Commerical.

Dominion, Volume 1, Issue 9, 5 October 1907, Page 9

Commerical.

— '- * —: THE SHAKE;MARKET. " Sharcbrokers aro finding business rather dull, and yet it was hoped, with the turn of tho quarter, there would be an improvement., The'holiday influeuco can -hardly bo said to have any effect just now, but in another month it will be different. The dullness is, therefore, difficult to explain, unless we admit that there is no surplus credit available for investments. However,- there was a .sale yesterday of jWostport-Stockton Coal shares ,at'7s.6d., and Waihi shares had quittance at M 125., tho same figures at which' a salo was'reported on October. 1. Apart from these transactions, there' is -practically nothing to record. Bank shares are 1 very much neglected, sellers, ask' ,£o Os. for Nationals, and £10 for New Zealands. Thcro was renewed inquiry, for N.Z. and River Plate , .shares, buyers offering 295. Gd., but there werc\ no. declared sellers. There were bids' for • Equitable Building at £W, and Wellington Trust and Loan at £7 7s. 6d. For Gas shares tho bids of 'the previous day were repeated, buyers offering 17s. for I'eildirig Gas and 21s. for Hawera Gas. Nothing; is doing in Insurance share.; even the favourable balance-sheet of the South British In ; Buranca shares, even the favourable xiteTinterest. L ; New' Zealand Insurance shares are offered at £ 4'2s.' The'bids of 475. for Gears. and Gss. Gd. for Meat Exports were repeated, and so, also were the selling quotations for Manawatu Rails and Wellington Steam Ferry. For. Westport Coal shares there were buyers at £7 lis. Gd., for Westport-Stockton, ( •£7 75., and Wellington Qnopa House, • & ios.; ■ '.'"•' In tho mining section tlioro wag a distinct easing' of Kurannis., On Thursday they were in demand at Is. 7d., but : yesterday sellers were quoting Is. Gd. -without meeting with business. .N.Z.' Crowns were again offered at 7s. For Talismans buyers advanced their bids ' 3d. to £2 6s. 9d., and sellers reduced —their quotations 3d. to <£2 7s, as compared with tlie previous day. The sale of Waihisat £8 12s. caused buyers to increaso their-bids *.to '£& lis., while Boilers were asking M 13s. ,_ .WELLINGTON. PRODUCE MARKETS The New Zealand Farmers' Co-opera-tive Distributing Company, Limited,' report as follow:—Australian maize 3s. 10d., New Zealand 4s. 3d. ■ U'heat—Prime ss. 2d., inferior 4s. lOd. (market rising). , Oats—Gartous A grade 2s. Bd. (firm). Oats—Prime feed 2s. 6d. Oats—Crushed 3s. lid. per bushel. Pollard, c£G 10s.; to M 15s. Bran, £j 10s. to £5 15s. Sucrosine,' 200's «£G.los.';'loo's £6 15s. Priino oaten sheaf chaff, £5 15s. to M (firm). Potatoes — New Zealand £1, Australian £i 10s.; seed, Australian Up-to-Dates £7; Early Rose, Beauty of Hebron ,£G; Canterbury Up-to-Dates, Lapstone Kidneys, Early Rose, Beauty of Hebron, Northern Star, White Star . from £i 10s. to -M. Onions—Melbourne £7 per ton (firmer). Butter—Separator od., milled B'd., dairy pats,Bld. to Od per lb. - Eggs—Fresh'ls. per dozen (scarce). Bacon—Sides 7W., rolls Bd, hams Sid. Honey, CO's 4jd.; beeswax, Is. Gd. " . Fungus, 4{d. Walnuts, sil. to Gd. per lb. Cabbage, 10s. (good demand). Cauliflower, ss. to Gs. per sack. Greeu Peas, 2s. per peel:.. Asparagus, 12s. Rhubarb, 4s. to 53. per doz. Carrots, table reds, 4s. Gd. per sack. Carrots, horse, £2 10s. Swedes, £2 10s. per ton. Par- , snips 4s Gd. per sack. ■Apples, d>ssert 10s; apples, cookers 9s. Lemons 12s. Oranges, Sydney, 9s. Pines, 17s. Gd; Mandarins, 9s. Passion fruit, 17s. Gd. All hi short supply. Cocksfoot, Old. to 7d. per lb. Ryegrass, Gs. per bushel. Poultry—Tabic roosters, ss. Gd.; cockerels, ss. .to Gs.; table hens, 4s. to 5s 6:l.;'.ducks, Gs. Gd. to 7s. Gd; geese, 7s Gd.—all at per pair. Turkey gohbl»'-s, 91(1.; hens, Bid., nor, lb, lire weight. Dressed poultry—Roosters, 71d.; hens, Gd. Turkey gobblers, Old; turkey hens, 8J(1. per lb. FINANCIAL. STATE BUDGETS. The Commonwealth of Australia has enjoyed a period of prosperity, and although' there is now some danger of another drought, it is not to bo. . supposed that Australia will necessarily have same hard times as. were experienced soiiie few years back. The Budgets of the State's relied tho good times enjoyed. The lion. W. Kidston, the Queensland Treasurer, was able to announce, in his financial statement delivered, on September 17, a surplus of the revenue having amounted to .£4,307,912, and the expenditure to .£3,911,797. Yesterday morning we published the cabled details of tint Victorian Budget—Mr. Bent, the Treasurer, was able to show a. surplus of .£812.210, and proposes'to .take the commendable step of using the-' buil: of the money for debt extinction. <£G14,0C0 is devoted to the reduction of previous deficits, and ,£100,909 is snecially earmarked for ro:iking good the deficiency in railway rolling slock. Nearly as large a surplus is expected in the current year. The New Smith Wales and South Australian Budgets shortly fi> be delivered will in nil jirobability choir (.finally good results, but in West Australia there is a deficit due [f special circumstances.

