FINANCE AND COMMERCE.

Dominion, Volume 2, Issue 335, 23 October 1908, Page 10

FINANCE AND COMMERCE.

THE SHARE MARKET, it themeeting of the Exchange yesterday sales were,reported of Wellington Gas, .£lO paid, at : <£15 12s. 6d!; Standard Insurance at £1 2s. 6d.; and Westport-Stockton at 10s. Id. Bank of New Zealand. shares ' were slightly weaker, with sellers: at £$ Bs.; National Banks, sellers .£5 Is. 6d.; National Insurance, buyers Jll 7s. 9d., sellers J2l Ss. Cd.; Standard Insurance, buyers ' JH' 2s.- 3d.; Equitable Building, sellers £10 2s. 6d.; Wellington Trust and Loan, sellers .£7 75.; -National Mortgage, buyers .£3, sellers ,£3 Is. 6d.; Wellington Gas, buyers ,£ls 10s., sellers .£l6; Christchurch Meat, buyers £'J 15s. 6d.; Wellington Meat Export, £5 paid, sellers d£6 7s. Gd., .£4 paid, sellers £5, £2 12s. 6d. paid, buyers .£3; Manawatu Rails, buyers £2 12s. 6d.; Wellington Steam Ferry, 15s. paid, sellers lis. fid.; Wellington Woollen, buyers £3, sellers .£3 55.; Westport Coal, buyers .£6 75., sellers .£6 10s.; Westport-Stockton Coal, buyers 10s., sellers lis.; Leyland-O'Brien Timber, .sellers JGI 2s; Gd.; New Zealand Drugs, sellers £2 lis.; New Zealand Portland Cement, buyers dSI 75., sellers «£l' Bs.; Taranaki Petroleum, buyers Os. 6d., 10s. Gd. • THE MINING MARKET. The weakness of the mining market continues, and business is dull. Yesterday a sale of Waihis at jEB 16s. 6d! was reported, and this was all the business. The quotations were as under:— . . Buyers. Sellers.. Sales. .£ s. d. .£ s. d. £ s. d. Talisman 1 ... 1 18 0 1 18 9 — Waihi — 8 16 6 8 16 6 N.Z. Crown ... 0 3 10 0 4 3 - . . Waihi Grand'Jun't'n — 1 14 0 — Komata Reefs • ... — 0 13 — Big River ... ...'ll3 G — — . LONDON WOOL: SALES. The London wool sales, which closed on Monday last, while decreases in some special classes, maybe said on the whole to have been slightly better than the July sales on the average. This, will be seen by comparing the average quotations for the different grades. The High Commissioner's messages enable us to make the following comparison:— July September Sales. ' Sales. 1 d. ■ d. d. d. Merino— Superior ... 101 to 12 10.} to 12} Medium .... ... . 8 to 10 8 to 10 Inferior ... G to 7i 6 to 7J Crossbred— Fine 10 to 12 10i to 12} ' Medium ... ... 8 to 10 8 to 10}Coarse ... ... ' 5} to 8} . 5i to 8} The quotations received by one of the local woolbroking firms support the position disclosed by the above comparison. The figures are as under:— July September Sales. Sales, d. d. d. d. Crossbreds-r- . „„ Coarse, 36's to 40's ... GJ. to 6} GJ to . Gj Medium, 41's to 46's 7 to 7.V 8 to 8$ Fine, 50's ... ... 82 to 9£ ■ 9J to 101 Fine and medium crossbreds have improved, but. the coarse descriptions are without change. /On-' fortunately, it is mostly-coarse crossbred wool that is;produced in the North Island. ROYAL,BANK OF QUEENSLAND. ' The accounts of the Royal Bank of Queens-land-Limited for the six months ended September 30, 1908, show that net profits amounted to .£12,769. Adding .£705 brought forward, the directors had available .£13,474, from which they have mado the following appropriations: —Dividend at the rate of 4} per cent, per annum, ',£10,791; income tax and interest on capital prepaid, ,£Bo6;'and to reserve, ,£IOOO, making the total of . that fund <£71,500, leaving £811 to be carried forward. During the half-, year capital was increased from 5485,004 to J?492,252. Bills payable on September 30 stood, at ,£19,098; liability to Treasury for notes,' .£35,500; and deposits, etc., .£1,103,927, the total of the balance-sheet being JE1,732,751. Assets comprise coin, bullion, etc., <£443,195; advances, and bills discounted, .£1,226,098; and premises, ■£63,458. DRIED FRUITS. Messrs. Laughland, Mackay and Co., in their report dated September 10, give the following information -.— Currants.—Stocks'in London at end'of August were 3417 tons, against 2170 tons last year. Tho total shipments from Greece to Australia during the season 1907-8 amount to 4001 tons, compared with 554G tons' for season 1906-7. The crop has been gathered in excellent condition; and there would appear-to be no danger from rain-damaged fruit. _ Prices have advanced owing to heavy sales in Greece. Sultanas—The., stocks in London at end of August were 1325 tons, against 325 tons last' year. General'satisfaction is expressed at the appearance and condition of the new iruit. Prices receded during the month, but within the past few-days have recovered, with an active market, and a tendency to further advance! ■ ' Valencias.—The new fruit has arrived in London,' and is of excellent quality. ARGENTINE FLOUR.' . • The statistical department of the Ministry of Agriculture has issued its. report on the milling industry during 1907. The report shows the output of flour as. having been 677,53G tons. Of this amount 127;QOO tdns were exported, which -leaves 550,336 tons for home consumption, ' equivalent to 91 kilos per inhabitant. The bromatological statistics bureau shows the consumption to be at the rate of 95 kilos per inhabitant. This would bring-,the home consumption up to 570,000 tons,' and with the exports a total output of 687,862 tons,

