FINANCE AND COMMERCE

Dominion, Volume 2, Issue 323, 9 October 1908, Page 10

FINANCE AND COMMERCE

THE SHARE MARKET.

At the. sitting of the Exchange yesterday,, Bales were reported ' of. National Banks, "at .£5 Is., N.Z. Portland Cement» at JCI 7s. 6(1. and The' quotations show no changes of-j any consequence. Bank of-'New ;Zealand, lers, £8, 10s.; Equitable' Building, sellers/.£lo 2S. 6d.; J Wellington . Investmehf, sellers, lis!, 6d.; Wellington Trust , and Loan, ' sellers, >87 75.; National' Mortgage, .£3 Is. od.,- N.Z. and River Plate', | buyers,: '.£1 105v.9d.; Chri.st- : ; church Gas,-' sellers; ; £9. 165.;: Port Chalmers Gas, sellers, -Jit 2s. ex div.; 'National Insurance," buyers oEI Bs., sellers; £1 Bs. 6d. j Gear ( Meat; buyers, l £2. 95.; -Meat Export,' paid, sellers, .£6 lis.; X 4 paid; sellers, ; Manawatu Rails; buyers lis-3d., sellers-i2 12s. '6d:; N.Z. Shipping, d£6 9s;; Wellington Woollen, sellers, .£3 55.; Westport Coal, buyers, .£6 8s:; Westport-Stocktori, buyers, 95.; Kauri Timber, 15s. paid, sellers, 14s. 1 3d.; Leyland-O'Brien Timber, seller's,"tE2 75.i6d.; N.Z. Drugs,-sellers,- ' £2 lis.,- N.Z. Portland Cement, buyers .£1 Bs., ■ sellers JBI 10s. :»ew issue; - buyers 75., • sellers;-. 9s. premiuip; jS'Z." Paper: Mills, buyers .£1 2s. 10d., sellers £1 3s. 3d.; Taranaki Petroleum, buyers 3s. 6d., sellers'ss. ■ .-. . ; THE-MINING MARKET. . Sales were reported of Waihi at £9 Is. 6d., and of Waihi Grand Junction at -61 155., w6l 15s. 3d.,' and 14s. 9d. " Blackwater. shares : were in firm" demand at £1 3s. 6d. The Wel- : lington Stock Exchange yesterday received the following -, telegram: "Blackwater battery during September- crushed 2080 tons, . valued at .cyanided 1325 tons, valued at —Talisman shares have; receded, and were yesterday below the £2 level. - The quotations were, as under:— ' Buyers. Sellers. Sales. ■ £s. d. - s. d. jß's;-.d.' Waihi ' Grand - . Junction ... ... — 1 14 9 - -1 14 Talisman 118 6' 119 6 ' " Waihi ... ... 9.10-920-916 Tangiaro ... ... 00 10 .0 10 ... : May Qne'en 0 2 .6 ,0. 2. 8 N.Z. Crown ";:. .— . 0 4 2 — Big River' ... ... '1 14 0 117 6 — Blackwater ... 1 .3 6 • — , TEE MONEY MARIOJT. The "Now Zealand Trade Review" of October 8 has the following comments on the money market:-r"There is; no" appreciable change- to be notedi-jn the cOriditions"prevailingS-in r - the money market of the' Dominion,-nor do'we . think that any material improvement is to be reasonably expected for'some little time. Some sanguine authorities promise us an amelioration .in these matters within the next, two,or, three months, but though there may . very well bo some increase in'the supply of money within that time, we fear it will "be' incon-" siderable in comparison with the volume of . demand pressing on the market. i."' "As wo have previous stated, the chief factors that have brought about the present stringency are, (a) reduction-in. the value of our ■ exports, (b) an extravagant scale of imports,- , (c)'absorption of local funds by the Government and. local governing bodies, and (d) land speculation, leading to inflated - values. As to the first of these factors the prospects for the current season are still far from bright. Wool seems destined,;to rule at a low level during the realisation, of the! late clip, and the pros-, pects of hemp, aro distinctly gloomy. ■ At prosent the conditions of the dairy trade are most encouraging, but-even if these-'- are ■ maintained- . to the end of, the'.seaso'n'.i'as we:h"ope,they .will. be,_ tho loss on w;ool and-, hemp will, far -outweigh the gain from this source. . 'As -to the, second factor, if e fully expect to see a cur-tailment-in the volume of importations during the current and a fe"w following quarters', thus, helping importers to reduce excessive stocks. If, however, as is to- be hoped, a period of ; thrifty and economy supervenes, .the process of reducing stocks may provo a slow one. As to the third factor, it is.'clear that for, a time recourse will' have to be "made to outside markets for any loans which it may be necessary to raise, and glad, to ,note that; Sir • Joseph Ward .'has •stated: that "the ' new loan will jiot . be. raised in the Dominion. • .-:

