THE SHARE MARKET.

Dominion, Volume 1, Issue 182, 27 April 1908, Page 10

THE SHARE MARKET.

'■/. ■ Last week investment shares finished up dull.; V-; : There wore.no\sales on. Saturday, and the ;bu>y ing quotations 'were few in number, but- there s was no change in values.- .National Bank shares were-in' demand at iEs'ss; 6d., with; sellers at £5 65. : 6d. ,Financial shaies'were quiet., 'Wei-. . ; lington Trust and Loan :inet with. inquiry ; at 95., and-'.there '-were sellers -of Equitable ; Building at <£10 2s. 6d., and loan and Jlercantilo at 15s. Id. Insurance shares : were ; not : V • quoted, and Gas: shares brought out the same ■ old quotations. Eeilding Gas, buyers 15s.< 6d.," Boilers ■ 18s.- 6d.; Wellington'- ; Gas, sellers £19 : 10s. and ■ v£9. 15s. for ■ the respective issues.' : . Manawatu Rails were in demand, at 465. 6d., whilrf NX-. Shipping shares were . on' sale' at, . .£6 ss. : For' Wellington Woollen iC3.ls. was bid, .. -V and- £3 ss. asked.. Donaghy Rope, and Twine 1 shares, buyers .£6; -Lcyland-O'Brien --Timber,, vW-'sellers 435.; ,N.Zi';Drugs,. sellers ' "6d. J " Taranaki Petroleum were in .good 'demand/at . 7s. ,9d., but-tho' shares', are at anythinglikathe figure. Wo'believe as much , ras ; ; 9s.' has.' been offered' without*,;resultingV. in ■ ■'''i-V; ■'■■■■.< THE MINING MARKET. .There were.sales of both Talismans and. Wai- . his,_' and', both ' show a' tendency' to .advance.. : Waihis'sold-at .49 10s., and 'buyers now offer a £ ' shilling more.' v- The Talisman- quotation-,is exdividend. Saturday's quotations were .'as'under:' • •: \, 'Buyers. Sellers. Sales. ■ >■■ £ 8. d.'.'-.S s.'d. • £ s., d; Talisman 210 6 211 6 211 3 Waihi ....... 9 11" 0 ,9 12 6 910 ,0 Ngatiawa 0 1 o'.;. .— —— — A.M.P. SOCIETY. ' , The fifty-ninth annual-report of the A.M.P. Society was delivered to policy-holders yesterday, and a. careful perusal of the document ./ Will rive unbounded satisfaction, to all 1 concerjed. 'The report covers tho transactions for , ■1907, and the figures show, that last year was easily the record. In the Ordinary Branch .; 17,797. policies .were issued, and' this compares . with previous years as under ; •7" .-. '••; ■ No. of Sum assured. ■ Policies. ' . .£ ' . 1907 ... ... ... 17,797 4,8(53,053 •1906: ... ... 17,122 4,535,420 1905 .„ ... . ... : 5,866. ' 4,075,51-1 - ,1901 . ... .„ ... 14,533 * 3,739,301 ' , :■■■ 1903 ; „ „ . '...•'.4,534 '3,744,489 The improvement that has taken .'place in the ; past, two years is remarkable: In the Industrial ' Branch 16,648 policies; assufing .£506,629, ;were -written, as. compared with i15,3te,-policies for . .<£405,957 in 1906. -The accumulated funds, now nmount to .£23,448,736, having- -increased.', byi .£1,034,868 'during', the; year:-The; investments include mortgages, <£9,887,276; loans ori'policies, - .£4,411,821; New Zealand Government .securi- . ties, <£1,333,659;. British Government', secuiitips; <5101,150; Colonial '.Government' "securities,' .£3,724,506; municipal Securities, ' £%,351,431;' : cash, bC514,537, besides other items. ;-The- actuary's valuation discloses a surplus- > .of . and of this 1; ;£7oo,Bl3.*'is "to' be 1 dig-' tributed among member's.-:' Compared with pre-. . vious , years, the valuation results show .as onder:— . -■ Surplus. Distributed. i'-, 1907 '" ... ... 803,813. . 700,813 . . >: v-. 1906 ':'... ... • ... 765,341 :664,693'i; , , ,1905' ... i ... ... . ,713,269 ' 635;533 >- > '.. . 1904 ... ... ' 704,077 , 618,-ISO . 1903 ... ; ... • ... 661,663 582,168 : - The number of policies in force on December -31, 1907,: was 216,438, assuring J60,377,717 10s., . yielding in annual premiums £1,976,510 19s. 10(1.;- -; ! /J?he ', distribution of - the\ business '.among ---thoVvarious registers.is/shbwn/'below:— No. of ■- Sum assured.' ' - ' Eegister. ' Policies. : .£ s. New South Wales ... 60,292 17,643,167 10 - - Victoria ..." ... ... 60,980 ' 15,359,687 10 Now. Zealand ... ... 36,253 . 9,023,172 10 -sQueensland ... ....... 19,569 '■ 6,127,821 10 S. Australia 1 ' i 8,865 ' 4;713,448 0 ,W. Australia ... ... . . 9,616 3,094.277' 0 . Tasmania , .... 1 8,512 '' ■ 2,378,385 10 London: Agency " ... ... .'2,351' ' 1,135,738 0 '' "p-"v, . - '' ; ; . 