FINANCE AND COMMERCE

Dominion, Volume 2, Issue 469, 30 March 1909, Page 8

FINANCE AND COMMERCE

THE SHARE 1 MARKET.

WELLINGTON SHARE LIST

■.'•■' Sales of Bank of New Zealand at £%l\s. and Leyland-O'Brien Timber at <£l?2s. 6d. .were're- - ported: There were a fair. number 'of buying -\3rders, which promise good'business".for , the week. Bank of New Zealand,- buyers y;8 10s.; 'National Bank, buyers £5 35.; Wellington Investment, buyers 11s.; National Mortgage, • buyers £2>Us.,' sellers £2 175.; New Zealand and Eiver Plate, buyers .£l' 13s. '3d., sellers .£1 lis.; Auokland Gas, buyers .£l4; Wellington , Gas, iSIO paid,- buyers .£l7 55.; new issue, .buyers £1, sellers £1 ss, premium'; New: Zealand Insnrance,'buyers £3 IDs. 6d.;'Gear Meat,' £i paid, buyers .£10; ifil'paid, buyers ..£2 10s. 6d.; Meat Export, £2 12s. 6d.'paid, sellers .£3 Is. 6d.; New Zealand Shipping, sellers ,£7 Is.; Wellington Woollen, sellers £3 os. 6d.; '.Westport Coal, sellers J26 55.; D.1.C., preference, buyers .£1 Is. 6d.; Leyland-O'Brien Timber, ■■'sellers. £\ 2s. 9d;; New Zealand Portland Cement, sellers £1 155.; Taranaki Petroleum, ■ eellers Bs. ' ' . ■ . THE MINING MARKET; A sale of Waihi !at £9 Is. Odi was reported, .and a sale of Talisman at £2 '4s. 6d. was inade on' Change. The quotations were as under :— , 'if , ■.. Buyers. Sellers. Sales. "•■■ ■ .'• '£s. d. £ s.-'d. .€ 6. d. Waihi G'd Junction 15 6 16 0, — Waihi ... ...... 9 1 0 9 2 6 9 I' 9 ■ Talisman ... :■ 2 4 3 2 4'9'2 74".6 Tairua Broken Hills 011 0 1 4'' — -Cons.- Goldfields' ... 014 0 — — Big Eiver ...... 2 2 0 ■ — — /■..''■ AUSTRALASIAN STOCKS. ' ' ' The dullness in colonial stocks is ascribed toy "The Times", to rumours : of a pending loan. . Several of the Australian States must ■go on the market presently.'■ New South Wales' ; iand Queensland have already been on the market this year, and it is most likely that South Australia Trill be the nest to apply for a loan. •Some time ago the South Australian Treasurer, Mr. Peake, suggested that colonial loans should .receive an Imperial guarantee, but the suggestion was not received with favour in London. Dealing with the subject, the "Financier" ', Bays:—"The Treasurer of South Australia , wants to know whether it is. not possible to - come to some arrangement with the Imperial authorities for giving their imprimatur to new issues of Australian .stock, and has suggested a conference of his ; brother Australian State Treasurers ,to discuss .the'question, which has no doubt come to the front owing to the backing the new Transvaal loan received at the : hands. of His Majesty's Government. Every colony enjoying reponsible government is responsible, and must of necessity be solely reeponsjble, as the law stands, for all issues of ; colonial bonds or inscribed stock. This is ■ clearly set forth; in the Colonial Stock Acts, 1877 to 1900, when any new issue is advertised, the fact has to be distinctly brought home to English investors that the revenues of the particular colony or State are alone responsible, and that tho Consolidated Fund of . the United Kingdom and the Commissioners of His Majesty's Treasury are not, directly or indirectly, liable or responsible for tho payment of the bonds or stock, or ;the.interest thereon, , or, in fact, for any ,matter relating thereto.,ln : view of the fact that the debt of Australia existing at the time of the'federation—if not ' the entire debt as it exists to-day—will at no distant date be taken over by the Commonwealth. .Mr. Pcake must see that it would really be waste of time to discuss the matter."

