FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 129, 24 February 1908, Page 10

FINANCE AND COMMERCE.

, THE SHARE MVEKLT •/ -Towards the week end:the market developedconsideraDlo dullness! and 'onSaturday investwent shares/failed to. see'any M 'b\isineS^' ■' No 1 - matter how dull tho .market, may, be,: brokers never become depressed; but majjage' to crack jokes,; which reveal the true; state of affairs. ' - ■ On Saturday some of tho wags were congratulating themselves that. the illness ?;the •• . Official Assignee will give them i'a r .temporary ; ; respite; by:.which time ,tho,..markot;may. hay,e i recovered. : Very .few broker's earned;" enough ',la.st",week : i to-!malcoimorelthah^office_expeiises;. . . but . there' is. \nothing, singular . iUf that, for '■ . dullness and activity succeed:oneVariother with, . a- certain. amount of '(regularity.'The', dull;" ness just now is purely..temporary. -The quo--tations.for investment shares were:—Bank of • 'New Zealand, buyers £0 12s. 6d., sellers £9 los.; National . - Bank, .buyers,' j«£s . 6s.'. 9d.';,; Equitable Building, buyers, ilOjn-'New; Zea«: «.. land : Loan ~ and 'Mercantile;.* buyers,:; - National Insurance, sellers,- 28s. :Gd:;' Gear . ; !Meat, . sellers', -^2-Ifls;; .'Wellington :Meat.-.Ex- -> . port, sellers, M 12s/6d.; £5 25., and. .£3 ss.': 6di;. for the respective • issiies; Manawatu Rails, -•••buyers,- JS2 3s. 6d;; Wellington Woollen,'.'.'self '-lers,'..<£3 Bs. Gd. ex dividend; Westport Coal,'

- -sellers,"';£ 7 9s. '6d.-; :.-Westport-Stockton : Coal; sellers, 10s. 3d.; Donaghy Rope and Twine, ; buyers, £6 Now Zealand, Paper'"Mills,235. 6d., sellers 24s.;'.Taranaki':Petroleum',.?'sellers, §s.;: . .-7'.':.'.:'THE MINING MARKBrI r-•<'; This market' .'displayed an tone.. The big stocks werejquiet; and ,the. qviti. ;.-"'.totionq were' .very, much "restricted. 1 : .'The'-re-- : deeming feature. was' the' sale of a'lino of New UnU shares at -sdt'C undervrii . .Buyers. Sellers. Sales, is d d. oC s d New • Una ...'■ .... ... —i ;.v0 0 5 ; N.Z. Crown ...: ... 0 GlO 0". 7 0 ■- May Queen 0 1- 9 : 0 ,2 .0 > ■ — • Talisman ■ ... 'y..:' 214 :6 ■' 'i — ■.'. PREFERENCE FOR BEEF ' Consumers in the United Kingdom anpear' / .to have a very strong preference for .beef, and 1 this is, conclusively proved by the:-British I'rade returns.. Taking the imports, into' Great ■ Britain of meat products from the-United states,,the River Plate,.Canada; : New Zealand, ; ind Australia, the values of the different classes ,v sf . meat, in" the two years past;. shows .as -■ under- ; ; • - 1906. ' 1907., .C . £ Beef ' .~ ... ..." 19,662,214 18,562,805 Pig products ...13,863,028 .12,749,556 i Mutton - ... ... 7.10G.655 ,!' .8,264,-220. . Tinned'goods ... 1,000,000 . 700,000 Rabbits • '„ .„ 761,172 G36.G62 ■ . Miscellaneous " 252.128 ■ 255,209 :i Poultry ,213,750 202,065 ..

