FINANCE AND COMMERFCE.

Dominion, Volume 1, Issue 170, 11 April 1908, Page 8

FINANCE AND COMMERFCE.

( 1 , THE SHAKE MAEKET If. wb. may-judga by the activity displayed by the Stock Exchange yesterday, we/should : say 'that the dTillness vflncli hcu? characterised - the -iiurestment- share market' for :tli8" jpasti' few. '' weeK'* has vfirially ■' disappeared/ ,'Ther'e''''was: a;• : ; great ' rusßi'. ! i of■ indicating.:' thati/in- ■ vestors are tired of.waitmg for an easier mar-1 lcet. ..Bank shares ..were as -quiet as -,usual. • .There-were buyers of National Bank.shares at I 4a 55., bd.,-with i sellers vat 45/Gs.-6d. New:i - ■ were on sale at 49 15s. Financial | . shares.;'exhibited'firmness.'', There ;■ were bids' , ~ 'of -42,".195.'- 6d.'-. for National .Mortgage; "41 325.; ■ x;for NewyZealand- and River Plato Land Mort- :• ;gage,-':4s. ','lO d; 'for? Loaii : and .'Mercautilev aiid. .47 9a.'.for ,Wellington Trust' arfd : Loan ; . sellers v 'quoted; 12s.'3d. for Wellington Investment;and; 9s. for/Wellington Deposit. Gas snares were • qniot,'. although. Feildmg r.Gas shares •'were in demand.•at. lGs. .' Wellington Gas shares were -on Bale at' , 4l9 10s. National Insurance shares : : Verb loh sale at 275.' 9d. Christchurch Meat ;. ;shares clianged: hands at 410 75., while sellers, were offering to quit at '410 75.-Gd. -Manawatu Bails sold'at 475. ex dividend, and, other sales reportedvwere: Westpoit Coal, ,4r; Westport- : Stockton Coal, Ba. Gd. paid up, at 10s.; Donaghy •.Bope and Twineat 46 2s. Gd.; Taranaki Petro-' -./ leum ss. 9dO and. Ward and Co. Brewery T" : shares -at. 44 -15s. ''Other Vquatations' were:, ■Wellington '.Woollen, . .-buyers,', 43; . Leyland-. ; O'Brien -Timber, sellers, 42 ,45.; . Taranaki ' Petroleum,. buvors," Ss.:' 3d.; Ward' and. Company, buyers, 41 15s. THE MINING MABIvET ,?'sj Talismans' were slightly, on the :.: previous day, .were mado at 42 13s. :',Bd;- Wai'his were : iihchanged; - The quotations were as'.under:— -' ' s Buyers. Sellers. Sales. • "4 s. d. 4s. d.- 4s. d. Tairua Broken Hills 0 3 8 • 0 3 10 — • Waihi Gr'nd Junct'n 11G 6 1.18 0 11G 9 Waihi ... .... ... 017 G ..— > — ■ V Talisman • ... .... 213 3 213 9 213 3 2 13 3 BBITISH TEADE. British imports - and exports forVthe month --it Marcli show a''further, falling-off; the im- - ports . are less by .'45,625,GG2, -as. compared- with March,/1907,-.and of , this sum; 43,404,000 ie re»; : , presented .'by*' raw 1 cotton, ' and' 41,500,000 by; wool;-:. :.,Tho'exports declined by * 41,829,010, 'chiefly .in connection with' iron. and' steel- manufactures.' • 'Taking '.tho ..returns for, the .three ■ months,;the' comparisqh'is;as under':—, ': >'. IMPOSTS INTO- UNITED KINGDOM. ; ' . 1905.. 190 G. ) 1907. : ISfCS. \ ■ ; .>Jan. : ;;.','47,755',822'; 53,474,333 60,534416 ; 5G,368,358 Feb...." 12,823,682 47,527,253 52,927-,347 52,427,565 Mar.... .48,853,025 ' 53,225,299 : 57,702,400 . 52,076,738 \:'"—- ■ • ■— ; 154,226i835 171,1(i1,593 160,872,001 EXPOBTS OF BBITISH MEECHANDISE.. V . 1905, '• •. 190 G. -. 1907. 1908.- r ' ' J* " : Jan; ;v. 24,939,777 ; 30,774,811 ; '35,'070-607 . 34;407,767 ,Fob. '.V. 25,2G9,053 5 25,771>123 32,073(345 31,949,714 ..Mar......28,120,823 ; 31,651;162 , 34,723,034'.32^93,424 r: , \r^.:.:478,329,663 '' .91,207,056 101,8GG,950 . -99,250,905 The exports 'do not includo 'the' re-ksxports,' . which' show a'very; great Shrinkage. :We are . mostly^interested, in the imports,'-and'''the'-de-creaso,':of "the', imports 'in': theYthrt'e ■ montlis' : aggregates ; 410,291,932, and "to this: wool, hides,' . ;tallow, , sheepskins, *:pclts, 'and hemp have con-' - tributed. - • .- ; NEW -YOEIv LIFE. .The~ annual "statement "for '.'the' ? ear., ending -. December .31/ 1907, -of . -tlie- New ork Life Insurance Company, is Dublished in detail, in" 1 another column.: The total income . for -the-.-year-.,was. 420,982,150, of which , 416;42G,653 represents the . premium income, .44,402,827 ._was obtained 'from interest and rents, and .tho. balanco ofs iC1G2,670. from annuities] - • profit' .on salo, ( of securities, : .and all .:other sources of income. The. death claims amounted to 44.877400,"t1ie. - matured endowments to .