FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 30, 30 October 1907, Page 10

FINANCE AND COMMERCE.

r THE SHARE MARKET. ■ " Business was quiet with sharebrokers as retards investment shares,* the only'sale.reported yesterday, being that of Feilding" Gas whiclrwere transferred at 17s. Beyond this thcrb was practically no trade oEEeriue, and the only buying offer was for Standard Insurance lat 21s. 9d., with sellers at,22s. .3d. quotations for other shares were-National Banks, £5 95.; New Zealand and River Plate, 295. 9d.j I'cilding, ,Ga5,...175..„3d. 1 ;■ J}. a TOV*fM> £2a, £16, •7s'..:e.d.;;'for\^the, respective v issues: 'Wellington Gas, .£lO paid, at £13; Christchurch Meat at £W 12s. fid., Manawatu Rails at 425., ■ Wellington Woollens .at. .£3 os., ' D.I.C. preference at 235., andjTaranaki ; ;i etroleivm at".Bs. . . -.- ' .. 't;£ . ''■ "

THE''MINING r MARkETj-. ■,•*** .! There were considerabletsales,of.J^'otlr.Ta.lis-... mans and Waihis.iaheiforine^extabihng^n; advancing tendency, -with-sales-at 4is.;vJd:. ami 17s.' Cd.; Waihis : is"ohhat,4.B,ls., £8.;55.3d., and, £8 Js. Gd. The follomng-feJjle*-showß.tlie^state : - of the mining' market yes'terdai.-.-T;;.,^;, -'j ■' ( , Buvers. Sellers. ..Sales. v ,•■"•"' ■£ : .S^sSdS Talismans ... ..: ; 7."0 0"-2-^-3 Waihi .... ... 8 4.6 85 6 84 0 ... jui V -i;.'-t -.-1.-1 -,i 0/0- O ■-.■■■-' 'V- '. 8" 4 G lairna Broken . ■ ; Hills -i ! ~ N.Z. Crown"" T.r '".J J'J Ngatiawa ... ... - 0 1.11 - ''•'<■■ ' " ~ ■ ;*%oW' THEvAVOOL MARKET; . The prosnects of the wool market depend to 1 considerable extent upon the attitude ot American buyers. The great prosperity ot tlie United States has .caused a.great, consumption Of wool in the country,;and, notwithstanding heavy' duties, considerable quantities ot the Btuplo have been imported.: The condi;nu' ot affairs in : America in the early part of-.- last month was very, promising. "Boston dealers will turn more attention than ever before to the fine Australian' meririo"wdols, • says Bradstreets", of, September 7. The bulk ot the stocks of foreign wool there were New-Zealar.3 v crossbreds, which wene neglected. The hrni" condition of the market previously reported had continued,'■ the tendency of prices being still upward. The principal deman'd-had been for the finer' grades of worsted and woollen 'wools, but the inquiry for the lower sorts had been much improved. The situation had been, gradually broadening, and in the absence of' stocks manufacturer!; were looking round for almost any grade which would fill,their needs. The stringency of the money market had at first restricted the purchasing almost exclusively to "the'supplying of actual consumptive requirements, but an improvement in the situation had largely increased transactions, the mills being very busy::;. The scarcity of ..Australian merino had'led 'to"some" extreme '■■ prices being paid for small lots. Buyers were closely n'atching the market, and any further easing of money would undoubtedly cause a rush of business. The arrivals of the domestic clip had been heavy, but there was no accumulation, i.'iich of the wool going direct to manufacturers, to whom it was sold to arrive. ( Americahas since passed through a very'severe financial crisis, and will require time to recover. The Yankees may be' forced to moderate their demands,, and should they not purchase as freely as, in the v p.ast valuescare likely. ■to ease. Up to the tp.resent-the:wopl market shows a remarkable.liudyanojv ■: ■ ■• '■•

