penned. These sold from 16s. 9d. to 235., according to size and quality. Pigs: 135 penned. Suckers and slips were in good supply, but the demand was keen, and splendid prices held good. Porkers and baconers were firm at late Tates. Suckers, 18s. to 215.; slips, 225. to 225. Gd.'; stores, 335. to 375.; porkers, 435. to 495.; light baconers, 525. to 575.; heavy, 58s. to 635.; choppers, to 1355. PROPERTY SALE. There -was a- large attendance at Messrs. J. H. Bethune.,and Cp.'s property auction sale yesterday afternoon.., Two blocks of freehold land situated in ' the Otaki district. was submitted, under instructions from' the Registrar of the Supreme Court. The first block had an area of 184 a. lr. 32.6 p., and,was knocked down to Mr. R. C. Kirk, as agent, at SlO per acre (51844 10s. Gd.). The area of the second block was 76a. 2r. 30p., and was also, purchased by Mr. R. C. Kirk, as agent, the price being Sls per acre (SllsO 6s. 3d.). A residential property in Webb Street, and five building allotments at Crofton, were also submitted, but the reserves not being realised were passed in, and are now in the hands of the auctioneers for private sale. GRAIN MARKET. Cbx. telegraph—press association.) Dunedin, October 21. Oats.—The market was exceptionally quiet, und no sales of any importance have taken place owing to merchants holding large stocks. Practically no new business is passing. Prime milling, 25.; good to best feed, Is. lOd. to Is. lid.; inferior, to medium, Is. Bd. to Is. 9d. Wheat.—Primo milling is still in demand, but medium quality is saleable only as fowl feed, for which there, is good.inquiry...Prime milling, 4s. 4Jd. to 4s. 5d.; medium, to 4s. 4d.; whole fowl wheat, 4s. 3d. to"4s'. '4d. ; medium, 4s. to 4s. 2d.; broken and damaged, 3s. 3d. to 3s. lOd.. ' HAWERA GAS COMPANY. The balance-sheet of the Hawera Gas Company, Limited, for the jear ended September 30, has been circulated. The directors, in their report, say:—"lt will be soen from the balance-sheet that after making provision tor depreciation, renewals, and paymei."! of an interim dividend of 4 per cent.—authorised in May last—amounting to 5330, tho sum available for distribution is S9OO 3s. lid., and your directors recommend' the payment of a further

dividend of 6 per cent., absorbing ,£495, making a total dividend of 10 per cent, for the year, and that the balance of .£405 3s. 11(1. be carried forward." The, profit, and loss account shows that the receipts from the sales of gas, residuals, fittings, and stoves amounted to <£3991 12s. 3d., and recoveries of bad debts brought in £2 2s. lid., making -he total £3993 15s. 2d.; the expenses under all heads amounted to ,£3109 ss. 3d., leaving the net profit at .£BB4 9s. lid. There was brought forward from the previous year £345 145.; there is thus available for distribution £1230 3s. lid.. The dividend for the year at the rate of 10 per cent, absorbs £825, leaving £405 3s. lid. to be carried forward. The company is distributing practically the whole of its net profits in dividends, and it is a question whether this is justified in view of the fact that the company has an overdraft with the Bank of New Zealand amounting to £6462. The uncalled capital of the company is only £2750. STOCK EXCHANGE. (BY TELECKAI'il —I'RRSS ASSOCIATION.) Dunedin, October 21. Stock Exchange sales: Electric, 3s. 9d.; Talisman Consolidated, 375.; New Zealand Coal and Oil, Is. 10Jd. and 25.; Westport Coal, £6 Bs. LONDON WOOL SALES, (nr telegraph—pkess