FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 207, 26 May 1908, Page 10

FINANCE AND COMMERCE.

" ~ ' THE SHARE SLURKET. , The. Wellington Stock Exchange was closed yesterday, in of . Empire Day, and we have, therefore, no share report to dual with. THE MOTOR INDUSTRY. . ' Tho over-indulgence or ' extravaganco in motoring was held by an American banker to bo one of the causes that helped to precipitate the financial crisis. Now the motor trade,->like most other businesses, is suffering from a depression. '-A .significant feature of the- French automobile, trade ,is to .be. found- in: the .fact that, accoMing,; to statistics published,;,by! Ministry ■of "Finance, exports of mofbrs ■ from : France for the first two months :of -1908-Sh'ow" a decrease : of'''.£2ls,ooo, as compared with,.last year. In theJfirstitwo. months''of 1906, motorsto the valuo •of ~£397,000 were - imported - intoGreat Britain from France. For the first, .two, months of 1907, the .figures were while, for January and; February; 1908,-.. the' amount had sunk ; to ,£286,C00, or„roughjy speaking, d decreaso'iri' two, years of.;^3110,000:"V : It : -is" not only with Great Britain, however,. that French' export of motor cars has fallen. off; practically all other countries show-a decrease;. Thus i the Belgian figures hive' dropped from' J895.320 r to .£49,200, or, roughly, 50 per cent.; Germany, '.£73,480 to .£37,560; Italy, ,£40,760 to .£15,560; Austria-Hungary, '.£5960 to jCISO; and the Argentine, iE65,050 to ,£29,480. On the other" hand, peculiarly enough, the .United States, t although manufacturing motor's .so largely,"lfiasalmost doubled its figures in the last'year/ '-In' January, and February, 1907, .£68,560 worth -of, French cars were imported into America,'while' 1 for the corresponding period of 1908 the figures made an enormous bound to £133,280. This increase might be'somewhat disquieting to the' English importer if it were not for the fact that America has'recently,.largelyi increased her exports, particularly'in motor:' cabs,'' arid- even' with England has' been doing considerably larger business. . ■ Reference to the-American; industry: recalls 1 some interesting statistics .compiled: by the Association-of Licensed Automobile. Manu-. . facturere.;' .The'so showed, that the.total, valut} of," American-made.; .'autpmobiles; .for :';..19P7' was .£21,133,914.This represents .52,302 -.cars manu--, fachirM/idurihg the year..' Of theso N aU,but.sooo were gasoline vehicles, the, smaller number ,be-, ing . divided between stealm and electric' ma-1 chines. In 1904 the-value of the .automobile, output" l , of tho''United 'States'/factories "was". .£5,329,010, and a J steady' increase .'.has been" noticeable for every year." IFis estimated tliat' j 58,000 omployees were engaged last-year in the various factories, while the capital /employed : ,was more than ,£18,800,000. .

