Shares and Mining

Observer, 24 July 1909, Page 20

Shares and Mining

By Obadiah.

THE banking returns of the Dominion for the June quarter show emphatically that the monetary position is improving. A year ago the banking figures, if not alarming, were certainly very discouraging. There were shrinkages in the fixed, free, and Government deposits, while the advances and discounts exhibited an enormous expansion. Traders and others suffered a severe pinch, but the banks afforded all the help that was possible without unduly raising the rate of interest. Furthermore they checked any advance in the lending rate by mortgage companies.

To-day, the position is far different. The deposits, so far as they relate to the Government and free deposits, are less than they were a year ago, but, on. the other hand, the advances and discounts are appreciably lower. The advances are less by £2,061,447, and the discounts by £307,588— together, by £2,369,035. That is to say, more than two-thirds of the amount advanced last year has been paid back, and no doubt the balance will be returned in due course.

The position, then., is that by increased exports and decreased imports, and also by local realisation of merchandise, traders and others have been able to repay the money that was borrowed a year ago. From this we may deduce the fact that the situation has improved very greatly. The trading community, it would appear, has largely overcome the troubles of over-importation and excess stocks, and is therefore in a much sounder position than a year ago. The decrease in the discounts shows that engagements on the part of retailers are being well met. Viewed from every standpoint the situation is distinctly encouraging. The adjustments necessary to meet the new conditions imposed upon us by the unfortunate American financial crisis have been carried through expeditiously, and although trade is quiet, and unemployment rather pronounced, the economic conditions of the country are much sounder. With continued economy we should be quite free of the depression in a few months.

The London wool sales closed on Tuesday last, and although there was ho actual recovery of the initial fall in values of some grades of wool, there is much ground for hope in the strength displayed by the market. Once again the main support for fine tvools has been obtained from the American section. The tone of the market warrants the belief that present supplies are just about sufficient to meet current demands. If this be so values must be maintained, and the new clip, which promises to he t a record for Australasia, should bring in a very handsome inoome.

The meat market is depressed, and is in a really serious plight. Stocks are much in excess of the demand, and repeated reductions in prices have failed to stimulate consumption. New Zealand mutton has declined |d per lb and lamb a penny per lb during the past three months, and the tendency is for a further fall. This would be of small importance if by that means the congestion of supplies could be relieved, but that is just what is not happening. If supplies are not materially reduced by t the end of August, then we may look for a continuance of low prices in the coming season.

The depression will have a> good effect ultimately, because it is^Soous-^ sing the attention of all interested in the industry upon the need for improvement. Something can be done by regulation of supplies ; something can be achieved by a proper scheme of advertising ; and reorganisation of the system of marketing may help a good deal. No doubt all these matters will receive the care and attention they deserve. What is needed more than anything else is new markets, and no doubt, now that the need is felt, special efforts will be made to find these markets.

The balance-sheet of the Wellington Investment, Trustee and Agency Company, Limited, for the year ended June 30th shows that the profit, including £350 brought forwa-rd, amounted to £4662, as compared with £5439 in the previous year. The dividend, at the rate of 6 per cent, absorbs £3000, and £1500 is added to the reserve fund, leaving £162 to be carried forward.

Again a quiet week on the Stock Excahnge as regards investment stocks, the vigorous boom on the mining side still overshadowing them.

Bank shares have been untouched, and insurance lines are a shade easier. The only business reported is in New Zealand Insurance at 795, and the best buying quotation is 78s. « • •

Taupiri Coals maintain their firmness. They have been done at 20s 9d, which is still the sellers' price, while buyers offers 20s 6d. Westport Coals have been done at £6 12s 6d, and Westport Stockton at 7s. Drury have also come into the market, and been placed at Is, 6d, and later at 9d.

Auckland Trams have been quitted pretty freely at 21s 9d and thereabouts for ordinary, and 23s for preferential, and the current quotations are in the same neighbourhood.

Several lots of Kauri Timber contributings have changed hands, the best price realised being 14s 3d, at which figure buyers are still in the market.

There is the usual request for cement stocks. New Zealand Portland, old issue, have been, sold at 42s 6d, and Wilson's ordinary at 38s 6d.

