FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 67, 12 December 1907, Page 10

FINANCE AND COMMERCE.

TEE SHAKE MARKET. fo No trading was' done in the investment" market yesterday, and the buying and selling P orders were somewhat restricted. The brokers ° l admit that the market has come under the' ™? influence of the holidays, and not much is to t>e be expected now until after the New Year. Ther<> was no inquiry for bank or financial..!,.' shares, but there were sellers of National ißank shares at. -£'5. Bs., and of Wellington Deposit and Mortgage at ;10s., The buying; ciders for insurance shares were conficned to National Insurance.at 265. 9d.,y and Standard % Insurance at 225. 6d. South British Insurance' j.|. share? were on sale , at 35 12s. Gas 6liares were quiet, with sellers of Christchurch Gas; at 310 2s. Gd., -i'oildihg Gas at 18s.,'Wellington Gas at ,£l9, and' Napier Qas at £25, £15 10s. £3 7s. 6d. for .tho respective issues. There 3 was a bid of £7 2s. "Gd. .for Palmerston North' w Gas shares. Meat shares exhibited ho chailge.' Geart were wanted at 505., cum . dividend, itiid Christchureh Meat at .£lO ,10s., with''sellers; h at 310 12s. Gd. . Wellington Meat Exjjort C( shares,' £5 paid, were, on sale, at ;-l;is.. Transport . shares maintained .their •' firmness,' J! and- were- in excellent demand: Mannwatu |u Kails were wanted-at 32 3s.- 6d., New Zealand: -i Shipping at 36 Cs., -and Union Steam at .£2O; _ 10s. Sellers of the - latter "asked" £21. Therewere sellers of Westport-Stockton .Coal , shares at-10s., D.I.C. Preference at 15s;- 9d., Welling-,-ton Woollen 'at'.£3 Bs., Sharl'and's Oi'dinary fi at 195., and Taranaki Petroleum at 9s. ; .f ■ , ' ri ■ - ' ' si THE MINING MARKET. Business in this market Was restricted. • Talismans sold at .£2 155., and Komata Keefs at Is. lOd, .There ,were a faij* . number of b buying, orders, tho. following table , ; will 2; show, " ' ' Buyers. Sellers.' Sales.., i s, d. 3 s. d. ."3 s:'tl;' . Komata Reefs ..i ... 0180110 01 10 I 1 Talisman ... "Iv ... 2 14 6.,2 15 Ov-2 15,0, P Waihi ... 8 5 0 8 6 0 - ¥ Kuraiini Caledonian 0 1.0 — . —. May Queen, Ltd. ... 0 1 4 ' — ' ' — Ngatiawaol 6 -01 9.. —: Old Ilaurairi — 0 1 11 —, -, ' c ' - - • • -f: . ' NEW ZEALAND WOOLS. } "British Australasian" of October 31, on New I Zealand wools at the fitli series of London 6ales, by " First Combing." The writer j) points out that New Zealand, was strongly re- 1 presented at the sales, for out of 92,611 .palps;. J? catalogued, no less than 58,050 bales vivero, olj V! 1 New Zealand origin. He then deals with'the '• several-brands marketed, and remarks:—"! ' especially want to call'the reader's attention to the fact .that- the classing and skirting " of New Zealand wools is not what it was a few ye.ii-s back, and oraolessness is everywhere manitest; A clip I came across, marked . ".T.W.," in C. Balme and Co.'s third sale, r ' was sadly deficient. Just think of good greasy • halfbred combing only making and " merino combing 9d. Why, the skirts,, had ' simply been rolled in, with 'the ( jvh'olh",fleece, i and I say it was a shame to see them." Seeihingjjv no attempt had becn.niade to remove , them, and tho wool suffered in conscquenee: Another clip in the same catalogue marked , "Puketotara" was literally spoiled with , the necks and'part britch'being left-.on the .cross- , bred combing. I toqk the trouble when my l suspicions were aroused of seeing the first bale ■ or two' filled with seeds, to pull out of the'. | bales two or three fleeces, and it was a pitiable sight to see the neck and britch ends of the fleece filled with 'biddy-biddy.