FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 23, 22 October 1907, Page 7

FINANCE AND COMMERCE.

i;;.V'l-;;f';ft;"^THE\SHARE, : MARKET.T . : -^•:'-Th^'excitement-c a used-by.the:dropinWato - "'-"faprears. to have-done:tho market good, for yeo- - ;te 3 r& 6 brokers wer. abloto reportsate.of. c,'- - r »everalV v investment . .On Satuiday r-Vbroterßi were, rushed with buying orders for i "-'- '■■ -WalM,shares, but,these orders could not bo filled,-'because '-the. shares .were, not nvailal.to -V". It may be "surmised that those,-who were thus, turned their attention to other, "'■' : "', gtb'cks.'-' Wellington '-Meat .Export,- shares •'' changed -'hands:at' £*■ 65., '.tho..same price, at <:• '"wtocl^hey ; -wero, 'previously; sold. At the | vv[;i fibres .the,, return to..,the investo-is ■k: -V/Sg 78.'3J,percent..-, Wellington Woollen shares *,i.' -had, iq'uittanceat '.£3, 65., >nd .'show a firming ;,:.,, te-xjency, at, the.yield is .£7 ss. 5d per !:.:,; ..ce'nt:';;,Westpo'rt; Coal; shares .have' gardened, ' ' J -and : 'v?ere': transferred yesterday at Af lis., . • '''-;. /Vieldingi to; £6 '13s 9d.' per , cent r'\. Tlit're' 1 Talismans .at 45s *•'''"'' Reviewing groups:there ; .is little,that can ":'•' 'and* Insurance,shares, are en- : i.rtirely'.inegleotcd; financial, sharesure freely ot.fi.Ai, fer4'. ; are ; wanting. .There, are sel- ■•' lers of National Mortgage at i£3 55., Loan_and ■,-.i, at>, Now.'Zealand and RivprPlate '-."•" at'-30's:,'Wellington'Trust 'and Loan' at £1 ,103., :' -'Wf,.Wellington Deposit,'at 10s.'; Gas shares .are. ', ;^',: 'quioi;'the' : only inquiry:reported yesterday be- ''■'■ 'H ;i 'fli!'for'Teilding: Gas-shares; which,-were in de- -'■""':' niahd': at 17s." ; ''lntere'st' in mearshares. revived, K i'ond offered'47s. for-.Gears, and for 'b-?. third''issue i-Meat -Export.. ....Thero: were sellers nr,: "•cfiiManawatu Rails :at, 425., Mosgiel Woollens ~.,.•■' at'6os.;-'; Wellington.Woollens at 6te.. 6d., Wcst : , -, -po-i:CoaT'at £l-aa:M:, and, D:I.C. Preference '.'.■"•'"'at' ! 23's:...Kiiuri:Timber/shares. 15s:"paid-up have '." ,v - had/aribther advence,' buyers' now' offering: 10s. -' '. "' Wellington Opera "House.' wore.' again-- wanted ty " l at ''as , '-10s: :r 'Thcro'--was-more-' activity'in. the ■ r - : -' Miriiiig?-'section:'!:-Waihis''were .-:in'.';:better. do-.. '•' i: '"•■'ia'a'ndjf'and on Saturday:dost sales, were made; V. '•> hire ; :'and in Auck.'-.m'd-at £?■ 25,,6d,;,nnd. £8 ss. •v.v'. Te-tbrday/rbuyers.wero offering ..£8 65., and sel-. ~'' MQrs';were-holdinp.6ut : ,for Bs. .'.The position ,■..;■ of ~these'.'shares, depends.,lipon. Lbndon;.if LonM dojiholders arb h.'it'-.'by.the prevailing monetary : " Bt'irig'ch'c'y and'''are forced to realise the' prico "'• ! ' will'drop. .Otherwise Waihis'should maintain; . tHi-ji 1 ':- present: value'.' '('There 'were': buyers -of !:■:<: Tairiia'Broken-Hill shares at 6s, Id.; and Talis-j -.'.'•■ ■''iriiai^ , at ; 44s."6d. 'New--Zealand; Crown- shares "o!j ■■B'erejoffered-'at:7s.i and'Waihi:Extended at, ; ss. : .MpNETAI^^TRINGENqY.:;. •■;-'i«V V'/'he'financial;stringency-iri: America lis ad- !-■ < : '•: mittodf' to -adversely ,affecting ...the; price of .1 ,-.i; - copper./.This jmetal ; has been steadily, falling J;.;, in:price, for,some montljs.past.; On September ."';... lf^h'o'quotation" :for,:'copper., on! spot in London '■ >. ; '"'w ; "aß.'lii76 ,: s's. : ; tlie''price. on'.. Saturday, was .£57 '" :; - ;iss; drop of '.