FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 59, 3 December 1907, Page 8

FINANCE AND COMMERCE.

' THE. SHARE MARKET. , , '" ■' The market opened with a degree of'animation, and brokers 1 were able to record plenty of buying orders. Of sales there .were only two reported, Gears changing hands at 505., and New Zealand Shipping at £6; the latter return to the investor ,£G 13s. '1(1. per cent. There was fair inquiry for bank shares. Buyers of New Zealands offered , .£9 las., sellers .' quotation being ,£10; for Nationals there was a bid of ~£s 7s. 6d., but sellers wanted -Co Bs. ■ 6d. Insurance shares wore in better demand : than for some days past. There were bids of '265. 6d. for Nationals, 225. for' Standards, and £i 19s. for New Zealands. Sellers of thq latter were willing to accept £i. Financial shares v/ere quiet and neglected, with sellers of-New Zealand and Kiver Plate at 295. 9(1., and Wellington Deposit at 10s. Gas shares we're inactive. Christchurch Gas shares were offered at ,£lo'ss., and AVellington Gas .£5 paid 7s; 6d.; for Feilding Gas shares'the old bid of . 17s. was repeated, brit sellers hold ; firm to their quotation of 18s. lii meat shares the demand is restricted to ■ Christchurch Meat shares, which met with inquiry at,.£lo ,10s., and Gear Meats were'wanted at 49s.',.but it is iiot likely that any sales of these shares will be made now at under 50s. Transport shares were again in active demand. Mnnawatu Rails were wanted .at 425. 6d., sellers asking 445. New Zealand Shipping, were in request at £5, ■with sellers at ,£6 55., arid Union Steam had firm buyers-at .£2O ex dividend. Woollen shares were neglected. Coal shares "wero'in 'good . favour. There were bids of 19s. Gd. for.Taupiri Coal, £1 16s.' for Wcstport Coal, and Bs. for Westport-Stockton. In tho miscellaneous section there Was 'quietness.'.Kauri Timber shares, 15s. paid up, were wanted at 9s. 5d., but sellers now ask 10s. There was a demand for Tsiranaki Petroleum shares, because of the more favourable indicationsi in the Birthday well. .There has been a "blow-up," which is said to. be favourable. There are buyers for the shares at 75.-6(1., but sellers" think they are. worth '\ I.os. Of other stocks there were sellers , of ' D.I.C. preference at- 225. 9d., and; LeylandO'Brien Timber'at ,455. 9d. . , ,":'.:• ■_■;':'.[■;-;: THE. MINING 1 The market Was comparatively dull.'There was no trading in northern scrip, but.there was a sale of Big River shares at Us.' Gd., The elate of tho market yesterday is shown in the following table-. — ...•■■■: Buyers. Sellers..-' Sales. £ s. d. £ s. d. , £ s. d.. . Big River ... ...0 13 G 015 0 OH 6 Komata Reefs ; ... 0 16 — — May Queen, Ltd. 013 — • — Champion 0 4 6 0 4 9 — Talisman 2 13 6 2 14 6 — .Waihi ex div. ./. 