■ 41,192,384, the-.'surrenders'','to 42,431,459, annuities to 436t,G32, dividends to policyholders 41,207,717, : and expenses .of management and taxes' to 43,423,823,. making the V total disbursement for the year 413,297,21G leaving ; 47,694,934 {.to :bb. added - to. .the funds: "he .assetsof; tho : Company . include -' real' estate," ,42,614,170; V, mortgages, 410,319,060; loans-on policies, etc., 415,234,142; and 'bonds, government; state, county; municipal, and railroad,. 468,833,765; ■ .These bonds ■ aro taken in at their market value,-as at December - 31, 1907. ;;As all securities were on, that date very, much .depressed,' the valuation may be' re- , " gardcd. as safe. The Company is, no doubt, a strong -otfe, .but .with so many excellent Australian .'offices,-whose,' management is practi-: cally nnder the eye of the policy-holders, ; there does not appear to'be anv great scope' for. a foreign concern like the New York Life. However, there'aro probably some .who like to be associated 1 with a big; concern; and to "such the Company under'review will appeal.INTERNATIONAL GOLD MOVEMENTS. ' Sir. Felix Schuster, has, made public somepeculiar-' facts regarding the movements of , gold - throughout the'world last year. :' The year's figures of gold movements, -he ' said, were, on an .exceptionally large scalc, : sliowiug total' exports of 450,800,000, and imports of 457.000,000, of. which South Africa contributed no • less than 429,500,000. In spite; therefore,- of the recent heavy demands from the United States, which took, neariy 414,000.000. away 'from . London -in November, and 43,500,000 in December, the United Kingdom, actually gained more, than 4G,000,000 .in the motal on the whole year's movements; and,.it raay.be added, the exports and imports/of gold' shown, in the. United States returns, are: of. an .'equally, singular . descrip- •. tion,for - notwTthstanding the exceptional imports, just, mentioned for November and December, f the' whole year's receipts of the metal , in New York wero about 45,331,000 less than for 1906,' the total being only 413,336,000, as against 'nearfy : 418,700,000 . in ', the. preceding ■year. Erports, it is true, were larger laat year than: in ,180G at about 47,400,000, compared .vrith'4l,2lo,ooo, but this merely serves to emphasise the fact that the, United States took less gold from abroad during 1907 than it did the year before. •" : SHIPBUILDING SLUMP. The returns compiled by "Lloyd's Register" show • that; 0n,.. April 1 the , tonnage of ships under: .construction v in ithe :United Kingdom :.v..'Tra5.'459,000 tons less than at the corresponding date'of ; last year. . This, decrease, it is statecQ*

WELLINGTON SHARE LIST.

16 the Krgest sinco 1834, and therein is the significance,., was .in,: 1893: that' America ' suffered -from a» financier crisis which was as sdvefo~._a.s_'the. last year. /.In',that., year, also,; ail sorts,of:efforts were made to> discredit the ,effects, ; : . and tho most optimistic statements just: as" we'.' havo"had;"byer .the crisis of last year.. , But the-: 1893 crisis had '.a world-wide effect,' 1 arid it' was felt' in • Australia and New Zealand rather' more .severely than wo hope the will',b'b' felt." The' decrease in shipbuilding means'.. less^work and less wages, -and that,; from the i colonial point of view,: is bad,, for; it,means .restricted consumption of the raw materials and food products we export. ■Up. to September of last, year shipbuilding v;as ! . very,' there,' was 'a falling 'off in tlio . last .quarter 'which haS since been- accentuated. ;If : the position is .bad-in England'it must be a great: deal worse in other, countries, for England is the .cheapest .market. ' The returns; of :the new tonnage launched iii the past five years show as,under;— '..

The .above figures,do not inciude warships, The year 1906 holds the record; 1907-being.'less than even 1905. . . . • ' •. • •±..' BANKERS. .' v ; ; . 4'the members of the Wellington! Master Bakers' Union will not sell, '.bread'except:for.cash'/;.Then,we are told that carters will- be supplied'with ~ coupons which are io be retailed to customers at 3s. 4d. per dozen,' eacli.eoupon being *'6f> the .face value of 3Jd.; the price of the 21b. ; loaf. • In order to givo "customers' the advantage of the coupon system a discount, of'2d., per dozen will be giveii on the coupons, but not less than-one dozen will be sold at any one time. It is ex'plained that the discount on coupons is equal to '5 per : cent,',- which -is given to customers in return.'fof':'the: prospective advantages that the: bikers.; expect .to ; gain' by, working, their business -on' a' strictly cash'basis'. There 'is no advftntage. 