£lB 10s. in.a:few 'weeks; and, :r :; ' : T,hj'ip66itibn when,tho : quota■''r,o;tions .fbf'dfstnnt' deliveries' are'compared. Thus, i--; 1 -: ;'6n'• Sep!emb'er'il'-distant copper, that is; for deliv- ':■!. . er\ dh ; three months,-was ,£75 7s. Gd. It is now ■ Vri:>--.'£S>\:-bBJi- or •, Thoso who bought ('.- .vbn,'iSoi.tember,.l, at, the'-high price of- JE7s.7s.'' .-' 6d. .have made heavy-losses, .and, the r finish -of the, downward movement is hot yot in sight.' AMerica'-is .the 'largest producer, and also the largest:consumer, of the, metal. The Amalga- ■:\ -.:•■ "m'a'ed ;i Copper'' Company -alone: commands an -o' ■;• butput-of' about ■ 130,000 /tons' per I annum, which -~:. i ;is', a oout' one-third of the total production. Tin .:'.-',:-,/haa'. ; n6t. , -been.-.affeeted ,by:.tho American strin- ,;■.-.■', gency. and, as a,matter,of ■■ fact, tin has:had '.'.".:'. aMonderful r'ecovory, during the past few. days. '■'' 'Tw Qn' ihe'spot in London,was.as low as ,£137 ,'- ifi : ''lss: t: on'October'l6, l and the latest' cables give 1 .".. ' "the spot - quotation as , £US," showing, an a'd- •''-'■.'' varice dfjClO 55.. per ton; Silver'is on the down-' ■■■':-;-ward-:trend,..but : ihis motaU'is' more affected i'l-i' iby cuirehcy.i,requirements :-than- by anything, elio:, The highest prico touched-by the, whito ..,.,-, metal.during;tho past.seven weeks -was. 31_7-16<1.;, : .':,. ~which.;was; recorded on .September 4; it .is now : '.'/, .down to. 27 11-lGd. '.Silver has been. demonetised ':'.' r ,by^nfbst;.countries,';.and, nothing, seemed less ,''■''..' likely :.than" aii'advance in the monetary de-r '■-"' 'niaiid;'-''Yet'such has-been''the case. In the first plcace, lndiaj-where'silver was discstabff.'j-'- Hshed years ago, "continues to import nearly '.:' :a8 metal: as before the olosing of -.; ■tne-,.iiiiiits.-In':the:sccond placo, the far East:i err.:war; has led lto;.a,ilargo demand foriMan- .;.-.,. chvUia;,,which, since, the conclusion of peace, ha. extended to Korea. Finally, there is China, which has started coining silver in place of. br'.'nzo.for.its,teoming;millions. These are the factors-that led to the advance in the metal, -'••' ''arid ; the'faU' ; now is probably duo to the de- :;'•'• inlands of Chiha'being fortho time being fully ,i\f-. met;;' ■':;■>:'. ■• v •■■■';• ■ ■■ \ ... ; ■ ■ . -

\ "HIGH; COMMISSIONER'S MARKET CABLE. 'TrieTDepartmcnt of Industries and Commerce .' has, received tho,-following' cablegram from ' the High' Commissioner, dated London, Octoi'; -bci ; ;:'l9,'lßo7:-,;.-.:"-; : '■"',";.. .. '" . ..- "■■' ; ' -Tho''mu'ttbYr market is 'weak, altl—jgh there is a better demand induced by lower prices. Canterbury i 3 quoted at 3Jd., and North ~, Island,at.3Jd.,.per lb.. .'. , ,-,.,. • -. „ ■' ■'■ There is a good demand for all lamb, with no change in . :.. The beef market is dull, and there are large ■ supplies' of ''American-'.chilled beef. .. Hind- : quarters aro : -quoted at ,-3Jd., forequarters at .„' .2Jd. :V per,'lb. .; •;'' -...-,';'. , -, . [',-■ The butter market is strong.. All stocks are '/-. advancing, and.' there. is, a large. demand for ;' /bettiSv ,'Jt.' is reported ; that "the first ''■ ;!sl(ipii)6n_t,pf 'New .Zealand new season's' make v; ' :;i has:-;b9'en'sold to. arrive ' at : ' 120s: per cwt. Danish butter on spot is quoted at !2is.; Siberian,, 1035.,;. and. Australian, 117s. per cwt. ; There is a good demand for cheese; prices '. ,are,, unchanged: since last week. ~:.The i hemp, market is weaker, and prices 6ligh,tly-lower, besides, being, in rather an unsettled condition. Good fair grade on spot is ■ ; 'quoted at .