THE SHARE MARKET.

Dominion, Volume 1, Issue 6, 2 October 1907, Page 7

THE SHARE MARKET.

At the meeting of tho Exchange yesterday, brokers wero able to report sales of' Insurance shares, besides several transactions in Mining.. National Insurance shares changed' hands at 275., oil the basis of the last dividend the yield to tho investor is equal to J25 lis.. Id. per cent, j New Zealand Insurance shares had quittance at £i Is. 6d.,; which yields a return of f ■£■! 18s Id. per. cent. The interesting feature is the, small return that investors appear to consider, satisfactory on Insurance shares. It displays a magnificent confidence in our local insurance companies, and no doubt it is.fully deserved. It is some time since New Zealand Insurance shares received. attention, and., the salo just reported is probably nn indication that this underwriting concern is doing well, and that operators expect an increased dividend. In Bank shares there is stagnation. Nationals are ..offered at .£5 95., but there are no declared-buyers for Na- . tionals or Bank _ of New _ Zealands. Financial shares display continued-firm-ness. Equitable Building shares are in strong demand at .£lO, and Wellington Trust and' Loan are wanted at ,£7.75. 6d., with sellers asking £1 12s. 6d. National Mortgage/shares are, steady. Buyers repeat their bids "of £3 35., but sellers want ■ .£3. 53. Loan, and Mercantile -$re offered at 7s. Gas shares are quiet, but values show no varia-' tion. There are steady buyers of Feilding Gas at 17s„ but, as previously remarked, buyers must improve on this bid to attract sellers. -• Meat' shares are without alteration., Buying offers are repeated ; fdr " Gears "at '47£, and : Wellington Meat . Export- at .£3 ss. Gd. Transport shares are neglected, and so also are Woollen shares. There is active inquiry for coal shares, with buyers offering 19s. for Taupiri coal, £1 lis. Gd. for Westport;- coal, and 7s. for Wcst-port-Stockton.'" In the Miscellaneous section there is deadly dullness. Wellington Opera House shares are still wanted at £5 10s., but buyers must see from the firm attitude, of holders that a better offer, must bo made ,to bring about business. Mining sliares command about the usual attention. Waihis had quittance at <£8.125.,' with buyers offering lis., and sellers asking .£8 13s. Talismans are easier.' Buyers have reduced their offers to £2 7s. 3d.; on Monday sales were reported of this stock at ,£2. 7s. Gd. Triumphs Were 6old at 12M., and Kuranuis are offered at Is. s<l.

FINANCIAL

MONEY MARKET. , The outflow of gold from the" Bank of England has commonccd, for the last return exhibits a loss on balance , of ■£iW,OOO, and there is bound to be con- ■ siderablo movements this week because of the quarterly disbursements. At the corresponding date last year tho discount market was very much.disorganised, and the Bank of -England abandoned its traditions, and refused to discount bills at the official minimum except for recognised customers, all others being called upon to pay 10s. per cent, more.. This action was rendered necessary to apply a check to the inordinate" demands of Wall Street, but the effort in the end .proved futile, and the Bank was obliged to raise its rate to •. 5 per cent., and eventually. to 6 per cent., while towards tho close of tho year tho Bank had to make strenuous efforts.to avoid imposing a 7 per cent, discount rate. The conditions at the moment; do not appear to be quite so stringent this year, but it is impossible. to speak with any degree of certainty, because Wall Street is a doubtful and disturbing factor. The bellicose attitude of the people and Press of ' America with respect to Japan is not calculated to improve matters. Locally, the conditions display very little noticeable change. Yesterday tho Bank of New Zealand, tho National Bank, and the Bank of New South Wales closed their books for tho usual half-yearly balance, nnd the inevitable " window-dressing " may have caused some slight stringency. If so, there should be easiness this week, and for the rest of the year. EGYPT'S FINANCIAL CRISIS. Egypt has been experiencing a financial crisis recently, tho inevitable result of a boom in joint stock enterprise and real estate gambling. The resources of Egypt have been exploited and developed, and the apparent prosperity has led to tho reckless speculation in companies which had been launched -without regard to" common prudence, and to speculation in building land in tho towns, which had been forced up to exaggerated prices. Gold has been pouring into the country to pay for tho cotton exported, and to" develop the resources of the country. Still, there is a slump, and some important financial houses in Cairo have been embarrassed. Another explanation of the cause of the monetary stringency is given by the Chairman of "Egyptian Estates, Ltd.," who said, at the annual meeting of shareholders held in London, that iie believed that in the last season no less than ,£25,000,000 had gone into the pockets of the Egyptian people as the proceeds of tho cotton crop, and this year he believed that even a larger sum would go ill the same direction; and. yet that did not alleviate the financial strain last year, and he doubted very much whether it would do so this. The • Fellaheen who received the money did ' not put it into circulation. They either bought or leased land with it, or they buried it; and the only portion of the money that benefited the European community in any way was such as was supplied to the Government for taxes, etc., and these sums were only paid out by degrees as tho expenditure of the country required. PRICE OF SILVER, 53y Telegraph.—Association.—Opyrk'lit. • London, September ,10. Silver is quoted at 2s. 7 3-Illd

