FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 176, 20 April 1908, Page 10

FINANCE AND COMMERCE.

THE MO W' MARKET. The London money ! market ', maintains..its easy tone; although the Bank of England is : again losing metal. . This was:to he expected after the turn of 'the quarter, but as yet the adverse movement does r not amount to much. The metal reserve in" the'.lssue Department; I for the past three weeks, together with' the , open -market rato, of discount, show as under:— I■ ■ : --"v . v/ ■ -~ Metal per cent. Market rate. ■.'■ £ ,2 s. d. April 1 ... 38,312,000 . 27.6. - , . ' April s. ... 37,27-1,000. 210 O'"- - ' ; April 15 ... 30,344,000 2 13,9*. Tlio efflux of metal is nearly two sterling, and the open market discount rate has moved in sympathy. . Although money stands at a comparatively 'cheap rate the: de-i mauds for loans on gilt-edged securities are very great. The Chartered Company -of South Africa recently issued .£1,000,000 in shares, and the'emission-has-not apparently / met with much success. SHIPPING KEBATES. Giving, evidence before' the Eiyal Com- '. mission;:' on shipping! 'rings, Mr.. Edward Lloyd, a' partner in the .firm of Bucknall Bros., and a director of the Bucknall. Steamship Lines, Ltd., stated that thero'had "been much confusion of idea regarding the system of deferred rebates;'or Tebate commission system;" which was in operation in most of the organised . trades.'.over ,-the world. With re- . gard to its operation in the shipping trades of Great Britain, it .was ; undoubtedly of the greatest advantage, intrades where , a regu : jlarity of service was required' with 'uniformity., ■and fixity "of -rates,,i'and.':it^was: ; to-; 1 keep .off the casual-, interference ". of:.-outside, shipowners; arid"to < avert.:-the;, conse<jiient;';dis-' tur banes l . in rates and sailingswhich would, . result, from such, interference.. "' In' that .re-' . spect it-was of mutual . advantage .to. both sliippera and :;shippwriersV'.;;rWhile in''trades'. . where that system was" not/ in"'.'vogne' l other' : means had to be adopted for the protection and preservation of trade. The view that the" rebate system - was a-wmpoh'-with:the object of penalising •>hippe^ff- r ."Vludei'"; J i:6rtain/" conditions was; erroneous;" : It was alsosuggpsted that the system was upheld by shipowners to • support,a monopoly, but had, not . Bhown it'to be conducive to that end. Tho ... days, were over, if they ever existed, when 1 . . shipowners, in or out, - of,-fconference,-, could hope to compel^.any'"body"of" shippers' 'to'' ac-' .; ; cept ■! unsuitable conditions or . to force un- ■ reasonable or excessive, rates of, freight, upon, •..;th'em. ; . Even within a-, conference; thei'g was ; too keen a. rivalry, between the shipowners .to' . sustain a' suicidal policy of--.'strangling or hindering trade in a desire to make inordinate profits. The policy ,of conciliation towards shippers was. vital.in the shipowners' interests, and that policy., could, best ed encouraged "and . developed by/;mains .ofmerchants'- committees;; . in which 'w6ulJ-'.be''fbnrf'r > th6' : mbst ? .practical" means of remidiar>'action-,\:when-required; s'Ko good could possiblyi.be'/expected. to,result ..fronilegislation to. coerce, either,.: shippers ,or' shipowner in their relations-to each, other. All such interference was to bo.' deprecated "."as ."being; . harmful' and pernicious; in