FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 206, 25 May 1908, Page 10

FINANCE AND COMMERCE.

WELLINGTON SHARE L'IST.

: -THE SHARE MARKET - - Dullness hangs heavily over the sharo market.,. and last' week-,was-particularly gloomy. A sale of a parcel of Feiiding Gas shares at, •19s. !Gd. was all the business reported on tho Wellington' ..Stock Exchange. 'Other sales •. '.have been made, but they were {not rev.ported' oil 'Change. A 'feature-, of,',the week /.lias, b9eu,. the 'strong upward tendency- displayed by the ordinary shares'of the Wel'.ing-' r ton Woollenv Company; On Saturday buyers offered .£3 65.,- but holders stood out for,. J? Bs. ' Bank shares were; quiet, and met with no demand. There were, sellers of National Bank shares at ,£5 -National Mortgage at : ,£3 Is., : and Wellington' Trust :and; Loan ,at £7 10s.: Gd. Feilding :Qaa. shares 'were in steady demand rflt 19s. Gd., National 'Insurance shares -were . weaker, with: buyers at 265. .and sellers at-265. ■Cm. South British ivere again'on sale at- £2 18s. ChristchurchiMeat, sellers .£lO ss. ; Manawatu, buyers £2. 75., .sellors 1 M:Bs.New Zea-: {Md Sluppmtf, sellers :' Leyland-O'Bri'en ■limber, sellers 435.; New Zealand Drugs, sel, lers £2 lis. Gd.; . Mountain Rimu Tinib'dr,- , buyers 225.. 9d.;'Sharland 'and C0.,-ordinary •buyers 19s. .. , .. ■'■ ■ ' .

00\ , THE MINING MARKET. . ... . , . Jn tho mining section the' week has been ;■, ■ : loticeable for the unsuccessful efforts of AuckfS ;■■ ■' riand speculators to " bear " -Talismans. 'It .is true that the ( .quotation, for.. the scrip.'has dropped to 455.,-but all-the shares coming on a.;s>;v the market are readily talcon up,-,and,_Wplling-: * ( i ton -: capitalists' are quite . equdl '• to* ■ buying' 6everal thousands more at - 455. . Wailiis changed hands at .£9 lis. and £9 12s„- cumdividond. ; The quotations on Saturday were as • • • under;— ■ .' :■■ Buyers.', Sellers.' Sales. „ _. - , ,£ s. d. ~£ s. d. £s. d. Big River ... 119/130 . . - — . - Tairua Broken Hills 03 0 .0 3- G 'i — Talisman ... 2- 4, 3 ,2 5 0 -*2 i 9 •Waihi .„ ... 911 6 912 G- 911 0 ;v ■/' '• -. : v .. ,9.1?, 0 1 ' British plg-iron. V -'The 'price.''of :pigJron ; has: been' well 'mairii'l tamed' in British- markets, '.notwlthstanding' the Blump: in shipbuilding and the-.dullness ;in .the' iron and .-steal,, trades generally. -The firmness of-the;/market appears.to',bo. : due-largely-- to" : >r..' t ™,'d9CKwse -itt'-the,'.British, production of the 1 metal. -From returns received direct fromytlie' i makers by,-the British Iron Trade Association, -and published in. "The,lron,and. Coal -Trades ! Review," _it appears that ;the production of ■- / P'S-iron in the- United; Kingdoms 'last year ",. snowed a diminution • of - 225,532' tons -'as compared with 190G,' the. actual figures being .9,923,856' tons ill 1907, as iagainst ;10,149,388' tons' in the .'previous- year. ! The reduction is distributed over all the different, descriptions',.of' - iron';made, with the single exception of basic iron for- steel-making,- ; .the output, of which' r>"®®.'S r 9 w ®'irrelative importance of late.years. .Its production iiii 1907 showed-an. increase of 14J,700 : tons:' The-diminution in l 'tho total' output in 1907 is entirely accounted'for > : by i.the , ..slackening- down in 'tho .operation of tlio furnaces . during • the second 'half of the 'year, , due to tho dopression.-.iyhich', overtook; the,'iron, industry . in .that... perjod.i,Compared- ; with' tho corresponding, periods> 6f ,;190G,>. the in the'-first; half..of ( the ■ year/- showed 'an ■ increase - :' L ;. ;of 289,000 . tons,- ,while : 'that-i.of -the.-second half -ehowed^a'decline, of .515,000. tons.,

