FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 44, 15 November 1907, Page 8

FINANCE AND COMMERCE.

THE SHAKE MARKET. :,' ■> Investment shares lacked animation 'yesterf day, and there was but a-single transfer, Wellington Woollen shares changing hands '65.,: at which price they yield tne-;investor .-£7 ss. 6d. In Bank, shares the old bids were ,"repeated, buye'rs offering ~£'9: ' li.=. ' for /Bank of New Zealand, and sellers .wanting £10 2s. 6d, ;. National Bank shares ' were again on sale at '.£5 9s. Insurance'shares .were .neglected,: with sellers of New Zealand' Insurance at; r Financial shares were quiet, there ■ being -more* sellers than buyers. Equitable Building shares, which have been in firm .demand ■for-some-time past, were again wanted, at-£lo 2,< Gd., but selr lers are not to be found. "Wellington Trust' and Loan shares were on offer at £7 12s;, Wellington Deposit at 9s. 9d., New Zealand and Eiver Plate at 295. 9d., and Loan and Mercantile at 7s. Gas' shares .were very much .neglected. Sellers quoted £10 ss. for Christehurch Gas, 17s. for Feilding Gas, and £18 15s. for the fully paid-up. issues Wellington .Gas shares. ' Gear. Meat shares; were in strong demand at £2 95..'6 d., sellers'asking 12s. 6d.'{ Manawatu Rails were also firm, with buyers at \ 425., and sellers at #s';. .-Wellington Woollen's i were procurable at'£3 6s. 6d., Taupiri Coal* at 20s. Gd., Westport Coiil at £7 16s. fid., andWestport Stockton Goal 'at 9s. 9d. In the miscellaneous section there-were'buyers of Kauri: Timber, 15s. paid, at 9s. 5d., * and Leyland-. O'Brien Timber at.• 475. Taranaki Petroleum shares are slightly firmer, buyers having advanced to 6s.,..with sellers, now. at 10s. ._.New Zealand Paper Mills were quoted at 225. 9d.,' Sharland's Ordinary at 195., and Preference at 19s. 3d.

THE MINING MARKET. There was considerable activity in giining:., shares, and quite a number of sales! were're-"' ported. Waihis are slightly, weaker, with' sales at £8 55.; New Zealand • Crown shades have hardened, and 6ales were made' at £8 10s. Champion Scrip changed hands at 2s. 7(1. j considerable development work has been completed in the Champion. claim, and the reef, . ■which is about 50ft. ■'wide, :shows an'assay/ value of £3 ss. 6d. per ton. the directors of this concern issued 40,000 shares at 25., and with tho proceeds it is intended to erest a 20-stamp battery. The position of'the' mining market.yesterday is shown in the table ■ appended:— ■ • 1 Buyers. , Sellers. Sales. £s. d. £s. d. £s. d. N.Z. Consolidated 019 6 110 n .i Kuranui — 011 —' Tairua Broken . - ■ Hills 0 5 1 _0 5. 3 rWaihi Extended ... 0 5 2 ■ - : -. IWaihi Grand Junciion ..., ... ■—— •• 2 0' 0 : Progress 1 0 6 1 10 Champion ... ... — .— 0 1 2 7 Big River ... ■ .1. 013 9 . ■ — — N.Z. Crown ... 0 8 9 0 9 0i 0 810 0 8 10 ■Ngatiawa — — 0 18 J 0 19 Talisman 2 9 0 2 9 3 — Waihi 8 4 9 8 5 3 8 5 0 ■8 5 0 PRODUCE EXPORTS. 1 The quantities and values of the principal products passed through the Customs for export during the month of October, compared with the figures for the corresponding month of last year, stand, according; to the .leaflet No. 49 issued by the Department of Industries and Commerce,-as'under:— i October, 1907. October, 1906. Cwt. '£ .Cwt. £ Butter ... 22,634 111,842 23,531 115,51? Cheese 11,0-42 30,836- 5576 15,121 Frozen Beef... 15,239 18,570 2370 2748 Mutton ... 28,865 39,959 43,870 58,696 Legs and Pieces 162 . 218.. . 121 ', 172 Lamb ... ... 3516 6380. ' 5101 ' 8464 81,458 £207,805 ;; v 80,569 £?00,715 The gaiij is very fair considering'it'is ■ for a single, month. The improvement, however, is due wholly to the increase in dairy produce. The butter and cheese exported last month' totalled 33,673cwt.i valued at;'£l-12,678,' ;as_- ' against 29,107cwt., of the value "of" £130,633, 'in October, 1906. Frozen meat exhibits a decline, the quantity exported last month being 47,782 cwt., valued' r at .£65,127, 'as ' compared with £1,462ewt., valued at £70,082. The exports of wheat, oats, and potatoes, were exceedingly small, because of the shortage in supplies. Of wheat 164 bushels were .exported, as against 3392 bushels in .' October,' 1906. Oats, 622 - bushels,' as against 99,301 bushels, and potatoes 8 tons, as against 2 tons. There was a decrease also in the , export's; of hemp, 2037 tons of tho value' of £57,227, as compared with 2280 tons, valued at £68,550. The exports of wool last month totalled 1,321,1201b., estimated to be worth £60,136. Other exports"last month included: Rabbits, 7952ciyt., value £6948; tow, 296 tons, value £2425; kauri gum, 956 tons, value £71,975; grain and pulse, other than wheat and oats,--9543 busbels, value £2337; hops, 170cwt.,'value £640; hides, 19,4-13, of.the value of £15,423; «kins (all kinds), 1,058,725, -value £40,700;-tal-low, 550 tons,, value £13,600.; timber, 1 5,556,481 gup. ft., value £25,834; and gold, 26,1670z., value £102,691. The total value of the, exports, dealt with in' the leaflet is: £607,949,-' or an average of £22,516 per day fo'l- the 27 business days in October.

