FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 66, 11 December 1907, Page 10

FINANCE AND COMMERCE.

THE SIIAEJO MARKET. , -The market for investment shares is relapsing, and'-this is inevitable, for we are now approaching the long vacation. Business yesterday was of a,brighter character.,' than -bri t . Monday. ; A strong demaud developed-,, for Manawatu Rails', and sales were' made at'£2 . -'Ss.' 9d. and £& (45.-; with buyers at the close st ,£'2 3s. 6d. Just what the ' sale' I 'to ' the' 1 -Government will' Work out-to'the shareholders' will depend upon the'.results of. the arbitration, but it is just' possible- •'that*-the;. . , directors may be- willing to . accept the* price' ; , a? which , now, stands m.,j;he books, ;• of the company,. A sale of .Wellington Invest-' .'..Stent at ,12s.' ,was'"als6 rtported'yesterday.'!-''' ri . Of ,the buyiiig-'ifand- selling.-orders-;-ther& was a fair number,, the :buying .being donfiried niainly to : insurance, meat, , and transport . shares.. Bank','shares ,were neglected, with: , Nationals ou . sale .at .£5 Bs. In financial shares, there-.were sellers:of Wellingtoif Deposit at 10s., and 'Loan-and Mercantile at 7s. Cd., , . There was a .bid of £7:25. 6d. for Pahrierston v. ** , North' Gas, while sellers ;quoted 18s. for Eeild,ing ,Gas."., For insurance* shares' there .were linyers of Nationals at„26s. '9.d;, and Standards 1 225, 3d. 'The latter Exhibit . ah- advancing ? ten-- ' . dency, from-, which -it is .safe to .infer.; tliltj j ' V-. th(! companywill show a/good balance-sheet* • foi the current year.' :Th'e're was a'bid of: 505., for Geare.-'and ifilD lOs.'for Christchutch Meat. ' • ,&lkrs_: .asked'-:eio 12s. ah'd~VTelUngton 'Meat.Export, £5 paid up,:shares were on' sale at £6 15s. Buyers of New Zealand Shipping shares renewed their offer of '£G Gs., and for o,iY 011 /-i^ ani bid, sellers wanting £"'■ Coal shares wcre'steady and unchanged, ; > witn buyers of'.Taupiri at 19s. 6d., and sellers of Westports at £7 17s. Donftghy, RdpeV and Twine, shares were again -wriiited* lit Ji)-M4s:, and sellers quoted 215. : Gd.' for D.I.C. I'refer-JM-c, 4.55. 9d. for Xeyland-O'Brieu Timborfl'a'ATF- — 1". for bharland s Ordinary. 1 :

THE : %MNG' ; MAREET. • Sec^on there was excellent tradinrr in Talismans, which sold at ;545. 6d., 51s. '9d., anil, 555. Waihis also changed hands, thtr pnc-.. sorted being'ss.' The state oflfie niaiket 'yesterday' is disclosed" iji: the; .following:— - ; " "• ' ' f Sellers.'"'Sales:' s. d. 4S. d; 4s. d. Kuianui . Caledonian 0 10 — May -Qiieen,' Ltd. 0, 1 1. — — . Ngutiawa : ... ... "" _ •''"o" 11. ' : - r Old Hauraki .... ... _•-.■•;(); 1 ins.-1. ;;i l Vl ;l hi ' 8 ■! 6 8 6' G 8 5 0 , lalisman ... ... 214 6 215 3 2lt 6 ' I . .2.14 9 ' 2 15 0 . • hemp. • ~,r ~,v f° r hemp, as .furnished ?bv ! the iligh Commissioner, compare as ■ under :— v v „ , T ' Dec.-7, Dec~.'B, w N.Z. Hemp. 1907. 1906. Decline. Good fair'grade, on * A S ' d ' £* d ' spot ... ... ...29 0.0 39 0 0,10 0 0 Jan-Mar. shipment'2B 0 0 37 10 0 910 0 iair current""-' Manila ... ... ... 29. 0 ,0 42 .10 0 13 10 -0The decline is most. 