FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 289, 31 August 1908, Page 10

FINANCE AND COMMERCE.

THE SHAEEMARKET. ; :. • .V. '- In the investment aharemarket on sales wore made of Poilding Gas at 18s.' Gd.~ and Manawatu Rails.at £2 Bs. Gd. ■ The. jnarr. ket generally" was quiet, but without showing any. variation in values—National ;l ßanks, .sellers Jis 25.; Wollington Investment; - ~ a 'sellers' lis; 9d;; Wellington Trust and Loan, sellers £7 7s.' 6tL; Wellington Deposit, sellers 9s. 9d; National' Mortgage, buyers -£Z ;'• New I Zealand and River Plate, . buyers ■"£!■' 10s. ; ; ! sellers ■£V 10s. 9d.; New . Zealand Loan and 'Mercantile, buyers, 4s. 3d.; Feilding Gas, buyers 18s. 3d., sellers 18s. 9d.; Hokitika.Gas, sellers >£5 lis.; Wellington Gas?seUers.'ifiW'and'iEll ss. lor'the respective 'issues; buyers' £l-;7s. 6d-,. sellers' jil-Bs.-Gd.; Neiw : l Zealand Insurance, sellers J£3 13s. 9d.; Canterbury Frozen Meat, sellers ,£8; Gear Meat, .£4 paid, sollers .£9 lGs;;,v£l. piid,.',Sellers 50s.';-Manawatu. Rails, buyers:.t£2'Ss;-Gd.,v S ellers £2 9s. Gd;;> New Zealand Shipping, buyers £6 ss; ;-Union Steam,'sellers .£1 15s. 3d.; Wellington Steam Ferry, sellers 17s. 6d.; Wellington Woollen,, buyers £8 75., sellers £3 10s. cum. dividend; Hikurangi Coal,) buyers 12s.'; We'stport-Stock-.ton, sellers'9s. 9d.; Kauri Timber, 15s. paid, buyers 14s. Gd., sellers 14s. 9d.; . Leyland.O'Brien Timber, buyers £1 45..6 d.; New Zealand Paper Mills, buyers 2s.'\9d. .£l' 3s. 3d.; Shariands ordinary,-sellers Taranaki Petroleum, sellon. 4s. 9d.; Whit-' oombe and Tombs, sellers £i 2s. Gd. ■

