FINANCE AND COMMERCE.

Dominion, Volume 2, Issue 340, 29 October 1908, Page 10

FINANCE AND COMMERCE.

THE SHAKE MARKET. A,t the meeting of the exchange yesterday: a . ' sale, of Wellington Woollen ordinary shares at JS3\ was 'made..-' The offer of-,£B 2s. 6d.-for • Bank of: New Zealand shares was repeated, but sellers'wanted .£B'7s: Gd.; National-Bankj sellers .£5 Is. ; Equitable Building, sellers £10; Wellington Trust and Loan, sellers _£7 \75..; National Mortgage, sellers £3 Is.; New Zealand , and Kiver Plate,'.buyor3 £1 lis.; New /Zealand Loan and Mercantile, buyers 45., 3d.; Christ-, church Gas, sellers £9 165.; ;Port Chalmers' Gas, sellers «£1 Is.; Wellington Gas, £10 paid, buyers c£ls 12s. 6(1.-; National Insurance, buyers =£1 7s. ; 9d., sellers .£1 Bs. 6d.; New Zealand Insurance, sellers i! 3 12s. 6d. i'Christchurch'Meat, buyers £9 17s. fid.; Gear Meat, £4 paid, sellers .£9 155.; • £1 paid, buyers £2 95.; Meat Export, £i paid, , sellers £5; Wellington Woollen, buyers £3, ' sellers ,£3 55.; Westport Coal, buyers .EG'los;; Westport-Stockton Coal, buyers 10s. 3d., sellers 10s.- 9d.; Leyland-O'Brien Timber, sellers ,£1 25.; ' New Zealand Drugs, sellers ~£2.1i5..; New Zealand Portland Cement, sellers £1 7s. 9d.; New Zealand Paper Mills, sellers ,£1 35.; Taranaki Petroleum, buyers 7s. THE MINING MARKET. Sales of Talisman at i£l 19s. were reported yesterday, and the quotations were as under:— Buyers. Sellers. Sales. ■£ s. d. "As. d. Js. d. l'alisman ... ...1 18 9 119 0 119 0 Waihi .... ... - 818 0 91 0 - Tairua Broken Hills 0.2. 0 — Waihi G'd.. Junction 113 0 113 3 — N.Z. Crown ... ... — 0 4 3. — Big Rivet . ... 114 0 ' — — / . : — : ~ AEE EXHIBITIONS OE.USE? ' Discussing the ppssible benefits to Australian' :rade likely to follow from the recent displaysof the Commonwealth's productions at. the Franco-British Exhibition, the "British Australasian" of September '17 remarks The value of exhibitions cannot well be over-esti-mated. The' Australian wine trade spurted after the 1886 'Colonics and India' show, the collections at which from Greater Britain were excellent, and which undoubtedly paved the way for the expansion of Australasianpro- • duce exports to Great Britain. : The. smart importer and merchant is one of the first per69ns to visit exhibitions of colonial and foreign merchandise to seo if he can got hold — of new lines'to push. Ask the managers of the , Australian courts at the Franco-British Exhibition, and they will tell of hundreds: of sound, commercial inquiries which have Jje'en addressed to them. The systematic representation of Australasia at the leading agricultural shows throughout. Great Britain has always.appealed to us as one of the most effective ways to advertise her productions and to affbrd information to the public. It is a pity that AusN tralian official activity on the lines referred to in this article has not been consistent, and that the whole question has' been'niore or less the political parties. HoWevor, Australia, during the last few years by developing her exports, ahd ; making genuine-efforts to attract emigrants, has recognised the necessity, of bringing her productive capacities as thoroughly. before. the British public as possible, and no doubt the policy will be widened and developed. What better object lesson can there be of Tasmania's apple shipments than the cases, of beautiful fruit at the exhibition; of New Zealand's frozen meat industry than the lamb Mr.. Gilruth smuggled into Paris; of Queensland's cane sugar crop of 189,000 tons than the Colonial Sugar Company's collection at. the city show rooms?' 1 South Australian honey has penetrated into the London stores, and is sold as such, and New South Wales and Victoria display by product and picture the agricultural and pastoral resources of their farmers and graziers. By judicious work of this kind has Australia s exports to Great Britain been brought to the magnificent total of J!51,620,000, the figures for 1907."

