FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 36, 6 November 1907, Page 10

FINANCE AND COMMERCE.

' ' ,'A all tho 'business In invested I stocks reported on 'Change' yesterday. Thb;-*jieio paid up Wellington' Gas shares . had-;':-quittanco at . ,£lB 15s. at which price', thoy:yiehl the investor £5 Gs. Bd. per cent. Tlio; only other movement in Gas shares was/-ian inquiry for Palmerston North Gas at!;ig7,r?s. 6d. Bank shares were ' quiet, with buyors-iof Nationals at £5 Bs., Boilers £5 9s! "i. Insurance shares were not quoted. Financial 1 shares-were in better request, and buyers- offered JglO 25. , .for Equitable Building, ;. : (uid;!iß7 Bs. 6d. for - Wellington Trust and Loan,-Tbut,, there was.-, no response from holders:? J.'TO.llin'gton Investment- shares \ were offered at j 12s! 3d., and Wellington Deposit at lOs.iJn:', Meat shares there was it 'demand Meat".at JBIO • 95., , but sellers iwanie'd s *BIQ 12s. Gd.' Manawatu \ Rails were offered, tit. £2 25., andrWellingtonWoollens at.2sU Buyers bid 205., but sellers .who: hitherto. ;wanted,;2ls. are nofr" willing to, ' accept 20s. -Cd.' .Westport Coal shares 'were in" strong 1 demand-' at £1' 165., while WestportStockton Coal shares .were on sale at 9s. N Kauri Timber shares, '.'l6s-"l' paid, were . wanted at 9s. id., sellers, ;asking;> 9s. <i9d. There were bids 1 of 465. for.rLoylarid and'O'Brien Timber shaivs," and 31s. for jNew'.'Ze&land'Portlahd Cement. *,?• - r ET. -. The improving tendency of Talismans Cirtinucs... Yesterday ~ tho scrip.. of., this ..company., sold at as high as 48s. Cd., and buyers at the price were not , alb motv Sellors ~havo since advanced their priceto 495.,: 'Waihi shares are firm,'with sales at. j!8 Bs., and buyers offering ,£8 7s. Gd. The position of the .fmarKeti 1 - yesterday is shown in the.-.tablo appended :—,; ■. ."J.'Buyers. 'Sellers.''' Sald£' ' s:.;d:::>£. s. d. .$;s:; (L' Kuranui Caledonian-: -. — o'-l'. 2'""-~ '• N.Z. Crown ... ... 0 7 2 - - May Queen, Ltd. ... 0 0 11 0:14-' • — <r Waihi Grand Junetion ... .210 — ... - Big River — ■ 0 12 0 — ■ Waihi .... 8 1 0 8 10 0 8 8 0 falisman . 2 8- G .-2-90'-2- .8, G , • - • • -• -2"S"3' THE .MONEY _ MARKET!''' The financial! trouble in .America .is now 1 Bomewhat.fully reflected in Europe./The;Bank. of England rato for discounts i5:.n0w.,,6 ; pen; cent., having been advanced a .half-.per. cont. on Monday. This, is the, second time that the rate has been advanced on a day other than Thursday,, when. the usual weekly meeting of the Governor and Court of tho Bank is held. On Monday, 28, tho rate was advanced from_ 4J to 5 per cent., on Thursday, October. 