'at ■ all. to;.the customer in 'this scheme";' ■the advantage is-wholly with the'baker'; .and' we fancy it will be necessary for Parliament' to inquire. into the ' .Let us take the case of a baker .wlio sells,/say, • 1000 sets of coupons, m the week, and ;let : us , suppose that two out of every' dozen coupons are used :-up immediately . they 'are'/bought.- A dozen couSons, : less'the 'discount, .'cost' 3s. ,4d.> and: deiicting the two returned immediately on pur" chase;' at; tlie „face :'.value "of.. 3Jd. each, the' baker gets in hand,-cash,'2s. 9d. ; that is,, for the\looo sets he receives 4137 10s; • For this ho pays Inothing, arid ; 'why should the baker be allowed to> become, a banker without being, subject to/the -same conditions as a banker? Furthermore, there is no security for this loan. As' far .as' we can see' the Master. Bakers'. Union does not-guarantee.these coupons.. Not so long ago there,.was tke"case'.'of a restaurant dealing in coupons on the. lincs proposed by the bankers, which was sold to .another" party.: The new owner of the establish'iiibnt refused to cash tho of the previous- owners. Cannot such a thing occur with'tli'e"bakers? What: would be the position in, case of bankruptcy? , ,ItMs a one-sided: a'flair,'.arid-.it is all, in favour of the bakers^ : of 5 per cent, for the advantage of working, their business on a; strictly- cash basis. is ridiculously .small. Howover, there are bakers/outside of tho.Union,' and'these ought to profit by the situahon. : NOTES. . '/ ' • . ; The London County Council 31 per cont. loan for-42,750,000 was subscribed over tenfold. Beetroot sugar to . the value of over 416,000,000 was consumed in. .the United Kingdom last year/.;... - .The . imports of, merchandise into tho United Kingdom in the month of March'' show a shrinkage; .'.of :.y45,625,GG2,', of which ,wool accounts lor 41,500,003. . _ , ' The United States bank clearings in January :woro .42,297,050,000, or , '4747,240,000 less than in January, 1907, and 41,016,930,000 less, than in January, 1906.' / The North. Bturiner. Coal Mining v Company, which was registered at- Somerset House last week, 'is/, issuing '. 55;000 preference ' shares; which carry 7. per: cent, interest. The.' building ; perinits in 32 cities ' of tlie United States' for : January reached 42,703,000, showing a failing-off of 39.3 per cent., as compared with January, .1907., .. ,- Tho Orient-Royal Mail' Line.,.has arranged with the Continental; railways to iss'uo combined ,'sea and rail tourist tickets for practically any route on' the. Continent, in combina-, tion with the sea trip to or from - the, Mcili-" terranean: ..ports served by the Line. ~Tho rates/charged "show .a; reduction of from 30 .to'ls Ver cent.'off ' ordiriary rates.' '; Reports from Canada are to tho effect that shareholders' in mining compauics there have, organised a "protectiyo association,'- with the avowed purpose of. protecting investors from the activity of mining swindlers. . The scope of the organisation is to' see that, the' laws' governing prospecting arid the .. flotation of stock are obeyed. The organisation, will watch the interests of tho: industry generally. > ' ' • STOCK EXCHANGE. (nr TELEGRAPH —PEESR ASSOCIATION.! Dunedin, April 10. ■ Stock Exchange sales:—Manuherikia, 18s.- , DREDGING. IBT TEMOnim—rRESS asscciation.) ' Dunedin, April 10. Dredging returns:—Waikaia, ,180oz.; Masterton, 940z; 4dwts.; Manrilierikia, G2oz.; Mystery Flat, 470z. Bdwts.; Ivoputai, 470z. ldwt.; Hcssey, 280r,.: Sdwts.; Central Charlton, 17oz. 16 dwts.; Kura, IGoz.; Muddy Creek, 13oz. 11 dwts.; Charltin - Creek,. 120z.; Lady Roxburgh, 120z.; Molyneaux Kohiuoor, 9oz. 2dwts. WELLINGTON MARKET REPORT. Tho New Zealand Farmers- Co-operativo 'Distributing Co., Ltd., report as follows :— Maize, 55., firm; wheat, 1 fowl, ss. 4d. to ss. 6d., firm; oats, prime feed, 3s. to 3s. 3d., rising; oats, crushed, 3s. Gd.; barley, feed, 4s. 3d. per bushel; Capo barley. seed,, 4s. 9d.,' to ss. por bushel; Capo bailej teed," 3s. lfid.; oate^