— .' '.•'".' ■■New Zealand pastoral readers will see that buyers notice the conditions and character of wool, | nnd it has been cause for frequent remark of late that the recent , high prices .for cross- , breds have undoubtedly produced much "rare-. , lessness among New Zealand "pastpralists. ' It* is to be hoped that the coming clip '-will not" • furnish such glaring examples of carelessness S3 the'last has done." ' DALGETY AND CO., LTD., The balance-sheet of Dalgety and Co., Ltd.,. . for the year ended June 30 last is'nowiavail-/ able. The net profit for the year' was and with the balance brought forward- from; • the previous year there wa5'.£203,124 available. Of this sum .£35,000 is placed to reserve, raising that fund to i!2i35,000. To writing dow;n cost of premiums has been taken, and '*£5000 is credited to the staff benevolent fuild. The dividend of G per cent, nnd bonus of 1 per cent, per annum absorb £70,000, the dividend being the same ns in 1906, but tlie balance forward, ,£03,124,.,i5, .larger,.. The chiei' items of the balance-sheets' of • the past two years compare as under:'—' " ~ '"'"l'- , June, 'OG. June,'o7l £ £ Capital ... 1,000,000,','; 1,000,000 ' 41 p.c debentures 620,000 - G2O/lOD' 4 p.c. debentures',l,p43,'2lo ~ '.'1,013,210, Terminable debentures... 556,710 ' 560,070 Bills payable ... '... 379,849 220,103 balances 1,6G7|431 1,9I)8,001 ; Creditors' and customers' V*". C }' i Reseivt ~ ...,...200,000,. V . .235,000 Bills receivable"" .' 112,943.' , . 137 t 549 Cash and deposits... „. 447,818 '247,340 Advances nnd property...' 4,432,190 • 4,843,058 Sundry debtors, etc. ... 503,970 653,999' Premises \ 014,0-15 693,894 Deb. interest 114,439 , . -1,15,306': Expenses . and taxes ... 148,171 . , ...164,441 Gross profits • 371,591 427,490 Net profits •'... ... 108,981 ' ' '147,'743' Bonus, p.c. ■ : 1 • , ; 6. Dividend, p.c.-... ... ...- G . - . G THE STEEL CORPORATION. v Tho United States Steel Corporation, it was reported a day or two ago, had presonted an ultimatum to tho . -Welsh Tinplate Manufacturers that they ' must either buy monthly 3000 American steel bars or be smashed, It is a very small quantity of steol that tho United States Steel-Corporation wishes to sell, and the very smallness indicates the trend ol business in America. Trade is shrinking in tho United States, and the Steel Corporat : on' is beginning to feel it, for there have 1 been, numerous dismissals from the Corporation's works. The accounts, of the Steel Corporation for September show that business declined dnr-. ing the quarter,' still .the net earnings for the quarter were vory satisfactory, and totalled i 8,760,800. as against -£9,100,700 in the June quarter; but as against X7,G22,900 in the Sep-, tember quartor of last year. The . Company made appropriations out of earnings for sinking funds, depreciation, reserve, improvement nnd replacement funds aggregating for the quarter X 1,882,600, and then had available, over and above such appropriation.'and'also the quarter's interest charges, a of no less than .£5,751,G00. The dividends for the quarter absorbed £1,769,200, leaving *£3,982;ft00.* Out of this latter sum £3,000,000 was set asido

