FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 49, 21 November 1907, Page 10

FINANCE AND COMMERCE.

WELLINGTON . SHAKE LIST.

THE SHARE MARKET. There was a little move animation shown in the'share market yesterday than for some days past. Gear Meats, 20s. paid-up, again changed hands at 505., and there was also a sale ot Leyland-O'Brien Timber shares at <£2 ss. j Kauri Timber, 15s. paid-up, at 9s. sd._; and Ward and Company Brewery shares at ao. ine striking feature of yesterday was tho increased number of-buying orders. Bank shares did not command much attention; tliore was a bid ot J25 7s. 6d. for National Bank shares, sellers holding for £5 Bs. Gd. Bank of New Zealand shares were offered at <£10, but buyers appear to be scarce. Insurance shares exhibited no change. New Zealands were in request at £3 195., with sellers at <£4 Os. 6d., and Standards were wanted at 21s. 9d. In financial shares. there was a bid of .£3 4s. Gd. for ■' National Mortgage, and £1 9s. was offered for Wellington Trust and Loan. _ Sellers' quota-, tions wero 655. (id. for " National' Mortgage, 295. 9d. for New Zealand and Eiver Plate, 12s. .for Wellington Investment, and 10s. for Wei-, lington Deposit. Gas shares were" in slightly better demand. Hokitika Gas shares were ' wanted at J3-1 155., and Palmerston North Gas at £7 2s. Gd. Wellington Gas shares, JCIO paid, were on salo at <£18 17s. Gd. Apart from the sale of Gears, there was nothing done in meat, i shares. Sellers expressed a willingness to accept <£10 10s. for Christchurch Heat, but there were no buyers. Manawatu Rails were again in firm demand at 425., with sellers at '15s. Union Steam shares were in demand at ,£lB 10s.

The new scheme of the directors to water the capital out of accumulated profits should enhance tho value of' these shares. ■ Wool and coal shares were neglected. Leyland-O'Brien Timber shares were firm, with buyers at 455„and sellers at 475. Taranaki Petroleum shares have experienced another advance, buyers now offering Bs., while a fortnight ago. ss. was the best bid. The prospects of the company have, • evidontly improved. Tho other shares on the miscellaneous list call for no. comment. - THE MINING MARKET. ' _ ■- Business in mining shares was confined to Talismans and Wainis, the former changing hands at 495. 3d. and 495. Gd., and the latter at ■£% 7s. and £8 9s. The position of the mining market yesterday is shown in the table appended:— . ( Buyers. Sellers. Sales. £ s. d. s. d. £ s. d. Kurauui Caledonian 0 10.013 — Tairua Broken Hills .0 5 0 — : Big River ... ... 0 14 G ' — — • Talisman S I t 2 11 0 2 9- 3' 2 s 9 -6 'Waihi „ 8 8 0 810 '0; 8 7.0 B'9 0 THE UNION. STEAM SHIP COMPANY. ' The directors of this Company propose to increase the paid-up capital from ,£600,000 to', by taking .£200,000 from certain reserve funds, and distributing the same among shareholders as a bonus of 6s. Bd. in the .£, payable in fully paid-up shares. The financial year of the Company closed , on September 30, and, although the balance-sheet is not available, it is obvious the Company, has dono exceedingly veil. Tho directors evidently desiro to avoid declaring a bigger dividend than 10 per cent., and this method of transferring reserve funds td capital is an excellent ono for getting over the difficulty of disposing of the • surplus profits. By this operation the capital will be swelled to <£800,000, and the shareholders are "not asked to pay one penny piece of tho additional .£200,000. The Company will, if tho proposal is adopted, pay a smaller dividend, for the distribution mil be at the-rate of 7% per cent. But it does not mean any smaller income , to the fortunato shareholders, \ because J!10 per centum on ,£600,000 is the same as £7 10s. per centum on .£BOO,OOO. The return is ,£60,000 in each case, but to the public, or that section of it which does not.study the matter, the 7J per cent, on .£BOO,OOO looks less than the 10 per cent, on the ,£600,000. But it would be foolish to assume that tho directors will keep tho dividend down to 7\ per cent. Tho profit-earning capacity of the Union Company is almost what the'directors like'to'