. ZEALAND 11EMP,.;.:3'/" :.. : The depression in ■ the market is causing a good deal of discussion, for it is :ecogniscd that the hemp 'milling industry is of consider-' able importance to. New Zealand, for it,absorbs a good deal of unskilled labour, besides causing thQ.'weekly distribution'of large' sumsof money/ ,Thc latest quotations/'compared with a year "ago, are as under':—',.,, '' "...- '■■'.fJcCis,'--'■ Oct.' 26; New Zealand ' , r i„ ; 1907..'J ■'v.aSOG.,'', ' Hemp, r v'-jS £, s. 'd., On soot;: "... ~.. ... 29~;0"0-", : 3G';5 .0 October-December J. ... ; 28v0"-:0"''.3f>-;0-'0: January-March''. ■ .'.. ... =27' 10 0 35 10 0 Fair ■ current Manila ... 0 '12 10 0 It will.be seen fi:om thevribove that Manila has suffered a greater relapse than New Zealand hemp, and therein lies the principal reason for the decline.'- Manila quotations influence the ; market at ' all times, "and •as Manila, hemp is low in price, all other descriptions of . fibre are correspondingly low. New Zealand hemp has enjoyed a long period of high prices, aiid now we begin to realise that nothing has bee/i achieved leading to the economic stability of the industry. In the years 18S0-IS9O and 1801 there was a boom in hemp, and mills . were erected in many places. A big company was formed in Wellington to work some flax areas in the Rangitikei district, but"ibefore the companycould begin active operations,'-':the market slumped, and the Rangitikei Fibre Company ' went into liquidation. Hemp continued depressed until after the Spanish-American War.-, The fighting in the Philippines dragged for some time, and the Filipinos neglected their main industry. There was a shortage of Manila hemp, and the New Zealand product was sought by manufacturers. Later on, there was a hurricane that devastated tho hemp crops of the Philippines, all of which tended to maintain New Zealand hemp in favour at advancing prices.

The utility of the New .Zealand product for binder twine gave it a further-fillip, ..and'as extended a reus -have'.. been '■" brought- under wheat cultivation,' the demand for:Ntw; Zealand hemp binder twine continued. High prices have ruled for all classes of fibre, and the long spell of high values led to the par ilonable belief that the" marketJiWd.uld Tinn indefinitely. This belief led' to own-.-rs of tlax areas demanding heavy, if not.exorbitant, royalties, ;-and 'the'.ririces;• were 7'iai'Vunder stress of keen" competition. The period of high prices acted as a stimulus on producers everywhere, and the cultivation of sisal and other fibre-yielding plants wasgrcaUy extended. Furthermore, new fibre plants have been added to the commercial list, such, for instance, as the linen plant of Brazil. ..The production 'oH fibre has increased enormously; and when-the plantations made- in "recent vears reach nlaturity, thero will be a great output of fibre. In the Philippines .the ingenuity, of the Yankee has been applied, and with I he aid of machinery the production of Manila hemp is much greater than it used to W-, and the cost of production has decreased. Whether the tensile strength of,the fibre has lessened owing to the use of machinery, as against/hand labour in its prepartion, c-

mains-to be seen, but it must be rcmembeied th.it heavy cordage is not in'the demand-it used to be, because the sailing; ship is gradually passing out of existence..,- - The whofo.position may be readily rammar--ISYcars of scarcity riiado for high prices ! The high prices induced extended cultivation and increased production. ■ The results of past efforts at cultivation aie now being realised. .' r ~ . : ' "-TljeTproduction of Manila -hemp has increased, and the cost of : production decreased by the use; of machinery and up-to-date methods of handling. • ..-:, ■ Owing to a poor wheat yield the demand tor binder twine has decreased,. immediately a tecting New Zealand ■ hemp, which.has declined about 20 per cent, ac compared with last,year. •H.f.'Now comes the question whether .the present is merely temporary; or whether it Ml'continvue. No definite answer can bo furnished without a full knowledge ot all thei con,'ditio'ns, but wo incline to, the view that tho depression will continue,'unless another .humic'ane or some other calamity .is felt in the '•Philippines to lessen the production of Manila hemp, or there is an enormous extension of ■the wheat area of the .world, so; that there is increased demand for binder-twine. Should ;th'e present low level of values continue, manv mills must be closed down, unless some way is found of-lowering the cost of production so as to leave the miller a. small margin of profit. Royalties must eome down, so also mnst wages. Rigidity in either case will be impossible in the future in ;the hemp milling industry. A sliding scale is the only fair system'to adopt, and the sooner the millers, the workers, and the owners of flax land get together, and give serious ' thought to the matter the better for. all .■.'concejjn'qo. Zealand cannot do without the'hemp industry, and all efforts should be concentrated in saving it from a slump. The cost of production must be reduced, and that means concessions from all parties.

