FIANCE AND COMMERCE.

Dominion, Volume 1, Issue 48, 20 November 1907, Page 10

FIANCE AND COMMERCE.

WELLINGTON SHAKE LIST,

THE.SHARE.MAEKET. .;•■„■.: Investment shares were' very quiet yesterday. 'There 'was tut a single sale reported, LeylandO'Brien Timber shares changing hands at 455. ex dividend, and yielding to;the. investor £5 135., 4 per cent, on the basis of'the last dm- ' dend. Bank shares were neglected. Sellers Quotations for New Zealands were i>lo, and for Nationals JJS 95.. There was a little .inquiry for insurance shares: buyers offered 275. 6d. cum dividend for National Insurance, and JX 19s. for Now Zealands, sellers of the, latter holding for .£1 Os. Gd. Financial shares were ?niet and neglected; as also were' Gas shares, n the frozen meat section, there were sellers of Christchurch Meat at .£lO 10s.; for Gears, 495. was bid and 51s. asked. Manawatu Kails were wanted nt 425., and Westport Coal ati.7; * 16s. D.LC. Preference shares were on the mar; ket at 235., but /.buyers were scarce. : Kaun Timber shares, 15s. paid, were wanted at 95.■3d., with sellers at 9s. 9d. There were selleij of Leyland-O'Brien Timber shares at 4fis., and • of New Zealand Paper Mills 235. 3d., the best .buying offer for the latter being 235. Taranaki Petroleum shares have been in fair demand, and buyers yesterday/ advanced their quotations to 6s.'6d. ' • ' ■ THE MINING MARKET. There is less activity in the-mining market as compared with a week ago. Yesterday, Waihis had exchange at 75., which is a i. trifle highor -than the bids made recently.' Talismans are firm,' but there has been no actual business'reported. Big River shares are in strong request and show an! upward tendency. The condition of the mining market yesterday is disclosed in the table appended :— Buyers. Sellers. Sales. ~ £_s.i.£.s. d.i£s. d;{j Kuranui Caledonian ■' — ' : 0 1 2 J; —, ; : | , Kuranui ... "... — 0 1 1*" * i Tairua Broken Hills 0 5 0 0 5 3 — Talismans ... ... 2 9 0 2 10 0 •—'■■; Waihi ■ • ...- ... 8 6 6 8 9 0 '8 7 0:; Big River "... 014 6 - " — ■ I Champion ... . ... — 0 2 6 — THE-WOOL MARKET. ; „■' .'At the Sydney- sales on Monday,' crossbreds and inferiors'.were again weaker.' It is not very pleasant reading, but nothing is to be gained by shirking the point. . Wool has declined 10 per cent., and that does-not appear to be the full measure of the decline. -It will go lower, andHhen recover somewhat; - but the ultimate value of the clip of -1907-8 will not reach that of,'the previous year. ,;Dear money is the direct cause of the first decline; uncertainty as to the immediate future, ''Or the condition of semi-panic will produce a further decline, and recovery will follow upon a calmer ' >view of the situation. There cannot be a recovery to the point from which the first decline was noted', -because there 'is sure' to be a restricted demand consequent upon the slackening of industrial activity. From America and Germany comes news, of the dismissal of thousands of mechanics and artisans, and with loss of work many economies must be practised. Clothing is a necessity, but it is wonderful how the lifo of a suit is prolonged with care and benzine. The wool market is likely to witness more fluctuations in London than in Australasia, and the sales which commence next Tuesday will, in . all probability ,*seo coarse wools decline 15 per cent.. The market will be full of speculative risks,' and it is a' question whether the- woolgrower is justified in accepting such risks. The opinion of those best able to judge is against such risks, for it is maintained that in farming the farmer has perforce'to take chances with the weather and other circumstances, and has no right to wilfully, add to his burden ■ market risks. Wool-growers who fancy • that shipping to London will ; be preferable , to selling in Australasian markets will, in.all probability, regret such a step.' The safest- course to -pursue, at a time of such uncertainty,as .to accept the best price obtainable in the ■ iocal market, and let the "other fellow" havo the excitement of the markot risks. AMERICAN FINANCE. ~ . It is apparent that some system bf-indepen-dent audit or investigation is being made into the affairs of the numerous Trusts Companies that infest the "United States. These Trust ' Companies are practically banks, and indulge in a good deal of high finance. The investigations into the affairs of the Borough Bank of Brooklyn, a concern with a capital of find deposits totalling .£BOO,OOO, have disclosed loans on forged paper, and with respect to the Jenkins Trust Company, another Brooklyn concern, with a capital of ,£IOO,OOO, and deposits amounting to -,£875,000, it has been discovered that advances had been illegally made • to the president of tho coDcern. At the last convention of the American Bankers' Association, held at Atlantic City, September 24 to 27 Inst, the misuso of the term "Trust" came up for consideration, and it was pointed out that many such concerns were conducting lines of business which are illegitimate, if not fraudulent, and it was urged that some restriction ehould be imposed upon those making a misuse of the name. Thore are more revelations to be made, for there is no doubt that America has been indulging in high finance. WHEAT AND COTTON. The fioTirmillers of Minneapolis and the cot; ton factors in tho southern States are hurrying flour and cotton to Eurqpo so that gold may be obtained to put , an end to tho currency famine. Forced sales of these products are being made, and the effect will be to reduce the price of wheat in all producing centres. With cheap Jlqur from oversea Britishmillers who have paid relatively high prices for grain will be unablo to compete, and that will check tho demand for wheat. There is almost certain to be a further fall in values, and it is singular that, whilo the Australian markets havo beon affected by London movements, there has been no change in Now Zealand. The Flour Millers' Association is holding up tho market, because it can do so by reason of the monopoly it is permitted to enjoy. Fancy prices were paid for the cereal a few weeks ago, and now that the market has gone against tho buyers the unfortunate consumers nre expected to stand the loss. The legislation just passed win be of no benefit to the people. The Act can be ridden through with a coach-and-four, and that is perhaps .what is hoped and expected. ' THE MONEY MARKET. London has apparently had to find the money that Mr. Pierpont Morgan was unable to secure in France, for tho new Cunarder, the