its' effects to tho shipping industry and "to-ißritish commerce . in general." There was' ho. compulsion or j /pressure;upon: shippers, to.mako/their '.freight. - arrangements under the rebate 'system. ■''' RIVER PLATE MBiT COMPANY. . Tho Eivir Plate Fresh Meat Company has .had. a somewhat: variable history—more variably perhaps than that of, any other-concern engaged in the foreign, or colonial 1 meat "distributing trade. It was originally .floated in , 1882; the capital was at first ~£200,001), in what [ -afterwards became ordinary "shams, but in ( 1885 this was increased to. £250,000 by'the v creation of ,650,000 prefere;i:e shares. During . its .early vears the venture met ivith little of ."■the SU3J3SS, (he ..directors [prognosticated," and • by..-June. 30, 1884, a debit balancs of £26,300 ; had bee'i accumuhted. Of this £25,000 was written off: the ordinary-;capifcl and the- rd : "maining .£I3OO was subsequently extinguished out-of profits. In 1884-5 and-1885-6 the: pre- - ference dividend-.wa£: paid,-bii't, in • 1886-7-morsi. -. misfortunes were 'experienced and'a new 'debit" balance cf £42,000 ; had to -be ifaced.- ■> This -was 1 ' disposed of:by -writing £37,500.'0ff the ordinary, capital, taki-ig -£430 - .fr'on-.. the.*r>'se.v-j,;' ."r-d" carrying £2flO, forward: to' be liquidated > oiifc' of earnings. In. 188S-9. .the, tijle 0f.,-adversity began fairly to .ebb, and- the ordinary capital- received its first return of 10 per cent. lii 1889' there . was a reconstruction, a new com-. . pany—the presait" concern—b'eing;' : foiimed with'' '•■•the same : name to take over the business.The capital was £250,000, of which £200,000 was f in ordinary and'£so,ooo'in preference-shares. There were also 8 per cent, debentures to tho : amount nij --£25,000. -. Thero;. is, now no*mort~ 1 gage, debt, but the, issued ordinary shares have" been increased to - ,£400,000. • .Losses liriv.i been experienced in . six".out ,ofr the, past "nineteen -. years, but tho- wtrnings of the rest- have been sufficient to wipe out trading deficits, amounting in the?aggregate- to £76,800,'- without, hav- , ing resort to any writing down of capital; on , the contr.iry the ordinary capital was doubled . in .1900,' and ,£I3G,BGI -in -1905. - The dividend profit of the/company -last ' year'' was-' 400;'' the-reserve; f.uhd ..stands at -'£85,000,...and the ; insurance -reserve", at-'jSlS,ooo.'' . 1 FIRE INSURANCE IN LONDON " The : insurance' offices, are ' assessed .for the maintenance of tho fire brigade in London, , consequently, once a year a return! is issued, ; shdwing' liojt. ;the trisks' amongst the, .varitfiis/companies".The -six offices'at the -top end of'thej:list-/last/issued''arc:—; • AlliancoV:...: £180,000,000. Sun. ' 114,000,000 „ ■ Commercial Union ■ 79,000,000 . Royal ~.. '. ... 72,000,000 ' Phoenix . '. ... '. G5,000,000 - Law Piro ... ' ... , 06,000,000." . ; : V .'; 'v" : ';vv £579,000,000 The mind can;hardly grasp' thesb great- com-, . mitments within;- such;;a; limited ;.4rea/"and."-it' is a wohderfnl tributo "to modern, efficiency that no ono ever doubts the ability of tho fire offices to pay whatever ■ they may undertiike. ■ . .NOTES. Copper prices aro again easing, tho spot quotation now being ( £sß 12a.' 6d., against £60 15s. three , weeks ago. Price's Patent Candlo Company, Ltd., made a net profit .of .£73,253 last..year, and. paid a dividend of 355.' per share.

