FINANCE AND TRADE

New Zealand Times, Volume XXIX, Issue 6315, 16 September 1907, Page 6

FINANCE AND TRADE

HANK OF ENGLAND. weekly" return. PRESS ASSOCIATION. LONDON, September 14. The Bank of Hnglum! return issued for thp week ending Wednesday, 3lt)* September, in as under: IftftD* bni'AHTMtNT. s«te ls«Q« £55.705,0C0 Gov. .lebt £11,015,000 Other aeouri- . ti«« .. 7,484,000 QoM .. 37,256.000

•Propor’n reserve i loUebiliMea .. 5V29 5,0* 0-1 47*Pi> GOVERNMENT SECURITIES. The following are the latest quotations for Government securities, with a comparison of those ruling last weoki —

..•Interest payable in May and November. •flutereat payable in January and July. payable in April and October. THE MONET MARKET. . The market rate of discount for best three months'* bills is A 3 18s lid per cent., a decrease of 4s 7d per cent, since last quotations. COLONIAL AND OTHER PRODUCE. Wheat.—The markets have undergone a slight reaction owing to line weather lu Europe and lens pessimistic reports from Canada: and Mark Dane prices a decline of «d per quarter on the week. Cargoes are steadily hold. For a Sep-tcmber-Octobcr shipment of Victorian, Ids por quarter is being asked, but buyer*, ore holding off. Australian on spot in scarce, with 40s to 41s wanted. Now Zealand may be quoted nominally, shortberried 37s 6d, and long-berried 38s Cd. Flour.—The market is firm. Australian brands are very scarce. London quotations range from 26s Cd to 275, with Glasgow demanding 28s to 28s 6d. Butter. —A firm market prevails, Danish is quoted at 112 s to Ills per cwt.. and choicest Queensland at 102 S. There is nothing doing in stored colonial butter, supplies od' Home and Continental makes being still plentiful. Sugar.—German beet, f.o.b. Hamburg, lOn per owt., first mark granulated, 11s ) d. Wool.—The Bradford market is quiet, but firm. Forties, 16id; forty-sixes, 17d; ■ ximmon sixties, 28d; super, 29d. METALS. Copper.—Spot, AC lower, at ACC 17s 6d »er ton; three months', A 3 15e lower, at '£67 ss. , ■ Tin.—Spot, A 3 higher, at AIG9 10s per Ion; thmf months', A 3 lower, at A 164 ss. Lead. 7s Cd higher, at A2O 5s per ton. Spelter, A 1 2s Cd lower, at A2O 12s Cd per ton. Iron, A 3 14e Id per ton, Middlehoroiigh. The United States Consul-General at Barcelona writes to Washington that there has been some talk recently about , the alleged adulteration of olive oil in Spain, and after careful inquiry as to the facts presents the following statement: —It appears that owing to the abnormally high prices at which olive 'oil is being sold this year it has been found that some dealers have resorted to the practice of adulterating olive oil with linseed or sesame oil, in order to bring it within the reach of their poorer customers. It is understood, indeed, that some manufacturers of these seed oils have prepared a special grade from the first ornshings which is being used for the purpose. Representations have been made to the Government with a view to protecting the interests of the manufacturers of olive oil, but some of the leading olive-oil crushers have held aloof, considering . such action futile, inasmuch as the prevailing conditions will, in all probability, have disappeared within • a few months, and the enforcement at existing municipal by-laws and regulations is all that is required to insure that no olive oil be sold as such which contains any admixture of other oils. I may say that tho alleged cases of adulteration refer solely to oil for local consumption, and in no way to those manufacturers with accredited brands which are sold for export. Summarising the position of the sugar markets at Home, Hie London "Grocer on July 27 wrote that, without displaying any activity, the beet market remained steady. Buyers, however, had purchased somewhat sparingly, and a ■continuance of fine weather would give a much-needed stimulus to thopreserving and mineral water trades. The market was keenly alive to tho slightest tion, in value, and the recovery from the recent collapse bad not induced purchasers to increase their stocks. No orders were expected from America for European beet ‘ this summer, which should rather tell against holders. For some time this market had been mainly bullish in sentiment: yet the want of activity in the demand had caused prices to gradually find a lower level, although still well above that ruling in the corresponding period of last year. Stocks ’ in the hands of both buyers and sellers were small, and no pressure to sell from the Continent was apparent. Crop reports were without material change, and the crop would bo later than last year, but a good yield was probable notwithstanding that conditions were somewhat backward. "Console, even at the present price, front the smallness of- the yield, indicate what is for tho moment tho_ highwater mark of credit, and are still, in spile of all that has occurred, the premier security in the world.’’ • Such is tho conclusion arrived at by the writer of a very interesting article, entitled "Consols Its a Credit Barometer,” in the August number of tho "Bankers’ Magazine.” On July 10th the Chancellor of tho Exchequer, when opening the new building of the United Kingdom Temperance and General Provident Institution, expressed his opinion that the dept relation in Consols hod run its course, that the upward process had he- - gun, and that the upward movement was likely to continue. Tet in lass than three weeks Consols had tell oil another X per cent. Tho appearance of the article in question is, therefore, most opportune, and we to predict that it will be widely read with wfvaotage in other than purely banking circles. Tho author gives reasons, supported by statistics for the rise in Consofa to the high-water mark of 114 in the year 1896. and he explains also the steady fall that has subsequently taken place. Although at the present time wo have "weakness in Consols notwithstand-