BRITISH AND The ''following official statistics- • to •Tade between • the- United: Kingdom and Germany during the, past ten "years:-'are-of" interest. It appears. imports'. into ' the United ' Kingdom - from Germany .- were valued at £28,534,159, .which increased in eich ; year up to 1903, when the figure was '^3^533,'390. . In the following year there was a' decline' / of nearly ~£590,000, but in 1905 the imports -rose to .£35,799,758,. which increased to /, .£38,021,762 -in 1906. 'Last.-year -the figure,iSVas' •637,780,840. . As,-regards British exports to •Germany, the value lias .'nearly doubled during the past decade, tho figure' being' ,£22,525,987 in* 1898-. and *£-11,377,278 m 1907. Between-1900 • and 1902 there was a decline from,, i£27,999,712 to , <£22,850,295, but-in tlie; following year* tho exports rose to JE23,550,631,.' and have steadily, ris'en in .every succeeding, year. During ; tho decade under review exports' of foreign and colonial produce to Germany have risen from ~£10,805,711 to ■ FROZEN MEAT TRADE. Shipments of Australian mutton, to tho : Kingdom had fallen off . considerably, ;for the period ending April :10, ■. the total ar-' ' rivals amounting, to 192,414. carcases, being ; , short of last year's receipts by 215,059 carcases; ' Stocks' were then verynearly exhausted. The \ total imports of frozen sheep, and, lambs . from all; sources' ;frbni January 1 to April 10 . amounted to . 2,358,769, being a. decreaso of . ■ 55?, 464' carcascs ! !as; compared".with, "'the .'corresponding period ofthe previous year. The figures for Australia . and -New . Zealand 'were the following as'per jthe'vColonial, Consignment cud Distributing Company's report:— ' .Australia. . New"Zealand. v Sheep. Lamb's.' Sheep! Lambs. ' 1007 ... 407,473 - 758,-155 --V-,485,843 v '552,277 1903 ... 192,414 . C 85,803 , :... 337,463., . 447,893 .215,059 72,3!>2 ' .148,380 ' : 104,384 . Decrease. Decrease. Decrease. Decreaso.. The total imports-of foreign beef for tho Bamo period amounted to 43G.795 quarters and pieces, being an increase on the corresponding period of tho previous year of 6255 quarters and pieces. Australia's figures were 8592, as against / a blank, and New Zealand's were 35,021, as against 61,206. . Tho diminished receipts from New Zealand had been counterbalanced by the increased supnlies from South America. - . •CHARTERED BANK OF INDIA, AUSTRALIA, AND CHINA. The report of the Chartered Bank of India, Australia, and China , for the year ended De-

.cember 31 lost shows a net profit, after providing.for bad and doubtful debts, of .£361,551, inclusive of .-£93,369 brought forward. The interim dividend at the rate of 13 per cent, per annum paid in October last on the old shares ; absorbed -,£52,000, and a further sum of JJIS.OOO •. has been ''.'appropriated to pay a bonus of 10 per "cent, on the salaries of the' staff. The amount now available is, therefore,'.£29l,ssl, out of which ,£17,068 has been appropriated in payment:, of.-.interest .on the new capital to -Deceir.bpr;; 31;, 1007, and' the directors propose' to pay a final dividend on the old .shares at l the rate of 15 per cent, per annum, making ,14 per cent, for the whole year; to.add .£50,000 to' the reserve fund, 'which. will then stand at 525,000; to ; add .£IO,OOO to the officers' superannuation : fund, >to write off - premises account.' .£25,000, and to carry, forward tho balance of- ,£129,483. -

.. , ..NOTES. •' >••• ■'•■■■■ .-Whilp fho expOTt trade, of New York shows 't largo 'gain- 3 --in--the' first .twelve weeks of ithe current: year of about £10,300,000 over-the same- period "of last year, the import trade has fallen, oil by nearly .£15,000,000. '

