COMMERCE & MINING

New Zealand Times, Volume XXXIII, Issue 7444, 19 May 1911, Page 6

COMMERCE & MINING

THE SHjUIE.MAHKET WELLINGTON STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. MINING. Blackwa-fcr Minos—lo a.m., s£l 8s; noon, g £1 2s; 3.15. s £1 Bs. Bremner's Freehold—3.ls, s sd. Consolidated Goldfields—lo a.m., b 15s; noon, b Dominion (Karanga.ha.ke)—l9 a.m., s Kupanga—lo a.m., b 6d; noon, b 6d. Kuranui Caledonian—lo a.m., s Is m; noon. 3 Is 3d; 3.15. s Is 3d. , . rt . Mav Queen—lD a.m.. b Is 7d, s is lOd; noon, b Is Bd. s Is lid; 3.15. b Is Bd. s Is 11 Kew K Bitf K : ver—lo a.m., b £3 14s; noon, s £3 17h 6d: 3.15, s £3 18s 6d. Xew Svivia—lo a.m., b2a 9d: noon, b2s 9d. » 2s'lid; 3.15. o 2s 91. « 2s lOd Occidental Consolidated—lo _a.ra., b 3d, s sd; noon, b 3d, s 4d; 3.15. b 3d, s sd. Old Hauraki G, M/ncs—lo a.m., bls 8d; noon, b Is 3d; 3.1 a, b Is Bd. Saxon-10 a.m., h 2S 4rl. v 2s sd. sales 2s 3d ("Change'; noon, b 2s 3d, s 2s 4d; 3.1 a, b 2s 2d. s 2s 4cl, sales 2s 3d (reported). Talma Broken Hills —10 a.m., b Is sd; noon, b Is sd; 3.15, b Is sd, Talisman Consolidated —10 a.m., b £2 lls 3d s £2 12s, sales £2 12s. £2 12s 3d (reported): noon, b £2 lls 6d. 9 £2 lls 9d. sales £2 12s, £2 lie 9d (’Change); 3.15, b £2 lls 9d, s £2 12s. sa’os £2 12s 6d. £2 12s (reported). Victoria N.E.—lO a.m., b is, s ly Id. Waihi—lo a.m.. 8 £3 9s. s£39s 3d (reported.); noon, b £3 6s, 3 £3 7s 6d; 3.15, b £3 7s. a £3 7s 6d. Waihi Extended —10 a.m., © Is 9d; 3.15, s Is Bd. , . Waihi Grand Junction—lo a.m., b£l 8s 3d, s £1 8s 9d; noon, b £1 Bs, s £1 8s 3d; 3.15. b £1 Bs, s £1 8a 3d. Waitangi Consolidated N.E.—lO a.m., b 2s; noon, b 2s Id, s 2s 3d. sales 2s 2d (’Change): 3.15. b 2s. „ Watchman —10 a.m., b Is 3d. s Is 6d; noon. b Is 3d. Note.—Tho letter "b” signifies buyers and "s” sellers. INI ESTMENT STOCK.

