FINANCE AND TRADE.

New Zealand Times, Volume LXX, Issue 3825, 22 August 1899, Page 6

FINANCE AND TRADE.

“New Zealand Times” Office, Monday evening. The Customs returns tor to-day amounted to 2059 2s Gd.

The prospectus of the Dart stiver Gold Dredging and Prospecting Company, Limited, is now being issued by Messrs Barr, iieary and Co. Tne capital of the company is £25,0(10 in £x share?;, and is being promoted to prospect -4.00 acres ot the Dart river, about twenty-live miles above the head of Wakatipu. Of the 25,000 shares, oOuO r w to the vendors, and the remaining 20,000 are now offered for subscription. It is proposed to call up only 7s per share, which will provide £7OOO, or sufficient to build and equip one dredge, and leave sufficient to enable the work of prospecting to he carried on. It is proposed to build the uretlge veiy promptly, and the prospectus announces that suitable plans <u tup dredge will be available within a month of flotation, and tenders will be called tor the machinery to be delivered on ,ue railway tru-jss within four months, v cry full details are furnished in the picsncetus of what is proposed to be done, and the position is briefly stated thus;—“ If the prospecting proves a success, the company have an immensely valuable property, which will give work for four dredges; if the prospecting results are not favourable. ri;e dredge and plant will be .sold, the company liquidated, and the balance of the assets paid over to the shareholders.’’ The report of Mr V/. S. Wilson, the late man - ager of the Sew Hoy Gold Dredging Company is attached, and is very favourable. A portion of the shares are reserved for sale in Wellington, and of these a fair number have already been placed.

The provisional directors of the Rocklands Beach Gold Dredging Company met this afternoon, and decided to register the company and proceed to allotment. The orders for machinery ior both the Rncklands Beach and Four Rivers Plain Dredging Comnanies have been placed. Two 16-h.p. Ransome engines have Been ordered from England, and the winchengines have been placed with Messrs Cable and Co., of this city. This, we believe, is about the first lot of dredging machinery secured by a Wellington foundry, and as Duriedin. makers’ order-books are well filled,lt is to be hoped that the manufacturing' of other lots of dredging machinery will be let to viellington foundries.

The annual report of the Kaiapoi Woollen Company states that the alteration* commenced last year had been practically completed, the properties and plant being now in excellent condition. All necessary repairs had been effected at a cost of £2263, and the ten months’ proportion of the usual appropriation for depreciation on plant and buildings, amounting to £2835, had been written-off. The-Balance to credit of profit and loss account, after providing for interim dividend of £3500 to 31st March, was £4830 ,19s: which the directors recommended should be apportioned as follows : —£2333 6s 3d to complete the dividend for the ten months at the rate of 7 per cent, per annum ; £ISOO to reserve fund; and the balance (£997 12s 4d) to be carried forward.

There is good reason to believe that the butter season which will shortly open will experience a good market, at any rate, during the early months of the season. At the opening of last month the position was very satisfactory. The “ Financial News” of the 4th ult., says:—“One feature of the butter trade since the beginning of the year has been the "level range of price, and the absence of any marked activity in buying. Lately a movement has raised values a few shillings per hun-clfe'd-whiahtj but prior to this a dead level ruled. There are no very considerable accumulations of stock. The imports have been large, but consumption has been large enough to kepp them well cleared; Denmark and Sweden, which already furnish one-half of the total of our butter imports, are still expanding, the figures for May showing the largest percentage of increase, and Holland is one more sending us larger quantities, these countries being of special importance for our summer trade. Canada has again sent more, but French shipments have declined. The favourable feature at present is that the season, started with all arrears well cleared up; so that there is no reserve hold bade to be let out and swamp the market should prices be worked up. The quality is alio generally fine, which helps consumption; indeed, the general tendency has been, especially in Ireland, by greater care and improved methods, to produce a much better article ; so much so that secondary qualities for- sale at lower rates have been, and arc, relatively scarce.” The winter in the colonies has been somewhat favourable, and several factories have been kept in operation all through the winter months. There is a largo accumulation of old stocks in cold stores —larger than at the corresponding date of last year, owing to the fact that smaller .shipments have been made this season. The favourable climatic conqitions will enable an early start to be made, and we believe the first of the new season’s make will reach Wellington this week. The winter in Victoria and New South Wales appears to have also been favourable, and increased exports are.expected from both colonies. The s.s. Maori, leaving New Zealand early in September, is expected to take 10,000 boxes of butter. The exporting season will begin earlier and the shipments will be larger, ami if the old conditions of irregular delivery were to be continued, the season would be a disastrous one. New Zealand and Victoria, the principal butter-export-ing colonies, have arranged for fortnightly delivery, which will help to keep the market steady for a time at .least. The pressure of supplies will, we think, towards the end of the season, cause a big decline in values, and the average prices of the season may not therefore come up. to those realised during the past season.