Mauritania, is now on the:journey to New York ' with .£2,750,000 in gold; in 'her strongroom. This withdrawal made Paris and Berlin nervous, and it was anticipated.that the. Bank ot England, would put up its , discount rate-on Monday. But.the Banic t haß not done so. It can be well understood that the directors of tho Bank of England are not anxious to impose further restrictions; fpn trade, and have postponed making any change. At nil events, it is distinctly a.'good'ithing that tho change, if necessary, and unavoidable, was not made when it was expected -to be made. To have put up the rate on Monday would rather havo tended to create a panic oh the Continent and furthor increase the monetary stringency. Furthermore, it is likoly that;; tho' directors wore cognisant of the, projected issue of Panama Canal bonds, which, according to New York opinion, has caused a slight ■ impYoyemorit in the situation, and confidence is reviving among small depositors. ■ • ■'■■■ ■'?.. ;: -'; ! So Httlo .Tfiiisnoe, , ,however, can:bo placed on New York opinion jost now'that it would be unwise to assume that things .are on tho mend.. The small,, depositor, is''now the cause of the trouble. He has withdra'wn'orjhas given notice ot withdrawal' of his 'deposit; and wants his money-in currency;, A good deal of gold must I.a've'already gone into'' old'.' stockings and -safe deposits, hoarded up;'because of tho want jf confidence. Under normal conditions there, is enough gold and paper currency to meet the domestic demands' of tho United States, but when, confidence is. lacking there is hardly any' limit to the amount of currency that: would be'required to meet demands. If y the small depositors cease to call in their deposits, thenjhere will come ease, but with it the' 'painful ■ period-of ""liquidation" and reconstruction, which'is more to'be-feared than the .panic.- The latter.is-short and sharp, but the other long |ime;f*and.: throttles ' trade and - commerce. ; America v has to face the liquidation process, and that is when the world will feel the effects of;the, In Germany, - too, there* must -be-a readjustment, anjl in other countries where inflated values have ruled the return to normal will cause a great deal of distress. \. ' ,

; The Bank; of England may take the unusual -.course, of raising its rate on Tuesday, just as Pans arid Berlin:settle down- to the view that the-rate is'not to be raised.. We may be sure, howevor,- that. a.-Bank rate of 8 per .cent, will not. bo ..imposed, unless it is absolutely war-the-dearest-and:, most convincing evidence. , ."".''.'.'■":'.'?! I},"'-'-,': •■' / ■ " ' GRAm : ' (nT TELEGRATH— PRESS \A6SOCIATIOH.) . CmtisTCHunoH, November 19. The grain market is exceptionally quiet, and though some wheat is offering merchants are not anxious to make purchases, and if anything tho price has doclined. The only noticeable change is in the potato market, which has fallen tully 10s. per ton, at country stations. " """. '. LIVE STOCK MARKETS. Dalgety and Company, Limited, report as follows on their Marton sale yesterday :—There was a fair entry- of 6heep.■■ Wether hoggets made 18s. .2d.;. fat arid forward owes,' 175.; mixed wethors and ewes, 18s.; fat cows, ,£5 5s Gd. , .■•-...-...• ! PRICE OF SILVER. ; ■ .•■ ••>■;■■■■..-•;• y London, 1 November 18. I Silver is'quoted:at; 2s; 3}d. v ►