£3O ;< fair grade, Mi 10s.; fair cur- ■-. ■ refit - Manila, i£3o. The latter ; is in large suppi}-.' October-December shipments are quoted at; good fair, ,£2!> 18s.; fair S.2S- fair current -■■■■', Manila',' .529 10s. ,pcr ton. ■■■'.■' . The-cocksfoot seed market is 'quiet, and i. e'lteririg's are very small. Quotation stands ot '755. per cwt., and firm thereat. ' The Kauri gum market is quiet, small business''doing. Current, quotations arc:—Ordin- • ary'.tb fair "three-quarter scraped,' lG7s. Gd.; ;; fair half scraped, 1055.'; brown fair half to ' three-quarter scraped; 905.; brown pickings ' eom'mon to good, 505.; bush fair to good pale ..'.'■ ond amber scraped, 130s. : " , . The'!-wheat market is firm, .owing to re- ', fluced,'-'supplies. .Now Zealand long-berried on "upot is quoted at -lis. Gd. nominal, and short- ' ferried at 40s. Gd. per, quarter of .19611). There }a' an active demand for oafs, New Zealand '••■■ (giarrowbillß being-quoted ex. granary on spot -•'•• per'quartor of 38Jlb: at 275. Gd., and Danish ' : per.'32olb'at 225. Gd.; nominal. . '' ■■; New Zealand beans f.a.q. new crop are quoted ;-'• at : 3ls; Gd.'ber'nOflb. The market is quiet, but.firm. -The demand for Partridge peas is ' weak' 'and- inactive;.'and they are. quoted at : ' 420 i 6d.'per 5011b. ex granary.

..WELLINGTON SHAKE LIST. )

~: OTHER POSSIBILITIES. There are other possible and probable movements that may bo .expected, to ariso out of tho financial stringency in the United States. There is almost sure to bo a drop in tho price of wheat. -America has had ivshort crop compared with last year;-nevertheless, there is a substantial surplus available for export, and this is..likely to bo increased by economy m domestic consumption: and the uso of. substitutes. America wants money, and must realise on securities of produce and manufactures. American securities are tainted, and' may be regarded as unsaleable in London, Paris, and Be'liri, but 'not so certain classes of produce such,' for' instance as wheat, dairy produce, chilled beef, and live'-cattle.. Wheat will be hurried to the sea-board- for shipment, and tho vcy pressure to soil will bring down tho price. Ann; tho .Americans will try to realise on anything else they can,, and as quickly as they can: With respect to manufactured goods, wo are likely to seo a recurrence, of • American 'dumping. This question has already occasioned considerable interest in tho iron and steel trade of Great Britain. For the past two years British'manufacturers have been practically free from this sort of competition, but now that trade, .within tho States is ' affected .by the serious financial collapse,' the big industrial corporation'' will,'-no doubt; now seek outside 'markets'••'and cut prices to get• a footing. If the crisis docs not go beyond this, the harm .will bo comparatively, insignificant, but if the crisis extends to Germany and to London and Pans, as :it might easily, do—tho money markets of those places are intimately connectedthen Australasia .will suffor. However, there is no reason to anticipate the worst, and so 'far London appears to have maintained its, wjnied steadiness".'" ' '.'■ '-' 7 "- , ':- '."r-0 '■'••' PRODUCE-MARKETS. .