COMMERCE & MINING

New Zealand Times, Volume XXXIII, Issue 7867, 1 August 1911, Page 6

COMMERCE & MINING

THE SHAREMARKET WELLINGTON STOCK EXCHANGE YESTERDAY’S QUOTATIONS. MlNim Consolidated Goldfields—noon. s £1 0® 3d; ?K. s it 0-1 oil. , , . Kuraimi ralcilrmian—lo a.m., s Is »<*: •anon. .« Is 6d; 3.10, s Li 5(1. Muy cjii(-en—lo a.m., Ii 3d. s2b ad: noon. 3.13. b 2» 3ii. K 2s 4d. . Sew Hit: ilivcr-noMi, « -E4; 3,1 a, s Xa Ws. Sew Sv I via—lo a.m.. b3s 6d. s os 8(1. noon. b % os 8d; 3.15, b 3b 6d. s 3a Td. *JV«AI3 a.nu." s 2s; noon, b Is 9(1. s 3s, rales Is 10.1 frepon,od); 3.15, b Is lid, Saxon—lo am I) 2s 4d. ,s 2s 6d; noon, u «s*4d. s 2s 6d; 3.15. I) Zb 4d, H 2s Scl. Talma .Minos—lo a.m.. b 2a. a2a 2d; noon, b 2s. 8 aw 2d: 3.15. s 2a Id. Talimaa Consolidated-10 a.m.. b£2 Ills ■Jd a E2 11s; lioon, b .1:2 10s 9d, s £2 Us 3d, sains .€2 10s 9(1 (reported); 3.15, b £2 10s 9d. ■i £2 11b. V/aihi-10 a.m., b £3 Is. a £3 Is 6d; noon, I) £3 la, s £3 2s; 3.15, b £3 Is 3d, a £3 Is sd. „ „ Waihi flraml Junction—lo a.m., b£l 7b, « £1 7s 6d• noon. t> £1 7s, s £1 7s 6d; 3.15. b £1 7s Jd. s £1 7b M. WaiJn-Paeroa—lo a.m.. b 12s 3d I prom); noon, I, 12s Jd (prera). , , Wait-amri Con.solidJi.t-cd N.T>.—lo ajn.. b 3a •fcl. k Zs 4.1; noon, b 3b 2d. s 3s 4d; 3.15. b ,3s 3d, k As Ad. Watchman—lo a.m., b If? 8(1; noon, b Is ■7d; 3.15, b Is 7d. Worksop Dredge—lo a.m., b £2 23 6d. , Note.—The letter “b” signifies buyers Mid “a” sellers. INVESTMENT STOCK. Buyers. Sellers. Sales. £ a. d. £ a. d. £ a. d. BANKS— National of N.Z.. Ltd 5 18 0 ■Financial— National Mort’go, Ltd - 3 9 6 ■tf.Z.andTl. Plato I .and. Ltd. ... 2 0 0 INSURANCE— Standard of N.Z. 1 10 0 —.— MEAT PRESERVING— Christchurch Meat Co. ... ... Wolling'n Meat Ex* port, £5 ... -.6 5 0 6 8 6 'Welling'n Meat Export, £4 Wolling’n Moat Ex* port, £2l2s 6d ... SHlPPlNG—’Wellington Steam Perry, 18s paid 0 18 0 M ANPTA (TrCTIINCM Kaiapai Woollen prof. .- Wolling’n Wool'n, ordinary COAi— Hikurangi 0 19 6 Taapiri ... - ... Westport - MISCELLANEOUS— Ley land O'Brien Timber 18 3 —.— N.Z. Paper Mills - Taranaki Petroleum, £1 pd. ... 016 9 0 17 3 0 17 Of Taringamutu Saw* mills. Ltd. ... 2 6 0 2 8 0 'Woira'pa. Farmers’ •Reported, f* Change. ON OTHER EXCHANGES. PRESS ASSOCIATION. AUCKLAND, July 3L Business done at tbo morning call of the/ lackland Stock Exchange included: ' May Queen. 2a 3d. Sylvia, 3s 7d* Saxon. 2s sd* O'cerkkflitaiX, 3d. Waitangi, 3s sd. IlOiS, 2tS. Ifaura.ki Roofs (coatO, Bd. Mao riland, 65 cL Tairoa Mines, ■ 2s, Taranaki Petroleum, 17s 3d. Now Zealand Insurance, 9s 6d. Westport Coal, 295. Cuahmoro Bros,’, 20a. Kauri Timber (coat.), 17s 6d. Afternoon call: Monowai, Is Ud. New Syhda, 3s 7d, Saxon. ?a sd. Waltangi Con-sold dated, 3s 3d* Hauraki Reefs (cout,), Bd. Waiha Grand Junction, 27s 6d* ■ Maori Land. 6d. liny Queen, 23 3d. Waihi ihetonded. Is Bd. Taranaki Oil, 17s. Oashmoro Bros'.. 20a Wiseman Ltd. (ordj, 20s 9d. NEW BIG- RLVHIi MINE, PRESS ASSOCIATION. REEFTON, July 31. Tbo Now Big River return shows that 6030 z 9dwt were obtained from 600 tons brought from the battery, and 750 z 17dvrt from 300 tans cyamdcd. Tho estimated total value is £2570. OLD HAURAXI MINE. The following telegram was received by the Wellington Stock Exchange* yesterday / dram the Odd Hauraki" mine:—“Clashed 50 tons quartz, 901 b of picked stone, for 690 z retorted gold*’’ GOLDMINING AUCKLAND MINES. BPBCZAZi TO T£S TIMM.’* AUCKLAND, July 31. MAORILAND. Prom 187 tons of oro won from the Maorilaud mine during the period ended. July 6th, bullion worth £464 9s was obtained. The manager, reporting for the week ended July • 24th, states that ore of fair -value is coming from No. 3 slope north at the intermediate level 75ft below No. 3 IcveL The timbering of the drive eouth on tho west and east walls of the roof is almost completed, and when this work is finished tho men will resume rising from the low level. Tho battery superintendent reports that tho nlno heavy stamps, which replaces tho lighter •stamps hitherto in use, have now been installed'