seed Gartons, (inns, spnviowbiUs, 3s. Gil. per bushel; 'Algerians, 3s. 10(1. per bushel. Pollard, Australian, 49; bran, 4(J 10s. per ton; sucrosine, 200's lGs., 100's Bs. Gik per bag; prime oaten sheaf chaff, 45 10s. at rails, Wellington; hay, Englishgrown, 47 10s.; straw, wheaten and oaten, 42 15s. person. . " . Potatoes, .whites 4G 10s., reds 46; onions -27 to 47. 105. per .ton. , ■ ' t . .Akaroa cocksfoot, 9d. per lb; perennial ryo? grass, ss. Oil. per bushel; white clover, 955. per cwt.; cowgrass, 110s. per cwt.;"all new seasons crop. . . Butter, separator Is. Id., milled'ls., dan? pats Is. per lb.; eggs,-fresh 2s. per doz.; factory bacon, sides Sijd.. rolls 9n., hams 9d., . cheese, factory mediums GUI., loaf 7d. per lb; honey, GO's, 4jd., 2ilb. tins. 10s. Gd. per_doz.; beeswax, Is. Gd.; fungus, 4-Jd.; walnuts, sd. to Gd. psr lb. Porkers, 70's to AO's 4}d. to 4jd., 90's to MOs Id.; heavy pigs, 3d. per lb.; suckers, sJd.por It- . ' ' ' Cabbage, 10s. per'sack; rhubarb, 3s. per doz; carrots, table reds ss. »er sack. Tomatoes,' ss. per. half caso;' dessort apples, Bs. to 10s.j cooking apples, Gs. per case; quince, 3s. Gd. per case. Poultry, table roosters 3s. to 45., cockerels 4s. Gd. to"Gs., table hens 3s. to 3s. Gd;; ducks, ss. to Gs. Gd., ail'at per pair; turkey gobblers Is., hens 10d.', per lb., live weight. ■ Messrs. Laery'and Co., .Ltd.,. Wellington, report wholesale prices ruling on the market:— Wheat,, fowls' ss. 3d. to ss. Gd.; oats, 3s. to 3s. 3d.; seed oats, 3s. 3d. to 3s. Gd.; maize, _ss. 3d. to ss. Gil. j crushed • malt, Bs. Gd.; prussian blue peas, Gsf to Gs. Gd., fowl pea's 4s. Gd. to.4s. 9d; all at per bushei; flour, New Zealand 412 10s., Australian 411 to .£ll ■ 10a.; bran, 46 to 4G 55.; pearl barley, 419; split peas,'4lß 10s.;\ boncdust, .£6; superphosphates, 44 15s. to £5 55.; chaff (oatensheaf), 4G to 46 55.; oatmeal, 413 IOs.V potatoes, whites ss. 'Gd; to Gs. Gil.; bacon, factory sides BJd., hams 9d., rolls 9Jd.; butter, bulk lid. to Is. Id.; poultry,-hens 2s. 6d. to 35.; ducks ss. Gd.; turkeys, gobblers 15s. to'22s., hens. Bs. to 95., all at per pair; cauliflowers, os. to' 10s.;' cabbages, 4s. to 10s., all atpcr/sak; peas (green); 9d. to' Is. per peck; fresh eggs 25., preserved eggs Is. Gd. per dozen; cheese,-Gd. to Gkl. per lb.; onions, £7 to £7 10s.; Akaroa cocksfoot, lOd. to lid.;' ryegrass,. 4s. to ss. 3d. per bushel.- , . ; STOCK SALES. . ' . Messrs. Dalgety and Co., report as follows on ;their Wavcrley sale:—We' yarded 3500 sheep and '50 cattle. Competition was good, and we cleared the bulk of the .entry at priccs showing an'iinprovemout on Wanganui rates. A good line of forward wethers, made 165., a record sale on tbis coast. Quotations Good fat and forward wethers, lGs.; medium wethers,. 12s. sd. to 13s.'; small, 9s. Gd. to 10s. 3d.; f.f.m.■ ewes, 85..-9 d.; cull 'ewes, 4s. to ss. Gil. ; lambs; os. Id. to Gs.; 2-tooth Romriey rams, 2 guineas; cows and calves,. 43; store cows (poor), 225.; dairy cows, XI; store pigs, 14s. Gd.; porkers, 255. Gd. to 275. Gd. 'Messrs. Dalgety and Co., Ltd:,' report on tlieir sale held in the Loan and Mercantile yards .at Ekotahuna yesterday as follows:— A. ;;large ' yarding of sheep, mostly . fair in quality,- met with a dragging' sale, but before the day was done we managed to quit all but four; lots. Buyers were present from all parts of tho district. All cattle entered were yarded,, but met with a dragging sale. Wo quote: 2-tootli ewes, up to 13s.;' 4-tootli elfes, t0.125.; G-tooth to.f.f.m., to 9s. Bd.; cull ewes, 2s. '2d. to ss.';. Shorn .lambs,- to.'7s.. lid.; ciilj, /lambs, 2s. Gd. to <s.j»2 -and 4-tooth, - to 12s!* 10d.;. 2-.tooth wethers, to 10s.. Gd.; ranis, '2tooth. Lincolns, 3J guineas; aged • Romneys, to a guinea. . < South Down, to 1$ guineas.: • PigsSmall' weaners,'. is. Cattle—Dairy' cows, to -.<62 15s: ;•'weaners, 9s. to 135.; 'bu115,"265.; 2}yfcar steers, to 42 19a. Messrs, Dalgety and Co., Ltd., report that at the annual sale of surplus stock held by them at Levin on account of Mr. J l . B. M'Donald, about'lo,ooo 'sheep and 200 head 'of cattle were submitted to -a large attendance of buyers from all parts.' There - was an exceptionally good demand for wethers, and'all the sheep were sold,..excepting aged owes. .All the cattle, found purchasers.. , •. ', ;.' -Heavy- :fat - wethers' miido; from■ 215., ,63.. to'. 21s; 9d;;' -good-;-flit, and forward wethers, / 15s;/ ld.: td''l7s.:ld;';.'fat ewes anil wethers, lSs. 7d.; Jrtooth ewes," lis. 3d; tolls. 