or, say, 20,326 tons, more than that shown by the mills. The average yield of, say, 95 kilos per inhabitant, has required 831,533 tons of wheat fdr home consumption in 1907, and the total flour output $1,021,251 tons. Modern milling- plant -has increased the yield from 64.5 per cent, in 1895 to 68.3 per cent, in 1907. The average of impurities' in the wheat is only 2.8 per cent, for the whole Republic! which shows the care now being taken by farmers in the selection of their seed. . The total number of 'mills in the country is 350. Of these, 60 did not work during the year; 156 .mills are steam, 52 turbine, 103 animal-power, and 39 mixed. The by-products manufactured were 175,339 tons bran, 93,038 tons middlings, and 18,964 - tons pollards. Every 100 kilos of wheat has, therefore, produced 68.3 per cent, flour, 28.9 per cent, by-products, and 2.8 per cent, impurities. Producer gas plants are now being installed in'several mills, there being already five working with these, one with a kerosene motor, one turbine and kerosene, and two by electricity. NOTES. The exports of minerals from New' South Wales for the nine' months to September. 30 were valued 'at a net decrease of ,£966,540, as compared witli the corresponding period, of last year. Coal accounted for •£2,321,350. The Atlas Portland Cement Company of Northampton; Pa., U.S.A., has been awarded a" contract for .4,500,000 barrels o'f, cement, to be used on the construction of the Panama Canal. , It will take about three years to deliver the cement, from 2000 to 10,000 barrels daily to be delivered on the Isthmus. Three vessels of the Panama Railroad Steamship Co. will be kept occupied in transporting the cement, the total, contract price for which is about ;£i,250,000. This is one of the largest contracts for cement ever made in any part of the world, and,will form an important feature in- Ttlie outward, bound shipments from the United States for many months. The report of the Agricultural Department of the United States of America for the month of August,' 1908, on the grain crops of-the country, " indicates': a yield of 2,716,000,000 bushels of corn. Last year's harvest, according- to the final report, wa5'2,592,820,000 bushels. This corn promise has only once been exceeded in the history of the land by the "bumper" harvest of 2,927,416,091 bushels in 1906. The total wheat , crop js estimated at 675,651,000 bushels, which compares with 634,087,000 bushels last year. The acreage planted in_ corn this year is more than; one million acres in excess of that of last year. • . Latest reports from Home respecting the .market for linseed oil stated that violent flue-, tuations in America' had disturbed the market, and rendered buyers very cautions. The Washington Bureau- report placed the condition of flax seed at 86.1 per cent., or G. 4 per cent, worse on the month. As a greater deterioration than this had.been expected the cable advice failed to influence demand, and with buyers still on; the defensive values generally eased 6d. to 9d. Argentine receipts as well as shipments continued; to diminish, but the latter for the season are officially calculated as reaching 1,000,000 tons; or .17,000 tons over last year's output. The total supply on the way to Europe was again slightly lower at 7G5,000qr., compared with 585,000qr. last year. Holders of linseed oil had experienced a disappointing trade; resulting in from ss. to 7s.' 6d. per ton decline. According to tho Lorenzo Marques "Guardian," a new bag has been introduced into South Africa which is cheaper than jute bags. It is made from a fibre called vacoas, grown in Mauritius, and many virtues besides that of cheapness are claimed for. it. Tho fibre is closely interwoven and of {»reat strength, with tho result that the bags will hold coal, sugar, and mealies, while they are said to be superior to jute sacks as a covering for chemical products and fertilisers, which rots jute but do not affect vacoas to anything like the same extent. The vacoas bag packs flat and can be made in any size, but the stock size, the weight of which is 2Jlb., is 27in.' by 43in. The vacoas bag enjoys a large sale in Mauritius, where it has largely superseded the jute bag.

