FINANCE AND COMMERCE.

Dominion, Volume 2, Issue 452, 10 March 1909, Page 10

FINANCE AND COMMERCE.

WELLINGTON. ,SH AH E LIST.

, The .above.quotations are,taken from tho daily official lists of the Wellington Stock \ Exchange.

' THE SHARE MARKET. r Sales of Wellington Investment at'lis. 3d., and New Zealand Insurance at ,£3 135.\8d.,- were reported. _ The quotations were unchanged. Bank of New Zealand, sellers JCB 145.; National Banks, buyers =£5 Is.; Wellington'lnvestment, , buyers lis., sellers lis. 6d.; Wellington Trust anil Loan,'- buyers £1 Is., sellers 3s. 6d.; Feilding Gas, buyers £1; Wellington Gas, ~£lO paid,- buyers £16 17s. 6d., new issue,' buyers 12s. 6d. premium; National Insurance, buyers ~ £1 Bs.; tiear Meat, £1 paid, buyers £2 10s.; / ' Jleat'.Export,' £2. 12s. ;6d. /paid, .buyers £3. Os. 6d., sellers'. £3 ls. : 6d. j' : Westport Coal,'buyers £6.25., sellers £6 55.; Westport-Stockton Coal, buyers Bs. 6d., sellers-:-95.; :• Leyland-O'Brien Timber, sellers .£1 ,25.j.9d.; Taranaki- Petroleum/, buyers' 7s.' 6d'.';''Sharland's, preference,' sellers 18s. 3d. .. ~'■ ;■ THE -MINING MARKET. Sales of Talisman at £2 ss. 9d. and Komata Itaefs?. at Bd. and 7d. were rapdrte'dr" THe ; ■ market was quiet, with a tendency to dullness;' 1 ' Tho ftuotations/jwere. ..... ~ r M; I,ft ••■vi.y.-v -• ,I,' „ v p l (i ■ ' - > ■' .- - Buyers; - Sellers. "' Sales. - £ s.'.d.s..d,\,;£ s.d.. Talisman 2. 5 9. 2 6 0 2 5 1 9 Waihi ... ... 816 0 818 0 - ' Saxons . ... ... 018J .0 1 .— .... Komata Reefs ' — 0 0 7 Big River., ,1.14., .0. 1.17 .0, — , NATIONAL. MORTGAGE AND AGENCY -OF - Ni;\v"Zealand; " The report of the National Mortgage and Agency Company of New Zealand, Ltd., for the year ended September 30, 1908, presented at the meeting on February 10, states'-that after paying; all„Hom6,-andr'colonial,:exgenses; ; ;'also interest 'on- debentures)''arid ■ making full 1 , provision for bad and doubtful debts and depreciation on premises, plant, etc., the net .'.profits amount to £35,455, which, together with £7746 brought forward, gives<an available balance of £43,202. From this an interim dividend'of K 6d. per sharo has already been paid,' and it is proposed now to pay a further dividend at the same rate, with,a. bonus of Is. .per.share, both free of income taxr'm'rlking'tender cent, for the year;-to add £15,000 to the reservei.fund and to carry forward £8202. FRANCE AND TEE'&ftfeir MARKET. It was.shown.,in Saturday's-issue that the Bank of Francis had accumulated an enormous gold reserve, and it : was due to the eagerness with which all supplies of the yellow metal reaching -London were snapped • up by- the French institution that, the Bank of England discount rate-'was''Mvanced''from' 2J to' 3-per' ■ cent, on January.-14.. The matter- naturally caused some .comment, ani it was suggested that | Paris nervius with respect to tho political;, outlook in the Balkans, and also that it was.-'found.-'.expedient to ,*!i(Kumulate money 'in view'of tho; then On tho contrary;;-French financiers .iiiiSntaine'd,' that in; no jrespict had .tljb inflbjv,, -dj;' gallic been, stimulated by arbitrary bid.y,The emi-". - nent French . economist, M.TNeymarck,"stated; that "France is • a creditor:- everywhere anila debtor-nwvhere. French capital placed abroad is beiug.called! in,; and as the l :oichanges>ote'in; her favour, foreign countries having payments to mal<ie',to her sepd gold or its equivalent for their reimbursement." This singular position of France is said to be the sequel to a chapter of conservatism , and self-restraint by the French' people.-. During the two r or more past years !Sl imrriense industrial expansion and speculation, France, almost alone of the . great commercial States, refrained from indulging on a large scale directly in ' tho movement, '■ and in the main confined itself to providing capital' for the use of other State's, such as England, Germany, and America,' which were foremost in the .work of cxploitaticn.