:■• BILLS BETTER THAN CONSOLS. Mr.' Spencer Phillips, at tho annual meeting -.' of Lloyds Bank, gave a comprehensive survey ■.'.' of financial matters in general. Bankers will probably bo most interested in-his views re- ■ . garding bills of exchange. Mr. Spencer Phillips .- urged that a large Mil.case , consisting of firstclass paper, next to actual cash and possibly , call money, is far and away the best and most ;' liquid security a.banker can employ his money ■ in. Bills automatically turn themselves into ■ cash day by day as they mature, and even in . .the last resort are far mo:-e meltable than any investment, even Consols themselves.. Mr. Spencer Phillips was alsd .well advised in urging the adoption by common' agreement among the banks of a set form of balance-sheet. This, if it divided up tho component parts of the cash item, also the v bills from the loans and advances, and gave to sonie extent the different maturities of .the bills,-would-'be a great improvement on the' tiresent statements generally . presented. No undue strain ought to bo put upon any sound bank by doing so, and it may -be stated that all tho banks'in Australia and Canada have,; to produce such statements by legislative enactment. ' ' FEpZEN. MEAT:,' .:'•. ' . .'.' ' ; The cable message published' to-day respecting the meat market ii discouraging.' .For! weeks past tho meat, market''has been- de- . pressed and values. ! 'have\.Amoved downwards.: ■ Last week there was. .a' further shrinkage- in values, especially for mnftori and lamb.: Supplies appear to bo in excess of current demand, : because that demand it, less('now" owing to the comparative dullness' •o£ trade, arid ■' inactivity in industrial centres. The, present prices are low,/and, for ,that reason,' 'tbore is'some hope of consumption'being, stimulated. If'so the present excess .of stocks should soon ,-bo cleared and yaluos recover.v The freezing companies quite recently .reduced, thete, prices for ,■, fat stock, and they are not-likely to make a further reduction unless-'the-present/ prices hold for some time. ' '■"';.:.''. The Customs reronuo collected at Wellington yesterday amounted to <£1174 16s. 4d. LONDON WOOL SALES. '.. ' The New Zealand Loan and Mercantile Agency Co., Limited, have received the following cablegram from -their London house, under date March 20:—Wool—As compared with previous sales elfjfeg rates, .valuer for certain

The above quotations are taken from'the daily official lists of the Wellington Stock •'- '-.■ •;'■ . , ■_■'.■ . ■ Bxchaaga. /,> ■':'■ ■' : " -'■' • ;•; . '

. FRUIT AND PRODUCE REPORT.. . Messrs. Griffiths and Co., Ltd., report on yesterday's sales, held by them,' as.follows:—Potatoes,'4sJ to 45.',9 d.; onions, .is. to ss. 6d.; cabbages, Is., Is. 3d.; cauliflowers, 25.; peas, 4s. part sack; beans, 6d. to Is. part sack; tomatoes, 2s. to 2s:'. Id., inferior 10d. .to Is.; lettuce, 2s. case; plum's, 2s. 6d., 3s. half-case; peaches, choice eating 2s. 9d., 3s. 3d., cooking 9d\ to 2s. half-ease;, apples, choice eating Gs., 6s. i 6d, choice cooking, 4s. 9d., ss. 3d.; pears, choice eating, 83. 6d., 95., prime 6s. 6d., 75., cooking 4s. to 55.; eggs, fresh, Is. 6d.,' Is. 7d.; fowls, 35., 3s. 6d. .pair; ducks, 45., is. od. pair; grapes outside, i&. lb.; grapes, hothouse, Is. lb. The" sudden cold snap had a bad effect on the market yesterday, buyers being very indifferent. A large quantity of fruit, held over from Saturday, sold out at reduced rates.