216,438 <£00,377,717 10 UNITED STATES RECUPERATING. ■ - . Messrs. Henry.Clews 'and Co., of New, York,' in their financial circular dated February, , ; give expression. :to the following opinion:—!' - "Eecup_eration is' making slow, yet' steady progress in-the financial district. Tho better- • ment which is going on/is generally of a sort ;- " that is not easily seen, but which is, never- ... theless, laying foundations for a more ■: visible ■ recovery later on. Liquidation has been Very, "drastic, and complete; weak :sp6ts have been thoroughly eliminated, and prices are so low asto amply discount all unfavouraUo conditions . . . in. the better , class of It is'quite true that many unsatisfactory .prbljjems have still to be'solved. Business depressidn, though diminishing, is still general, and "likely to so " continue, to some extent, at least, until the - Presidential nominations and. the crop outlook " ' are-definitely' settled. . In both -tradeu.and in- . dustry reactionary tendencies prevail, 'and more or less friction and trouble is inevitable as the readj nstment of prices and ,wages to lower : levels proceeds. Our railroads'are keenly .feeling this reaction;,.- and their ,manager'£., are • ' more or less depressed'over a complicated situ- : ation. What with decreased' earnings, high - rates of expenses,; difficulty in • curtailing. tho latter, and the hostilo attitude of Federal and , "State authorities towards corporations,, their,lgt . is\inytiiing bnt a happy or easy one.' Some of the weaker railroads and ; : industrials-' ivill„ " of course, feel the present reaction very severely, and possibly with ampleasant. consequences;'' ' -but, in tho-main, these: conditions have been well discounted on the -Stock Exchange, anil there is -little chance for "any .further fall of Consequence in' tho values-, of "good securities.. ■ On the other hand, the inducements to buy for either investment or speculation are;restricted. Tho market; lacks stimulating- conditions, 'andv more or less inertia exists - everywhere? Eoir' ■ some time to come fluctuations are very likely" ■ to .be withina . comparatively narrow range, although: each week finds-the market in really a safer and sounder condition than before. ■ After a panic prices invariably show a sharp rev covery; than a moderate; recession, and- then limited, fluctuations for ,a period of more or less length during which rest and recuperation .lay tho. foundation for a more. prolonged rise . .later on. It is just such a period as this--that we are now:passing through. Thero are reasons for hopin? that this period of inertia

WELLINGTON . SHARE LIST. s

will'/bo.'of shorter than usual, especially ■ as. this'panic—violent .as. it was, in the > financialidistrict—is -having less effect in trade tjhari'usual, because of-the absence of any' greatVsurplus.. of, product's. - Better ;tiwes aro surolyrcoming.",:, " ;v . . THE PORT OP LONDON. ( . In 1907 tlie foreign and colonial tonnage entering the.port~of London to discharge, or lightto 'load- out, 'shows -an increase of 273,000 tons :over l90fl;' and . was "distributed -in the following manner:-r, - . Netßeg.Tons. London aiid India Docks ... ' 5,91-5,357 Milhyall' Dock - ... ; 901,<119 - Surrey • Dock ...... ... 852,220 . Regent's Canal Dock ~ .;. ... . 88,109 • - '■Poplar Dock_ • J.. 3,929 . .Queenborough : i v..'' 654,34-3 ! Tidal , wharves, and ..moorings ~ 3,052,030 '- . . Total ..entoririg .port ;..; • ''.■.•.•11,195,407'. ! -,A feature, in 1907. is tho marked .increase in the number of largo-sized foreign and colonial 1 vessels : iisirig 'theriver. . Out of 62G8 Vessels proceeding to ' tidal wharves and river, moorings, 357 were' between 10C0 and .2000 * tons,. 109 -be.. tween.2ooo arid 3000' tons, .28 between .3000 and 4000 tons, arid 12 above :'SOOO tons; all net register.- Of these fi2GB, vessels,- about 3400 brought general cargoes, sis' vessels being over 5000 [tons, 26 oVer 2000.: tons, andi.2il A OYer 1000 '.tons; net register. These'fignres conclusively prove 'that the largest class of vessels db not • object to work in river, and'Tilso that;the general cargoes discharged there are on the increase. ! V . . . NOTES. , •';. The Wellington Stock Exchange has rocoived i advice, from- the manager of the Undaunted Gold ; Mining Company,' Ltd.,, that he has finished-washing.