is more likely to be correct,' as'at the corresponding date last year 21,500 bales were sent direct to the manufacturers. Comparing the supplies, deliveries, and tho net quantity available, we get. the'following 1907:'!,. 190 G. Bales. Bales. Arrivals '154,00(1 121,300 Forwarded direct ... 36,000 21,500 Brought forward- ... 7,000 7,700 Net available 125,000 107,500 There is this year an increase of 17,500 bales, not a very big quantity at ordinary times, but with the disturbed money market it will look fairly big," and tend to produce a bad effect. ' ; AMERICAN CURRENCY QUESTION. The financial crisis in tho United States has at last forced the Government of that country to consider some means of making the currency of the ,country more.elastic, and-of a quality and quantity suited- to- the requirements ot the nation. Reform, of the-currency has been urged again arid again by leading financiers, and-the American. Bankers' Association has submittrd a schomo which may be summarised as follows:—... : 1. Any' National bank," having been actively doing business for one year, and-haying a surplus finid equal to 20 per cent, of its capital, shall have authority to issue credit notes, as follows, subject. to the rules and regulations to be .determined by the Comptroller of tho .Currency:.(a) An amount equal.to 40 per cent, of its bond-secured 'circulation, subject to a . tax at the rate of 2.} per cent, per annum upon the average amount outstanding, (b) A further amount equal to 12J per cent, of its capital, subject to a tax at the rate of 5 per cent, per annum, upon the average amount outstanding jn, excess ,o.f. the amount first mentioned. ' ■

make it, and so in the years to come, after the .£200,000 now taken from the reserve fund - Is restored in whole or in part, the dividend may be brought up to 10 per cent., and instead of (ho shareholders recoiving JCGO,GOO annually, they will get .£BO,OOO. The Union Steam Ship, Company is a magnificent conTorn for its shareholders. : GOVERNMENT SECURITIES. Australasian Government Securities quoted jn the London Stock Exchango havo suffered soverely from tho dcarness.of money. Compared with a year ago, values are considerably lower. Such of the States as have maturing loans to provide for during tho next few months will have some trouble to face in arranging matters. Tho movements in Government Securities at dates 12 months apart are shown in tho tablo appended:— Per 190 G. - 1907. Fall, cent. State. £ £ £ 4 ... N.S. Wales ... 103} ... lOC ... 3* SI ... N.S. Wales ... 09 ... 95J ... 3} B ... N.S. Wales ... 88 ... 84 . ... 4 t ... Victorian ... 105 ... 101J ... 3} H ... Victorian ... '1001 ... 97 ... 35 B ... Victorian , ... 89" ... 86} ... 24 B} ... S. Australian ... 100 ... 98 ... 2 B ... S. Australian ... 874 ... 85 ... 4 ... Queensland ... 10GJ ... 101 ... 2} 3} ... Queensland ... 99} ... 97} ... 2 3 ... Queensland ... 871 ••• 81 ... 3} 4 ... New Zealand ... 100} ... 104} ... 2 3} ... New Zealand ... 101 ... 99 ... 2 5 ... Now Zealand ... 80 ... 81} ... 4} 3} ... W. Australia ... 97} ... 95 ... 2} 8 ... W. Australia ... 87} ... 83 ... 4} 3} ... Tasmanian ... 100 ... 58 ... 2 3 ... Tasmanian ... 89} ... 88 ... 1} Now Zealand's 3's have registered tho heaviest decline, West Australian 3's coming next. Tasmanian 3's show to advantago in the above comparison. THE WOOL SALES, For the forthcoming London wool sales, which will befin on Tuesday of next week, the net quantity available for the series is stated to be 125,000 bales, but this cannot be reconciled with the other figures, for it is cabled that the arrivals total 151,000 bales, and there was carried over from the previous sales 7000 bales, which would make the total 101,000 bales, less whatever was sent direct to the manufacturers. The cable states that the quantity forward direct was 7000 bales, which is obviously an error. The true amount sent to manufacturers is 38,000 bales, which, deducted from 101,000 bales, would give the 125.000 bales mentioned above. This, we think.