MARINE INSURANCE 'BATES.. ■ According to. the "Economist" (London), five leceut wrecks'will mean a loss of about ,£700,000 to the marine market, and in this amount is included a sum of .£70,000 arising from the fire oil!,the Paparou. Commenting on this tho "Ejonoihist" ; observes:—"That is clcarly serious;.; and partly as a result of it rates have already.CbegunVto rise. For years, as everyone knows, ipremiums have been too low, and both tho companies! and Lloyds', underwriters have had this greatest difficulty ■ in making 'money out of 'marine work. Tho rise is sharpest 'on the worst risks, and the upward movement is not confined to one particular market, it is common to tho jj'hole of Lloyds' and the companies. Australian and Indian premiums have risen, and covers renewed for the year are being done at considerably higher rates; while shippers to New Zealand, after tho underwriters': bad experience of the risks, are naturally- paying mo.'e. This upward movement is good, not merely from the markets', but from tho public's point of view, f it is'to no one's advantage that-rates should be cut below the point of profit; for, as the last year has proved, ent rates in the long run mean financial in-' stability." ( ' : NOTES. The revenue from indirect taxes in France in 1908. was '.£123,072,905, which was a surplus of £2,281,072 on the Estimates and of =£212,100 on tho year. , : A first aerial navigation company has been formed ;'in Paris.' It has a capital of ,£32,000 in shares of'iJM,' with 10,000 founders! parts allotted 1 one-half to M.M. TVilbur and Orvillo Wright; amOone-lnlf to M. Lazare;;)Yeillcr;', who will also'receive <£20,000 in cash. ; >'• The accounts of the Savings Bank of Nftw South Wales';for tho year 1908 show that the deposits on January 1 amounted to .£6,688,508, Bhowing an increase on tho year of ,£284,816. The number of depositors also increased. The rate of interest alWed'was.;3L per; cent. Tlio 'reserve fund.': was increased by' .£12;620, r and amounted to Beyond that. ,£SOOO was carried to mortgages depreciation account, and •213.316 to next year'to equalise future" interest,

The extent to which electric tramways are superseding, horse and steam systems in' Great Britain can be. gathered from'a Board of Trade return just issued.' Since IS7B the length of tramway lines open lor traffic has increased from 270 to 2400 miles; tho capital expenditure has risen from .£4,207,350. to XG5.190,900, tho number of passengers carried from 146,000,000 to 2,626,000,000, and the net receipts from £231;000 to £4,647,000.' Out-of the total of 2460 miles open last year no less than 2290 miles were .worked.:by electric traction, and the number of passengers carried was equal to sixty, times the estimated population of the United Kingdom. - In view of this immense grow.th of public facilities it is interesting to note'that the average l receipts per passenger have declined from 1.84 d. in 1879 to 1.23 d. in 1898, and to only a shade over a penny for the year just ended. 'The stocks of copper in England and France at the en(l of last year were 46,227 tons, against 13,060 tons at the close of 1907, and 9324 tons at the close of 1906, and the quantity advised .as.iaflMtfjviifi djo large,r. The supplies which ■reached'- thdse r two countries during 1908 were 450,298 .tons, or 83,792 tons more than in the previous'year. This accounts for the weakness of the copper market. The turnover at. the Berlin Clearing-house last week reached .£2,298,000,000, which com'pares ...'with£2,265,000,000 for 1307. That the turnover registered any. increase. in 1908, notwithstanding the decline in trade and manufacturing industry, must be attributed to tho influence of the concerted efforts recently mado by the German banks to encourage the use of cheques by their customers. The i world's gold production showed a considerable increase in 1908 as compared with the preceding: year. According to a preliminary estimate made by Director of the U.S. Mint, the world's total output last year was valued at «f85,400,000, as compared with .£82,111.000 in 1907, the increase amounting to ,£3,289,000. The largest portion of the increase was contributed by Africa, which produced gold valued at' £33,000,000,' as against .£30,340,000 in 1907, lira increase .of over £2,660,000. The next largest increase was supplied by the United- States, which produced £old valued at .619,200,000, as compared with £18,000,000 in 1907, a gain of over ',£1,200,000. The silver production of the United States in 1908 was valued at ,£5,490,000, as compared with £7,400,000 in 1907, a decrease, of over £1,910,000.

