FINANCIAL AND COMMERCIAL.

Dominion, Volume 1, Issue 12, 9 October 1907, Page 7

FINANCIAL AND COMMERCIAL.

. THE SHARE MARKET. --. , On 'Change • yesterday thoro was a marked improvement, tor the buying orders covered a wider field, and the sales reported exhibited a ■ volume of single-day business than has been known for some days-past. "Wellington Trust ■ and Loan-shares changed hands, at; .£7' ' Bs., yielding to, tho buyer a return of £5 Bs.' Id. percent, on the basis of the last dividend. Wellington Woollens had . quittance at. 655. A bid at this', price was. made on.- September 2S; but sellers were-then asking'G7s. Gd. and later on ■' 70s.- At 655. tho yield to the investor is approximately £1 7s. Bd, per cent. D.I.C. ordinary ;shares. sold at ss. 3d.; this is the second issue of the. ordinary shares ss. paid up, and the price represents a . premium. The return to the investor is just about £b 12s. lOd. Tho financial year of the D.I.C. closed on August'2o, and there has been unavoidable delay in the issue of the balance-sheet, owing to the illness of the auditor, who has been unable to attend to the work of auditing. Tho sale of the shares, at a premium may be taken as an indication that a favourable balance-sheet will '. be :'issued,'. ''''.' -In .other respects .the-market shows no variation as to values. National Bank shares, were wanted at JGS Bs., sellers''asking* .£5 95., and Dank of New Zealand were-on sale at.£lo, but the figure does not.correspond with buyers' ideas of the value of the shares, and there has been no business in them for some' considerable time. Insurance shares were quiet, with no inquiry. Except for the sale 'of Wellington Trust "and Loan shares there was no change in financial shares. New Zealand and River Plate :were- wanted, at 20s. Gel., a price that has been previously offered without leading to business. Buyers and sellers were still a 1 shilling apart on Feilding Gas shares, buyers offering 175., sellers wanting 18s. Gears were in as firm demand as ever at -175., but buyers have no hope of securing the shares at the"-price with the dividend period so -'near. Mahawatu ■ Hails were 'again offered at 425.,- and Wellington Steam Ferry at 18s. Apart from tho sale of Wellington Woollens there' was nothing . doing in this section. Buyers have ad- . van'ced their bids,by:3d. for WestportStockton Coal shares, -which are now ' wanted .at.'7s. 3d., sellers holding out for Bs.-.New Zealand. Paper Mills shares were.'called for .at 235., Gd., and this ' is-slightly below the figure at winch, they, were Jast sold. Wellington Opera, House were again quoted' at £h '10s., buyers. . '. , '. >~'■■ The. mining section was ' nejrlected. Buyers of' Talismans lowered their bids to £2 55., and sellers have come down to .- £'i Ss.'.iGd. Ngatiawas were wanted -at . Is. 4d; ..,.•..

CONSOLS HIGHER. By Telegraph—Association—Copyright. "'■ London, October. 7.. . Consols are .£B3 2s. Gil., as against .£B2 sb. at date of last quotation. Consols have been quoted at JES2 ss. for the past two weeks, and <£82 throe, week ago.. The advance is equal to 17s. 6d., and that has comp about between Thursday and Saturday of last week. The ._ movement is very pronounced, and considering all the circumstances thcro is.'just a possibility that a mistake has been made in. the message in transmission, and that the price should be .£B2 12s. Gd., which would even then mean an advance of 7s. Gd. : .•■".■. CUSTOMS RETURNS. ■ The Customs return's for Wellington 'yesterday were ,£2795 Os. lOd. LONDON WOOL SALES. ' Dalgety and Company, Limited, Wellington, have received the following cable "message from their London house, dated October .G:—Sales closed firm. Good and medium ■ merino wools: prices are on the average 10 per- cent, to 15 Jer cent, higher than «losing rates of uly series; for other descriptions, prices are higher by 10 per cent. Fine crossbred, wools: prices are on the average five-to eight per cent.'.-higher.'Medium crossbred wools: prices are. scarcely on a par closing rates, of last 1 series. Coarse'•crossbred wools and slipe wools: any change in price is in favour of sellers. I 'Lambs' wool: five to ten per cent, higher.- The ( total Colonial wool available (including old stocks)is 06.000 bales Out of the net quantity .available for 'sale 6omo 51,000 bales ha've been sold for Home consumption, ■■ 33,000 bales for tho Continent, 2000 bales for America, leaving 7000 bales to be carried forward to the next series. PROSPERITY BREEDS PROSPERITY. "Prosperity breeds prosperity," and "nothing succeds like success," contain in a compressed form a great deal of truth; but there: is another side also, which,may be rendered as "depression begets depression." The "Bankers' Magazine," London, recently' explained how the wheels, of prosperity are selflubricating. The explanation is as follows:— (1) Tho increased production of the manufacturers gives more' eninloynicnt, and possibly higher' wages, to" a large number of workpeople. (2) The workpeople spend their increased earnings on commodities or enjoyments, which stimulate other trades, and Qiiable them to increase their volume of employment. (3)' Opportunities are thus afforded to capitalists and employers of labour to embark on new ventures which they would not touch when trade generally was slack. (•J) Capital becomes much more easily obtainable from tho public for new enterprises. (5) Scientific and financial activity is encouraged; new processes are invented and old ones improved; new industries are started, and, if successful, they open up fresh fields of activity for both brain and muscle. (G)' The last and greatest effect of all is the development of virgin country, and the extension of the world's cultivated area..