' / coritiur"'" --- —™ - FBICBg:; ;r . ...,..■. Paid Up. Balance gffl Bh«ro. ; .rt5 /..Bwr/ B°"«- ' -;£|2 . towrtor - niOTD £'■■.£ £ £ ■* v j6.'i/d. ' -.£ I. d. . £ •• d. New Zealand - • 2X00,000 581,675 34 34 10 2 3 i' 2 ' 1 2 2 2 - 1 ® ® . 310 2 National • • .... 575,000 . -835,318 24 16 32 8, 0. d 0 U , INSURANCE. ' • ■ V .«• V « m * National . . "'300.000 210,339 S unltd. 15 ''J;? J- ' , , 1 '' 0 611 1 Now Zealand - - * 500,000 ' 336,785 I 8 30 8 III. 0 4 6 Booth British - - ICO.OOO 519,400 1 nniW. -30 J"® , Q _ . 1A , Standard • . • 75,000 62,189 . 5 unltd.. 10 1 3 „.°: I 26 190 6 16 4 EquitableBuUding - RJ.OOO 44*590 6 ' 5 30 10 2 6 10 5 0 30 2 fl i19 0 MetropolitanBuilding ,31X00 ' 5,220 30 nil' 7 . \ . ' 7 i WellingtonInvost. - : 50,000 3,033 k \ . 6 012 3 , . Wel'gton Trust & Loan 301,250 39.620 ' : 6- •. 5 ! 8 \ ..0 0 . 712 0 . 710 0 6 8 0 National Mortgage - 200,000 112,250 8 ' ,'8.. 30 j ? n o ■ ' 1 o s , . N.Z. and Bivor Plato - 300,000 530,308 , 1 : nil 1 1 0 0 i ? ? ' i 2 b din Loan and Mercantile 1 - 135,222 157,368 i 84: 6 _ 066 086 u 1 9. Auckland - . 180,570 , £0,603 1 5 nil 18 11 0 0 ]i 5 r ■''~i Christchuroh - - 152,000 '55,C8T 5 nil . 10 „ ,t 5 , n Feilding - . . J0.805 103 1 nil — 0 16 9 0 17 3 017 0 Giabomo : - - 17,100 0,339 1' nil* 18i U Hswera . . 8,250 715' i J % 10 Now Plymouth • - 18,000 3,169 6 nil 30 w - - « 2 Kapior .... ) 10. nil 15 - 8 0 , y.,. , 49,9571 22,517 5 5 » Ig-*-PalmerstonNorth . 27,000 .lljOOa.. <!' • I- 10 ' T * 6 .'o 17 ' ,Z,! J? "222 , Wellington - - . 67S68 10 nil 10, , 1817 6 18 IS 0 . 5 6 8 124,570 j s 5 10 , MEAT. I , . . . '. Canterbury - . . 183,727 SO.OT4 ■ 7j S'. 8 , » 0 0 Chilstchnich - 166,920 64331.- 10 nil... ' 8 .10 7 6 1010 0 1010 0 JW 4 Gear .... ' I . H.1M 1 nil. 10 " 0'0 S 11 0 2.10 0- <00 . " S8 ' 000 f 4 6 10 Wellington Meat Eip' ) 6 nil. ■ 8 „ ;; 10W66 | ««, 4' . a ■ I 3 6 0 s '''■ - I; i-'o '6 51 Wanganoi " 45.850 11,401 5 nil. 8 TRANSPORT 11 W. &M. Railway ' - 370,000 321,453 1 4 7 2 2 0 9 5 0 9 2 0 363 ' N.Z. Shipping - - 473,810 113,751 8 nil. 6- 6 0 0 ■ ■ Union Steam - . - C00,000 <72,503 30 nil. 10 18 10 0 0810 0 6 8 1 Wgtn.StoamFerry - 46,950. 65,. . 1* / nil, . . 6 , \J Jl? 0 COAI/, ' Westport - - - £80,000 117,215 Si lj * "15 716 0 '717 0 7160 614 7 laupiri - . . . ea,500 tan 1 nil. -,ti. ,.° 19 6 . 1,0,0 . WOOLLEN. • , . Kaiapoi-. - . '100,000 S2.8H 5 nil. 6 Moagiol - ' . . . 83,457 17,212 S4 14 4800 „ , Wellington ... 10,000 S4.3W 4 1 6' 8 6 6 3 6, 0 756 MISCELLANEOUS. Donaghy Bopo - - 47,000 — 10 nil — 612 6 ■ ' " Leyland tc O'Brioa - 30,000 87.761 1 nil 15 2 6 0 : S 5 0 6,13 i Mauriooville Lima * 7,000 203 1 nil . 8 15 0..,.' N.Z. Candle - . •- 10,000 — 10 nil — 10 0 0 . ; M.Z.Drngs - . . £00,000 2 nil 7 212 0 8 12 0 N.Z.PaperMills . 94,755 1477 1 nil; 7 13 0 ■ > 1 3; 3: il*3 '8 • 6 1" N.Z.Cement- . ■ . 40,000 2,013 1 nil 8 110 6 111 6 a Manning A Oo, - . 96,003 37,670 . 4 1 , ( .10 „ 4. 0 0 .' ', Ward & Co. - - 60.0U0. 30.665 4 1 10 4 17 6 6 2 6Wgtn. Opora Honsa ' 18,630 : 1.705 6 nil 8 600 750 Wgtn. Fraih Food " 28,261. 1 nil — ' : v-' TfMtoomba&Tombi- • tSJSO 10.153 5 nil 10. ISO 4100 " Shuiand. Limited i£,67ti 0JU 1 ■ nil Ji 019 3