A Consular report from Shanghai declares that that city asserts itself year by year as an industrial city of increasing importance. In addition to the various cotton mills, silk filatures, cigarette, soau and glass factories, there has ueen a new development in the treatment of ramie fibre. The experiment is not at present sufficiently advanced to furnish more definite information, but ii regular supply of raw' material is being obtained, and after the filasse has - been degummed it is hoped that Shanghai may enter the market with a ramie yarn, for which there are already many inquiries. The Customs revenue collected at Wellington yesterday amounted to .£1645 19s. 3d. LIVE'STOCK SALES. Messrs. Dalgety and Co., Ltd., report that at their Palmerston- sale yesterday they had a small entry of sheep, and a very good yarding of cattle, nearly the wholo of which were sold at the following prices:—Cull hoggets, 6s. 5d.; mixed-age «wes, with lambs, 155.; Tat cows, At 25.; empty heifers, £2 14s. Gd.; empty cows, £2 lis., £2 155.; small yearling steers, 31s. Gd.; eighteen-month steers, JB2 7s. to ,£2 10s. twoyear steers, ,£2 18s. to ,£3 3s. Gd.; backward springing heifers, £2 17s The New Zealand Loan and Mercantile! Agency Company, Limited, Palmerston North, report as follows:—At our Ilimitahgi sale on Monday we had a good entry of sheep and cattle. Buyers were present, and a good sulci resulted, all lines bringing good values. At Palmerston North on Thursday a good yarding

of both sheep and eattlo sold well. With tho exception of one lino a total clearance was effected, practically all lines selling under the hammer. We quote:— iiimitangi: Ewes and lambs, 17s. 2d. to 17s. Id.; fat ewes, lis.; mixed yearling cattle, inferior, 225. (id.; yearling heifers, 375.; yearlingl steers, X 2; empty heifers, .£2 35.; store cows, Jcl 10s.; forward cows, .li 3; springing heifers, .£3 15s. Gd.; fat cows, £i 13s. to JM 18s. Palmerston North: Ewes and lambs, 105 per cent., IDs. 2d.; maiden owes in wool, 13s. 6d.; shorn fat wethers, 13s. 7d.; shorn fat ewes, 8s. 1 3d. to 9s. Bd.; yearling cattle, small, 19s. to 275.; yoarling steers, £'1 7s. Gd.; eighteenmonth lniifers, .£2 lis. to ,£2 12s. Cd.; two-year steers, X' 3; heifers, just calved, Jj.'l 2s. (id.; heifers, in calf, .£3 ss. Cd.; springing heifers, JU 10s. to £5; springing cows, good, £7 10s.; store cows, J!2 2s. to .£2 lis.; forward cows, £2 18s. Gd. to ,£3 9s. Gd.; fat cows, £i ss. to ,£•1 135.; three-year steers, c £-i 17s. to £a 7s. Gd.; four-year bullocks, «£G Is. to >£G 10s.; fat bullocks, light, £7 10s.; bulls, ,£3 to £o 15s. Messrs. Dalgety and Company, Limited, Palmerston North, report having held a very successful clearing sale on Wednesday at Mount Stewart, near Feilding, oil account of Mr. H. O. Wilton. Although the -weather was bad, there was a very good attendance, and all lots offered sold readily, at prices as below:—Cattle: Mixed weaners; 275.; yearling bull, £2 25.; twoyear heifers, in low condition, ill milk, to £4; two-year heifers, in milk, in fair condition, to .