'pronounced-in '. each case and.it is obvious that;.the '-the Dc-minton will soon bo-forced to/take steps for a readjustment of the working cqnditions. ' It ' is believed that most of tho.mills are working o/'xontracts, but'these will run out;in about a loitnighrs time; and then 'the trouble "will' begm. .428-per ton'for first grade, fa for' 's6cond f igrade;\'tiean's' , TeVy'ffTnuclU : : , l6Wfe> pnees'- than, for : some' tiAe'-past, \aml ; while' some millers , may be able' to" keep their machinery going because of economical working conditions, and' other favourable circum-. stances, the majority of tho millers will eitliec! ? V ?u ° 1- -<«k.i ; oi:.a,readjustment oi " th £ e . ;chaijsCß.; As jfar'."as."can-' be asceitallied, no steps have been taken to bring! about any readjustmat, and;--millers :eitherr du not realise the; seriousness of "the'situation,' or else they take a'very-optimistic view of.the a think that values will immediately

DEALING^^'IN!■ : ' 7 ' r:; . .."Jsjt right, to deal in'futifres,'", grant' *«"!£. or., to,'take' thorny or- to 'play tho- ttarf! of the bull or "bear"? This is the important question that Mr. Charles'W." Smith,'of Lojidoh, • has set himself to in tho negative. He takes as the':'.tdxConi{i.s,'roinifesto on the sublet a. recent utterance of n eS iL Roosevelt that "in connection with", ah great social and /industrial problems conirontiug ■ the United States .of. preserving, the .rights.. of. property' is' the" pvin-'■ cipal one, ana are- in- less jeopardy from the Socialist and tho anarchist than from the 1 predatory man of wealth." Mr. Smith contends that it is because of-th<\ unjust poH;cr ,qf international gambling on the stock, produce, and metal exchanges that men of wealth have been enabled directly or indirectly to controf all property,; including laiid and tho efforts!?t Present.prolonged crisis in'-tKe" United t is analysed and connected by the writer directly with .the wrecking tactics ot the" predatory,.men. 0f.,., wealth.. of. .that. , .country. These won, he sriysV • without eonecience create '.world-wide; disturbance'' in ord£f that they may make trains. .There are many who feel that the "bear" and the "bull" have been allowed to run riot in the region, of commerce and industry; but the 18 r t0 v even cvery-day business operations of their speculative side. Even tho vagaries of Nature help to promote the speculative spirit. .What -Mr; Smith' calls "for is international'legislation to prohibit deals in what ho terms "fictitious commodities." Therefore, apparently, hb'does not desire to impose complete restraint in . respect-to every class, of. business risk.

;" ' notes. The members of the Wellington Stock Exchange will close' their office's from' December" 23 to January 4, both days inclusive; for the Christmas holidays. 7 " The directors.,of the Mount Lyeli'Mining and ; Railway Company, who sell thoir copper: forward, have found it necessary,,-,to send ono of their colleagues to the United States to, investigate the course of. ~tho -Company's .sales' there during the past six months. • "Beerbohm," of October 18. estimated' "the world's wheat crop at 383,850,000' quarters. At the end of July the samo authority issued a forecast, showing a total of 388,750,000 quarters, but the official estimates from 1 Russia, Rou-n-ania, France, and America,, since issued,, liavet resulted in a reduction in .this to.ta.li ' In' framing this year's estimate, it has' been assumed that the coming Argentina crop j-iyiil-bc--5 oer cent, above last year's,' and the Au'stfa- * ' !