< ' It'will'be seen from tlie High Commissioner's cable that tho beef market : is depressed 'owing to'the large'supplies of American'chillcd beef,but''wheat is'not'yet affected by-American ofiferings: Butter displays a remarkable firmness, and' Danish on spot is making :1245;, as compared with 102s.- at the corresponding date last ,year. . The.High Commissioner says that it is reported that the, first shipment of New, Zealand new season's.'make has beon sold' to arrive, at ,120s. .If. .this is correct' it_ is' 4s,' better than'hist year, when''the'first shipment'made 116s. It is to be hoped that'butter will meet with a'good market all the- 'season; ilia outlook at tho moment is'certainlysatisfactory. The hemp market is depressed,'the cur-. vcn r quotation' for g.f.a.q. on spot being 430,' as a?ainst <£37 last year, and fair current Manila- is , also at; £30, as compared with .£42 10?. a, year, ago., .Tho depression is * likely to bo' accentuated, : for New Zealand hemp is at tho moment exposed,to the'severe- competition: of Manila hemp, ; and the-damage to wheat crops of Europo and Amorica has lessoned the demand for .binder-twine. ' -LONDON MARKETS. Dalgety_and Company, Limited, Wollington, have received the following cable advices troni •th"ir London office, dated October 17:—Butter— The'market >is..very, firm, and tho Copenhagen official quotation is higher, by 4 kroners (about 4s: 6d.)- per cwt. The total imports of butter into the.United Kingdom for the week ending October 20 amounted to 62,000 cwt., as compared ■with' 73,000 for the corresponding Week of 1906.' Frozen Meat—Fair demand for lamb. The decrease in prices- has not improved the demand.: River-Plate.mutton of good quality is offering at low'prices. Beef—Market dull. Our quotations. for New Zealand frozen meat are:—Prime crossbred lamb, Canterbury, heavy weights.', 5(1.;, light, s;d. North Island lamb, heivy, :4|d. ;• light weights, . sd. Prime. crossbred mutton, Canterbury, heavy ; weights, 3Jd.; light,' 3jd. North Island mutton, -heavy weights, 3Jd.; light, 3jd..'Prime ox beef, fores, 2id.j hinds, 3jd. per lb. Rabbit skins—At today's sales there is so far good'demand for rabbit skins in general. Prices are, on the average; unchanged. 2494 bales v >olVered; 2388 sold ' Tallowr-Sin'ce our last telegram prices for tallow.in general are Gd, per cwt. higher!

,i. .... ''.'•■' LONDON MARKETS, ~-'■' THE iDECLINE IN COPPER.. BY TELEGBAWI—rBESS " ASSOCIATION—COrYEIGHT. Lojcdon, October 20. Copra.—Steady South Soii; ,£l9 15s. New Zealand Hemp—Dull,. October-December shipment, -'XS'J'lSs.' ' t , Linseed, oil, .£27. . ; In rabb'its a brisk trade is doing. Largo Melbournes are retailing at 12s. Gd. to 135.: Svdneys, 13s. Gd. to lis. ,' At the: rabbitskin sales, 3718 bundles werei offered and 3595 sold. Prices wero unchanged. _ i rozen Meat.—Mutton, Canterbury light,' 3 o-16d. per lb.; medium, 3Jd.; heavy, 31d.; North Island, 3Jd.; best brands, 3|d. New Zealand lamb and beef,'-and'River Plato sheep anil beef, are unchanged. '8 51 9s r<? 3d _Waihi ' bUI ' CrS £7 I£S ' M - SDllcl ' S ■ Copper on the spot is quoted at £51 15s. per ton; threo. months, £56 ss. Messrs. Vivian, Younger, and.Company's report states that American financial conditions nro entirely dominating the copper , position. No nermancnt recovery, is possiblo .until those conditions improve. Meanwhile, good orders are waiting, tho turn-of.'tho tide Ti iY~ o £<F',l- Spot ' > £m - i ,or ton i three months, £111 15s. .. .. .'AUCKLAND STOCK EXCHANGE. ;: ' [nY TELEOItANI.— PRESS ASSOCIATION.]

