FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 22, 21 October 1907, Page 9

FINANCE AND COMMERCE.

■ ' : ""r -THE MARKET ' * The <lullness "of 'the 1 past weok'has been' most marked, and: Saturday .exhibited , no change ra the "dispositiori.* of investors.. Oiie ! 6ale was ieportcd'on 'C]iai)go r a line of Talismans having had-j quittance/at' : ;4ss.; .but buyers havo since reduced their,bids',to.'ils, 6d.',' with sellers.at 45£ '/.There. .was.';,an improvement, ■in . vVnini shares, for while on I'Viday sellers were''WiU- ( ' ing to accept'£7-155., on Saturday buyers .wero ready to operate at the price, but there were no sellers.. The bid of Jfl 15s. does not fully reflect the positionf as' a matteryof tact, 'buyers were prepared, to go up to ; <£8 and moro, and two 'Wellington brokers held betweon them . order /to ibuyi.ifully ' Waihi: shares.,. . iho ' trouble-seems,to have been, due to some Auct-. land.'.'speculators, h shares., bought,in'tondon,! aid .which colild not' be readily in. New - Zealand, to' return' , ■ cdstVprice.j.These speculators, few.r anxious to "buir 1 -, the iiiarket. conipolleil by. circumstances; to/'bear"-, the market and force V 6ales.';'.,. : \Vaihis •'hiivd recovered, ;; but'.whether , they.'; )vill gpvbapk'.jto 12s;'6d., tind '.^8 :155.. iust."at'present',is open to doubt, simply be-. cause'.;.of...the:''iinsett]ed .'state;' of; .the , money rm'arket.'ATho.Coinpfmy itself admits or . ,no donbt.'. .'.The. present rato of dividend, ,Vlfteh is equal to 70 per cent, per anniim on the. paid-, ■up' caiiital 'of!>£500,000, ,iv!ill ljo ; Maintained and. Sossibly increased, but' weak' holders, in lon-, on 'easily..'depress -.the shares. y.lii',' other respects the 'mining 'market' was dull. ". There ~ is; little'that ,!can'bo saidiwith vesti'iient' shares'.' -National Banks,;,were, again) asked 'for''at;ißo Bs.',- whilo> sellers. we're'. wanting £o Bs.;' 9(11. Bank of New,:Zealands,,were, again lised''th'at:th - eV , qiioFationTis'al)ove'' rbuy6rs''ideas- • of value."' In th , e^n%ij*K^rdiip I thgi:e';.was an ofre't^ : 'qf , ;'l6lO.'Wi ,l 'Eq n uifable .Building,'','sellerE* quoiati6ns'^br. ! Xisa. for ■ ffatibiial :,Loan,. arid,'Merca'ri-, tile, e 'l2sr Y ;3d; for '^Wellington,jlriYestmfent;.. and 10s. [Deposit.',v,' were . 'The spcorid Gas, shareV wereiiri/demand at..,£9';7s. 6d,' while the fully'paid-Up'iCiO.sliares were on.offe'v; at J519. The third. issue '/Wellington Meat Export share's , \ ■ were again in request-.; at :'655.':6d.," but. sellers hela out for >£3 75.. . Mariawatu Rails were offercfliat >'42s'.,'.'Wpllin»toii, Woollens,.at/ 665.;, 1 . Leyland and O'Brien'Timber shares at 465. 6d„ aria Taupiri C'oiil at 21s. Westport Coal shares : were; in lirm demand !'iit "i! 7 15s. 6d., and this 'price, represents;.,'an,advance,,of, 6d. ( per, share on the bid of 'tlie''previous dayV n Second issue . Kauri Timber shares havejadvahced 3d;, buyers now offeriii'g'.Bs/ 1 7d. > NeivvZealand Drug .'shares' •• ;werq wanted. at.;sos.-6(1., arid, there wasvthe ;same old bid 0f,.£5 10s! for, Wellington Opera House'share^l.' :l ' ! The' , sales F for...the, weok wero ;;.verj,,. fetv ...in. nuujber, and r were 'as', follow; ~Feiiaih£t' Gas,. 175.; "\Vellington Woollen, 655. ; ; -Export,-''third : 'issuo,' 665.; , Equitable-Building,". XlO" 2s. ■ 6d.; Talismans, 455. ,3d., ,45». j. Wailu, : J!8 Bs.; .Old Hauraki, Is i .Ed. i! ■ ' v -y i LOIvPON JIOjYEY MAItKEJ .The New.„Yprk;'crisis ; "so'- far . has .not "had any . marked effect on ; the, London ~nioi]e>. . 'market. Money'i§.dewier, as' is shown by tl'i6 • advance ■of ss.