y "The 'open market discount rate in Lombard Street has been advanced to £2 13s; 9d. per cent:, the' second '• advance m two weeks. " Imperial Consols are ss. lower, and tlie saino decline- has been registered by New South •Wales >4's; West " Australian -3J' per cents, aro 10s. higher on tho week. . The output of the liolar Goldfield,; India, for January and February totalled 59,512 ounces, as.against .89,234 ounces for the corresponding ■ period of last year. ,'iThe net-profit rff tlie Bank of Egypt for last year totalled £134,943, as.against 1 £136,750 .in ,-1906, and in .1905. . The dividend for. v thb 'past three years has been at the rate of: 18 per cent, per annum. Cape Colony's accumulated deficit- of the past' four years amounts to £1,900,000, and .was,likely- .to,\.be -increased by £500,000. this railway debt brought the true, deficit up to about £3,000,000. ' 1 'In- the State of Kansas, where they 'have had banking troubles, as in New York, a ;chartiav vhas.' been j granted to an insurance company to insui-F tlip deposits in the Kansas banks. The capital is, a million dollars (£205,000),-but if tlie banks failed in any considerable numbers, what would be the' use of £205,000?. , It is..reported that 34.2 per cent, of the unionists-in,.New .York wore unemployed' in ./December, as„x.omparcd . with; 12,8 per -cent, in-Pecomber,vl9(j6, and with 6.7,> per cent, in December,'. 1905; , and ' that the. great reason' ..was. lack of .work,,-riot.'sickness:. The -clothing factories showed; 53.7. 'per cent, unemployed, . and., ..building'.;: trades' '45 per • cent. Enforced. idleness was; greater,' than at any time since 1893. ~. . ... ' "MINING., 1 ' ' i' J > '; (by TELEGEAPH.-t-SPECIAI, correspondent.) • . , ; . ~ Rbefton, April .18. The new Big River mine manager reports for the past, week'as follows:—In No. 2 stope going north- on' the western block there is an average wash of five feet of stone. Going south in the same stope there is three feet of stone. In No. 2 stope going north on the ..easterns -block .-there is an - average width of six-feet,; of sWjiev ? A rise i.s also being put up on this, reef; for; No. 3. stope. In the leading stope going ; south on-the eastern block the"-reef-is.""still small. In. the branch level we are engaged stoping blank ground between ~® topos . .this level and the stopesover, the . main level, utilising the mullock :thus'pro'diiced 'for'-illing in the stopes over the branch- 1 level;-'-"-We".are also, prospecting the. :'small lefider-'in- tlie stopes over No. 2 level. ■One hundred and;ten tons of stone - :have been .raised for the week. The battery lias: been running full time, except ono stoppage, of' :eiglit';hoursrtto effect small repairs. , . (BY TELEGRAPH.—PRESS ASSOCIATION.) Dunedin, April 19. Dredging returns :-Masterton, 790z. 3dwt.; Waikaia, 590z. 3dwt.; Rise and Shine 11, 450z. lOdwt.; Golden . Bed, 440z. 6dwt.; Rise and hhme I, 41oz. lOdwt.; ICoputai, 41oz. 9dwt.: Mystery Plat, 40oz. 12dwt.; Alexandra Lead, 300z.. 4dwt.; Sandy Point, 250z. ,16dwt.; Punt , ;230z.:-12dwt: J Chicago, 20oz. 6dwt.; Jlolvneux Hydraulic, 17oz. 7dwt.; Kura, 15oz. 19dwt.: Central .Charlton, 15oz. 9dwt.; Muddy Creek 1 14oz;--"18dwt.'; -Switzers, lOoz. 3dwt.: Welsh.mans,- 80z..,5dwt. . - The foUoiviiig mining returns are to hand:Waikaka; United No. 1, 320z. 7divts • Is T o 2' 440z ~3dwts.; ' New' -Eoxburgh Jubilee, 60oz! 15dwts.; Rising. Sun, 480z.; Jlanuherikia, 1370z. ~ , . . , . . . RiEFTON, April 18. ;Pactolus.' No. I;',.repairing; r No. 2, 440z. for 130-hours; ■iCallaghan's Creek, 12oz; for 130 hours. , • , • CONSOLIDATED GOLDFIELDS AND PRO- ? ss MINES -' • V,^®^? G .^?^" r r S l , EolAL corresposdent.] : ■ • ;; - ' Greymouth,' April' 18. - r The ,Consolidated Goldfields of New Zealand and the Progress mines has issued the- following, . - Wealth of Nations: 1180 tons were crushed for a yield of 39Goz. 15dwts., valued itt £1«39 18s., .Sixtyrfive v tons of sands' were cyanided, and yielded 17&oz. : 4dwts.' of bullion, valued at £517. Ills. 2d. Cyaniding operations were interfered with; during., March, owing to altera•tions. 