WAim EXTENDED. Tho manager of the 'V.'adhi Extended mine reports that good progress was made with, the shaft last week. The shaft is now down into the chamber, and tho round of holes being drilled will take it to tho loveL A very good close of country is showing. The water is • being ; easily coped with, and in tho few feet to bo flunk no increase is expected. MONO WAX RETURNS. A meeting of shareholders in tho Monowai Company was hold this morning. The following statement showed the returns up to date: “1617 tons crushed, value £2 7s 6d por ton. total £3480 7s 6d, bullion banked £769 14s, concentrates shipped 35 tons, value £2298 8s 7(U concentrates ready to bo sluppod 50 tons, at £lB per ton, value £3608 2s 7d." _ MAORILAND. Tho manager of tho Maoriland Mine wired today: “Ix>w level rise just touched on reef. XiOrgc How of water draining intermediate level." MOUNT ZUKHAN COMPANY. SPECIAL TO THE *' TIMES.** AUCKLAND, July 31. A meeting of shareholders in the Mount Zcohau Mining Company, which has recently called up a teupenny winding-up coll which shareholders will_ have to_ pay, ami for which they will receive a dividend when tho liquidation is completed, was on Saturday. , Tho chairman said the liquidators had to call a meeting of shareholders each year, hence that meeting. They wanted tho shareholders to pass a resolution to triable them to make arrangements with, ■shareholders who could not pay thclr call,