Business has been done in Northern Steam contributings at 6s. • ■ •

Speculation on the mining market is a little quieter this week, but not dull by any means. May Queens are rising slowly and steadily, and should see a decent move before the week is out. Sales, 5s 6d.

Reports from the Waiotahi mine are not very encouraging, but shares continue to improve. Tney firmed from 7s to over Bs, and higher prices seem probable.

Junctions seem to be getting on to the Martha lode, and things look very promising. If the expert now at Waihi sends Home a good report to the shareholders — and he can't well do otherwise — shares may see £4 before the year js out.

"Waihi Extendeds are firmer and may see a rise next month. Sales, 6s lid -and 6s lOd.

Old Alburnias saw a move on Tuesday up to 2e 5d for paids and Is 7d for contributings. They are getting colours in Sons of Freedom reef.

In Coromandel mines, Old Hauraki saw a fall from over 2s to Is sd. They are fairly safe at Is 5d or Is 6d. Royal Oaks look promising — sales in contributing shares at Is 8d and Is 9d. Rise this week probable.

There have been sales in Talismans at 575, but more attention is given to Junctions now than Talismans.

Better reports to hand from Golden Belt. Sales, Is to Is 2d in paid ups.

It is rumoured that the directors of the Old Kapanga intend to go to the 1000 feet level. This will please old miners who know Coromandel.

At Karangahake, both Dominions and Shotovers have seen a rise. The latter is the more promising of the two, and probably Comstocks are better than either.

There is a fear that some of our ■writers, educationists, and public men, with the best but most mistaken motives possible, are misleading the upspringiug generation as to what patriotism means. Patriotism means sticking to the job in hand and doing with all thy might that which the hand findeth to do. — Wellington "Times.' '

Only recently we had the painful spectacle of employers .being fined substantial sums, aoid mulcted in costs as well, for trumpery breaches of awards. That sort of thing surely cannot be in the interest of the workers. — Masterton li Age."

Mr Hogg is now being acclaimed as as a leader to be desired by labour before all other men, but should he assume that position he wlil assuredly meet the fate of all his predecessors, as soon as they realise that he is not able to effect all they need, or accede at once to all their demands. — Blenheim '' Express."

It should be surely evident that solicitude for their welfare is not so much the object of the agitator as solicitude for hie. own " collar and cuff " billet, which he seeks to justify by always having a "dispute" in the making. — New Plymouth " News."

The New Zealand tour of the Royal Cornice, which has just closed at Invercargill, is stated by the management to have given better financial results than anything previously undertaken in the Dominion by the Williameon firm.

" Niobe " is to be staged next month by Wellineton amateurs in aid of the Mayor's relief fund for unemployed.

Amongst the features of the " Jack and Jill" pantomime, now being played in Christchurch, are the specialities of Walter 8 tan ton, the giant rooster, in which character he was "the hit" of last year's pantomime at the London Lyceum ; Morris and Wilson, in their animal impersonations ; the giant family of eight ; the pony ballet ; the surf bathers ; the faceograph ; and the palace of precious stones and march of jewels. • • • Robert Needham, a New Zealander, is playing the part of the Marquis de St. Brioche in the London production of "The Merry Widow." • m ■ n Miss Nellie Stewart believes Sydney and Melbourne are now large enough to supply special audiences for a special theatre identified solely with modern light comedy. • • • Miss Priscilla Verne and Tom Armstrong return to Australia from America in November. ■ ■ Edmund Duggan and Bert Bailey are hard at work on a new drama. ■ • • Charles Hawtrey is negotiating fora tour of Australia. • » • Allan Doone, an Irish-American actor, has opened a season at the Melbourne Bijou with a play with songs a la Mack, entitled " Sweet County Kerry." Mr Doone has a good American reputation. • ■ m "White Australia" cost William Anderson over £1500. • ■ • Miss Marie Lohr will be the central figure of a comedy— probably by Mr Somerset Maugham — to be produced shortly at the Comedy Theatre in London. • • • Miss Roxy Barton is one of "An Englishman's Home " company touring the English provinces. •* • • Howard Vernon and his wife (Miss Vinia de Loitte) have left for England. The visit is in connection with some property belonging to Mrs Vernon.