"The inflated prices ; -of land ma.v be expected to' undergo serious but though that may be followed-, by healthier .conditions; it will not in tho. .meantime help the money market. Tho dairy season is now in full swing, and substantial sum's" will be brought into circulation as th'o ! butter'.and cheeso come forward for shipment. This and the raising of the '£1,250,0(10 loan, when" that transaction is accomplished, will give a little ease to the position. Wo do not by any means take a gloomy view of the situation, being convinced. of the thorough soundness of the Dominion, but wo feel that nothing is to be gained'by raising expectations that cannot bo realised. Now Zealand will right itself, but u reasonable time must be allowed for the process. Banks,' having raised their deposit rates, are naturally charging correspondingly for advances. They are, moreover, confining their asgistance to strictly trading purposes; and are refusing and calling in advances on land. This is a. wise and proper policy." ,

A NEW COMPANY. ' '

Among recent registrations the "Mercantile Gazette" records the following:— John M'Lean and Sons, Ltd., registered October' 5. Office, -Wellington..- Capital .£130.000, divided into 130,000 shares, of £1 each (15,000 preference and 85,000 ordinary). . Subscribers: G.'M'Lean, solicitor; N. .'M'Lean, contractor; J. Joseph, ■ gentleman; A. .E. Whyte, accountant; C.'P. Knight, barrister; L. P. Blundell, newspaper proprietor,, all of Wellington; and M. M'Lean, contractor; of Auckland; all 100 shares each, Objects: To acquire and take over the benefit and advantages and to undertake the liabilities.of and under certain contracts known as "The Clydo.Quay Wharf .Contract," "The. Wellington Graving Dock' Contract,".and

"Tho Arthur's Phss, Tunnel Contract" now held by John McLean'and Son. To carry on-.busi-ness in tho Dominion or elsewhere as general •contractors. ■/ •' ■ .1'- REUTER'S TELEGRAM COMPANY, : • LIMITED; , The directors of Reuter's Telegram Company, Limited, have declhred'the usual'-ihtoVihi-idiviv dend' for the half , year ending^June-30, 1908, at the rate, of- s'.pe_r; cent.;.p6ri annum. :•' : LIVE STOCK SALES! ,v. ' Messrs. Dalgety and 'Co.,' ltd;;' 'report- that' at their .-Palmerston.' sale •: yesterday;' they. had '■ it very gOod'yarding. of cattle,! and a/'small : . entry of sheep, with, good inquiry for all Classes; of nearly the; whole : entry being' ctekredl Cull ', hoggets made.: 6s.'-- Id. ; forward maiden ewes, 135.,7 d.; springing heifers," ,£3'155.,'.£4.75'. .6d.,. .£4 - 10s.; ■ empty.- cows, £2," £2- lis., -£2 13s. j yearling heifers,- 345., 375., to £2' 75."; for':"a'.nice Hue of, grade Jerseys, 155.; 18-months steers, low condition'/£2 135.; 3-year 'steers, £i 125." 6d.; 21-year steers, :■'& 95.. to £3'- 19s. ~'6d.'; -2-ye'ar steers,.,,£3 25.; fat. and forward heifers, M 25..; fat heifers, 35.; forward bullocks, .£5.-13s;. • The Customs revenue collected at yesterday amounted 12s. •'. ■'■'! 1- ' , ■ LONDON-: WOOL SALES. (BY TELEGBAPB—rttKSS ASSOCIATION—COPYRIGHT.) i. ...1,....... London, October 7. At the jwopl; sales "Continental - buyers were active in" regard' to' merinos,' but '■■ Yorkshire buyers': reserves :int purchases Ofvcoarse crossbreds were- a ■ halfpenny below: the.', opening ■rates. ''■ ■- 1 ' ;• '. The following were the average prices realised! for fleece portions - of ; the -clips:—Para, 7jd.; Rimura'and' Wairoa,.. sjd;,- : • : :-ilessrs; 'Abraham*, and.'-Williams,' Ltd., have received 'the*following cable 'from London under date October 7;— - . . - is;.active at lower rates established. prices ;fpr..inl;erior-crossbreds are lower by 5 perrcent. yFoV badly-scoured- and. sliped 'coarse crossbreds -the-'iharket -is ; weak;.', with a tendency to' easier rates.; '. ..• - „•... ' There is,.an' active..demandby,Continentarand American-ibuyers-for 'supefior greasy. merinos and,'fine gr.easy for which sorts prices are }d. to }d. per higher. - Qurrent pr'oes for average conditioned wools are.as folljw:— Coarse crossbreds, 36-40's;. 6Jd. to Gld. ?pe>' b.; medium crossbreds,'4t46's,:7d. to 7jd. per ,lb.; fine.' orossbreds,' , so',s, I, 'BJd."-to 9JiL ..'per lb. - : The New Zealand "Loinand -Mercantile Agency Company, 'Limited, have received tho following ciblegratn/: from j their ■ London house:— " ~ . ■ . • ■" '.t ,: Wool.—4s compared- with last, sales' closing rates' prices-are- lower, about, 5 per.: cent; to 7| per-cent, for scoured merino,' medium and "inferior,""fine Crossbred slipe; and fine scoured crossbred; about 7i to 10 per - cent, for coarso greasy crossbred,,;coarse anu medium'crossbred slipe, and medium scoured crossbred. -Th-re is a Continental demand for merino wool, and for crossbreds a fair ; American -demand."