As in many- other manufacturing products,' there is an indirect investment which is closely, allied-to vehicle manufacture; This includes! such products as tyres, rims, lamps, speedometers, drop forgings, etc. Close estimation shows that there are 29,000 men in this indirect manufacture, with a total capital of .-C7,3-10,000.' Unlike many other., manufactured products, the/sales end of the' automobile industry is exceedingly exponsive.' -At tho : closa of tho year 1907 there were 2151 sales and' garage establishments employing. 21,500 persons, with axapital 6f -J311,500,000.' Not including-the, manufacture-of mot6r'cyclcs '6r'the'-salo_pf.;sup-; plies' ahd ; 'accessories, tho to'taT'estimation is—.' Value of poducts sold, 914,' total capi,-;' tal employed,'-^34, 289,754;. number'of .employees .involved; .108,500.''-' v

'' WALL. STREET: AGAIN, :;0! .vv Tho New York Stock' Exchange "has become again the storm centre of the financial- world. Last,week there iwere heavy;"Bollirigs ; .;and. 'vi.olont declines of stocks, but the transcontinental railways stocks appear'to have suffered::'inost.'Once, again we liafo Government interference' given; as an excuse, but those who farow some-. . thing of American 1 railwayfinance will not "be misled. For some time tho railway magnates have been engaged in inflating stocks for. theirs ■ own aggrandisement,' and'to'miaintain' aif iipSearance, the whole of:the earnings have been istributed in dividends. ,Now tho railways are .in pressing need of money to provide running equipment, and for betterment and there is difficulty; in obtaining' same, .and all, the more so because ;'&rnihgs; exhibit yit'vety sorious'shrinkage.. During the ; month of; Janu-,. ary gross earhings•of United' States railroads' fell off no less than .£5,000,000, and in the later months, although actual figures aro not avail- , able, f;lio indications .were for a .further heavy decline. " Thu3," says the "Commercial • Chronicle," "the situation which confronts tho country is this: Gross earnings of United States railroads are falling off at the rate, of £60,000,000 a year, whereas in previous years ' they were increasing at the. rate off <£40,000,000 *a year—a difference adverse to 1908, as compared with what it would be,, if conditions were 'of per annum." With ; the railroad income shortened they have that much less to spend on labour and supplies, and "in addition new supplies of capital for development;and improvement work have been almost entirely cut off, scarcely any new issues being brought ,'out thus far (April, ' 11), except to find -'or retire-, existing ddbt./.Further on, the "Chronicle""says: "There is need for quick action. Tho situation is rapidly becoming acute. Unless the.declino.in railroad revenuo s is arrested,'and linlfos'iie# supplies of capital: again flnw.in, wholosale v insolvency and .re-organisation in the. .railroads, world-.will _ result, and 1 there wiirbo a repetition of the hard times experiencedfrom 1893; to 18DG."

THE LONDON MARKETS. Crossbred wool has -net 'only''recovered''the'initial fall at the opening of the sales, but is also about 5 par cent, higher than the closing rates of the March sales. This ib satisfactory as far as it'-goes; but ' the improvement must be read in conjunction with the withdrawals. If manufacturers are'being coinx polled to buy owing to an artificial shortago, then the improvement cannot last long! Then again there is the railway crisis in America, which will, if not arrested, have a far-reaching offect.' However, we can hopo that wool has Been its lowest point, and to see it move up- - .wards again would be very cheering.- The quo-

