FINANCIAL AND COMMERCIAL.

Dominion, Volume 1, Issue 8, 4 October 1907, Page 7

FINANCIAL AND COMMERCIAL.

' ♦ WELLINGTON SHARE LIST.

TEE SHARE MARKET.. : 1 At the sitting of the Exchange, yesterday, brokers were unable or ; linwilling to report sales. It sometimes - happens that transactions.are hot.recorded; owing, : perhaps, to- a slight V 'break iii prices due to special, circumstances. It is hot' Considered, fair-to report a sale when such' conditions prevail, because : to- do so f l necessarily J means discounting the values to other holders. Yesterday .there was dulness, for' not only !were there ' 110' sales,: hut buying orders also seemed to have "vanished.. Really there is nothing 'to • racoid t . t'ov [there is no change 'as com- , ntired with ''Wednesday,' if we except a hid of .£7,75, :6d. .for Wellington Trust »vu\ Loans. The other buying otters are JSl(l for Be.uitabl) Building; ,I7s."for Feilding. Gas, 215.. 'for Haivcra Gas, 475. for Gears, Gas. Gd.' for Meat Exports, 7s. fqr-.'Wcstporf-Stocktoii Coal; and-jo 10s. fur Wellington 'Opera House shares.,-. ; 1 In mining. shares it is to he; noted : that there is ■ inquiry for Kimurai Caledonian at. 10s., and, Jyirauiiis have ' hardened, with .buyers;.offering Is. 7d. and sellers asking .Is.}, 3d: On the* pre-, . vious day sellers' were willing to accept Is. sd.', and there were.no buyers'. The sadden jump must he attributed to more favourable , reports as to development work. 'Talismans-are practically unchanged, with buyers at 4Gs.' Gd. and sellers, at 17s. i)(l. Waihis are slightly weaker, .with sellers asking ,£8 ,12s.' against £8 Vis. 9d. ...the previous day, aiul"buyers offering ,£8 ■ 1C5....-: It.; is very disappointing: Waihis do 1 not improvo in the face of increased buli lion yield, and tho prospect of a, 3s. Gd. p divViend. There''is .of coursej an ex'plantation .for" this. "Waihis are the! gilt-edged securities f in' the mining class and are the'most readily saleable. Realisation, mainly by outside holders, keep the shares down, a lid the realisations are duo to 'the stringency. of the ' London -money - market;. SAVINGS BANKS. . ! . The Commonwealth of 'Australid has enjoyed, several seasons of'prosperity, and for some time past money has been in abundant supply. Joint-stock enterprises have absorbed a considerable' amount of capital, but. with the mass " "of the people the savings, have-, found lodgment with* the Savings Banks. The deposit rates in the Australian States are not so high as. those-in New Zealand, still there is very satisfactory expansion., The Savings .-'Bank depositors ' m Victoria increased by. "24,566'.-for, the year ended June 30 last, as compared ■ with'the previoiis'ycar, and the amount to the credit of depositors increased by =£1,029,000. -The figuresi for South .'Au's-' tralia show that the sum standing to the credit of depositors in the Savings Banks on Juno '30 was .£5,320,782; exlii'--biting an increase of ,£570.09 ft iis compared with tho previous year. . The. average sum at the credit of each depositor was .£37 13s. 7d., or an increase' of '£1: 18s. for the year, the number of accounts bearing interest' being 139,670, and. of accounts not bearing interest" 22.J85. The interest "allowed ivas > 2J per cent, to. depositors' closed their accounts during the year, and *31 . per eent.'- to'thoso whose accounts-were open on June 30. The gross profit for V the year was .518-5,381, .which,, with .£16,027 brought forward, .was appropri- i . ' afed. asM'ollowslnterest paid-to depositors oil accfiunts closed during the year, .£1992;' interest credite to depositors, w£145,1G1; interest/accrued on depositors' balances, JC3000; expenses of management, .£17,716; added to reserve ' fund, <£19,094: (making it ' .£176,009); . added to officers' retiring and fidelity fund .£1357; and carried forward, .£7037. ■ Tho figures for New Zealand aro made up to December 31 last, and therefore do not admit-of comparison with those of the Australian States; but taking them-for the period named the net gain on; the number of accounts opened in tho 'year was 22,680, the net amount ■ added by the depositors to their savings during the year, totalled .£1,'000,050, pliis - .£291,192, interest earned'and credited, making a total of JC1,291.212. The total anjount at the'credit of depositors at ' the end of the yca,r amounted to .£9,953,265, equal to .£33 Gs,. 4d. to each depositor. . THE MONEY MARKET. Tho "Economist" (London) of August 17 deals, with the autumn money prospects, • and remarks that while there .may be divergent opinions as to' the innumerable causes responsible for the recent phenomenal decline in securities, and while few. would care to predict the probable ■ duration of the present on the Stock Exchange, thero is one point on which most are agreed, namely, that among tho various factors operating, , the foremost place must now. be given . to the monetary situation. It is, in fact, being • recognised more clearly every day. by theorists and practical men of business alike, that insufficient allowance has hitherto been made for tho effects of the enormous wastage of capital which has occurred during the past decade, coinciding, as it has done, with creations of new capital on an unprecedented!}' large scale'and genuine trade demands of an equally exceptional character. Alter taking cognisance of the movements in'.the dis"- ■ count rates, and of gold, and-estimat-ing the probable demands of the Argen- . tine, Brazil, Egypt, and the United States, the conclusion arrived at is '■ that the crux of tho situation is the United States. 1 ' Germany has its own embarrassments arising out of overtrading, but, generally speaking, it may be said that the situation at every .centre would be rendered comparatively comfortable if we knew that the,'worst had been seen-in the New York money, market. Unfortunately, however. financial developments in the United States, ■» far as the immediate future is concerned, must be'regarded as at onco' tho most important and most mi■cortain quantity in tho estimation. So far there has been no disturbance;,indeed, there has boon a period of six . weeks of comparative quietness,* but whether the current month-, will naps over without witnessing monetary troubles is quite another matter.