; 4>EODUCE MARKET. ' .Messrs. Laery and' Company, Limited, report Iwhplcs'ale'j.pri'ces 'ralihif" on the'marketMil'ling wheat,-Gs.' 3d."j"fowl wheat, os. :ld.; oats, ■is: 3d. toi4s. Id,i ,maize, 4g. :9d. to'ss.; crushed malt, Bs. j' Prussian-;blue . peas; Gs. 6d.; fowl peas, 4s.i 6d..tb'4s.'9d i ; all at per bushel. Flour, '.NewJ.'Zcaland, .413 55.; Australian, 413 15s. i pollard, 46 10s. to 46"t55.; bran, 45 10s. to 45 S'S-V^eii'ltbatley,'4i9; split'peas, 418 10s.; -beanmeal, 1 -'46'155.; - bonedust, 40; superphosphates,.' 44 15s. to\4s 55.; chaff (oaten sheaf), '4r"'to"wC7 - 10s.j oatmeal, 417; potatoes, derwonts, 45; all at per tan. . Bacon, factory 'sides'/Bd.'; hams,'.BJd,'.to 9dv; rolls', Bid.; butter, bulk pastry, 7d. to Bd,; all at 'per lb. Poultry, hens, 25.. 6d. to 35.; ducks, ss. to Gs.; turkeys, gobbler's, 15s. to ,225.; liens/'Bs'.':to" 95.; all at per pair. . Cauliflowers, 4s. to 13s.;'cabbages, 2s. to Gs. ;■ nil at per' sack. Fresh eggs, Is. Id. to Is. 2d. per dozen. Cheese, factory, Bid. per .lb. 47 to 48 per ton.- Greon peas, 4d. to 9d. r per peck.. ... . . .' -" LIVE STOCK SALES., (BV TELEGRAPH —PRESS ASSOCIATION.) " Messrs^'Dilgety n ahd Co., Ltd.,-report having held' their "Pahiiitua- sale yesterday," at*their yards. There was a full entry" of cattle, but one lino of sheep did not come forward. They quote 2-topth wothers, to 145.; 3-yeiir steers to 45j- 21iyear steers; 44,25. Gtl.; cows, 42 7s. Cd.; yearlings, ,27s. 1 ; fat cows, to M 10s.

~-i //..CHBISTCHUIICP WOOL SALE. . ,(by' TEMORArn—PniSSASSpbIATION.) 17,501 bales have been cntereil for the second the season, to be "held" on Thursday! ' LONDON WOOL SALES. 7 DY" rELEOitA'rH—I-riESS " ASSOCIATION—CpPTHtaUT. „:'V LoNDQN,. Deeomber ' 0. ! .Wool:i.s,,ratber.,.,slow. of salo. Morinos, unchanged. " • Messrs. Abraham and Williams, Ltd., have .'received r the --.following cable; from London, unddr date December 9:—The sales have closed with the market irregular,for all classes of crossbreds.', For superior greasy merinos the market is without change since the opening of the sales, but'..(or.'.inforiorvlotsi.the market has closed weak. The total quantity held, over? is 14,000 Jjales,- of which 3000 are New Zealand. PROPERTY SALES. - Messrs. .Dalgety and Company, Ltd,, report the sale on account of -Mr. James' King, of his Eioporty, .comprising.. 228 acres "situated at evin to.Mr.. J. ®. M'Donald, and 1 also of 350 acre's at' Ko'jmta jntC' facing the 'Wellington and Manawatu- Company's railway line,'on behalf of Mr.'Gt. Potts ,to 'Mr.' Harold- Barber.