2. Tho same reserves shall be carried against credit notes as are now required by law to be carried against deposits. It provides a 5 per cent, guarantee fund from which to redeem the notes of any defaulting barik. It is very probable that this., schcmc-will form the basis of the proposed legislation; at all events, the declaration of President Roosevelt that the Government will deal with the' question, will have an excellent effect. .STOCK SALKS. j Messrs. Dalgety and-Company report on the opening sale at Wnriganiu' as follows:—We yarded-1100 cattle'and 2400 sheep. There was a large attendance' of ' buyers'.- Cattle were easier. Sheep sold at late Tates. Quotations:— Sheep—Mixed woolly-hoggets,Mss. 9d. to IBs. Bd.; aged-.ewes and, lambs, 18s. '6d.; wether hoggets,... iGs.; cull .hoggets, 10s. 2d.; cull wethers, 145.-Gd. Cattle —Four-year store bullocks, £5 155.; three-year bullocks; £i to £5; two-year steers, ,£3 to .£3 lis.; light fat cows, £i 17b. Gd.; fat and forward hoifers; J23 10s. to .£4 2s. fid.; empty heifers, 475.; store cows, .£2'los. to £2 lis.; yearling steers, £2 3s. Gd.; mixed yearlings, 275. to 375.; cowhand calves, £2 13s. to <£3 25.; milking cows (backward), £2 ss. to £3 7s. Gd. Pigs—Porkers; 3s. j stores, 18s. (81 TELEGRAPH—PRESS ASSOCIATION.) Christchurch, November 20. At the Acldington live stock market to-day, there was a fairly large entry of stock/ and a good attendance. Fat cattle were a shade easier. Fat lambs sold well; export buyers operating for tho first time at tho'. yards this season. Storo sheep -were not quite so easy to sell, and there was a decline in all classes of pigs. The yarding of stor'o sheep was a small one, and the demand was ■ not quite so brisk as of late, and prices wero baroly maintained. A lino of 228 shorn two-tooth sold at Us. 9d., G8 at 125., 55 at 12s. 10d„ 353 fourtooth shorn wethers at 16s. 6d., 91 four and six.-tooth woolly ewes and lambs at 14s. 9d., 197 shorn ewes and lambs at 7s. Id., all counted. There wero about 6(H) ' fat lambs pennod, and with the exception of a fow pens the quality was really good. VSoveral of tho export buyers were operating; tho, prices they paid- ranging.->ircim...'l6s'.*-!.5d.» to: 19s. 2d., and lighter lajnbs.'sola: from' 14s.' upwards. Thore was a fairly large yarding ; of fat sheep, nearly all being ..horn, and there was a good proportion of wethers. The market opened well. The supply of beef totalled 282 head, the bulk being of prime quality. Tho market was easier than of late, in consequenco of supplies becoming more plentiful. Steers brought £& to .£l2 12s. Gd.; heifers,, <£5 17s. r ,6dr to j!8 10s.; and cows, J34 175.-6 d. to .£7 175.--6 d:, equal to 28a. to 31s.' for extra prime, 255. to 275. Gd. for prime, and 21s. to 245. for cows and medium qnality per -1001b. Veal calves were enter»d in largo numbers, and sold at ss. Gd. to 50s. The number of pigs entered was not so large as last week, and there was an all-round decline. Baconers ranged from 555. to 755. (equal to sld. per lb.); porkers, 365. to 525. (equal to 5Jd. to 6d.); large-stores,--355.- to-45s. f medium, 265. to 325.; and. veaners, 18s. to 245." - '5 Dcnedin, November 20. At tho Burnsido market, 232 fat cattle were yarded, the bulk of which consisted of really prime beof.' At the commencement prices wero about £1 per head below those ruling last week, but an improvement was noticed as'the salo progressed. Primebullocks..sold up to ,£l2 12s. Gd.; extra, to .£l2 17s."Gd.; medium, JB9 12s. Gd.; lighter, <£8 7s. Gd.; cows, <£9 155.; heifers, to <210 2s. Gd. Fat sheep, 1750 penned. The yarding comprised a lot of primo heavy wethers ana ewes, with a percentage of unfinished sheep. Prices opened firmer than last week, but declined from Is. Gd. to 2s. per head, as the salo progressed. Prime wethers, ais. Gd. to 2Gs.; extra, to 275.; medium, 21s. Gd. to 235. Gd.; unfinished and light, 19s. to 20s. Gd.; primo wethers (shorn),, 21s. Gd. to 235.; extra, to 245. 3d.; medium,-18s. to 19s. Fat lambs, 154 penned, a. good yarding, and prices ruled pretty much on a par with last week's rates.