'■' So far, official investigation as to' the nature of whisky, Scotch and Irish, promises to result decidedly in favour of tho old, well- - matured pot-still ■ class. The majority of'the Experts and'doctors describe patent-still whisky as little better than coloured alcohol; but it is largely used -blended- with pot-still and unblended. Firms' oPrbpute are 'not opposed to disclosing the percentages of . pot and patent still, in their blends, nor the age of the potutill product, and it ,is ovident that there Ms now a 1 rare opportunity for the introduction of a new brand which shall be guaranteed of pot-still character and thoroughly matured. The best class ..colonial trade would,,' we believe, take it up'-rapidly. '

Out pf. a,.total export \value of 550,144 in ready-made* clbtfiing > (of r wool" or' 1 wool mixed .with' other - material), i nearly ,£2,000,000 Jivbrt-fc- i'si-'shipped'' to':- British - South' Africa ;< ''and'- ''tlfdsfe!'' ctflpnie's'-'- also 1 -', doublessimport -a ; -■ correspondingly---"large 'proportion of' :bur - 'shipments- i-of '- ieady-mado olothing in' other materials.'-The duty on'wearing ap' :pa"rel-'is'-25'5per- cent; if- of blanketing -or' baize, ; "and '15' per- ceAt. - bii "all other apparel■'less' 3 per;cont: allowed as'rebate if manufactured in the l United -kingdom." Woollen -or : worsted cloth'and yarn's and'thread pay 15 per centduty, less tho preferential rebate. • Prices of paper threaten to advaiice so con-'siderably-"that,-substitutes for tfoodpulp and esparto are being, soughti. In the Malay Pen-,insulal',it'is-suggested'that the fibre of lalan", which grows there as a weed, might bo use°d to.. advantage.... „ Seventeen years , ago, when prices of pulp and eiparto ■ were much lower; experiments , were made with lalang' which' showed, it-;-is. reported,« that lalang pulp pro-' duced a-paper, suitable/for high-class printings, taking -a good' surface under the calendar; and.'of glossy;feel and appearance. Mixed with 20 per cent, of -rag, produced a high-class writing paper. It' is, suggested that-'waste citronella and lem'pji, 'grass, after the extractioji of .the oil, also bo found suitable as paper-making materials.

' -"'MINING-NEWS. . - - NEAY'BIG RIVER. 7 : (BY TELEGEAPH.—SPECIAL COEEESPONDENT.) . > 1 V; 1 ' , " May 23.' ■ The manager of the New Big-River mine re-' ,'•poets .for tho;past,..week as follows:—The reef ■in'.the .yarions stopes of the mine'for'the ,we"k .has been thus: No. 3 stope on western block. 3ft.' 6in.".'wideNor'2" stope on eastern'block, 15in. wide, (this face is now within 24ft. of the .main, rise); <No. ,3. stope on eastern block, 3ft. 'in tho'"bbttoni 'Of'the stope and '6ft. wide in the back of the stope, with water' coming in still. Branch level stopesi" No. 3 stope. is being driven ■ in the. i blank, ground connecting tho eastern"blo'ck; stopes J ''with the branch level stopesi In' , No'i , 3"stopd , 'pn the branch block the '•reef is 14ft:- wide. ■; No. 2 level stopes have a reef formation''4ft. wide, is carrying about -20in;'of stone.- ; -During'the week 136 tons have been raised."" Tho battery has been workingfull timo. 0 ■ - - - DREDGING.RETURNS. (by telegraph.—press association.) _• . Dunedin, May 24. /-returns-:-Rise and Shine, 470z. lOdwt.; Manuhonkia,. 430z.; Golden Bed 4'oz /Sandra. .Eureka, 240z.; Charlton -Creek, -18oz.; Clucagoi lloz. 3dwt.; Olrig, Boz 4dwt. t " FEILDING MARKET REPORT. Messrs. A. 11. Atkinson and Co., Ltd. re-port:—AVe-held-our usual, weekly salo on'Frida'y". ."Well-grown, pigs made good -value, and there was good competition all round, Thoro is a demand for good dairy cows to early spring profit. A. good supply of poultry camo to: hand ..and sold up to late rates.' Potatoes and general, produce met'affair'market and a small catalogue of furnituro and sundries was well competed for". -'JVc quote:—Dairy cows, to early spring profit, i£l 12s. 6d., .£,' l 155., £5 7s. od., .C 5 lOs.V.'Pigs—Porkers; J!1 14s. 6d,; good stores, 10s. "3d.. 13s.'Gd.,'14s. 9d., 155.; 16s. 3d., 175.; ■slips, 9s.' 9d.; we'aners, 4s. 3d., Gs., 6s. 3d!' -Poultry.—Roosters/ 9d:,-,lid., Is. 7d., Is. Bd., Is. 9d., 25.; hens, 9d., lid., Is., Is. 2d., Is. 3d., Is. sd. "Produce.—Potatoes, Gs. Gd., 10s., and 13s. per sack; pig potatoes, 3s. per sack; onions, 241b. ; bags, ,35.; parsnips, 401b. bags, Is. Gd.; carrots, 401b. bags,' Is. Gd.;. green tomatoes, 2s. per case. V x /. : , wool. , Tii.EaiiAr'n—niESS association—coFTßrotrr. ". '- -- London, May 22. i * At Bradford the market for wool is strong, and thero : is good inquiry. Forties, 'lOd.j