tation for hemp is still exceedingly low, but as most of the mills have shut down the price just now is of little interest. There is promise of a good harvest in Europe and North America, wliich should holp to move off stocks of; binder; twine, and so .pave the way for an 1 improvement in the value of the raw product. ' The butter market is quiot, and according to private advices Australian butter is going into cold store. The new season will open with a goo'd deal of stored colonial butter on ihand, which~must prove detrimental. It is a "pity the'"'dealers don't see the wisdom for stimulating local consumption by : reducing-the retail prices; fourteenponce, per pound is not : a'-<price■ to^induce' p'eople to .buy, freely. .. The butter, men were, carried away with excitement in February,,,jjyd _ and made all. sorts of foolish predictions about a. winter scarcity and,, high„ prices doubt 'many of.'them entered t int whioh. must land KiSavy'ldsses..- -It is.scarcely reasonable to expecfc'tlie consumer to pay ! for the faulty judgment , of the dealers, and speculators.; : .Uv....« NOTES. ; ' ' 1 Crossbred wool is nowusiper cent.' above the closing rates of the,' March sales. Pig-iron is quoted at 495. lid. per toij—a fall of,2s. per ton in the fortnight. / ...The Orient Steamship' Company has made a profit of .£32,805, and lias .declared a dividend of 5 per centwW,T-w., - The'hemp 'market 'is quiet, with little business v,d()ing. „ ■:> May-July shipment, good fair grade, is. quoted at £26 per- ton. The foreign demand for Russian sable skins has steadily increased during • the past ten years, and the prices-pbtained.have never been so high as at v prjsjnt: A-report just issued from the Irbit" Fair shows' that in order to nMetrtho demand the Siberian hunters are slaughtering the .sables both in and out of spatiiig!! the' females- and" their young/ ■ A "strong is made : against this extermination, .-which r.will eventually, lesuit in the-? Tthe industry, and is : the, it ore < senseless.,'inasmuch/as-during the' spring and summer "months ' sablaj'fur. loses at least twothirds -of its; quality' Snd value. ■ Prbm 'th"6"returns "ctihlpiled by Lloyd's "Register-- of' > Shipping,s' .i it' • appears , that,- excluding warships, there were:4ls vessels, of 847-,501 tons gross;-under'construction in the United Kingdom ■ at the close of the quarter ended March 31,?1908,\'as against,'sßs vessels, of 1,306,087 tons gross",''forv the corresponding period of 1907. The tonnage now under construction is 101,000 tons 'less 1 than that'which'was'in hand at the end of last-quarter, .and 459,000 tons less than that building twelve 'months ago. No such decrease in the shipbuilding industry during a ■period: of-12-months-has occurred since September, 1884, when the reduction in' to.nnage as compared with September, 1883, amounted to' JbVer" 469,000.;.'* *.'t .Undpr'.pressure' 'exerted by the Transvaal Government,'-which is entitled to GO per cent, of the-Company's output, tho Premier Diamond.