FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 35, 5 November 1907, Page 8

FINANCE AND COMMERCE.

' !Pp;!^pfMAßßE^|;_ - There of activity in investment 'and two sales ■were reported.""'.'Standard Insurance, shares ' had quittance at;,'22s?, yielding to the investor X'G IBs. 4d. other sale was of Wellington MeS&'Jffisportu, & 12s Gd. paid tho transfer being' effected at .£3 Gs., the game price at which ~tho shares were sold on a previous occasioii'.V.ln bank shares buyers have advanced f their sbids for Bank of New Zealands from K£9":; 10s: to .£0 125., but there aro no' sellers. - Rational Bauks arejoffered at £5 95., and Bank , of-Australasia I shares are procurable at ;,'JEIOS '10s. In financial shares there is still .quietness. Equitable-Building Bharee aro in demahdiidtijeiO 25., aa-advance ot 6d. since last wcekv, Th'ere were sel}ers of New Zealand and River Pliite-at 295. 9d.,t Wellington ■ Deposit at 10s.,'and 'Wellington Investment at 12s. There is dullness , in gas 'shares; the only •' etock in demand, beingi Wellington; Gas, the fully paid shares being ; vwanted ats ,£18. 145., sellers asking'•: £VST.' •'There were sellers of Feilding Gas shares a€ 17s. 3d., and of Napier Gas at ,£25 a'hd-JJIaV 10s; for the respective issues. Other; stock.:; offered for , sale were Christchurch iit =ClO 12s. Gd., Wei-: lington Meat -Export, 'second issue, at -£o 2s. 6d., ManafraK/.Rails! af, 425., Wellington, Woollens at i-*V6s-. '6d.,-v. Westport-Stockton ' Coali sharesi!.ot ='BsV;-; at 235., and Timber shares .iSsm'p'aid'-were-'iii-t'equest at 95., but .holders want a shiliingmore.

THE MINi[NG,4AIARKET., .. ~ ■ Brokers are> doing'Wceilenb- in mining market, and there is something in. the nature of a mild boom. Development reports from the northern mining >distrietsl are rather encoiirnging;'and ;in; the'view pf some; optimistieopeople; "big. things "-are pending.. The sales yesterday;:included:/'Talismans;,at. M Bs. Hi., and Tairna Broken Hills at ss. 7d. Talismans are steadily improving, .owing .chiefly to the brighter prospects of It<:is stated that the reef iu No. 12 level looks "very, promising,;.,the chute of ore lias-beeri J ''driven' on for r 7oft., and the assay value is said to be veiy,.good. If this chute proves to be as TJch'Mn No. , 13 level ins , ' , it-is 'in- 'No. -12," it will add very materially to the life of the mine, and greatly 1 enchanco the"Talue'Of'the' ehares. '*':' ■ . , , ; -- v:: ■■■■ :; ' The state'of business on the mining market yesterday 'is'iddicated'in the , table"appended :— '""■"■• "B'ijycf.' 'Seller.'.-, Sales.'. "V s.-' ; df -Talisman. . T .,....-,...- 2 .8.'3 2.,fi .0 "2 B"'4f Waihi , ...' ... 8 8 0 8 8 G — Tairua Broken Hills 05 G 05905.7 Kuranui ......' 0 -1 0 0 1 2 — N.Z. Crown 0 7 2 — — , May. Queen, Ltd. ... 0 11 0 —' — Big River .„ \^ n JkM...$ r JJk.- i '.--**.» The Mount Radiant "iKstribtAaaa'-particulafly-the recent discoveries of copper lodes, aro to be exploited, and a prospecting company, with a capital of ,£25,000, istojbe, formed for the purpose. The Governmenb"is nialcing a track to the' locality, and thoso/s-ihtere'st'ed in tho venture are naturally very sanguine as to the prospects. . ..-rv, .«*•',,■;.».,

THE POSITION,;OEjSILVEE. The price of the/fXvljitc .metal;, after rcaVr •}';;. over 31(1. per oz., is'noV--fiack,Vfluqtuating'"l)e-' tween 27d. and 28d:;- Thorp was auiJenornious, increase in the world'ssp'roduction',;of ; ,;silyer. ■between 18G0 and 1890/~during^S!hicli. ; '()efiod prices exhibited a marked decline. Whereas the average for the..year.,,lß72..wns-60,-5-lCdv per ounce, by 1882 thtf'lpribo' Jiatl idro'nfled. lj?. Slfd.,. in 1898 to '20 i5-lGd.,~tHeri'-m' 1902 to 21 1-lGd., which was the lowest average recorded. In 1,105 the average was 27' 13-IG<l., and in 190G 30Jd. .The production of tbe white metal has decreased in recent years, for whereas in 1002 tho world's output was estimated at 1,677,000,000 fine ounces, it was last year 1,577,000,000—fiiw ounces. The rise in -the price of metal caused considerable trouble' to the countries which have adopted a gold standard, but which continued to depend aiainly, on silver. The trouble has been, rather pronounced in Mexico, 'and' the'.metal, having risen above its currency value, was,'freely exported. In the "Straits Settlements, the -Hiilippines, and in India trouble has been.,experienced, but now that the price: 'has dropped:.to Bomething. like its old' iev.el, Jlio' , cUrreileV' troubles have ceased.' ' ■ '.