ON OTHER EXCHANGES. PRESS ASSOCIATION. AUCKLAND, May 18. Business at this morning’s call of the Stock Exchange included; Occidental. 4d, Saxon 2s 3d. Golden Cross, lid. Tairua Mines, Is 6d, Talisman, 51a 9d. Waihi, 68b, €1 s 6d, Wa } hi Grand Junction, 28a 3d. Northern Coal, 10a 6d. Afternoon Call; . New Sylvia, 2s lOdi, Golden Cross, 9d. Tairua Mines, Is 6d. Talisman Consolidated, 51s 9d. Waihi, 67s 6d, 67s 3d, 67s 6d. Tairua Golden Hills, 6£d. DUNEDIN, May 18. Stock Exchange sales; Waihi, 66s 9d (two parcels). Waihi Grand Junction, 28s 3d, 28s. Sales reported : Waihi. 68s 6(1, 695, 68s 9d, 66s 9d. Wa’hi Grand Junction, 28s 6d. Rising Sun, 39s_6d. 40s. AUCKLAND MINING NOTES. riIPOETANT DEVELOPMENTS AT WAIHI. WATEE TAPPED AT BOTTOM LEVEL. SPECIAL TO THE " TIMES.'* AUCKLAND, May 18. The Waihi Company has tapped a flow of water at the bottom of No. 11 level. This development is of extreme importance in connection with the low level operations, indicating the proximity of the reef system. The publication of Captain Richards report on the Waihi mine has evidently created a favourable impression. Big business has been done at improved prices, something like a thousand shares changing hands at the afternoon call on 'Change to-day at 67s 6d and 67s 3d. NEW WATT ALA. The following telegram was received from the New Waitaia last night; "Ton pounds good specimen stone and ten pounds picked atone wime from No. 5 level." This specimen stone comes from the block between the low level and No. 5. A winze is being rank to connect these two, and it is in this winze that the gold was found. The find is of considerable importance, as it proves the value of the block, and goes a long way towards justifying the directors in the large expenditure entailed in putting in the low level. TALISMAN MINE, PRESS ASSOCIATION. WAIHI, May 18. The latest report from the -Talteman mine shows that at No. 13 level the south drift has entered upon a new chute 1 of high grade ore. Private information received in Wellington yesterday stated that the values of the oro mentioned above average £ls per ton. . MAEKET GABLES COMBING WOOLS INQUIRED FOB AND PRICES FIRM. By Telegraph—Press Association—Copyright LONDON. May 17. At the wool sales there was sp'rlted competition for all combing sorts, and prices were very firm. Abrahaw and WilUams, Ltd., were advised yesterday from London; “In comparison with the prices of the correspond*, ing period of last sa’e. fine crossbred and. merinos show no change, but medium and coarse crossbred-have advanced S per ceQt. The market continues hrm for merino.

fine and medium crossbreds, and is now very firm for coarse crossbreds.” Levin and Co., Ltd., are advised by cable of the following prices realised for wool told ai the sales now current in London, being the average price for the fleece wool: "TJJB” in sciuare, Nelson. 9£d per lb; “Kawa Kawa." Whatarangi. lOd • “J M” over “WHO.” Masterton. 9;dt “Te Kninr,.’’ Wanganui. 9 15-15d“Karainu.” Marton. 9£d; “B W” over ”T.” uaihape, 9id. GRAIN, PRODUCE, AND METALS. By Te’cgraph—Press Association-Copyright LONDON, Hay 37. VISIBLE AHEEICAN WHEAT. The visible supply of American wheat and flour east of the Kooky Mountains is estimated by “Bra :-trcj at tne equ va lent in wheat of 4 .c’d.Q'/) bushels, compared with 47,574,000 bushels a week ago. TALLOW SALES. At the tallow sales 1953 casks were offered and 1589 sold. Fine mutton realised 36s per cwt, medium 32s 6d, fine beef 345, medium 325. These prices are 6d lower all round on the week. PRICE OF SILVER. Bar silver is quoted at 24 9-16 d per ounce standard. Tho New Zealand Loan and Mercant le Agency 00., Ltd., yesterday received tho foT owing cablegram from London: “Wheat —We have sold at 35s 6d c.i.f. a parcel of Now Zealand wheat. The market is quiet, but steady,, owing to favourable crop reports. The market prospects in America are :ikely to decline. We quote per quarter c.i.f. New Zealand wheat, long-berried, 35s 3d, short-berried 32a 9d. AUSTRALIAN PRODUCE MARKETS Bv Telegraph—Press Association—Copyright (Received May 18. 