for expenditure mads nnd to'-be- made on -appropriations for •additional pro. perty, new plants, construction] 'and Uischarge of capital obligations. For tlie' nine months to September 30, no less thair 314,563,300 has been'set aside out of the earnings for sinking , and,the other fund's.- ■-;•' NOTES: ''i-'o ' The exports of the Commonwealth for. tlio, first ten;, months,of. tho, year" wfifel' valued at 354;900,1!>8 as.,. compared, TiH'tK"331,478,440 for the corresponding period of 1906.' There was tlius an increase of 33,551,718. -The-Viotorian Government proposes to spend JG500,000 on waterworks'and .£657,000 on railways out of loan moneys. ; ' r The. Gramophone ,and ■ Typewriter,' Limited;, hasyfor" so'me iyeats," .fcrijoyed:'. ' of exceptional " "prosperity. • nearly ■31,300,000 in ; .:the .seven- yeajs- pf'"itß-' existence, or' 'mbrov'thhh .double''its paid^,,jbapitnl. It actually .returned in the 'Shftpe; pf dividends its' wholo' paitl-up capital .plus' ; bonus ,of; : 20 per cent'. • •The imports-into the Co'mmouw.e'fflth for the first- - -fen—months—of— the'' yctir r.EgroEated 342,412,111, as'against 337,029,027 for-tho corresponding period of last year, showing tho substantial increase of '.£5,383,084. -. Duringvthe height "of tho .financial crisis, in New York' call money on'the'Stock Exchange touched 125 per cent, on Wednesday; October, 23 v,. .ji?> ni -»c. Lead vhus, experienced another decline, and is now down to '.£l4 15s. nor' ton. Pig-ifon jias .recovered, and is quoted at 50s. 3d. Copper and' tin are both weak. " ';""" •" LONDON .WOOL SALES. . Messrs. Murray, t Roberts and Co. have received "the'following wool market cablegram ■from; their London house, Messrs. Sanderson, Murray rind Co., dated December 10, 1907:— The sales have closed Weak; For fine cross-

bi'iid tlio market shows no change. Coarse to medium crossbreds have declined 5 per cent.

Compared-Tvith-tho opening rates of the sales, merino has declined 5 to 10 per cent., the -ibeing irrgular, " ''

MINING. (BT TELEGRAPH —TRESS ASSOCIATION.)

! AtrcKLANn, December 11. During the four weeks ended November 30. thf 'IC.om.ata Reefs Gold Mining' Company Brushed awl treated 2-100 tons for bullion, worth JE3991. This is a slight decrease .upon the return for October, wlien a similar tonnage yielded .£4350. The to.tal amount won from tlw mine to date is ,£209,859; .: '''' . y live; . stock markets-. The, New Zealand Loan.'and - Mercantilo Agmcy-Company--reports as follows on 'their Apiti sale yesterday\Ve had a good yarding of sheep and cattle.-"-'C6rtipetition-tot shipep. at the auction was fairly active, resulting in all t'i - sheep being soldj\with tlio exception of ono pen. Cattle sold'fairly well; a yopd clearance being effected. We:,qOote :—Sheep, fat e'wen, 14-. 2d.; two-tpoth wethers, 155.'4 d.; two-tooth, ewes; small, los. ; inixo'3' : wpplly' hoggets,- small, lCs.'Gd." Cattle, empty cows,. X 2 liis.', ',£2'l7s., 31 Its., .£3'lss.;' empty heiferS, i£2,'7s;, 32 10s., .JG'i :145..,6d.„..£2,175.,'.52 18s. ,Gd.'; bulls, up to 33 Bs.; mixed yearlings, £2 7s.;' yearling ' heifers; 28^.''6d'.', : 295.';' Jl fat. heifers, 34; 2 to '2Jsteers, 33 .125,, 34, 34 165., 34 Bs. 6d. '