lasian crop 25 per cent, less than'"last year. The aggregate of "333,850,000 ' quarters, is the' smallest for a number of years'past, and shows a falling-off of 57,730,000 quarters'' as with last year. • ' " ' ' MINING NEWS."''■' ..The-secretary 9f .tho ' Wellington .- Stock Exelih'ngi!" has"received the , following telegram • from-'i'tho—jTalisman:- Ltd. :— Not ember return.—Crushed -1228 tons, yielding bnUion^valucd ; -atyii2o,-708 8s: ,Bd. - Included in this retuYh'ftre 23'tohPof ore r from-No. 13 level shigped to London, tho assftyl.ySluo ofitkc same Being ?Jti7r>sST tbii/'Tlie -total H'otking costs 'iire' :, 33K.' • Jdvper.rton;;made up : as' follow:— -Mine.; development, ,ss. ,8d; mining,' 125.; mill- . ing, _ 135," 7d. ; ,'g'eheral,' expenses, 1 : -Is. t.lOd. - ;[D'T 'fm.KOBiTH.—PRESS IBSqbiATIORO Auckland, December 10. During November.-the Talisman Consolidated crushed arid treated.'422B, tons of ore, for 'a''rj>|t^;;.o.f; l -bnUipn' vishie{l : 'at ! i£20,768"85'. Bd. This''constitute a The-return iri,crudes' 23.ton§ of:.or ( e frpnv -;Np: -l,r]e.v6l; wlnch ♦mis' ' shipped-♦to-.-iTxindoii', for:'; treatment. The "assay vhltio- of the latter was ,'i!i7-l; per'to'n.' Tha.-.total 'cost for November'' 135.-"l'd. .P'V'fton,. as. follows :—Miri'o'".dovelbpfnent, ss. Bd.; mining, 125.; milling, 13s.' 7(1.; genei-al expenses,- Is. 10(1. The return for October was JJ)S,GSS from -1305 tons,'and the cost, per ton for that period was ,£1 13s. The total'amount won from the mine to date,is jC7G9,29i 16s. 6d.

AUCKLAND STjOCIv EXCHANGE. . (i)Y TELEQItAPH—SPECIAL CORRESPONDENT.) ,i Auoklam), December 10. - , The. annual meeting of the members of the ' :, 'A^i6klaiid'' Stock' :Exchiihi;e wa's ' .lielil to-day, 'Buttlq- (chairman)'presiding. The uhVirman, ' ,in' " inovihg : '--'the adoption of the balance-sheet, ,Congratulated nibmbers upon ' ' tlie ' .financial position of the ' ;ExcliangK:7 t Y-l'teir;Jj|;investments were returhirig a fair'"fate* .'of' interest. Reference .• Yfasi-'riiestriJnadß.^te< t]ie deatli of Mr. A. G. He.ndi-y, a .lfite member- of'.the Exchange. The Chiiirinan members on ' the Exchange .boing..stronKer .nuniericnlly .than oyer "bofbre..-' '•'He""'thoiight' the timo' had arrived - when the Exchange . should own: premises of , its own. He''thought this uiaiter' should be faced by members ab'-once.' Another matter requiring consideration was T!ie formation of a special insurance''fuftd.' As to the outlook for 1908, the Chairman said lie looked forward with great' confidence, as .the leading mines wore producing increasing'quantities of bullion, and indications pointed to a 'revival in mining;; ?with'' fair/•prospects of success in several quarters. s - "He-'thought the time had . arrived.