;.. ~ 43,008,917 41,370,517 1 Beef and pig products constitute..more than three-fourths of the total, and mutton is about one-fifth. Australia and New Zealand, which ; should be able to export, a' great' deal of beef and, hog products, can show very ■ small 'contributions of 'beef, and "practically 'nothing: of p&vk, bacon',. and ■'hamß.' I -The->United ..States are tjhe principal: contributors: meat • •. supplies of the •UriitediVKingdom.' --Then': comes' ■ the Riv.cri Plate, where-'miitton !.'exports::a're slowly receding,,, whilst-:'-.those' of; beef ,aro expanding.'Canada, is close' up to' the .River, 'VU/fyiate as a supplier",.'.and out of a contribution- , -approximating'"iin , .value",'to' 1 JEG,193,268,: only ,£2(i,216 represents mutton. <!Beef ; accounts for': \ ,£2,150,469, bacon; for ,£3,171,562, and hams ;for :■ ,-r, New Zealand's - contribution iJofr: beef was only vESGG,SBS; . and that ,'of: Australia .tbo, r paltry . .siitt"' of '.£183,745. Allowing forn ; a! few.- ■■ omissions,: it-may be-said that of ".'this''meat' ■ ' foods received into ':the, United' Kingdom last : .'.■•-yea pcr'cent.camo.fromtho United States, 13J: per .cent.' from the River >Plate, 12 per '>• ' ; cent. froni' Canada, 9 per cent. ; from New ZeaTaiid, ' s',iper, ccnt.. (entirely bacon), from . D.en-:>-aiark, <I£ per , cent, from Australia,'and :d'per' i :ent. from the-Netherlands. . Foreigners supply Great ..Britain ..with the ; .bulb of her meat supplies, .and .to accord the <colonies - preference' hi ■ , 'ihis cla&i \yould inevitably lead to.the penal-' : ising of "British ,consumers;-' -: It seems to us that there .is big, scope, for' both ' New Zealand, and 'Australia' to extend .the :exports 'Ol\,beef- and pig: products.-. The. : " -.possibility of-seridihg^.chilled''beef is' made ' parent by t the'new process .which,-: in a practical test, gave the most, satisfactory results. >• Furthermore; tho'demaiid:' for' these two classes'! - .of products, but especially; for ,beef, is certain . to expand. The' British agricultural returns for 19D7 record a reduction.-'of 63,020 .head- of. .' cattle, viz., 11,028,935 head, as compared with 11,091,955 head in :-:'1906; r'and '-an'., increasfi of.-: no less than' 802,232 sheep—3o,ol2/267 head, ' : as : . against 29,210,035 licnd the' previous 'year." :'A'nalysing the.;, statistics';., relating.!,, to .iit •• is found th'at r there was an augmentation of. ,j 85,872. milch cows, and a ;decrease 'of ', head -of , " other cattle." These'figures appear to afford vvery.- that *'th'e British farmer is catering less and less each year 'for-the-'.nieat ;inarket,'-,and more extensively for the dairy. Writing on this, -Messrs. :!. \V "VVcddel and Co., in their annual review, eay:—"Orten during the -year, there, was. a, scarcity, of really prime, beef,;Swhile;»'„pn' th'e; other hand, old • cow beef';,.was always very cheap. A fyrthor decrease, in. :tfce : . supply,:, of: .; home-grown-beef; appears ' ' NEW, YOEK LIFE. ■ ' • . 'The .financial"crisis,.in America appears, to. . have affected .the business/.of.'the jlife^assui l^ nnco companies in,;tKat;-V6ouiitrj.'-A^^T : or- ' ganisations, it will be?>rranembercd, ; /suffered werely' from the disclosures of the comraisrecently inqnired.into and before they could r regfiin--tlio-'donfidence' of the public, they: found themselves, in compuny with all other business concerns, ham-pered-by tho monetary situation. The extent to which life-..assurance has ..been influenced thereby is; indiiated ,by the < report' of 'the" New : York Life Assurance' Co; for 1907, .an, extract from , which appears in- London exchanges jiist .to hand. Therein it is stated that during the recent financial'panic the'company'advanced £0,000,000 to no fewer than 80.000 policy-holders •' on the security of their policies. These advances, of coursc, not have ontailed any • Disbursement, of ■ cash by . the company, but- • they are I nevertheless "'.very significant; signs of "the times; ";,'The, 'report' further states 'that' , since-190t there ,has been an average .'decrease , in-the new business written by the'■ Now York life Insurance Company, resulting in the dim,-, iiiution of the'insurance'in force; This item. . on December 31, 1905; Stood at 629,690, the: following year; a . shrinkage of ■ 'vaa shown, and at of 1907' the cabled sum- : - : ' ' ./''; .

