FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 24, 23 October 1907, Page 9

FINANCE AND COMMERCE.

.MARKET.,.-. The share' markot exhibits a, great deal wore, animation this .week.than io'r som'e .time past.A. fair,, wnouiit, ot was reported yesterday, principal j m,the^n ing section, and on the m'.Mt")cnt .. outside'stocks had quittance. have been offered, 1 for,'some time, and.'yesterday they-were price they iield '6s 'Scli-' Thc retuTn small, but these ' Bhare's.h'aTO a. fancy.yahieihcranso ot tlie woh.er'nment ,iri the . n . e ,Wj iiw 5g ( v shares >'15s. paid were -sold at Jfi. fed., wnicu iepre§efits\ n a' 'suhstantial 'advance; on,: i^ohu quotations.' The buying'orders'weTO verrMuea Testrictfe'd.-u- There '>wto«j»n' : offer.,of »or. Equitable Building, ; 6d.Nfor National Mortgage.-fand <,£l> 135.: for.Gisborne Gas.; QnivO. a number ; of. shares j were, offered; for- ; sale,, and on two-lincs.-Gcllers. ware willing to - a«ecpl: J?se than they we're asking last week. Bank.of, Ne. Zealand shares v.'ero \ offered at £y l<s. bci., which/represents a decliiie-bf' 2s. (id on recent Quotations: i/'fiThcrct v wero rollers -of' • Mortgage at jS3 55..' Loan and Mercantile is.. Wellington Investment'l2s. ! 3d.', : A\ ellmgton Deposit IDs. -,Feilding, Gas wpr" placed ,on plier. at. Ws' I ..'Sellers; Were Kit}ibrto''holdirig out for 18s. * ? 7n f| iiisurance shares * f thorp/ of New'' Zealand at* ait' 35.," and- South • British At£s -15S.- '.'Manawatii Bails can still lbe bought at 425: - Westport-Stockton, ,Coal', shares . were. onVbffejva't, Bs., and: D.I.C. Preference at, Is. 3.;.[ In raining shares.?,the.- sales i.coyered -Aucklancl,, \Vest , ; <C6ast,and Qtago,, scrip. . ■ \ 'JWfemanp changed; fcanas at . j lss. ,3d., an iadyap.ee of ,ou. . on; th 4 e;.;'prenous;.'diiyy' and,. there' were, further buyers 'at 1 tlio price:'. 'A'/ailii .shares . may' he' Baid i!; to!.hare,Tfulli i ''rcb6v6red 'how,' 1 with ;sales at'- £B;7s.', and' •buyei , s ! 'at' : i£B rfiS/j-wWaiVii l E>ctendcklfcliangcdT hands-at 4 55.-' : 2d. rn'good-many Bpeculators'have ,-a - fancj" for »this i scrip,,buoyed by, fchejfaithf.that the Extendedris-sui'e,.to;strike ono of-the big reefs of the Waihi s Ross Goldfields ;'shares 'is. paid-up sold at 35., and Mas-terto'ii-Gold Dredgin* shares at 455. There were 'Sellers of New Zealand Crown shares at 75,, Big River at"tl2s. ;T i6d.,-:buyers offering 10s ; ;-6ANKING; .., Ins.dcaling iwith- tile quarterly, banking i averit w.as. shoiwn'-that.;tho;bahks. liad/actually: ioSt.in'.iised deposits.. as compared ; with last year, Another viow . 'is presented .by. the, following: —'.Advainces and, Discounts—l9o7, i:18;'&S)3,-184 150-1; .increase, J&Ji,oo3;(J2ol''' s 'Deposits.fed' "and' frcer-:1907, .£21,655,003 : r' 1904, '*&7,947,243 /increase,, J83,707,760. Iu the three'yetirs'the banks have' gained 'in deposits ,£3,707,760,' but the demands lor'bank accommodation.on,the part of„tradeis and' otherV-'m 1 tho |! s'ariie' period ' increased 'by JE4,003,'G25. ,„,;Tho t banks; ;ha.ve been called upon to; land "more than'.tbby. have,-been- able .to obtain*'from r tlie 'public.' 'The ,b;inks are buffering from.itlie'competition' : of'other"ibki'tutibns, but particillarly;ii rdm that 1 of ' :> .£hd u Farmers' C'ooperativo :;concci'iis. These' companies,' with, perhaps/"some! .'exceptions,-'are.''doing a 1 banking budnpsS v ivith ,their; i clients,:-iall'; hold' large also :■ as 'current or deposits',at,call.. From tin' ™'anc£"sh e etj..th'at. have come'-into 'our.'liands we haVe'.