'It lias been decided to abandon amalgamation and concentration, and substitute Tune mills,- and .the.consequent slitting of the'whole of the battery product as soon as tho necessary. alterations are made to the plant. These operations':require'the comploto remodelling of tho plant and an increase in power to drivo the same. Owing to the regrading of the water ■race,'and.bringing in a sludge channel; an increase of. 60ft. of pressure will be obtained at the;Pelton' wheeLy'';,-;,-" 'Golderi , ;'' : Pleoce:oMiiie: .The only , point now being,;:attacked is in N0..15'-level, which ' is extendcd;.B9ft;,'"'a(portion.in a likely reef country but which' exposed nothing of real importance' , The Progress Mines: The report states that during. March development work has boon carried on* iif -No.-'-ll"level,* where a crosscut has been laid off with the object of seaching for ore at "a"distance of'some 400 ft., and encountered'-a block of stone on tho underside, which the crosscut carried with stono in • the roof for 36ft., when tho quartz floated up over : tho back crosscut.>' Tho value of this stone, though to aniextent not known, is distinctly above that of the average,' as very high values were obtained. In No. 9 level a rise has been put up to 1 41 ft; in stone with great thickness. Tho assays are satisfactory. The battery crushed 4731"'tons; producing-1103oz. l4dwts., valued at <£4569 ;ss.|4d. ;-;3160 -tons of .coarse. sands wero. cyanided,'yielding' 398oz.:18dwts,. valued at £767 13s; 4d. The slimes were pumped in tho storeage dam, and Salpherets estimated to bo valued at £050 woro shipped to the smelter. The tori--nago- o'rushed-wns' smaller than usual on account, of..the.:dry" weather. • . ■ Blackwater Mines, Limited: Tho report states' tliat steady,t ifrogress has been made at all points.. ,?Th'e Joker level has been extended sGft.- on.quartz, the wholo way averaging 2oz. ,15dwts..,per ton.".,A rise from this level has been started to; connect with ' tho bottom of No. 1 winze, which, when prospecting wns in .progress, was sunk 250 ft. on an incline. Tho rise has been put up 29ft. on an

average of loin.' wide. Tho assay, generally spoaking, is of a low avorage. No. 3 level north, (luring March,' lias been advanced 42ft. on quartz averaging 'iftin. in thickness. The assays of tho first portion of tho month's averago were over an ounce; at Ihe latter part, fltlwts. Good progress has been made with tho battery and works. , BANK OF ENGLAND RETURN. .BY TELEGIUriT—HIESS ASSOCIATION—COPYRIGHT. Lonticn, April 16. The Bank of England return-, issued for tho week ending Wednesday, April 15, is as under:— ISSOE Dkpahtjiext Note Issue £i1,793,G00 Gov.'debfc £11,015,000 Other securities. ... 7.434.000 Gold ... 30.314,000 £51,793.000 £34,793,000 lUN'KIN;; Department. Proprietors' Govt, soouricapital £14,553,000 ties ... £13,757,000 . Public de- Other securiposits ... 30,661,000 ties ... 30,033,000 ' Oilier deposits ... 41,123,000 Notes 24,656,000 Rest, 7-day andother Coin ... 1,433,003 bills ...■ 3,247 ,CCO . i60.8P4.000 . £69,554,C00 The leading items of the Bank of England roturn afford the following comparison:— This week. Last week. Last year. ' ''£ £ £ Bullion ... ... 36,344,000 37.274,000 34,561,000 Kcservo 26,114.0u0 28,214,000 25,7 M,00) Note circulation 30,137,030 58,014,080 28,550,000 Public Deposits 10.C61.000' 11,22:),000 9,044,000 Other Deposits 41.423.0C0 43,742,000 45,634,000 Proportion of ; reserve to : liabilities ... £0.03 61.28 44.65 GOVERNMENT SECURITIES. Tho following are the latest quotations for tiovernment securities with a comparison of thoso ruling last week: —

, . - THE. MONEY ■ MARKET. The open market discount rate for best three months' .bills is 3-16 higher at 2 11-1G per cent. Tlie Bank of Engliuul discount rato •is 3 per cent.,- to which it was reduccd on March 19.