'THE ROOSEVELT PANIC. ' President''Roosevelt frankly admitted the other day that his attitude towards trusts had been the cause of the recent financial weakness experienced in New York. - In May last Lord Rothschild correctly , estimated the effect of the Government policy in the United States, and told an interviewer that this with other happenings in Prance and England were killing the goose that lays the golden eggs. A Wall Street paper, writing of the Roosevelt policy, says: "Tho financial part of his policy de- : scribed collectively is nothing less than 1 a war fomented against capital, and as it I cxtitcs a fear as to the stability of all | our 'securities, and is, hostile in its effect upon accumulated floating capital, it becomes an element of doubt en-, tering into all financial international arrangements. Probably the most 'disturbing- • feature the- Roosevelt, policy I has assumed is hostility against all corporations and their securities, especially railroad securities. Tlip.sc evidences'of, property rights are held end owned- not by any means wholly by individuals in every part of the United States, but in large measure by individuals and corporations, in all parts of Europe They have found extremely rapid lodgment in more recent years in Great Britain and the Continent, andare being used largely as a basis, for international borrowing, especially short loans, at' times in very" large amounts. These securities have v be.come'taintcd by 'Mr. Roosevelt's actions, and have thus become an advorso factor, .disturbing monetary affairs in Europe." ■ ' _ . SERIOUS I'ALL IN VALUES. By Cable—Association.—Copyright.' , Stdnet, October 3. During the last three months the value, of Australian copper, silver, and ■lead stocks has fallen to-the extent of four millions. . CUSTOMS RETURNS. Aucki.and, October 2. , The Customs receipts for the quarter just closed amounted to .£233,983, an increase,of .£29,888 compared .with the receipts for the corresponding period last year. The total duties collected amounted to <£214,202, as against .£180,575—an increase of J!27,71G. - ' ' The Customs returns for Wellington yesterday amounted to .£3015 10s. lid. : PAHIATUA -HORSE PAIR. ' " Messrs. Mitchell' and Griffith held their periodical horse fair yesterday afternoon, but a heavy rain setting in somewhat spoiled the sale. Medium draughts brought from .CIS to .£2B; hacks), £7 to JI15: and ponies, 1:3 to j;l 10. ' LONDON MARKETS. WOOL. - ' • London, October 2. At the wool sales tlie fleeco portion of the clips named realised as follow:— j Mokoia, Ofd.j Elderslie, "12|d. There is a good sale', and prices are very firm. ...... WHEAT. • ■ London, October 2. The American visible supply of wheat is 59,745,000 bushels. METALS. , : London, October 2. Copper—On spot and three months, .£O3 as.;' supplies, 25,91-1 tons; deliveries. 28,026 tons; stocks, 12,138 tons; . afloat, -1000 tons. Tin—On spot,'£l62; three months, J2l-T8 155.; stocks, 12.790 tons: on spot, 2808; afloat, 4785; deliveries, 2280. Iron—s3s. -Id. . At tlie tallow, sales 2024 casks offered and 809 sold. Prices were unchanged excepting for, an occasional 3d. decline. In stock. 20,269 casks; - import:;, 8626 casks; deliveries, 5423 casks. TALLOW. The New Zealand Loan and Mercantile Agency Cq., Ltd., reportWe ([note present spot values for the following descriptions of tallow : Pine mutton, 31s. 3d.; good beef, 325,; mixed, 31s. Oil. per cwt. Mutton market inactive. PALMERSTON NORTH. MesSrs. Dnlgety and Co., Ltd., report: At our weekly sale yesterday we had a fair yarding of both sheep and cattle, consisting principally of fats, for which there was an exceptionally good demand. The -following is a list of prices realised:—Fat wethers. 235. Oil. to 245. 7d.; fat ewes, 235. -Id.; fnt and forward ewes, 18s. Cel.; ewes with lamb at. foot, 18s. to 21s. 7d.; fnt bullocks, ,£8 15s. to £!) lis.; sfaggy fat bullocks, XG 10s. to £G 15s. : SHEEP SALE. . [by TEr.EGKAriT. — I'lir.SS association.] Gisiiohne, October 3. ; Record prices were made in (lie sale yards' to-day, 30s. each being paid for (19,! big-framed Roiuney ewes with 72 lambs at foot. The latter were in good ,condition and almost ready for the butcher. A line of 4!) Lincoln wethers sold at 275. 3d. Both prices are records for the yards. A PROSPEROUS CONCERN. ■ Whanoaiiki, October 3, At the annual meeting of the Auckland farmers' Union shareholders, held at, Whangnrei last night, an 8 per cent.. dividend was declared. The report showed the turnover for nine and ?. half months since the amalgamation with Wakelin, Crane, and Co., to be .£140,000, being a large increase on tho provious period.

