INVESTMENT SHARES.

Dominion, Volume 2, Issue 583, 11 August 1909, Page 10

INVESTMENT SHARES.

>. ; : good, was niond! yesterday, •'• and ' , t"®-™ a rKet;i9i!pwsj signs or -rotarniiig activity. !■ : S ? le £,?? re i rc P° rt ? ll: of Bankvof N.ew Zealand ?■ -' Zealand and .liiver Plate,'at -JBl lis- 6a., -Vyestport : Coal,' at .£fi.';lss.,and .Wei-' l . - lmgton. : Opf>ra 6d. The miov:: . tations.'vwfire. more' numeroiis, ;aiul buyers Were greatly;siii; fevidento:.?Bank: of ■•Sew 'Zealand, l -V :buprs Bant, ;/, ' 5 ?*} £o_Ss.; TVatioiial'Jjjgurance-, £1 ' ?n"•' Zealand •••Insurahce, V infers ' '£3 . 135.; buyers, ~'£2 -12s;, •••: 8 * ll & rs 'At/Ms.; - Standard- Ltsuranta'j buyers - rr Tt? i; fir ellih&ton. Investment-, buyers lis; v \ Deposit/, sellers Ss.l'Bd.; jtionalMortgage, .buyers £2 17s/, asilers"Jft:" ■v: v ; New • Zealand- and,Kmr Plate,.-sellers'itt I'Ssii- ; Gas, buyers £1 Os. 9d.; sellers Is: - 6d.; Gisbpnie Gas, sellers- X' 2 12s"; Napier' •• •' uas,'«£lo>,paid, sellers i62-l'j-Palmerston North' '• r a . s ,v' : 'AVellingtoii' Gas. . (ilO. paid); selki's. *018 7s/ 6d/; v Chnstchurcli Meat, bujers XlO 8s ; Gen Meat (JM'-.paid)', sellers J5lO 85.,.r£l • paid, -sellers. •<B2---12s. 6t1.; Meat I,:: Export,';;.third issue, sellers £3; New Zealand -Shipping',,buyers M 18s. Gel.; ' Westport Coal,. I V -.sellers; -i£G Ms.' 9d;;; TaUpi'ri '-Cbai; buyers XI; . . .sellers'; j£l-~Os;s;6d.;' ,M;estpoft;.iStooktbh,. buyers: , . . 7s. 3d., sellers,.7s. ,6d. j Mosgiel Woolleiv buy- , ,ers. £ 2 14s. 6d.; Wellington' Woollen; 1 ' sellers ; Dqnaghy. Koiie, buyers £L Is.;- Leyland ' 0 Brian; sellers XI 25.; New Zealand Drugs, b: ■v > sellers X 2 75.; N.Z.. Cement, buyers •X 2 -15., : sellers X 2 35.; Ward-'and Co., 'sellers "M 155.; . Wellington Opera House, sellers .X 7 17s. Cd.; . Saarland's,-. ordinary, buyers 2fls. : Gdl'," sellers f,' '. 21s.v preference;.'.buyers,. 215., -'sellers' 21's.: Gd.'- ; !•■ • •- : ' : ■ , :.'■•< >. i. I • THS-MINING MARKET! | ~ There was: aslight improvement in the vol.* >■■■'■ nine of. business transacted. May Queen and r - Saxon were in best demand.: Tie-sales ;yesterfy ■ day were as under:— ■•■. ; . 1"' . if 1 : PEOMP1 1 DELIVERY SALES. " ' . *'• '• Halcyon, ,sd. (first- call).' '\ • . • ■ ! v May Queen, 6s. sd. (tirst call), 65.: sd. (second - ■ . call). • ' v ■■ ' .■-J. , . ' M Kuranui Caledonian, 2s. 2d. (second call). j;,NewSylvia,.'4s.'4d. (Erst call), • f-. -Pride of Wailii, Is. 3d. (third call); - fc, ' -Hoyal .Oak, 3s. (first call). • IV .; ■ Saxon,-. 25./ 5d., ,2s; Sid., 2s. 6rt."(first call); ' : i,' \ ,'Waihi i.'itonded;;Bi/ld.,v J 6s., Bs.;--Ba. (first'call).' - ■Waihi ..Grand .ouhction,. £2 11s;. '£2 14s; '(first . call), £2 14s. (second call). Waiotahi, 7s. sd.' (first call). . ' .Watohman, 3s: (third. call). / r' 1 ' . ,Vr ' ! DEPEKBBI) RBLIVEBr" SALKS. . p.. liay Queen,-.65.«7d., 6s. Bd. (six weeks), 6s. 8d;, : 6s. 6d., 6s. Gd.,.(eight: weeks). -■ . ' Mountain King; . ; ij^-"floidi--""(Bix''we<itß>ir : '.; ■ . ' Saxon, 2s. 6d... :2s: 6id. ■ (seven weeks). . Waihi Grand ;'Junction,- £2 155.-'6 d;- (seven . weeks).' ■■■ . 1 .: .. Boss Goldflelds,-,; 17s.- 6d. (two .months). ■■■ QUOTATIONS.. '. '