LIVE STOCK SALES. •Messrs. Dalgety'and Co., Ltd., report:—At Wonganui, on March 2i, we yarded 1100 sheep and 170.catt.lo. There was a good attondanco. A. better tone prevailed, competition- being brisk, and we made nearly a total clearance, mostly under thfl hammer.' At Waverley, on March 2G, wo yarded 1500 sheep and 80 cattle.' Iho attendance was exceptionally good. The bulk of tho sheep consisted of good sorts of ewes, for which there was a keen demand, prices showing improvement. Competition was lively right through, the bulk of the yarding going_under the hammer. Quotations:—Wanga-nuiT-P.m. ewes, 6s. 9d. to. 7s. -tcl.; medium lambs, ss. lambs, 35.; two nnd a halfyear bngh steers, .£3 6s. Cd.; 18-months bush steers, 395.; medium 18-months steore, £2 3s Gd.; forward cows, £3 65.; springing heifers, £3.i5.; good store-cows,'£3; cows and eaivea vez is. Gd.; forward heifers, £2 18s.; 18-months heifers, 375. 6d.; mixed yearlings, 235. Gd j stags, 255. Waverley-Two and six-tooth ewes, Us. Id.; four-tooth ewes, 11s.; small bush two-tooth ewes, 7s. Bd.; G-tooth and f.m. ewes, 9s. ,3d. to 10s. Bd.; f.m. ewes, Gs..Bd.; cull ewes 3s. 6d.; cull.-lambs, Is. 6d. ; two-tooth Southdown rams, £3 10s. to, ,£5; aged Border Leicester rams, 355.; mixed weaners, 10s., 125., las., to lGs. Gd.; old coWs, 275. 6d.; weaner pigs, 8s • store pigs, 17s. HIGH ■ COMMISSIONER'S CABLE. The Department of Industries and Commerce has received the following cable from tho High Commissioner," dated London, March 27 The mutton market remains very depressed and ha 3 declined further. Canterbury mutton which is in small supply, is quoted at 3Jd., and North Island, which is in largo supply', at 23d per lb. River Plate mutton is in large supply and is being strongly pushed for salo at 2sd ■per Ib. The supply exceeds the demand, and stock is accumulating at present in store : Ihe lamb market is weak and inactive, and there is very : little prospect of improvement for somo time. Stocks on hand are heavy and prices have declined. Tho following are the current quotations:—Canterbury lamb, 43d • other than Canterbury, 4Jd.; Australian 33dBiver. Plate, 4Jd. per lb. ' "' ; Tho beef market is weak owing to a poor demand, and supplies from River Plato ara heavy, ftcw Zealand hindquarters are quoted at 3d., and forcquarters at 2!d. per lb. The butter market is rather" unsettled'. Buyers are holding buck, expecting prices to go lower and tho market is lifeless. Choicest New Zealand butter is quoted.at 1035.; Australian, 101s • Argentine, 1025.; Danish, 1155.; Siberian, 101s ■per cwt. ' Tho cheese market is firm, and there is more demand, especially for coloured makes which ■are qnotod at 645. per cwt. "White makes are quoted at 61s. per cwt. The hemp market is very depressed, on account of large shipments from Manila. Current quotations are:—Good fair grade, on spot .£23fair grade, on spot, £1; fair current Manila on spot, J!23. April-June shipments: Good fair grade, .£22 10s.; fair grado, .£2O 10s.;-fair current Manila, £10 10s. Last week's Manila output amounted to 25,000 bales. The cocksfoot seed market is quiet, and there aro light stocks on hand. Sriglit clean 171b. seed is quoted at 80s. The hop market is quiet, with small business doing. Now Zealand long-berricd wheat, on spot, ex granary, per quarter of 4961b., 395. Gd.; Neiv Zealand Short-berried wheat, on spot, ex granary, per quarter of 4961b., 375. 6d. Prices arc

leading descriptions now rule as under: Fine greasy crossbred, 10 to 15 per cent, higher; lambs, 5 per. cent, higher; greasy merino super, 0 per cent'.,'higher; coair-! greasy crossbred, 5 per cent, higher; crossbred slipe, 5 to 7 per cqnt. higher'; scoured crossbred, 5 to 7J per cent, higher; merino scoured, 1\ to 10 per cent, higher; greasy merino, medium, 1\ to 10 por cent, higher. The outlook is encouraging. During the past series 183,000 bales were sold, 69,000 Tjeing taken for the Continent and 18,000' for America. 13,000 bales have been held over.' The sales closed, ;strpng. Frozen meat—Mutton and lamb are a.Jd. and beef £d. p'er lb. lower. The market is dull, .with a'downward tendency. 1 Messrs. Dalgety and Co.,' Ltd., report having received the following cable message from their London house, under date MaTch 26:—"Wool sales closed firm. Since our last wire prices are as high as at any period of last series for wools generally. Greasy super merinos are from par to 5 per cent, higher, other descriptions of merinos 5 per cent, to 10 per cent, higher. Advances are chiefly 'm medium and good, qualities. Crossbred wools, fine ' quality, ' are 10 per cent, to 12 per cent, higher; medium quality, 5 per cent, to 71 per. cent, higher; and coarse quality,, par to 5 per cent., higher.. The total net quantity available amounted to 196,000 bales, including 10,000 bales not offered last series, and of this quantity 18,000 balos were sold to America, 69,000 bales to the Continent, and 98,000 for Home consumption, leaving 13,000 bales, k> bo carried forward to the May series. (BY TEIEGRAPH—PBESS ASSOCIATION— COPYRIGHT.) London, March 28. The wool sales included the following clips:— Oringi Wakatai, Maiwellton, 22jd.