- Manufacturings Company has' definitely' refused •: to agreement with the diamonds syndicate/ -,Th'e 'Premier , Company an-' nounces (says vßradstreets") that it will market litsi'owin. output- on tho expiration of the. present contract,; with, the . syndicate. Up to. the presents-time the syndicate has taken the output", of both the" Premier and the'De Beers companies;' The-'.fact, that tho agreement is not to-be renowed.means that' war will bo declared, by,.the..Premier Company .against the De. Beers Company, ?<and',tho 'general opinion I is that diamonds vrill be cheaper. The syndicate;. has in/, the -.past practically controlled the ','world'soutput -'in diamonds, amounting to about £10,000,000 annually;' The year 1907 is stated by the Paris corre; SpfttijleriJ: o(-'..the'; Zeitupg" to* havo been unfavourable for the Association Miniore owing to thS'-lirge amount of 1,753,000 francs having to be written off for depreciation,tof jA book , profit .was, how.brerl'iimada/ of shares, and thisjkas . enabled,'.tKp,,..'debit, balance,of 1,381,000 francs_;',brpuglit fojwarcl from 1906 to be re,duc&dT,fo il4B,'ooor fi'anc'si ' It is mentioned, that about 1,000,000 francs, out of the total loss relates to. Premier shares, which wore advantageously' disposed of in 190G, but were bought back'again' in l -consequence of the favourable deVelopment , "6f'"the":mine. The other investments of the Association include shares in the Central- Mining, Hercules, Angelo Deep, and Driefontein Deep'and the Witbank coal mine, and the share-capital*, now; stands at the redticed .amotint ,bf 15,000,000 francs. '^<SDEEDGING. Ibt lEr.EGEArn—rnEss asscciatiok.) Dunedin, :May 25. Dredging returns: Mystery Mat, 490z. 4dwts.; Koputai, 4Soz. 17dwts.; Masterton, 440z. Gdwts.; Hessey, 40oz. 7dwts.; Waikaia, 33oiS. 3dwfs. { 'Muni)j Crook, 18oz.. 15dwts.; Kura, 13oz. lCdwta-f- Electric No. 2, 1.i0z.; Waikaka United No.'l, 250z.; No. 2, 30oz. sdwts.; Puiit, 14dwts.; New Trafalgar, 31oz. 18dwts.; RisihgTSun,'47oz. lOdwts.; Black-•water-River, ; 33p'z. , Liy£'.STpck SALES. Dalgety and Co., ltd., report:—At Wavcrlev, on May 22,'2000 "sheep and 150 hoad of cattle came forward'. High reserves hampored business under tho hammer, but wo disposed of the ' bulk: flMhe r ditry r, at'fall market rates. Quotations:—Forward 4-tooth wethers, 14s. 9d.; 2 and"4-tooth wethers, 13s. 3d.; small 2-tooth wethers, Bs.; forward 2-tooth empty ewes, lis.; 'medium-lambs,"'7's.'r fat cows, £i 155.; store cows, 345. to £2 55.; 2-year steers, £2 lis.; weaner Steers, 255.; steer calves, 135.; weaner heifers, 13s:; mixed woaners, 155.; small pigs, 10sj fid,;.. '• ,;.'5 ■ HIGH, COMMISSIONER'S CABLE. The Department of Industries and Commerce i'as 'tfc&fed thf Mlowing .oable from thq

High Commissioner, dated London, May 23, 190S:— The mutton market is quiet. There is a. scarcity of prime quality mutton, especially Canterbury, with a limited domand for poorer grades. Canterbury brands are <|iioted ',t.4Jd., and North Island at per lb. _ The lamb market is steady, with a nuted domand. Large shipments aro arriving fiom New Zealand. Canterbury lamb is quoted at 5Jd-, and other than Canterbury at 5Jd. per "JTho beef market is dull, and prices are irregular owing to competition of good quality Argentine. Now Zealand hind-quarters are quoted at 3Jd., and