- 'in 'tho,' oneh ! ' market; discount rate,which,.now... stands-at-M ■ 7s,' , ,;G'd. • Tlie figures of the Bank of England satisfac- • iP* 1 • though there -is 'a , .decrease ,of< ■ about, .'half a> million in •. tho" metal "reserve,'' «5 1 n ",:^^»®?o/iri..the I resoryo of notes'and coin, the! proportion .of,, reserve to liabilities -is ; Ma i y L p °i nts higher thanMn the previous' •week,'•••lho deposits have decreased by more than £2,000,00!),. and ,the note circulation ■is less ,;by'.£272,000.' for ■ Govern- ; ment securities, on the London Stock Exchange . havo rather improved than otherwise. Of,the '• -» ve -.Phonges'l-recordcd'' three'"are upwards, and . 'two are downwards, and of the; latter..the deC'lno of 355.' iu, ?Jow,.. Zealand, i's is not really, an-.adyerte movement. : The .'quotation, is . px, half; year s interest of 40s. ; So that really, the' stock is'ss/ higher than'last week. Tlie fall of 25.-Cd. in' Consols maybe attributed to tlie' AcifcYork'..trouble;; The ; worst, feature is the coinparativeljr • high rate in the open, market,' and.v,the ;failure .of . the German 'bankers, Messrs. , llaller, Iloeble, Tand . Company,' adds Inn licatioiis. If..the liabilities are only. . will, be trouble simply because the.markets .are ;in_ a ( hyphor-sensitive .condi- • -boa,-and: ready to be .scared.at any. moment. ? 111? cannot be .dismissed as .unimportant,' because tho, monetary, situation /'in Ger- . many ■ hag' been;' strained for qui tc a, twelve-'' montlr. aiierp' 1 is also 'a 'slackening' of industrial n|id tho Bourse movements hate been,,dpwuwards. '/riiis- failure Ms 'certain' to' lead ,to -several others,. not alone •' in '•' Germany, but in other parts of the Continont. . AMEEICAN FAILURES, ' -.Wali; Street;is once >oM,4ii' 'a state of freiizy,-'. because failure of. tho Otto Hemze; Company, of, New-.York. This concern is said to have,. .missed tlie bus-' in tryinK to cornor the United Copra shares. . The "United n -'V v !°, us ', .ci' ro, ',. ; ,and .what-, is meant is the ■United Copper Company, which' is "f ' g tt' 1 - 00 ' 1 of ]iuttc ' in the State of Ileinze and Company, appari ently, have a _ large- interest-in^•.■•the copper Bnfv pL n"/' 2 vit , 11 otllc ' r interests in nf riMio P,-/? t, tlie' State 'Savings Jjank, of ;I)ute Citj, one of tlio Iloin7f ihqH tutious, has, failed, points to the the . funds of this , bank, were ? used in the abortive attempt to comer the United Copper Company.-:.;'.; This • latter" Company has two .. classes , of,; shares,,. Ordinary . and Prefenwl - eaclr 'lpO' dollars- par At the dose of August last the Ordinary shares were quoted on the Ne\v/iork Stock. Exchange at 52 dollar's and; the Preferred .at SO dollars. The States Savings Bailk,of Butte. City.is a'pretentiou auair, judged by American standards " The capital,iJ 300,000 dollars (say and the gross -deposits, according to -the latest returns, wero. 1,180.(69 ; dollars ■ (say.: i£837,354). ' There • ore tflve other- banking institutions in Butte City, one haying commenced business'on AprilS, and another on July 1 this yea,-, but the insti- ,. tution that . has collapscd was, the bk'»est affair "in the City named;.;. Looking'at the . figures of the other institutions there is un- • mistakuble evidence of' weakness, and it is ' very''probable that others i'f'fthem' will succumb, to the'frenzy of the moment. So far tliero have been comparatively few failures in the United States, notwithstanding the severe gtriuKency- in- the money markets, and" the forccd / liquidation of securities, but dry-rot has now set in; and, we may look for some unpprtant failures. . . . .. ... \ Our Pahjatua correspondent states that at Saturday's there was a fair penning of > pigs. ..Weaners made; from 9s. to 10s.; slips, 13s. 6d.; stores, 20s. Poultry sold at 3s. per pair.