LONDON MARKETS. Dt TELEGRAPH —PRESS ASSOCIATION—COFTniOfff. London, Novombor 19. Copper.—On spot, .£SB 155.; throo months, J558 12s. Cd. * Tin.--Ou spot, £13i 55,; threo months, J8135 15s. Lead, .CIS. Silver, 2s. 3ld. Shares.—Bank of Australasia, .£95; Bank of Now South Wales, JG-tl; Union Bnnk, X 55; National Bank of Now Zealand, £5 to £5 10b. ; Bunk of New Zealand, £9 10s. to .210; Bank of New Zealand four per cent, guaranteed stock, .£100; New Zealand Loan arid Morcnntilo Agency, JS92. For tho forthcoming London colonial wool sales 154,000 bales havo arrived, of which 7000 hnvo been sent direct to tho manufacturers, leaving 125,000 bales available for sale.

■ COMPANT ' Capital. Sd & ££ * f ■ ... ' ™ COMPANT. Palau , & — 1 . ■'. '■*& ' ■§• i " : 4 * g flV 4||'" '-.15:1 .*5* National - - .- 876.000 -336,318 . 24 15 13 6 7 6 f I «. ;"" ■ - .INSURANCE. , • . ■ , „ . .. '. ,■„ n '• mi 1 National ... 1CO.0OO 219,339 5 nnltd. 15 1J 6 . . ,1.'..° BUI NewZealand . ■ 300,000 336,780 8 8 . 10 B19 0 i 0 6•■■_-. ■ Booth British - - 100,000 512,400 1 unKd. CO ■ - • J« J . : „ ; n . ,„ j Standard - - . 76,000: £3,188 ,i unltd. 10 11912 6 ■;! a 0. 610*. FINANCIAL. ',,-.,. ;X . ' ,„ r -.''',« V'« ' i IP 0 Eoultoblo Building - 60,000 44509 65 10 10 3 6 10 5 0 .10 3,6 ,418 9 Metropolitan Building 21.000 5,229 10 nil T „'„,„- 1 '' Wellington Invest. - 60,000 3,933 1 j 6 012..0. ,;•:- ■ •Wel'stonTrnst&Loan 101,250 39.620 5 5 8 790 711.0 : , .1 10 f0 660 National Mortgage. - £00,000 112.250 .3 8 , ,30 3.4,6 8 5 6. 8, 4' .0 6 5 8 N;Z. and Blver Plate - 300,000 230,308 1 ■• mll-i. '..1 1 D ° i ? ? i':?';?. 0 1 0 Loan and Mercantile. '.135,223; 157,358. 1- '-:'8i ; v : .5 . ,. : . 9.6 6 .0-5.6./ a 1 «. ■ GAS.' 1 • ' ..«»,,.«• 1 ••■' Auckland - . - 180,370 E0.553 6 nil 16 14 0 0 14 6 0 Christoburoh - - 152,000 56,087 -6 nil ■ 10 MB 0 .... -. Feuding . -■ , - lo!805 103 1 nil - 016 9 ■ 017 3 017 0 GiBborno - . . ' - 17,100 9,239 1 nil 12J 2 la 0 " Hawera - - '. 