6d.; 2 and-' 4-tootli ewes, 10s.: 7d. to lis. 5d.; : Romriey rains, I guinea to li guineas; 55-year bullocks,'4s to" 45 7s. 'Gd.; fat bullocks, ' ; 4G . to - ■ JE6 45.; fat cows, 44. to .44 ;ls.; forward cows, £2 120. to 2lryear-steers, £2 7s, to' JE3}- Store: cows, 33 s.' to 4Gs. • r. : Ihc Now Zealand Loan > and Mercantile Agcney "Co!,; Ltd.;- reportAt 'Bang:v.-ai;ia: on 1 ' Wednesday there, was a good yarding of 'sheep,, mostly; wethers. '! Competition at auction' was fairly ' brisk, with the result that nearly the whole, of .the, yarding of sheop was sold,.at market rates. ' : ethers' sold well' at 5 up to. 12s. lid/. Cattle—Very few camo forward, and the demand was not a keen one. Two-tooth owes made from 10s. to 12s. Id.; .' 2-tootli wethers, 10s.; 10s. 3d., 10s. 7d/, lis. 3d., lis. 6d., lis. ; 10d„ ''125., 12s. 2d., 12s. "7d.; mixed lambs, 4s. 3d.,. ss. 3d.; 2-tooth. ewes, 13s; 1 Id.; fat cows, JJS Is,; forward heifers, 42 55.; empty heifers,; 30s. •• . . • : , • ■ ■ "• At Feilding/ori Friday we had k hoarj yard,ing 'of. sheep,:-and-: a ■ :good entry .of. cattle.' ' Lambs. ..sold .; .well,:; but low-conditioned ewes -were hard to quit. Cattle mot with, 111 edium inquiry. Culllambs made from 2s. to 35.-I'd.; forward lambs, 7s. to". Bs. 2d.; wether'.lambs, 75.; Lincoln'ivoolly.owe lamtis, -10s. Gd.; Lincoln shorn ewe lambs, 10s.; Gd. ; English' Leicester owa lamH -95.; 'Bomney' cross ■ ewe lambs, :Bs. 2d.;,fat ewes, lis. Bd. to 135.; for-ward-.wethers; ■ ;13s. 9d.; 2-tootli ewes, small, ! 10s. 6d.; rams, Bs. to 225.; weaners, is.) store cows, -2Gs.; cows in < calf, 345.; forward\ cows, j®2. 45.; cows .and calves, £2 Bs,; springing heifers, .£3 155.; 2-year steers, £2 9s. Q,d., . ■■■ Tho Mutual Trading Company; Ltd., report' that tliere was a fair yarding of stock in small .to medium lines at, their sale at Carterton yesterday. ' Young and store cattle were slow of sale, but dairy cows and sheep, sold under the hammer. Prices were: •ewes, 13s. Gd.; 4-tooth ewes, 7s. to 15s. 2d.; f.m. ewes, ss. to lis.;' cull ewes, 3s. Gd. to ■ 55.; store lambs, ss. to Gs. Gd.; 2-tootli storo n-ethers, 95.; fat wethers, 12s. Id.; South Down rams,; 205.; springing heifers and cows,' £i 10s. < to 12s. 6q. ; calves, 155.; poor weaner' pins, 55.; good weaners, Bs. 3d. - Messrs. Griffiths and Co., Ltd., report having conducted a clearing sale of horses, buildmgs, implements, 1 etc., on the Hail-Jones Jistate, Lower Hutt, on Wednesday last. The attendance was exceptionally largo, about 250 buyers being .present, from' all parts of the surrounding district. Bidding from- the commencement to tho completion of the sale was very brisk, and when the horses came under the hammer at times tho competition was very animated, and, considering that horses at present aro not at as high a price as they have been, the figures obtained wore' very- satisfactory, though certainly some of the animals were above-the average. . The highest price was for a- bay gelding £55, a medium draught 'brought. 444 10s., and a spring cart gelding (aged) fell-to thb bid of 484.. .Others'.'realised, from 410 ss. to '422 10s. . Cart. harness sold remarkably well, and implements and sundries realised unusually high values. The following is Mr. Newton lung's weekly auction report :— At Kaponga on Friday, April 3, thero was a good yarding, mostly weaners and storo cows. Bidding was good,' and nearly everything 6old : at, satisfactory rates. 'Weaners made 12s. Gd. to : 18s.. Gd.; 12 to 15-mouths heifers, 215.; store cows, 2Gs. to 485.; fat and forward cows, 43 13s. to 44 lis.; bulls, 475. to 695. At Pohukura the samo day tho siipplemen-" tary sheep fair was well attended. Thero was a good yarding, {the majority being old l ewes, for which there was little demand. A line of 2-tooths met- with little in'quiry, but all the were well competed for, and sold well. Lambs also were all quitted at satisfactory pricos.. Lambs mailo 4s. Gd. to 7s. 3d.; cull lambs,.'2s. to 35.; 2-tooth wethers, 12s. 3d. to 125.'9 d.; 2-tooth'ewes, lis. lid., to-126. Id-; f.m. owes, 2s. Gd. to ss. 9d.; good rams, 13 to ,2J guineas; old rams, ss. to lis. Gd. At Stratford on Tuesday there was a big yarding all classes of stock. Tho demand and prices for store cattle were on a par with late rates. A line of dairy cows from Mr:- Lelman, owing to the time of year,; did not appear to best advantage, and prices for these ruled low. Weaners mado Bs. to 15s. Gd.; 12 to 18-months mixed, 255.; steers, 365. to 445.; 2i-year steers, 43 155.; 3 to 31-yea.r forward bullocks, 44 12s.,Gd. to 45; 12.