" ■",.'- pkice ; op silver;;.:. ~;" ••;;; '■[ : '.'. " ..,, '■■' '■ London, October 18. . i Silver is still falling, and is now quoted at 27 11-lGd. . ... .■■.■■■■. ■"■■■■••■ \ .[This represents a fall of nearly, a halfpenny ■since the preceding day. , ] - ; '.' ;;/..!;■;■■ the ;wAIHr mine.-'.' :. ; ■,'■', (feost ouu own correspondent.) , . . ■; ' ' ; . . AuCKliiW, October 19.'/' Waihi shares sold'.as low as £7 16s. yesterday, recovering/later, ,tho last sale being, at «87 17s. Gd. Stayers were offering £7 17s. at closing time, : sellers asking'. £1 17.% ' Gd...' There, is absolutely nothing in the: mine .itself to warrant ,'this ; decline.: 'The , whole'.thing is attributed in the first place to the "creep" which was reported to havo taken place some time ago,''and ,which, caused a" scare at - Homo : -tie well as locally.' Colonial.shareholders who took frighj;isold: at: ; the time, but London' scrip'is just arriving, and being, placed on" the markot now. 'As.theye area number .of^parcols'to be' disposed of.' prices have, of courso,' receded, but itis significant that every parcel offered is nriding'a'purchaserl'jAnother cause for tho ■weak feeling is bolioved to be a: slackness' in the Homo money market;, , 'while on 'Change I ■ Have■ : 'eyon'heard it suggested 'that the .railway ■ troubles'in':England and tho condition ;of tho Emperor of Austria have influenced tho markets'. That the W.ailii mino wns never looking ibetter ; than 'if is' to-day is cortain.,l liavo already sent you an account-of ii new gas pjunt .irhiclr will enable the. / Cp.nip.anj; to largely hioroaso its output, and'another mpssage showed tho encouraging low lev'eT'cleveTSpments. Everything, tends to show 'that whateVcH the ,*oasoii for the.fall -in .'Waihi shares,'it doee "not exist in: the Waihi:mine; ; Waihi investors 'are said torhavo. been- taking advantage of tlie low ■■prices and buying : scrip, i. •'. ...■.;•.,)•■■. ..«•.• ■'■ AH r records lin the history of the Waihi mine have been broken ■'by , the' return jijet 'to hand for the. four weeks ending-October 5. During the period namod 28,640 tons of ore ivere icrushed and treated, , yielding "bullion valued at The return for the previous month, itself a record at that time, was fr0m'27,759 tons. The Waihi mine has now produced gold to tho value of over six millions sterling,the exact figures being «£G,044,697, and' out of: this, there has been reimbursed to shara holders to. date in the shape of dividends, etc no. less...than '.£2,752,649. ~. ' . •."'' •' •. ■:.■■ :■•■ ■.:■■ :■ .-■■, Atjckmnd, October 19; • .A bettqr feeling wns to-day exhibited on Uango in Waihi shares. Tho market opened several-points firmer, with sales at £8 2s. 6d and £$ 3s. at the , midday (closing)' call. ■*t sl } ws l, v, ' !xs dono at 25...t0 £8 ss. to ;£B.3s. 6d,,t0.,C8 4s. 6d. There are.further buyers at sellers asking £S 4s. 6d. The improved.tone,is attributed to a messaKa'from iWailn. to the. effect, that .there is nothing in' .the .mine development to cause : a decline. :. '■■ ' : : /"'■ ;.' DKEDGINQ. ', '~ ,\"i ..! . . . D.ir.vEDiN-, October 20, -Dredging Ueturns.—Eise and Shine 11, 84ozs. 9divts.;' Rise and Shine I, 28ozs. lGdwts.;''Waitaka Queen,, 2lozs: 'lOdwts. ;■ Eoyal' Waimuinu, Wozs. 13dwts.; Golden Bed,: 18ozs.2dwts.- ■'';'■ CUSTOMS COLLECTION. , ' .•- I '- ' The, Customs duties collected at the p'ort ■of Wellington on Saturday totalled J51727 10s. 7d., as against,.£l47l.lßs.;sd. for-the, corresponding (iatb, of :last year; anil the beer-duty totalled .£140..125., as against vf207.25..- The Customs cplleccions,.far the week wero J313,813 17s 6d iigaine):, ,£9823 ills./last year. ~~j , .' ■-?