“The London quotations for frozen mutton again register a decline, and prices are-non’ at about the lowest level they have ever reached. The position is, ivc think, entirely due to heavy supplies, induced by the high rates ruling in April and May last. Present quotations are low enough to check deliveries, and as those who handle the River Plate output are in a position to control shipments, it is not unlikely that a more favourable movement will bo witnessed, at any rate, values now appear to have reached their lowest point. Compared with twelve months ago prices stand as follows : ' 1838. 1899. d. d. Canterbury 3-J 3 9-16 Dunedin and Southland... S', 3 North Island , 2 l-VIG River Plate (heavy) 21 River Plate (light) 21 - —■ North Island mutton shows the heaviest fall, while prime Canterbury is only affected to the extent of one-sixteenth of a penny. Messrs Turnhidl and Watkins, sharebrokers, announce that they will he inviting subscriptions for the Notown Dredging Company in the course of a few days. The chum has been favourably reported on by Mr Howard Jackson, who also reported on the Dobson Kef'S Company’s property, the shares in which were taken up in the ' course of a few hours. | Mr Charles Carr reports as follows on his Pending sale on the 18th hist.: —There was a very large yarding of both cattle . and sheep.' Bidding at the sale was not

brisk, although there was a nn.nl.er of buyers present. They preferred to wait until after the auction, not feeling inclined to give tiie big prices ruling o. hue The majority of tin siociv uas qniiloit ;t' pricein favour of purchasers. for a line ol 23 dairy cows from lie* wen-kuoan iv.w

of Mr A. Dernier, Cloverdene, Awahuri, there was keen competition, and they averaged £G 3s. Prices:—Sheep—Ewes in lamb, 5s Id, 9s lid, 10s Id; empty ewes, Os 3d, ’7s 9d, 8s; hoggets, ss, as 6(1, os 10s, 7s tld, 8s (id; woolly hoggets, 9s; wethers, 10s Id, 11s Id, lls Uu, 12s, lls Id. Cattle —Milch cows, £3, £4, AG ss, did 10s, Xo, X;> ss, £O, AO ss, £G 10s, Xi, £7 7s Cd, £8 2s 6d, £9 ss; fat cows, £3 £3 ss. £3 Bs. £3 10s; store cows, 325; yeurJ J Jigs 14s, ISJS, —ss, i>ls; springing heifers, £3 15s; 18-month heifers. 325; steers, £3 10s. Pigs—Porkers, 20s; weuners, 10s Gd-

COMMERCIAL CABLES.