SHIPPING PROFITS. T With all tho activity of trade and commerce, shipowners do not seem to have benefited much. The New Zealand Shipping" Company.' is a case in point. There has. bcen;-no-varia : : tion in the dividend for six years,'.', diirihg which period it has remained steady at ; s;;per cent., but the profits havo been smaller, .and thri additions.to tho reserve fund have stopped, during the past-two years. The valuo' of j the. fleet has been'wiitten down from JEl9_.l3d. Id. to «£!) Gs. Bd. per ton gross. Tho figures are taken from "Fairplay." The profits, which wero JE17.011 in 1902, were only ,£42,143 in 1907. Other shipping companies haye the.same tale is tell, and the adverse position is accounted for by the higher cost of commodities,: and the increase in working expenses'. Another apparent want of coincidence between turnover and profit is supplied by the Paris correspondent of "Commercial Intelligence," who gays;—" The foreign comrnorce of France seems to bo going up by leaps and bounds, yet dividends do not rise, ana bankruptcies are moro' numerous than ever. Everybody 6ecms to bo very busy, and none more so than those connected with tho iron and steel trades, .but no one is making money." He mentions one great industrial concern which' lias not declared a dividend for soven years, and it appears that with the increased cost of 'abour

WELLINGTON SHAKE LI6T.

and raw material great difficulty must yet be experienced in obtaining a rtiargin 'of profit. We need not, of course, go .further than the Lancashire weaving' trade.,to find- an example bf.an'industry .that may on-occasion unite full .production,: with little or no. profit. .' "J-.-UNITED STATES RAILWAYS. Poor-sjManual of United States, railroads for 4906 >■ shows that in the. past .-six years the average increases in these lines i have been 4881 miles, .£147,540,000 in-capital,.'£2B,72B,ooo in traffic, and ,£3,614,600 in tho dividends on ;the',Cpnllnon (ordinary), stocks,'ahd shares. Until quite recently, United States,'railroads paid their stock holders very poorly. Even in 1900 ths average rate of dividend was only 2.44 per ,cent., .But since, then, though'the. capital expansion has.been very great,' the rate of dividends has also grown satisfactorily, and for 1906 the average return to the stockholders was 3.63 per cent. Even that was hot at' all high, but "it ' was" much better than' previously. On the six years the capital has grown by 31 'per'cent.', the' traffic revenue.by,s6.3 per cent., the.-working expenses by 52:8' per cent., and the,not returns-by' 63.5 per ccnt; The interest ;on, bonds, etc., has increased ..;only. 20 per cent., but the.average rate of interest thereon has been reduced. .On the . hand, tho . amount paid •• in dividends has increased 90 per ' corit'. The 'average 'distance which traffic is carried has been gradually extended, but the' average charge for carriage is about the same as six years previously—Say, Id. per mile for passengers, and 3d. per ton per mile forgobds.