_ JFRUIT AND' PRODUCE REPORTS. 1 The New Zealand Fruit and Produce Co. report, under date March 8, as follows During the past week a better demand has existed for vegetables, and, although a large quantity has gone through our maret,' prices have kept up fairly well.v'-.A keen demand exists for good peas. We report prices ruling as follow:— potatoes, '3s. Gd. to 45., 9d. cwt.;-swedes, Is, 3d. to ■ Is. ; 6d; cwt,; carrots, 3s. to 4s. sack; turnips', (white),". 2s;:'. Gd. • sack; marrows, Is. 3d. to:>ls.'"lod.'>;full sack;-rhubarb, Is. to Is. 9d. doz.,bunclies; cabbage; Is. to 3s. sack; French' beans, Is. to 2s. part sack;~-pea6, 4s. 6d. to 7s.v.Gd.,.for...6pecial brand; lettuce, Is, to 4s. case; red cabbage, 4s. to ss. sack; spinach, Is. to Is. Gd. per case; onions (local), 4s. 9d. to ,ss. 3d. cwt,; onions (Auckland), 7s. bag (1081b.); parsnips, 3s. to 3s. Gd. sack; beetroot, 2s. to 3s. sack; pumpkins, 2S. Gd. to 3s. Gd. sack; tomatoes, 3s. to 4s. case (Hutt); cauliflower, 3s. to 4s. Bd.j cucumbers', 2s. Gd. to 3s. Gd. large cases; celery, Is. to 2s. dozen; apples (dessert), ,7s. to 95.; apples (cooking), 4s. 9d. to ss. 6d.; pears (local), 7s. to 95.; peaches, 4s. to ss. j ; peaches (cooking), 2s. 6d. to 3s. 6d.; damsons, 3s. to 3s. 3d. per case; plums, 2s. Gd. per case; eggs, Is. 7d. per dozen; ducks, ss. to ss. Gd.; . hens,. 3s.' Gd.: per pair; roosters, 4s. to 4s. Gd.; chaff, c£3 10s. to JC3 155.; bran, 10s. 9d. per sack; oats, Is. 9d. per bushel; straw, 2s. per bale; peanuts, 21s. per sack; We anticipate better prices for soft fruit' in the future, as the' supplies are diminishing. Apples and pears are coming in more plentifully. The Customs revenue collected at Wellington yesterday amounted to .SIC 27 7s. 2d. LIVE STOCK SALES. Dalgety and Co., Ltd., report; having held a special Sale at Raetihi, in Messrs. Nixon and Co.'s yards, on March 2. The report states:.— Wa yarded 2700 sheep of all classes, some nice lines of 2-tooth ewes and wethers eominc forward. Bidding under the hammer was dull, tho bulk of-the entry being passed. We, however, succoeded in quitting most of tho yarding after tlie sale. Quotations: Two-tooth wethers, 9s. to 9s. Gd.; forward wethers, 10s.; 2-tooth owes, small, 9s. Gd.; mixed as;e eives, 9s.i f.m; owes, 7s. 9(1. to 7s. lOd.; cull ewes. Is. Sd. to 35.. 3d.; mixed lambs, ss. 4d.; Lincoln 2-tooth rams, 14s. 6d., 17s. 6d. to ,£1; aged Rrimney 'rams, 15s. to 20s. Gd.; 3-year half-draught mare, <£7; 4-year do., .£l2. Messrs. Abraham and Williams, Ltd., report on their Johnsonville sale as follows:—A. largo yarding of shocp came forward, 2000 being offered, and a good entry of primo beef sold .readily undb<' tho hammer at late rates. Best bullocks, JEB 12s. Gd. to .08 17s. Gd.; lighter, JS7 15s. to ,£8; light, .EG 10s. to -C 7 55.; primo wethers, 14s!; good wethers, 135.; ewes, lis. to lis. Id.; lamns, 10s. 3d. to lis. 3d.; woolly, 12s. Spare stock were dull of sale under the hammer, but we managed to dispose of all the sheep except.two small, pens nflrr u n lo. Quotations: Two and fouij-tooth wethers, 10s. to 10s. 9d.; f.m. ewes, 7s. Gd.* to. 9s;; four, six, and f.f.m'. ewes,.9s..to 10s.; bid ewes, 6s. Gd.; store cull 'lambs,"'ss. STOCK EXCHANGE. (DY TELZGItAPH—I'BESS ASSOCIATION.! Dunedin, March 9. Stock Exchange sales: Maniiherikia, 145.; Westport Coal, £8 2s. Gd.; Portland .Cement, 13s. 9d. premium; Talisman Consolidated, J22 ss, 9d,