31, it was further advanced t0,5-ipeiv cent., and November'. tliere, was .another advance to G per cent., , and in view of the extraordinary conditions that prevail, it would not be surprising tho' weekly meeting to-morrow 7 per cent. America is in urgent need tif money, and is paying a very heavy price for the gold that is being imported. Tho norinal v exchange between London- and New YorMisfrom 4 dollars 81 cents to 4 dollars 82 ..cents to the ■£; it was. l ,4;dQ]lnTS-.Blj. ceh'ts middle of September,-vbu6 ; tho-Americans aror now paying 490 . cents! or 4 :'dollars 90' for tho pound sterling, and must: now pay a P little more, since "th'estbftnfc'rate-' Ji^beaii'iaii-1 vanced. The United a currency famine,, and the largo business houses are paying Tho-, inn Eorts of gold into America" nancial crisis comriieilccd on' October are about .87,500,000, and it is apparent that this is far from, sufficient for the needs of the country; further. sujipli?s must, .ftp.vobtained' from London, and this pressure for the metal must result in a further advance in the rates for money. America is a great gold producer, and in 190G stood second on the list, with South Africa being at the head of the list with and Australasia third with ,£17,200,000. Besides this large production, the imports of gold into tho. United States last, year were exceptionally , large;.. The figures for tho past three-years "compare as under':— \ Y<ar. , Imports. Exports. Excesses'of £ . £ £ 1901 ... 17,381,6G3 ... 24,842,424 ... exp. 7,463,7G1 1905 ... 10,310,147 ... 9,592,805 ... imp. 717,282 1906 ... 31,893,773.... 9,575,332 ... imp. 22,318,391 ,Tho v outlook in monetary affairs-has-noitrim-proved in tho United States, and .must:, affect' tho foreign commerce of the Americans. While 011 tho 0110 hand, they will bo compelled, to, rcaliso speedily on their wheat and cotton, they must, on the' other, operate with caution in their purchases of raw material, and in this category wool must bo reckoned. The scramble for gold may in a degreo fall upon Australasia, but that will not hurt us. Of course, all the bullion produced in tho Domini'onris shipped, but in Australia the mints coin some of tho metal, but all the gold not needed for domestic purposes is exported. Just now, Australasia can pay London accounts with tho proceeds of butter and cheese and 'wool aft'd' frozen meat. The' position, r however; is very uncertain, and it' is well to exorcise' caution. :FrozenMEAT *"• The cable' message from the High Commis- ■ sioner indicates- that tho market for frozen" meat is weak,.and tho outlook for an improvement is not; very promising. Compared [ifitht a year ago? ,tho,,:valucs of New Zealand- -meat • Bhow the .follo.iving changes :— j9o7.';':'i9C(i: Mutton. ;:^ '• " .. .. ' Canterbury— " Light weight Heavy, weight ... j| North -Island— Light weight „ ''.' it} ... 4J Heavy, weight... „ ... 4J Lamb. ...i Canterbury 5J ... 5J Other Now Zealand sorts.-.. 5} ... 5J Beef. '> ■■■■■ >■'■■ Hindquarters ~ ... 3J ... 4} Foroquarters 2.J ... 3J The fall in values, as compared with a year ngo, is very pronounced, ana thoso who knoiv little or nothing about the industry, and are unfamiliar with its statistics, find it very convenient to assign the fall to tho "bearing" tactics of London buyers, who want to soo values reduced, prior to tho now season, so ghat forward contracts might,..bo. made, on a., favourable basis to tho c.i.f. -buyers. It is eomewhat strange similar'"tactics ' w6ro not adopted last year. They were not accuscd of jearing the market a year ago, Tiecausa "tlie