8,250 745 J . i 10 . v ' Hew Plymouth - - 18,000 8,159 5- nil 10 715 0 Kapler '. ... 1 10 nil 15 85 0 0 „ • - - - 49,957 22,517 B- . 5 15 1510 0 Palmereton North '. 27.000 11,002 4}' '»■" 10 t « 6' 7 9 6 6' 6 4 Wellington - - . 1M570 > 67968 10 nil 10 1817 6 1815 0 5 6 8 Canterbury -'. - .* "183,727 .'S0.0H 7} 2i 8 • 8 0 0 ' ChriBtchuroh - . 165,920 61,337 1J n . 8 10 7 6 M1C0 1010 .0 J 13 4 Gear - • - M „v,l 85.193 1 nil.' 10 2.9 0 2 11 0 2 10 0 4 0 0 . . . • 83,000 J 4 6 10 Wellington Meat Ew 5 nil.. 8 ,.''„, '. „ .1 b n fi 105 766 i 63 767 4 18 600 596 5 2 u 668 x ;; ;; 10MM J ww a 23 8 3 6 0 )'S p . e 7 3 Wangnnui " 45,850 11,404 6 nil. 8 ;'-._. W.&M A B ? aU°a J y T- - 170,000 121,453 14 7 230 85 0 2 3,0 368 N.Z. Shipping - - 473,840 ■ 113.751 8 nU. 5 „ „ „ 6 0 0 . Union Steam - - £00,000 472,592 10 ml. 10 1810 0 1810 0 6 8 1 Wgtn. Steam Ferry - 46,250 65 . 1 nil. 6 BIB 0 Westport - - 280,000 117.215 8} « If' 716 0 717 o' 716 0 '614 7 laupiri .... 82,600 ■ 5,339 1 mi. 7i 019 6 100 WOOLLEN. , Eaiapol- - - - 100,000 52,851 5 ml. 6 Woagiol- - - - 83,457, 17,212 34 14 4 » 0 0 • Wellington - - • - £0,000 24.363 4 1 6 8 6 6 3 6 0 7 5 6 MISCELLANEOUS. .„ .. „«»■.'■ Donaghyllopo - - 47,000 - 10 hi - 613 6 Leyland 4 O'Brien - 35,03) 37,761 1 nil 15 2 5 0 2 7 0 8 ,5 0 613 4 MauricevilleLimo - 7,000 208 1 m\ 8 15 0 MJS.Candlo- - - 10,000- - 10 nil - 10 0 0 . .,:. . NJ5.Drugs - - - 200.000. 34.514 ..£.. ..ml. . ...7.. _ J12 -0- - 213 0- .,-,.' „ N.Z. Paper Millj . 94,755 1477 1 nil 7 130 13 3 13 3 618 NXCement- - . 40,000 . 2.018 ...1. . .nil._ .8. 110 6 ..111-6 ManninfifcOo. - . 95,000 .37,670 4 1 10 4 0 0 . . Ward & Co. - - £0,000 30,655 4 1 10 417 6 Ml 50 0 BOO Wgta. Opera House " 18,630 1.705 5 nil 8.600 7 50 Wgtn. Fresh Food - 28,261 . ■ — 1 nil - Whitcombe 4 Tomba- £0J53 6 ni 10 4 6 0 410 0 Bharland.Limited 48.676 6JU 1 nU 7i 019 0 "'■;. .