The-quotations,'with' the lnst>'recorded. sales, i ',-. . were, as under ■- - ■> ■ . .osv-V.' i ::; Buyers. Sellers.. Sales. ' ; . ■ £s. d. '£ s. d.-£'B. d. ; ■ Dixon Consolidated 0 0 9 ,0 '0 i(j— . !:'. Dominion.,;. 0.0 9 :i0 0'10 ; ' i ''■^ -r i• .Halcyon* , 0* 0 5 ; . Kuranui r.,',.. 0 17 0 19,— . •• Kuranui Caledonian .:. 0 2 0- - 0 f-2 * 2 ''• o*- : 2 11 2 •' '■ ■-. '. May Queen, 0 6 5 0 6 Sj 0 6 5 . Maoriland 0 0 8 0 0 9, — Mountain 'King .v: 01 81 0-1 lOi — N.Z. Crown- ' — 0 6 10 — ' New Sylvia c 04 1 '043 0-4 4 New Wait a: a - 0 1 3 ' — _ . Pride of Waihi 0 11 0 1 3 o'l 3 ■■■' ilcliar.ee ......v......... —- 00 7 — Koyal Oak/ri 0 210 „03 :1 0, 3 0 . • Baion 0. 23. ' o'V'6 • Tairua Broken Hi 115,...'0 3''3J-v — Talisman ; —• ; 218 0 ' ' -r-. Victoria. — 0 2 3 ■ : Waihi 9 9 0 910 0 - Waihi Consolidated ... 0 5 3 0 5 8 — r Waihi Extended 0 fit 0 8 0 0 8 0 i .Waihi Grand Junction, 213 6 213 9 214 0 • Waiotahi 0 7 3 0 7 6 075'! • Waitangi 0 4 0 0 .'4; 2 ' '•"—"• J Watchman 0.3 0 03' Z "o'3 o ' _ Con. Goldfieldo •„ l j 6 _ i New Alpine.. 0 6 3 ' 0 7 0 — 1 Progress. :•„;•. — .0 16 3 . —• q Boss Goldflelds .v — 017 6 —

> ;J*T.i;;i."'POLICIES. v -'. From time immemorial it has been a point of -honour underwriters to never fail to honour a ,'T.r J." policy, the onlyessential matter precedent to the payment 1 there . .of being that the insured vessel has been Iqst, or tne contingency - insured against has-,: occurred-. . The transacting of "P.P.1." insurance is, pf course, opposed to public policjf, and>as a'matter of. fact such'in--1 eurahcesare not ; :a3corded recognition or enforcement by. the' Courts in England. Even • though it -were possible to prove an' interest in a policy carrying'a ''P.P.l.'' inscription, such a policy would have, no standing in court, as •i #11 policies of that clas3 are regarded- as of a ■ >. wagering otgambling:character. .The abbrevi'ai tion "P.P.1.; .stands, for the words "policy proof of interest,}' and the meaning'and in-, tent of the-inscription, described aro. that the/, insured shall: not-.be called upon; to prove an' \insurable'interest-in the matter insured. Thus, \ ,A may. feel .that a .vessel owned by B, and in which A has no. interest of any kind whatsoeveiyis likely to>bo lost; thereupon A secures, from the underwriters a "P.P.l.'' policy upon B's .vessel, nhd the'purport of; the transaction . . is tthat, incase of the loss'of B's "vessel, A is . to present his policy to tlie underwriters to ' secure the payment thereof. Thi»,'of course, provides the'; way ' for 1 innumerable speculative - Msnranees,; so called; and a« a matter, of "factalmost innumerable'contracts of that character have been'made iu the. past; and. it'must be said, most of'.them have been-duly honoured by the underwriters. If .the - latter . have attempted to evade payment apon-.suoh' policies they; were no.careful of tho point of honour .involvedithat they, seldom, if. ever, have repudiated a contract on the ground of its being'a-wager.