WELLINGTON SHAKE "LIST^

niary further reduction of about ,iC15,00Q,0.0P. •.'l!liis, t experience will doubtless be ■shared by all American companies, as. in times , pf ( ,sti'ess.iptich,,a's ljaye,.ekistcd, hhd. in admeasure: still: previjil,, ip; thp, United States, economies of all. descriptions will be forced upon the people. : ■ '• - . . ■ . ■ ■ VTVf "'WING'jNBWS; '■• fiT TELEGftArn—PICESS ' ASSOCIATION—COPTBIUHT.- • v- Duxedix, February' 23. ' .."returnsßising '' Sun, 590z.; Golden Bed, 460z.; Bise .and Shine 11, 41oz. h}?A W 't-> < Waikaka,, Queen, 320z.; 9dwt.; Sandy 28oz.«';X64irt.; Rise and 'Shine'l, 20oz. 4dwt.; Riley s Revival, 200z.: \Enterprise. 190z.; Punt,'l3oz. 2dwt. . v . ■ • -BIG,.RIVER. . \ ifV' jfri' TEIjEGRAPJuI~PRESS . ASSOCIATION.) 1 ■Jt 'lii'.'wi» V;i ®, EEFTC "'- 'February 22. •. "<■• The .mine •manager of the Big River. Mine, reports that operations'during:'the. week' have beenA confined to -No. 9 uprise, ' which, has been sunk '15ft.' '.further;' making 75ft. from theback 0f;N0'.j..9 lovd; /and. at No. ,8 eastern winze,' whicli'.has" b.een out and sunk sft., making .a total Of r 7sft. ..from;' the .floor, of No.8 level, 'fit .is expected- that a connection 'will be made daily in the:'"coming week. ... '... LIVESTOCK MARKETS. : '

(NT TELEGRAPH—SPECIAL , CORRESPONDENT.) ::?£ i. 1, i*.,. r Pahiatua, • Februaij 22. There'was only > a small yarding of pigs and poultry at the sales'to-day; and prices showed ;a furtheirVdecline,.': W.eanersimade 55.; porkers, lip to 22s Gd ; sow, 121s and fowls, 9d.' to li;'each;;, ,For;.dticks,. .there was no' demand. 'WELLINGTON'PRODUCE MARKET, laery t and Co., " Ltd..- Wellington, /wholesale,' prices .ruling ' on' the .-markcti-f iTCbeat,..{owfs 55.,,2 d. .to, ss. Id.; oats, 2s. 10di t0,,35.-; - seed- oats. -3s: ;2d. to 3s. 4d.; maize, ■4s. 10d." to 55.; 'crushed ' malt, Bs.; prussian blue poas, Gs. to 6s. 6d.; fowl peas, 4s. 6d. to 45.. 9d., all at per bushel; flour, New Zealand ,£l2, Australian ,'^12,105.,- bran, to £H 55.; 'pearl ha.rley,' jeiß; split peas, J618; bone,dust,,i!6;.superphosphates,,lss. to £5 55.; chaff (oateh'sheafJ.-JS'to £5:10s.!; ,oatmeal, JEI3 lOs.i-mew potatoes, whites 7s. 6d. to 95., reds 6s. to. 7s. cwt.; bacoii, factory siaes Sid.; hams 9d., rolls' Sid.; butter, bulk ll'd;. to Is. Id. ; poultry," tenS~2£~6d."~'to -'35.; • ducks V 6d.; turkeys, gobblers 15s.'to 225., hens . Bs. to 95., allvat ipec 4s. to Ss. 6d.j 'cabbilges,.'dsitoi'Tsisiall fitj^er'sack; peas (green), 9d. to- Is. per peck; fresh eggs, Is., 4d. to ,1g...6d. per,dpzen;. cheese, Gd.' to 6Jd. per lb., >lbaf 9d. : ;-bniohs Vv i£B 10s. to £9 per ton; Akaroa cocksfoot, 7d.. to 7-J-d.; ryegrass, 4s. to 6s. per •bushel;' l !.'!.