association—corYßUHT.) London, October 20. At the wool sales Waihoura clip fetched GJd. The Department of Industries and Commerce has received the following cable from the High Commissioner, dated London, October 20, 1908:— Wool sales closed with a brisk demand at present quotations; Supplies have been well cleared, and prospects are rather more encouraging. Thereis a good demand in America and on the Continent. Estimated values are as follow:— . " ( • • Superior merino, IOJd. to is. OJd.; medium merino, Bd. ,to 10d.; "inferior merino, 6d., to 74d-; • fine crossbred, all grades, IOJd. to Is. OJd.; medium crossbreds, all grade's, Bd. to 10Jd.; coarse crossbreds, all gTades, sjd. to BSd. - Messrs. Abraham and ■ Williams, Limited, have received,the following,cable from London, under date October 20:—The'sales have closed very firm for all wools, and prospects are good. There is an active demand by all branches of the trade. Prices are a $d. to id. per lb. higher. For - scoured and sliped coarse crossbred ..the. demand is slow, largely owing, to heavy supplies, and prices are unchanged. The total quantity held over is' 40,000 bales, of which 20,000 are New Zealand. Current prices for average : conditioned wools are as follow :— Coarse crossbred, 36 to 40's quality, 6id. to Gjd.; medium crossbred,' 44 to 46's quality, 8d: to BJd-.; fine crossbred, 50's quality, 9Jd. to IOJd. Messrs/: Levin and Co; have received the following cable message from London:—September sales have closed. Merinos' and greasy crossbreds generally showed a recovery on opening rates. Continental buyers are operating freely for these wools. For scoured and sliped wools, however, there was slow bidding, and these qualities showed a drooping tendency. Thirty-seven thousand bales were held- over, of which 21,000 bajes are New Zealand wools. The sales for next year have been fixed as under:— January 19, unlimited; March 9, unlimited; May 4, limit not yet fixed; July 6, limit not yet fixed; September 21, limit not yet fixed; November 23, limit not yet fixed. . .TILE METAL MARKETS. (BX .TELEGRAPH—PRESS ASSOCIATION—CorTRIG TIT. I London, October 20. Copper.—On spot, £59 7s. 6d.; three months, £60 55.; electrolytic, £61 10s. Tin.—On spot, £132. Lead, £13 Bs. 9(1. Silver, 23Jd. ■, DECLINE IN WHEAT. • (BT TELEGRAPH —I'RESS ASSOCIATION—CorYRIOIIT.) _ " ■ London, October 20. Wheat is a shilling lower on the week. Five thousand five hundred tons-of Australian, steamer January-February,, sold at 355. 7jd. SHARE AND DEBENTURES. (BY IELEGRAPH—PRESS ASSOCIATION—COFYRIniIT.) London, October 20. Buyers. Sellers. £ S. d. £ s. d. Bank Australasia ... ... 103 6 8 104 10 u Union Bank' ... ... 59 10 0 60 10 0 Bank of New: Zealand ... 915 0 10 5 0 New Zealand Loan and Mercantile Agency Company's debentures are quoted at 94. AUSTRALIAN PRODUCE MARKETS. ' |DT TELEGRAPH—PRESS ASSIK M I'lriN (-..!• V Klf. If T 1 Sydney, October 21. Wheat, 4s. 2Jd.; flour, £9 55.; oats, Tasmanian white, 3s. to 3s. Id.; New Zealand "A" grade Gartons, 3s. 2d.; barley, Cape, 4s. 4d. to 4s. 6d.; maize, 4s. 7d.; bran and pollard, £6; potatoes, Tasmanian red skins, £6 55.; onions, Victorian, £14; butter, 108s.; bacon, BJd. Melbourne, October 21. Wheat, 45.; flour, £8 10s.; oats, feeding, 2s. sd.barley, Cape feeding, 3s. 4d. to 3s. 6d.; maize, 4s. 2d.; bran, Is. id.; pollard, Is. 2d.; potatoes, £3 ss. to £3 155.; onions, £12. Adelaide, October 21. 'Wheat, 3s. 9Jd.; flour; dull, at £8 10s.; bran and pollard, Is. id.