forty-sixes, lljd.; common sixties, 22(1.; super sixties, 22(1.; superi 23d. Wool Sales—Strong sale and good competition in all quarters at full prices. LONDON WOOL. SALES. Messrs. Murray, Roberts and Co. have received the following wool market cablegram from their London house, Messrs. Sanderson, Murray and Co., dated May 22:—The market is very firm. Compared with last sale's closing rates, coarse to medium crossbred have advanced 5 per cent. BANK OP ENGLAND RETURN. ' . UT TELEGRAPH PRESS ASSOCIATION—COPTRIGET. London, May 22. The Banlt of England return, issued for tho week eliding Wednesday, May 20, is as under:— Issue Department v Koto Issue X51.498.CC0 Gov. debt f11.015,000 Other securities' ... 7,43-1,000 Gold ' 30,0-19,000 i5(,1f8,030 £54,193,000 Banking Deeahtmekt. Proprietors' Govt, sccuricapital i 11,553,000 ' tius- ... : £1-1,575,000 Public de- Other securiposits ... 10,415,000 ties ... 23,593,000 • Other dc- -, posits ... - 43.014,000 Notes ... 26,187,000 Rest, 7-day "■ - audoihor ■ Coin ... 1,523,C0D bills .... 3.266,000 £71,278,000 £71,278,C00 The leading items of the Bank of England return afford tho following comparison:— This weok. Last week. Last year. £ £ £ Bullion ... ■ ... 36,019,030 35,601,000 33.941,0C0 Reserve ... ... 9.7,710,000 . 27,027,W0 24/01,0.0 • Note circulation 23,311,000 21,452,000 . 28,012,10J Public Deposits 10,415,000 9,3(9.000 10,943,C00 Other Deposits 43,014,030 43,434,C00 41,682.000 Proportion of reservo toj - • . ■' - liabilities. ... 51.77 ■ 61.13 .4G.53 GOVERNMENT SECURITIES. The following are the, latest quotations for Government securities, with a comparison of those ruling last week:— ■

MONEY MARKETS. . ' The Bank of England discount rato remains 3 per cent., to which it was reduced on March

The London open market rate of discount for best three months' bills is |th lower, at 2 percept. The Paris discount rate is at 2 1-16 por cent. The- Berlin discount rate remains at 3| per cent. . , COLONIAL AND OTHER PRODUCE. ' Wbent—'The markets .are depressed 'owing, to large arrivals off coast and fine'weather. Prices are fairly steady, but .thero is no- activity. 375.-9 d. is asked for Victorian January shipment; 375. Gd. for-South Australian February shipment; and ,375. 2d. .has been paid- for a steamer parcel of April' shipment. There is, fair demand for. Australian on spot at-395. and 40s.