PKESS ASSOCIATION. LONDON, Sunday. FROZEN MEAT. The following are the official quotations of the Frozen Meat Trade Association. The basis of quotation is the sale of a line of not less than 100 carcases of mutton or lamb. All the quotations are for lair average quality. Quotations for New Zealand lamb, do not include small lambs or heavies of inferior quality; MUTTuN. New Zealand crossbred wethers and maiden ewes:—Canterbury, id lower, at 3 9-16 d per lb; Dunedin and Southland, 1-lGd lower, at 3d; North Island, l-16d lower, at 25d. . River Plate crossbred or merino wsthars not quoted. LAMB. Prime Canterbury, lower, at 4(d per lb- fair average (including Dunedin, Southland, Wellington and secondary Canterbury), l-16d lower, at 4 9-16 d. WHEAT. ' The cargo of Victorian wheat ex Nordlyst has been sold at 28s 10Jd per quarter c.i.f. HEMP. ’ The hemp market is hardening, and a large amount of business is doing. Good Wellington is quoted at £26 per ton c.i.f. ° HIDES AND BASILS. At the periodical sale of hides there was a small‘supply. A few lots of light qualities sold at late rates. Basils were a farthing higher than last quotations, and leather par to a farthing lower. TIN. The tin market is weaker. The latest .quotations are;—Spot, 2s 6d higher, at £l4O 5s per ton; three months, £6 12s 6d lower, at £137 12s 6d per ton. GO L D~R ETU RN S. DUxn ojDIN, Monday. Further dredging returns are reported As follow;—Unity, 740 z of gold; Golden Gate, 85oz. , ~ . . , During the past week returns have been reported from twenty-six dredges. The total gold yield was 18550 z 2dwt Ggr, or an average of over 71oz per dredge. Two of the returns are below lOoz and seven below 20oz. The Alpine return was 6510 z and the Empire 21oz. AUCKLAND, Monday. The Irene trilutors have crushed 235 tons for £297 worth of gold. News has been received from Collmgwood that, the Golden Blocks, Taitapu, has crushed'lo2 tons; of stone for 408 oz ot melted gold.

mining Share market DUNEDIN, Monday. ’ The following are the latest Stock Exchange quotations;—Adams Flat, sellers Is premium; Alexandra Lead, buyers 4s 4jfl sellers 4s 6d premium; Alpine Consols, huvers ss, sellers 5s 6d premium; Alpine No. 2, buyers 5s 6(1, sellers ss, 3d premium; Blue Duck, sellers Is 8d premium; Cardroua No. 1, sellers par; Cardrona Valley, buyers Is discount, sellers 6d premium'; Central Electric, sellers 13s premium; Charlton Creek, sellers 5s premium; Chatto Creek, buyers £1 15s Gd, sellers £1 16s Gd; Clyde,' sellers £2 ICs; Cromwell, buyers £1 premium; Dunstan Lead, buyers 9s; sellers 10s premium; Electric Extended, buyers 3d discount, sellers par; Enterprise, buyers £3 10s; Ettriek, sellers 15a 3d; Evans Fliit, sellers £1 ss; Fourteen Mile Beach, buyers.par; Gold Queen, buyers Is 6(1, sellers Is 74d premium; Golden Link, sellers Rd discount; Golden-’River, buyers 4pl, sellers sid premium : Golden Run (oaid). buyers £1 13s 3d, sellers £1 14s; Golden Run (contributing), buyers 13s Gd premium: Half-wav House, buyers Is premium: Hartley and Riley, sellers £6 Is; Inch Valley, buyers £2 Is Gd, sellers £2 2s: Kdondyke, buyers Gs 6(1 premium: Magnetic, buyers £3 2s Gd, sellers £3 3s Gd: Matau, buyers £1 ss; Mna Flat, sellers Is Gd discount; Molvueux Hydraulic Co. (dredge A), sellers 9s Gd: Monte Christo, buyers oar; Naumai, sellers 3s premium: Nevis, buyers £1 lls, sellers £1 12s Gel; New Alexandra, buyers 17s 6(1. sellers 10s premium; Ophir, sellers 18s: Richards Beach, sellers 7s premium; Second Magnetic, sellers 5s 3d premium S Briny vale, buvers 3d discount, sellers Is premium: Sunlight, buyers £1 Bs, sellers £1 10s Gd; Upper Magnetic, hnvers Is 3d, seller&ls Gd premium: Upper Waimnnru, sellers Gd discount; Upper Wainori, sellers 2s; Vincent, buyers £0 15s; Wairaumu, sellers £1 Bs.