WELLINGTON J3 H A HE LIST. ' "roMTAtrr «® ' PEICES ' »«w COMFAOT, : Paid Up. Balance » ' - ■ ■■'■■.■ Forward. \ onare. w._ BnJ . eri Ee!ler , . .. BANKS. : •, £ £ £.■■££■ A. £ s. d. £ g. d. i s. a. ; fiew Zealand w ... 5,000,000 £04.097 • 31 . , n 8 9 0 8-10 0 4 0 0 'tikuoiuu , ••• - b75,WXl W>i,iio3 -ji 15®, $ 5 0 9 ,5 1.6 '5 1 U 51810 INSURANCE, {iational ... ... ... ... JOO.OOO. 249,339 . . $ « 1 8 0 -1 8 '9'' -l.-JMi 5 9 1 hew Zealand ... ... -.oo.uoq tHo,t>74 ( „ {„ 3J3 - a 14 0 '3 14 0 5 8 1 buutt itriusb ... ... ... ••• jUMto) 51o,6W ? |i S 2.13 6 215 0 .214' 0 511 1 buoiuarU ... ... ... ... .» . v&.UUO 'M | 9i. 10 1 20 1 3 - 1 26 613 4 FINANCIAL. • ' , fquitable Building ... _. _ COJM0 ' . 48,242 . , . . . 10 16 ' Metropolitan .Building * bjM 5 . ?»•' J " ■ ; \><uuue«0U invest. ... ... ... . W,UX) - bjc60 » 4 i ' 0 116 Oil 6 5 4 4 WeJliiib-tou Trust and Loan ... i 01 o50 44,i)34 i s S 7 V 0 7 7 0 5 8 6 fc&uouui Mortgage ium«) liiv.'uti * a "in 300 316 J.A ma Biver nate . UAWUU ia»#M 2 % 1 10 9 111 6 111 0 5 3 3 Uiui mui mercantile ... ..'. "oio.-lod 1 * M g CASi ' r Auckland ...: ... ... w .... 160,370 £5.463 " nil'17 ' - Luriauuuuron . ... , 1LO.OUO ti.iM f nil ii ' ,916 0 '915 0 5 2 0 l'euawg ... .... ... ... ... . lr.ouo m « nil 019 6 buuorlid ...' ... - - i'i,8U) lC«965v } nil" f<J? 2 12 6 2 10 0 5 10 0 iiawera ... ... ... ... ... . b,tfo . um,, \ 1 }?,* ' ««».■ i-iymouth ' ... jmhu • iji4 J n «* i„ Aapier ... ..... ... v ... 1 ■ 5 ™ 10 15 0 0 • .... ... t 49,957 £3,184 5 15 ■ : 3 1 6 412 4 't"alme"aton'Nonii ... ... • jj.MO 11,092 - '£ 1 4 . ft 7 10 0 7 6 0 6 3 .Wewngtou ... ..; ... ... t . toW(W • 4 ■ » 1 .1512 6 6 8 " » ••• - > 5, -jo . io?i5ia ; :6 16 0 0,.. ■■! '■ MEAT. ; . I ' ' ■ |~SS : r; 1 : ; S ■ iS ;« -J s' , •».. ••• I ti.ouj • •• 10,nil 1 . nil' 124 2 9 6 2 10 0 : 2 0.0 B JO .^'eiUnWMeat - Ejiort '■ ••. . , | 915 0 '8» I «» 8 I § 0 ' -r ~ 1105.766 ' 47.950 ® 1 s 5 o> 0 ::3 0 0 7 0 0 RaneaW. J'." ■> -• Z '.45.850. .8,646 f , J- 30 . 0 J J.'o. • TRANSPORT. • ■ ••• ' •' '• •: S j -?S:°o :::• r j»g- 9 $t 6 ' 8 0 - S ? u rt :: ::: ■.z '; s uZ- - 1 610 « V6 > ° ; 616 s ; .WOOLLEN. .... "... . Kaiapo! ; ' ™ _. „ 10O.COO 32.654 B ' r.il 1 ' ■' '• ' '-'*• i ' M08ffici._ fcy,457 .17/ilJ 1* a q ift n n -fl" , Wellington ... t7,baa lo.tw J I 6 3 0 0 3 5' 0 8 2:6 713 .7 'MISCELLANEOUS. Conaghy Kope ... , ... . w .181 l 6 ; i- 2-6 ; '- Uylana una O'Brien 70,Wj0 37,',di i .SJ .« /. .1. 2. 3 13 9 8 z- z. z « SS i g 1 ' - 1 ** ■ ||a.iiii5 1 f < 6 3:0 i f io 170 317, 6 3,16.6 10-9;2 if'" - "" ". t W u ' t4 ' wd 1 1 10 414 '6 4 17 6. 4'1S 0 8 8-5 wIS: S #o°o u d 38 ::: : - ?: .»g •, . '»:,SS. The above quotations are taken from .the daily official lists of the Wellington Stock J ' .• ' . Exchange..