If tho, self-lubrication of the wheels of prosperity were carried on sanely and carefully, prosperity would have an indefinite tenure, but, unfortunately, extravagant living and reckless trading are close companions of prosperity, and sooner or later a reaction follows and DEPRESSION BEGETS DEPRESSION. The • decreased production of the inanu-'' facturer gives less employment, and possibly lower wages, to a small number of workpeople. . The workpeople have less to spend on commodities or enjoyments. This dcpressas other trades, forcing them to decrease their volume of .employment. Capitalists and employers shrink from embarking on new ventures which they would not hesitate to touch when trade generally was good. Capital becomes sensitive and is less easily obtainable from tho public for new enterprises.. Confidence is. lacking, and extreme caution prevails. Scientific' and financial activity is discouraged; there is lessened Scope for new industries, and .even old industries become unprofitable and are abandoned or closed dorm. For some years past there has been an industrial boom, and its effects in producing prosperity we know full well, 'for-wo have basked in the sunshine of prosperity for some'time. The ebb of the industrial tide appears to have commenced, for 'wo have had intelligence during tho past few days of stoppago of work and dismissal of employees. The motor car industry of France is in an embarrassed condition, and the failure of- a dozen firms is. expected. The Krupp works have had to discharge 3,000 men, the United States Steel Corporation booked in July last 25 per cent, fewer orders than for July of last year. The shipbuilders' of the United Kingdom nave had to contend with a "slackening of orders. The electrical companies have experienced smaller business, and die lessened demand for copper and the consequent fall in the price of the metal has resulted in the closing down of copper mines in various parts of tho world. This has been felt in Australia and Tasmania, ' for the . Mount' Lyell Blocks Mine and several other copperproducing concerns have shut down. The .decline in copper lias brought down other metals, tin, spelter, iron, and lead all . being lower, and pointing to a general reaction. In the United States there is monetary stringency. Stock Exchange securities are tainted andhave lost in market value many millions sterling. Real estate in America has taken a downward turn, while in Germany the position has been far from satisfactory - for s'gme time. Foodstuffs have advanced, and great privations are expected during th'c coming winter. The existence of an industrial reaction is evident,, but it docs-not follow that it will be felt to any great extentin Australasia. It will be felt, of course, because it is reasonable to suppose that the perishable produce we export must suffer because -of the inability of consumers to pay the high price of the past, but the savings of the past should help us over Iho period of depression should it unfortunately extend to this end of the globe.