' -! I. ' ' I COMMONWEALTH OUTLOOK. - Tho Australian -Insurance and Banking Record views' the outlook for the current season in a somewhat unf.avourabla light, and assigns the following reasons:— '1. Dry weather and a more than usually rapid transition from cold to heat. 2.-Considerable losses of stock in parts of New South Wales and Northern Queensland. 3. The butter production, it is expected, will not nearly reach that of last season. 4. The hope of another largo wheat ' harvest is disappearing. 5. Tho advance in freights. G. The reduction in the gold output.. 7. Tho fall in copper. 8. Tho present quotation for" lead cannot bo expected to hold. 9. The enhanced cost of living and production owing to the tariff. These are valid reasons, but there are some compensating factors. Wool, for instance, is maintaining its value, and as tho production of the Commonwealth is mainly fine wool, the chances of the entire clip realising a high . prico are excellent. Then again tho prospective decrease, in wheat will bo more than compensated for by the high prices. Metals are drooping, and tho loss for the past three month's, owing to tho fall in copper, lead, and silver, is estimatod at four millions sterling. THE STEEL TRUST. / The largest corporation in the world is tho United States Steel Corporation. During..the .first, half or this -year its earnings were approximately .£10,930,000. Tho Company issues quarterly statements, and the earnings' for the June quarter vero far in excess of tho amount for. any quarter of any previous ' year, reaching iff 1,100,741. After providing for interest, sinking funds, and depreciation and reserve funds, a surplus . of r 1G5,702 remained for tho quarter. Oi this only i3.7GU2BG was distributed in dividends, which left available • i£4,a0!>,4.1G, and out of this no less tliaa .£3,700,000 wis set asido as a special appropriation for additioaoj property, new plants, new construction, ■ . and tliscliargd of capital obligation. Out of tho March quarter's surplus, .£2,100,000 was set aside' for building the new City of Gary on tlie shore of Lake Michigan, and, according to the plans that have been prepared, it will be one of the most remarkable model cities ever constructed. To-day it has not been begun, but in four years it is expected to have a population of 100,000. Tho, works of tho Corporation there will employ 15,000 men, and the greatest care will be. taken to provide everything necessary for tlie health, happiness, comfort, and intellectual training of these men and their families. Tho public buildings will bo on an elaborate scale, and model houses and apartments will be constructed by the Company and .leased at very low rentals. CAPITALISTS' DEFENCE. . The attack of President Roosevelt and the activity of tho State Legislatures in harassing, the Trusts and Combines has led to the formation of a Capitalists' Union in New York. Recently nineteen employers' associations representing tlie largest employers of labour throughout the United States, met in convention and formed a national organisation, whereby united action can be taken in combating hostile legislation or the unreasonable demands of union labour. The combina- ' tier, has at its disposal great wealth. Furthermore, there is considerable public discussion on the question of tho accumulating wealth of individuals, and corporations, 'and Mr. Henry Clows, the New York banker, in an address before tho University School of Commerce of that Citv, took up the case for the wealthy. Ho said that "Wo are confronted by the bold assertion made by extremists, that some limit should bo set to the amount of property an individual may own. The impracticability and inadvisabilitv of any such measure are at once apparent.' You might as well try to limit tho capacity or energy of an individual. When vuu prevent an individual from accumulating you at once discourage his productiveness. This is an axiom bevond Mspute. Let us keep in mind tho"fact that, while we now have billionaires the poor aro growing richer, and that there is a very large increase in tho number of persons paying taxes; and also, that the rich m America now own a smaller proportion of the total wealth of the country than they did fifty years ago. In view of these facts and the generally good use of wealth, as shown by its possessors, it would apooar that the objections made to groat individual wealth are without tangible foundation. It is the abuse, not the use, of wealth thut is to be depreciated. With tho characteristic American way of keeping wealth .actively employed* and generously distributed, and «'ith lh« very apparent growing sense of henvv personal responsibility that, in fortunc'building, seems always to develop, there nee:! ')? no fear of any impairment or destruction of the institutions of our Republic from the accumulation of great individual wealth. 'In the further consideration of this question let us IjKir in mind that there is very little idle capital. Wealth is made to produce wealth,.and there is no political distrust to cause hoarding. There is a wide field for • the profitable om, ployment of money, so it is kept employed in a multitude of channels, nil of which contributes in various ways to national groyth and prosperity and our greatness among nations." THE METAL MARKETS. , The metal markets are "sick," and the decline from the highest prices touched this veur is serious. Com-