-to 20-months' heifers, 265. to 345;- Storo cows, 235, to 455.; forward cows, 48s. Bd. to 705.; fat and forward, 43 17s. to 44. Mr. Lehman's dairy cowk made up to, 43 2s. 6d. On Wwlnosday at Tataramaika I held a most successful clearing sale on account of Mrs. and Mr. John Duggan. The cows were a nico lot in excellent condition, with a few nico Jerseys amoHgst them, and, although .'at this timo of tho year low prices wore expected, tho values obtained were quito on a par with most of my best spring sales. Tko horses wcro n g«od lot', 'and prices realised for these, and, in fact, everything else,' both ! ]ivc and dead, were equally satisfactory. Good young cows in milk, and visibly in calf, made front 47 to 410; strippers and lata calvcrs, 44 ss."'to-4G 10s.; aged;cows, 42 ss. to 44. -Ths average foe the jrhola bird of 62 co^ti,

including a few with faulty quarters, was .£6. A nice lino of heifer calves mnile from 38s. ■ r,^ os -. : Jersey calves, 50s. io Ms.'; heifers in calf, £3 10s. to .£4; Jersey bull (aged). Sil Gs. Draught horse, J37; trap horses. to £24. Breeding sows in farruw, iil 10s. to .JJ3 3s. Store pigs, 15.i.; slips, 3s. Gd. to 4s. 4d. Cattlo - s ' M'ilk cans, 12s. to 245. Gig, iCG 15 ■ I " 3 ' so ' larrowß > i HIDES, SKINS, ETC. _ Messrs. Dalgetv and Company, Ltd., report, having held their usual- fortnightly sale of wool, skins, and hides yesterday afternoon, lhe market was not animated, and prices tvero about.- equtil to those ruling at last salee. They quote as follows:— f •Wool.—Crossbred,. 4d.- to 4'.d.; lambs, 4d. to 4}d.; dead, 3=d.; mixed, 2fd. Skins.—Crossbred medium, 4Jd. to s}d.; coarse crossbred, 33d. to 4jd.; shorts. Sid.; in 5' J'f' hoggets, 5d.; dead and broken, -id. to 3§d.; pelts, 2Jd; to 3Jd.;'salted lambs', - Is. Gu. to Is. 10d.; salted crossbreds, 2s. to 2s. crossbreds, 2s. 3d. to 2s. fld. each; ■ ■ ~ •' t- 0 Gill)., BJd.' to . SJd;; cow,-, oi i 'Ji ' to l'd.; cows', cut and slipmy M. to 3d.; ,yearlings, to 3|d.; calf, 3Jd; to sjd. . .' y Tallow.—Casks in shipping order, ,£2.3 'IM.per ton; tins, 17s. Gd. to 20s. 3d., per cwt. , Uur next sale is on Friday, April 24, 19(18. The New Zealand Loan and Mercanlilo. Agency Co., Ltd.; report as follows:—At bur fortnightly sale to-day wo 'offered and sold >i.nc .usual catalogue of wool, sheepskins, hides, ana tallow. A firmer tone was in. evidence at to-day s sale, but .we are unable to-report any material improvement in 'values. Prices were as follow:— . / . • Wool.—Coarse crossbred, inferior, 3&L to i o'l co ?^ se ,', e " or and seedy crossbred, 2Jd. to otly lambs , medium to good, 41d. to sid.; lambs, orutchings, inferior, lid, to" 2d. 1 ' ~ oneepski ns.'—Medium crossbred, full wool, 43d: i?i V crossbred, half wool,' 4d. to 4<d.j; halfbred, Gld.;. crossbred pelts, dry, 2Jd. H l ' o v br 2 ( } pelts ' id./to 2Jd.; Is Id to is ftV ' t0 2S ' Sroen lamb pelts, hiL tl'i cow ' 3 * d ' t0 4d: " damaged fced! id. tolfe S ° Und 'f d - : fn Mow.-Medium mixed in shipping order Gd. to loTcwI" mediU ® mked ' f tinS ' ISs \ [Hrra T; -Eoberts and ■cL renort:skfnf mnall , ca talogue of wool and sheep- < a good Pflerins of- hides. There n' mustcr of buyers, .prices showing sheenfe 7 -'fv °,1 fro . m last » lcs rafes for wnW?,tH l an i lisht-weight. h'iaes. Heavy'B ■ f s shom "S fair substauco were, howm er, in ■ strong request and sblfl fully up to late.prices. .We quote':— "i ! ■ tn^^°S 1 ~S t ™pl e rs, ijccee rough/and seedy, 4d. lb -' : ,alabs . slißWlf seedy, 4d. to M. pei, lb.; P i CCCSi otc-) IWi tp .ojj; blcins.—Crossbreds, woolled, 4Jd. to sid. per lb.; crossbreds, short to-J wools, 31d.- to 4d. per lb.; lambs sound pelts, 4}d. to sd. per lb.; lambs damaged drtto, 3d. to 3jd. per 1b..; dead and hogget smns, 2d. to 3Jd. per "lb.;, pelts r o'i r ol ' to eadh;' pelts, salted, ls i- '?d- to-Is. lid.'each. ••• I .Hides.—Heavy ox, to ; Gid. per lb.; me. clium ox, 43d. to sd. per'lb.;'light ox, 3Jd. to Ml. per Hi.; cows, fair' conditio*, 'medium, oil i ,/ P? r lb-j cows, fair condition, light, Shd. to 3jd. per lb.; damaged and slippy hides, ■Al. to 3Jd. per lb.; calf, sound, 4d. to 43d. per lp.; calt damaged, 2d. to ,3d. per lb. j year-' lings, 3Jd. to 33d. per lb.. J , lallow.