• BANK OF ENGLAND RETURN. BY TELEGRAPH—PItES3 ASSOCIATION—COPTIIICHT. . London, February 21. The Bank of England return issued for tho week ending Wednesday, February 19, is as under'-. -. / '' IfiSDE DEPABTirENT. . Nolo Issue . , £55,657,0001,. Gov. debt £11,015,000. '..lyjjtherseouri- , . *> '. "' - ties ' ... 7,434.000 '■ . Gold ' V n7.jQB.OQQ ' ~ £55,857,000 , : r --" -' , BAKKINa I DRPAKTin!KT. , ; i ■ . Proprietors'■ ■ ■ . Govt, seenri-, ni .capital £14,553,000 tics ... £14,327,030 Public,.do-S , Other securi.posits .... 15.333,0t10 '.. tics 29,589,000 Other -de- ' " posits ... 39,055,000 ' Notes 28,277,000 * Best, 7-day . and other Coin _ 1,334,000 bills' ... . 3,648,000 ' ' ■ v£73,527,c00 The leading items of the Bank of England return the following comparison V . This week. Last week. Last year. . ■ , 8u11i0n.,,';..,... 37,405,000 36,797,000 J5,55-2,000 Besbrvo ... ' ..V ' 29,611.030 28,619,000 27,505,C00 ' Note circulation''-': 27,580.000 27,856,000 27,621,030 Public Donosits' 15,333,000 13.654,000 14,691,C00 ... !- Other Deposits'..,139,988,000 .19,810,000 • 42,490,000 Proportion of' " ' ■ reserve.. '• > < .. liabilities ... . 52.45 - 53.48, ' 48.06 GOVERNMNT!(SECURITIES.' . The folloffing are_ theJatest quotations for. Government'securi'ties'mth a comparison of those .ruling; last week,:— '

'i'HE MONEY MARKET. ' The open rato for best threo months' bills is Gs. 3d. lower, at lis. 3d. per cent. Tho Bank of England rato is unchanged at i per cent. f COLONIAL AND OTHER PRODUCE. : , Wheat;—Tho markets are' demoralised by enormous Argentine and shipments. Cargoes- : are • rieglebted. Australian parcels afl6'at''are'-'6ffedng'-at 345,,. and landed aP36s. . The; flour afloat is declining daily. Australian'patent'brands are nominally quoted at 285., landed., * ~: Butter.—Dull."Buyers are holding off. Prices' are r nominally unchanged." •:The Copenhagen Committee raised the official ,'quotation' one kroner, but the London value of Danish is..unaltered. Holders are firm, hoping that there will 'b'e' a Vfevival 'in demand next week. '■"Sttgar.—German"'beetvßß deg. sd. lower ,at 9s. 6d.;' first-mark granulated f.o.b, Hamburg unchanged at lis, Bd, per cwt.

Bradford Tops—Tho market is quiet. The quotations are: 40's. 12(1.; 4G's, 1.1ii1.; common GOs, id. lower at 21W.; super GO's, Id. lower at 251(1. per lb. THE METAL MARKETS. Copper—Spot, 255. lower nt £57 155.,- three months, 30s. lower at ,£SB per ton. Tin—Spot, Gss. lower at <£126 155.; threo months, <ss. lower at <£125 15s. per ton. Lead, ss. lower nt £11 per ton.. Pig-iron, Bd. higher «t 495. 4U. per ton. i Spelter, ss. lower at «i2l ss. per ton. ' Silver. Bar silver is quoted at 252 d. per ounce. ,