•Ci ti» 1 it-i.';; ili l ist! prices were satisfactory: It is, of course, an unwarrantable insinuation to mako it appear , .that, there,is, any : ..concerted .action to .depress a.-.glanco at 'the::statistics will show fh'o true,cause of.the.downward .trend of values. SuppUcs t aro . incr,easii)g—Australia,' for in-fitancop'-ir t "now- a v - factor in -the situation, and tho supplies...from tho .Argentine aro also increasing. The exports from Australia to the United Kingdom last, month w.ero,,,compared . fn'itli^tto , .(»T^e^ondtng',tieri"o)i' , 'of "'last month, as under:— ; ■ och,,i9D6. Oct., m. Carcases.' Carcases. . Mutton 30,t00 .... -55,000 Liifjb )> ... v , 250,000 M>«.>.< "(JuartcViK* Quarters. , ißeef-;. .• ....j JO,OOO 3,000 ' ARGENTINE EXTORTS. .. ■ i:. Oct.,: 1907. ■ ' " Carcases. Carcases. Mutton „ „ ... 105,000 ... 250,000 f ,, u,Lamb,l ... 4,000 Quarters. Quarters. Beef „ „ 120,000. „ 140,000 J : !liainb from. ilmlntton and beef .jffpm tho,;,' /Rfld; tjhillcd' beef from America, "arecoming into., competition SHth' : :Newf Zealiifid "mefits'jHhat' is why prices aro declining. -What. is> not realised is' tho improved p'ositibh" of "tho Commonwealth in the meat, trade, 1 MINING [BY TELEGRArH.—OWN CORRESrONDENT.] , • . p ..i, » Auckland, November 5. <l The y , l 'W'.fj.ihi Mining Co. has declared Another 3s. -Gd. 'dividend, payable on December 2. This brings tho total amount of dividends, etc., paid and declared'/ to' 42,839,432. v:Ther,'Waiota'hi7.Gold, Mining.: Co. have dec.laj'edl'nngthCT.l'diYidend":of "6d. per share, payable on November 6. This will absorb iB6OOO, ,brijiging ,tlio .total paid out in dividends to; JE391,6q0j- : ; •j. r .-< ?-,' V• ; . [BT TELEGEAPH.—OWN CORRESPONDENT.] V.' 5. The*chief Stock Exchange sales to-day were: I—Kaurir.tijpbe.i;-.. (contributing);. 9s. . Gd.; Victoria, ls:-\7d.; to Is.: 9d.: Crown, 2s. 6d. and ;2s. .Tairua.Brokcn Hills, ss. 3d., ss. 2d., BsiVSd.'i' Talisman, 49s.;'Waihi,'i!8 9s. 9d., £8 10s.;iWaihi extended,, ss. 2d..; Champion (paid i»p),-ißs~-2d.^ 2s"7d. • STOCK EXCHANGE SALES. [iJTTELEGRAPn;—PRESS*^ASSOCIATION.] / Dunedin, November 5. Stock Exchange sales.i-Talisman Consolida?tpdj"4Bs.; New Zealand Portland-Cement (two .lbts),"-31s. ttAIIKET. 1 [dt telegraph.—ritEss AsspciATioN.] '-CHiiiSTCniißcii, November 5. •'jii'lWs reported that^^o','wheat .is offering from ihe Country,-those wlio hold evidently having 'idetermined not to sell:;,till'.later, in tho hope 4 h . at ,'i th 2„ ™«*et a still higher '.aevelS Tho .weaker tone' of- tho market in' London and the late rains in Australia have steadied the Colonial market, and there is not the same anxiety to'purchase. The only transaction reported' locally is a merchant's sale of,about 20()0..'bushels at Gs., at' a •Country station;, equal ;to 6s. 2Jd. f.0.b., the ■wheat being for lAuckland. The'.price of oatmeal has advanced to JOIB per ton'. Potatoes are not so firm, though prices' aro still about ..the samp,.. , HIDE AND SKIN SALES. Messrs. Dalgoty and Company, Ltd.,' report as follows on their usual monthly sale of wool,'skins,-hides, tallow,'etc, held at Palmerston North, on Friday, November 1 :— . Tliers; ,was a gpod attendance, of buyers, and competition was-* keen-ifor 'all ilots offered. Mr ool.