-.obtained the,following,'details of: the deposits i held':4p' : ,'; .. Current' 'Fixed'' w'-' ; ' 4 ..Ac't..- Dal- De- ... yOrpperative,Coy..• . .. ances. , - posits: 1 ' ' ' ' £ ' .- £ North' Canterbury ... 20,068 30,101 Canterbury planners ;61;510 ; i; 125,301 N./l. - iarmers; ... ... 92,945 98,529 ' Otogovl'.armers >< - 15,734 24,185 North,ptago, r .,.. ... 1,8{7 • 17,269 southland-.-,iarmers,.;-, 17.76GWaitarapa Fariners, 5,278 ■ : 24j954 l ' "7":''llVt r!': I ■"?: '.;V f4 .' . ■ 1&7,381; .'; 338,135 Thusu ,BL',ven, Cooperative' Companies Hold 1 between'''thorn deposits to the amount of £535,516; and; it lis ar question whether these concerns aro -Vise in accepting liabilities to this extent.' In,-,a .certaiiiiiway,; they, are 'helpless in the, matter, because their clients insist; up'oh. the deposits'i'belng accented at a higher, rate of ; interest than is ,obtainable from either, the Tjanks. or.tKo Olhcc ,Savings. Bank'.:? "To refuss'tb accept 'siich,' deposits., is to risk' of '-losing : the eiitire .business of the, iclienti',; The "Co-operative Companies' are' not .banking, institutions, and 'should not be' compelled ,;to x acccpti.bankin;- • • risks by' their clients.! legislation, appears to be necessary to re'gulate.,or r . terminate, this feature- of the Co-dperatiyei Cornpaiiies, find -if it iis necessary for-'",farmers, 'to. have,.some .such'.facilities t as aro-'provided by. the ■''v'), -ops."., it would be infiriitelv better 'to agricultural or rural!;bahks;Jor .banks.. ; PEOPLE'S BANKS. The Co-onerative banks, which are very popular throughout Europe, Were' originated in l&W ;. in • the ,-north,:.of;: Germany, and soofl spread .', .throughout' Germany ~ and . AustriaHungary,- where there';are' 'now .8.000 of,-these institutions; "with; ii' ; total membership of over 2,00!),000,. disposing ' of over ' .020,000;000, and do, ing.V,-'business" to'.-the amount of over J400,000\000 ; . yearly. ~ In■18GG - Signor Lnzx»lti established. ,tho, "People's Bank of -Milan" with tlje'.trivial"capital of <628. It,,now possesses a; paid lip capital of ,£500,000, and during its existence has lent out .£5,000,000 to the industrial classes.;... .Similar .-institutions exist in Switzerland, Koiimdniai'.',Bulgaria, Denmark, Belgium;'and''Holland, and within five years 150 . banks" " have '»been - established lin lndiai China; and. Japan liavo taken' up the idea. Th^p-arc.ta-.be found in England and Ireland. ." TA'MSAKX PBTBOtBOM;." The''first 'annual report and balance-sheet uf the Taranaln Petroleum Company, Limited, for the vcar ended September 30 have been circulated. The. directors, in their report, say inter "'alia':—"As you" are aware, our late Manager,--Mr. G. C.' Fair, died in November last,'., shortly , after thb istatutory meeting, and your directors then requested Sir 'J.jG. Ward to Cable Sir; Wilfrid Laurier, the - Canadian Premier, asking him ,- to ,'send,.an expert oil driller here at once, and .after sbme negotiations" Mr. W. A. Simp Son was selected, untl came" upon a two yenrsV engagement, and arrived and took chargo on Jurib 2. Your directors lirtvc - pleasure in saying that they ' are fully Satisfied as _to .his ..capabilities for the position: , "The 'first bore, known as' the Birthday, oi N6.';1,-:we regret 'to say-'has not realised our anticipations; the water'was not shut-off, and oil- was' Only coming in lessor quantities, and in oleining' : out tho bore certain' obstruction.' were fmet with. ■ However, the'casing has beer lowered, some '40ft., : and' it is hoped to gel into 1 some harder strata eoon; where it will b( possible to shut off. Tho present depth ol bore n '