TIIB FLOUR DUTY;' The proposed legislation dealingwith theromis-ei->n of the duty on flour,' wheat, arid potatoes,' under certain conditions, is naturally causing coir.nient, the opinions of tlio§o ;iii .tho tfa.de, being generally adverse. We'aro assured that Australia can always produce wheat, and 'flour' cheaper than New Zealand. This will not'bo ve.-y pleasant reading for those, who have believed that New 'Zealand is the most fertilo country in the worlcK New Zealand produces three times the •quantity" of 'wlipKt' per'Tcro" tint Australia can produce, and yet tho Commci wealth can lose us in the competition for. the markets. Tho ihigh.prico,-oiMumli'in Nijw ilei-.land is said ouriinabilit/ to competo with tho Commonwealth. But should tho people be t ca.ll.ed. upon., to. shoulder, this burdehfviftwlieat' -land is-Sigh, ; 'it pos-' Bosses a fictiUolis Value. ,, ' '"' '"'" °'' ' No-.v Zealand can competo successfully with tho Commonwealth in tho open markots of the. world, in pastoral products, but cannot hold its own in agricultural products, or rather'. in p th-j prodiiction'of wheat. It is .a"'question, wL'ttlier protection is doing our agriculturists, any good. .'-Dairy produce, for,..instance,', lias" to compote"against all comers in-tho;London market; wo have to place outproduce"ih-icom-lictition with-,the production ■,of;;Jow r priccd ioV.rtir, and lo'w-pHced land anil';cheap freights, , , and it wiU-bc generally concudedv'tKat'we: , hold our own very well. We have (lone so,- because/ special attention has been pnidTt'pi.'tjio dev'elopmert of the industry. The Govspljm'ent is payin; a largo sum annually in'salaries of inspectors, graders, etc., so thafr)tlib Londoner muy get a good wholesomo article, and, as a rule, the Londoner can buy New Zealand butter cheaper than can a Wellington resident. The dairy industry is subsidised for- the bene-! fit of the consumer at the other end, but the local consumer receives no such consideration. If the wheat grower had to compote for his inarket then we should see vast improvements in the business. ' ■ l ' '

THE METAL MARKETS. The heavy purchases of copper by the ' Chinese Government have had the effect of appieciating the value of" :.the metal. •. When pm« began to show a serious downward tendency, the Amalgamated Copper Company closed down many of its principal mines in,order, to. reduce tlio-oiitpnt, and the clearance /of some of the surplus slock by China hascoinc St aii

opportune moment., The position of the rhetn] is not secure; the' consumption of the metal fpr ;manufacturing purposes is. decreasing, owing'to the ehb of the tide of industrial acthity. Pig-iron _.has dropped to 50s. 2d., or Is. Od. below the price quoted on Saturday. ihi.H is a? rather heavy depreciation, and points to the prospects of the iron and steel trades entering upon a period of stagnation. Lead has declined from ,£2l 10s., the.quotation at the cncb of-Scptcmber to i£lß. Vsi .Gd. per ton, an:l this metal is likely to. go lower under pressure of ■ American; sajes, -All other metals ■aw more or" less' weak."

: ,.-CUSTOMS REVENUE. The. Customs revenue collected at ■Wellington"'yesterday amounted to ,£1495 3s. 3d.

MINING. NBWS. ; . 'Crushing'operations at the Wairau Valley Gold Mining Co.'s propertjyTop Vnlley.Bleniheim,, have been resumed. It is anticipated that work will be carried on continuously in a few weeks with the full number of stamps. )•:] \ ;,'.: MINING : ',-" [bt telegraph.—press association.] ,-V•-,:-. n-i-i. , :' •"''" 'Auckland,' November 4. < The Crown Mine's return for October was ,£6158 from i960 tons of ore, making a total won from the mine of