nominal and market is firmer. New Zealand short sparrowbill oats, ex granary, per quarter of 3811b., 215.; Danish oats, per quarter of 3201b., 17s. There is a good demand for all descriptions. Now Zealand beans, f.a.q. (old crop), per 5041b., 31s. Market firm, with inoro inquiry. Partridge peas, per ,5011b., -12s. Cd. Market firm, with hardening tendency. THE FROZEN MEAT MARKET. (BY TELEGRAM—MESS ASSOCIATION— COPYRIGHT.) London, March 28. The Frozen Meat Trade Association's Smithfield Market quotations for the undermentioned classes o£ frozen meat are based on nctual sales of not less than one hundred carcasses of mutton or lamb or twentyfivo carcasses of beef of fair averogo quality. These quotations are not for selected lines, but for parcels fairly representative of tlio bulk of the shipments now on tlie market:— Mar. 21. Mar. 23. d. d. Mutton Canterbury, light • 3| 3J Canterbury, median ... 3 7-16 3} Canterbury, heavy IS" 2} Dunedin and Southland ... — — North Island, best brands... 3 2JNorth Island 2 13-10 2i Australian, light 21 2-j-Australian, heavy 2J 2} River Plate, light ... ... 2J 2$ River Plate, heavy ... .„ 2$ 2} LambCan terbury, light , 4 15-1G i\ Canterbury, medium ... i\ £J Canterbury, heavy .„ ... djj 4 Dunedin and Southland ... — — North Island ... ... ... i 746 4} Australian, best ... ... 3£ 31 Australian, fair 3J 31 Australian, inferior Si 35 River Plate 3J 3j BeefNew Zealand fores 2J 2§ •New Zealand hinds ... ... 3J 3} Australian fores l>l 21 Australian hinds 3 3 River Plate fores 23 2 5-16 Kiver Plate hinds 3} 3 1-16 COLONIAL AND OTHER PRODUCE. (bt telegeaph—peess association—copyright.) ,_, , _, London, March 28. Wheat—The wheat and flour afloat for the United Kingdom totals 4,045,000 quarters; for the Continent, 2,660,000) Atlantic shipments, 93,000; Pacific, 15,000 quarters. The total shipments to Europe for the week amounted to 85,000 quarters, includijg 394,000 from Argentina and Uruguay. Five cargoes of Australian sold at 405., 40s. lid., 40s. 3d., 40s. 4M., and 40s. 3d. respectively, and a cargo, of 2S,0"00 quarters, January-February shipment at 395. 9d. Rabbits—Market ilat. Best largo are retailing at 16s. to 17s. Hides ate in fair demaid., Queensland heavy ox, 5d.; light ox and cow, 4Jd.; Svdney heavy ox, 4|d.; light and cow, .4;jd. " Leather—Neglected. Prices unchanged. Basils-Market quiet. First Wellingtons, 15Jd. to 18Jd. . Hemp—Market quiet. , June-August shipments, .£22 15s. Copra—Market quiet. South Sea, in bulk, «£l7 10s. THE METAL MARKETS. (jIY TEKEGBAPH—-PEESS ASSOCIATION—COPYBIGHT.) • „ London, March 28. ■ Copper-On spot, .£56.75. 6d.; three months, .£57,15. 3d.; electrolytic, .£57 ss. ' •'. Tin-On spot, .£130; three months; ,£132 2s. 6d. Antimony, .£B. Tin Plates.—l.e. coke, 12s. 31d.; i.e. charcoal, 13s. 3*d. Angle ste'el, ,£5 2s. 6d. ■ Cement—Best brands, ss. 6d.; second brands, ss. a. . •. . ' MINING SHARES. (lIT TKLEGEArU—PRESS ASSOCIATION , —COPYKIOIIT.) London, March 28. Buyers. Sellers. ■ ... £s.i. £s. d. t ... 817 6 9 0 0 . Grand Junction ... 15 0 1G 3 TALISMAN CONSOLIDATED. , Cbi telegeaph—phess association.} a u ' . Auckland, March 29.. A meeting of the Auckland Stock Exchange decided to call a meeting of sharoholdors of the lalisman Consolidated to discuss proposals made by the WelliiytDii shareholders for the appointment of two Wellington shareholders and. one Auckland shareholder as an advisory baord for New Zealand at a salary of i2OO a year, each, this being regarded as part of a scheme to remove the office of the company to Wellington. The motion was carried with two dissentients. ■ STOCK EXCHANGE. ■' fel TELEHUAPH—PKESS ASSOCIATION.) m, ~, ■ „' , iD "ncdin, March 29.' The following Stock Exchange sale is reported :—Enterprise, 2s. 6d.