8 6 0 8 8 0 - AMERICAN CURRENCY PROBLEM. -; .We will know in a'very short while what President Roosevelt proposes to do to overcome the currency troubles of the United States,. A year ago Mr. L. M. Shaw, tho late Secretary to the United States Treasury, in a report to Congress,' suggested two possible, plans—first, the establishment of a graduated reserve, on a scale determined by statute; second, to empower the Secretary to the Treasury to'require all banks slightly and gradually to increa;e their reserves, and hold the same within their own vaults with a corresponding authority to the Treasurer to release the same as in his judgment will best serve the business interests of the country. Mr. Shaw favoured the second plan, the objection to the first being that conditions vary with different seasons in the West. The Ameriuan , Bankers' Association has sub- : mitted a scheme of its own, which provides that any national bank having been activelydoing business for one year, and haying a surplus fund equal to 20 per cent, of its capital, is to have authority to iss,ue credit notes, subject to rules and regulations to be determined • by the Comptroller of the Currency. ' The best scheme would be an adaptation of the banking system of England or Germany; ' that is to say, America needs a Federal Bank, or bank of banks, hut President Roosevelt has already indicated that he will not approve of this, owing, mainly to tho opposition of Mr. Pierpont Morgan, who probably does not relish the opposition that such a bank would involve. In the end we expect that the suggestion of i Mr. \V r . B. Ridgeley, United States Comptroller i of the Currency, will be acted upon—that State and municipal bonds which are legal investments for savings banks in several States might bo used in addition to United States bonds as a sound basis for a note circulation by the national banks to the full extent of their legal powers. Mr. Ridgeley's proposal is the least defensible of , any. because any in? definite extension of note issues based wholly upon securities might in itimes of financial trouble increase the distrust. America has ample supplies of coin and notes, amounting, as tho circulation does, to .£G 12s.'pel' head of the entire population, exclusive of the cash holdings in the Treasury, whereas in England the total does not exceed .£3 10s. per head. If America issued ,£lO per head, and against all manner of securities, the risks of an inconvertible paper currency would be much greater, and the relief would bo temporary. The nature of the coming currency legislation in America will be worth consideration, but an inflated currency is not a safeguard. GROWTH OF LIFE ASSURANCE.' Board of Trade returns indicate the. enormous increase of life assurance in its various forms in tho United Kingdom during the last 20 years. The ordinary life premium income of (British life offices has practically doubled between 188G and 1900, rising from .£12,5.5f>,797 to JSUJH'ifiW- -But t' lo advance in. industrial life assurance is even more remarkable. Here the figures have more than (rcblcd during the past generation, rising from .£3,289,181 to JE11,00.T,2C8. As' regards tho-amount of the sums assured, a comparison can only bo made between 1888 (that being the first year for which the figures relating thereto appeared in the Board of Trade returns) and IMG, but in these 18 years the number of ordinary life assurance policies rose from 905,0fi8 to 2 397 915, and the .".mounts assured thereunder from .£M2,G53,003 to £751,252,481, while the number of industrial life policies and sums assured roso respectively from 9,145,8tf. for .£85,431,487, to 25,544,015, for ,£251,550,107. During the last 20 years tho population in the United Kingdom only increased by 25 per cent., but life assurance increased at least 100 per cent. A much larger proportion of the population is now insured, both under tlie ordinary and ,indnstrial svstams, than was the case 20 years ago. Taking ordinary . assurance, the average amount assured per policy is not, howover, as largo as it was. This is just what

