FINANCE AND COMMERCE

Dominion, Volume 1, Issue 184, 29 April 1908, Page 10

FINANCE AND COMMERCE

THE SHARE MARKET < - * Yesterday's sitting, of! the;.Stock.,Exchange , recorded quite a number of buying'and selling quotations, but no business was done. However, it was interesting to see a revival in fiuo- , tations, and perhaps, later. on business may. re- ' suit. Bank shares. Jwere •,unchanged 'and '.were-, ■ quoted:—Nationals, buyers -£S : Ssi 6di; sellers .•: w£s Gs. 6d.; Bank of New Zealand, .89 12s. Gd. Por insurance sharesa: demand Awas experi- .' enced. for Standards,' buyers offering'• 21s. Gd.' • Financial jsharesy.were steady'at .late rates:— ■ Equitable Building,' sellers'.,£lo; ;'National Mortgage; 61s:'; : Loan., and •sellers, ss.;' :New'Zealand and;'Biver Plate,' buyers «£1 12s. 6d., sellers il 13s. Gas shares . were without variation:—Feilding Gas,, buyors; : 15s. Gd.,' sellerslßs. 'Gd.; Wellington :-Gas, sellers iil9 10s. and £9 15s. for the respective* issues. Meat shares were steady, Gears in particular. being -very, firm;— Canterbury Frozen 1 Meat, .sellers Christchurch 'Meat, sellers i£lo, 7s. Gd. ; Gear Meat (£i paid-up), buj'ers £S 155., (M paid-up), buyers £2 9s. 6d., sellers £2 -10s. ,6d.; Manawatu Rails were in firm demand at 475.; Wellington Woollen; ordinary,"'/are; 'firmer, with buyers now at £3 2s. For Westv port Coal shares J!6 17s. was offered and . .£(■ asked. There; were buyers of Donaghy Rope and Twine shares at <£G, and Mountain Rimu, • Timber at 225. 9d.; Leyland-O'Brien Timber shares, sellers 435.; New Zealand Portland Cement; sellers 335.; New Zealand Paper Mills, buyers 225. Gd.; sellers 235.; Taranaki Petro- . : leum, buyers Bs. 3d., sellers 10s. MINING MARKET. . ■ ._ ■ , ; Several sales were made in this section"; but mostly of the'smalls. ; Talismans and Waihi, though in demand, did notimeet-with.exchange.i Big ltiver^shares-have firmed, made at 19s. 6d., and sellers'now r want 20s. Wailii Grand Junction shares .were,offered at ISGs.'.Od.,' but there were, no buyers. "The! buying and selling quotations .yesterday, were:-' as" under:- 1 ;:. ,• - Buyers.' , Seller's: .Sales.. ■ .■•-••do,s.;d. .£ s. d.■ i6;s; d.. Big River 019 G 1" 0 9 019 6 Tainui Broken Hills 0,3 6. 0 3 9 . Talisman •...• 210 9 211 G ■ — Waihi ... ... 910 0 9 11.0 — . Waihi Grand Junc'n — 116 9 — Waihi Consolidated 0 1, 8 0 20 019 N.Z. Crown ... — ~:0 7, 2 , Waihi Extended — 0 3 6 0 3 8 0 3 8 ' 0 3 7J .-. \ \ ' . THE METAL MARKETS. The decision of the directors of the .Broken Hill Proprietary not .to pay the usual'quarterly dividend for the first quarter of ,1908 is ominous. The chairman, in explanation, has stated.! that the lowness of metal values had increased the cost of production, and had affected the earnings of the company. This is a round; about way of saying that tho prices of metal have declined, while tho cost of labour has remained stationary, consequently capital lias to 'tear the entire loss. The soundness of this ; contention may be seen by comparing the most recent quotations with those of,:a, year, ago. The figures are as under:— . April 28, '07. April 2G, '08. . Fall. . ,£. s. d. .