AUCKLAND STOCK EXCHANGE. - - . [BY TELEGRAPH.—PRESS. ASSOCIATION.]i ."' /". * 'j. ■"'--'Auckland, November i'. ■ ■■■ Stock -.Exchango. eales.-Waihi 10s 10s. 3d.; Talisman, 48s. 9(1.; \Vatcliman, 9d. to IOSd. to 9Jd.; Champions (contributing), 2s 2d. to'2s. Gd., (paid-up), 3s. Id.; Goklen Belt 2s. '4d'-to '2s. Gd; to 2s. -id.; Tairua Broken Hills, 55.'.'6 d.-'to 55 , . 3d.;-" ■' ■■■'■• ■■• ' '•

*U Y> \ / LONDON tMASKETS. ' '" '/" METALS.. Dl TELEGBAPH—PEESS ASSOCIATION—COVTKIGBT. ' '■: ''' "' ' ' ! London, November .3. '■• Conner spot, £<Sl\ tKree months, suppYiet: 32,050. tons; deliveries, 32,000 tons; in stock, afloat, 4650 tons. Thr— On'suot, £U<i las.; three months,^l4B; : iii-sto'ckVll,324 tons; on spot, 3339 tons; afloat, 4495-tons; deliveries, 2951 tons. Silver is quoted at 2s. Hα. ■ Iron, 50s. 2(1. Lead, .£lB 7s Gd. -Antimony,- i£l3.- ■' Wolf-am, JB-il.--- , , „,_ 1C Galvanised iron.—Best brands, £li> 155.; secondary, «Cl 5 10s. . ■ , '',3. , in,vplatc-s.-LC. coke, 145.; I.C. charcoal Angle steel-X'G 17s. 6d.^ J . : Fencing wir.-M 165;,-Gd.- ■■■••■

_•' PRODUCE.- , '■" e , New Zealand 'he'nip.— Firmer. Octolier- ■ December shipment, 155.. *'Tallow.-Stocks" 15,611 casks;"imports, 4988 casks; deliveries, 9GG3-'cosks. , *7:Rabpits.—Firm, with strong; demand, especially;for young. . . ~ . . .;C6pra.-Hardemng. Higher prices are limiting" business. South Sea, .£2O 25.. Gd. ) The Frozeu Meat Trade' Association s bmithfield market quotations; for the , , undermentioned classes of frozen meat aro based on -actual sales of liot less than 100 carcases of mutton or lamb, or 25 carcases of beef of fair average quality. These quotations aro not for selected lines, but for parcels fairly, representative • of the bulk of shipments now on the market. Canterbury and South -Island are unchanged. North Island, 3id. for best brands and 3Jd. for other sorts. Tho quotations for lamb are unchanged. New Zealand beef—Ox fores, 180 to 2201b., unchanged; ox hinds, 180 to 2201b 3M.; River, Plato sheep—heavy, unchanged; light, ; -3Jd.; ox fores, unchanged; hinds, 3"5-lGd. .7 " ~ ■ .. Hides.—Neglected. The bulk- offering was withdrawn. Nominal prices are heavy ox, s|d., light a»d cow,-5Jd.; Sydney heavy ox, 5!d., light and cpw,,sSd;-.' '' .' h i £S, 2s; ■ Gd.; 'sMersr"«Cß' ss;'2fl;>;.''':i: ; ! '- :: ' :

DALGETST COMPANY'. . ' -,'' • LoNDONi:rjoyembor 3. ■■ Tho Dalgety Companv's report shows a profit of J2203,123.' A dividend of G per cent, has been declared and,a.l per cent, bonus, ,£35,000 has'been added to reserve, -,£30.000 to. writingdown, 'of; promises account, ,£SOOO has been added to' the staff benevolent fund, and .£62,123 carried forward.