—ln tiiis, 18s. to. ,'l9s. 6d.; in casks, 20s. to 235. *■ ! • Messrs. Levin and Co., -Ltd., report as fol-' our fortnightly sale on Friday, ottering a small quantity , of wool in bales and' bags, 1500 skins,'7so and a quantity of tallow-and. horsehair. Wool.—Jlarket remains'j Bteady at -last sale rates. Wp quote :—Medium crossbred,-4Jd. to 5(1:; inferior, 3d. to 4d.; lambs' .wool, 4d. to 5d.; pieces, 2d. to 3d.; locks. Id. to 2d. .. /.. Skins.—No change to record. Fine crossbreds, sd. to 53d.; crossbreds, 3}d. to SJd.; dead skifts, 3d. •to -.SJd.; dead hoggets, • 2|d.- to'3Jd:> ; dry' pelts, 2d. to 2Jd.;"lamb skins, '4d. to 4}d.'; f 'gredjr pelts,-. 2s. to 2s. ,Bd.; green lambs : (wo6Hvj,' 1 Sfi! to 2s. Bd.-j'. green lamb f pMts,- Is. to'ls.-7d;"" ■ •. Pairc6ls. in - shipping "order,<822 55.;. tins, 415 to J219; :• rough fat, 413 to L Horsehair.—ls! to Is; .3d. per. lb.; iorns," ! ss. to 17s. Od. .per 100; cow.tails, Is. Gd.,per .dozen. ■ Hides.—There was a- good' demand,Jbijigpod condition ox hides, and .prices advanced Jd.' Qtliei-'lines no charigfe. Ox hides (heavy),-"6d." to ,G|d.'; ox hides (medium),. Gd. to 6gd.; ox', hides ..(light),'. 4d. to ,1 5d.; cow hidesj '■ 3Jd.. to 4-Jd.; cut and slippy i 'hides, . 2d.' to 3Jd.j: 6tag hides, 2Jd. to 3Jd-; bull hides, 2d. t0.3d.; calf (best), 4d. to 4Jd,.; calf (out. 1 and. slippy),* 2d.to 3d; • '■<<'' ' Our- next' sale - will- be. held. on .Friday, .April. 24, 1908. ' : '-•• . • : V - ' - .- . GRAIN MARKET. . : fnx. TELEGEAPH—PKESS ASSOCIATION.) i .. \ ' ' CmtiSTCirDECH, April 10. The 'local grain market has now .reached a stagnant condition; and practically no business is being done.-.> Sales recorded includo 14,000 bushels of tuscan and hunter . wheat at 4s. 4d. .at! country stations; 1001-to 2000 bushels of hunters at 4s. 4d., Christchiirch; .2000 bushels of gartons at.;2s. 3Jd.; and GO sacks : of peas at 3s.'. Gd. Potatoes arc becoming pleh-' tiful, and are, quoted','at''"fr^ra r '43 15s. to 44. SHIPBUILDING INACTIVE, i, !. . ' GREAT .FALLING :;OFF. i \BY TELEGEAPH- *-PIIESS ASSOCIATION—COPYRIGHT. '. London, April 9., Lloyd's Register shows, that. the. tonnage of ships now building in the United Kingdom is 459,000 tons below that-for,-.the' same -period of 1907. ( This is thc-ilargest decrease since 1594. ' ■ ■ ' ■, "|j. W.' AND A. M'ARTHUR AND COMPANY. - ' .» ■ - ..- BY TELEGRAPH—mESS ASSOCIATION— COrYMGIII. y 'London,-April 9. Mr. Arthnr Whinney, who wns- appointed receiver and, manager of tho estate of w. and ,A. M'Arthur, Ltd., merchants, which w.eht into liquidation in December jlast, states that the ordinary shares have been-subscribed, and the success of the reconstituted warehouse is assured. - ; . 1 LONDON COUNTY LOAN i SUBSCRIBED , OVER. TENFOLD. BYvTELEGKAPH—PItESS ASSOCIATION—COPYBIGHT. London, April 9. -The County Council loan of two and threequarrter millions at 3J per cent: interest,'was subscribed over tenfold. ir LONDON MARKETS. . , . BT TELEGRAPH —PEESB ASSOCIATION—COPYRIGHT. London, April 9. ■; Silver is quoted at 25Jd. : ' The American visible • supply; of . wheat is ■51,147,000 bushels. - ' Messrs. Dalgety and Company, Ltd., Wellington, havo received the following cable message from their London house, under date of April 9:—. , • Butter.— weak.j ..The Gopenhageh. official: quotation, is 2 ,krener6 (about ,2s. 3d.) per . cwt; lower. The total • imports of butter into the United Kingdom for the week ending April 4 amounted to 70,000'cwt., as compared with 94,000 cwt. for the; corresponding week of 1907, showing a decrease of 24,000 cwt. Salted, -108s.; unsalted, 110s. ; ' Frozen meat.—The' demand for lamb continues,'and tho;'market is firmer. The market for mutton is'firmer,'and the demand continues. There is less demand for beef, but prices are firmer. , Our quotations'for New Zealand descriptions" are':—Prime crossbred lamb, Canterbury heavy, 53d-; light, 5Jd.; prime crossbred, North Island, heavy. sjd.; light, s}d.; '.prime crossbred mutton, Canterbury heavy, 4jdi; light, 'l^d.; prime crossbred mutton, North Island, heavy, 3Jd.; light, 4Jd;; prime,ox beef, fores, 3Jd.; binds! -4d.. Rabbitskins.—Fair to good qualities, higher by Jd. per lb.. Other descriptions are higher by Jd. jier lb. Out of an offering of 1892 bales, 1505 bales were sold. Tallow!— Since our last advices, prime mutton tallow is Gd. per cwt: higher. Mixed, good to prime, at .par to 3d. per cwt. higher. Low and inferior -descriptions aro a shade easier.-; . ' '.. _Hides. —Market dull;. Leather.—Market is a shade easier.. Basils in .general are lower bv id. per-lb. > " ! • ' - . '.