If a singer is to be judged by the company she keeps, then the praise extended to Miss Amy Castles must be well merited. She has sung under Hans Kiobter, Henry Wood, Frederick Gowen, Edouard Colonne, and Herr Scharrer, and when these names are mentioned the list of tbe most famous conductors in Great Britain and Germany is complete. In Germany, Miss Castles also attained the distinction of singing nnder the batons of that country's leading conductors, and in Dresden the Philharmonic Society presented her with a gold laurel wreath.

Miss Gladys Harvey, now in the South with the "Lucky Durham" Company, was married oh the day she landed in Sydney from England. Her husband, Frank RandeLl, who is also with the company, has had considerable stage experience. He toured three or four years with Mr H. 6. Irving in many juvenile and other characters, notably as Didier in " The Lyons Mail." He played lead in the one-act piece " King Rene's Daughter," with Miss Dorothea Baird in the name-part, and supported the principals throughout their season this year at the Shaftesbury Theatre up to the time he sailed for Australia. Before that, Mr Randell gained experience in a Shakespearian company of which Mies Madge Mel n tosh was the head, which accounted for the presence of the latter at the wedding ceremony in the capacity of " best woman," and " mother " to the brideelect.

Miss Florence Baines was, by latest advices, to open a season in San Francisco.

The West Pictures firm, which it is stated will shortly have permanent houses in each of the four centres of the Dominion, now includes, besides T. J. West himself, two other wellknown partners — A. H. Gee (formerly connected with P. R. Dixs enterprises in Mew Zealand) and Edwin Geach, and there are others with smaller interests.

Miss Ethel Warwick, the leading lady of the company organised in Sydney, with Thomas Kingston at its head, for the production of " The Flag Lieutenant," is described as a tall, statuesque brunette, and it is added that, in her girlhood, she sat as a model to Whistler, Sir E Poynter, and Onslow Ford, the sculptor. Professionally, Miss Warwick has been on the stage since 1900, and has supported Sir Charles Wyndham, Miss Nance O'Neil (Adelphi Theatre), Mr F. R. Benson, Mrs Lewie Waller, and Mr H. B. Irving (Lyric Theatre, 1906). Miss Warwick has" also toured South Africa with William Haviland'a Shakespearian Company.

G. T. H. Helmsley, general manager for George Alexander at St. James's Theatre. London, hopes to make a tour of New Zealand this year. Mr Helmsley is a well-known figure in theatrical circles in London, having been manager for Sir John Hare, Mrs Edward Saker, and the Compton Comedy Company.

Two of Mrs Kate Douglas Wiggins's novels, " Rebecca of Sunny Brook Farm" and "The Chronicles of Rebecca," are being dramatised by the authoress and Charlotte Thompson, under the title of "Rebecca." Klaw and Erlanger hope that the result will be as happy as was the blending of the Alice Heg*n Rice stories, " Mrs Wiggs of the Cabbage Patch" and "Lovey M ary. "

Charles Frohmami once organised a company of niggers to play " Othello," concerning which he tells a racy story. In the scene betwe«ai the Moor and Desdemona wherein Othello demands the handkerchief, the actor who was playing the title role confused voeiferousness with impressiveness. " Desdemona," he cried ; " give me dat han' kerchief." But the doomed lady only babbled of Cassio, and her liege shouted again, ' ' I ast you fo' de second time to git me dat han' kerchief." Still the "fair one" parried the issue, and the lordly Othello, now fully incensed, bellowed " Woman, for de third an' las' time, I tell you to fetch me dat haai' kerchief. Away !" As he was just about to speak again, a biglunged patron in the gallery shouted out, " Fo' heaven's sake, nigger, why doan' yo' wipe yo' nose on yo' sleeve, an' let the show go on ?"

Coquelin, the actor who died recently, had a marvellous memory. He was amongst the guests of the Vioomte de Lovenjoul in Brussels once, and in the course of conversation someone asked how many parts he knew well enough to play that night if he were called upon. Coquelin wrote down the names of fifty - three plays. His friends laughed. "You are boasting- surely, mon ami ?" said the Vioomte de Lovenjoul. "You have every one of those plays in your library," said Coquelin, quietly ; "get them out and put them on the table." The Vicomte did so. "Now," said Coquelin, "let anyone select a cue from any of these plays at haphazard and give it to me." They tried him with sixteen plays out of the fifty-three, and he did not miss a single cue or, make a mistake.