in* ra.-o in the money market,” it is void* mlwl that the connection between th.i price of money and the price ox Cuiisulr is a permanent factor. To give oiu> illustration oi this: The average value of money during the last eight years has been Aid sft pur cent., whereas in the previous eight years it wus .£1 lie per cent. This v connection between monev and Consols is not, however. the most striking of the influences mentioned bv the author. Prior to the year )h><) verv heavy ]>urc liases were made for Iho Post Office Savings Bank, tho Tnsst‘*e Savings Banks. and Urn Friendly Societies. aiul tho year whoa Consols* touched Hi was tho year when (ho purchases of Consols loforml to reached tho maximum. Of late years the National Debt Commissioner*; have ceased to purchase Coneol.s on behalf ol either the Port Office Havings Bank or of the Trustee Savings Banks and Friendly Societies. Moreover, with the cessation of purchases, we have liad heavy tales of first-class securities by inpuianco companies, to meet losses in comic cticn with the earthquakes in Jamaica and on the Pacifß? Coast. Yet another important factor in reducing the |*i ice of Consols from an nbnor- ; rrudly high figure has been the passing of tho Colonial Stock Act of 1900. The author states that this was tho means of increasing the nominal amount of trustee investments by almost <£250,000,000. The Chancellor of the Exchequer in his Budget speech stated that the admission of colonial stocks added something like 10300.000,000 to the category of trust in-vi*-'ln.cntr.. The author gives other reasons for the fall in the funds, which are more or less a matter of opinion, and aro not based on statistics.

Latest mail reports to hand state that the prospects for the season's catch of French sardines continued vcry # unfavourable. the fish wore very late in making their appearance on the coast, and. contrary to the ordinary course of events, they wore large in size, cnly suitable for ISoz tins, whereas the season usually opened with little fish, running 10 to 14 to the quarter-tin, which were very delicate in flavour and matured very quickly. Tho present position was that there wore small catches day by day of largo fish, which wore eagerly competed for, and fetched extreme prices. There had boon no steady or fishery along tho coast—one or tw6 stations had been favoured, whilst some of tho most important had hardly any fish at oil. The total. pack up to that time* had been almost insignificant, and consisted almost entirely of largo tins, as hardly any of the fish had been suitable for quarter's. The Customs revenue and beer duty received at Wellington during tho» past week totalled respectively <£23,769 and <£ls6. Saturday's Customs return amounted to .£2850. HANCOCK AND CO. (NEW ZEALAND). (From Our Special Correspondent.) LONDON, July 26. Tho shareholders in Hancock and Co. held their first ordinary general meeting in London on July 25, under tho presidency of Mr A. M. Marks, Chairman of Directors. Ho had a favourable account to give of the operations of the new concern. A gross profit of <£26,478 was made during the year under review', and after allowing <£5544 for debenture interest, <£2298 for depreciation, and deducting directors' fees, etc., the directors were able to pay 8 per cent, on tho ordinary shares, write down tho goodwill account by <£sooo, make provision for tho preference share interest, and carry .£1670 forward. The chairman gave a highly satisfactory account of tho company's properties in New Zealand, and of the progress of the business in the colony. The sales from the brewery were increasing each month, and the returns from the agency department are growing rapidly. H© concluded his speech thus :—“Our business is good, and our financial position sound. It is the desire and intention of the board to act conservatively, and to build up a substantial reserve, and wo have plenty of margin to do so. Our stockholders and preference shareholders will thus be fully assured of tho soundness of their inves-tments, and our ordinary shareholders will have no cause to complain. Their business in New Zealand is at present under the direct control of Mr E. and R. Davis. Both these gentlemen were almost born in the undertaking, and the board here are unanimous in expressing to them their sense of admiration for tho very careful, efficient, and successful manner in which they have’ carried out their duties. Our managing director, Mr Moss Davis, will be returning to New Zealand in the near future to resume his labours there. An application has been made to the committee of the London Stock Exchange for an official quotation for our debenture stock, and w© now await the necessary advices from New Zealand to proceed with same." Tljo appointment of Mr R. Logan as a director was confirmed, and Mr Marks ro-olected a director. In acknowledging the customary vote of thanks, the chairman congratulated the company on their good fortune in having such an excellent staff in the colony, where, he said, everything looked particularly bright. WELLINGTON STOCK EXCHANGE. SATURDAY'S QUOTATIONS.