, „ , „ Auckland, Oclober 21. Stock Exchange Sales.—Bank of New Zealand £9 155.; Kauri Timebr (contributing).fls lOd • &..9d.i 9s; 8d ; Waihi, jea 7s. Gd. to %% ! 3d to ,£8 Bs. to £& 7s. 9d. to £8 Bs.; Talisman, IGs' and 4Gs. 3d.; New Moanninri,- lOd ; New Sylvia, 7M. and Bd.j Old Albumin, Is. 3d • Thii-v.'s, Is. 4d., ■ Is.: 5d.-; Waiotalii, .|s. Gd" js ~;,Watchman, Bd.; Champion (paid) 3s' fid. to 3s. id. (contributing), 2s. 4d„ 2s. 2d : Crown, 75.; Golden Cross, 51d.,-Gd.; Now Waitekauri, Is. Bd., Is. 7d.; Tairua Broken Hills, Gs. to Gs. Id.; Waihi Grand Junction, ■10s.; Ngatiuwa, Is. 9d.

DUNEDIN STOCK EXCHANGE. [OT TELEaiUni.— PBESS ASSOCIATION.] Dl-nedin, . October 21. Stock Exchange quotations ;- Dredging stocks: Bignell s No Town, buyers, 2i 8:1., sellers, As.; Chicago, buyers, 45., sellers, Bs.; Golden Bed, buyers, 3s. Gd., sellers, 7s. Gd.; Masterton, buyers, '155.; Molynoux Kohinoor, sellers, 35.; Nelson Creek, sellers, lis.; New Fourteen Mile Beach, buyers, 7s. Gd. dis.,

Kellers, 3a. 3d. (lis., New Roxburgh Jubilee, buyers,' 10s.; New Perseverance, sellers. 25.; No Town Creek," sellers, 95.; Otago, sellers, 323. Cd.; Rise and Shine, solid's, 21s. Gd.; Rising Sun, sellers,. 20s. Gd.; Sailor's Bend, sellers, lis.; Wnikalta Queen, buyers, 2s. (id. Mining slocks: Barewood, buyers, Is.; Talisman Consolidated, buyers, +ss. 3d., sellers, <(Gs.; Kuranui Caledonian, sellers, Is.; Ngatiawas, buyers, Is. 7(1.; Waihi, buvers, ,£3 ss. Gd., sellers', £8 Ss. Gd.; Big Eiver, buyers, 10s.; Tairua Triumph, buyers, Is. Bd., sellers, Is. lOd. Investment stocks: National Bank, sellers, £5 !)s. Gd.; National Insurance, buyers, JGI Gs Gd., sellers, £1 7s. 3d.; Standard Insurance, buyers, £1 18s. Gd.; Westport-Stockton, buyers, Is. p.; Wostport Coal, buvers, £7 155., sellers, £7 13s. (id. j New Zealand Coal and Oil, sellers, 2s. 3d.; D.I.C. (Preference), sellers, Gs.j National Mortgage, sellers, £3 ss. Gd.; Now Zealand Drug (10s. paid), buyer's, JE2 10s. CUSTOMS RETURNS. The Customs returns at Wellington yesterday amounted to i£lslo.