\ THE PASSING OP AMERICAN FOEBSTS/ As large consumers of American/timber, ■ as well as a people .who nro playin»"duck's and drakes witli our own greht natural timber resources, there is not only an immediato. business interest but a national moral to bedrawn from the lament which iB how heard all over the United States at the "passing of the forests"—those magnificent forests ■. which up till very'recent years were looked upon as practically inexhaustible. In "lumbering" the forests bo thought was given to anything but immediate money returns, and consequently the countless fires running over, the 'and,-.after the timber was .stripped, have killed yoiing growth over wide,, areas, and greatly impoverished the soil. Now 6,000,000 acres, or nearly one-sixth of tlie State of Michigan, known as the "pii»e barrens," have been. thrown on the delinquent tax list, and are a burden to the people. Between 1599 and last year the white pine production fell off nearly as much m Wisconsin as in. Michigan. In Minnesota, the State which now-contains the largest amount of virgin white pine, the decrease in the same period was nearly onethird. Taking the-three States together, pine constituted nearly 4G per cent, of the total lumber production in 190"t hemlock a little more than 27 per cent., and maple 10 per cent., the balance being made up mostly of basswood, birch, tamarack, elm, beech, oak, spruce, ash, and cedar, in the order given. Along with this great decrease in pine, there have been relatively as heavy decreases 4n the most valuable of the hardwoods—oak, elm, and ash. Little more than one-fifth as much oak_ was cut in the lake' States' last . year, for instance, as in. 1899, -while the cut of elm and ash was but half • of that of eight years_ earlier. As is always the case, the decreasing supplies of the more valuable woods have caused those once considered of little or no value to be drawn upon heavily. Tliis has been particularly true with hemlock, so that now more hemlock than pine lumber is manufactured; in Wisconsin, and twice as much hemlock as pine is cut. in Michiean. There have been heavy increases

in the use of maple,, birch, and beech, within the. past few years, but the maximum cut of these, species is probably near at hand, and, tnkirig all'.the hardwoods together, there has been a slight falling-off since 1899. .The Customs, revenue collected. at Wellington yesterday-amounted to .£2640,25 l 9d. .'.. LIVE STOCK SALES;- • . The New Zealand Loan and Mercantile Company, .Feilding, report:—At Apiti on Tuesday we had a. good yarding of both sheep and cattle, all lines of which sold freely. There was a keen demand-for good young cattle. Cull ewes and.lambs liiade 9s. 3d.; others, up to 12s. lOd.; mixed hoggets;-10s; »sd. to 10s. Bd.; ewe hoggets,', up to" 135." 10d.; yearling steers (small), 325. 6d: ( to 305.; 15-mopths steers, £2 3s. to £2 Bs. 6d.;'.'weaher "steers, 225. Gd..; yearling heifers, 295. 6d.; 18-months empty heifers, £i to £2 10s.; bulls, to i 3 10s.; empty store cows, 345.; backward, cows, .in calf, >£2 to J!2 45.; springing cows; -je3 4s;, £i 7s. Gd., to -<65 55.; springing heifers, ,£4 17s. 6d.; iveaner pigs, 12s. 6d.; porkers, 315., 6d., .. .

' («Y. TELEGBAPII—FOKBS ASSOCIATION.) ' v Cliristchurcli, October 23. . At Addington live- stock market to-day, there was only a medium'SKtry of stock in . all departments, and prices l were on a .par with those which ruled at the .previous sale. There .was a very large attendance of graziers, farmers, and tyuyers, and all classes of stock we're rather keenly competed for. The yarding of store sheep was somewhat smaller than the previous week, and consisted of several lots Of ewes-and-lambs,' ,v few,-pens -of wethers, two or three of which were shorn, and hoggets in the wool. Competition; was keen,.-and. prices were fully -up-to tliose" of-last' -Wednesday. Crossbred wethers realised up to 16s. - Gd.-; halfbreds, to 17s. Id.; ewes and lambs, all counted, to lis. 4d.'; hoggets, to 12s. "lOd.; merino ewes and lambs, to 125.,-all.counted. There we're 360 fat lambs penned, which included some of superior quiility. , The' demand" was not so keen, and prices in consequence showed a slight decline, values ranging from 12s. to 18s. 6d., 'according to condition. •