paring the latest quotations with the highest, wo get tho following:— Highest. Latest. £ £ Copper ... 110J 03} Tiu 200 160J Spelter ... 28} 20^ Lead.' ■ ... 2SJ 21} Pig Iron ... G 2s. Id. 51 3s. Silver... ... 2s. B}d. 2s. GJd. Copper and tin are the most seriously affected, the former having declined by £17 7s. lid. per ton, and tin by .£3!) 10s. These reductions have taken placo this year, and it seems that bottom has not yet been reached. For tin, the forward quotation is ,£157 55., or £3 ss. per ton below the spot price. Spelter, lead, pig iron, and silver are all depressed, and to account for the collapse one must know the conditions and circumstances governing the uses and supply of each. ■.Broadly speaking, the tightness in tho money market has a great deal to do with the depression in metals. Users have found it increasingly difficult to pay high prices for tho raw material, and high rates for tho money necessary, for extending business. In the stress it was inevitable that one or tho other should yield. The high rates for money imposed a check; the consumptive demand jpr tho metals slackened, and producers havo been compelled to reduce their prices to effect sales. The situation points to the fact that fjhere is a prico limit beyond which tho demands of industry cannot go. Copper has experienced a phenomenal advance, and the set-back looks all the worse because of that. But copper at least carinot slunip very much becauso it. is wanted for electrical works. One authority says "The nineteenth century was the age of steel, and the twentieth century, in its beginning at least, is the age of electricity. Electricity demands copper in ever increasing quantifies. For the last six decades of .tho nineteenth century tho production of the leading 'metals increased at the rate of almost exactly 61 per cent, compounded yearly, but in the last decado of tho century copper left the other metals behindhand for fifteen years past the average ratio of increase of copper production has been 8 per cent., coiapoiftnAed yuji'ly.. This difference of only H per cent, in tho of yearly increase may seem small, but like the fable of tho horse's , shoes, for which ttu2 first nail brought I a penny, and each nail thereafter was double in price, the cumulative results ar£ surprising, and at the end of fifteen years have run into hundreds of millions of -dollars. *In ISSI, ji- quarter century, past', the world's production of cflppoir uas «JS,O&O lons tans-, .Tsnrth aii average of 13 cents a pnirnd, giving a total value of J513,000,000 in round figures, while at the present moment tho copper mines of the world are-pro-ducing at the rate of nearly 800,000 tons per annum, worth, with copper, at a little more than 20 cent, a pound. .£200,000 for every day in the year, or at the rate of .573,000.000 for ISoG—an increase of almost .fivefold in the world's copper, bill in a quarter of a century." ' MINING. For the nine months ended September 30 the exports of gold from the' Dominion aggregated 382,081 ounces valued at .£1,527,526, there 'being a- decrease; as compared with corresponding period of last year, of 29,948 ounces, valued at £135.311. ■■, The exports in September totalled 51.2 M ounces, of which Auckland contributed 27,298 ounces. Last month's return was. 10,000 ounces better than in September last year. The oxports of silver for last month totalled 110,970 ounces, valued at .C 13,-440. WOOL AND WHEAT. London, October 3. At the wool sales all sorts were firm, with an upward tendency. Wheat.—An Australian cargo was sold at 10s. BANK OF ENGLAND RETURN. London. October 3. The Bank of England return issued for the week ending October 2, is a3 under:— ' / Issoe Department. Note Issue £51,107,000 Oov. debt £11,015,000 Cthorsccuri- . .... i ,~- ties 7.4UK0 i __ 1 Gold. ... 3Vr.H.Oi» £5-1,107,000 £54,107,000 Banking Department. Propriolors' ' Gov. securi- ' capital £14.553.000 tics ... £14,356,000 Public do- Other securiposits ... 8,021,000 tios ... 30,821.000 Other do- Kotos - ... 24,187.000 posits ... 43,78-1,000 Coin 1,410,000 Eest, 7-day o,ndothor . - bills '... 35t55.0,1Q. -i •— -!-;—-it-i-70,521£0 f3o.Bij.oOO' Tho lea'djngTtems oi-iTJo Bank of , England Tetuni alFord tho following comparison:— This week. Last wcclt. Last year. ullion ...', .:. 35,G55.C00 37,3(3,000 30,327X00 "Renei-vo ..." ... 25,636.000 28,039,000 20,102,000 Note circulation 20,0-20,000 29,170,1X0 29.t173.0C0 Deposits... ... 52,403,000 51,587,000 52,922,000 Proportion rcsorvoto liabilities ... 48.83 51.30 58.50 GOVERNMENT SECURITIES. . .The following are tho latest quota-, tious for. Government's Securities with a comparison of those ruling last week:

. THE MONEY MARKET. Tho open market discount rate for best tlirro months' bills is 3s. Od. hipher ut £i Is. 3u. per. The Bank of England rate is i\ per cent. MAIL I 'NOTICES. SATURDAY, OCTOBER 5. Mails close at the General Post Oilieo to-day as follow :— New Plymouth and Auckland, per MaftAwatu train. C.30 a.m. Nelson per • Tasman, 4.20 p.m. Nelson, per Rotoiti, 7.45 p.m. l'ictoii, Blenheim, Nelson, Westport, Greymouth, and Hokitika, per Arahura, 12.2U p.ra. Southern OlDees of New Zealand, per Mokoia, -1.20 p.m. Southern Offices of New Zealand, per Rotomahana, 7.15 p.m. MONDAY, OCTOBER 7. Pieton, Blenheim, French Pass, and Nelson, also Havelock and Sounds, to connect with' Elsie at Pieton, per Penguin, 11.50 am. Motuoka, via Wniknwn and Admiralty Bays, per Jlanaroa, 1.20 p.m. Southern Offices of New Zealand, per Mararoa, G p.m. TUESDAY, OCTOBER 8. Napier, Gishorno, and Aueldand, per Moiiowai, 3.20 p.m. Duucdin, per Moura. 4.20 p.m. Southern Offices of New Zealand, per Rotomahana, G p.m. Nelson, Westport, Greymouth, and llokitika, per Mapourika, 5 p.m. WEDNESDAY, OCTOBER 9. Pieton, Blenheim, and Nelson, per Penguin, 11.50 a.m. i Parcel mail for United Kingdom, per Corinthic, 5 p.m. New Plymouth' and Auckland, per Takapnnit, 5 p.m. Southern Offices of New Zealand, per Mararoa, C p.m. J. A. HUTTON. . Chief Postmaster.

Particulars of services in connection with the visit of Rev. Arthur Parker, of Tr.ivancore, Southern Tndia, to bo held under the ausniceu of the London Missionary Society, are. advertised in another column.

Venations _ -p-irn compared 1 *' c0 with Inst, week. i S. (1. 23 % Imperial Console ... S2 5 fl Unchanged 4 „ >!.5.'W.lS!03Jiiii.-JuIy 10ii U 0 Unchanged 31 „ N.S.W.liWiMar-SopI 97 0 u Unchanficd 3 „ N.S.W. 1KB Apl.-Oct. 85 0 0 Unchanged 4 „ Vic. l!>20Jan.-Jnly ... 10110 0 Unchanged 35 „ Vic. 1021-0 Jan.-July 03 10 0 Unchanged 3 „ Vic. 1823-10 Jan.-July 87 0 0 Uublmnecd 35 „ S.A. 1DIG Jaii.-Jiily 0310 0 UiiohanKcrt 3 „ S.A. 1916 Jan.-July 8d 0 0 Unchanged 4 „ QTdlOil-SO Jan.-Jnly 101 0 0 Unchanged 3i „ QTdlMl-SOJan.-Juiy !.« O 0 Unchaugcd 3 „ Q']'dl!H2-17Jcn.-July 85 0 0 Uncbiuiilcd 4 „ N.Z. 1B-20 Slay-Nov.... !(X) Hi 0 40s. lower 3} „ N.Z. 1040 Jan.-July.. 00 0 0 Uiiclia.iiHccl 3 „ N.Z. Wffl Jan.-July... 85 0 0 Unchanged 35 .. Tas. 1920-10 Jan.-July 08 0 0 Unchanged 3 "Tas. lffiu-40 Jan.-July 68 0 0 Unchanged 3i .. VAA.10j0-33Mny.Nov 05 10 0 40s. lower 3 „ AV.A.MlS-KMay-Koy 83 0 0 40s. lower"