THE MINING MARKET. j A fair business w.a'svdonii'dn'-" Saturday in I mining shares. Talismans changed hands at i £2, there being two separate sales at tho price. Waihi, had quittance, at . 3s. 6d. cum divl, Waiotaii sold.,at .3s. 3d.,. Taima~ Conqueror, 3d. paid, at . Is. and Is. Id. The. . quotations' were aa /under:—- . • ' , 'Buyers. Sellers.' ..Sales.,; s/'d. v£ -s.'d. £'s. - d.' Talisman 1 19"6 1 2 0 "6" 2 0 0 Waihi 9 3 0 .9 4 0 ; 9.3 6 N.Z. Crown • '0 i 1 ' 0 4' 5 "■ Waiotahi —••• : 1"0 3"6 V 0 3 3" Tairua Conqueror, ' ," 3d. paid — 0 11 Big Biver 110• '0■ 1-15'0 — . EOYAIiiINSUBANCE COMPANY. The report of the above institution for 1907 . shows that the fire premiums, after deduction / of reinsurances, amounted to .£3,670,214, and the net losses to ,£1,758,766. ■ After charging. . agents' commission£and."all. management ox- - penses, the- fire business arnouii- ' tod to-^6s3,o3B.iw'.Thei'net premiums;;.in'tho-' ■ accident department, after deduction' of reinsurances, • amounted: to £162,303, and ;..thoi claims- to £59,'359. : After charging agents" 1 .'. commission"aUd'ma'nagemerit expenses there remained a surplus; of >, £42,099. In the life dcpartraent/3187i,new' policies 'Were issued for £1,454,233, r yielding. in'.-.,annual • premiums£s2,96l, and'vinr.siiigle-premiums' £18,654. Of ; tho sum assured;f'£lsß,9l7'was'.reassured' with . other offices'; at to £5895. ; Tho ; declined.'.'i'during..'. theperiod' amounted t0,£140, : 671i :v - The total income from premiums, after deducting, reassurances, ; amounted to ;<ifi7o9jß62, and the interest received from > investments, 'exclusive of -that-on annuity ftmd,7'was.'£32s,66B. ;,.Tho claims during the year-i'were-£567,327i'-,.lathe annuity ' branch the purchase nioney .'"received ■ for new annuities amounted-.to ,£42,179,-'-and''the; interest to £25",076,,_. ;. After.^-payment^qf;/^all ! i' . claims, in"- 'iiiShV'' expenses of every description, a balance of £324,858,ha5. been added ■to .-'the- life and - annuity funds, increasing them to £9,691,009. Tho amount at the credit of the profit and loss account, after, payment of dividends. and,all,other''outgoings,", was £917,708. The'totals revenue, of the conl-, ! pany from all sources for'the year ,1907 was. , £5,107,166, and the total;funds::'ambunted~tO' £14,298,499. . .. . . .... ... . NEW YOEK STOCK EXCHANGE. J .Just about a-.ye.ar lago the financial stringency was beginning to be seriously felt in the United - States, and : • there were Boveral important • failures. This yearthere _is financial . ease),. still we have the failure of a . big firing of New York . stock brokers. A. O. Brow and Company havehad to undergo liquidation because their huge gamble in shares did not come off. Various N efforts have from time, to time tysen made by ' Wall Street financiers' to'give,.rtflimatiqil' to the market, and "the/devices employed "were "cute," as the Americans would observe. But' the publio have not responded, and the big financiers have had'to gamble'amongst them-, selves. It was only the other day that "one speculator in cotton lost £180,000. The fact is ; there has been no real recovery in America as yet, and it mil probably be some timo before there is. Tho New York correspondent' of "'Financial Times," writing-:earlyj l in July;remarked:—'"The end of the half year iii this market has given occasion for numerous reviows, retrospects, and predictions," the more 1 perusal of which is enough to show tho sin-' gularly confused condition of, the public,,mind as to what tho real situation of finance and industry in this country is at the present' time. Whenever one talks with. a banker on

merchant, or even with-a professional man, he is reasonably certain to hear that things are getting better and that wo shall presently be on the swift ~road to recovery. But it must be said now, as it was said at ■ the end' of tho first quarter of the year, that such predictions are based on hopes and theories much more than on-established facts." IMPROVEMENT OF ARGENTINA. Tho economic condition of Argentina continues steadily to improve, the volume of trade having nearly trebled in the last ten years, and for 1907 the total is estimated to,,be ,£120,000,000. The ; increase', of. Argentina's prosperity has been "due almost entirely, lo her agricultural and • pastoral development, and tns former is stated by the British Consul

at Jo ba .'still in. its infancy, since there arc s vast fertile regions that har« not^beeii''touched'l>y'the 'plough. Mineral and industrial products are practically non-existent a"t present," and as "to" "the ' former no great hopes are entortajne.d. k «3sppt in the direction oB petroleuinT-'Coal-Sas"- 1 riot yet been found, and experts seem to agree that tile geological formation of' the country does not favour the 6xistence,'oLthisiform'pt'ifuel.in a serviceable 'form; l ' For'lack of-'cheap fuel, manufacturing enterprises- are..not-likely-.to expand, and consequently Argentina should be a good customer for the- manufactures of other nations in exchange for:, her. o'wjCwheat, wool, and meat. Tho butter trads! appeared at one time destined ;to' provo'iojsuccesslulilindustry, but it's export volume has steadily decreased of late years. There is* evidently more profit, in comparison wjth in the meat trade to-.the ."Argentine -grazier : than in the manufacture , ofbutter, ~whiclv.,if' maintained, will relievo Australasia from some competition in this, commo'dity inl'tKo world's, markets.. As a producer -of-' grain,' howevfer, ' bids iair--to..take; the-firsti-place, and in this respect will 'shortly become the predominant I factor in the, wheat markets. I ■ RESULTS. The Kaiapoi'iVoollen Compdhy''and the Wellington -.\yoollen"Company have issued their I balance sheets, and as both cover the samo poriod;"nainelj|'-the";'yaa.r ended July 31, it is therefore possible to make a' comparison of the figures in the balance sheets. The following will therefore be interesting:—