^Ajhen, .interested in mining might Mriously consider'''tlie formation of a strong company for : the purchase and treatment of all classes of ore, and thus prevent-.the need for each company to erect its own reduction works. ' -The smelter now being orccted at Waiomo would, if a success, give -a great fillip ,t;Qjm^ning;jh:fliat'locality. He'-folt suro raein:bers"of ' the-Exchange could riot'he for-wrong .in .anticipating a; good'run'of-.business for 1.908. -Jlil' passing,;the; Gh.iirrrian mado reference to,' fhe remartis'of Mr." Poland, M.P.; in Parlia'(nent'ila'st 'Session' regarding the methods of the Exchange. "Except for the' vapourings of tho. member for Qhincriiuri," Mr. Buttle Very.' general silence' of other .memberslehowed'.'thhtiour attitude met with tt'ppr'6\''iilv"'"The' ithahks of the Exchange were di:e--to "the Minister-'! of Mines: for, the able manner- in which ho had replied to - Mr: Poland."' The following officers were elected for-'i'.th'e' 'ensuing \vea.r:—President, ' Mr. G. 'A. Bftttlb !(rt-electetl 'uimnimously); vice-president, •-Mr. Colbeck-; „committee, Messrs. D. E. [iClerfc^i^rfttgr,:'F.;,Hull, F. Waller, and E. Anderson; secretary,'-. Mr.. H. L. Noakes; audi--I;cMr.",^.\V..';l,Col)jec]S.;';' . '

a.', '' ■' • , V/.Etl-lNCTON SHAKE . LIST.-;-;', . • • • COMPANY. ™ 'SS fi X Si '■ " :rRinSS ' y— • Eft Shs1 " 0 ' h ft Buyor.; ; 'SCllbr, .\g£_ , Investor. BANKS. . f £ £ . £ £ 1 U, tU 'i , £ e. fl. Kew Zealand •. . . . 9,000,000 ,■ ..'!8i;675 >2 . 3};: ?;:3V". ■ .'.30'.- ,, ,{JWT # 810 0 J10 2 Rational . - :. 37MOO •* <"836318 . 2j ,-15, ..18,, 5.7.0 5 6 0 V- ■ INSURANCE. > - - •" : Kalional' - : - ■ IC0.000," 249,339 . luilW.'i „« K . l.,T 0. 611 1 Kew Zealand - . - SOO.OOO 336,7a; ' 2 .. \S 10. 3 19 0 <10 •South British - ' - 100,000- "m»» W "'tiAltd.''"W">"rv> nr '.BiM-O Standard 75,000;.- 62,193.-, ..„i, unjtd. ', .,10 . „ 1. ,?,,.3 , ..'1,2 0; C 16 4 FINANCIAL ■ '* v ' ; Equitablo Building ■ CO.OOO5j , JO.: i IfbfcO ,10:2 C / 119 9 Metropolitan Building. . 21.000 ;.. 5,?-J 10, ; nil. . , 7, , . ■■• V • il Wellington Invest.' 1 --'60,000 >*■ 933"-' •' h i 'f'' "-fi32 .1 012 ,0 500 Wcl'BtohTrustitlioan; .M01,250; -.6 . ,'.,.8 {:. ;:-8, -• T-.,g,J!- '.; TJJ 0 . '7.10,0 6 6 8 ' SCO.OOO . 112,2.10 S' 8 JO" ' 3 5 0'' *«V .' . 3; 9 « 3 1 . N.Z; and Rivet Plato?" - 300,000 ■'■■880.303 V" >1''\.nit"" "•7" "■••'1 9iy0 . ,/rM 9 • "';1" 'S d 4 IS 0 Loan and Mercantile.. - -157,358. . h ..Si,' 6 .05 6 0.7 ® ' •' OV G 919 GAS. ■* '- , Auckland . . ';'.180,370:1 >■ .". ., t 5 ;,;nCl i i.JC,',, H,,P A. M.,,5 .0 ,. , , . Christchnroh - >. 