PACIFIC Ci\BLE BOARD.

The report of the Pacific Cable Board for the year ended March 31, 1907, as presented to the Imperial Parliament, shows that, the gross message revenue received (luring the year amounted to .£110,401 13s. 3d., against ,£91,456 9s. 6(1. in the previous year. Prom the gross revenue,' -however, i.'3401 13s. 2d. has to be deducted on account of payments made to tho Atlantic and Canadian Pacific Telegraph Companies for transmitting between Vancouver and Europe, or vice versa, tho date and time of filing of all messages between Australasia and the United Kingdom, the Continent, etc., and for delivering messages in duplicate in London and some other largo.centres in the United Kingdom, these payments being- necessary to give to the customers of the Pacific Cable the.some facilities that are afforded by the Eastern- Company's l'oute. With "this deduction tho net message revenue amounted to J3113.000 os. Id., against .£91,814 Ss. lid., showing an increase of ,£21,185 lis. 2d., equal to nearly' 18.75 per cent., which must be regarded as satisfactory. The failure for some weeks in April and May, 1906, of both the cables of the Eastern Extension Company between Australia and New Zealand, was of considerable financial benefit to the Pacific Cable. So also was the San Francisco earthquake. The actual expenditure of the Board, on tho service of the cable during tho twelve months ending March 31, 1907, including a sum of .033,000 set aside for the icnovral account, amounted to ,£90,895 Is. 4d., against .£86,963 17s. in the previous year, thus leaving an apparent surplus _of .£22,621 ss. 10d., equal to 1.13 per. cent, on the capital expenditure, aggregating <£1,988,460 18s. 7d. The Board, however, had to provide a sunv of .£77,544 18s. .for interest and sinking fund. The sinking fund, it may bo mentioned, will extinguish in fifty years from its institution the entii'ev capital expenditure. Adding this payment to the expenditure, tho deficiency on tho year's operations amounts to ,£54,923 12s. 2(1., against ,£72,556 Is. 9d. in the previous year. This deficiency is made good by' the contributing governments in the following proportions England. ,£15,253 lis. 2d.; Canada. .£15,258 lis 2d.; Australia, ,£18;307 17s. 5d.; and New Zealand, n £'G, 102 12s. sd. The expenses, other than interest and sinking fund, were made up of salaries and expenses at head office and stations, ,£33,552 18s. 4(1.; salaries and expenses of cable steanier, .£14,891 Bs. 4d.; renewal account, i provident fund, .£1425 lis. 9d.; and 'advertising, canvassing, royalties, engineers' fees, and cost of remitting money home, <£2024 19s. lid. "The Board's forecast for tho current year places tho traffic revenue at ,£103,000' or .£IO,OOO less than was actually earned last year, and the expenditure is estimated at *£94,823, against .£90,805 last year. The payment on account of interest and sinking fund is estimated at £77,5)5, leaving an estimated deficit of *£69,368, against an actual deficit, last year, of ,£54,923.