in a lump sum. There were some who would go iKinkrnpt it prefixed for immediate pavmeuL, anti yet were ready to pay the lull call hv instalments. The liquidator.-, had no desire to raako the winding-up call of lOd per share. They-hud no intention of doing so until they were lorcod into the position by one shareholder who held shares fully paid up. Ho demanded that, all shares Ihj placed on an equal footing, and the liquidators fotin<l tliey •.veto jioiuul Ijy law to do it. The chairman then read the liquidators halance-Bheet. which showed; £B3B 4s 2d deposited in the hank. £1136 15s lOd calls vet to c<irne iu. ami liabiiltie.s £162 iui. Ho stated that tho question of the £IASO iu oonnectiou with the Complex Ore. Company would, he hoped, be before the court within a month or two. A resolution was passetl giving the liciuidntors jx>wcr to make corn pro mi yes with the creditors ami contributor*, arid bolting up an advisory committee of fiharcto assist tl:c liquidators. DREDGING RETURNS PRESS ASSOCIATION. DUNEDIN. July 29The following nro drodgirig returns' for the week :—ltising Sun, 470 z 13(1 wt; Golden Jinn, lloz 15dwt; Wa-ikaka United No. 1, I3oz; No. 2, 140 7.; Worksop, 86oz 17dwt; Now Trafalgar. 13oz Hklwt; Blackwator, 3307. Bdwt; Sailors' Bend, 90ok; Rise and Shine. 370 z 4dwt. DUNEDIN, July 31. The returns from last week's dredgmg wore as follow; —Sailor’s Bend, > 93oz 2dwt; Ladv Roxburgh, 50oz lOrtwt; Rising Sun, 470 z 13dwt; Goorl Chance. 460 z 9dwt; Golden Bod, 41oz lOrlwt; Rise aud Shine. 570 z 4dwt; Kaaxi.unui 340* dov/t; 909 Dredge. 340 z; Electric No. 11., 31oz 13dwt: Koputai, 270 z lldwt- Sand point, 220 z 18dwt: Ge-ntral Gliarlton. 18oz 7dwt; Waikain*. 18oz 14dwt; Masterton 17oz 17dwfc; tVaikaka- United No, 11.. J4oz; Waikaka United No. 1,. 13oz; Golden Sun. lloz 15dwt; Mystery Elat, soz 7dwt* LONDON MARKETS HIGH COAniISSIONER’S CABLED REPORT. The Commerce DiviFion of tlie Department of Agriculture and Commerce has received tho following cablegram from the High Commissioner for New Zealand, dated London. July 29th. (Note.—Quotations, unless otherwise specified, are average market prices on spot,):— MUTTON. There nas been no alteration in the market since last week. The weather h< too dry, Canterbury 3;?d, North Island 3Jd Xb. LAMB. There is a better demand. Canterbury 5d,-other than Canterbury 43d lb (both unchanged). River Plato 4Jd per lb (&d lower). BEEF. The market is very dull, and there is scarcely any demaud. River Plato chilled—A large supply. It is reported that chilled .beef has been stored and frozen. Now Zealand hinds 3£d, fores 2£d per lb. a drop of id in each case. BUTTER. The market is firm, with a hardening tendency on account of the drought. Australian is quoted at 112 s per cwt, tbo same ne week. Danish 122 s(a rise of Is). Siberian ' 110 b(a rise of 3a), New Zealand second-class quality stored. 108 s. CHEESE, The market is steady, with a very good demand, at last quotations. Coloured 61a, white 60s per cwt. HEMP. The market is very quiet, and there is nothing doing. New Zealand good fair on spot per ton £2l, fair grade £2O. fair current Manila £XI. July-September at the same price. The output from Manila for the week was 23,000 bales. COCKSFOOT SEED. The market is dull, hut holders are firm, for Now Zealand seed on account of small supply. Cannot quote. Continental and American crops are reported to bo heavy laid of good quality. FROZEN MEAT MARKET. LONDON. July 30. The Frozen Meat Trade Association’s Smithfleld market quotations for the undermentioned classes of frozen meat are based on actual sales of not less than one hundred carcases of mutton or lamb or twenty-five quarters of beef of fair average quality. The quotations are "not for selected lines, but for parcels fairly representative of the bulk of tho shipments now on the market. The prices which follow are on an average a farthing per lb more than tho values ex ship, this differ* ©nee representing an average cost in expenses, handling, conveyance, and selling the meat: July 22. Jaly 29. Mutton— d. d. Canterbury, light 33 3| Canterbury, medium 36 3| Canterbury,- heavy 311-16 311-16 North Island, best 3 li-16 311-16 North Island, ordinary 3 7-16 5i North Island, ewes ......... 3-1-16 Australian, light 3i Australian, heavy ... 3i 5i Australian, owes 33 3i River Plate, light 33 33 River Plato, heavy 33 3 5-16 River Plate, owes 3 3-16 3to 31-16 Lamb— Canterbury, light ....... 5k 5J Canterbury, medium 4j 6 Canterbury, heavy 4| 43 Southland 413*16.41 North Island, best 413*16 413*16 North Island, ordinary ... 4| 4J Australian, best • * Australian, fair * • Australian, Inferior • • i River Plato, best ; 43 43 River Plate, seconds 4i 4J Frozen Beef— New Zealand, fores ............ 2i 2i New Zealand, hinds Si 3i Australian, ‘ fores 2 5-16 2i Australian, hinds 31*16 3 River Plato, fores 2i 2J Pbiver Plate, hinds 3i 3 5-16 Chilled BeefRiver Plato, fores 23 21-16 River Plato, hinds 5J 3 9-16 •None offering. WELLINGTON & OYEESEA MARKETS PRICES AND PROSPECTS. WHEAT. Following tho weaker tone of the previous week, the market last week was slightly firmer consequent upon a steadier market at Home. Local freights to England have been, reduced to 10s per ton. which is on a parity with tho local coastal freight, and this has hod an influencing effect, on tho market hero. At the present time millers are operating sparingly. Latest London cables announce that th© market is firm on account of adverse crop reports from Russia and Germany, together with the failure of the Indian monsoon. Although spot Australia was quoted at 3€s 9d a week ago, it is now at 365, with best Now Zealand long-berried at 35e 6d to 365. It would appear that spot stocks wore being detrimentally affected by tho cautiousness of buyers on account of tho political situation, as cargoes to arrive were quoted at advanced figures. July-August being quoted at 53s to 33s 7Jd, against 54$ 3d the previous ■week. Tho prospective total yield of wheat in the United States is 31.000,000 bushels more than was actually harvested last year, and tho following estimates are given of United Kingdom and Continental yields os compared with last year.