162,000 65.087: .6 iiil JO lO'S' 6 ,t" , <: Fcilding - . . 10,605 101 ■ 1' 1 nilv0 IM • 018 0 0.17 0' Gisborae . 17,100,. ..Mat • / 1. .., ,,12i, y , ..2J3.0 , ' Hawera - . . 8,250 715 J i ' M0. .. Kew Pliuiouth . . 18,000 ' 3,159 5 nil -'10" 1 - , -- | 7il5-- 0 1 >'»pior - - - . ) 10 nit .JJ. t6 0 0 1 „ - - - I" . <9,9571" 22,517 5 5 15 15 10 0 . . ' I', .. ,1 . r X ,15 .. ; , .. 3 1. 6 Fnlmcrston North . £7,000 V-ll.COT. -H £ -i? i 10 r: 1. 1 6:. {., .. ;■ ,7 2 6 ttl ■ Vellinston - - . - m i "-•'67!«J- J '10 1 ' " v nil- . *10 ' 'M-M 0* 18l5 .0 ' s'l 1 „ ■ . "Y™; 5 ,6 jo 976 9 10 0 .'9 7 6 .5 6 8 meat: -. i ■ , ' . Canterbury - ' 183,727 . fMi '75 . • 2|. -8 8 0 0 " Chri6tchuroh • 165,!HO 10 nil.- B 10-10-0 10-12-6- 1010 0 711 4 Gear •- - - - no mil 96,261 1 nil. 'lij 2 10 0 2 1-2 0 „ - . - - - tt^a) )' 4 6 12j ' Wellington Meat Exp- ) 5 nil. 8 ' 615 0 • ■ 105,766 f 63,767 4- 1 8 500 526 -5.'2.0 6 6 6 „ - 'J '58 23 -8 3 6 0 3'7-"6, 6 15' . Wansanui , 45,850 11,401 S pU. i , /.,8; „ . •; jj . • . TRANSPORT. , « v W. & M. Railway - 170,000 12U5-3- 1 ' T' 7' "it"3 6 i!l 0 .13/9. ij/-'■ 33 8 K.Z.Shipping.' - . '473,810 113,751 8 nil. '5 6 6 0 6 6 0 '6. 5' 0 6 8 0 Union Steam - £00,000 472,591 10' nil. 10" 20 10 . 0 21 0 0 18 10 0 ! 6 8 1 Wgtn. Steam Ferry - 46,233 65 1 nil. 6 0 18 0 ( 18 0 . ' ■ -. .COAL. . Wcstport -5£0,0M ; 117,215', ,-3i 1} i'M V 716»Oi. ilff 0 '■ ' T16 '0'. '611 7 laupiri - - .. "f2,500'-5,339 ' niL■» » ■ f 0 19D 1 ..-'I jo 0 WOOHiEN, , Eaianoi- , - E2.85J 5 nil. 6. . Jlooficl- - - ' . 63,457 . 17,212 - Si 14 4 3 3 0 3'..0'-n ' 218 4 Wellington ... - t> 10,000 ■ SiJM 4-1 6 , -'3 7 0'' : 3-6 '0- V 6 6 .MISCELLANEOUS. ' -V • " Donaghyltope - .- -: <7,000 — ■ 10 ntt' _ 614 0 Leyland & O'Brien . ' S5.000 ' 37,761 1 , nil 15 2 4 9 2 5 9 3 5 9 6 6 0 llauricevilloLime . 7,000 203 -1 n '' 8 1 5 0 i ' N.Z.Candlo- - . ' lO.OOU-. - 10- «U 10 0 0 fc.Z.Drug - .• £00,00) ;. E4.514; ; 2'' mjl- 7*' I" ~.210 > 211' 6 "v'.: ' • ' 7 K.Z. Paper Mills .. 94.755 v -- l!.-' , . 1 '3,,K 1 .-3 ' 3 - J 3;3. 6 0 6 K.Z.Cement- - .. .40,000 ' 2,013 1 nil- :8 ,110 6 111 6 ' ; llanning&Co. - . ; 96,000' -87,670; J 4 .'1, ! 10 3 17 6 -i Vard & Co. - • -' ', 10,000 E0.655-•• >. .4:.,* i' •- VlftS u 4 MMsV 50'0' .''80'B Wgtn.OperaHouso 18,630 1,705 . 6 nil 8 -610 0 7 5 0' .>7.*0 0' 514 3 . Wgtn FresliFood " '28,261 ' — 1 nU _ ' . . ' . .; ■ Whiteombe & Tombs- 46.250 " . 20,153 ■ • 6 nil, 10 4 6 0 410 0 X' - ■ kharland.Limited • . 4B,67ii 0,311 ; '1 nil. 7i (,jg q. , " 'h.