THE MONEY CRISIS. The currency stringency in the United States appears still to be, very severe, notwithstanding ; the inflow 1 'of 1 several niillions sterling in gold. Premiums have advanced to 3} per cent., wnich evidently 'means the premium, on gold. The stringency will force the Roosevelt Government to consider the currency question, and a measure may be expected when Congress next meets. The worst feature of the r.tua'.tion .is, tlijß, fact "tbiit many industrial establishments must curtail operation's, and throw idle thousands of, workers. It is stated that 10,000 cotton operatives in the New England States are now- idle, and there must be similar dismissals in tho iron and steel trades and allied branches of industry. This American crisis is destined to have a far-reaching effect. "• "WOOL SALES. The first:of the series-,of local wool sales will bo held in the Town Hall to-day, when the. catalogue to be submitted by the several wool brokers will consist of the following approximate number,of bales:—.' . . . Dalgety. and Co. 640 bales. " Loan 'and Mercantile'"'''..". 467 „ Levin and Co 275 „ ' Murray, Roberts and Co.'' 200 '„ Abrahams and Williams ... 60 „ United Farmers ... -i:'./ 59 „ Total . ... ... 1701 bales. . It cannot bo said that any degree of ODtimism prevails' with respect to'values;'on the contrary,, some brokers: have rather expanded their, notions .of.the fall that is likely to take place. There'will be a full attendance of buyers, but from what we can gather regarding reserves, a great deal of business is not likely to bo recorded. / Growers have an exaggerated idea of the market prospects. TALISMAN.

(by telegraph—special correspondent.) - Auckland,- November 14. ' A:Waihi message gives the following reborton the Tyork in the Talisman MineAt No. .12 level, the main ore body (Mario reef), in the 6outh soction has now been driven upon for over 500 ft., and a strong body • of-.stone giving high values has been carried along for practically the ftill length of the'-dnve. As a considerable proportion of tho bullion figuring in- tho recent return .came from' quratz won from this drive and the No. 12 CJp-rise, it would appear that the Company havo an extensive block of high grade ore, available for stoping between the Nog.' ;i2i'aitti! IS levels in the present face. Tho eastern branch has again diverged from the main reef, and both ■sections-of the. lode are. yielding dirt of lower grade, thus pointing to the probability that the end of the rich chute has been reached. Tho drifts, are being pushed on to the Dubbo chute, which is, some distance further south, <and-other rich' veins-of ore may be met with ;in.this direction.. At the lowest workings (No. 13 level) the full width of the .drift' is in j-ich. ore, aad-as.thero are solid.blocks between the'deepest working area 12 level, with a vertical height of 200 ft., it will be seen that extensive ore reserves are in sight. ThoiNo. 8 Up-rise-(the-second) to-connect with No. 12 level for the purposes of ventilation will shortly hole through, and the No. 13 faco will then be pushed forward more expeditiously. This face has vet to be advanced about 150 ft: "tO~bring it unaer the point reached by the level. At No. 12 at No. 11 level the eastern .branch lode has been driven upon going ' ,south :abolit 730 ft;; and in the present •face the'-vein matter is spread right across tho drift, and is of peculiar formation and low ■grade. --Possibly an improvement will be met •..vrJjthJa&l'tM drive .is', carried into the Dubbo section. Tho south face of the drift on the main ore body shows tho lode to be split up, and- cross-cuts put out have' revealed veins up-jto"4ft.;.'in-:'thickness, with values on the low • side.' i Development work will have to bo advanced', further, before the- management will bo; iri' r a''posltiOn'. .to .fully;,deterjiiine. the extent -of the new-make of-stone Bouth-of No. 7Crosscut, : buL; eve.ry,thing ."points, to-.'an extensive ( block- for .future-- stoping operations.

j KOMAT MINING COMPANY. :v;'. ..;Cdt ' TELEGRAm—PRESS association.) ; Auckland,'.' November 14. i During the four weeks endihg "November 2, . the Komata Reefs Gold Mining Co. crushed ! and treated 2400 tons of ore, valued at ,£4350, i for return of bullion compared with the 1 return for the preceding month,, when a - similar tonnage of. ore yielded <64338. This : shows a alight -increase, Jjiaking the present - the highest monthly output for this year. The > total amount won from the mine' to date is 5 J5265,868. 3 LONDON MARKETS. J. London, .November 13. 5 Copper—On spot, «£GO 10s.; thrce'months, ,£6O - 58. ■ • . Tin—On spot, .6111 10s.; three months, .6142 r 15s. •

Iron, 50s. 9d. Lead, ,£lB 7s. 6d.; imports, 31,924 tons (including 5025 Australian); exports, 4353 tons. Silver, 2s. 3 l-16d. At tho tallow -suite 2063 casks were offered, and 010 sold. No fine sorts sold. Tho rest declined by from 6d, to 9d. LONDON MEAT MARKET. Napier, November 14. The C.C. and D. Company, London, cables the following report,:—Frozen meat: Canterbury mutton, 3ld.;' Napier, Wellington, and North Island, 3gfl.; Lamb, first quality, 51d.; second, sjd. Boef, binds, 3U1.; fores, 'i|d. MOUNT LYELL. BY TBLEGBAPH—PRESS ASSOCIATION—COPYRIGHT. Melbourne, November 14. The Mount Lyell Company has declared a dividend of Is. 3d., and a bonus of 9d. per share, payable on December 16. FUNDED STOCK. Sydnet, November 14. , 'The issue at Sydney of -£600,000 funded stock, carrying 3J per cent., has been authorised. LIVE STOCK MARKETS.