- V/ELLINCTON :.SHARE . LIST. ■ -V' Reserve • a,; rV.w/-' "' : V:" » $ jff . L „ { ~ . . ■ T. Forward 'p, p, v-5p Buyer. ; Eellor. ■ g a | 0 . Investor. V . TBAWES, ; ■ i -4- £■ .'.W <£. ; J «• a - . ' E - <*■ - r-.fm Zealand '••'.■ S,OCO,(»1 SI, ?{" ' $ * 10' ' #1? 0" ■#!» « S12 0 8 9 5 ftalion&l. - . 375,000 <•,. 32 ® 0 G. / 5 fa 6 5 5 9 633 5 ;r ' : ]C0.(*» ' SS® ' ' i mnKa.* »• J5> r. tl 7 ~0» * 1 7 9 f 7 2 New Zealand - 800,003 • Si'Si ± 8 3" 315 0 337 0 • EoathBriliah. ..>"". - JOO.OM .i5, 30 > >''.2.16 .0 .,..217 6 Manama - . .'• 75,000' K,3S6 " unltd." io ' 12 0 FINANCIAL. ' Equitablo Building50,000:' ' ■*•!£, 5 5 ]0 : > 10 2 G 10 0 0 F o (i ' V Metropolitan Building, WM" . J&S 30' "U' 7 . . .' »'• Wellington Invest. - .60,(103'; ; 'i .; 4'..''.'6 r \ ;012 3 Oil 6 . I H ; Wel'6tonTrust&Loan 101,253'-: '"AH*' ,'!5 .\fivV r 8 „0, .. 710 G "7 9 6 f 7 0 ' National Mortgage - 200,000 3|5>J®| 2 ,8 io .3.0 0 3 2.0 . S 0 0 fl3 4 I. K.Z. and River Plata - :.300,000 gj': -1' DiI 7. 1 12 0 1 12 6 J*® ? ..'<50 . Lean and Mereantila - -'135,221." 315,133 . £ g 051 .051 050 10 00 Auckland - . .: 180,370 ' ' x ■'S2*3S ' '' B ' : ' nil '''" l^'' ' ■ '' ; '" ' U-Christehurch / . 152,OM »«» 6 nil 10 10 2 G 10 0 0 5 0 0 " Feilding ':.. - . 12,000 ,„}?? 1 nil 0 16 0 „ „ v. Gisborno -' . y. 17,303 > •-JM'J. ...1. .".nU. .. 13? . 2 9 9 213 0 S10 0 510 0 . H&wera - 8,250 " " 7 jJ '5' " i.'-'.lO ' ' New Plymouth / 18,003 -' 1,153 . 5- nil-- >'io - ■ ; ;Kapier ' - - ' . • M ' nil "• '15 - , •• „ •' • . ' 40.957 f- . 2»' 183 .6 6 , 15 ■ -'. r - V. . ' J „ 1 1) 15 , . r*lmeretonNorthV'tV.000'..'- : 10" Weilinaton.- - . "i' 1 ? 1 ' .;»>.• ■ »>1 ,i :,10 . w ..30 10 0 19 11 6 .0 9 3 • 324.570 -- - 5 - 0 ;t 10 015 0 : '. v " . MEAT. ; - .''ira,727::: ' 2i 8 : , : 7.19 *0 - . 8 2 0 . Ctristchurch -V'-. ri..iw,393:.- -3*" ' .-.1U. . IUU ; . . •' 8 10 6 0 . 10 7 6 10 7 0 .7 14 T -V:.Gear et, '- bl ' "l "nil.-"; ; 12i 2 9;.6';., 210 3 '2 9 0 tl.O l r ,WJ f 4 6 '• 125 0 13 0 ' -10 0 0 . Wellington Meat Exp« j ■ ■ . 5 niL 6 .- 612 6 . . , , 105,766f £3,757. .4 1 -8 . 5 2 0 5 2 0 |I ) , .- ...' ' : ■ ; ' ) IS; 2J 8 ... 3 5 3 3 5 0 6 9 3 .' W&nganui ,, ' 45350 . 11,401 it' ■ nU," r . - 8- •: " '' TEANSPOBT. -' " VT. i- H. Railway '• 170,003 Jjl'Jf; 14 : 7 2 6 6 2 10 0 270 1 0 t .. N.Z. Shipping• 473,81) 1J 3 .; 8 . nil.