Flour—Dull. Australian on spot is offering in London at 265. to 2Gs. Gd.; Glasgow, 28s. • Butter-Danish, Ills, to 113s. Victorian is exhausted. There is fair inquiry for New South Wales and Queensland, 9Gs. to 100s. There is soine complaint about ,the Orton'a's shipment of apples -being tainted. x Copra—Fair demand. South Sea afloat, .£ls- - Gd. . , i'■ Sugar-German beet, lis. 2d.; first' marks granulated, 13s. .! ■'..■■ r-'

METAL MARKETS., ' Copper-On spot, £57 12s. Gd.; three months, .£SB 7s. Gd. ' Tin—On spot, 1£132 155.; three months, £131 15s. • , ■ .Lead, ,£l3 2s. Gd. Spelter, .£l9 15s. ' - . Silver, 24 13-lGd., ' . '

mmivr iCarital Fma"5dP§|,f'?M- s| .-,■ .' I ' i!ICI ' S ' ' Yield i'- : ; . 1 ' PaidUp. Ttalanco ««L'&J"" ~~ ' t ai r ■!/'; ■■■...•;*■* Forward. ce *„ : g \Buyer.., Seller. Intosfcor. . BANK s. £■ ■■■£. ' f j, £ £ s. a. £ B , a, £ e . a. s b. a. • xSHn?^i aIa ° d "■ 2,000,000 81,675 3j 3} ,10 , 9 2 6 .0 12 0 3 9 5 \ National ... ... . 375,000335,311 aj: 15 ' 12 , 5 5 0 5 5 0 5 13 5 , - V. v • INSURANCE.' ~ ' " • "llftflOO' 2.1D,33D" J initio J5 "Vg 0 16 6 "" MM"-' 30S,GVi 2 8 - 10 " 3 17 0 3 15 6 5 6 0 , - ■••• ■■-■-"•- 100,000' 474,912 J 4j , 10 218 0 • ' . • Standard ... ••• ; 75,000 . K,3&i j Di 10 1 2 o 12 9 FINANCIAL 4' \ , i-V-. : :• :-Einitable Building;' „. .', .50,000. .22,000 5 5 " 10 - 10 3 6 10 0 0 ......Metropohtan BmldMg v--..,..-... ,..jo,742i ,;,5,6S8 10-/fail > ■ S C ' nB 5° n m? ye . 'at •" 60,000 ' ">'3,'.133.. »j »< 6 " 0 12 3 0 11 6 6 14 ■ Wellmgton Trustia,nd Ijoan ... 101,250 . 44,334 5 5' 8 7 9 0 7 10 6 '7 9 6 5 7 0 200,oco: 127,740' 2 8 10 3 0 0 3 1 0 3 0 0 6 13 i 1 "300,000 252,000 1 nil 7 111 9 1 12 6 1 12-3 4 6 4 Loan J '6i, .5 o, 111 0, 5 0 10 0 0 v /' \ ■ ■'■•-'• KvH &? c ! !l . a ? d -V.' -»V 180,370 - 85,463 .5 nil'' 16 -' '-Vv-.' V• '■Z : - ; - ; -.*:-'SndtaB ••• - 160.000; 70,918 5 nil 10 " 10'2 6 10 0 0 5 0 0 rfiw.Fo'. :i"030' ' 108. 1 nil :..-019'-6'' 019 6; v ;v: : , .1, $ v ! ;fv 9 . 10 - 0 210 0 510 0 .'.3,159 - 5 nil* 3o V ~ :: :::• :::• 1 I 1 i •••; v feSSSf".^-^2™, ;11,092 4J J So • .Z-.-'Z- 'Z V-tfMso'''n,7» » m '- 10 • - : i° 7 6 V. : MEAT; ( .. ; : = - ' Chri'stchurch " w ~ ' 3E! ' 7i!7 33 ' 686 W 25 8 . 8 . 0 0 : . •VV : Gear , • " - ,165,020 - 77,613 > ,10 '-nil 8 -10 5-0 10 7 0 7 14 7 ; •. , wqoo fifi"fil -* 1 nil' 12-5 '*2 9 16 ' 2 10 6 2 10 0 5 0 0. . ' Wellington Mca't Eiport ' Z' : j ' . • " n ®j" J 0'15 ..O '10 „0 0 ( c ":- v . - - | 105,766 " 53,767. i 1 .8 . 5 2 0- B 2 0 6 5 6 . :-V win-anni"'. ~ • 2§ 2i 8 3 5 0 3 5 0 6 9 3 • wangannl - - 45,650 10,315 5 nil 8 TRAKSFORT. '' ■ ' : 'K r z a Sh iSnintf llway l 70 ' 000 1 ? 1.«'2 1 4 7. 2 7.0 280 280 2 18 4 llin Kn *mw- .110,769 - ,'8) ' -nil* r -5* •••' »r>6'0.0 : . coal. - ' - ■■■■r''-' - , ■ ■' SS?S?ri rt -•••• — . - ■■ i27,'215 -: 35 ' " is ia' o' 7 0 0 6 19 9 6 5 0 - , iaupiri ... .... ..... ... . ... - yi.ra). 5.339 , l nil 7i , 1 0 0 .0 19 ,6 7 1-1 0 WOOLLEN. y] ■■ '■ .■ V ■' 1 - ' : 100,000' 32,851. 5 nil 65 ; WrfS^ton : " •• ..'.li-aa-' ' 35 -IS- . 4 -3.3 -0 3 3 6 ,3 1 0 4 12 0 tvemn.,ion ... . ... ... . ... £l,C-25.. 24,36d 4 ,, 1,-.. , 6 . 3. | ,0. 3. 8 0 3 0 0 • 8'0 0 , ; KISCCLLAiC'O'Jo. . • - ' - . . ' '5 nil ... G 0 0 6 5 0 :6.'l; 0 : ■'. , : < Layland and 0 Bnen y \,....;. ; -Si,000 '. .; 37,761 l nil 15 - 230 •' '■ v 7 Ur S « • — - > - '• co ° ' J05 1 nil - 8 ; ' " - . - - . 10,000 .. 676 10 'nil 8 ; w'z - -26,730 . 2 nU ' . 7 2 10 6 2 11 6 - 2 11 0 6 3 0 ■ vrv ; w 1 nil 1. 1,8.6 -1-8 6 1 3 3 6 0 5 — I ,f ' ■% -ig'vg- 1U . 6 - - : .■ :.S: I nV 3.V' 415; . fl - 5 0 0 , 4 15 0 8 ■ V.-sen.-Fresh Food. ; 28"C11 , 1 tiil • , '!«» ' 's nil.' g •;/ (-4 8 o' ' : - . Ehj.rl..nd, Ltd. ... ... .41,6,6 pll l nil J 7i ,019 0 ''l 0 0 ',1 ,0 0 . 710 0