£' :: * •• Reservo ••••• • ™>rr>.™ . . Coital FumUmV •,.» r,iabil., -PRICES. TIe',1 . ¥?ail ANi; ••• , PaMTTn- 'typer. %> —r. —: 7~r-. ; —r~ • tn . : ' Forward' Store. Ilnyer. | Ecljer. ga" JnTesior. BASKS. • ■£ s ■ • j,-.. ; • ' 5m, ,y£,, .Vi ». ..i.n..d. \.£ «. a.- fs.a. ■: --j - Few Zealand . - 5.0C0.001 iZ'T.Z rS *' 1 '31 10 '' - 012 '6 915 0 9 13 6 3 0 0 . . National. - - .575,000'.: ;3»3U ' £J . u 13 .'-.6.0.9' 5 8 0 5-7 0 5 13 3 ISSUBASCE. . : • • National - . - . ICO.ODO '.. S*™® : 1- unltd. is' 51.8' 0 '"1"8 6, 1 7 6 £Sl Jicw Zealand . ;. /JCOJOB) ••. 2,. . S'.- 10 3 18 0 ... ; . Eouth British'.'. ]C0,030 .-. K ' ' nnBl' 30. ;; 515 0 standard - • - 75,000 J unltd. 10 13 9 fixaxciaii. — , • Equitable Buildin? ' 10.000 , »•*»: * 5" fS ' ]0 10 0'.0 ' 10 0 0 5 0 0 ; .' MetropolitanBnildinS ' 'il.(X)) "„•£?- B " 7 "" * '• '- WellingtonInvost. - 50,000'. . . : 3.™: 18 • i '• 6 013 3 0 12 3 5 0 0 Vr'el'etonTrust&Iioan 101,2.53 5.5 8 7 8 0 7 10. 0 -7 8 0 5 8 0 National Mortgage - E00.030 • - 3 8 ,10 ,3 5 0 3.7.6 .8 5.0 6 S 1 '•><:"V.f•-••• KZ. and Biver Plate - 300,000 SftJ.OGO" >1 nil 1 7' 110 0 •• u » 1 .. 110 0 41.1 4 iV-.-yv^v"loan and Mercantile. 135.22J ; .315,133. J 6i. ,5 0 5 0 0 54 .050 10 00 . GAS. ■ ; s ■■■■•<" AticWand - 180,370 P3.339' 5 nil 16 •••'• . Christchurch . 'K2.030 . .. 6 nil. 10 10 2 8. 10 0 0 5 0 0 VvV Feilding . ... 10S>i:"; ( ,„39?. vl, r* Gisbome . . 17,S03'-■/ --IOojI - 1. ..nil ■ . > -- v -,i, t , / ' • .. llawcra -. . .,'8,553 • 745 o ." jj • 'i ■ yjo > * . 11 e. t- / vtf.;... :, -...'.'^ow.riymoBth' : '1S,000' S ' 1W ■■ 5 nil ; 10 717. 0 V .' '..s, , ; fcapior - - •.:«' 1 . 10 nil 15 ' . w:, W.957 r 2S.183' 5 5 15 ' ' ■" " ... ) 1 H 15 3 7 6. tC.ralmerston Xortij ' ' £7,003 H. 033 , '44 'i.'i 10 • ITF-Ti- . Vellinstoa - - ' . ]0 ' nil .' 10 .1815 "0" 10 17 6 ' --MM;. . ,, a o 19 9'i0>0 "t-r.meat.. 1 ; ,/ V ' j . Canterbury ,* 183.-727 50,071. 7} 21 8 718 0 '.V .-Christchurch? .• ' 163,39J ' '<T,e4J 10. nil. ' g, ;.jow 0 1017 6 '1015 0 ■ <| 0 ' . • Utar ; .; ; K.OOO} ' l0, .' -4 : ' c !i 2 ' 8 ' 6 - •• il o 0 ; !. .» 0 51 ! WellingtonlloaS&p •• 5,, ..nil. . ,§ 612 6 •' ' . -105,765 r . K.757 1 ' i 1 8 5 0 0 5 2'0 5 3 0. '.65-6 v J.- '-i : 2 | 8 3-5 0 3 5 6 356 s 8 3 rTVansantil'" «5,63a " >11401 ■ 5 ud. 8 ... . - v - ' ' , TBANSPOBT..' ' -.hi Hi|il, - v Wi&M.HaUway - 170, OM JM.«J • 1 % 1 2 3 6 2 5 0 2 3' 6 '•« 3 0 ' , . M.Shippinr -: ' - 473,810 ' 113.7»l -8 Wl'. 6 , . , ° • 8 J " V: Union Steam. :600.0M ' T47A5W ;; •' 1 'nil.- v; ft 112 v o! IJS-fi : ' . .. /. Wgtn.SteamFercy • dti,2jJ . 1., ,, nii,. , . . 5 , i,,.,.. ••/. ! ■ ' ■ COAL. ■ • ; ' ■. ->**• K., Westport .-1-■;283,0)); - •• -Ml- 8-0 .....7.0 ,'6'' 7 8 |S 6 0 0 . ! ,'h : Iwipra "•••-•,•■!- ).i'8MW... .',.11 ."PtO.. *1 'p, 3 , . ' /~ WOOIlI/SX. •: ' ' yl; ■ v rRiapoi-;-;..100.001 . , 5 w'-, . 6 . : . : i ' . . iioyiel- . . . 83.43/;,-; i\l'.2B- ;ci i'i? , I 3 ;,1 0 4 -jt-Wellington :•' >. - ; 8SJ,OOJ,-y: it ,nf , <r a. '» 3 -8 .6 S 6 0 7 5 0 Jt 1SCELDANF.OUS. ••.•? v. ■ i . ■ •• ' " , ' ' - f " 5 : ' 16 ■ lJcnasby Ropa .. . .47,030 • : • 'J>L, ,}. , 6 0,0 . 6 0 0 ; - J-fS'land&O'Bneti .. 25,01) S7,?61 .1-../.-jjij.. . ,Jo r , .:m 1 na ' 2'5'"0 a 5 0 G 3 0 ilanricevilloLim) . " 7,001 "-Oj .1. n ( 11 ' - ,N^;.:N.Z.Candle'-; -10.0UJ • — - 1" »{' ' — - r '■ V^^S " £ E |'l7/- 1 "S" -t-' -®'U;,6- • 512 0. ,211 0 6 3'0 , U'f , 1 • 7 - 1 3 Ai ' 1 4 0 1.3 3 6 0 5 >..z. Cement-; : '. : 40, 00j1,. .11^0,.,113, 6 ... ; ■; - Idanmns& Cj. " 8b,U0J* '- £<.673 • , ; 1,, ,.10 , :<r . r r<y ,. Vard &Co. . .. . - , tO.OUJ .. 4 . f. 3U ' 4 It 0 ' • . ' .' K8tn.Oseif.Hoau - 1S.«I 1.'"' 6 »! « - : ; ' s / ' . VfKtn.FresbFool .- H!,261 . - A, nl J -• -• ' ' Tooibs- io.isSJ" q 153 - ./-J- nil* . *10 " ' j n r hot bliaclaud. i'iunilo.l te.OVJ • , 3U.. , ,.1 '(i. 4 7 6 Loio 6 0 13 3 8 4 1