-up.-.paddock for a total return .0f.470z;' •'"•""■ :'.'• '■•' ' •'■•'! . Thei "Investors' Review" of March 7 says:— ! Failures c'6ntiriue''t'o''"take; place all over Ger.many in what inay,be y described as 'the .ordiri- ; My. course of 'business, contraction, but they, are J seldom .large; andi the "only really sensational suspension of recent date:is that of Eberbach Bros., by which, it is said, about. .£1,250,000 hap been lost. > Anotlior largish- failure, but, of a ..dif recent, type, is,rthfit;of Harlech Bros,; luanu- ' with liabilities estimated .£175,000. - ■ j ( 1 -'I i German steamship profits were, much reducod ' last year; ■~ The Company-i lias announced a dividend * of 6 per cent , against..lo, per.'cent.: for 190 G. Tha not'earnings were "i 1,250,000;* V as comnared witli il,6ro,ooo_fpr. 190 G. Port9o7-only £900,000 ! was written off and carried'to.the'reserves, as com--' pared, with, ,61,100,000 1906. But for'this change tho dividend would have been reduced still .more; sharply., \TJie company : ask the' mn Sl '%f r v to iss,,e » loan 6f Jfi i v | , Tile or tiller in an Lloyd warned ' more. than, a 5 per cent, dividend for last year,' . For 1906 if ; S^.per, cent. The HSmburglouth American .'Steamship Company distributed : 3 per-cent., against 10 per cent. . . . . •„ ' > ..DREDGING RETURNS. • r (BY , XEI;KGr.API[ —PRESS 'ASSOCIATION.) • ■ Pa'ctoln's M.~r-afd^ l^S:ip? n No? 5 n • * DunedlxV, April 25; ' ' Soil,, ;440z-;= United No. I, ; :moI ' Bisnell ' s - v : Voi.' - :,, t Ddnedin, .April 26J■Rise and Shine No. 11, 4Goz. Bdwts.; Gol- , ,uen 8ed,,.420z. . 6dwts.; Rise'and Shine No. ' n i l 0 7" .jj^'ts.>: Waikaka-' Queen, 320z. 19d\vts.; boklen lreasure, 270z.; Punt, 230z. Gdwts.; Sandy Point, 220z. 16dwts.; Alexandra Lead, 20oz 4dirts.; ,Eloctrio No.; JI, 15oz. sdwts.; Electric No., I,' 13oz. lGdwts.";- Molyneaux Hydraulic. 13oz. sdwts.; Olrig, 9oz. 7dwts. NEW BIG RIVEK. i CBI TELEGIIArH —SPECIAI, CORRESPONDENT.) Bkefton,'April 25. The mine manager of the New .Big River reports for-the past week as follows:—No. 2 stope north: On the western block.'the reef averages 3ft. Gin.- wide. In the same stope on the smith .'end"there is a width.'of 3ft. of stone jn thp ( bottom oftho stopo and sft. in the •back of tJlo I stopo, with every appearance of widening as stoping is carried upwards.. On the. eastern block going north wo arc to the end. of the 'stone, : arid.blank_ ground is now . being, stoped between the eastern and, western blocks of stories In No. 3 stopo goirig north on the eastern block there is a reef 6ft. wide in , the. bottom ,of the stope, and a width of 9ft. in< the back of the-stope'. The stone in the leading stope going south in the. eastern block continues small. In the branch'level'in No. 3 stope ovor this level the reef has widened out ■to_ 22ft.; in the back of the stope, with every indication'of a-large body of stone as stoping is carried forward in a southerly direction. No. 2 level: Stoping operations are being- carried, on hero on-a reef varying from a few. inches ,to 18in.'-wide. All the' stone being 'mined is of good payable quality.'For tha week, 140 tons have beon raised, and the battery has been running full time. The general clean up will take [rtaco on Monday, May 4. .The cyanide plant almost in full work. ; ' , STOCK SALES. .'• At: the Pahiatua .pig sales on.Saturday, both the yarding and selection were .poor/: Although • there wero fair'attendaiites, small business war done; Weaners, 3s. 6d.; slips, lis.; small stores, to 13s. fid. ' «■ ' Mr. Newton King sends the following weekly i auction .report:—At Stratford on Tuesday, a '"fine lot of 3 to 4-year-old bullocks were yarded, competition for which, however, was not very keen. Prices were as follow:—3J to 4-year bullocks, forward' condition, £3 10s. to £!> Us.; 3-year-old bullocks, 1 M 17s. 6(1.; 21 to 3-year-old bnliocks, ; i£4-7s. 6d.,; (forward cows, .£3 Gs.; springing cows, J!-t Is.; storo cows, XI 14s. to £2 14s. 6d.; empty heifers, £1 ISs.to .£2 Bs. fid.; 18months steers,,.£Z,ss. to £2 os.; bulls, j£l ISs. • to-.C. 1 ) 2s. Gd. • ■ -. :• . > ' • it Douglas, on Thursday, there was goot' . warding or cattlfi, most: lines ths.