Pat Sheep.—The' entry of fat sheep was below that of' Wednesday last,- but- included an ■increased number of-shorn sheep. The range of prices was:—Prime wethersi' 19s. to 235. 5d.; extra,' to 255.; lighter, 15s. lOd. to 18s. Gd.; merino withers, ,l4s. 3d.-; prime ewes, 17s. 6d. to'2ls.;..extra, 245. 3d.; medium, 15s. to 175.; others, 14s. to 175.; shorn wethers, 175.; shorn ewes,. 125.. Od. to 14s. Gd.; hoggets, 12s. lOd. to 16s. 6d. " . '

The yarding of fat cattle comprised 335 head of all good quality, but the prices obtained indicated" that ithe. -market had eased slightly, when compared with previous rate's beef showed a decline of 6d.- per 1001b. The range of prices was:—Steers, d£6 20s. to Jill 10s,; heifers, .£5 ss. to .£9.55.; and dry eows, £4 12s. 6d. to .£3. Best steer beef realised 245. 6d. to 28s. 6d.; medium, 225. to 245.;' and cow beef, 18s. 6d. to 21s. 6d. There was a good entry of. pigs, which mot with, a ready sale, although in fats the market was not so keen as at the previous sale. Choppers realised up to J!5 10s.; heavy baconers, •70s. to 80s.; and lighter, 555. to 65s.—equal to GdAper lb. Large porkers brought 455. to 525.; and lighter 40s. to 44s—equal to 6d. to 6}d. per lib. Small stores made to 435., and weaners 18s. to 255.

(BY*' TELEGBAPH —PIIRSS ASSOCIATION.) Dunedin, October 28. '•■Fat Cattle.—23G head were yarded. Owing to the large yarding and the absence of country butchers, prices were much easier; medi,uni quality shelving the greatest fall. Best bullocks, .£lO to <£11.; medium to good, to .£9 10s.; inferior, £1 to £1 10s.; best cows and heifers, £1. 10s. to 10s.; medium t;o good, .£6 to £6 155.; inferior, Jti 15s. to .£5 ss. Fat sheep—2B3o penned. Prices for prime wethers were, ,if anything, little better than last week's rates.- Best wethers, 21s. to 9d.; extra to 245. 6d.; medium; 17s, to 205,; inferior and light,-Bs. to 16s. ;• best ewes; 17s. 9d.;"extra, 19s. 9d. • Sat lambs—i 27 were penned. Prices 'showed a decline on last weeks rates ranging from. 13s. 3d., to 21s. • 9d. .Pigs—l3o yarded. There was brisk sale for ''small pigs at prices fully equal to last week's ; rates. ■ Suckers, 18s. to 215.; slips, 235. to 2S£.; stores, 335. to 385.; porkers, 435. to 485.; light baconers, 50s. to 555.; heavy, 58s. to 635.; choppers, 905., THE BUTTER TRADE'. (BI TBI. KG it A I'M —I'KKSS ASSOCIATION.) Auckland, October 28. The steamer Corinna, .leaving Oriehunga next Sunday, will. take 10,500 boxes of butter and 250 cases of cheese to Wellington for transhipment to the Athenic, leaving that port for Lonj, don on Thursday next. (BI TEI.XQIt AFH.— SPECIAL CORtIKSrOK DENT.) Auckland, October 28. A Wellington tblegram, published yesterday, stated that the price of Is. OJtl. per lb. wholesale might be. advanced in view of the high prices ruling for butter on the London market. There, is," says the " Herald," "no prospect, of an advance in that figuro in Auckland for some time to come, at any rate. The Auckland season is only really getting into full swing now, and already many factories are turning out «s much butter as they were nt the height of .the. season last year, and given favourable weather the 1908-9 season will see a very big iiibreas.e in butter output as compared with last season, or even the big season of 1900-7. Butter is now coming into cold store at the rate of nearly 1000 boxes a dav. It was hai-dly expected that New Zealand butter would reach 130s. per cwt, on the. London market at this early stage of the season, but the figure, is eminently satisfactory for New Zenland, indicating that the Home market is somewhat bare, arid that, therefore, high prices may bo nriticipated for the.rest of the season. In this way, given good climatic conditions, New Zealand .may recover in butter a proportion of its heavy losses on, wooL"