£ s. d. s. d. ••' Copper ... 104 10 0 57 15 0 4G 15 0 Tin ...193 0 0 144 5 0 53 15 .0 : .' Lead ... 19 17 6 - 13 G 3 G 11 3 / Iron ... 218 7..- 211 G ~ 0 7 1 Silver ... 0 2 GJ' 0 2 011-1G 0 0 511-16. The Broken Hill' Proprietary would bo interested mainly in lead and silver, and bdth these '' metals have declined in values to a very serious extent. , The income,of the company would, naturally, be . ; -,the, lpwer prices 'obtained for .the" output o£ the' -piines, and the cost of labour, '.that, is ..the,;:wages paid.' to the.! miners, have not been changed.;-; It is'in the nature of things that the company will' endeavour trf.get the .workers to share,in the loss; at the sanie' time'it,may: be taken for granted' that a strike or a' lock-out v/ill'inevitably'follow any attempt to reduce wages. ■ THE'^ILVEIi MARKET. • v : The white'metkl'is quoted at just.a,bove 2s. per ounce standard, which means that the price is back to its'lowest level. The cause of the slump is attributed to the depression in India, consequent;' .the famine,',.! India Jis by far the largest buyer of silver, and in times of prosperity enormo'u's^fluantitjes'"are added to the hoards of tho natives." The cables qu'ot-' ing silver, and referred to in the above comparison, apply to " standard " silver, but there is another grade known as "fine" which is often quoted" in the metal circulars,; A knowledge of tlie distinction between ;the- twpV,grades,is'. 'of interest. "Standard," the quality ; in which the bulk of tlie;purchases'"^by^silversmiths""aire made, and which, is .usually the quality bought for coining, is metal which contains 37 parts out of 40 pure silver. All market quotations are made on that basis. If reputed silver is sold which is recognised as;being appreciably, under this degree of purity tho price is regulated accordingly. The Mint does not buy from, the public at all—thus making a radical distinction between silver and gold—its purchases in London being made through a single firm of brokers, and when made are at. the market price of the moment. The Mint, in thus buying for coining purposes, makes a handsome profit, buying as cheaply as it can, and producing coins which are worth approximately 6Gd. per ounce. This profit, by tho way, is devoted, mainly, after paying working expenses, to the improvement-of the gold coinage. Some years back tho percentage of sovoreigns of light weight was much greater than'was considered satisfactory," but at the present time, as tho result of persistent withdrawal and recoinago, the'number of "lijjht" gold pieces has boon brought doitt'>: t Concernirig>'. , .fiiie" silver, : this [term 'is applied to' lhetaUwhi'cli runs up to 995' in 1000 ,ana over of pure "[silver. Its price is,- fpr-'.all practical purposes/'calculated "on 'just thi samo bjsis as for - the,'inferior' grades—that is,' the xm'arket price for "standard-" taken at 37 'in i -40 Qf purity. ,;But long custom has established.-a separate quotation for this "fine" t silver, which is niainly produced ; from'silver-lead'ores, and tho smelting': of this' description is almost a business,;of-.itself.; "Tho'product has.a special niarket. ambiig silversmiths,'■■•who uso ; an extrn' ductile' metal. It"will thus be seen that the "market- 1 price" of silver, as quoted, is for all; practicaKpurposes the only price, all variants of'.'quality being calculated on the saint, data, -..v • THE ROGOTIRE - COMPANY. ■ " The balance-sheet, of 'tho.Rogotire Non-Punc-turo. Pneumatic Tyre Company; Limited; for the year'ended- March ,31, 1908, has', b'een '6ent-