—W offered a" small" catalogue of crutchings and dead wool. Prices wero equal to late jat'es/ : Dead, 6Jd., 7}d., 7|d.; crutchings, 4d. to old.; skin pieces, 2d. Sheepskins—We offered . a good catalogue, but'prices Were'slightly'easier by -Jd. to -Jd per pound. Dead hoggets, GJd.; first dead] 7d. to 7id.; second dead, 5Jd. to Gd.; shorts, '5Jd. to'.pil.;-crossbred; stall pelts, 5Jd. to G}d.* crossbred, 7Jd. to BJd/; lambs, 7^d.; black, 5d.; crossbred, part dry and green, 6s. 4d., 75., and •7s. .Gd. to Bs. 2d.; dead, 3s. 6d.; lambs, Is. 9d.j pelts, Is. 7d.; salted pelts, Is. 10(1- . Calfskins.—Very keen competition for all lots offered;. Medium to good, Gd., G{d. to 63(1. ■ meaty, sd.;'cut, 4Jd. to 4Jd.; small, half dry' 3d.; slippy, 2|d. . -.m-.U'i " !...Hides.—Prices wero on arpari.with last sale Good heavy ox, s}d.; medium, to sjd.; light to. 4fd. Cows—medinm, 4,' d. to 4§d.; light' •Id. to 4jd.; cows; slightly cut, 3Jd.; slippy, 3d! to 3Jd.;/yearlings, 3jd.; bulls, 2Jd. ~.vTaJloy,-Ip Casks, 21s. Gd.; tins, 20s. All other sundries sold-at full Market rates. Our .noif'siltfrtikes iplace oh-'No'vember 29. .:,7J ,r 4 ,;n. iit.VESTOCK 'SiVLES. Messrs. Dalgety and Company, Limited, re-port-that at;;, -their Marton salo yesterday, thcro ,©6SBd/tatfy of sheep, and a fair yarding of up to 225. 5d.; small ~wofhorSi..;;|Bs:i J ,-6d.-;-i.iwethor hoggets, 16s. 9d • 'imixed 14s. 7d„ its. 2d!; empty.owes,!UflfGd.,- -two-year steers, «£4 2s. 6(1. • £2 15s. to Piah'iatua, November 5. Tho Loan aud Mcrca'ntile'.'Agoncy Company, Limited, held their fortnightly' sale to-da'v. Thoi-o wero small entries of. slicop, but a full yarding of cattle. Competition was keen, and the cattle prices showed arffadranco over last sales. Iloggets mado up to lGs. 3d. Two-and-a-half-ycar steors, J!4126(1. tWd-ycar, £3 10s.; eighteon months, J63; yearling, 455. Heifers-Two-year, 425.; good yearlings, 21s. Gd. to 275.; forward cows, 405.; store, 305.; springing dairv liejfcrs, 'JOs, to, 605.,.

WELLINGTON V'jSHAME .LIST. ' coota#- "■' ; Cspiul - prices.-, i,"., Tioid , . ' .X":; K ■?" dUp - loXrf. Si- shoij;- .%■ -• »»«'•" ,..Mo! ' Inv ° stor - VBANKQ. £ . ' . £ •-■£•• '<'•/> £' ! - 1 it. £ b. d; £ b. d. . £ fl. d. NewiZealand . - .2,COO, £81,675 35J-.3i, , •«£" XiJOMii.0.., 0 14 0 .., 910 .0 ;, " 3 10-2 National-- - « — '-375,000 ; ';/ m'»-835v318 '24? 12- 5 9 0 . INSURANCES \ r/ wr ;i':rA ; -I! • • •• • „ A National •' - - v .t v .§,:/unltd. 15", * \ J . = M 0 511 1 New Zealand -'A336.785- • • -8 » 10n * J 9 " • • . South British * - ' 1' unhd; 30 r 615 0 , „ ft ' « ir a Standard - - 75,000 W p. 62,163:1! 