1910. 1911. Qrs. Qrs. United Kingdom 7.000,000 7.500,000 France Germany „ 19,000.000 17.000,003 Italy 20,500,000 23,000.000 So far the Russian results have not been advised, as well as other countries, and these will have to be taken into account in reckoning the total in comparison with last year’s. France, instead otf having to import 13,000.030 quarters, as has been required during the past season, will only require from other countries during 19111912 about three million bushels, if tho harvest results as now estimated. The estimate of the United States crop, based upon tho condition on July Ist. was 400,000.000 bushels winter wheat, against last voar’g 460,044.000 bushels and 270,000,000 bushels spring- wheat, against 251,399,000 bushels.

the total €-.7>i.liny*.e being 750.CC0.CC0 bushels against 695,443,(L0 l.msheU hist year. lit v/i } l be sonic little rime yci. l>eforo tlie various harvests arc actually assured, and the present political situation will he another pliose to contend with. Small shipments of Victorian fowl wheat still continue to come forward, and sell freely on a parity with good whole .southern fowl wheat. First-class milling Is quoted at 3s 3d to 3s 9d f.0.h.. sacks extra; good whole fowl wheat 3-> 5d to 3s 6d f.o.h.s.i. Shijr ments of milling -wheat are still being sent to the Old Country, a boat now loading at Timara. OATS. Daring tho past week this lino has been values! SomeVe-sales of A grade (Jartona its low as 2s 6d f.0.b., however, have been effected, but tho.so stray lines appear to have been all absorbed. There are now none offering under 2s 7d to 2s Bd. Invercargill, whore the bulk of tho oats arc now. reports the market as being quiet, but firm, and any sales appear to be for immediate requirements. Owing to tho subdued to no merchants arc not meeting farmers in their idesus of value, and it is reported that the quantity in- farmers' hands is small, and that spring threshing will be loss than tisua-1. Duns arc still unchanged at 2s HXI to ss. Victorian Algerians continue to arrive from Melbourne ami find a ready sal© at up to 3s 3d c.i.f. duly paid. GENERAL FOODSTUFFS.