" Messrs. Dalgety and Co., Ltd., Wellington, have received the following cable' message from their !London office;:"dated October-7 :—" The wool sales continue _ active. Competition - is brisk, and buying is general from all -quarters. Owing' to;" American competition,. good merinos and fine"crossbreds'(greasy) the change, if .any, Greasy crossbred wools,- medium'and coarse quality: Since our .last tel6gfnni > 'prT6es aie 5 per cent, lower, ex-cept-wools suitable for America. I Scoured moriho and dr'ossbre'di wools: Prices are.irregu. lar, and, as compared with last'serieV closing rates, 1 prices are' par to Id. lower, more especially on faulty, „scoured wools." ' • • , .HIDES" MARKET. ; , '.. (Rec. October. 8; 9.40 p.m.) : Melbourne! October 8. 1 In the hides market-prices of kips favoured buyers.•' Prices of ' other sb'fcts were firmer. ■■■ ' : WHEAT.• ' '' Six thousand 'Australian wheat, Janu-ary-February' shipment, sold iat iabo'ut; 3Gs. .per quarter. : • ::V-V. .. : ' TALLOW SA-.-iS; ; . : . ' At the tallow auctions 1635' casks were offered and: 955-sold. Mutton, fine, 355. ;9d.; medium. 325. Beef,'- fine,' 345.; medium,' 315.; 6d. ' .TEE METAL' MARKET. Copper—On spot, .£59 17s. (3d.; three months. ,£G3 155.• ■ ' >■ ' : '• " " spot, .£133 17s. 6d.; three months. J!135 7s.' Gd. : ' ,S HARES AND STOCKS. < London, Octobtr 7. Buyers.. Sellers. Bank—':' <£'s.<d; s. d. Australasia - ... 102 0 0 103 0 0 ■ New South Wales 43 0 0 •WOO Union ... :.. ..: GO 0 0 - .1 G1 0 0 New Zealand. . 9 10 0 10: 0 0 Now Zealand Loan;.and Mercantile Agency Companyjs .debentures, are quoted■>at J892. • : r - , 1 ! '' FROZEN MEAT 'MARKET. , (Br'.' ntuwßirn—Pßßßß association.) •. Napier, October 8. The C.C. and D. Company, London, cables that the price of Jrozen meat is unchanged;' i MINING* NEWS. COROMANDEL. (DI TBLBQBAPHI—STKCIAI.' CORKFSroNDRNT,) Auckland, October 8. The series of articles that have Ijcen appear,in' the "Herald'': on the Coromandelrgoldfield have attracted attention to :a district that' hha long lain dormant. -.Their tenor . has been to