Kaiapoi. Wellington. ''" Paid-up capital 127,765 94,655 —Borrowed., capita 1,69,332 . 76,327 v Reserves" ... ~.:'32,132 - 22,100. Property'and plant... 88,795 70,462 Written ..off.. p1ant,3,400 2,000 Stock on hand." ''..'.w.,.113,685 109,199 Sundry debtors ""'U" 34,125 22,088 Cash in hand ... ... 116 72 ( " -Unexpired premiums —« .235 Gross profit" 44,147 - 23,383 ' Per. cont. on '•■paid;;. ■ -capital 34.55 24.70 Working costs ... .13,033 12,213 —-'-.-Por. cenb" ft of gross' profit ... 70.30 :. 52,38 Net profit ... ... 13,114 ' 11,140 '■ " Per ceiit. on paid capital ... 10.31 11.77 Per cent. Per cent. •'l-.-Dividond«for ••ycar;: : >, ■ ■'"i 7 • •6• <■ It that,,,the,,iWoUington Woollen 'are ''considerably less Hie, turnover is less. 'Tliexgross profit. Company is £26*6-1-more than that of the Wellington .concern,, and-the. working costs are groater by 17.94 per cent. The Wellington Company seems to give- a mbro favourable result, for the net profit "is "equal, to. 11.77 per-cent;-on the paid-, up capital,' while the Kaiapoi Company shows a return-of 10.31 per cent. ;

~.notes; Failures in Canada in the first half of 1908 numbered ,891, an' increase,of 55 per cent.-in number, 'while liabilities were £2,113,666, or two ..and -one-half ■ times -those of the first' sis -months .of. last year. ; .vßussia"eafly..m..Julyl'issued an internal .loan -for' , 2oo ,, iiilli6h' ,i 'r6'hbles;''o£'.ratheriover'.£2o,ooo,i 000, and the "Statist" says it was a dccided success -Tho -interest.-was 5 per cent., and it was taken by a syndicate of bankers at 94. The bankers sold it. to the publio at 95. ;,This;put,,the Bussian Government, in a 'satisfactory? Epsition,* and v enaJ)led it. to put off, -raising-a Pans until the antumn at .the, earliest...

■' "Wall' Street-Journal"' states that the cam-: ,ing'j power "oK an "acra wheat in the United States is on the average JS2 9s. 9d.; that of an acre of- maize £2 14s. 7d.; an aero o^;pats r; i!3,45..'-,7d.'j-/,and,' ,that of an acre of cotton.'j£4 6s. 6d v - the lowest of the'' 'four. These, four '.crops in the United 1 States J ,ire worth'„in close upon per-annum.—-But this does not settle" the question which pays tho grower best, aftor-eosts-aud-labour are allowed for. .The .Hudson's.Bay Cpnipony, which started life in-tho not: fare so well' iri the ' past year "as 'in tfiat which preceded it.. For 1900-1 tho dividend was 5J per cent., for 1902-3 it was 10J per cent., for 1904-5 it was 29 per cent., and' v Tor' 1906-7 it roso to 12J per ! cent. But in 1907-8 the' net profits were reduced by and the dividend went back to 30 per cent. Thus, the prosperity of the Canadian west and north-west is reflected in the"companies accounts immediately. ;; The eapitaKused to be £1,000,000, but' repayments " to"'the'shareholders have reduced it; to, .21,000,000,, '• Official-statistics have lately been compiled inhich show the rate at which the flour trado of Germany has increased during the last 15 years. The result of this compilation shows that tho production of flour, owing to the constantly increasing consumption of the same, has increased botween tho years 1893 and 1907 from'£,soo,ooo •to 10,250,000; tons annually. This increase ol' production js attributable, in tho first place, to heavier consumption caused by increase of-the. Since 1893 the pro.duqtion.of flouiCjifls'incre'aied'by.2o.7 per cent., whereas the' cenSas shows an increase of 20.4 per cent, in the population. In' the second place, the increased production was brought about by V larger'consumption of flour per capita. - During the liyt.: fire years the production remained the same, although the population continued to increase. The constiinnHon has been covered - almost exclusively by Ilome production,'-and ,'the import of., flour thus far is of-little importance,"only amounting tn 30,000 tons for wheat. flour and 2000 tons for ryo flour,