Christohubcii,'December 11. Ac Addir.gton live'stock market to-day there 'wns a" fairly* largo entry of stock, and a good Attendance:' Eat i cattle, except ■ very prime, were, a (;asier. „ :J!at lambs weye barely up to last weok's; rates,-and storci sheep met ,with a limited 'dcfhdti'd' "The entry .'of store sheep was ;thaiV'/last i-week,-.but the quality was not' very good, and" In consequence of tho continued dry weather the;'' demand was liinited, and a number of were passed in. Tho yarding of fat lambs was the largest thin season, the quality, on the whole, being good. There Was a fair demand for. export, though competition "was ; not keen, and prices were barely up "to last week's rates. Legs' made IGs. .6d. »to, 175... 10d. ;>• medium' ..weights, 14s. to 16s.j ;lightei'i ;'l2s'| 135.,' 6d., Tlier.e was a;gobd'Nyanling'Tof..'flit*sheep. -Tlie'beef supply 'cdmprised' 3SI-'- liend, this number being in ex'.cess of' thj" demand.. The sale was uneven for .the .better class beef hnrely'up" to'"last-/Week's rates. Tegs made "M t,i.'311 : i7s, : -6dij'-lioifers, 35 to- 39 17s. Gd.; 'Kild cows,' 35 15s: "to "3S 10s;,; equal to 245. to 27s 6d. for prime, and 20s. to-235.-for medium poi- 1001b. Pigs were entered in fairly large ■riumbers, •.-"and; rthe-;market opened weaker. Baeohers 'ma'do '465." 'to 60s. (eq'uttl. to sd. to ;51'd: per'lb:)^ r 345. to 445. (equal to •'hid. -per IK)'; and->choppers .sold up, to 34 ss. •:;; ' '.'.Ddnbdin,' Jjetember 11. At Burnside stock market ,2009, sheep were ,pcnned„;tho quality .of which Was fair. Prices Hi owed a-decline of"ls; per .head'on' last week's rates.--Best wethers, 21s. to 225. 3d.; extra, to 23?'. 6d.;, medium; 20s.'tp 215.'6(1.;' inferior, 17s. Gl. to 18s.' 6d.; .best" ewes, 18s.. .to 20s. ,6d.; medium,'l7s. to' 19s.'; ■ inferior, ,13s. to 14s. Lumbs—3so penned; -Best, 165.'6d..t0 17s, 6d.; niednim,'. 15s.'to<:i6s.; inferior, lis.' to 13s. 6d. .Pigs—l2o yarded.. There ;was.-.medium sale, and prices for young pigs !'lip 2s. per ■l-.ebd, whilst; porkers and baconers .were slightly •firmer than last week. Sudkcrs,' 16s. 6d. to 205.; .slips, 225. to 275.; sljpres, -,33s': to 355.; 'pctkdrs; 38'b. ! to '455.; light baconers, 48s. to C3s.; heavy, 555. to'G9s. Cattle—l 62 yarded, the quality''being'."good. Thorp 'was good demand, and pi-ices showed an advance of-iOs. per head. Best, bullocks, 310 10s. to 312 10s.; extra, up io 313; medium, 39 to 310; best cows ana heifers, ,37. t0,38 155.; medium,' 36 'to 36 10s. GRAIN MARKET. ,(BX TRLBOBAPBt-~PIIEBS ASSOCIATION.) Ddnedin, Docember 11. The wheat markot is still in an unsatisfactory condition, and no sales are passing. Small" lines of fowl wheat ore moving off slowly.' ••'Prime milling (nominal), ss. 9d.- to ss; : lid.; medium, ss. 7d. to ss. Bd.; wholo fowl" wheat, ss. sd. to ss. 6d.; broken nnd damaged, ,4s. 6d. to,ss„ sacks extra. The oats •market shews no improvement, and very little business is passing, evon local .demand having fallen off. Several consignments on farmers' - account have come to hand during the last few' davs.'ahd' the"' hcavior offerings had a