WELLINGTON SHARE LIST. Resorvo a S ti„i,{i J • PRICES vi/>M COMPANY - C""''" 1 Fnndnnd P"~ !} Y ,„ COMPANY. paM D -,tj. perd>— — — to ■.. ,- . ■■./,-■■■ -. ■ ' . Forward £ c Shara - ° Buyor - Sc!Iel - Salo. Invcsto1 ' . ■'■. BANKS.. £ £ ' : £ £ £ £ s. H. £ s. <\. £ s. d. £ B. d. Now Zealand - -2,000,000 281,675 3* 3.4 30 30 0 0 National , ■ -; . .- 375,000 335.318 25 .35 32 5 8 0 5 0 0 ; ■■■ INSURANCE.--. ' '■ •■'.-' National' - - - 100.000 238,213- 5 unltd. 35 1 GB 1 7 3 17 0 511 1 Now Zealand - , - 300.000 330,785 2 8 30 .12 0 South British ' - - 100,000 512,499 1 unltd. 30 Standard - - - 75,000 82,188 3 unltd. 10 1 1 0 1 2 0 .FINANCIAL. Enuitablo Building • 50.000 4159!) 5 5 10 30 0 0 10 5 0 Metropolitan Building 21.000 5.229 10 nil 7 12 0 0 • • Wellington Invest. - 50,000 3,033 k -\ 0 0 32 3 , Wel'gtonTrust&Loau 101,250 30.G20 5 5 8780 780581 National Mortgage ... 200,000 112,250 2 8 30 3 3 0 3 5 0 • 3 4 0 6 5 0 N.Z. and liivcr Plato " 300.000 230.20S 3 nil 7 1 0 G 1 10 0 ■■ Loan and Mercantile - 157,353 * 84 - 5 0 6 0 0 7 0 GA8. • ., Auckland - -. - 160.370 S0.552 5 nil 10 11 0 0 315 0 Christchurch - - 153,000' 55.0S7 5 nil 10 10 7 6 Feildiug - '.- . 10,605 - 103 1 nil - 017 0 018 0 .017 0 Gisborno '•" - ' - • 17,100 0,239 1 nil 12} 213 0 Hawcra .■" - ., - 8,250 591 $ J 10 1 1 0 1 3 0 Now Plymouth - -.18,000 3,150 5 nil 10 715 0 >. Napior'- -'.'-• ) 10 nil 15 25 0 0 . .„-'--• - . 49.957 [ 22,517 5 6 35 lli O 0 „•-----' J • 1 0 35 330 0 Palmerston North - 27,000 13,093 43 J 30 726 72 6064 Wellington -" .- - ,.,. v-n.' 57,968 30 nil 30 39 0 0 >'. .; -■■:- '.- •- x21 .- 5 ' u ', 5 5 - 10 9 30 0 ',; MEAT. , ... . . Canterbury - - - 183,727 30,071 .74 25 8 8 0 0 CbristcMirch . '- • 105,920 54337 30 nil. 8 1010 0 10 B li 1010 0 712 5 Gear. - - '■-• - „-,rVv,) 85,192 1 nil. 30 2 7 0 2 7 0 - - ' - - Vifm \ 4 G ' 30 2 7 0 Wellington Meat Exp. ) : 5 nil. 8 012 6 ■.•■'„ ■ .„ 103,7GGf '53,767 4 1. 8 S'iS' G ■•■ ■ r „ ,. ) 23 2i 8 3 6 0 3 5 6 6 8 3 Wanganui: '.. 45,850 31,401 5 nil. 8 3 5 6 5 5 0 TRANSPOBT. W.&M.Eailway , • 170,000 121.152 ,14 7 2 2 0 N.Z. Shipping - - 473,8-10 113,751 8 nil; 5 0 0 0 . Union Steam - - 600,000 47W92 10 nil. 10 1810 0 1810 0 5 8 1 'Wfitn. Steam Ferry - 46,250 65 1 nil. 6 018 0 • >■.-" ■ COAL.' Westpo'rt - - - 260,000 117.215 Si . li 15 714 G Tonpiri.-- - - - 83,500 6,339 1 nil, 1 019 0 11 D * WOOLLEN. , Ea'iapoi - ...... - 100,000 .32,854 ' 5 nil. G 500 500 Mosgiel'- - - - - 83.157 17,152 3* 14 24 215 0 Wellington '- - - £0,000 24,368 4 16 3 5. 0 376350 778 MISCELLANEOUS. ' Donaghy Dope - --47.000 . — 10 nil — . 5 7 6 Leyland & O'Brien, - ' 35,000 34,035 1 ' nil 15 2 5 6 2 6 6 Mauricerille Lime ■ - 7.000 205 1 nil 8 ' ISO 1 N.Z.Candlo.- . - - .30,000 .'— . 10 nil. — 10 0 0 '. N.Z.Drugs'. - ■'. 200,000 34,514 2 nil 7 2 9 0 ii 11 0 N.Z. Paper Mills -.94,755 1,177 1 nil 7 13 6 110 13 74 519 0 NiZ.Cement- .'.- 40,000 2,018 1 nil 8 115 0 - Manning & Co. - - 98,000 37,670 4 1 10 4 0 0 Ward*Co. - ■". - - EO.OOO 30,655 ,4 1 10 .520 Wgtn.Onera House .- 18,63) 1,705 5 nil 8 510 0 Wstn. Fresh Food. - 28.2G1 .. — 3 nil — 0 2 0 Whitcombo & Tombs- 46,250 £0,153 5 nil 30 4 30 0 Sharland, Limited 43,676 9,311 1 nil 74 018 0