CAPITAL APPLICATIONS.

With money. so'.cheap in London, borrowers have exploited the -market to-.a greater extent than usual.. For ;tho first time-the amount of

:capital.-issued has .exceeded; sterdiiig 'itf'tho lialf-year,. and' even'-iasvagainst- the figures for the first half'of last year, which wei'fc tho highest previously, sh'o\tn,-(there.is;an advance of „27..iuiilIions, or jusit. over 20. per :6ent.;. while;tlie.<iiumbor • of-.applioations has in. creased in nearly the same -proportion. ,-,Tii9 actual figures..for the jirst-.'half. of' each y«'ar,; since-1901, show as under;-;,;,; ™

'Jan.-Jnne. No. . i'."," £ - -. ■ ■■ - 1805 .211 11-7,JG3,400 "■ ', . 234 ; g5;485,933 - -1907 221 i-106,282,211 '/if. ; 1908 252 ......... 132,250,376 >■"' 5 ' ■ '1309 SSI ■ ; .'i59j285;921 ■ : :Thc outstanding feature is the extent of public* borrowings, which aro moro than'double those in the corresponding half-year, amounting •' to ~ JBsi 'millions, as against 48millions. The destination of the .new capital for the past half-year, and for" tlii-corresponding half of' last year is idisclosed. in the table . : . ' , 1908.... ' • -£ ' £ : United Kingdom 12,194;800, " India: a'ndV.Ceylon 951,900 '11,850,900 : : Afriea'2,9Bo,4oo. ■ '9,601,100 'Canada 18,295,000, : 16,307,300 Australasia 2,857,300 ' 10,520,300 Other British Posses'ns . 6,-329,200 4,071,900 ; "■ 41,-J19,800 ':52,357,500 :Russia.. 2,930,000 . '8,548,100 Finland - , ' 2,263,400 'Denmark- 2,121,000 - 487,500 Sweden. _... 2,9-10,000 : 881,000 •hornay . .381,100 prance 693,000 . • 316,700 United .States 10,80ff,00'0' 2,298,700 Brazil ; 4,103,500 6,274,500 Argentina 13,298,900 .Chile > 1,298,E00' 4,098,000 .Mexico 3,416,900. 9,O6V'GGO iCentral America ............ 14,G(J0 . 450,000 Other ' South '--American ' ■' .Republics' ' 3,355,G00 ' '1,053,300 yhina 2,581,100 740,000 Japan 3,756,400 Other foreign,,coimtries ~.254,000 2,586,000 a Jr : . 33,790,000., 56,521,200 :It will ;be,.secn, t.haf during. tKe 'six. months was ruised for. use iii Great Britain, I 357,500 : for -use -in India aiid' the colonies, and iE66j521,200 for use in, foreign countries. Copjnienting'on.these figures, the "Economist" (London) says:-" The money that • we send abroad goes to finance not our. commercial .rivals,, .but::,..oM..f.,c.oinmercial'-:allies—to-' develop I'the countries "from v;hich we .draw our. raw material and provide our own industries with the fresh supplies' that they ronstantly need. In the last six months, for. i.-rnple, out-of X' 06,000,000 sent to foreign c..„iitries, over ;25 per. cent.—went to the ! Argentine, vjliich,'..- thanks to .-English capital, ; liis'becamihg niore', ahd'.in6re' valuable to us as. a''' Mower.- : .df- ft wh<at.;.. nearly. iB10;000,000 went; to'' exico,. to' develop; its minerals 1 , and -its oils;. . Brazil,-for -its'sugar,'coffee; and other tropical" products; and'£4,ooo,ooo'to : Chile, which supplies Europe with its. nitrates. 'lhii9.-"of - .£56,000,000' 'lent ' to' 1 foreigners, <£33,000,000 was exported to five republics in ' North and South America, whose development is essential l to the progress of. European indus-. try,, and who have hitherto given English investors a very good return oh,their money."