'I iinltd.' 10-, * ..,X 2 0 6 16 4 FINANCIAL.-;. • •. •. »Vv . v*:m «• Equitable Building - 60,000; 44 ' 30" 0 10 5 0 10 2 6. 4 18 9 Metropolitan Building 21,000..:; 5,220 I'lO;*! t/ .ni! . 7 jl2 0 0 . Wellington Invest. 1 -';- 60,000 •«' » 3,933 i < h - v 6 ' ' '*' • J J? J , A , r e e WgtonTriiat&Loah .101,250 " 89.620'• 6, , 8 7 8 6, 7 10 0 V 710 0 5 6 8 National Mortgage - -'-200,000 ••ill2.250;!*, iv»»'8 • "10 ..3 3-.? ♦ ? 5 S '? *, J 5 A X N.Z. and River Plato - 300,000 230.308^4*-PDil • ' 7 1 0"0 1. 9 fl 10 6 .4 15 0 Loan and Mercantile - 135,223 157,358 " i! - !! ' 8i 5 0 ' 0 • "" GAS. •" • • Auckland- - 180,370-" 80,552 .-6- - nil.-* ; 16 -H -0 0 14 5 0 : Christchurch ; i' 1G3.000' ' 65,067 ,"S*. nil *. ,10 .,,. , AJj: ?, ... i Feilding . . . 10,SM ' 103 1-—-nil -- . 017 3.-. 017 0GiBboruo ... 17JOO ■ 0,23!) 1 nil 12} . « „ , , J , Hawera* ' - • '. 6,260 694 5 1 10 J 1-0 l'.S. 0. New Plymouth - - IB.OOl) . 3,150 - 5. . nil .,10 .7 15 0 Hapior ..... \ 10 nil 15 ' JS 0 J • „ " - - 40.0571 £2,517 5 5 15 1 2?S.'2 - J . -v 'IT ( 9 • 15 « •»• 3. 7- 6 PalmorstonNoi-tli.:I , 27,000 ; • «,'I] !;}0 : B,; : Xj:.« f 6 4Wellington ,j 0 / s 1U < '.nil v.. fclO. .18 14,0,- ; .W» 0 -.0 . -.18il6 0 5 6 8 • V ' '124,5701 1 • -j- •■• 3 • -jo- »9 7'0 " •"•»! MEiT. . , Canterbury - 183,727 30,074 7l 21 »' 1 8 80 0 . Christchurch - - 165,920 51,337 10 nil; " -'-8 10 0 0 10 12 6 1010 0 713 4 Gear ... - 65,193 - 1 niL 10 S 7 0 • i WollinstonMoatExpt ) 5 .nil.,, .a...., » 105,766 f 63,767 4 1 8. „ .'•■ ,i- - J s|. 23. 8 ...... .s-6 0- .IU VTnnganni;,, " .45,850 ■■ 11,401' 6' nil." ...}8; ; 3-6 0 '6 7-3 TBANSPORX. ' ' • " • -- ', „ .- W. & M. Bailway - lVO.OOO 121,452 1: 4 7 230 368 N.Z. Shipping - - 473,810 113,751 8 nil.- 5 600 . Union Steam - . , EOO.OCO . 472,592... 10 nil. . 10 ■ 1810 0 18,10 0 6 8 1 Wgtn.SteamForry - '46,250 65 ',1'' 'niVi ■ 6 ■ - ..018.,0. COAL. • •. -!•)•« . >• • i- • . ' ■Wcstport ... 280,000 117,215 35 li 15 716 0 717 6 717 0 613 9 laupiri- « - - 62,500 5,333 1\ -nil.. 7i— 1 0 0 10 6 WOOLLEN. - * Kaiapoi'- , .. - 100,009." \ 32.RM.'. 5 ' rsilr,, "T, '. 7j ilosgiol63,457... -- 17,2121" i'3l / <11 r\*>. >i, -r -..v «« ■ Wellington - - tOJXM .ai.368 ' ''4 : 1' 6 ! ' S 6 6 8,6 0 T6 6 -MISCELLANEOUS. , . DonaghyRopo - - 47,COO — 10. nil — ■ 5 12 6 - XiOyland&O'Brioa - '35,000 S4.08S 1 ""nil" - "IS 2 6 0 8 7 6 . ; MauricevilloLiino . ■ 7,000 . 205 1 : .nil 8 , .15 0. N.Z.Candlo - " lO.OOO;"..V' >iffp "'nil v '. 10 0 0' w 1 "" . K.Z.Drugs- - i .-£00,000-' .54,51f inilJ 7 810 6'. 911 0V N.Z. Paper Mills . 0-1,755 1,177 1 . nil 7 1 36 1 40 1 8 73 - 6 19 0 N.Z.Cement-' -. .. 40,000 ,.,.i,SJD48.i nil 8 111 0 112-6 - Manning&Co. - ' 96,003- ' 37,670 -- 4: 1 ■ 10 4 0 0 •. Ward & Co. - - " tO.OOO : 20,655 _4 1 .. 10 6 3 6 Wgtn. Opera Honeo v" 18,630 1.705. 5 nil 8 6 0 0 Wgtn. Frcsh'Food . 2S.-2iil —1 nil — 0 2 0 Whiteombo&Tpmba - 'v-46.250 .. r .-S0,153,f 5'' nil 10 4 6 0" ' 410 0 Gbarland. Liinitbd ■ it ''j-.fljlli-. 1 nil 74 0 10 3 '■ly-Mi'.'v , ...