£5 12s. Gd.; cows, in milk, to „E5 155.; springing cows, to ,£G. Sheep: Mixed fat and forward sheep, 125.; mixed-age ewes, with lambs at foot, 17s. to 17s. Gd.; four and six-tooth 'Border Leicester rams, 275. Pigs: Porkers, 225.; bacons, 41s. Horses: Two-year unbroken filly, .£4 las.; aged hack mare, in foal, £7 10s.; aged draught mare, .£8; four-year-old draught mare, <£30 10s. SPRING CATTLE SALE. Messrs. Dalgety and Company, Limited, report having held their annual spring cattle sale at their Waipoua salo yards on Wednesday last. The yarding was a satisfactory one, 1470 cattle of all descriptions coming forward. A number of tho cattle showed signs of having como through hard winter, the condition in many cases not being too good. A line of 280 steers from Mr. H. /Hume's "Aohonga" station was an exception, and these cattle came under the hammer in good, healthy store order, and met with keen competition. Another lino of 118 two and a half-year steers, all good colours, were also in excellent sale condition, and although the lot was passed in under the hammer, they were disposed of by private treaty immediately after the sale. The competition all through was sound, and good average values were obtained for all lines showing any quality. Young cattle especially wore inquired for, and on the whole higher values wero paid for this class of stock than older cattle. On the whole, vendors' and purchasers' ideas of values were not far apart, and for this reason good business resulted. Although tho firm passed a few lines under the hammer, satisfactory private business was done after the sale, and eventually only two lines failed to find purchasers. Mr. Hume's "Aohonga" cattle topped the market, a small line of very forward four-year steers bringing ,£B. Sixty three and four-year steers made «£G, and 113 three and four-year steers, made .£5 2s. Gd. On account of other vendors, the firm sold as follows:—118 two and a half-year steers, at ,£3 17s. Gd.; three-year steors, £i 13s. Gd. to ,£4 175.; eighteen-month steers, .£2 Bs.; empty heifers, poor condition, 30s. to 335.; fat cows, £o 2s. Only a small yarding of sheep came forward, but competition was keen for owes and lambs, which brought from 14s. 3d. to 15s.

'TALLOW SALES. (by telegraph—press association—coPTinanr.) London, October 21. Tallow—lo3l casks offered ami 326 sold. Mutton, fine 355. Gd., medium 325. Beef, fine 335. 6d., medium 31s. WHEAT. {BY TELEGRAPH —PRESS ASSOCIATION —COT'TRIOHT.) London, October 21.' The American visible supply of wheat east of tlie Kockies is estimated at G6,603,000 bushels. THE METAL MARKETS. (BT TELEGRAPH—PRESS ASSOCIATION- COPYRIfIaT.I London, October 21. Copper—On spot, .£59 2s. 6d.; three months, .£6O Is. 3d.'; electrolytic, .£6l 10s. Tin—On spot, .£132 12s. 6d.; three months, JSI34 7s. Gd. Lead—.£l3 Bs. 9d.