>::■'-■'..■''.i-Vc.'Vv:'':".' , } -."".'.',' '■ .''"■' : 'Reserve »J8 LiabiI . ,«j PRICES. Yiold "'! ' : "'': '•" r 'nn\TBk'vr' ■'■'"•' .' ''Capital' Fundahd P,a Hvuor' Si: ' 1 ■ TT7T to .,-,, ......jai COMPASS. , ., :i PaldDp ; ..Balance.' .*»' $,££' Vig Buvor . So n cr . Investor. "*';:.;■..;,;'•>;!v;-«-;? ;; '; v . ■' ■■..*■'..: j.! ■-;.•>' .>.\: .Forward.- k P. - •• aaiu ' > ■■'. '"'-Jb'." <' V, •■•■ £ .£ -.'•;£; £ e. <J. 4 ,1. d i! s. d. £ 8. d. •>.-.■., National ' -...;-..:'- .375,000. .'335,318 . 24 1" 12 ; 6, SO .0 8 9 ■*-■' >- :'mm».,: '■««■■■' | «""*•' -'». ; \ ■•' • a 7 6 1 7 0 • 511 1 "•(I' 'ii New Zealand -.,...;"-: 800,000,'; . 336,766 .' ;, ! : 8. 10 42 0 «•' ■ •■■aS-.-r.i- .saSr.-S-.-.-ii'o. i..-? .. . ■ Metropolitan Building' . .'21.000., 5,KS /. 10 . ml . f 7, .13 0 0 : ,.. ,: ■ ■ . 'i Wellington Invest..-.\- .. &0.0C0 . 3.033 ' 1 4 0 • •? * X vino' 568 '■* A AnokIano?^'''-> : *■'■■'=- 160,370 '£0,553 ■ 5 • nil 16 Id 0 0 lj 5 0 ' -..■»«»«:;:-:;-::: -aav. «■••■;»■■;;« ,J S?2' : ■ ' ■ ■ .,,;•,.:,*•■ ,;r -7'•"... ■ '.02,ooo|. r ' . 4 • o ' ■ - - • •• , ! '-: y WaWanui'-•'! ".i - <5,850 ; ... 11,401,, .v 5 . ; nil.'- 8 .350 5.50 . , • Jgj! v""' ,«r..VWGtD. Steam Ferry ..- ;,«,250 ... 65. ..1 ml.- 0 .0 13 0 . " : ''-' : 'CwMtpori 9^';: —'- : 2E0.OD0 ■■ 117.215 . '34 : ,14 .15 ,7:16. 0 i . 7.18,6 -.717 0 6 13 0 :-■!--;:.- .'•■ 82J0O;, ■;- 5.333.. :... 1 . : , nil. 74 ,0190 : 1 I 0 .. ( ''V ' ;: fi a J a^?° LI^V H -. ''[100,000 ! '' .JW ' ' 5 ' ' nil. • 6 5 00 , ' ' "' Mdsribl'5 ■-■ - ;tU - ! 83 «7' '171M '3i U: 24 , 2 19 0. ' 3 0 0 ' <•" ,24,368 V 4 .1,.,. 6., ,3 6 0 , ; 3, 5 6 , 3 6.0 : .'/ 5 6 !i.-i::-;» MISCELLANEOUS/. , - : ,; : ••■■ •',„ ' .... . .. :. ., •- DnnnL'hv Tiono - - 47,000 — 10 ml — 5 7 6 :■■ :■■.lW*^B^te^■■ , . ;^■■, •■■■IMI» , 31,085 ,1 , nil. ,,15 3 56.26 6. • ' •' „• .. i-tSS - ■"- ' !00«» 2 ••'nil '' ! 7 '210 0 .' 411 0 ' ' • ,. ' n '^.''"'Kl-pSirMiltf." : "- i-':«755' : - i--"l.m..' 1-n , 7 l-Sl'lli'l '1'3 74 5 19 0 ,., ■ >-WardJiCo..i-. '-.-?';• WJOO... r. i0.b5o .4 ; 1; 10 '. 5 2 b ' ■tT'WgtaiOporaHouBe : : ■ 18,630 ' "• 1.7to" ,'5 J.'nfl •" -8 ■ 510 0: , '"'• •''•Wetri.'FreohFood. ■: : '.:2S,261. ;•: .-- .,; 1 . ,.m -rr. 02 0 -■'• .-:!: i; ; .Bliarlftnd;Limited;.... .48.676 1 , ...WU.;. ...i- nl1 .'a - 018.0 | 1