10.55 p.m.) SYDNEY. May 18. Wheat.—Little business doing. Shipper? offer 3s 4d to 5s 4:(d, and millers 3s 6d. Flour, steady at £8 10s; bran and pollard. £6; peas, Tasmanian, blue 4s 9d to 5s Bd, barley, Victorian Cape 2s 6d to 2s Bd, English 2s 3d to 2s 6d; oats, Tasmanian sparrowbil s 2s lOd, giant 2s lid, Algerian milling 2s 7d. feeding 2s 3d, seed 2s 7d; maize, local 2s 7d to 2s Bd, Victorian 2s 9d; onions, £2 10s; potatoes, Tasmanian, £6 6s to £6 15=, local £3 to £6*. outtcr, 925; bacon, ££d; cheese, sid to 6d. MELBOURNE, May 38. Oaten hay, truss and manger £4 4s to £4 15s, chaffing sheaves £2 5s to £3 15s wheat, dull at 3s 5Jd to 5s 6d; flour, £8; oats, Algerian 2s lid, feed Is 7d; barlev. Capo malting 2s su, feeding Is 8d; madze. 2s sd; bran and pollard £5 15s; onions (in heavy supply), £1 10s to £1 15s; potatoes, £5 to £5 15s. ADELAIDE, May 18. Wheat, market declined a penny to 3s 5Jd; flour, £3 to £8 ss; bran and pollard. 14d; oats, Algerian 2s 3id; potatoes, £2 12? 6.i; onions, £2 ss. MELBOURNE HIDE SALES. By Wigraph -Pros'’ Association—Copyright MELBOURNE, May 18. At the hide sales to-day there was keen corapctiiion, with prices firm at last week’s rales, as follows: Victorian kip, well flayed 52d to 6ad, scored or sloppy sfcd to oid; light-weights, wed flayed oid uo fd. scored or sloppy . sid to sid; mediumweights, well flayed to 6id; scored or sioppy sid to oid; heavy hides (no b - - bstance), well flayed to 6fd, scored cr sloppy Sid to 5Ad; stout, well flayed 61d to 8d; calfskins, light, well flayed 7fcd to 7s(l; heavy, well flayed s£d to 6d. WILSON’S PORTLAND CEMENT COMPANY, LTD. A SUCCESSFUL YEAR. SPECIAL TO TUP “ TIMES.” AUCKLAND, May 18. The annual report, and balance-sheet in connection with Wilson's Portland Cemem, Co., Ltd., shows that the protit earned tor the year, including tho balance, £iilt> TA 2u, broagut forward, amounts to £21,818 2s ha, of which an interim dividend for the iiaJ-year emieu Sexncmber 3ian, 1910, ab--6 A bod £6206 16s '/a, leaving available ior distribution £io,oll 6s 4d. This sum it is proposed Jo appropriate as follows: To payment of a dividend of Is 3d per share lor tue half-year ended March 31st, 1911, £6249 18s sdy to depreciation of buildings, Diant. machinery, vessels, and stock, £otn2 4? 4d; to insurance fund for vessels (malt-, mg the total £3oOJ), £1000; to directors’ honoiaria, £250; to carry forward, £2239 3s 7d, dHARLAND AND CO.’S REPORT THe twelfth annual balance-sheet and report of directors of Sharland and Go., Lid., to be presented to the shareholders •in Monday next, show that alter making die usual provision for bad and doubtiui debts and depreciation, tho net profit for the year, inclusive of £209 9s 3d carried forward, amounts to £6760 7s Id, which ho directors recommend be appropriated as follows: To pay a dividend of 7i per cent., £4350 19s 6d; to pay to the reserve fund, £2830; to carry forward the balance, £409 7s 7d; in all, £6760 7a Id. The absence of the chairman (Hr W. Watson) in England is reported. He is expected back in November next. To fill the va/cancy on tho board Mr R. M. Watson was elected a director under the articles of association. The officers, staff, and employees generally have worked well during tho year, and dven satisfaction. Hr 0. Smith retires from the board of directors, and being eligible, offers himself for re-election. The auditors, Messrs ,H. Komber and A. S. Biss (Wellington), and Mr Alex. Grierson (Auckland) offer themselves for re-election, and there are no other nominations. KAURI TIMBER DIVIDEND By Telegraph- Press Association—Oopyrlgh*. (Received May 19, 0.55 a.m.) MELBOURNE. May 18. The Kauri Timber Company has declared an interim dividend at the rate of 8 per cent, per annum. * ~ SOUTHERN GRAIN MARKET. The New Zealand Loan and Mercantile Agency Co., Ltd., Christchurch, reports: Wheat, market very firm, fowl wheat very scarce; oats, market firm, practically none offering; barley, market is fairly firm for prime lots, other qualities easy; potatoes, market easier, small demand; ryegrass, market firm, email Inquiry; cocksfoot, market firm, but quiet; peas, market quiet, few offering, bluos scarce; chaff, market firm, very little offering; cow grass, firm, coming to hand more freely; 'white clover, market very firm, none offering. Quotations Lo.b. Lyttelton— Wheat.