WELLINGTON SHARE, tIST,

4o 'shareholders. - The document discloses a Ipss.of c 646 15.,6d v The'actual paid-up capital ''of the : -is' ; i£io36 175., and there are liabilities amounting to .£l2B Bs. 7t1., against which there is ca6h at bank and in hand totalling ,£36 ,13s. , 7d., stock £10,' and tlie /patent is-, set down at; JC5337. The'directors*in their >roport state • that since the. formation of the .Company fresh- experiments have been made Tvitlx tthe mixture, all ■•of-Which'.go to L'prbvei'.Sts undoubted value in. preventing the consequences of 'puncture. Arrangements are.being made with a view to ■selling.,, ; ;the patent.'.:.rights in Europe and America, and with;'this; object the shareholders are being asked..to 'give the directors full powers, .Qf,.dispos.al. The directors are Messrs. K G.'Bolton', Gerald W, H. Field, M.P.;'Dr. Izard,"'Hon/'T. W. flislop, N, Dalston, and Alex, Myers. : - -AMERICAN CONDITIONS. .''"Dun's Review/*.' reporting ■ upon the iron, and, steel., trade .in the United States, says:— ..''Grhdually the of new business increases in tlie iron'and steel industry, al'th'ou'gh m'ost "orders are , for small quantities. About one-half of the capacity of steel mills of the leading interest is now in operation, when the year opened the aotive per-centage-.was scarcely more than one-quarter." added that from some of - the manufacturing centres of Great Britain reports as to the condition of trade, in tho United '"States are of late growing more hopeful. Prom Belfast it is reported that inquiries »;o f coming through more regularly, and many of tho larger houses are ordering a little more ..freely,, while remittances are :better?':' ; No gieat''recoVery 1 -is 'yet being manifested / in. ; the Yorkshire districts. Nevertheless; manufacturers'are of opinion that tho position; is' 1 betterj-and that:in tho next few '.months; a ? ;distinct, change will be felt. Still, 'it some"'time to make up. for the •heavy r >-falling'ofF' of ; the ■ last three months, i Failures,- however,'..continue,' very numerous ' throughout the various centres of the United iStates, i but the rvast > majority. of these ■do not affect, Yorkshire. I -. ' MIXING. • 'A letter; • dated "April- 24,' ha,s ; been' received by the secretary of tho Wellington • Stock Exchange from the Talisman Consolidated, Ltd., stating that the following cable has been forwarded to its London office by the Talisman Consolidated, Ltd.:—"No.. 11 level south.— Progress,'' 37 feet'; width of ' reef, 18 inches ; assay value, Is. 7d. No. 12 level - south.— Progress, 22 feet;.>reef,. 6 inches; assay value, 6s. 6d.'' No. 13' leVel" south; .No. 12 rise, 445 feet south.—Progress, H feet; width of reef, 4 feet;-, assay..value, .