hammer, at tho following - -prices J to 4}-year bullocks, J25 lis.; 2* to 3-year bullocks, «£3 9s. to «£3 17s. 6d.; 15 to 18-nionths steers, £2 Gs. 0(1. to <£2 lis. 6cL; storo cows, «£1 2s. Gel. to .-£2; forward cows, .£3 lis.'; heifers, in,calf, <£2-155.; wcaner steers, £1 Bs. fid.; lambs, 4s. 6(1. to 65.; 2-toot.h wethers, lis. Gd. •• > At Tatnraimaka, on Thursday, I held a clearinc sale of Mrs. Huso's dairy and farm stock. 'Lhe cows were mostly young, but not showing to advantage, and prices ruled on the low Cows made' i£2 30s. to &i; heifers, in calf, £1 17s. Gd. to Ji'4. 2s. Gd.; weaners, 10s.; bull, X 2 7s. Gd.; store pigs, 275. 6d. to 365.; hack, M. I held my annual autumn horse fair at Stony River on "Wednesday, when there was a fairly good yarding, about 130 horses of all classcs being catalogued. A larger number of buyers than usual attended, several being fron* down the line. Prices were, on the whole, very satisfactory,- heavy draughts being an exception, vendors of this class having ideas considerably .above those of would-he purchasers. J. quote—Draughts: Medium, «C2t to c£29 55.; to" JJI9.IOs. Light harness, is to f £s 10s -' to m 10s -: PMies, M ss. .to oLli 10s. PEILDING MARKET REPORT. , ' H. Atkinson and Co., Ltd., report:—At our weekly sale on Friday, there was.a good J'Tiling of pigs. Competition, for bif sorts was Rood, but ..small, were neglected. There was-a pood entry of poultry. Only a small quantity ot produce cam<s to hand. Quotations :— Aged pony, ,£l 14s. Pigs.—Boars, 10s., .£1 65.; store sow, 195.; porkers, 275., 275. 6d., 295. 6d.; stores, 175.", 245. Gd.; slips, 45., ss. 3d.,-ss. 9d., 65., 6s. Gd., Bs. 3d., os. 9d., 9s. Gd. J weaners, 2s. Gd. Poultry.—Roosters, 6d. to Is. 7d.;, Leghorn cockerel, Is. 9d.,; liens, 9d. to Is. 3d.; Leghorn hens, Is 4d ; pullets, 9d. to Is. 2d.; Wyandotte pullets,■ 2s. 2d.; fat ducks, Is. 9d. All at each. . iroduce—Potatoes, 9s. Gd. to 12s, Gd. per sack; pig potatoes, 3s. per sack. Apples, 361b. caso, ss. Quinces, Id. per lb. Onions, Id. por HEMP. Dalgety and Company, Ltd,, Wellington havo received the following' cable messago from their London office, dated 24th inst.Hemp — tte quote present value of good fair, J37 per I 5^ ast Quotations.—April 10, .£25 10s. to LONDON COMMERCIAL. ; ; BANK OP ENGLAND RETURN. . UY TELEGRAPH—PRESS ASSOCIATION—(JOPYRIQHT.. . London,' April 23. The Bank of England return, issued for ilic week onding Wednesday, April 22, is as under:— ; Issue Department Note Issue £54,055,000 Gov. debt £11,015,000 ; ' ■ '." Othor securities ... 7.434,000 . ■■ Gold ... 35.('»6,000 ■ . £54,055,000 .■ £54,055,000 , BA.NKEG DEPARTMENT. Proprietors' - Govt, securicapital v £14,553,000. ties' ... £13,8t50,0C0 Public de- ' Other securi- , posits ... 10,367,000 ties ... 3Q5211.000 . Other de- , posits .....- 42.763,000 Notes ... 25,513,000 Best, 7-day .-and other' Coin ... 1,3G5,C00 bills ... 3.267,000 ... • £70,E50,CC0 , Tlio leading items of tho Bank of England return afford tho following comparison This week. Last weok. Last yoa,v. ■'■£'• £ ■ £ ' Bullion ... ... 