je55.705.000 *55,705,600 BaNJCUO DK^AHTHB.tTi*r«pri»tora* o*piUI .. Oor. gacurl€14,533.000 Urs €11,378,000 Ptihjlo i]eOther *«. eo.474.ono S5.5M.noo uoslti . Other de,7.012.030 ctirliiea .. posit* .. 40,031*000 Cel a l.h'J'J 00-3 7-da/ etui ethor bill* ojm.ooo €72.8 17.000 €72.837.003 The leading items of the I3ank of Engfaud return afford the following coinpar Ison: — This woe!*. Iitv»t*ee1c Last year € £ £ ■bullion .. ,, 37,55«,0'>0 30.719,00> S3,f3\009 Reaortt,, 27.003,000 27,149.000 24.703.000 /Coto cir'n .. 29,109,000 20,465,030 2S.734.00 • Depbiits 61,570,000 54,260,030 61.701,000

- Fries. Variations Imperial Consols .. 4 Houtb Wal«« .. M&NewSoath Wala* .. 8 % Nsw Booth Wales .. I % Victorian Victorian 8 % Victorian U% South Australian ., I % Sooth Australian •• i %Qaftontlaad BiJ% Queensland .. 9 % Queensland .. 4 % New 2»alaud* *|%Naw Zealand! • • 5 % Now Zealand! U% West Australian 9% West Australian 8}% Tasmania .. 1 %Taa»anian .. £ i. <1. 82 6 0 10$ 0 o •J7 0 0 83 10 0 104 0 0 OS 10 0 87 0 0 08 10 0 86 0 0 104 0 0 03 0 0 85 10 0 105 0 0 05 0 0 85 10 0 98 0 0 85 0 0 98 0 0 \ 88 0 0 12/6 higher Unchanged Unchanged Unch inged 16/- lower 10/- higher Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged Unchanged . Unchanged

BTJTKBB' SEIit-EM. Saigas, £ I. d. £ 8 . d. £ 8. ‘a Baiocs— National of N.Z., Ltd 6 7 0 5 9 6 Fikikcul— Equitable Building 10 0 0 10 & 0 — National Mortgage 8 2 6 _ W*g4oa. Investment 0 18 S Wellington Deposit and Mortgage 0 10 0 — Oa«— Hawara .. 1 1 0 Napier, *10 25 0 0 .. *5 16 0 0 Wellington, *5 9 5 0 — — IsiemAKffa— National ol N.Z. 1 0 8 1 7 8 Hew Zealand — 4 4 ,0 MlAT PaiSBSTIRO— Gear Meat, 41 S 6 0 Wellington Meat, £3 • a 4 0 3 6, 6 RAUiWAXI ABU W’gl’n-Manawata.Ex 2 2 0 2 2 0 W’gt’n Tarry, £1 .. — 0 18 0 Miscni^wxows— Leyland O’Brien Timber •• .. 3 6 3 3 6 0 N.Z. Dreg Co. *1, .. a 10 6 Taranaki Petroleum, 41 paid 0 14 S Wellington Opera House 6 10 0 — — ilrsixo— S.Z. Crown 0 7 0 ' - __ Tairna Broken Hills 0 5 0 Talisman Consolffi 6 0 dated 2 8 S 2 7 0 la o 8 Waihi G.M. Co. .. 8 12 6 8 14 0 8 18 0