."-/i :'y i: 1 'Reserve ; &' vv,: : ' \ / •' . • COMPANY. ' ™ £?£• 'ff ' '. mCF -- L . , V Forward ' bharo., gg ..Buyor. . Seller. g^ Q _ Investor, ' junks. • ' • * v i f * 6. a. £ b. a. £ ■. a. • i u . -F«WZealand • f,CC0,0»l <1®! g.- • •8J '-Mr ' '•V'! 1 ! "■?■ • • "If ; 0 SO # ' IseiiODAl • 575,000 i £35.313 . 2$ 15 f '12* .6 6 .6.; - . 6.6, 6 ,-.6-7 0 C12 2 insurance. • / ■ - •• i.\r. f. JOO.OM •• fg-gj •. 'Unltdr. -35 " .1 9 r 7.2' - New Zealand; • JsOO.OOa . . " f- - 8 ' "lO ' -2 * - ° : • - Eoufh-Xri&h \ • "* ■ 300,000 - J1 •' • 30'. * 216 0 =217-6 . , ••• • t4,andard ; . V. ■ 75,000:. '?'•»»;. ''' 2 J nnlfcd.'■ 10 • «.'■ .. FINANCIAL, " - e0in " " •• r .".-'4si,vv; v : Equitable BnildinS v . fO,a>3\ ;.C\ ." • fi : IP^S, : 6 < 10 0.0' p r p -MetropolitanBuilding ' 40, r j5V-; • ' 30' - nil 1 - : -vrix*-' : .WellingtonInvest./'- - CO,000 1 "• \ : d 6 ' - /012.-3 0,11 G p 4 4 . • Wel'gtonTnist&Loaa 101,253':;'/; .5/ 6 ' a" 7fl 0, 7 0 6 f 7 0 • Katiouftl Mortgage - .200.000.:; 2 - * 8 in 219.6 ,8 16 SO ® . . fl3 4 • N.Z. and River Plate'-' . 300,000. • 1 »U ?• ' 112 0.; ' ' -JU 6 . 4.811 ; IjOan&nftMercantUa/.. *135,£U:-' • -'. i : fcj * c- • 4 106. 1 • 0 5 .0 .10 0 0 "Auckland ; ' v.- •'/ v., 180,370 .. f- . nil 1 ,. vlfi'.' v V-lri ;■•»• .- '&. i .152,030 ' > 6 - nil - 10- ,10-2 6 . 10,0-0 5 0 0 ' FeDding : - . >: /. 1 12,000 - ' ' 1 ,nit ''* - 1 '0 16.;0 . Giaborne : V : 17,303 , • '.1, . nil J- M' -2'0-.9 : ' ' '212" 0 210 0 6 10 0 •- Hawora : . : . 8,250 -74j .. .. r „,. r i ■. « ' i V\ v ;18,000 " ' ; '£.l t » ; ' ; 5 * • nil . • 10 "" ' • •',W ! - •; litpier.; •• > . - . - • 30' nU 15.- - .. , ' \ . <94337J- 6 5 15 ;•. ... r«lmerstbn.North-,t | . £7,000'.. ■'■11 -.4' ,■ *10' ' • IVelJlofilon - . n0 jr,7nl W. nil 10 . ' 1010 0 19,11 6 '6 82 ':■;} ■ J /s .' 6 . m. ■ .. • ■ ■}.: . ■{, .>■ • /:■ . : /,/'l£EAS-.:/.J, ■■ ■ ■ ■ ■■ ■,.■■ r. i.: Canterbary i ''. • J53.737 • . ■J'®!'' 1 r il : /B ; . F r 0 0 . II 6 Chrigtcburoli ' • J03,aj W ' mu' £ ' 10. 6 6 10.7.6 ID 7 r [MI B<ar v... • r-ifwii J. n .i, • 510 3 5- 9 0 6 1 0 ' „ .. - - tAWU I : ■; 4. . . i2i - :o.it o ' io o' o . . . tfellinstonMaatExp- /' I . -- ■' • ■ . ■ b ' ■ niL , .8' ■ : C-J2-. S / „•'. "" „ " " 105,765> 53,76)7 ■ -4 1" ' g ■ •• ' 6'2 0 ,6 S 0 ' r B (! vji. -„ . .1#' vej ; \ . -s 5 3 t a 0 t 0 s. W«neantii '• „ ••. . 11.401 s, na. . fl...... . TBANSPOBT. x . ' • • W.SM.Bailway/.m<»]./ ' 1 i .7 2 6 0 1 7. 6 8 7 0 5 0 0 •:*.:• Kx-aft»ii«v:.•• ;i..i'flisa -s mi." . • 5 '■ • m o ,■ . ■ Union Steam- : - \ 800,000 1 'nil.;: ,7} 114.0,. ' 1U S x V'6tn.6teamPorwrf.. 46.25J ..1.- /nil. .. J j,. ' COAJi. ' .■•■•. ■■ Westport'. > ... .^,00)'' • ll'^5 ; v ' II ■.; .12) 6 19. 0 1 0 0 7 0 0 [ 5 0 ' laupiri*. £2,50J •' •• M»... ; ,1 , .wt-.. ..74. i 1'0 -fi' ' lt0' 9 ' ' 1 0 3 7 8 0 woollen. • „ c ,, taiapoi- .... : 300,001 . ; .5,' . mL \~s, . v /, llosgiel.-,, . ..ca.137 .. : -Ss lJ : -4 : ' ,1 0 0, ■ 3'3' 6 ' 3 1 ; 0 .<120 --- ■'' - ca.OOJ s i • '(>''■ 3.0'0" '3'3Vo '3.0 8 1 8 0 0 • MISCELLANEOUS.' " • v ', ' ■ . , ; - '' ' •>: SonagbyBoiw • <7#B.-'.' .5, ..ml , 6 0 0 •• 6 5 '0 .6 2 6 Xeylana&O'Brioa * % - l S5,0JJ.; • • SV? 1 1' "« ,15 , "S'2 6 i'i 0 13 9 '6 17 2 ,Jlanrioorilloliinij.' ' 1 'P'..-. ".-1 nu : ; 5 : v. i . , . \ " '>.Z.Candlo, 10,001.}u 1.11 . . . •„ Ji JS.DrngS' - i 1' ./mOOJ*'* '.' rn o.J 2 12 0 . "r 11 0 f s o . Js\Z.PaperMiUa : v : . 7 • 1 6 13 0 il-3'3 ids Cement-'- v' ' • 40,000/' .V • \l. . . r-"'• >,i'ii: g ; l'12.-:6 . v . JJanning&Oo. . 4- 1, '. 10,, / - - S16 6 ; \Vard&Co. ; . /r . -B0.1XX)' •. 4 : •• \ : 10 - - 415 '0 ' ' ; 415 0- -8 B 5 i Bin:OperaHousi > 1H,633 •' 1|/< V.-/' '"-.fc ' " ' ;o. ' .IvVgtB'Fresh Food. - :2y,261v,' V; .; 1. :.»il •• '• . . Wbitcomboi: Tombs-. . "'46.25J/ ,. SO.Ioj ; j r ml, .. . 19 ■ •. ' g q , bli&rlaiici, liuuiwi .. \ V . ! 019 6 1 J 0 C l8'9 9 - q 0

r t . Tear. . . No. of-vessels.. Gross tonnage. 1803 ... ; ... . ... 697 .'.A 1,190,618. ' ' 1801 .... .... ... 712' •••/ 1,205,162. :i005 795 1,023,108 '1006' ... ... 8S6 1,828,313 ' : 1907 ... ... ' ...' 811. 1,607,890