might have been' expected, looking to the broadening;of the- business on democratic lines. But there have been other causes at work lessening the average amount of. policy without affecting to nearly the same extent the average amount of premiums. MINING. (BY TELEGRAPH— SPECIAL CORRESPONDENT.) .... .... Auckland, December 2. The directors of .the Talisman Consolidated iGold Mining Company to-day announced that a dividend, the eleventh, of Is. per share will be payable on December 21,-1907, on. all shares on'the register" on the 9th of'this month. This means the distribution: of another .£15,000, and .will-bring up the total disbursed in dividends to ,£165,000. Over ;£IO,OOO of this dividend goes to" New Zealand shareholders. . I. [SI TELEGRAPH.—PRESS ASSOCIATION.] ■ Auckland, December 2) ' New Zealand Crown.mines crushed 1820 tons for bullion valued'- af" 465352,. a ."decrease compared witn the October rqturh • .(.£0458 from 19S0 tons). , . . ':■■" ;, ' -'■ Waiotahi crushed 469. tons 101b. picked stone for bullion valued at XIBO4 2s; lOd., a large decrease'compared with October (£1916 16s. from 577 tons-1271b.)--— The Waihi Company paid a dividend of 3s. 6d. ■ per■■ share to-day. 'The total paid is £2,m,i32; . ... '■■■ -. . . I .. i STOCK .EXCHANGE. , !.■: :■■ _ ■:", ■..' ■ Dunedin, December 2. Stock Exchange sales: Bise and Shine, 205.; Westport Coal, ' £1 16s. ; '''{BY TEIEOnAPH.^riiESS.iASSOCIATIOi;.) ':■' ::;£:'■:■:"'' ■; "'■.'.'% "" "-DunedJn, December 2. Slock •■<' Exchange <• : quotations:—Dredging stocks:_ Alexandra .Eureka, buyers 25., sellers 7s. Gd.; Alexandra lead, sellers Is. 3d.; Bignell's .?Jo. .Towri;'.:sellers: 3s. pd.; Central Charlton, sellers : -8s. :: Cd. j ■ Cliarlton Creek, buyers Is.; ;Chicago ;.(ex. div.),:;buyers 7s. 6d.j Electric, .-buyers--7s. :-6d.. : -sellers' 12s. Gd.; Enterprise, "sellers "4s.';'Golden Bed, buyers 55., sellers, 65.; Golden Treasure, buyers 3Gs.; Manuhcrikioy buyers 125., sellers 155.; Nelson Creek, buyers Bs., sellers lls.; New Roxburgh Jubilee (paid), buyers 7s. 6d., sellers 10s.; No Town Creek, sellers Bs.; Biso and Shine, buyers" 205.; Rising Sun, sellers 19s. Gd.; Sailor's Bend, buyers 10s. 9d., sellers, 12s. 3d.; Waikaka Queen, buyers ss. Mining stocks—Talisman Consolidated, buyers £2 13s. 7Jd., sellers £2 14s. 3d.; Big River, buyers 12s. Gd., sellers 145.; Shotover quartz, buyers'ss.', sellers' 10s. Investment stock—Westport Coal, buyers, .£7 165., sellers £7 175.; National Mortgage, buyers £3 55., sellers £i 7s. Gd • Mosjiel Wonllon (ex div.), buyers £2 175.; New Zealand Portland Cement, sellers .