;;i"No.; 2'Bore oil the Prison Reservej the directors are pleased to report that all surface water'is shut oft an;l ; only a little salt (not : sea) water is coming in,' and that our manager regards ns : a very good'indication, as* it al- .! most invariably accompanies any large supply of oil. :A-considerable quantity of oil as well as: gas 'hns.,beon obtained, and ;further developments. are expected before long. "Wo,-.3,80re is down 2372,,feet,..the, greatest, depth: yet obtained, and a. much harder, formation, ;a 'granular limestone,, is being experienced; and 'probably' the date of' the meeting'•'water'-will be shut off 'and sinking' . deeper. ■ commenced, when it is hoped that a' larger and • more permanent oil bearing • strata will! be' reached, as it must bo ■ that alhoiigh : iach of.these three bores , have been and aro -s.till. giving oil, yet it now seems that all the. oil obtained, i.somo 5200. gallons, . was, from small veins,, and in ground too soft .to shut off- water, or, to stand up without'caving, and not; from the'main oil strata' wo ' now hope',, to get; ''Oii'th'c'advice of our expert that so many 'bores were : 'iiot'required to test our properties at' Moturoa, Nos.-4 and 5 Bores have; been temporarily shut down until a thorough test has'been made with . Nos. 1, 2„,and 3: andrat No. 3 double shifts.havo been' put on: 'for that-purpose." ,/ .. , -.i :i - " Tlie accounts show an,expenditure of iC13,206, of :w;hieh ov;er . .£IO,OOO has 'been spent oh ,the 'boring operations,■ and over i£2ooo for casing, ■so that the'best'part of the money is 'being ■spent on actual world' ' Altogether '87,735 shares have " beeh'allotted, of '• which; 56,000' are: fully .paid '• up, and*'3l,73s ■ 'on''*whieh/ 105...i5;, now paid. < The ■ •uncalled;. capital is thus 7^15,867.. If :the: company canvstrike. oil the,shares .will 'lioom, •and'/becauso.-.pf, ,the,'UncerTtijinty.finevitable.iwithi snch, aV under|akirig,jrtiji ■are .speculative,. 7;There 'can., scarcely '.be any doubt' about the existence ?f .oil, but'whether the cisipaiVv will secure ii'gtisljcr remains to' .bej'seen. The Dominion .would benefit in the company's success. ~ ' , CUSTOMf EETURNS. , The' Customs-returns, at Wellington, yesterday amounted to : Is. sd.

! ■ ■■•■ .oi-.'r.yi-iU'^WELUNCTON'-.-SHAME ■LIST..-. ■,- : . ....■;; -■■■■■ ' : '- : '"■'■■' , |■'■,/'"■'■ l ''"■'" '■'■',■ ""- ! ' : -noiso™"- »8 Liabil -.3 ■ ' PBItiEB.'....-. ...TiioM ■ '■ "mm ' 'man -|: un.ta. 55 'i r, n 511. 1 Ne"zc«1ana - - 30MTO 336.7S5 * L 5 15 0 ' SSS , "*. :-? f W l, gS 1 Sit t i.i.. 55 8 . -,- .- •sesas^«;; -as- ■,1 : .:| j- , iV •■■ ? Tb s8 si^ :: loon and Mercantile-' : : 1S5,2J- .,157,i53 ->.. -4: 84: ■». . ., , . . u i u 1 ' Au^d 0^:": 1 "g: " 00 ..■.'■jj.f-g , ■■:''. ■•■ VSeiiiDBt'onMeatW , T ■■„;:)' ; ;: r '/f; ""'v '. | -''"s'-'l '7'...' .. •■ , .. ",. ••.-«■ -...■•■ ■.<■.:<■„-.-. V v.105,7&i>: '■■ C3.TCT ■. ,*; ■ ...» 3,5, 0, 3 7,0: 3 6 0 :,6 7 .3: .. .TBANSPOR*."" , '•;"—" io,'-w" 1 "4 '7 ■■•<■■ 2 2 ; 0. 1 2'-2 -0 • 308-