AUCKLAND SHARE MARKET. (D* TKLEGIUrH—PRESS ASSOCIATION.) Auckland, October 28. ■ At the meeting of the Stock Exchange today, the chairman. referring to an article in a Christhurcli paper, said the was that the Auckland Stock Exchange laid itself out to bull and bear the market. He denied anything of the kind. He admitted that false reports cot into cirulation at times, but if they could get at tho truth, they would find they were started by people outside the exchange for tho purpose of arranging something. Brokers got instructions to sell stocks, and had to carry out instructions, with tho result that the market weakened, and brokers were plained for false reports. THE WOOL SEASON. Cbi HLKGEArn—ritr-ss association.) Dunedin, October 28. Inquiries made by a newspaper representative regarding the prospects of the coming wool season show that the basis of sd. per lb. for good standard fleece will be established at the ensuing sales, meaning a reduction of something like two millions sterling in the growers' returns throughout the Dominion. This view is shared bv a leading selling broker and a leading buying broker. As showing that the New Zealand farmer not all his eggs in one basket, one broker pointed to the fact that there has been no fall in the price of Etock and land in sympathy with the decline in the wool market. GRAIN. (BY TELEQEAPH—PRESS ASSOCIATION.) Dunedin, October 28. Oats.—A slightly improved inquiry exists, but as business has been found impossible at late values, much lower prices have had to be accepted to effect sales. Prime milling, to Is. lid.; good to best feed, Is. BJd. to Is. lOd.; inferior to medium, Is. 7d. to Is. Bd. Wheat.—The market is quiet, but this is in a measure due to tho light offerings Velvet, suitable for milling, is in special request, and all prime, lines meet with ready sale to millers. Fowl wheat is scarce. Prime milling, 4s. 4id. to, 4s. 5d.; medium milling and whole fowl wheat, 4s. 3d. to 4s. 4d.; broken and damaged, 3s. 6d. to 4s. THE METAL MARKETS. (HI TILEOBArii— PRESS ASSOCIATION— COrTMGHT.I • London, October 27. Copper.—On spot, .£6l; three months, .£6l 17s. 6d. Tin.—On spot, <£132 17s. 6d.; three months, .£134 12s. fid. Lead, £13 6s. 3d. Silver, 23|d. Wolfram, 30s. to 355. per unit. AUSTRALIAN PRODUCE MARKET. [BT TELEGBAPH—ntESS ASSOCIATION— COI'TRIOIIT.) Sydney, October 28. . Wheat.—Old. 4s. 2Jd.; new, 3s. 7Jd. Flour, ,£9 ss. Oats—Tasinanian white, 2s. lid. to 35.-Id.; New Zealand "A" grade Gartons', 3s. 2d.; Algerians, 3s. Id. Barley—Cape, 4s. 4d. to 4s. 6d. Maize, 4s. 9d. Bran and pollard, £6. Potatoes, i's to iIC. Onions—Victorian, ,£l4. Butter,' 106s. to 108s. Ghtese, Bjd. Bacon, DJd. Melbourne, October 28. Wheat—Old, 45.. OJd.; new, 3s. 7}d. Flour, ;E8 10s. Oats, to 2s. 7d. Barley—Cape, malting, 45.; feeding 3s. 4d. Maize, 4s. 3d Bran, Is. Pollard, Is. 2d. Potatoes, >E3 ss. lo ss. Onions, Jill to JQI2. Adelaide, October 28. Wheat.—Old, 3s. 9Jd.; new, 3s. 7d. Bran and pollard, Is. Oats, Algerian, 2s. '4d. to 2s. sd.