V ■ i eso ,"° a tiabi ~£ PRICES. Tiol - ;, - «* «.ysryggS j| —-- Invc ° tor - ... , . g Buycr . Ecl , cr g« ,; : : , BANKS, ■ _ £ s £ I j i U i J. U J, { ' » P (few Zealand ... M ra » soOOOOO M«,097 g» 3j in «10 0 811 0 811 0 j> if 0 j> National ... Z -. - ~ Ho. ""« |j lo' i Ho ill 53 5 5 16" INSURANCE. :•'.■■■■•,■ National, ... ■« ra ■ w joo.000 270 - 930 J <i 15 I 8 0 1 8 6 I 8 3 5 6 2 r/,-,- New Zealand ...' ... .,, w. vnomo MOT 2 e in q i? fi 317 0 5 310 ! ; o;B a W.b. - - - iS Wi« .J.ti fo "oS 2100 i, : Standard „ , » «. , 6iWU ta,ttJ6 ■ Di 2U 12 0 ';'■" , FINANCIAL. .'■• ' ftjnltable Building ... «; -~ r,nm\ 61.097 , fl ino<ic810 0 ■ WetroDolitan Building .... „ S'ffio 6.U1 J 5 U J ? ° 2 6 J IU U ' Wellittfrton Invest. ... ... ... •Jα , !™ 5toO. , , i nn n Oil 6 Cll 0 5 9 x =,'■ A.W»mneton Irust and Loan ... ,"•"" «au6 r e ■ 6 ° P" n 7 n :: :: Jffiffi v≤ , . ! Ul Vil n3 6 ; '■;..■;■': ■■■ ' ' CAS. , . ' ' ■ !?■■'" ::::::: : ■ ■ iBS «« .,« Dil Mi! " ■■;■::: : : : Ujw » » . ■: . Palmerston Sorth ... ' ... .» J ,; „„ a ■ 8 . is ■'■"'' iWolliBEton ... ... - - 27.7CO M.O0a jj I u ;..!;» ; ... >■,32500- Vl.Vt* 0 ■»«, 10 17 0 0 17 10 0 17 0 0 BIT J ;■; ■/•.; ■•• " heat. ''■■-■.' ; / Bear - » .. I "" ™ ihmm M,i * 0 w Eil b jo JO 0 10 ia 6 ■:. ; , ... T I t!i.ow iw.ua i «"' 12S a 10 6 210 0 b 0 0 ! Keat Export".;; ■ ..': >_/, f lssi 10 0 0 10 5 0 l 0 0 0 GO" V'' " " "" " "• "" "■ [ 105,766 . iiM t 1 b 5 0 0 417 6 611 3 _j-.'-;;«rLU«ni ;• : : :: > M ;M4e ». » soe 3 ie 310 e» * . . ;■■■ TRANSPORT. .' • ' f : ;5"5 I; '"' " -- 115.503 8 nil y 616 0 710 70 0 7 210 bv//: JKetn. bteuni .Ferry ,„ ~ ~ iWWJ " ,l,w 1 wl .81 114 10 115 6 115 0 5 8 7 .'■ . ■.:■'■.•■' . •. coal- ■'■■■.■ ' • • ' . ' , Westpott-Stockton" ■ '" "' '" 000 I 36 ' 675 35 H IS! 6 3 6 6 5 0 C i 0 7 1 1 v. laupiji ... 1 ' ■•" WMMO . ••■ s nil'... 8 6 0 0 0 ;• , , , •" •••••• T.-.bo.uju t'WO j n jj. ■ 017 a t,, ' WOOLLEN. ■Kaiapo' ■■; : Bosgin ~- -.."■ w - '- 30O.C0O IWH 6 nil ' 7 W-lUnston ~. .--' ~ b3.*57 1» Si 15 6 217 0 ■■.'■.;•'.. . .i ~ - .. 9, lDJ! j . j ■ 1 ■ e 219 9 30ti 3I6 716 1 J : MISCELLANEOUS. ' e= f| >S !■§■!'■■•' jls "• "" f.IIP&-5 E « -la !iI!--»