tendency to send prices further back. There is no inquiry for milling quality. Good to best feed, 3s. 4d. to 3s. 5d.; medium, 3s. Id. to 3s. 3d. j inferior, 2s. 3d. to 2s. lid., sacks extra. MARKET REPORTS. (DT TELEGRAFH —SPECIAL CORRESPONDENT.) Blenheim, December 11. Dalgety and Co., Ltd., report holding their first fat stock market for the season at the Seddon Co-operative Yards to-daj. There waa ft fair yarding of'sheep, and the attendance ivas large, all fanners being interested as to what prices would rule compared with tho opening of last season. Prices for all fat stock were about on a par with the opening rates last soason. Fat ewes realised'lis. '9d. to VJs. 5d.; fat wethers, Ids. to 15s. Bd.; fat lambs, lis. to 125.; store 3-tooth ewes and wethers, mixed, lis.; store lambs, Bs. id.; milcii cow, 6s. Bd. AUSTRALIAN PRODUCE MARKETS. Sydney, December 11. Wheat.—Milling, 4s. 3d. to -4s. 4d.; chick, prime, 4s. 6d. to 4s. 7d. Flour, <£11. OatsAlgerian and white, 3s. 3d. to 3s. 4d.' Maize, 4s. lOd. to 4s. lid. Bran, Is. 3d. Pollard, Is. 3d. to Is.. 4d. Potatoes—Tasmanians, .£3 local, to <£3 ss. Onions—Victorian now globes, £6; local, .£4 to .64 10s. Butter, 995. to 101s. Cheese, 6!d. to 9d. Bacon, 84d. to 10Jd. Melbourne, December 11. Wheat, 4s. 2ld. Flour, .£lO 10s. OatsAlgerian, 2s. lOd. to 3s. Barley—Cape prime, 4s. to 4s. 3d.; feeding, 3s. 3d. Maize, 4s. 3d. Bran and poilard, Is. Onions, >£2 to ,£2.. 15s. Potatoes, jEI 15s. Adelaide, December 11. Wheat, 4s. Flour, .£lO. Bran and pollard, Is. METAL MARKET. London, Decembor 10. Silver is quoted nt 2s. ljd. Copper—On spot, .£6O 55.; three months, JlOl ss. Tin.—On spot, .£132; three months, .£133. Lead, ,£l4 15s. Iron, 50s. 3d. WOOL SALES. London, December 10. The Bradford wool market was very quiet. Merinos aro holding their own, but crossbrcfls are neglected ana weak. Forty-sixes are quoted at Is. 3Jd. London, Later. The wool sales closed slack, with prices at abou r . late rates. ; LONDON WOOL SALES. The New Zealand Loan and Mercantile Agency Company, Limited, has received tho following cablegram from tho London office, dated • December 10As compared with last srles' closing rates, prices arc lower about 15 per cent, for, medium and coarse greasy crossfcied. Sales closed fairly well this day. Messrs. Lovin and Company, Limited, have received the following cablegram from their agciti in London, the National Mortgage and Agency Company, of' New Zealand, Limited, dc.ted, December'iO, 1207:—The wool sales have closed at a decline of 5 per cent, on the opening rates for ; merino and crossbred wools. Generally, buyers aro operating very sparingly, am! ■ the market continues very depressed, owing to financial and industrial troubles. The carry-over, to next'sale of New Zealand wools is 33*00 bales. • .