£1 lls. HIGH COMMISSIONER'S. CABLE. The Department of Industries and Commerco "has received the following cable from' the High Commissioner, dated London, November 30, The mutton market is quiet but steady, and there is a good demand for prime quality. River Plate mutton is in large supply, and is being strongly p'ushed for sale at 3|d. per lb Canterbury brands are quoted at 3Jd., and North Island at 3|d. per ,Ib. The lamb market 'is quiet, and stocks on hand are light; the' high prices asked for lamb are, however, restricting business. There '.is a limited demand, owing to lateness of ceason. Canterbury lamb is i quoted at s]d., and other than Canterbury at sjtl. per lb. The beef market is steady, with a moderate* •.liM.rjid, -••especially - for foreq unrtcrs, which arc quoted at 2|d. per lb. Hindquarters average 3Jd. per lb. The butter'market is very firm, with a good demand. No immediate change in price ,is anticipated. Choicest New Zealand brands are quoted at 3185.; Argentine, 118s.; Australian, llfis. ; Siberian, 110s.; and Danish, 1235. per cwt. Salted butter is quoted at Is. per cwt. less than above prices. The cheese market is slightly weaker, with less demand. Some holders are forcing sales, ana buyers are holding back expecting prices to go lower. The cheese shipped by the s.s. Corinthie arrived m good condition, and is quoted at 60s. per cwt. The- hemp market is dull. .Transactions are light at last'quotations. There is a better demand for hemp-on spot. The cooksfoot seed market is quiet; prospects are favourable, although buyers are not keen to do business at the present time. The "average "price of 171b.' bright dressed seed is 755. per cwt. , . LONDON MARKETS. FROZEN MEAT, BT TELEGRAPH—PRESS ASSOCIATION —COPYRIGHT. .' ■ London, December 1. Frozen mutton and lamb—Unchanged. New Zealand ox fores, 2 11-16 d. River Plate beef-Ox fores, 2 !)-lfid. WOOL. At the wool sales, the fleece portions of Otaria and ' Wairau . clips brought 9Jd. and 9Jd. respectively; -' ' There was n.-igpod" sale at full late rates, occasional lots going in sellers' favour, especially fnultics. .There has been catalogued to date 44,250 bales, and 33,036 bales have been sold. ■■•'; ~' OTHER PRODUCE. New Zealand hemp—Steady. January-March shipment, 428. , At the kauri auctions 513 enses were, offered, but bought in. Rabbits—Unchanged. Rabbitskins—>H73 crates offered and 2.574 sold, at an average decline of one penny to, twopence, owing to the absence of American orders. Copra—Steady. South Sea afloat, .£l9 2s. Gd. METALS. . Copper—On spot, '.£<i2'l2s. Gd.'; three months, J2G3. ; •' Tj n _On spot, JC]3t 55.; three months, .£l3O. Antimony, £'■!. PRICK OF FISH. In view of the fact that supplies of New Zealand fish to Australia am hot too plentiful, the Sydney agent for the Tourist Department has forwarded the following quotations, now ruling in Sydney :--Schnappcr, !ld. to Is. per lb.; black brenin, DSs. to sfe. per basket; whiting, 30s. to GOs. lier basket; flathead, 20s. to 30s. per basket; flounders, 2s. per Boz. to

•Is. per 120z.; solos, 3s. per 807.. to Gs. per 1>07.. t jowfish, 120s. per 101b.; mullet, Bs. to 18s. nor basket; |{ar6sh, iss - to tOs - V cl " hl ! skct; blacklist), Bs. to Ms. per basket; yellowtail, Bs. per basket; lailor, Bs. to Ms. per basket; treralli, Ms. per basket; prawns, 265. to 30s. per basket, and fld. to Is. 3d. per nuart; crayfish, 10s. to 10s. per doz.; ernbs, 2s. to ss. per doz.; oysters, 30.5. per has; smoked fish, Is. per lb. BELVEDERE DAIRY COMPANY. (BY. TELEGIUm— SPECIAL COROTSrONDENT.) Cartekton, December 2. The Belvedere Dairy Company to-day paid out to suppliers the sum of -E543 for milk .supplied during the mouth of November, being at the rate of Gd. per lb. of butter T fat.