■ ■ ,;;,:■. N-γ .--:.;,: ;■■,■:.,; .;.--—t- — ..' : • '' • ,. \. , WELLINGTON SHAME LIST. . ; ; ::,'- PaidUpJ Balance g» &&. $$ :: ])uyor .; , Sollor . ,1** . Investor, '■■'-'•■■ ; ''-.:■banks; ■• •-',-■' y..'.:£Y''> .■:■■£'.'); ,'X': .'■£ : & i ii / *; ( n '•* s, d, **•'* ..• KowZeaiand.i . ,r 2,000.000 ■ 281,075.. Si -.3j...i 10 ; 10 0 0 - ' Rational ..;■.-;■-"■- '375,000 335,318 .Si ' 15 ■ ■ 13 58:0 .58 9 •• 'TNS1IR \VPT"* ; ( ' : ' ■ ■" ' .*■- i • -/■' .■ . ,'■ ' ' . ' • '.' .National ''-' '•'• ■ ""■ ■ iOO.000 : 23S.243' J ' unl'td., 15, 1 6 0 .170 17.0 5111 ' : NewZo&laiia-■!■■■..:> ■ ECO.OCO,:, , 335,783 ■•. ■■■«- ,-8 30 .4 2,0 -.- .. . -,-■■., : , South .British, - .- , 100,000; 518,439 .-1; nnlM. 30 ....... ; , Btandard . ■'■ :: \- 75,000..; ...62,188, J . iiiUtd. 10 '1.10 12/0 , ; . . 1. ' , Eanital)loBniiaijig i; ',- :'.EOjOOO ■" «500 5-. "5 . 10. '10 0 10 5 0 1 10 2 0 418 0 ' • "•, Metre'politan'Baildine •' "21.000 ■■■■ ■. ' S'.'Sa : . 10 ■. nil ■ .• 7 12.0 0 .■ ■'•_■■'' ■ . i • •■■■ •■WeUingtohMrivoet.-i-v -. 60.000--- -,-. 3,033. ,:4 : 4 ,•• .6., ..... .012 3 - , ■' ■ ■ft'ol'ifton'rrust&Loan. 101,250- : : 39.620 5 ; 5.8 .... 710 0 7100 I ; . ■KalionftlMortgager-. .200,000- 112,250 8. , 8. .10 ,3 3 0 3 5.0 3 1,0, 6 5 0 . ''NXandKiyerriato;- : SOMXtf ".!- ; '5M.308 ■ 1- «U '.' 1 9.0 110, 0 . '■ ' liooh and Mercantile - z^135.823 ,, 167,358 ' i Si 6 ,' . '0 1 0, •■ ' i' , 'GAS. •"■ ■'■'.:•'::■"■ ■■'.■■■■ •■' 1' ■ ■■ - ,, ;' •'-'.■•.■■ .': ■ ■'■■ ' ■' ■ ) .,,;-. 1; 160,370 ..£0.552 5 ; nil 16:14 0.0 .■» 6 0 ; ,. :.■ ■V Christclmrch ,;;<-,- 102,000 . f.55,037 , ■ J-. ..nil ; ...10., : . il",'S „,„■„ " ' ■ FoUdine , - v-' - 10,8)5 .103 - , 1 nil — , 017 0 . 018 0 017.0 ., : .. Gisborno'"-■-■■- ' 17,100 0,239. '1 'nil .■ 12} . 213 0 ,213 0 , ' • Haworh," ■"-'.■:'.' .; l! 8,250 • KM , . ''i : ■ }• 10 l l 0\ 1; 3 0 ; , , KcwTlymoath V: . : 18,000; ' 3.159 '-5 = nil .'■ 10 . ■ '3«'O ' ■ Nanier'-i,: - '". • - ' vl ■•■•' - 10 .nil ... ilS., ::..,: .25 0i0 ■■■- ■ ' „ ■'-.'■.. ■ 40,957 [■: 22,517- S-β. IS., . ,;,,■ 16 0 0;, PalniorstonNorth - '27,000 11,003 .44 4 . ..lO, . t^2.6.■ \; 7.2 6. 6 6 4. Wollinstonj--:-'."'- .'i.-ijmn , :.57»Sti.: ,10. ; nil . 10 WOO , : 19. 0 0 ...„„(.'.! ..... 67 ?;, ...■,..;, 5. ■ .5 no :o.7q '.