No alteration lias taken, place in tho price of New* Zealand hour, and the same remark applies* to bran, pollard, and oatmeal. The Australian market (for_ Hour is now in pome States favourable to importations and business is passing, with tho probability of a decline. Australian values will, however, depend on the course of the wheat market influenced by London, and as tho war imbroglio will have a cu>-c-idod effect on the trend of the markets, it is impossible to forecast how matters will shape. Shipments of pollard arc stall arriving weokly from Sydney, about sixty tons having come to hand last week. This is owing to tho comparatively low pnee of Australian as compared with tho Now Zealand article. Tho Nov/ Zealand Flourrrrillors' Association still quotes £6 t.o.b. south. MAIZE. This line is still steady, and it is reported that tho old crop Is now within very small compass. In fact, a fair proportion of the maizo now coming to hand is now maize, but this latter should be used sparingly on account of its heating propensities. Tho market is still at 3s la ex Wellington wharf. Shipments of seed maize are now coming to hand from. Australia, tho varieties being \V hite fioi-sc Tooth. Hickory King, and Rea Hogan. These are soiling at 4s 3d c.i.f. duty paid. These shipments are. of course, selected samples specially imported for seed purposes. CHAFF. Advices from Melbourne indicate that chaff is now ruling at a figure which prohibits importation. A steady business is resulting locally at £6 to £6 5s per ton. Southern reports show that the markets there are easier generally, but merchants are not able to give the figures holders demand. PEAS. The market still remains high for practically every line of peas with, the exception of Partridge- Blue Russians 0 at 6a 6d to 7s, Blue Impenal 7s to 7a 3d. Yorkshire Hero 13s 6d, Stratagems 13s 6d to 14s f.o.b. south. BUTTER. During the period lately over which but* ter has been ruling at high prices, several parcels of margarine have been brought on to New Zealand markets and found a ready sale. Owing to tho near approach of supplies of new local butter coming on to the market, there has been a tailing on in the importations of Commonwealth make. As a matter of fact, fresh supare now available from factories in moderate quantities, and it is quite on the cards that a fall of 2d to 3d per lb will eventuate very shortly. It was predicted that tho tension of tho market would bo relieved about the middle of August, box, it is quit© likely that before then values will decline. Melbourne market reports Is per lb ruling for best brands, and with a decline such as that just mentioned by us, business must entirely cease with tho Commonwealth. Cablegrams from Homo last week reported a distinctly firm market, consequent upon the continuation of tho drought. This, beyond small rainfalls in England, has not been relieved on the Continent and Ireland. Danish butter, however, was unchanged on the last week's, price of 120 sto 1225. These prices are much higher titan have ruled for some time past- Choicest Australian is cabled at 110 s to 112 s, with occasional quittances at 114 s per cwt. Apparently there is a preponderance of unsalted on the market, as this line has not been affected. Secondary qualities of Australian butter have advanced by 6s per cwt, now being quoted at 102 sto 108 s. Apparently there are no supplies of New Zealand butter available on the London market to feel tho benefit of tho strong advance which has taken place. It is usually found that when butter rises above Is per lb wholesale on the London market, a heavy demand is thrown on to margarine, a line containing 10 per cent of butter. It is reported that retailers can command a higher rate of profit from margarine than they can make out of butter, and for this reason devote their energies to selling margarine. This line, of course, has tho greatest sale amongst the masses, who arc not able to afford the higher figure for butter. It is reported that in compliance with a representation made by the Swedish tests,, the Board of Agriculture has decided that the export dairies, as regards the percentage of water in butter, shah be divided into three classes. The first class comprises butter, which according to the results of recent tests, shows a percentage of water not exceeding 15 per cent.; the second class* comprises butter with a percentage? of water from 15 to 15.8 per cent., and the third class butter with more water than 15.8 per cent. Tho butter of tho first class is examined three times in tho year, that of tho second class once every month, and that of the third class once every week. If tho butter is found to contain a higher percentage of water than the limit of its class allows, it is put down to a lower class. It has further been decided that tho national brand shall be removed from all casks of butter con taining more than 16 per cent, of water