MINING NEWS., THE WAIHI MINE. (BY TBLEG bAFH. —SI'ECIA I. cowiespondknt.) Auckland, October 28. . The special commissioner .of the "Herald" who has just visited the' Waihi mine, says, in his latest article: There were rumours in circulation when I was in Waihi that a "creep" was taking place or going to occur in the big mine. I was unablo to get any confirmation of these rumours though they were very widely contradicted both by the men working underground and by the management. When I put the question to Mr. Williams, he was highly amused. "Creep," he exclaimed, "the only creep I know of is the one that has been going on for years, and that is the ore creeping out of the mine at the rate of 300,000 to 400,000 tons a year, and the mullock creeping in at the rate of 280,000 tons a year." It will be remembered that just about a' year ago there was a settlement or subsidence on the hanging wall outside of tlie Martha lode, but that, after a few hours, the "creep" found a solid foundation against the footwnll without doing damage amounting to £50 worth. With the filling-in systems in vogue in the mine one. would say that it is well night impossible for a serious "creep" to take place. I gathered a'fairly comprehensive idea of these systems.. The lodes are worked in sections, and the stopes are usually about Bft. or . 9ft. high. According to the surrounding' circumstances, the filling-in systems differ.. In the case of one largo stope I was in where the reef had been taken out for a width of 76ft.,' the back section ivas being filled in from a pass, and the mullock was spread and piled to a height sufficient to allow just bare room..for the men to stand on top of' it and take out the stope above. This principle is generally adopted throughout the mine, and the space left for "any subsidence is quite inconsiderable. The other system in use is that known -as the "shrinkage" system. Numerous passes from the stopes let down the ore; anjl when the particular point is stoped mullock is filled in on top of the ore, and follows it down the passes until they are filled up. The filling material is broken out from the open cut in the Martha Hill, and passed into the various workings by filling passes at something 'ike 900 tons to 1000 tons a day. . ' .