WELLINGTON SHARE LIST. • Swerve og T . .. s IBICES. Yiold COMPAST Capital , Fuod and & d LiaW- -g® . — (o Paid Dp. Balanco J? - last Investor • Forward. &mr0, H g Buyer. Seller. . ga i c , . • I banks. - s : 4 £ £ & i- ' a. x s. a. x «•. a. e s- a. (few Zealand ' « - 8,000,000 SOW .. 31 in 6 8 0 810 0 4 0 0 kaUonal ... ~ ... *$$00 w | j® .g 0 0 6 1 8 -5 1 0 51810INSURANCE. Rational • w , - 100,000 249,339 ' '• '•« ' „ IT!) 1-8 6 -1 7 6 5 0 1 . I"*. ••• ■•• ••• - too,000 mm $ 8 10 3 13 0 3 14 0 3 4 0 buutn ilriuaa ... too.uoo 610,6111. 44 in'2 13 6 215 0 2 14 0 6 11 1 buuiuard — '(£1,000 12,Sod jj 9i m 1 2 3 12 0 1 2 t> b 13 * FINANCIAL. * £qnitat>le' Building ... „• ...' eo.odo 48,242 .« 1() 10 2 6 iieiropoutan liuiiuuig .,2,000 b.bbU ,<j n ji 7 . \>eiiii.£uiu. Invest. ... 60,000 i.boO 10 . ' 0 116 Oil 6 5 4 4 Wellington Trust, ana Loan ... 101,250 44,3M 4 6 8 * 7 70 770 580 ■ Jsuuau.u jilortgase too,000 lav.v'iii 5 b 10 3 0 0 3 1 6 hA ana Juver nate too.oou a»,iua J nil ■*" .;.uo, 9 ill 6 '111 0 53a Uian auU idercautu* ... ... fca 5 CAS. , * Auckland ... ... • ... ... ,... JEO.370 £5,463 c nil „ . , „ „ uuiotciiuroll ... 160,000 t3,i>17 &' nil 10 916 0 9150 52" tending' ... ... ... _ ... 1A0UU . JJj '« nil ... 010 6 „ . ■ ■ Uibuurue m. 17,b(J0 10,6b5 J nil 13? 2 13 6 2 10 0 5 10 '0 liawera • ... B.250' M } 11) ■ > wetf i-iymouth 18,000 Htf ,< nil 10 ftapier ) ' nil 15 " 15 0 0 ■ ,, . K 49,957 £3,184 5 is 3 7 6 '412 4 talmerBton" North !!! 1" '■■■ 27,7£0 ' 11,093 .} ; ' V }o 7 10 0 760 630 .Weuineion 1-4.07J Wiw 10 nil 10 15 10 0 16 0 0 15 12 6 6 8 0 • « ... ... ... •« - J s . 0 10 MEAT, Canterbury w .;. ... ]83i727 .1 rj 5 7 12 6 - Uniotcnuich ... ■ ... itf.'jar itoti" -is Ell "r ' 9-15. 6 10 0 0 tear - ••• I MM Ml 1 Oil 124 2 9 8 2 10 0 iH 'U !»• ... ■»., V'f I 4 0 - 12* 9 15 0 0 17 6 9 16 0 5 3 0 to ellin,rton. Meat Export ... .... .. 4 nil « 6 7 6 6 4 0 6 0 0 .. ... - [ 105,766 47,950 ° y . :.jj . 5 0 0 3 0 0 7 0 0 S/abguioi "*. « ... ... «.850 . 8,616 f nU J - 3 ° ° 5 0 0 , . TRANSPORT, W. and M. Eailway ... ... 170,000 121,452 , 4 . 2 12 6 2 15 0 2 13 6 2 13 i, Jx.Zi. snipping ... ■ ... , iVb.MO 115.0UO a nil . 640 6 10 0 610 0 631 Union bLearn ... ' tLO,OUJ a>i,tu/ , ni i 0 i 114 9 115 3 115 ,0 5 8 0 V tin. bittitui ferry ... ... - ... w j nil 6 017 6 v ' COAL. .ffestport ... . -. ~. ££0,000 127,431 3 i jj 6 7 0 6 10 0 6 8 0 6 16 9 iaup-n -. 15, mi mmi 1 nil (J WOOLLEN. ' Eaiapo' .J ._ ... _• ... lOO.COO 32£54 6 nil 7 kosgiei ~ ~ - .- ta.«7 17,-il'l 55 14 . 4 2 18 0 3 0 0 1* euineton . ... ~ tv,6S8 l»*v» , i g 3 0 0 3 5 0 E 2 6 7 13 7 MISCELLANEOUS. * Donaghy Kopo '' w . •„ £3,500 "• 181 1 ■ t 1 " j Leylann ana O'Brien ' „. ... 70,000 37,'ioi 1 nil 15 1 2 3 13 9 8 iiauriceville lame-. -. ... ._ 7.UX) .315 1 nil 6 10 0 J«.& liandle i ... ... ■ „ ... 10,IXX) 176 10 nil 8 . MJ4., l»rugs. ... „. • 1UMO) 36,Vo0 a nil 7 2 0 6 211 0 J11 C 6 3 0 taper Mills — 94,175 1 jiil * 7 129 133 M.A Cement ... 60,LOO 1 B ii 1 7 0 18 0 18 0 Manning Oo. ... „ „. Lt.LWJ L'i,rtO ,4 1 10 ' 3 17 6 3 16 6 10 9 2 Ward and Co. ... ... .„ ... lO.OU) t4,Mi 4 ." 1 ' 10 4 14 6 4 17 6 4 15 0 8 8 5 VvEtn. Upera House ... ... ... • 18.6S0 . .1,'iuo 5 B :i i.ii .. Wgtn. Fresn Food ..; ... ... ih,ibl ■'... 1 nil ' JVnltcoiiibe.ana Tcmb3 „i . ... 46,250 '30.153 2j 24 15 '4 8 6 4 10 6 bbarland, ■Lid. ... .... .... 58,013.. 11,724 1 ' nil .74 010 3 ■The above quotations are taken from the daily official lists of the Wellington Stock