forequartors at 3d. per lb. The butter market is quiet, but a moderate business is doing. Choicest New Zealand butter is quoted at 110s., Danish Ills., Australian 1035., Siberian 100s. por cwt. The chcoso market is steady. New Zoaland . white makes are quoted at 605., and coloured, which is in large supply, at 575. Canadian now season's make is quoted at 595. per cwt. The homp markot is quiet, with small business doing. The following aro tho current quotations Good fair grndo on spot, £25 155.; fair grade on spot, .£2-1 10s.; fair current Manila on spot, .£24 10s. May to July shipments: Good fair grade, £26; fair grade, £'U 10s.; fair current Manila, £2i 10s. The cocksfoot market is steady at last quotations. The wool markot is advancing steadily for medium and coarse crossbreds all grades, which now show 5 per cent, premimri over closing ratos at last salo. Merinos aro firm. LONDON PRODUCE MARKETS. BY TELEGRAPH —PRESS ASSOCIATION —COPTRIQHI London, May 24. Sheep.—Canterbury, heavy, 3;d. j North Island, 3 7-10 d.; best, 3fd. Lambs—Canterbury, light, sjd. Beef.—River Plate, 3|d.; rest unchanged. Rabbits.—Weak. Large Melbournos are! retailing at from 125.. to 13s. Gd. Homp.—Market'quiet. May-July, £26 15s. Hides are neglected. Fivo thousand seven hundred were offered, and all were withdrawn... Leather is a farthing easier. First Welling- . tons, 15 jd- Basils declined a half-penny; first Wellingtons, 2GJd. and 27Jd. THE METAL MARKETS. BT TELEGRAM—PRESB ASSOCIATION—COPYRIGHT. London, May 21. Silvor, 24 7-16 d. Copper—On spot, .£57 7s. 6d.; threo months, £r,S 2s. Gd. ........ Tin.—On spot, .£133 55.; three months, <£132. Pig-iron, 495. lid. Lead, £13 2s. 6d. MINING MARKET PRICES. *T. TELEGRAPH —PRIiSS 'ASSOCIATION —COPVRIOtn London, May .24.. Waihi, bnyers ,£9 Bs. 9d., sellers £9 lis. 3d.; Junction, buyers 235. 9d., sellers 365. 3d. LONDON WOOL SALES. BY TELEGRAPH —PRESS ASSOCIATION—COFTBIGUI • London, May 24. Wool.— Market very animated and prices fully maintained. Crossbreds were 20 per cent, above opening rates, and merinos fully eqyal to April closing rates. Waiau, 7d.; Waihuka, 6Jd.; Tukituka, 9d. Catalogued to date, 107,073 bales, sold 93,195. Messrs. Murray, Roberts and Co. have received the. following wool markot cablegram from their Loudon house, Messrs. Sandorson, Murray, and Co., dated May 22:—"The market is very firm. Compared with last sales'' closing rates coarse to medium crossbred has advanced 5 per cent." : . FROZEN MEAT. (BY TELBGEAI-H —ritESB ASSOCIATION.) Gisborne, May 23.' The Tyser steamer Niwaru completes loading to-day the largest single shipment of frozen moat ever oxported from Gisborne, totalling over forty-three thousand carcases, of mutton from Nelson Bros.' works. This considerably exceeds the total shipments made ill 1890, tho first yoar'the freezing industry was established hero. ■ . . ... • ■