35,606 000 36.344,C00 33,019.000 Reserve... ... 26,879,030 26,114,01)0 25,5:05,000 Note circulation 26.512.0W 50,137,0C0 29,7?7,000 Public Doposits 10,367,000 '10,6Gi;000 5,913.0C0Other Deposits 42,763,000 41,423,0C0 48,150,003 Proportion of ' reserve to ■ ' liabilities „V £0.52 50.05. _ : 45.32 : GOVERNMENT SECURITIES. Tho following latest quotations for (Government securities with a comparison of tboso ruling last week:— ■>'; ■•••' -Variations — ' : • > Pvicn compared x with , |last week. ' " ■ ' £ s. (1. . j 25 % Imperial Consols 86 1 10 7k. Od.lower 4 „ N.5."W,1903Jan.-Jtily ... 109 15 0 Unchanged 3J „ N.S.W.IMB Jlav-Sopt. ... 99 5 0 Ss. lo,vcr 3,, N.S.W. 1935 Apl.-Oct. .. S3 10 0 Unchanged 4 „ Vic. 1920 Jan.-July... ]01 15 0 5s higher I 3&„ Vic. 1921-6 Jan.-July ~100 10 0 Unchanged 3 „ Vic.1929-49 Jan.-July ... 89 10 0 lOq hieher 34 „ S.A.. 1916 Jan.-July 100 0 0 Unchanged - 3 „ S.A. 1916 Jan.-July . ... 67 0 0 Unchanged 4 ,', QTdl92l-MJan.-Ju!y - ... 107 0 0; ' „ QTdlMl-30Jan.-July ... 100 0 0 Unchanged 3 „ Q'l'dl922-47Jan.-July . ..; 69 10 0 ios Stf, 4., N.Z. 10-20 May-Nov. ... 103 10 0 Unchanged 35 „N.Z. 1940 Jan. July, ... 100 5 0 Unchanged - S loo ' Unchanged 34 „ \V.A.1920-3t>May-Nov ... C 8 0 0 ■ Unchanged ' 3 ;-\V.A.1915-35,May-Nov v „ 81 0 0 Unc anged •Si „Tas. 1920-10 Jan.-July v ... 9915 0 UncKed 8,.. Tas. 1920-40 Jan.-July ... £9 0 0 Unchanged .' THE MONEY MARKETS. The op&ji market discount ratefor best three months' bills is 1-16 lower at 2| por cent. The Bank ,of England, rate is 3 per cent., to which it was reduced on March 19. . ' The Paris discount rate is i£2 lGs. .9d/ per cent. , v ' . i . . The Berlin discount rate .is ,JM 2s. 6d. per cent. '■ . '■ ■ . , COLokIAL AND OTHER PEODUCE.. ijtn the wheat markets there is better inquiry, with a general advance of. Is. per impression \is that the ..worst'-.is now oyoiv Cargoes are firm., Off-coast cargoes are held f0r.,365. 3d.. Australian is in small supply,' ■>nd is' quoted at 38s. to 38s. Gd. per quarter, Flour, is slightly firmer. Afloat lots are offering, at Glasgow at 275. Gd. . ]/■"■ Butter is firm, colonial clearing well. Choicest Australian, 106s. to 108s.; New. Zealand and Danish, 110s., to 112s. Cold weather is checking supplies.- - Sugar.—German, lis. lid. per cwt.; first marks, 13s. Gd. Bradford Tops—There is slightly, more inquiry, | but little business doing. Forties, id. lower 'at-B}<h; forty-sixes, id. lower at 10Jd.; coinmon sixties, Id. lo.wer at 21d., and super sixties,-Id. lower at 23d.. per lb. , . - Kauri.—At the auctions 559 wore offered, partly damaged, of which 247 wire sold. For 60und parcels prices were unchanged. . THE METAL MARKETS. : Copper.—On spot, 12s. 6d. lower at iESB; three months, 12s. Gd. lower at 10s. per ton. . - Tin.—On. spot," 555. higher at «G145; three months, unchanged at .£ll3 per-ton.. , Lead.—7s. Gd. lower, at JBl3 os. per ton. ■ . Pig-iron-~6d. lower at 51s. Gd. per ton. ' , Spelter.—3S.l Gd. lower at £21 4s.'. per ton.