■;■■■ ■ ': Canterbury v v 'i' '- f lS3,7i7 r S0,074: 1\ 'Si- 8 .-.,•■ .8 0.0. <.. ■ ■. ■ '..' ChriBtcharoh 1,, '"- -- '106,020' - 64,337.'■ ■ 10 ■• nil.. .8. ,1010 0 1012.6. 10.10 ,0 . 7 12 .4 ' ■'" ' G ■>;oco[;; i85 : loa '.;;.:;i 1 ;: n f-- It- '«.*■■<!•. 7 - o v ; / .-. . : ■ WcliingtoiMeatiExp., '■'':'■ ' ;). '. ■-,■•,.■ ; - '' -■*■■.'. n"-: '8 612 0. ,. -,,. ..:' :; . , ,i, ■„-.,■ -.105,7601' ■ 53,767'' ' *.. ,\ ,8 52 6 ' ' ■ ' '• ■ „.'■ ■. ■. 4.m-;t.."ir: .!•-.-:! v, i ,.'..). :,-.■>.. 28>; 23 8 3 5 G 3 7 0 ■ 3 6. 0 6 7 3 : WanBanui' •;,- '"■■■/■:■ -45,856:!! ; ■•' 111404 ■:••• • <5 ■ -uU. 8 3 5 6 5 50 1 '''-!"mjm!;, , : 121.452,;; : ":£',..■«/ if . . 'aVV ; . K.Z. Shipping -■ - 473340 113,751. 8' .n . 6., .6,0 0 _ ■ . : . • :••-.■, Union Steam ",.- -,,£00,000 .,472,50-3, 10 - ni. . 10 , 1810 0 ■ ■:, 1810 0 : ,5,81 '■ ■ WgtaiSteam'Fern.',-;;; : : v v : , , ■ b ■■-:■"■'■■ 018 ° '; . ; ; " - "■-. 280i000V .ii7,215' -3l\< >. ijf .15 715 0 ' .. ' . : .■ •lanpiri-f- --•,.-'i - ; ; fi3,500 ',,■'5,339 ; 1 ; ml.;. Jj 010 0 ,110 .. '. . ; Kaiandi.,. - V ■.': 'icoidoO. 1 ' ,"32JS5r!,'.'; 5 ! nil'. .' '■ 6 , 50 0 ''-.'•' '■ Wosgibl-"' - f -"--■-'- : - ; 83,457' : •"'•-17.153' 34' < <\h )£4 210 0 3 0 0 , ■ , ! :• ■WelUngtbn:-:- : -'■--• ! . toioOO' 1 :24,368:.-> ! -i 4'- ' ; 1 , .,.-6 .36 0 36 0 3,50 ,7.78 MIBCISLLANEOUS. .-.■•!■:-;" : .■;■'" : -i '■', ' ' ' ■' , -■■,,■' . DonaghyBopo - .-. . .47,000 .. \. -- . 10 nil ,;- 5 7 6. ;j . -Lcyland & O'BriQQ- rr -35,000 ■ . \. 34.CS5. . 1 ni , 16 -25 6 -266 - •- ' ■•,.-' ' MauricerilloLiirio; 1 - '^COO 1 - ! : -,-205--: 1 nil 8 , . 1 5.0 N.H. Candle-- T ;-','.- ■ 10,000 . ,.,.:'.-r> ■■•,: -10,. nil -. .10 0 0. ' K.S5. Druiia - .'' . 200,000 34,514 2 nil : :i 7 210 G 211 0 . : : M:£ra$?Mflta\'-.----.. r M765 ■' 1477 1 uij-.: :'7 ,1 S-β :1 4 0 1 3 7i 519.0 . H.Z,.Comont-,,..--.:-;. 40,000 ;, 2,018,. .1 ,nil 8;, 110 6... . ■ . ■ Manning &Co'. ; " -'."-.' ■'• 96,000- '" -87.670 ■.■'. ' - 4. ■.- 1 -10 - 400 ■ . .' ; Ward&Co: - " ! ---.:' s - . tO,O00. : : 4. -;. -r-il- 10 5 2 6- . .- ■ '•■ Wgtn. Opera Houaa . 18,630 1,705.. 5 .-/-.nil . a 5 10 0 . ■ , .- ■Wfitn. Fresh Pood •-. - J "! ' - 0 -1 0 ; , Whitcombect Tombs- 46,250 / £0,153 5 -ml 10 ! - 410 0 Bharland. Limited.,:;!' M 48,676,; ':1.B.311;\ .1 nil. 74 .. ' 018 0 ,i . ....