GRAIN AND PRODUCE. (by Ti:i,i:gv.Am—riir.ss association.! „„ „ , Christchurcii, March 9. .the firm tone of tho London and Australian wheat markets has not been reflected locallv, the probablo reason being that tho now wheat is not in a condition toship, and speculators tlo not care to tako the risk of purchasing it. A good deal of trouble is being experienced with wheat now being delivered, owing to its having sweated in tho bags, and been pressed by stacklnf> the bags too high. This applies more to t' u i l low Koing '"to store, as most ot the wheat bought for shipment for tho North Island was selected for its sounder condition. Large quantities of both wheat and oats purchased tor the north arc now going forward, by steamer. There is still a fair inquiry lor wheat, and prices remain without change. Among tho sales reported aro tho following lines: 1400 bushels of pearl and 350 tnl I ™!? c , an J 1 ? 3s - 7ll 'S 2100 bushels of tuscau and 500 bushels of pearl at 3s. S!d.; 1500 bushels at Hunter's and 3SOO bushels of tuscan at Js. 6d., at country stations. Oats are moving off a little more freely, and S"nf aI H. T!" 0 business lias been done dur\l»3 t Jew days. Sales are reported of Algerians at Is Bd.; 2800 bushels of sparrowId • rnn S 'i I''i •V" bushels of gartons'at Is. 3d., 3000 bushels of duns at Is. 21d.: 000 aMs o,i nl f at ls " lid "' nnd 50 ° bushels at Is. 2d., all ■at country stations. iJ™ I !,' Quantity of barley offering, but icry little is changing hands. ttWfcsss* "*"" '™' onions £3 ss. is being paid, and tliev are meeting with a fair inquiry for shipment. WHEAT 'AND FLOUR. TEIEGBArU— PRESS ASSOCIATION— COPI RIGHT.) tj.« ~i, i. I/i ' .London, March 8, Ihe wheat and flour afloat for the United Kingdom is 4,165,000 quarters; for the Continent. _ 990,000; Atlantic shipments, 100,000: Pacific, 15,000 quarters. ■ luu ' uuu '