£2O 7s. 6d." \ WELLINGTON PRODUCE .MARKET. Messrs. Laery"~an"d~Co., Ltd.; Wellington, report wholesale prices ruling on the market: 7-^\Vlieat,'iowls' ss.'Bd. : to ss. -'6(1.; oats, 3s. tc 35.: 3d. ; s'ee'd' 'oats,'3s.'3d.: to 3s. 6d.j .maize, ss. 9d.; crushed malt, Bs. 6d.; Prussian biuo •peas, Gs..6d. to 75., fowl peas Is. 6d. to 4s. 9d., all at per bushel; flour,. New Zealand ,£l2 105.,; . Australian £11 to .£ll ,10s.; bran, to' i' 6 ' 'ss.";' pearl barley, il9; split peas, <£18 10s.; bonedust, £G; superphosphates, £& 15s. to £5 55.; chaff (oatensheaf), £5 15s. to £6; oatmeal, .£l3 10s.; potatoes, whites ss. Gd. to Gs.; bacon, factory sides 83d:, 'hams 9d., rolls 9k1.; butter, bulk lid. to Is. Id.; poultry, hens 2s. Gd. to 35.; clucks ss.' Gd.; turkeys,, gobblers 15s. 'to 225.; hens Bs. to 95., all at'per--pair; cauliflowers, ss. to 10s.; cabbages, 4s. to 10s., all at per sack; peas (green), 9d. to Is. per peck; fresh eggs, 2s. to 25.-"3 dii"preserved eggs Is. Gd. per doz.; cheese,. Gd.,.'to Gid.Vvper- lb.; onions, <67 to <£7 10s. per'ton; AJcaroa cocksfoot, lOd. to lid.; ryegrass, is. 9d. to ss. 6d. per bushel. : s". STOCK SALES. .. . / "T: Messrs, Co., Ltd., report:—At Waverley on Aprils .entries again came forward ahead of those advertised, 2000 sheep and 200 head of cattle being yarded, tho quality all round being 'good. We had an excellent attendance, and made nearly a total clearance, mostly, under tho hammer, at improved prices. 'Quotations:—Forward 6-tooth wethers, 15s. 9d.; '4-tooth store Wethers, 13s.' 2d!" to 13s. 4d.; 2tooth wethers, lis. ' Bd.; cull, 2, and 4-tooth "wethers, Bs. 6d.; mixed 2-tootli, 9s. 6d.; cull ewes, 3s. 2d.; mixed lambs; 4s 9d. to ss. Bd.; cull-.lambs,;" 3s.' 4d,S;good 21-year steers, JUi srriall i2j-yearisitesrs,., i£3 55.; yearling steers, |-225.-'Gd.; mixed weaners, 145., 15s. to 205.; mixed 18-months,.;'2ss.;.,-t0,.305.; cows in milk,'3os.'to 155.; , spring calvers, ;£2 16s. 6d. to JB3) store cows, 30s. to' 435. 6d. ■ • -Dalgety-and-Co., Ltd., .report having held their Pahiatua sale yesterday. All'sheep entered"ea'nre""forward, but not many cattle were in. Bidding all round was dull, but after the'sale tho fiM! managed to' quit all -wethers and most of other sheep. Ewes in-lamb made to Bs.;'.cull ewes, 25.; cattle, weaners, lis. GERMAN BANK RATE. Bt TELEGIUrU—PP.ESB ASSOCIATION—OOrYBipiM. • v . Berlin, April 27. " The Bank of Berlin has reduced its rate of, discount to,s,per, cent. WHEAT AND FLOUR. „?X,TEIiEORArn— rRESS ASSOCIATION—COPYRIGHT. : ..' London, , April 27. ' ' , ,The ; tptal quantity, of. wheat and flour, afloat ■'for : is 3,450,000 quarters, arid '."for:'; the.Continent 2,495,0(10.- quarters. ■Atlantic > shipments,'79;ooo„• quarters; Pacific, 16,000. "'