Nothing in tlio history of American industries is mora astonishing (says tho "Exporters and Importers' Journal") than tlio development which has been made on tlio manufacture of automobiles in this country. Tlio industry practically started in 1002, when there were 52 factories in operation. In 1903 71 new concerns were added; in 1004, 51; in 1905, 51; and in 1907, 43. The growth of the industry since 1903, measured by tlio cost of the cars produced during the last five years, is shown by theso figures:—l9o3, 16,000,OOOdol.; 1901, 24,500,000dol.; 1905, 40.000,OOOdol.; 1906, 05,000,000 dol.; 1907, 90,000,000d01. These figures speak for themselves, and tlio indications are that the total of the present year's work will be still more amazing.

Tlio biggest steel rail contract over made was being closed when the mail left by the United States Steel Corporation. It was for 1.000,000 tons of rails for use in relaying the Trans-Siberian Railway. 'The Russian Government decided to have heavier rails laid thanthose which had been in service, and some time ago a representative was sent to America to get quotations. It is believed (says a journal) that 85lb. rails will be used. An expert from tlie Corporation lias been sent to Russia to examine the Trans-Siberian roadbed, and decide just how heavy an equipment of rails should bo used. Most of the rails will bo made in the Pittsburg factories, and will bo shipped as rapidly as possible. The value of the contract is said to bo about 25,000,000 dol. TALISMAN CONSOLIDATED,* 'The Wellington local committee of tho Talisman Consolidated received a telegram qn Saturday ovening from Mr. Stansfield to the effect' that tho water had rison in tho shaft to'within 50ft. of whore the two pumps havo been placed at No. 12 level, in order to commence pumping directly the water reached them. The water is rising at tho rate of 4ft. por day. The rate at which the flood water is rising is rather moderate, and tends to confirm-the opinion already expressed that the manager, will b'e able to successfully cope with it when it reaches the point where the two pumps can be put into active service. If this proves correct, then the flooding will bo confined to No. 13 level.' DREDGING RETURNS. (BIT TELEGRAPH —PRESS ASSOCIATION.) Dunedin, August 30. Dredging Returns-.—Hartley and Riley, 1950z. Bdwt.; Mystery Flat, 520z. 2dwt.; Manuherikia, 500z.; Electric 11, 450z. i Electric 1, 430z. ldwt. Masterton, 410z.' Sdwt.j Kura, 21oz. 9'dwt.; Clutha River Tributers,' 18oz. sdwt.; Central Charlton, f7oz. 4dwt.; Muddy Creek, 15oz. 1G dwt.;' Ifonutai, 15oz. Sdwt.; Welshman, - 9oz. 15dwt.; Waikaia, 9o'z. 13dwt. Dunedin, August 30. Dredging Returns Golden Treasure, 38oz. lOdwt.; Chicago, 330z. 13dwt. 16gr.; Enterprise, 230z. Gdwt.; Waikaka Queen; 19oz. 13dwt.; Golden Bed, 19oz. 7dwt.; Molyneux Hydraulic, 190z.; Punt, 15oz. lOdwt.; Rileys Revival, 15oz. '

CUSTOMS REVENUE. Last week the Customs revenue and beer duty collected at Wellington amounted to .£24,408 14s. Id. and .£470 Is. 3d. respectively, while the corresponding figures for 1907 were (revenue) 17s. 7d. and (beer duty) .£142 4s. On Saturday the revenue collected amounted to .£2385 17s. 3d.