CHEESE. The local market for cheese continues steady, and a fair amount of business ia passing. June shipments-of cheese to the United Kingdom aggregated only 6000 cases, against 20,000 in the same month last year London cables that the market is unchang. ed on the previous week’s figures, via, 60s to 61s for New Zealand, and Canadian at 58s to 60s. It will bo remembered that th*i previous week saw an advance of 6d per cwt for New Zealand and 2s per cwt for Canadian. The position at Homo should be a strong one, as recent cables reported Canadian supplies being abort, and as a matter of fact that country had gradually been a declining one in exporting. Under date London. 27th, the cheese market at Homo was advised as follows:—A dull ton* prevails, and New Zealand is fully Is lower, but fancy Canadian being scarce is held for a premium. Imports of cheese into the United Kingdom for the week ended May 20th were 45,515 cwts, against 20,473 cwta in the same time last year. English in good request owing to light stocks. Finest Cheshire realises 80s to 849. fine 76s to 78s. finest Cheddar 76b to 80s, fine 74a, Cheddar loaf TBs to 88s. Canadian is firm for strictly finest, ami there is a fairly good Inquiry, but grades below beet do not sell readily. Finest realised 64a to 665, and some secondary (in very, small supply) 62s and 63b. A few special lots of Canadian coloured have fetched 67s to ,63a. New Canadian on the spot brings 56s to 57s- C.i-f. rates for current receipts are 51s 6d to. 535. according to section; June make 54s to 55s c.i.f. The lower Canadian c.i.f. offers are said to bo owing to the mixed make, which docs not find ready buyers in this country; full and higher prices will bo made for full grass. New Zealand has a disappointing sale, and quotations have further declined; New Zealand feels the competition of States cheese. The quality of recent arrivals from New Zealand has also been not so good in some cases, and buyers have shown reluctance. Prices are again lower at 57s 6d to 53s 6d, United States cheese is m good supply, and the increase in imports generally would', appear to come chiefly from that source. Old States full cream are saleable at 52s to 575, half and threequarter meats 45s to 625. New States on the spot sells at 55s to 565. For prompt shipment. States, flats, full cream, are offered at 52s c.i.f. Australian has had a poor inquiry owing to inferior quality. Best has made 54s to s£s, and secondary 5Cs to 525. . Dutch is in slow demand at current values. GRAIN AND PRODUCE SOUTHERN MARKETS. ?BEI3 ASSOCIATION. OAMARU, July 29. A. little business has been clone in ■wheat, though for the most part in small parcels, the prices paid being generally cm a basis of 5a 4cl net at country stations. At that figure one line of about 3000 bushels . changed hands. In other grain

and produce business has been at a standstill.

A NEW COMPANY The recent find of quartz at the Owen (Murchison) district has rapidly led to tho promotion of a new company, the “Mount Owen Rising Sun-Mineral Company, Limitel.” by which it is hoped to exploit to tho fullest extent the richness of the ore in tiiis locality. The reef itself averages 45 feet wide, and is plainly traceable for several mile-s. The stone already taken is exceptionally rich in minerals. One specimen assayed at tho Government Laboratory gives a return of gold per ton of £2 C« 4d. and of silver £5 0s 10d. with 17.77 per cent of lead valued At £l3 a ton. Sir Charles Maurice, of Nelson, who is floating the company, is at present in Wellington, and reports that it has a bright future before it, as the quartz is such that it can lx? easily treated, while the facilities for working tho mine have rarely been surpßfiscd. At the provisional meeting of the company the other day, the promoters presented Mr Maurice with a beautiful gold pendant representing a rising st3u. in recognition of his services in connection with tbo new rocf which is stated to bo one of the largest yet discovered in New Zealand. At this meeting tho report of the engineer engaged to make investigations was submitted, and was of a most encouraging nature. The provisional directorate comprises leading business men acquainted with tho nature of tho find, and the locality itself. The capi tal of tho company, according to the prospectus. is £120.000, divided into 120.000 shares of £1 each. Of these 104,000 shares are ordinary contributing shares, and the remaining 16,000 ordinary non-contributing shares, to bo issued as nuiy-pald-up. The directors do not anticipate calling up more than £60,000, whilst th© minimum subscription on which tbo directors may pnv cccd to allotment is 10.000 shares (exclusive of those fully-paid-up.) The ordinary contributing shares are offered to the public on the following terms, viz., 2s per shaie on application, 2s per snare on allotment, and the balance as may be called up by the directors; The company is to bo formed for the purpose of taking over tho rights of the Rising Sun Mineral Syndicate, who are holders of prospecting licenses of 400 acres of the richest in moral country in the Owen district. * Tho Customs revenue received at Wellington. yesterday totalled £1993*