Variations _ ■ r> r icn compared lrlC0 , with ____ lit:;!, week. ' , ■ £ s. d. 2a % Imperial CodsoIs... ... 80 12 (1 2s, Gd.hiMher 4 „ N.S.W.lE03Jan.-July ... 107 0 0 Unchanged 3g „ N.S.W.1D18 MarrSept ... 09.10 0 Unchanged 3 „ N.S."\V. 1935 Apl.-Ocfc. .. 88 0 0 Unchanged 4 „ Vic. I£r20 Jan.-July ]0.i 0 0, 10s. higher 34 „ Vic. 1G21-6 Jan.-July ... TOO 10 0 5s. higher 3 „ Vic. 1929-49 Jaii.-July ... UJ 10 0 5s. lower 35 S.A. 191U Jau.-July : ... 100 10 0 , 5s. higher 3 „ H.A. 1916 Jan.-July ... .86 15 0. 5s. lower 4 „ QTdl921-30Jan.-July ... 106 0 0 Unchanged 34 „ Q'l'dl921-30Jan.-July ... 99 10 0 2s (id nighcr 3 „ QTdl»22-47Jau.-July ... 89 0 0 Unchanged 4 , t N.Z. 1920 May-Nov. ...106 10 0 Unclmngod 3J .. N.Z. 1940 Jan.-July ... 100 10 0 Unchanged 3 „ N.Z. 1940 Jan.-July ... 88 5 0 6s. higher 3s „ W.A.1020-35May-Noy ... 98 10 0 Unchanged 3 „ W.A.1915-35May-Nov ... 85 1"> 0 5s. lowor !S„'Tas.l950-40Jan.-July ...100 0 0 Unchanged 8 .. Tas. Jan.-July ... 89 0 0 Unchanged