FEUDING MARKET REPORT. A. H. Atkinson and Co., Ltd., roport:—At our sale on Friday we had a full yarding of pi»s of mixed quality; pood stores were well competed for, and sold in vendors'-favour. Good porkers met with ready sale, and realised satisfactory prices. A fair entry of goodconditioned birds made satisfactory prices. Ail average entry of produco sold at late rates. Quotations:—Pigs: Slips, small, 12s.', 13s. Gd., 145.; good, 14s. 9d„ 16s. Gd.; stores, 18s., 205., 215., 245., 295. 6d.; porkers, small, 245., 275.; good,, 395., 455.; sows, 375., 535.; empty sows) 21s. Poultry: Hens, Is. lid., 25., 2s. 3d., 2s. 7d.; roosters. Is., Is. lid., 2s. Id., 2s. 7d.; ducks, 2s. 5d.; turkeys, hens, small, 4s. Id.; good, 6s. 6d., all at each. Produce: Potatoes, eating, 95., ,10s., lis., lis. Gd., 155., per sack;, pig potatoes. 4s. Gd.; horse carrots, 4s. sack; i oating, small -bags, Is. Gd., 25., 3s.

GRAIN.AND PRODUCE. . Christchurch, August 28 _ •There is no further movement to report in wheat, only small lots liavintr changed hands during the last - few days. The demand has been North' Island. A large quantity of chaff is being shipped to Sydney this week, and a considerable amount of space is booked in the steamers sailing next month. There is, however, no new. ljusi: ness reported, but, on the other hand,- it is stated that some Melbourne .importers hove boen endeavouring' tov arrange.'cancellation of, orders. The local price is now weaker, 'and ;£3 15s. is all that is offered. Potatoes are dull of sale. KEMPTHORNE, PROSSER AND CO. . Dunedin, August 28. At a meeting of directors of Kempthorne, Prosser and Company (N.Z. Drug Company),' an interim dividend for the half year at the rate of 7 per cent, per annum was declared.