■■ iirjtl" Variations . . v ,...,,, **« co! sr d ■'*''■ Inst wook. . ... . 84% Imperial Consols... ... 87,7 15 ".7s6dhigher N".S.'W.']S03J»n.'JnIy ivj„ 110 0 0 .Unchanged 3j „ N.S.W.1918 Mar-Eepi ; ... 09 10 0 Unchanged • 3; ,,'N.S.W. 1935 Apl.-Oct. ... 03 • 0 0 Unchanged , ; 4 „ Vic. 1920 Jan.-July... v „. 104 0 0 Unchanged ' 3i ;, Vic. 1921-G Jan.-July ... 101 0 0 Unchanged 3-,, Vic. 1929-49 Jan.-July .... "89 10 0 Unchanged 3i „ S. A. 1916 Jan.-July - 100 0 0 Unchanged 3 „fc.A.lDl6JMi.-Ju]y'j'" "... 68 0 0 20s. higher/ ' 4 „ QTdl921-20Jan.-JuIy . ... 107' 0 0 10s. higher 3s ■„ Q'l'dlffil-SOJan.-.IuIy .■ ... 100 0 0 Unchanged 3,Q'l'd 19i»r47Jan,-J,uly. r. ... po ' 0 0 Unchanged 4 „ N.Z. 1920 Jtay-Nov. ' ' ...109 0 0 5s.lower ,, ,3& ,,'N.Z. 1940 Jan.-July ...109 0 0 10s. lower" -3 S.-N.Z.1940 Jan.-July CO 5 0 Ss.highor 3i W.A.J9-20-35Mdy-Nov ... f8 10 0 Unchanged 3 „ W.A.l!)15-35May-Nov ... 88 0 0 Unchanged S5„.Tas.l£KO-40 Jan.rJuly,.,9915 O Unchanged 5 v.'Ttts.«19gM0Jan."-July. ■!.. , 69 .0' 0 ' '20s. highor