■ MASTERTON CATTLE FAIR. [by telegraph.—rnEss association.] Messrs. Abraham and Williams, Ltd., report on their Masterton spring cattle fair, held yesterday, as follows The sale, from every point of view, constitued a record for the Wairarapa, a noticeable feature being the absence of Culls lots. Buyers were present from all parts of the North Island, and as the bulk of them were keen for business, the sale was the most animated we have yet held. The few pens which were pissed at auction being immediately sold privately. A word ofpraise is due to the vendors for the manner in which they drafted their cattle, buyers expressing their satisfaction at being adored the opportunity o f purchasing clean straight lines. Messrs. Williams Bros.'s entry of bullocks was keenly competed for, Messrs. Gower arid Hall, of the Manawatu, securing a straight line of 230, and the balance being purchased by the local fatteners. Buyers from the outside districts secured 'the bulk of tho cattle yarded. Although our yarding accommodation was taxed to the utmost, we quitted every line, except one small lor of steers and a few odd cows, a total of 25. Very few sheep were yarded, arid,not much busipess was done. We quote Cattle—-fat cows and heifer's, £6 to £8 10s.; fat and forward cows, £i to M 155.; springing cows, i.3 10s. to £o 56.; empty heifers, £2 Is; to £2 10s.; lieiferS in calf, 375. 6d. to £2 lis; yearlings (mixed sexes), £2 6s. to i£2 lis.; poorer sorts, 20s. to ,£7 6d.; twoyear steers and heifers, £2 18s. 6d.; two-year steers, £3 12s. to £i 12s. 6d.; two and a half and three-year-old steers, £4 .'lis. Cd. to £5 55.; bullocks (three-year-olds), a large entry made from £5 12s. to .£6 10s., three and four-year-olds, <£6 Bs. 6d.to £1 &.; bulls (shorthorn), 2\ to 15 guineas, according to quality. Sheep.—Fat ewes, 225. 3d.; ewes arid' 1-mbs, 235. Id. to 235. Gd. Pigs.—Slips, 12s. to 14s. 6d. Sheep dogs, £i to XB. PALMERSTON. ! (by TELEGRAPH—toess association,) '• The New Zealand Loan and ' Mercantile Agency Company, Ltd., reportsAt Palmerston North on Thursday we had an average yarding of cattle. There was a good all-round demand,• but beef was somewhat easier. We quote:—Shorn fat owes, 14s. 10d.; fat lambs, 13s-. Id.; store cows, .£2 10s.; springing cows, £2 10s. to £i 10s.; cows in milk, JJ4 10s.; 1&njonths heifers, 305.; heifers in calf, .£2 10s. to £2 155.; ■ fat heifers, £i 75.; fat cows, .£4 ,13s. Cd. .£2s. 6d; fat bullocks, £9 3s. Gd. to £9 Gs.; bulls, £i ss. . ■ ■