urge development works on a larger scale, and the writer lias ' enumerated Jour practical schemes which he considers might be advantageously carried out. In a summary of the position ho says:—"The general opinion in Coroniandel is that deep level sinking must bo undertaken to place the field on a permanent footing, such operations are about to bo started in tho Old Kapanga, and it is desirable that a move should be mado in tho same direction in the Hauraki and adjoining areas. These with the more thorough development of the 'l'okatca group of mines, and tho exploitation of the foreshore reof systems would inevitably cause a fillip to bo given to the mining industry that would place Coroniandel once more in tho list of well-to-do and prosperous mining centros. If investors could themselves see the field they would realise at a. glance that work at Coroniandel is on too small a scale, and- that its possibilities warrant much larger expenditure of money, and the opening of much ground that is now locked up.". ! WAIHI GOLDMINING COMPANY. ! IST TJLBGEITH.—SrECIAL COERESrONDFNT.) ; 1 _ Auckland, ; October 8. In a circular issued to shareholders in'tho Waihi Goldmining Comprfily, under date July 25 last, the table of gold returns given enables corrections to be made in those reported for the current year to the period ended April iB. last. The actual realisation figures exceed those reported for tho period ..in: question by .£7113, and bring the total won from the mine to'date, to .£6,925,241, instead of £6,918,128, the' total hitherto published. Tho following are the details of the corrections, the amounts ill parentheses representing values realised Period onded January 25, .£60,241 (£61,684); February 22, ,£68,860 (£70,714) j March 21, .£71,850 (,£74,272); April 18, ,£70,283 (£71,677). It will be. noted that the return of £74,272 for the month ended March 21 last, now stands as the record , monthly return from the mine. - In the circular referred to it- is pointed out in connection 'with the returns' that tho excess in value of actual realisations over cabled' returns is ' mainly. due to the difference between the market price of silver and the price' at which it is always valued at* the mine, namely, 1 ' 25.. per ounce fine. ' , STOCK'EXCHANGE. . (BY TELEGRAPH-—PRESS ASSOCIATION.) .. Dunedin, October 8. -; j Stock.Exchange sales: Electric, 4s. 3d:: New Zealand Portland Cement,' £1. Bs.;. New Zealand Portland Cement, (new issue), '7s. 3d., 7s. 4Jd., 75./ lid., 7s. Id., 7s. 3d.- • ■ " ; -. TATRUA BROKEN HILLS. ■ . - .. (BT TELEGRAPH—PRESS'ASSOCIATION.) ! . -Auckland., October. 8.. : The'Tairua Broken Hills, Gold . Mining Co, crushed in September. 378 tons ore .'for' bullion worth £530. Tho.previous month's return was ■£573' from 266 tons. The total-won from tho mine to date is £88,105. • BLACKWATER-MINE. ' .'[BT TELEGEAFH—PBESS ASSOCIATION.) . ' ' " ; Reeftoh, October 8. The, Blackwater Mine's return for September showed that 2080toil's'.of-nuar.tz .had been treated,, yielding bullion, of tnc. Tiilue' .of £3wJO, arid that 1325 tons of sand had ;boen cyanided for bullion'valued at : .£253. '. , . • A DIVIDEND. .I CBX TELEGRAPH—rRESS ■ ASSOCIATION.) ; . Reefton, October B.' O'Callaghan's Creek has declared-a ! dividend of" : sixpence per share. .. : : .