COMMERCIAL

lIIGII COMMISSIONER'S CABLE. The Department of Industries and Commerce lias received the following cable from tho High Commissioner, dated London, September 28 Trade for all classes of mutton has been very slow; prices are barely maintained, "and holders are firm. River Plate mutton is in large supply, and is being strongly pushed for sale. Canterbury mutton . is quoted at 4jd., and North Island at 3Jd per lb. The lamb market is firm. Demand is chicfly for light weights, and'there is no change in prcies to report. The beet' market is dull; offerings are very large, and prices declining. Hind quarters are quoted at :33d., fore quarters at 2id. per lb. The butter market is firm, nnd thero are only small arrivals. Best Victorian makes have sold at about 1135.; Danish, 1175.; Canadian, 110s.; and Siberian 995. per cwt. . The cheese market is quiet but firm, and New Zealand stock is exhausted. Canadian while make is quoted at 595., and coloured at 01s. per cwt. The hemp.market is quiet, with littlo doing, but good feeling prevails. There no change in prices to report Tho cocksfoot seed market is very firm, and a good demand continues. Bright, clean, 17lb. seed, is quoted at G7s.

Wool sales are now proceeding, with large attendances and active competition. The following are the current quotations: Merinos, 7| per cent, advance; scourcd and fine crossbrcds, all grades, 5 per cent, ndvancc; coarse crossbrcds, all grades, and medium crossbrcds, ail grades,' remain unchanged.

ESTABLISHING INDUSTRIES. The South Canterbury Chamber of Commerce is engaged in a praiseworthy effort in endeavouring to establish new industries, and in furtherance of this .purpose is collecting information as to the probable cost of establishing and maintaining brick and pottery works, hosiery, soap and candles, sauce and pickles, tannery and fellmongery, biscuit factory, iron and brass foundry, wholesale stationery," paper bags, etc. There is a familiar ring, about the industries proposed to be established, and if tliey are intended to serve the modest requirements of the district, with its limited population, nothing can bo said against the efforts of the Chamber of Commerce, lint none of the industries named are likely to attain national importance, because the Dominion is al-. ready over-supplied with similar concerns. 'It would be infinitely more profitable to Ihe community as a whole if son-.e concerted action were taken by the Chambers of Commerce lo establish industries that would turn to account waste products and waste materials. There is ample scope for energetic

action in this direction, and tlio establishment of such industries would lie fin- preferable to inaugurating others that must come into sevoro competition with existing industries to supply a restricted market. Tlio people of Timnru must have convincing evidence of this iu the flour-milling industry. The I rouble to-day is that there are too many such-mills in the country for tlio business offering; the position is very much tho same with respect to biscuits, soap, candics, sauce, and all other items on which the South Canterbury Chamber of .Commerce is concentrating its efforts. What we want is national industries, or industries that would add to our export trade in tho same way as the frozen meat and butter and cheeso industries. There is no scope, or rather hardly any scope, for the. multiplication of industries that must rely solely on local markets for "support. . .

WIIITCOMBE AND TOMBS, LTD.

The balance-sheet of Whitcombe and Tombs, Limited, for tho' year ended August 31 has been circulated, and shows that the twenty-fourth year of tho Company's operations, has been fraught with trouble and extra expense, consequent upon the rebuilding operations, in Christchnrch, and dislocation of business in Wellington, owing to' the fire. The gross profits for the year totalled .£31,447 and transfer fees brought in an additional .£3. The expenses of management totalled .£22,295, equal to nearly 71 per cent, of the income, and leaving the, net profit at •£9155, out of which ,£3299 has been appropriated for depreciation, and .£723 added to the general reserve, and leaving a balanco of £5130, to which has to bo added JS4OU brought forward' from tho previous year, and giving a divisible balance ot' '.£10,047, out of which dividends at tho rate of 10 per cent, per annum have been declared, absorbing ,£4025, and carrying forward <£5422. The Sinking Fund Debenture Account, General'Reservc, Building and Furniture Reserves, and the amount carried forward aggregate ,£39,153.

Messrs. Whitcomb ami Tombs, Ltd., have, with commendable promptitude, dealt with' the Customs tariff in convenient . book .form. The items arcgiven in detail in alphabetical order, and the cross-indexing makes reference ail easy matter. The Minister's decisions are also given, and the preferential duties are clearly indicated. The whole matter is quite up-to-date, and includes tho changes made last month. The book is of demy-quarto size, in paper covers, with interleaves for notes, and is published at the nominal prico of 2s. Ga.