WELLINGTON SHARE LIST. I B«em' S8 ji.J b ' , TEICES. Yield . nvMPAHv • Capital Fund and P «j m,,„, »•§ ' • — to ■ ... ' COUPANY. PaidUp. Balanco 01 . , Xosk investor Forward. bnaro. w„ Buyer. Seller. g alo , • BANKS. •. . £ '. £ , , . £ £ . .£. ..,'d. E. d. £ G. : d. £ 8. afievr Zealand . -*• a mo 000 604,097 , :,i ,« '8 8 6 8 7.6 8,10 0 4 0 0 .fcutouai ... ». S S H 509 6 1 u 61 :° 51810 ' INSURANCE. . National ... : ... ••• 100.000 249,339 , <1 17 9 1 8. 6. ,1 7 6 5. 9 1 l\ew Maland ... — axi,UW OMU i 8 '10 313 0 3 1J 6 314 0 S-8 1 buuito jiniiBil ... owtf) 61WWJ- ? 4|213 6 215 0 2 14 0 5 11 1 butuuaru •" | 8i ■■ 10 1,3.3 ■ 1 11 •> 1 6 613 1 FINANCIAL ' • Bqultable Building ... co.000 ' 49.242 . 5 in 10 0 0.. • iieu'opoutan UUUuilig ... ... <£2,000 fc'.obtl , 5 nil 7 : Wttuiiitftou invest. ... OO.OUO" ■ WHO 10 , »•- 0 11 6 011 6 6 4 * Welllu b 'lou 'iruao and Loan ... J01,-i50 4i r »4 , I 5 3 7. a ,6 7 r i 0 '7 7 0 5 8 6 bauouui jiiorisage ... 1 S.OJ.UUJ lav.vid » • g • ™ 3 0 0 310 isuuu liiver riute 100,000 sao.iou . j nii 8 111 0 111 6 111 3 535 Uiiiii iuiU uieruuuuiu ... j ta 6 0 4 3 CAS. Auckland ... ; ' - ~. 1B0.3V0 ,K,463 c nil 17 ' „ ' „ Liinoicuuron ... ... lou.OU) bM»W ? nil 10 916 0 915 0 5 a u ieuuuig ... li.lWJ ««*i ? nil ... 019 6 . bis'uuiiie ... l'(,WJ0 1C.505 1 nil* 135 2 12 6 2 10 0 510 0 iiawera ... ... , fc.2i« tu4 - 1 ; '• • J .fl) • ' i.ew riymouth .../ ... .... 16,00 •• -MU nil 10 : ftapier ... ; ... ... t ' in nil 15 ;; 15 0 0 ... '... ... J 49,957 .S3J84 6 15 3 7 6 4 19 4 talme'i'aton Noi'Ui ... .... ... S7,7£0 11.092 } *1 10 710 0 7 6 C 6 3 0 Veiniigioii ..; 1 u w Uiiw) ,!» nil 10 15 12 6 15 16 0 15 15 0 6 7 0 » » ••• - - I ., 5;. .. 0. 10 , . MEAT. •• * "'■ '183.781 M.686 7 1- S5 6 7 12 6 Luribltnuiiih ... ... . 165.WU ''',u4a -{j nil 8 917.6 10 0 0 9 9 0 "8 010 > eai . 7. -.. ..•••■■ •••. I aw; lu.ioi 1 nil igj 2 9.0 2 10 0 .8.9.0 5 2 0 .CelliilLW'tfeat'Export . ' . ?lo; ® j 1 ? 6 6 0 6 9 0 « .. ,»• ••• ;- r f- 105.766 : 47,950 •» 1' • 8 . 5 0 0 3 0 0.7 0.0 SiWuuui'"'. .« ... 15.850.' ; 8,616 [ f ail 8 3 0.0 3 16 , TRANSPORr. ; : ' '. , ,',"r ■' , - W, and M. It4ilway ... ... ' ... 170,COO 121,452 . . t .. 7,2136 315 0 2.13-6- 213 4 BUlppUiU ...' ..; ... ... 47o,t»0 11j,oJJ „ ' n ii 5 510 0 610'0 . 6 )0 0 6-3 1 lidioil BWaia ... ... tUMM). tl nl i 95 1 14 0 115 3 ' 'lis 0 5 8 0 ",iiKb>. t>ceiiiii ierry ... ... ... • . ta&i.- ■ : u> - iii. 5 . . 017 6 to At. : i .Pdstpbrt" ££0,000127,431 3 i ij 12J 610 0 -6 12 0 '6 .8 0 6 16 9 iaup-n ■ ... ... ...; ....... ■ ; . t.iwJ 1 1. nil, .74 ' v. . ... WOOLLEN. ■ ' • . Jaiapo 1 „ ... . .. .IOO.COO 32.E54 5' ; 7 .. kosgiei ... ._ _ b3,4o7. .■ 17,-ilii • --jj ij- 4 2 18 0 3 0: 0 .Wenineton ». . llroinlj 4 ",.1 ti ' 3 0 0. .3 5'0 '.3'0' 0 8 0 0 MISCELLANEOUS. ®onaghy P/jpo ... r. ... . ± > ... £3,500 r • 161 1 nil 6 10 0 1 2 ( Leylana ABd O JBrion _ ... 7U.UX) 37,'.ox 1 n ii 15 ■ ' 1' 2'3 '13 9 8 bauriceVilie laiue .... ... ,... 7,UM ...wS i n il 6 1 o'O • .L. ULinQie ... " ... ..... i(j,tvjo " ' t7b iu nil g ».Z. -Ijruga Ir ... ... ... ... ja.au)- sQ&o a. n ii 7 2'9.6 • cir'.'o f ii c 6 3.0 / {?'£* Alilla M. 94.V/5 liCdii-. .1 nil 7 1 2 'D 1 3'0 \ WJ6...teioent ... • ... 61.C0J ; 1 ' nil *1 7 6 1 7 9 1 8 0 Manning..and Co. ... ■ „,. -IWM) tV.t-VO 4 1 10 . 3 17 6 3 16 "6 10 9*2 - "■ "• "7" ..4 ' 1- .10 .4 15 ,0 4 17.6 4 15,0 8 8 5 Wetn. Upera House ... ... 16,630 l.Vlu '. 6 . nil. 12i ■ . , : Wgtn. iresli Food .... ...' ... skiol' ... ■ 1 nil Wniteombe ana T.-mba -'... 4b,250 30.153 24 24 15 4 8 6 4 10 6 fcluu-lana. Lta ... „ [ 56,013 .11,724 11 nU j ?J ' . 019 3 The above quotations are taken from the daily official lists of the Wellington Stock ■. - J ... ... Exchango.