WELLINGTON 6HASE LI8T. COUP ANT ■ ' Capital SEES* S| "j"* j •■■- JUICES. Yield Paid Up. ® aJlulc °'•aw jj'g .•»»« • - task Investor , Forward. Msro - H g Buyer. Bellor. Sal0 , - BANKS. ', ,,' \ 4 ■ 4 ' ; ' £ £ b. d. £ 6..d. ;£.s. a. £ a. dNew Zealand <«.' v 2.000.OOO 604,097 ; • ,i ,« ' : ' 8 10 0 ,8 10 0 ,4 0 0 tiauoDu• ... ... *** — — man- • u1° b. o ? 5 a o j i o. •5-wio INSURANCE. national w , u , too000 ''249,339' 41 « 1 8 0 1 8 6 1 7 6 5 91 Hew Zealand ... ... :tCocOQ ' : -tSi6,o74'$ • : i 313vO 314 0 .3 14 0. 5 8 1 bouth' Briuail ... % ... ... SUUJOO' / 513,618 ? : 4 j & ,213,,6 . 815 .0 ,211 ? 511 1 Mandara/...;• ... .»• v&,ouj . | 10 "19 0 1-2-.6 12 t> .613 i FINANCIAL. r;;. Equitable Building,.... -. "-60,000 ' 48,242. '! \ • •' , in ".''-A '10. 2 0 ,• iletropontan Builoine ... ■ ... >2.00) ' fcw# . ,5 '■ nil 7 • •.—'•..1 Wellington .Invest. ... ■ 60,000' '5A50 ' *>. 1 i , 0 11 6. :011.'6, . 5-4 4 Wellington. Uruat and Loan 101250 44,iu4 ' ® ■ a n " 7 7 0 "1.1 0 6 8 6 ttauuuttt Mortgage ... .■ too.ooo -.127,746 . ® '-8' : in 3 0 0 s'lVe ;r; ' ! . „ ana Juvor wato ••• ai0.000 Mm# ? nil r 120 9 ' 110 6"S ! J Umu>nu aiercaniue • . 'lbj.vsii:. , bljiliWj ; j ( fcj : ;.5 4;3, 11 CAS. . 7' 'p : Auckland..... !. , M ,' v.. • 150,370 £5,463 1 '" n jf j 7 ' J510 0 15 '9 0 ,510 0". Ciurbteaurdl . ... ... ' lbu.000 . UMt •' .nil' 10 ' - 916 0 ..915"0i 6 ; 2 7. i'eiming ' .... .... ...; ..: •. m.ooo ■ ■ uJi-' -nil- - : 010 6 . ' . . ■„ Hiauui'iie "-... W •• ... ' 17 ,b00 10,665;. J v nil- 1<!3 n > ■> ' 212 6 4 310 0 610.0 iiawera ... • ...' • ; : .:>J4. \ i.ew riymouth ... • ie,(juh »i4 ' i 5 '"'nil" 10 V "V " , . . «»fl»r- , ... ] . J ' nil 15 15.0 0 • . „ ,. ... .... ... .... .... | 49,957. Ka64,, ...6; -15 — '3;7- 6' ,412-4 talmerston'North ;.. ... ...: £7,OCO " ,> 1I,092; il 'V' 'in "'t' 6' C ; ' -7 :, 6 :0 6 3 3 ,Ueiungton ., >; ; •«. '!10' ' MEAT. . ' ' '' gfe,:;. jgs ■ D it bear ... ... . ... , , ;l ' nil J2j' 2 1 D' ; 0'. 2 10 0 '2-B.'" 5 20 ellington'Meat' Export . ' ' '''1 nil s 516 0 ' jjj 0 ' « ' - I 105,763 47,050 ® j | ' 5 0 0 'V •"'.<* .. »W£,w". :: > 8 0 0 5 3 S 0 ° 3 ' 0 - 0 7 0 0 transport, : -t. : W. and M. Eailway . 170,000 121,453 j ■ 4 ' 7 211- 3- s'ia *6' 3hwti. boipiiuie,-... ; ... ... ... • -iUBffl : lw.'iix) 8 " "nil '6 6 9 0 6 10 0 6 10 0 6 3 1 Vjjiion.c,i.cam ... ... ... ... tUWW. • j n u 9J 114 9 ' 115 3 115 0 5 8 0 .Vfisui. bKinu Feirj .... ... ... lbli ju w 1 nil e . 017.6 ' COAL. ' .. ■ ,. 610- 0 J.6 2< 6' 7 210 ,ffestport^-,„. ... . !£0,000. 127,431 ' 3j lj 13I 6 ' ' iau»-ri- _ar : ,-j. ja,. rfjj . '. * ■ ; woollen." '•' .; ;r:' ; Kaiapo'- '127.765" 32.654 5 7 ; : ilosgiei,. « ._ . „ ' ... t3,457. . ,37.alJ ,3J „ ,1* ! A , ■ • V keuinston. ■ ... 14,625'• •.»««: ',6 ." 3. 5 0 ' : • MISCELLANEOUS. " y;. ■' p..:.'. Bonaghy. Eope ... . £3,500 • 161 1 nil 6 1 '3 0 ' ■ '1 " ' * Leylana. ana. O'Unen ; tb.Ufl S7,'.til 1 n u 15 2 '7 ' 6 kaurlceviue km .... ... ...',,oju . 2i5 ,r , n u .- 8 l O'O ! JjJi. Candlo 't io.ftio- t7d-r -ju„ , v nil'.. i ( ..8 ' Urugs .... ... ... SUi.Uxr ' 3t.*(>0 3 nil'■ -7 < 2 0:6 211 ;0 "■ cii % 6 3 0 h'A jjaper JliU* ...- ... 01,775 l,oaJ 1 nil' 7 12 10 1 3-3 ■ c ,■ , »•". Cement ... ... ... . to.UB ■ . 2,C4tf: ,:i: ; :; n u'.;. s' o 110.0 .■ 1 8 ,0 1 •" • ."*'!} 4 1 10 . 317 6 '3 16 6 10 9 2 Ward and Oo. ... tO.CCO - .. -I • .1 JQ 414\6 -417 '6 415 8'8*5" Wgtn. Opera Houae' •• ... IMSO" ■'-'1.705" -,'6 -.'nil ]£} ■'■. ■•• • . Wstn. Fresh food '... • ... i8,ita ... l' ■ n ii' ' ''' ' Wmtcombe and'i':mb3 . . ... 63,760 - 24.462 2i ' 2i i'5 4 8 6 '410 0 fcharland. Ltd. ... ... „ U.W4 1 .nil ., ■ ; 10 ,0 ,. V ': • The above quotations, are taken from the daily official lists, of .the'-Wellineton^Stoclt • Exchange. .