Customs revenuo collected ;at Wellington yesterday amounted: to : >£2237 ssi Bd:' ' ' ■■■■'!' 'LIVE STOCK SALES. . ' Messrs. Abraham and Williams, Ltd., report on - their Johnsoriville sale, held yesterday, as follows;—We had' a" good yarding, of bullocks and a heavy one of sheep, which sold readily. Best bullocks, 12s: 6d.,to':i:B 175.-'6 d.; lighter, to 55., equal to 21s. Gd; per lOOlb.V'prime wethers, 16a. 11a. to 17s. 3d',; medium wethers, 15s. Id.; extra prime heavy;, ewes;: 17s. to 17s. 9d:; prijme ewes, 14s. 3d. to 14s. 7d. . . Messrs. Abraham and Williams's stock sale at the Pahiatua,yards on Tuesday drew a good yarding of shegp- and cattle, sheep meeting with a ready sale; also steers. Backward heifers were not- sought after. Prices:—S.m. ewes, in lamb, lis. 6d. to 12s. 10d.;.f.m. ewes, 75.;5d. to 95.\7d.; empty ewes, 9s. lid.; fat wetherej 16?.; miied-two-tooths, lis. 6d.; good hoggets, 10s. 6d. to lis.- 9d.; others. 10s. to 10s. dd.; forward bullocks, .£5 12s:; three-year steers, 925. 6d.;2i-year steers, 725. 6d. to 755.; sound dairy c0w5,",£3.125. Gd. to .EG 53.; springing heifers, \£s. At Messrs. Dalgetyand Co.'s .stock sale at the Pahiatua yards, prices- ruled'as follow — I Two-tooth wethers, 14s. 2d.; small hoggets, 6s. 9d. to 7s. 6d.; f.m. ewes, in lamb, 10a. lOd. to 125.;. poor ditto, Bs. 2d. to 9s. Id.; forward bullocks,-45 155.; three-year steers, 975. 6d.; springing heifers',. 925. 6(1. to 1025.; backward hoifers,. 675. 6d. to 755.; empty heifers, 475. Gd. t0'525. ; ,6d.; weaners,. 255. to 275. At the stock sale held-by the New Zealand Loan and Mercantile Agency Co., at Pahiatua, the -following' rates .were realise'd:—Two, four, and six-tooth ewes;' in lamb,; 166. Id.; aged ewes, in lamb, 7s. 4d. to lis. 5d.; thrce-ycnr etcers, 80s.; two-year steers, 505.; dairy hoifers, 905.;-cows,, in calf, 435. to : 9Ps.; fat- cows;. 675.; bulls, to '455.

' LAND SALE-; ' . .Messrs. L»vien, Shallcrass, . and Co. offered a freehold'furm property at-Horokiwi Valley, near Pahautanui- by (motion at the Central Land-Hart, -Willis Street, yesterday .afternoon. There,, was a--good attendance of. local buyers and some from abroad. Bidding'started at £G an acre, _ and went quickly up to. £7 10s., after which the competition:', carried the price up to X 3 12s. 6d., at which it, "was knocked dov£n to Messrs. Abbott Bros. Tho property consisted :of. 402 acres belonging' to' the estate of Richard Smith (deceased). An adjoining block of 176 acres was offered 1 immediately afterwards, but was withdrawn,, as it did not reach the reserve price.