SOUTH BRITISH INSURANCE COMPANY. Auckland, October 3. The South British Insurance Company's net revenue for the year was ■£363,1)79 18s. sd. After making provision for losses, nml adding ,£SOOO to the reinsurance fund, there is a surplus revenue of .£47,334 Bs. 2d., to which has to be added .£40,400 os. 4(1. balance from 1006, less dividoiul paid in October—viz., <£25,40G os. 4cl■■—making the amount to ci edit of profit and loss £72,740 6s. Cd. The directors recommend dividends of three shillings per shnre, making the dividends for. the year six shillings per .share,"the transfer' to reserve of <£20,000, a contribution to the superannuation anil ]))ovidej)t funds of .£2733 9s. • lid., a\u\ cayrmg Sorraft oi £&,W> W - '

JCCTCTAC UFK ASSOCrATrON. Tlyi 'M.uUvaV lAtc XsKoavatvm o? kus'tcalia has issued a'circular to its members, notifying t/icm that a meeting in Sydney has'been-culled for October. 21 to confirm the scheme of amalgamation -with t)io Citizens' oLite Assurance Company Limited. The notice in question fui'thcv states that the circular to members of jlugust 26 Inst and the agreement therein mentioned were submitted to two counsel of the equity bar, Mr. Alexander Gordon , , K.C., and Mr. George K Rich, and they have advised that they are clearly of opinion that the surplus or profit arising from policies of the Mutual Life Association from time to lime subsisting, as determined by actuarial valuation of the liabilities under such policies, is absolutely reserved for the policy holders of the association only, and free from any contribution to the profits of the shareholders'of the compnuy; that the siiare of expenses to bo contributed by Urn Mutiinl Life premiums limited to 15-per cent, thereof and no more in the year 1908; for the four following yciirs 12J per cent, per annum and no more; and in subsequent years 10 per cent, per annum and no more; and that from a legal point, of view the interests of the holders of policies in the Miitunl Life Association are fully protected and preserved by the said agreement. '■' '.'