-.;...,,.. PRODUCE REPORTS. ' : 'Messrs. ' Laery and Co., Ltd., Wellington, : report the following wholesale prices ruling iu the market:— Wheat, Os.lid.; oats, 4s. to 4s. 3d.; barley (fowls), 45.; Cape barley, 45.; maize, ss.;'Horse beans, Is. 4d.; crushed riialt, Bs.; Prussian blue peas; 65.; fowl peas, 4s. Gd.; 'ryecorn, 4s. (Id. (all at per bushel). Barlcy meal, £6 10s. per ton. . , Flour (Now Zealand and Australian), .£l3 155.; pollard, £1 ss. to £1 10s.; bran, £6 ss. to <£G 10sl; pearl barley, -split peas, .£ls 10s.; bean.meal, .Si! 155.; bonedust, £6; superphosphates, £5 55.; chaff (oaten sheaf), ,£7 10s.; onions, :J315. to ,£IG; oatmeal, ,£l7 to ,£18; pota-i toes (derwents), £& to £9 (air at per ton). Bacon.— Factory sides, Bd.; hams, 83d.; rolls, 85d. Butter (bulk, pastry), Bd.'to 3Jd. (all at per lb.). Cheese, factory, G-Jd.. per lb. Poultry.—Hens, 3s. to 45.; ducks, Gs., to 75.; turkeys, gobblers, "155., to 225.; hens, Bs., to 9s. (all at per pair). ■ Cauliflowers, 10s. to 205.; cabbages, ?s. to 18s. .(all, at.per; sack). -, ■"- ■*' " Fresh" eggs','ls. Id. to Is.' 2d:' per dozen.

■' -.• CUSTOMS REVENUE. The Customs duty collected at .Wellington resterday amounted to iC2GBG.