—Milling Hunter's 5s 6d. milling Tuscan 3s 6*d. milling Pearl 3s 7d, whole fowl wheat 3s s|d. Oats.—A Gartons 2s 7d, B Gartons 2s 65d, heavy duns nominal 3s. unobtainable, feed duns 2s Bd, Danish nominal 2s 4id, Algerian 2s' Ittd. BarleV.—Good to prime malting, nominal ss. second malting 4s, food, etc., nominal 3s. Beans.—Good feed, 3s 9d. Pen. q .—Partridge 4s, blue, nominal 7s. Chaff.—llos. Bran—9ss. Pollard.—Nominal. 120 s. Ryegrass.—Perennial machine-dressed, 26281 b. per burin?], 4s 3d: 29-30, 4s 6d; f.0.b., sacks 6d. Dalian, machine-dressed, 4s 9d to 5s oer bushel, f.0.b., sacks extra. Guaranteed Canterbury grown. Cocksfoot.—Machine dressed 16lb, 9Jd. WELLINGTON CUSTOMS. Tko Customs revenue received at Wellington yesterday totalled £7065. LTTE STOCK YESTERDAY’S AUCTION SALES. PAMTEESTOir NORTH. Dalrety anti Co., Ltd., 'renort; Good wether lambs made to 8s 10d, mired lambs 4s 3d to fis 3d. two-tooth wethers 11s to 11s, 6d. fat and forward owes to Its 3d. emp + v cows £3 7s to £2 15s, forward cows £3 lls to £4 ss. Abraham and Williams. Ltd., report: A good yarding of sheep came forward, hut

the demand was very limited, and bidding at auction was practically iileless. A lair amount of business was done alter the sa-o, and tho hulk of the entry changed hands at tho following qnotations-tStor© wetimrs lls 3d. mixed aged ewes in lamb 9s 6ti, forward empty ewes £s 9d, store lambs 6s to 6s Id light lat cows £5 2s 6d. store cows £2 10s to £3 ss, two-year heifers in calf £5 Zealand Loan and Mercantile A-enoy 00.. Ltd., reports: We had a moderate entry of sheep, which met with a very poor reception, every pen being passed at auction. Wo had a heavy yarding of cattle, consisting principally of steers and bullocks. Including a good entry from Mr Charles Carr, for which wo had a good sale resulting in a total clearance. We quote: Cattle—Weaners ZOs. heifers in calf £5 6s, 2 and 2J-oyar steers £4 5s ihree-year-old steers £6 ss. forward bubooks £7 Is to £7 8s 6d. fat and forward bullocks £3 Is. On account Hr Charles Carr; Yearling heifers £2 Is. 20-month steers £3 15s. 2-year steers £3 15s, 2J-yoar steers £4 12s, 3-year steers £6 ss, forward bullocks £7 7s. , UPPER HUTT. DaJgoty and Co., Ltd., report: Although tho inclement weather was against large entries, both sheep and Cattle came forward well up to advertised numbers, the total varding comprising 12-30 sheep and 103 cattle. With the exception of one nen of 50 owes all the sheep changed hands, and in most cases brought satisfactory prices. A first-class line of 600 two-tocth to f.f.m. ewes in lamb, on account Mr W. A. Cottle, went cheaply at 7s. More than half tho entry of cattle was made up of store cows, and there was very little demand foe this or other classes. Unlike tho last few sales, very little dairy stock came forward, duo no doubt to the rough weather. Quotations —Two-tooth to f.f.m. owes In lamb 7s, two and foar-t«o + h ewes in lamb 9a lOd, fat ewes 12s to 15s 6d, fatewes and wethers (mixed) 13s Id to 13s Bd, forward ewes and wethers 8s 2d, twotooth wethers lls Id. fat lambs ire, small woollv lambs 3s, springing cows £3 5s to £8 12s, heifers on drop £5 19s, fat cows £4 17s fid, bulls £3 15s. CLEARING SALE AT LINTON. The- New Zealand Loan and Mercantile .Agency 00,, Ltd., reports: On Wednesday wo held a clearing sale on account cf Hr William Davis, of Linton. There was a good attendance of buyers, and all lines sold we 1 1. the dairy cows averaging £7 2s. Dairy cows made £5 5s to £9 ss. forward cows £3 17? fid, fat cows £5 2s fid, weaners 21s fid to 30s, milk-cart horse £l6 IDs. 2vear half-draught- £lO 17s fid, yearling halfdraughts £7 to £9, mare and foal £3 sf. store owes fis 9:1, Blips ss, milk cows £7 ss, SOAK3ITY OF BEEF ItUßr VRIGES ANTICIPATED. SPECIAL TO THE " TIMES.'