. COMPANY JjK* i?_ rRICES ' Yi t f * , ' ; - ni(1 Up ' Forward £ d Shiu ' 0 ' Buyor ' Soller - Sale. Iu ™ 9lor - BANKS. £•" • £' £ £ , .£ £ s. d! £ s. (1. £ s. d. £ s. d. New Zealand -2,000,000 281,675 3} 3J' 10. 10 0 0 National - - - 375,000 335,318 . 21 15 12 5 8 0 5 0 0 INSURANCE. ' National . - - ' - 100.00(1: 233,243 i unttd. 15 16 9 17 3 17 0 5 11 1 mwZcnfoml - •-- 200,0)0 336.7SS II 8 30, 4 2 0 4 3 6 4 16 418 1 Soutti British ■ - -\10am 415,513 lUmttd; 21* 515 O ( 5 16 Q . Stand/Ltd -■ - -/ IS,COO { SUSS { ilualtd.llOl (ISOL !, X3SAXOMb. ) ) )' > )) - ) ) ' )' 4 \ V.SS& \ 5\ 5 \KH ia « <j( \ \ Metrovolllan Uufldkigl 21.003 ■/ - J.223 ( 10 ( vll 1 7112 O 01 / Wellington Invest. .-) 50,WO ":) ' 3,933 ) >) > ) &) ) 013 " \\ T &VTt\\^lOYJEd \ 3 HQ \ 5 --5. \ 8 I 1 1 6 \ , National ifortgaga • '203,OX) ll-2,2- r >0 2 8 10 .3 3 O 3 5 0 3 4 0(650 N.Z. and Diver Plate - ,100.000 mSDS' 1 nil 7 1 9 6 1 10 0 "Loan and "Mcrcn.nU\o - 135,'iJl 151,358 i 5.060010 GAS. -- - - AacWnnd ■ •160,370 .80,552 5 nil IB 11 0 0 li 5 0 Ctaristchuich - • 152,000 . 55,067 5 • nil 10 10 7 6 Foilding - - 10,805 10J; 1 nil — 0 17 0 0 18 O 01! 0 Gisborno ■- - - 17,100 0,239 1 nil 12J 213 O . < Hawcra . - - . - ..8,230 6!>1 ; 5 * } 10, 1-1.0 130 New Plymouth - - - 18.000 3,159 '5 nil 10 715 0 Napier ..... 1 \ . . 10 nil 15 , 25 0 0 ■ ■■40,057} 22(517 . p 5 15 'B00-, - ,/ ." . - - : ■ . 1 fl 15 ' 310 0 ■ Palmerston Nortli' 27,000 -11,002 44 - 4 . 10 .7 2 6 7 2 6 6 6 4 , Wellington - . •• - i,'..™ 1 , ' '57.9S3 10 nil 10 in 0 0 . 1 • - . . i 2J ""P; 5 5 io 9io o ' MEAT. ... '• '• • . . - , 7 Canterbury - - -..-IBMST. 30,074 74 21 8. ; 8 0 0 Christehurch .165,020 54,337 ' 10 nil. 8 10 10. 0 10 12 6 10 10 0 -7 12 5Gear - nonm' ,85,19-2- 1 'nil. 10 2 7 0 2 7 0 . , „ ... . . . tti.OCX) f j 6 10 2 7 0 Wellington Meat Exp. j 5 nil. 8 G 12 6 ' i „ . „ -. '105,766 f 53,767 4 1 8 5 2 6 ' ' ,. •„ ... ) . , ' 26 23 8 '3. 5 6 ' ' 3. 5 6 I 1.9 ■Wangamii ' ,. . 45,850 . 11,401 5 nil. .8 3 5 0 5 5 0' • , -TRANSPORT. '- V- ' W. & M. Railway - 170,000 121,452 1 4 . 7 2 2 0 N.Z. Shipping' - - 473;840 113,751 8 nil. 5 0 0 0 Union Steam • - - 600,000 472,502 10 nil, 10 18 10 0 18 10 0 5 8 1 Wgtn. Steam Ferry. - -46,250 - 65 1 nil. 6 015 0 .- COAL.';' .'- . . Westport . - - •'■- 2£0,000 117,215 34 . Ij . 15 7 14 6 ' Taupivi - - • B2.500 > 5,339 1 nil.. 7} 010 0 1 1 0 WOOLLEN. . ' Kaiapoi- - 100,000 32,854 5 nil. 6 50 0 500Nosgicl-. - - ■ - 83,457 17,15-2 31 li 21 !15 0 Wellington - - ", - 80.000 2-J.3C8 4 1 • 6 ■ 3 5 0 3 10 0 , MISCELLANEOUS. . . Donaghy Hope -; - - 47.000 .—. 10 nil • — 5 7 6 ' Loyland&O'Brien • - 35,000" -UK- -1 nil IS 2 5 6< 1 7 0 . l MflurieevilleLimo -- 7,000 * ■ 4 205-. 1 nil 8 - 1 5 0 N.Z. Candlo - - -10,003 : - —10 nil - — 10 0 0 i ' N.Z. Drugs - - 200,000 ' 81314.' 2 nil 7 2 9 0 2 11 0 , . • "• N.Z.l'aporMills - (94,755 . .1,177 . ' 1 nil • -7 1 3 6 1 4 0 1 3 75 519 0 N.Z. Cement-- - -' 40,000' .2,018; 1 nil 8 116 0 Manning d: Co. - > .96,000 : 37.6V04 . 1 10 4 0 0 Ward & Co. - 80,000 - 30,655 4 1 10 5 2 0 - Wstn. Opera House - 18,630. lflOo -5 nil 8 510 0 ' ■Wgtn. Fresh Food - -;28,261 .' — 1 - 1 nil —. 0 2 0 - Whitcoinbe d: Tombs 46,250 £0,153 -5 nil 10 4 10 0 - • Sfaarland.liimited " - 48,676. - '9,311" 1 nil 74 018 0 r