' COMPANY " C 8 piU. K«Sd & ' ■ "- ■' ragm ?<£> ' ' J! : FdaU '- - jell?, JnvXr. BANK3, • £. ' £ . £ £ ' .£ -JU Ml f s. a. £ M. Ken Zealand > •; J000.001 • - £81,675 . 3$ ..34 • . ..'».• . ••« ■'• pi? 6 • s1 ?. S '"»• 5 '.. Kational - . ■".• otjoOO' •835.313 <• '85 - *15 > '22 i f 5 6 <6 ,6 G ; 6 5 9 {13 5 INSURANCE. ,' ' . ... "" " Katioaal ' . ■ . • JCO.OOO E49333 J: .nnlta.' '"J5_. ■'. ■ . . .•". i a./ ® New Zetland ,•■' scO.003 896,674 . s 8 . 30' S17 0 Eolith liritiall . • 100,000 174,913 1 1| JO 217 6 . Standard '« . • 75,000 87,385 i xmltd. 10 116 1 I I FINANCIAL. : ' Equitable Building B0.000 4S.240 .. s. .5 . jo . 1" 2 " "Metropolitan Building 49.56 L < 6,6b8v JO:' nil 7'. " "■ ' Wellington Invest. - 60,003 3,933'' 5 1 .3 6- - ' - ■ 012 3 fill 6 p 4 4 Wel'gtonTrust&Loan 101,233 44,331 5 5 8 790 710 6 7 9 6 . /. p 7 0 ■: National Mortgago - 20000a 112,250 2- .a ■ 30 3 0-0 3 1 0 SO fl . fin 4 N.Z. and River Plato • 300,000 . S63JOOO .''1' .< nil •' ■< Ml 6 > ■» 113 0 113 0 4 5 0 •: Loan and Mercantile . jsjmj , .315,133 I '61 ""K' 06 0 0 6 0 10 0 0 GAS. .'.'.Auckland'. .-• 160,370 P3,35!> 6 nil 16 '. Ohristchurch . • 162,000 C5.087 6 nil ■ 10 10 2 6 ' 10 0 0 5 0 0 'Folding'• . ■ - ' • 1 12,000 • lOi 1 nil — . .015 ,6 018 ti ' .GiBborne,. . - . . • . 17,301 "10,5il"' 1 nil 1.3J 8 0 9 'BlZ'0 210 0 '510 0 ' lia'wera ' - ' - •". ; 8,253 ; • 743 i I .10 1 : Newl'lymouth - '. . -36.COO .'1439 , 6 . nJ.. 10' " " ' Kapier . . | , -:■ io nil 15 ■>■. .no'ion - - • <9,937f 23,153 6 ' 6 15 . ' TalmcrstonNorth . 17,000 11,033' 44 '"" i' ' 10" ••>*.}'? ' r '" m ' . . .Wellington • - . . Vim rat' ' .W ' 10 ml.. 10- •»' -w>» .19.10 -0 6 8 3 ' . „ ;. .. - 5 0 . 10 915 0 ',. . MEAT. " . . ■ , Canterbury"-' '163,727 j ; -50,071 -- 7i. .-2J ■■'•' iR'. 719 . 0 '. - 8 0 0 : tbristchuroh - • I6s,3gj 'i7,64J lu nil. , s 10 6 0 " ',10 7 6 ' 10 7 0 T14 T tiiir ... •• mm ,l C6,i61 1- ' fail. : ":.ia -29 ; 6 ■ ■. 2 10 6 210 0 6 0 0 „ ... - i 6 12J 9 15 0 10 0 0 : VcllmgtonMeatEip . |„ 6 mi. 8 C12 6 ' 103,765f '£3.757 : . i 1 ' . B • .''6 2 0 1 H f 6 6 ■ : ,. ■ ' ' -■ : ■ J ■ 1-IS - • 2j .. 8 8 6 3 S60 t o g V.'an6anui'■ „ . 45,850 '11,401'' '5 nil. - ' '"-'B' 1 ' TRAN'SPOiiE W.& 11. Railway ' • 170,011 121,451 '1 4 7,2 7 0 2 8 0 2 7 0 s 0 P ., k.li.Shippim c • 473,31) 1 113.741 8 nil..' 6 6 5 0 ' Union Steam , ■ • 800,001 l iiu, 7} 113 g j ]j 5 " V'etn.SleamFarrr ". 4(j,45J • w. .1 'uj. C • COAL. Westport- . - i ISO,00),' ;117,-H3 ,11 135 .617.. 0 .70 0 -TOO r 6 S 0 . lanpiri-' j- UiOJ/- W • •> l> '• ,-lui. •» 7J» ,-'l«0'6 ' 0 ; li'O 3 . "7 8 0 - ■ • s.,-, -■ ? - - ' - - -• ' Kaiapoi- -. • JCP.TOl - '52,8:1. , ,.6, ml-..; „• 6 •• l.osgiol- ; - :. • • ia.«f ; lVrfU'f ''it' -iiV,. 4 -1 . :p 0 jiii, j!j- 310 41-2 0 /Wellington - . . . tO.OOJ W.wJ 'i i. 6 320 350 300 800 . idSCBLLANSOIJS...' >r, ■ . r., ■ ... , '. ' - . JjonaghyRopo v : .-47,ODl 1. - -, , v5 /nd .- - - -6 0"0 "'6"fi0 6 2 6- '' . lreylanditO'Brio.i "'SS.UjJ '' ' 87,761 -' ' 1 1 ...Uln" '13.- '»t» ' :> i"„ ' g 0 . 5 3 9 B 17 2 . i.anricevUleXiiia) .... . .v.OJJ . ' - -0j .. 1 ,k. c A ■" 2\.2.Candia"■ lli.OJi ' ''• — lu- u.l ; ■ i>XDttUS • ■ • . iOO.OiJj E4,51I ii.| 7, 211 0 ' 211 6 (U 0 6 3 0' . l-.Z.l'aijOL-illlla v..;. M,'/35. 11" ' |. ,,...7, ; ...J ,3.6 —J»3'.-0.' 13 3 £ 0 P • . . 4U,t.'JJ 1 nil . — "113 0 : {..i . A _ !.10 3 14; 0 316 6 ; V aid & Co. > - • . LU.jjU *U',oJi ' **s* ' -'0' '4-176 115 0 .8 8 5 ■ Oi-eia Hoiui. . .• 6 mil ' VtlL I'icLL * i.' ", : L --* ■ .-i'. ttUr> • ' .t./; •*;. ;! I ' , . "WtuicoiuLooi'roiabs* . JO.ljJ, • > ik\i,; '• j, ,g fi ' bliarmuu. 'Ltiiii'itj.t / ■ ;-uxij''. -'.'if.jll .2 .'VJ , j> ;i 0 *1'0 0 7 30 0