- 611 0 . -. Union Steam " • 800,001-. l. ' likk. ~ "7J- 113' g' lu 6 t W6tn. Steam Ferry . 46,'23Ji . w 1 nil, -6 :' ; ; Wcstport . £60,033 u7 '? 3 , 85 H 125 6 19 0 7 1 0 7.0 0 6 5 0 ' .laupiri - . . tsau 1 . nu. -71 ;106 106 10 3. 780 WOOLLEN.- „ cr . A Kaiapoi- - - - 100,003 ®JJ» S ml 6 . Mosgiel- . . .. 63,457 84 14' / r>4 ' . 8"0-,0, . 336 3 10. 412 0 Wellington - - .ntffiU ' iM 1 , 1 . r-8 • 32 G • 360 300 80 0 . JilSCULLANEOUi ' XionaghyRopo ;- - 47,033 - . 5 nU, _ 6 0 0 -6 6 0 6 2 6 '. Leyland & O'Brien . .S5.0JJ ; 37,iol 1 >.ml 15. 2 a-6 2 3 0 1 3 9 6 17 2 MauricevilleLuu . . 7,00J ' - 1 nil u ■ K.Z.Cimd!e - . 10,031, .. - <10 • - ■ / ! : .K:Z,Dru2s - •• . £00,003 "7: 211"'0 ' 212 D r 11 0 ' 630 , K.Z.PaperMills 94,755 lljj . , 7 1 2 6 1 3 3 1 3 3 6 0 5 ., K.Z.Cement- ■ 40,003, • W«' . 1 - 11Q 9 113 6 -• Haiming JcCo. - ' 06,(UJ ' ' .4 '- , 10: ' ■ '• '315'G ■ Ward & Co. - ?••. • ..tU.lMl \ ( M ; .415 0 4 17 G 115 0 8 8 5 Wfitn, Ope\-aHousj ■' lt.oiJ- ■ ■' - l" 1 - ml-.., i-ji " ' : , \Vgtn Fresh Food • .U.iol •. 1 , -ail ■ ■ , . 1 Wliitcombodr.Tombs- 4U.25J, , ' 6 ul l... 18. ' . 4 3 q ■ Btarland, LimiteJ ' si.SW . . j'WU' .' n >*.. ; , 019 .6 13. 0 ' 018 9. I. 0 0

, . V nriatione Prido C0 ™]' t n h reli __ last wecli. ~ ~ * """ £ 6. d. 2$ % Imperial Consols... * ... 87 2 fi 5f. lower. 4 „N.S.\V.lP03J&n.-Jnly ... 109 15 0 5s.'Iovrer 3i „ N.S.W. 1918 Mar-Sept ... 99 10 0 Unchanged 3 „ N.S.W. 1936 Apl.-Oct. ... SS 10 0 Unchanged ■ 4 Vic. 1920 Jan.-July 104 10 0 Unchanged 3j „ Vic. 1921-6 Jan.-July ... 100 10 0 Unchanged 3 „ Vic. 1929-49 Jan.-July . ... 63 ■ 0 0 Unchabged 3i „ S.A. 1916 Jan.-July . 100 0 0 Unchanged 3 „ SiA. 1916 Jan.-July ... 87 0 : 0 Unchanged 4 „ QTdl921-30Jau.-JnIy ... 107 0 0. Unchanged 3} „ Q'l'dl9(Zl-30 Jan.-July 100 0 0 Unchanged 3 „ QTdl922-47Jan.-July ... l: ( J 0 0 ' Unchanged ' 4' N.Z. 19*20 May-Nov. . ... 105 10 0 Unchanged 3$ ,, N.Z. 1940 Jan.-July , ... 103 5 0 Unchanged 3 „ N.Z. 1940 Jan.-July ... 83 10 0 Unchanged . 3i „W.A.1920-35May-Nov ... £8 0 0 103. higher .3 „ 'W.A.1915-35May-Kor ... 87 0 0 Unchnnged 'sl „ Tas. 1020-40 Jiu.-July ... 9015 0 Unchanged 8 „ Tas. 19-20-40 Jan.-July ... 89 0,0 Unchanged