11l Gil COMMISSIONER'S CABLE. Tho Department of .Industries and Commerce has received tho following cablo from Commissioner, dated London, Novem:r~- ■'■';■ -... -. ': '■ ' ' i'. The mutton market is quiet. Canterbury lightweights are quoted, at 35(1., and North Island "at-Bjd.' , per' : lbi' Heavy weights, Canter--I)iiry 'lirtirids, "31(1".;'' Island, 3Jd. '. • Tho lamb market is steady, 'with a very good, deinand-, , - Canterbury is quoted at 5Jd., and othei'.'lhan,Canterbury brands at 5Jd. per 'lb. A;.:nX.-'.^/^r x ;The beet"market is qtii'et. New Zealand hindquarters are quoted*at/3Jd., and forequarters at 2.yd:>por..;ib;.;:Siipplics 'of River Plato beef are heavy:'-■■';■■:.: '. ■ •Tho■ but'ter niaYkel is firm, owing to reduced sui)plic^*;.Tlie\higb : prices tilling restrict biisinessj'.aiid,- elico'uragq of-, substitutes. This season's' New • Zealand -manufacture is quoted r a'f 1235.'-Danish, 129s'.; '.Siborinn, 1135.; Argontine, 120s. per cwt. : . The- cbt»!se market is ' quiet but steady. Canadian coloured makes are quoted at G3s., and white at 02s. per'cwt. ' ' Tho hemp market is somewhat steadier, but '.lit-.; demand is principally speculative. Good fair grade, on spot, is'quoted at JC2O; fair, £27 10s.; fair current Manilla, £2'J. JanuaryMarch shipments of good fair grade are quoted at JC27 103:; fair, .£2G 10s.; fair current Manila, ,£29 per ton. . The following are current quotations for kauri gum:—Ordinary to fair three-quarter scraped, 1705.; fair half scraped, 1055.; brown fair half to three-quarter scraped, 925.; brown pickings, common to good, 505.; Bush, fair to good pale and amber scraped, ,1355. •Bradford - tops are quoted as follows:—lSO's low crossbred;, Is. 3Jd.; )o's low crossbreds, Is. ,4(1.; -W's medium crossbreds, Is 5d.; 50's halfibreds, Is. lOJcl.;'.sG's quartcr-breds, 2s. Id.; 60s iherinos',' -'s. id. • '

' - J SHAKE' LIST.. . , '•',■' ' I Rcsorvo o2 Li . bi i „< PRICES. Yield Metropolitan JiuildinB M.COffi ;J?., ,,niL lr . : ; :,'S „,„ 0 --..••■ ; Wellinston Invest. - 50,<X» .'.; . ~ .4- .,r:,|:..> .vf.- " ■ ■ . j 0 0 710 0. -5,G 8 Wel'KtonTruat&Loan-'■.■•ioi-,B50.-.- .- .30.620-s ■■.>• ;S •,.;..■ ■-■ ;■ <?„ . ■ ' ' fl ' 4 .: 0 ; ■■ 65 0 National Mortga«<f.: T . * SCO 004',?^^ l U2,2E0;;:; >..2i ;;: :.a0 ; . j3 S 3 >» ,* *.» „ K.Z. and River l'lato.-; |300,C00-S fr23O,30av -.At. ■ 7.- ...1 0-0 .>n 7-0' : •'v'Loan and MorcaMUo.- v! 'W'? 5 ? > i'- Si - v^.'V. 6 ''-: i- ,?.• -v ; ■ IS u^r:;;S^':^?Sr -.,■.. .: 017 3 ..:;on-o , -New Plymouth' • .. 18,000 - 3453 5- .-ml.. 10 ...... ...' * Q ||& : ■ IS II »' I ; ;jj '"» j g 1§1 °" I01 ° ° 7U 4 i W'cllinston Meat Exp. ) ' . J ■n' 1 -■ i , --" 1 » ,.»,...■., 1O5 ' TO K ' 7E7 4 4" S 3 60 67 ? ■ ■WangftDUi .;;,"„;.;'.* W" .U.««... •-...«. "ml...■..»:.:■ .-......■ 3 6 0 673 . W .aSaT- - HMOO H1MB 1 ..J. . f*° -..a-O 3C8 . -SSiiM , -.::. :-SSSS Sv.f S: , 0 »»« «•» Wetn. b'teaur Ferry '-J6,i!5O- " ; ' '65 i 1 ■.ml;-. ,,6- •. « J » K?r- : : TO' '"SS 1 l-'l IV.;.! 1 !.' ' 17 ,° 613 3 WOOLLEN. .-....'.. •!•■■«• ' ■ • ■ ■ • Eaiapol "-■<-•<"-- - lCO.OCX) ' ' ' S2.8M V 5 nd. 1 - 6 • . ' . ' WoaBiol- • i'.v,-:\- -• - i:..83,J57.. ...17.212 „ 3J; 11 .4, . ., . . i; K K • \Vcmngton-- ■■- - tO,UX) 2J.368 1 16 S 6 6 B 6 0 . I 6 6 MISCELLANEOUS. . , ., . ,„ . DonouhyKopo - - 47.000 - ' 10 .nil - /512 0 . . leylaudA O'Brien - S5.0U3 34,035 1 ■ . ni 15 »«« * 5 llauricaviUeLiaio .-„,, 7.003 , ,203. 1;. .. ni 8...... . - ,i S S ' i Mauniiui&Co.- - ' . ' teCtt) 37,670 ' "4 1 10 B«6 Ward & Co.- - .. EO.UXI 20,055 1 10 „ ' Wgta. Opera Hwsd'.'i , 18,630. 1,705 , 5 m 8 6 0 0 ■ • 6narland.lA£Uea>y/;>;5c.670 ,/VnO.3U..;' 1 ml 7J 010 6