COMPANY ™ &3S §1 V " COMPANY. Paid Up. Man« g* >g£J 'Jg Bayer . M l., • ■%£/ In ™'"- BANKS. * . * "'-• «. .i.-i - .•*" „ u n - •• tin "j'V 1*6 1) 'iio'i New Zealand - - BJJCOflOO ,SSI,675 3$ i.si... ,10. ' I " ;' . D ■" national - - - 875,000 S85.US M 15 • ' 12. 6 8 0 ' :. 6 0 0 INSURANCE. .. , v , . 0 ' v .••'«•» e . «> o 611 1 National - - - MMW ,. 'MMffl..: i nnltd. 15;' : 1 .« S> J I 5 i»o * XewZealond - SOO.OOO 336,735 !. 8 10, ' * 0 0 k io BES™. : $58; Vil ,*** '• ..B»jOOO.. »:««#'.!'• "• 'lO.i ,U-2 V 6- '1(J 5. 0 ' M ! l 9 Jfctri jitan liaildinfl 21,000 ' "5,??9 ■/ ' 10 - nil '7 ' " ■' n ' :. WellingtonInvest. " .50,000 ■/.: S.B33 '1.';.,. .'...# ; .' fl i - ' 'o • '• 1 ®"0 B 8 8 Wel'gton Trust ifc Loan 101,250 . 89,520 . A« . , S ,;> ■ 8- .•*»«/«.. ?"< 2. ;. J ° 0 6 5 0 National MorUjnfie mOOO : :.112,!H) !• J ; . 8 10 ■;3 8 6 3 6 0 o « , N.Z.andRivorPlato ."■ .300,000.:v . SS0.308:.. .1. nil 1 1 •»•.<». v i y „ > '• i 'n 1 g Loan and Mercantilo- 135.221 167,3« - > 8i ' 5 u j u u a o GA8. 1 >' mt <*■* A '.!•< c A'' Auckland. - 100,370 80,53 ,,5) nil \ 16 11 00 1 5 ?• - .Christcharah - - 152,000 65,087 . 6 nil; 10 ' on B . Feilding ... 10,805' "' 103 '1 nil > — " n Ta n . Gisborno - - - 17,100 0,339 1 nil' 12J _. , 213 0 Hawora - '. " "ftSSO'" 6M" ~ S" ".~i M " TB 0 ■ M " A 5; S ■ .°. . ;; : ; ; . «**{ 1. ". f ;g. U : Vi I , ■ Folmorston North - ' 27,000 * ; U.C03* 4j ' I" .*J0 ' W T * ® 3flQ '101? n' 6 6 8 Wellington - - - CT«S » .ml 10 " 15 0 18 15 0 . MBAT, , n n n ' Crmterbury : . 383.727 90.074 7l * 8 JO o - . fM>4 Christohuroh - - 106,020,: : M.33T,' 10 ni. .8 tt T« S 480 fie". ; - — ; 02,0001. 85.103 1 . iul. 10. « 9 6 2 X2 6 2 10 0 , *«. v Wellington Meat EIJ. . V S 4 \ HI 5-3 6 5 2'0. ' 6 5.6, „ „ . ■ l 106,7661 E3.7OT . ? » 3 5 6 , 3 ' 6 6 '. 3 6 0 6 I 3 VTaofi'inui 45350 U,«X 5 nU. B TRANSPORT. ■ • _ n o n Q i ' rt » a A icq VJ.&M.Railway ► 170,000. 321.453. 1 J T 3 3 0 « i 0 868 K.Z. Shipping . - - '473.840 1 ' ' 113.751 r ■ "8 MlAr <6. , *•- 6 0 u Union Steam - - 600,OOP .172,593 10 nil. 10 1810 0 ■. ■ . ; U.W.. O . * I I Wgtn. Steam Forrr - 65 1 nil. 6 018 0 . - - Sffl.000 117,215 II • 15 ; T 16 6 7 17 6 .116 0; ' tli 1 laupiri - 82,500 ■ •= -5339' • 1- nil." »'• • -019-# ■■-1.0.6. - •woollen. , . Kaiapoi - - • - 300,000 32,854 5 nU, . 6 -• Mosgiel- - - - - B3.457 : 17.213 34 1} 4 .. ■ . . . ■Wellington - - - EO.OOO 24,3«S 4 1 6 88 6 8 6 0. IB 6 .MISCELLANEOUS. : ' „. i)onagbyRope -,;.r <7,000 1 1°- nil —. 613 6 t Leyland 4 O'Brien - - '''35,000 ; ,;"S7.761; y ".'njj ,"'15'. .110 ' ilnuricovillo Lima 7,000 208 1 •»}}•••• 8 . ,5 5 J " N.Z.Candle- - . 10,000 - JO ml , - . • 10 0 0 N.Z. Drags - - ... SOO.COO ...SMM . 3 "i! 7 ' 10 6 ?S JJ.Z. Paper Mills . 94,755 ' 1477 1. ml ,7 1 2 0 ' • K.Z.Cement- -■ . 40/100 .. S.013.. _1; «L.. 110 t '.lU j y & Oo, - • 3T.670 4 1 10 toe Ward & Co. . - *• 60,000 3a655 i 1 10 1 f. ? n , « "Wgta. Opera House * 18,630 1.705 5 nil 8 600. 760 \7gtn. Proah Food " 58,261 — 1 oil —- Whitcombe & Tombs* .,46,250.- - 80453'. .6 -nil., .10.. ,.4-6 0 U0 0. Uharland,Limited • •' 48,676" ; ; 9,311*: n '£ 019 3. i: . .