' ' ? "End Si Liabi - S§ ■" -' rMCES ' ' ™ ■; coiiPAsy. • r B X,cS q -g"'>-'' c > -. l ° ■ J ' ' Forwd.^ llujcr. Jailer- ™ ~ •if BANKSi £ £ 4 £ { £ i i, H i> t i. ii ■ M< Hew Zealand • .-M"'W>» q'v 5000000 £04,097 1< .31 in si2 0 8H 0 national ... Z- ;'2' ~ WiSW" j» "*14 i 51 C 5 s « 5 8 0 6 16 6 ' l INSURANCE 1 fl - • . - ... ' . \ w"! 1 "?" 1 , "i ••■' w = *• JOO.OOO HftgO ( 4) 15 lVo 1 8 6 1 8 8 5 6 2 £j5 h Z?»I»n4 ••• • w U . 10D.UU «W?1 O B 10 313 O 311 0 3 13 6 6 'J 0 Ktnriiifl iS r "• "" •" ~ " LLO.WX)" MM , 44 jo 3 D 6 211 6 Standard ' toilW .. • • ,mi • ■ oi 10 FINANCIAL Rqnitahlo Building... £OCOO "57,440 g 10 . 0 10 0 Metropolitan Balding .„• ... b.bbti nil 7 12 0 0 1 13 0 0 5 16 8 W cllincton Invost. ... ... fniKsn J>c60 , ■ . 1, nii n 0 n fi mi 3 & 6 8 WeninKton Trust and Loan ... 46,116 4 5 £ 7 1 0 7 3 6 7 7 0 5 8 10 NZ Rive/pfdle'" "■ •; iUj.GW . . >V' -J b JU nil 0 2 16 0 3 12 6 7 12 4 >: CAS, /' . .. .' , : Christchurch w " " ~ 1E8.903 JW63 j" V nil 17 14 0* 0 14 7 0 Fdldinir "' 7i,A 6 nU » 011 0 GlBborua '" ~ •" .;.KM» I ill ... 10 0- 100 HawerA "! Z"' 2 J" -1 16 - 2 i2 6 " ' &£ ymo^ h :::■ AiS*. • t ■■»«' %. • :» ••• - •••.49,957. , aw/*;? S , ■. &SBfe"•?.: z' z nm * \ is N . , 'i . .... ' iqonoo Wwo lu nil tt 16 17 6 17 10 0 16 17 6 5 18 7 " . J'6» ""«' )» ,'1! 1 I U O O 1!'! [ ' 4 S 1 •; MEAT. ■ . ; eh?' s e teu"oh . ~ 'H 6 . • 8 o o • . Bear . lb5 - <jiaJ <7, iu Ll1 b 1010 o 30 12 6 • . « T ~ I u»tAju -. Ii6.iaa i DiJ 12a 210 »;0 .2 10 0 5 0 0 •V*elliuffton Meat Export a las 10 u 0 10 5 0 io-o 0 5 0 0 . • i «ea o b 6 6 0 » Z M.- ; . vl°5«766.; „,^ C5 ° s . .. -1., b 5 0 0 417 6 Gil 3 ' Wangaaui ?'i»l lv'" -v' 3 '/ti H • w ® 3 16,306 61810 TRANSPORTi <-•' ; ' : ■ ». '.' • V a ahlpping ailWaT '••' -• lTO.Cdo''121.453 j <" 4 ' f !13 0 217 e 215 S 2 10 S" Uuiou' bieam . ";- ••••■ < j'io.mO? .-tutuo • nil 6S 017- 6 • 7 2 6 7 0 0 7 3 10 ViKtiLvbtviun PMr» "*•"• "' ' tWW' 'tl.w/ L nil"• 1 li a lie 0 116 6 5 7 0 ■ • »V>WJ , ,1 III t ( ' I. '■ ' COAL. • ' ' b: ■. ■ rautiii' " ' w '"> ~ ££0,000 m.431 31 11 I2i 6 2 0 6 5 0 6 2. 6 7 3 0 *" by.iW ulw0 1 tU 74 017 y . WOOLLEN. , ( . wS'sgin . 1CO.COO £*%... v.". nil ■' , „ • Wellington ■ . •"j," "" E3.457 17,"% . 5 .217 0 • • "• %!!Ui -t, -."3 0"0 ii 0 (1 316 716 I ! MISCELLANEOUS/ ' ;,j \ Bonachy Pnoo ... _ 53,500 161 1 ; B j]' 5. | 019 6 Leylana and" O'Briea" ', S; TOjOCO . 7,t£i> . . j: .. ntt . '74 1' 2 3 1 2 0 126 6 13 4 Mfturiccvillo Lima ... ■■ ■ Z Z 7.UW ai» "/l i-mi, c ' 1 uo £■£ Oan«U« ••• ~ ' i. _ ' 10.UXJ IK. iu - uii'.'b' 1010 0 - v 7 d B3 .,V,1 ~ MUM S C.'itU nil '7 jso 2,0 3 2 0 0 614 6 N./. Paper Milla, ri. . „ u ,m -1W ' 1 nil" "12 c- ' S^nhf? 1611 ®. o- •••■ ' ~ - 60X01) IX«; ,;r ,v ml. .... . 114 "6 ..1.16 6 1 15 0 . &«S5 u, S".»n? Oo. ..." .„ „ 16X00 i'l.f'W' ;-4 ■ 1 10 ' ■ i O'O : 0o u- ' - - ~ • IC.COO •-4 . 1 4 17.6 '6.0 0 8 0 0 wgtn. opera Housa It.CiO l.Vuu 5 ... -mj ■ • ■ 7 12 6 VVetn.' Fresh Food 1 , itibl ... ' -1 „ ' •"•" • toaS to L?d d ' ,A ' !:,Ub, '--~ : '- , '~ E0;i53 2i : 24. .10 -. " ' . tnarlaud..Ltd ... ... .... „ £li . 013 n fu 1 | piJ . 7j . 017 s 0]8 3