WELLINGTON SHAKE LIST. . ' " Resorvo og . PRICES. ... Yield COMPANY ■ Capital Fundand P~ *"?. : —— to .. g^ ? U 0 . E ny cr. S=!io:. gjg Investor. hanks. ,v. .. £ '•8io~o" . 4w a i JTcv Zealand ... - 5.0C0.003 581,875 M - Si -• <10 - •-**. h ' '500 ' Rational • - '375,000 . 335,318 , Si 15. 12 , 6 ' 0 » 8 ;:. . - INSURANCE.' . ... ■ . -vV, -n ■' - '170 511 7 •Rational - -• - : 100.000 . 240.330 J nnlM. 15 \* g , , 0 ; New Zealand - - 300,000 836,185 .2.8, 10 , 3 lu u .! ,i, „ . . v • v •ffi" i3h W - \ St 1 616 '< EquifaUoBuildini! 50.000 44 590 5 5 ; 10 10 3 6 10 5 "° 10 9 f . * 19 5 Metropolitan Building 21.000 ' 5,229 10 nil.... , . 0J2 0 5 0 0 "Wellington Invest. - 50,000 3,933 4 '• 4 £ „ n * nv>*(i <710 0 fi 6 8 Wol'gtonTrustitLoan . 101,1250 39.620 5- . 5 • 8 \ f " u •« 5 'o '« 3 1 National Mortsafio - SOO.OOO11M50." "" :;8 -0 , nn " I'D 0' -19 6 4 15 0 K.Z. and River 1'latO" 300,000..' ..'-220,309 ,• 1 ml f " 1 • f 0 5 6, 9 1 9 Loan and Mercantilo - 135,223 157,353' i 8j • « - ■ . - ' ISO,370 . £0,55-2 '' 5 ; nil- 16 u 0 0 \i f, ? Cliristchurcb . - 152,000 55,087 5 nil 10 J " - " 0 17 0 ; Feilding ... - 10,605 1M 1 ml - 0 10 0 J U1 ' Gisbotno - . - 17,100 9,230 1 nil 12} i « u / Hawera .. . . 8,250 7*5 * - -I Jj — Row Plymouth . . 18,000 3,150 5 nil 10 moo- '•' Kapler - ... ) . 10, nil 15 -55,2 ; - - . 49,057) 22,517 . .fi., .5*, ljj. : > . Falmerston North . ' S7JOOO ll.«H ,Ji. j. j q . 18 15 0 19 0.0 .1810 0. ' 6,8 Yielhutton - - . 124,570! 67863 'J®.-. J) 7 6- ;9;10;.0 : 0. .7' (i"-. .5 6 8 MEAT* .' t _ r n 0' • • sssssh : • ss. ■$%}■'4*" -tiis : o ;, 2p'§ ' ™ 4 .*»■ • ■ • J 02,000} . 4 - Ml 410 P-,, 2 . 1 / ° :.. . : Wellington Meat Exp' j j , IVftDganui „ -.45,850 - 11,401 ,..5- n • -1 r: --/• v., : — r ' TRANSPORT, « * oqa 43/0 44/- 13 8 . W.&M. Railway • 170,000 191,453 . :■l- - rr i ; v ' ;1 ;:<2:J £.• 2-4-0. .«/?«/ 3 i 'KJ5.Shipping - - 473,810- .113,751 8- ,niI. 5 .6 8 0 6 o. 0 . | * » . | » . DnioriSteam - ' • tOO.OOO -472,501 -10 -ni. .'10J- • B1 f '" "' ] ?. 10 : 0 !- 681 Wfjtn.SteamForry • .46,230 . .. . 65. 1 ., ...6, 0 Id. 0 . l ." u : • Westpor6° A£ I' - 2EO.OOO 117,215 -35' 'li ■'> -IS - '■■ 1« ® '-'I 1 !' a 7 ??i'• "" ' • l'aupiri- - - 1:2,50) 5,3:3a . 1 ..nit ,71, V 0M« . .1 .0..0 ■SVOOI/LEN. „ : . ■ ; "■ Kaiapoi- - 100,000. 32,851. ,--5-- v ■>: 6: «■ •• >, „ ... . Moseiel- - 83,457 .17,211. Si., li 4 8}J |-.9.2 ■ S g < Wellington - 10,000 ' 24.38J'- 4- - 6 -3 8 0 3 6. 0 - . /56 M1SCKLI/AREOU3. 1 ' • •„ '•- «•> ' ' ' ' ' . • ' DouaghyRopo - - 47,000 — 10 °|[ / 9 n- e -n n r» 6 o \ Xeyland&O'flrion 25.000 •'•87J61-! :-..l. 1» . .2vi %. ' 2 ? 9 ; 6 60 WauricovilloLimo •• 7,001) 20i , 1 : n i( 8. • 1 5-0 JiXOftmUo- • 10,000 - - 10- v n; ' " I 2"?"9' 1 -' '. K.Z.Drug - . £00,000 34,514. - . i .. nlL ,, ,T. - • 0 •, U 6r ;,r ;. 'i; ■ ■■ N.Z.FiperMills., ... 94,755 1,177 . /: 1\ 'Dij- . 1 ,1 j 0 13 3 .1 3 3 6 0 5 N.Z.Coment- - '. 40,000 2,013 ' 1 -nil ' ,8 110 - 6 111.6 : , Manning & Co. - . 96,003 37,670 . 4 "1 '■ Rn o Ward &CO. - - 60,000 30,655 , 4 .1 10 ., j M S 3 6 S O. 0..- 8 0 0 Wetn.OporaHouso " "18,630 1.705 6 m -• 8 610 0. 7 5 0, ,. 7 .0 ,0, o 14 3 Wgtn FresliFood v " 28,261 ■ — ..;.l i ; ' Whitcombo&.Tombs* 46,250 . .< i i ;.£« / : P|{ , * ?• fcharland,Limitoi 48,67»i • OoUi ' ' 1 ; ' ' ,J1 " ■ 'S- " ' C19* 0..