* CHRISTCHURCH, Hay 18. rtv scarcity of catt.e referred-to at me mooting of master ba.chers hold at Wellington on Wednesday eiening is a matter that.has been attracting tho attention of local butchers for some time past. Last winter fat cattle were very scarce, and tho price of beef abnormally high. For this coming winter the prospects are even worse, because of the long dry spell of weaiher during the latter part of the summer and autumn. The South Island is very short of beef cattle, and Christchurch and Dunedin butchers have been drawing upon tho North Island all through the summer and autumn. Purchases are made either direct from northern graziers or consignments are sent down to the southern markets. At Addington on Wednesday there Wcro some ft.v hoa-d of North Island cattle in the yards. Otago is much worse off for beef than .Canterbury. The Ayrshircs, the chief dairy cattle of Otago, provide a small and poor class of' beef, and the chief supply of fat cattle used to he from the large stations. This source of supply has now fioou practically done away with by the cutting up of such estates as Clydevalc, Hoa Flat, Morven Hills, Five Rivers, etc. In Canterbury, and particularly in the Amuri district, not only ore large numbers of cattle grazed and fattened for beef, but attention is now being paid to the breeding of special beef cattle to tho poor quality of tho store cattle raised on skim milk in the dairying districts. Banks Peninsula is one of the chief eources of supply of beef for the Christchurch market, and every * week drafts are sent in from there. The large cattle breeding stations in the North Island are gradually being reduced in number through closer settlement. and the greater use of the Jersey in the dairy herds is producing an inferior beef animal in the dairying districts. The present position is accentuated through the long dry season and consequent shortage of feed. The price of beef has been fairly stationary at Addington lately, as the market has been well supplied; but this is no doubt caused through graziers selling before the winter sets in, as a considerable proportion of the cattle coming forward are not well finished. A little later on there is every probability of a rise in the price of beef cattle, and 1 the**© is little doubt that the retailers will make a corresponding advance, as they complain that the year has been an unprofitable one for their business. THE COPRA TRADE TROUBLE AT TONGA. B)vtfClA.li TO THE "TIMIS.” AUCKLAND. May 13. For some time past, there have been rumours of trouble amongst tho natives of the Tongan Islands. A visitor to Auckland, the Rev. E. S. Harkuo-e, had something interesting to say on the subject when interviewed by a “Star” representative this morning. The Tongan Government, it appears, some time ago issued an edict that the quality of the copra was to be brought up to a certain standard. Inspector© were appointed, and in certain instances whole consignments have been condemned and destroyed. Tho result has been to set up friction, and there is a widespread movement, more particularly about Nukualofa, in favour of a “strike” amongst the natives manufacturing copra. If this is decided upon. Mr Harkness points out, the trouble may become very consicernbie, and the traders particularly will suffer. The natives could easily cease the manufacture of copra without seriously inconveniencing themselves pecuniarily. They are not dependent upon the money they earn for sustenance, though many of them are engaged actively on their-own plantations and earn good money. With the majority, however, it is a case of quick earning and quick spending Ono native, with two members of his family, had recently earned as much as £35 in a week on one of the Islands, at