WELLIMCTON SHAKE LIST. ' ■-.'--'.'.' ' • . ■' 'ncscrvo ogr Ti „ hil „. TBICES. ■ ' „ 'l'lolrl „ ■., , Fundand r>-" Liabil- -ga - : : .„ rmtPANY 4, •r i ii Balance .£ itypor *£ Las i„ V p, fnr UMJ-abi. Paid Ul). Forw ard Sharo. Buyer, i oll° *• Sft i 0 - Investor. '•■' ' "' •"■' ' ' » £ £ ' t £ £ 8 il. £ s. '1- £ B. 3. ■ , £ b. d. HANKS. „£. » 8 ,, 5 7S 3*5 10 nl o'f, ai7 6 &naf nd - I '- WW m318 « .-«.. M 580 590 ■. ."23S.a»3.. » - unltd. - -.15 1.6 0 17 6 14 0 ill 1 „ .? X , N , A S 0I i A J'"» <nmi ' U6m 5 • 5- - 10 10 0 0 10 5 0 10 3 6 . 4 19 9 Equ tab o Buildme - .50,030 rwn. .,, . ?, ? io n 0 • ' Metropolitan. BnilainS . .'91.000 .. W , "I .J 12 .°°. „ w 3 Wcllinfitoirlnvost. ■ V 3SS- S9.6*) - 5 2 i '« • 710 0 710 0 -5 0 fi Wel'KtonTrust&Doau ■ J01,&0 ; jjoojo • .". J ■ »■ ■ in ' , 3 o 3 5 0 3 4 0 6 5 0 Rational Motfeaea - M0.0J0 ? „?r 7 ? 0 6 1 0 0 N.Z. and Elver Plato" S0O.00O . . .] '»' 2 * ° ° 0 7 0 LoanandiMorcantilo-. ',135,22i! -.•"'■I'" 4 8j •> i' ,1 i 1 ' 48 ' iHintl £aM3 « n» 16 14 0 0 ' 14 5 0 Auckland--- ........ 160,370 56.087 y 5 uil 10 10 7 0 .Curistchurcb. ,/- ■■ - .183,000 103 /» ™ ■ . 017 3 017 0 . - „ °.»?. .. . 0,239 , ■ 13| ''3130 8130 Gisborno - - - ".100 691 j J 10 1 1 0 1 3 0 KUafr-f-■-.-■: ifcB-- - s ' 153 ■■•;§■ m | /£, ■ .''' m " '■ - ; • ,f ■•■■■ :rw™' 11,093 4' ■•■»■•■ 10 7 21 ' 2 6 6 6 <" PalmorstonNorth, ..-: S7.C0O ', w«fl ■ " "'io ■ nil •■ ■ 10 19 0 C 19 0 0 ' Wellington - - - 124,570- ,,.,.'.. .-vfi ' 5 10 9 7 6 ■ '• MEAT.-•'■■-'- —•-'"- «0 07l"" "rl" - ni .0 8 0 0 Canterbury,;-: .- - - W27 ' -. . j» 2 * ° ' ]0 , G 1012 6 1010 0 712 4 Coristaburcta - - lto.020 W nil. lu < q ? q \ : \ [\ _ \ 92.000J 4 6 10 ' .tfellineto'n'MeatExp." . 1 K7G7 \ ni '; '., \, %%% ..52.6 ,„ ,,„,■, • , ,405,765 ■; .•; M ''H.' „| " „\ ,' g 3 5 o' • ■" 3 6 |0' 3 6 0.6 73 ■„ " ••■•'"'•••'■■'"?. -',■«&,■•■ ' il.»i 5 nil. 8: 3 5 6 '6 5 0. WanSanui ,. »*« 1 ..ffSf - 170.O* ' l f .«3 ."I, 4;. 7 . 320 22 0 368 i ""■,»"' 681 -,Wgtn. Steam Ferry -.V :..,,.' M . ,f" •»"• • ; » , ■-.'.. w^„L C t 0AI "" : : ■'■'■' v-ooxj : ■'■ii'wns .-:-.« 15 ,15' vig 0 ■■».« 0 717 0 sis o _'.,WOOLLEN.. ' imm .. -...£2.854 6 nil: '"'6' 50'o Eaiapoiv - - .- 1M.C03 ■. . : » . n« ., .■-jj 19 . 0 s-OO'- . ■ „,. we&n: - : SS 3M - j - ■ ■■ *. ■ ■ • -.•». 6 -°. 3 G ° ■».• ■"■ ' 5 6 MISCELLANEOUS. . _ _ ,„ :, ■' \ ■ k <i 6 ) :.:fiS .«S. / S, .5 V'5-6 1.0 .,. ;, V JfiS^- "' 1 210'6 - 1 ! I".-. K.Z. Drugs - - ' - MO.000 : 2 ff"; '. ?.-■ » '■ J ». •' f 4 \ 1 3 7i ' 519 0 K.Z.l'apor Mills - 94.755 ■' W" ■ . 1'. . nil . 7 136 liu N.Z. Cement- -■ - ' 40.000 1 "d 8. 1100 1UB Manning & Co. .- - .96,000 ;;•«». 4 .1... ,10 , 4UU Ward'ft Co. - tO.CXJO *.J* 4 1 10 ..,.. Wstn.ProshFood .. ..„-.,, ' .V-J "K ,'-■ V0..'. °-. ■ , ,.. „ ■Whltcombo& Tombs- 46.250. r -« nU:- 10.-; . Bharland.Limited ■ 48,676.• • : - Mil- •!; ml ; ' 7J' . 019 6