WELLINGTON SHAKE" LIST. Reserve c.2 ,.,.. . . TRICKS. TieM mvpm Capital Fumland Pj "?""; -'g _—- ■-■ ■- to COMPANT. paidup . jinnee, #[.__»» dfl ' Burar. Seller. __£ Investor. . ■< BANKS. ■ ' '_" ' . £ t "■'& ■ ,3': £ »• *■ / o Vo jo 0 110 % KewZeflJand • -J.OCO.OCn fgl/ns-.. Si Si -30- ' '' ' National - - '■• S75.C00 535.318 it 15 If :'•» ' & ' °.°. INSUBANCEi •'. •"'•■• i r r." '■ I r 0 B11 1 Notional - - - 1GO.0O0 WX® J unltd. 15 ■LS'S- - 4 ■„ „ * ■■ , UI . Sew Zealand - • SCO.000 8C6.78T. 1! 8 10 ' B U u J » " Eoath Hrltieb - - Kfl.OOO DJ 2,400 ■ V.I: unlld. » „ n ° " , 2 0 G , G j Etandttril - - - 15,000 ,62,108 : S unltd. .10 -I; 2 ° 1 ; 2 6 13 0 610 4 FINANCIAL. ■ *'. ■ .- ' ' ■ ' " j" '■ .' .. J n '■■■ o c ■ irt c n irt r R i iQ n Equitable Building - 'BftOOO ' . ■ IfoW 5 5- 10' 10,8.6 10. S 0 10 3 6 4 IB 0 Metropolitan Bnildinc 21.000 S.M9 10 nil' 7 n15 , o IS 0 5 0 0 WdllDBtonIntest. - . 60,000. , 3.03S-, 4. , i ■' . j> . D . X 1 ' 710 0 o 6 8 .-■■WelWonTruat&Loen 101,110 ' S9.0M . 6. , 5 .. ■ 8. ' " ° ' "■ ° J J NaUonalMorteMo - ■ tOO.OJO HWCO' S, ; 8 '10 \ ' » , ' „ x g B 0 N.Z. and UiTor Wale • 300,000 2M.3O3 , ,V.l.. oil ' I ?, I n 7 n 0 5 6 0 19 AuckKi n d GAS : . . lB0 i3 70 'fO.553 ' B ' nil ' 16 " e 0 14 J i0 Christchuroh . . , 152,000- , M.087 5 nil 10 „ 17 n '. 017 0 -Feilding - . - 10,806 103 1 nil - °"° \ f ° 9 " Gisborao - - - 17,100 0.2M 1 nil 13t 2 " ° : Hawera . ■ >•- . 8.9C0 . 745- . .}.-—-i--- 10- ■ gnr Plymouth - - 18,000 S.1J0 S .nil 10 J»0 iiapier - - - .■■■■■) j —■ 10 ml '15 «,;: ..,'■- - ■ - «,657 53,517 5 6 15 1 "° » I 1 9 15 ' : . Potoereton North' I £7,C00 11.C03 <i i 10 1 ' 6 1815 0 B B 's VoUlngton- - . . 5796S 10 nil Jjj „ , „ : g 81 ?«- 18 668 Canterbury -" . - 183,727 S0.OT4 1l & 8 .80 0 ,.,. „ „ . «*C *« I'i } ill '", Mi Hi VTonsuiui " «,8M 11,401 5 nil. 8 W.&TS™ , - 170.000 ' 19UH 1 i" 1 ee'jj. «*|j , r 3 0 3 0 ° »»J N.Z. Shipping - ., <73.&10 113,751 8 nU. 5 6 0. 0 ijl 6 » » 613 4 Union Steam - - COO.000 «i.5Q2 10 nil. 10 20 0 0 1810 0 5 8 1 Veto.Bfcoam Ferry - *(j>350 - 65 1; ml. b »" 0 Weetport • • SeO,000 117,015 2J. li 15 716 0 716 6 716 0 614 7 laupiri.... K.5W 1 nil. 7i . 019 a 100 WOOLLEN. . ., ' i ■ Eiiapoi- - .i - ' 100,003 £2.651 » 5 ml. 6 • ' v Hosrfol- -• - - 83,457 ' 17.SU 54 li 4 33 0 300 318 4 Wellington .■..-. iQSta M.36J . 4 1 ■ • 6 ; ■ ■ - 3 6 6 360 Y 6 6 ' MISCELLANEOUS. • .. ratfSSrii- ■: SS5' . S7J61 . J ! ni .-5 . 61 § S 2 5 9 3 5 9 6 6 0 HaurioevUleLimi - 7,000 a» 1 "! « 15 0 N.Z.Candle- - - 10,000 - 10, ml . — 10 0 0 K.Z.Dms! ... I00.CM S4.514 a m 7 S100 8116 K.Z. Paper Mills - 94.755 1477 1 ni 7 10 13 3 13 3 6 0 5 K.Z.oiT«at- - - W.0OO 8,013 1 ""I 8 ,110 6 -1U6 ilonning&Oo. - . 96.00J 37,670 i 1 10 \' 3 17 6 . •Ward&Co. - - . WjUtt M.6S5 4 1. A» ,4 17 6 6 »( 5 0 0 8 0 0 ■ffgtn. Opera H0034 ' 1.705 5 nU 8 600 750 ■Wnta. Fresh Food ," 28.SS1 _ l nil — i ' Whltoombe it Tombs- 46,550 M453 £ ni W 16 0 410 0 buarl«ad,Limit9a »,6M UU 1 nil 74 ■ H9 3 , ______ . ■ . . _—