WELLINGTON SHARE L!ST. ■ . Reserve... ag Ti . r r.| PltlCESi- . Xioia' COMPANY. . iPS*, 1 ? 1 UI ! a anfl I lity boi S 13 • — ,0 raid Up. Balance j'> on. I 118 ' Investor. •-- Forward.^ d SMro ; H p Puycr. Eellor. E alo. ■ BANKS, c g £-B,d..JaB.cL;BB, V W WOO,000 EM,097 ,1 3} 30 817 C JIG hatlouai ... «. w. M5i(XX) ;. 61i3li3 is 12 6-0 INSURANCE. . . * • /national u? »•< ••• . %»•* ' i/Yinm 54Q ! B9 t tinlfrV- is 17 6 *1 80 17 0 531 how Zealand ... SJ'fim <06674 i ft in 3 12 6 313 8 bouth British. ... ... ?&K2 - iM} -J 8 • . 210 6 2 15 0 5 0 1 btandard ... ... ... j Di".. U ,M , C 1 3 3 FINANCIAL ' Equitablo Building ... ... ... £ oooo JS.242 g in iuotropolitan Building -imnro 6.6418 • ,2 nil i Si t-mugton Invest EOqOO ME0 i A 6 ■ ' 011 0 011 0 5 4 4 Si CiiiiUi'ton Trust and Loan ... 101230 iiJXU r 5 ' 8 '..7 7 6 . .jilortgago ... ioo'ooo lsa.Mtf 5 in 3 0 0 .1 1 6 and Jttiver tiatu ... ... tco'ooo :to>#0 i ' nil- 1 a -llO-O- 110 9 1 10 6 5 5 0 and ALercauuiu - m(w' 'aMW \ ta . 6 0 4 3 .010 1210 0 , / •> CAS. ' J . ■ Auckland .... w ■ v. 160,370 £5,463 - , • "ijp "17' - ' ' "1510 0 15 O 'O 5 10 0 unristchurcli, •„ ... .... »... -160,000 . M.'jW , -2 --nil, loi9.B-:.6.U94B 0 t'eilding „. ... ... 12,000 UJJ 5 uil Old 3 .0 18 9 0 13 6 uisborne _ ... ... - 17,SCO 10,565. j u il -jja 203 6 .210 0 B10 0 jiawera * _.• ... „ ... ... t.ojo iii)4 3 J .jo ■ »e«r ; Mjnnouth.. ... ... ie.ccO • ' 27U «' B fl- M - . Aupic* ... .».. ).• . * ln hi!'' ']j ' ■ ■ ' - . .. ••• * - ;;; j. ISSSI .-£348* 10 s ' 5 ' Is ' ■ - ■' talmoreton 'North, .. £7,000 11,092 41 J- jo 7'T 0 T G 0 6 8 8 Wellington -r, V 121.&70 11.793 10 . nil- 10 - - ' 1*0 0 m M ... * "• j 5 5 10 1? ,? W 11 1 0 4 iu o ; MEAT4' : '■" : ' Canterbury-'' ... .„ ... '153,727 "' s&gs 71 o 8 0 0 - htf,ri u ' a ' • mm . iv.en 10l : ni. . 8 '.,.10,00 •" : :: | »- m; s •?».» «®». CelluL'ton Meat Espjrt . .i ,m ;w .»,« t Si 6 '• . .. ; ■ ;;; t 1C5.7GG . 47,050 : \ : .1... : g : ■ ft'ingaiiui • . ••• - 16.125 £.£06" f J ,' " BI ° , TRANSPORT, '• SV. and M.;EiUway ... ... „ 170,000 121,453 ' , j *'. 8 s '6 -8-0 0 2 8 6 3 0 0 ls./i. hlllppuig ... ... , - «• i'/3,b40 I1U/10O o nil 5 6 5 0 6 10 U ' ujii— oieaia. ... ... too,000 lul/jlT x pi | g> 3 115 3 5 8 0 hiiui. bteam Ferry ... '.*»£« 6-" '&»•' 6 ' coal. Ifcstport — ' ' I~.. "... ... v, - fro,000 .1-7,'421 .'.31 ,m Iij - C .3' -0 "'6"6 0 - •' lauDiri . ..ti.uuj. .. 1«WJ. ij nil'; 7a 2019 6 woollen; ■ ; '• 018 3 845 Kaiapoi ... ... ... 127.765 £5,164 5 nil 7 • koagiel. ... ' 13,467 .17,214 ; -Jj ij ( ' « ••• •••> >ieiimcton ; ... ... i4,Gt5 -".i05- . j." 6 3i7.-.0 -',810 0 3 7 6 7 2 3 . MISCELLANEOUS, . ' . :.U ( . Donaghy Eop'e ... ... ... ' ssjob ' HI 1 nil 6 1 3~ 6 3 5 o 6 J 3 < Leylana ana OBrieu ... ... t5,0U) -37,741- l n ii jj- j .4 '6 " f , iiauriceville Lime ... 7,000 ' 503 l n u 8 i\.£. Candle ' ... .„ 10,COO - Mo m nil 8 njs.-. Drugs ... ... ... ... mm ,--sf.rao , a mi 7 210 6 6 211 0 no ,S. 14. Paper Mills ... . 84,775. I,ii8i 1 . nil 7 1 2 0 , l.„3 3 ■ : ■ HX. Cement-,. v ;.;• . " E0,C00' "rsjlffl 1 n il ... 1 6 0 . jianning and-Co.. .",.; ... £6,000 • •il,670, 4 1 ' 10 ' ' SV ard and Co. ... tO.OOO 34,543 : i 1 10 i 13 6 415 0 S/gtn. Opera House ... ». _ 18,t30 1,705 .6 nil jaJ,1 . • Wgtn. Fresh Food ... „ _ i.8,i61 •... ■• " 1 •' -nil v.. .I': '. •. ' Wnitcombe and T:mba „ : , iC,i50 J , .;..IC,153 . 21:.; '24 .10 4 1:04-3 6 4 -2 0 6 1 3 . bharland, Ua.- ...'/ v...-. ' [euaf . ' 1 ' nU ..;J ; 1 .0 0 (19 t 714 Q The alioro'quotations'' afo" taken 'frbrii the daily official of tlig,','Wellington Stock 1 .> . " 'Bishshgs.'