copra making. The point with th© natives is that if the Government brines restrictive regulations into operation then they can get on very well without working at copra making at all. Just before Hr Harkness came away two tons of copra were burned on the Woh at Haanai by inspectors, and it is feared that there is a crisis approaching as far as the conra trade with the Tongan group is concerned. BILLS OP EXCHANGE LAW The special committee of tho London Chamber of Commerce appointed to inquire into the above matter has issued its report. It' says: In view of the resumption of tb© congress in the autumn of tho present year, th© report deprecates any immediate modification of British'law, hut whilst agreeing with the British delegates to the Hague Conference that it would be inadvisable for Great Britain to adopt, in its entirety, tho provisional draft uniform law which resulted from the conference, expresses the oninion that uniformity is eminently desirable, whore possible, under existing conditions. Th© findings of th© committee are subdivided into—(1) Suggestions for tho amendment of Brl--1 tish law; and (2) Suggested modifications of the draft uniform law. Under th© first heading, th© report suggests. inter alia, that a chain of endorsements should not be interrupted, even though one of them be forced or unauthorised; that bills falling dn© on a Sunday or nubile hoTMav should he payable on the next moreeding business dav; that davs of grace should he abolished; that tvpofcest for non-navment riionld i:© nerrntf. ted on th© dav a hill falls due and on the next snheennent business dav: that where nhill fa drawn parable with interest, and no rat© is specified. 5 per cent, should he that a hill pavaMe after •n’trht should, in anv ca=e, be present for acceptance within six months of the date of issue; and that no bills ofexchane-e qhon’d become invalid bv reason of -oraTflianc© with local stamp laws. Under rnrm law. the report further rmvrvw* th* introduction of the convenient English ens-♦o-m of "noting” for protect; sn»crest* the* th© return of a dieV'nonred hill !s a sufficient notice of dishonour, and dissent* from the article under which the holder

of a bill dishonoured by non-acceptance is bound to lake th© acceptance of a drawer’s re.etco in case oi need, as being apt to frustrate the holder’s right of recourse. Finally, the committee recommends that the conierence on reassembling in September of tho present year should consider tho difference in practice in regard to the inclusion or non-inclusion, in endorsements, of titles and descriptions. Tho Commissioners of Savings Banks in Victoria announce another issue of - Government guaranteed debentures of £500,r_oo on behalf oi the Advances Department for loans on town and country properties. Tho rato of interest i« 3* per cent., and the minimum price £96 per £IOO, and as debentures have currency of 15i years the actual net return to investors will bo about £3 17s per cent. The debentures will be for £IOO and £SOO each, as. tenderers may desire.

Buiers. Seders Sales £ B. d. £ ad. £ s. d New Zealand ... 11 17 PT V i SCI Air - National Mortg'a, 0 Ltd — N.Z. and 11. Plato 3 9 0 Land. Ltd. ... 1 19 Wei'n Invest T.A. 6 — — Co.. Ltd. ... 0 11 Wei’n Trust Loan. 3 0 11 6 Ltd — Wei’n Deposit and 7 16 0 1 Mortgage Ass'n. 0 8 GAS— 3 0 8 9 ■Wellington, £10... — Mr at PRESERVING-* Chrlstch'ch Meat 19 0 0 Co — Welling’n Meat Ex* 16 0 0 16 0 0* port. £4 ... — WelTng’n Meat Ex5 7 0 — port, £212s 61 ... — SHIPPING— 3 7 0 N.Z. Shipping Co. fl 14 0 12 0 0 — Union Steam (cx) 2 0 Wel'i. Steam Perry, b “ 18s paid ... ... 0 12 manufacturing— Weiling’n Wool'll, 0 0 18 0 ordinary — Wei ing’n Wool'n, 4 2 0 preference ... 3 0 COAL— 0 Taupiri 1 1 0 — — Westport — MISCELLANEOUS— Lcyland 0'B~ien 1 8 6 Timber 1 7 0 Miramar Ltd. ... — N.Z. Drug Co, Ltd, 0 2 6 £2 2 9 'Q N.Z. Paper Mills : Taranaki Petro1 3 0 — kmm. £1 pd. ... 0 14 0 0 17 6 0 14 0* Ward and Co, Ltd. 5 16 Mountain Eimu... — •Reported. 1 10 0*