, WELLINGTON SHARE- LIST. Rcoorvo £§ t.i.1,1 PRICES., yield ' • ' POMP4NT ' Capital Fund fltid ,..,g S's • »• to COitPAJiY. p»id Dp, Balance • . ... Last Inventor. ... ..,/ Forward. ; g .Bojrar. Seller. , Sft]o BANKS. £ 'i 1 £ £ £ £ i. a. £ fl. d. £ a. d. £' s. d. , New Zealand ... ' ... ... 3,000.000 . 81,476 31 3.4, 10 I ! I 918-0 8 9 S National .;. ... ... 375,000.. .335,318 ,jjJ 15 . . .14 ■>;- 550 5 5.9 6 13 5 INSURANCE- ,* „ lNational ... 100.000 ' M!>,339 '' ! » tuilta, 15 1"B 0 16 6 . New Zealand : • -... 300,000 396,871 2 8 10 -317 0 3 15 t 5 6 0 South British ... ... 100,COO 474,012 1 4i 10 218 0 Standard f ... .,i , 75,COO , 92.3S6 J 9i 10 12 0 12 8 FINANCIAL. 'C '£ ■ A •" Equitable Building ... ... _, 50,000 22,000 5 5 10 10 2 6 10 0 0 ; Metropolitan Building ..... ... 60,743-, / 5,688 10 ■ nil.7. - j ■ . _ , . Wellington Invest. 60,000'- 1 •'3,033 - ; 6 '•■ ' • 6 12 3 0 11 0 5 4 4 Wellington Trust and Loan ... 101,250 44,334 5 6 8 790 7 10 6 796 67 0 National. Mortgage ... _. ... 200,000 127,746 2 —8 10 300 310 300 6 13 4 ' N.Z. and Eiver Plate ... ... 300,000 25-2,000 1 nil 7 1110 118 6 -1183.484 -Loan and ; Hereantile ... ... 135,-223,- 315,133 J 81.. 5 ... 0 411 0 .5 0 10 O O CAS. , :.- v-.".''-. : ' ; ,.j -" -" ' Auckland,./. .. .i,.! , ... .160,370 . ' 85,463 5 . , nil. 16 , • • . ... ,ChriBtchuroh ■ ... ... '160,000' '70,018 5 nil' 10 .10 2 6 10 0 0 5 0 0 ■ Foildins" 12.030'- • ; ' 108 -' 1 ' nil' ... 019--6" 019 6 ' - Gisborne ' ... ; ... ... ... ■ ... 17400V 10,565 1 nil U| 2 9.C 2 10 0 2 10 0 5 10 0 Hawera ... ... ... ... "- 8,250 - r,r.-'"694 -f Jr 10 - New Plymouth ... ... .;. ... 'iB,000. ..' 3,159 5 .inil ,10 ' - . Napier ' , .... ... 1... 10 ; „a jg , , ; }" ;.-.-£3,i84 ..',5: ; as.; Palmer'ston North. _ , ... 27,000 11,033 4» J.- '10- •»•«•» , Wellington .- - -• , 10 - --an-; 10' ,r. ? ' 1 6 ■ heat. ( ■ Canterbury..- w 183,727 ,32,686. 7} 2} 8 - 8 0 0- . Chnstchuroh, j... ' ,165,IH0'. .77,642-. 10 v nil .8 • , 10-6 0 10 7 0 .7 14 7 Gear. : . ... ... _ 1. 1. bJ.'J 9.6 2 10 6 2 10,0 .5 0 0 - V ■"Vr-Vu, — t ; — ~ f f 2 ;. 003 , .- 1 S6, . jj1 , 4 I2I 3.15..0 10 0 0.,, .. .Wellington Meat ... j " 5 nil 8 ' -612 6 „ ... ... -• •. . ~ J 105,766 63,767 4 1 8 6 2 0; 5 . 2 0 6 6 « 2g 29 8 3 5 0'- 3 5 0 6 9 3 .Waneamu „ „ ~ 45,650 . 10,315 6 nil - 8 Tr.AKS?onr. W. and M. Railway 170,000 121,452 1 ■ i' 7 270 28 0 280 2 18 J N.Z. Shipping ... ' 473,840 110,760 - 8 -'nil-, k-5- . .v .6 .0 .0 , . .Union Steam ... ... ... - ... 800.000 SUW7" 1' "nil- i 74 1 14 0 : 1 14 6 . .Wetn. Steam Perry/...- ••• ' - 46.-J50 ; 65 1 nil 6 COAL. . T ' 1 "■ ' Wostport ... ... --i. : ; EEO.OOO - '-'ilT-iaS-' -"35 ■' ; 124 G 0" -■ 7 0 0 0 19 9 6 5 0 -: iaupiri '„. .... I ■ ■■■: - fc5.00O 5,339 1 nil 7i 1 0 0 0 19 6 7 14 0 VVOOLLEH. , . Kaiapoi ... .:. ... ... lOO.OOO 32,854 5 nil '6}.'. . - vMosgiel .. ... 83,457 . --17,212 .3} -ij 4 3 3 0 3 3-6- .-3.1. 0 4 12 0. .Wellington'";," .-... '» • 82,»25 ' .24,368 4 1 6 3 6 ;0 3 8 0 3 0 0 8 0 0 MISCELLANEOUS. . , - . ' Donaghy.'Bope "■ '23,500' 1,981 5 nil 6*1 1 0 f 5 0 O'Brien"' ,• v.. 35,000-,, •,87,781, 1 . •'nttr . ••••'"-- 2 3 0 Manriceyille Lime ... ... ... 7,000 . 205 l ''.z-iz;'..-J\.Z. Candle .... „. .. .... ... - 10,000 ■ 676 10 ; nil 8 ... . N.Z. Drug3 .... .. .i. -, 200,000.;.-',36,730 v. .8 nil .7 2 10 6- 811 6 811 0 -6 3 0 • N.Z. Paper Hills : ... ' 94,775 . 1,582 1 - nil 7, 1 2 6 1 3 6 , K.Z. Cement' '40,COJ; "2,((48 1 . ..nil-,-, 131."..0 111 6 Manning'.and Co. ... .... ... 96,000 - 37,670 4 ,:1 10 3 14 0 •Ward and' Oo 80,000 30,655 4 1 10 "415 0 B 0 0 4 15 0 8* 8 6 ■WRtn. Opera Houso ... 18,630 1,705 6 nil 121 Yi'gtn. Fresh,Food.,,-... 28,261. ' 1 nil' ... , . . •V/hitcombe-and .TombB' '... ! . 46,250 30,156 5 nil .- 19 „. r .4 8 0' Bhariand. 'Ijtd.4W76 ' 9,311 1 nil 7i 019 0'' 1 0 0 1,0 0 7 10 0