COMMERCIAL.

Dominion, Volume 2, Issue 476, 7 April 1909, Page 10

COMMERCIAL.

THE SHARE MARKET. / Good business was done in investment shares yesterday, no less than .half a dozen sales being recorded. A sale of Kquitable Building'shares at M 10s. was made on 'Change, and sales of Wellington Trust and Loan at £7 25., Auckland Gas at , £U Bs. Gd., Wellington Woollen at £3, Leyland-O'Brien Timber at .£1 2s. Gd., and Now Zealand Drugs at..E2 75., were reparted., Bank of New Zenland, buyers £8 12s. ; National Banks, buyers £5 3s. Gil.; Equitable Building, buyers £9 '55., sellers .£9 10s.; Wellington Trust and loan', buyers £7, sellers Is.; Wellington Investment, buyers' lls. 3d.; National Mortgage, buyers .£2 Us., sellers £2 17s. Gd.; Auckland Gas, buyers £U B:uj Palmerston North Gas; sellers ,£7 10s.; AVellington Gas, paid, buyers £17 12s. .Gd., new issue, buyers ..£1 Is., sellers ss. premium; National Insurance, buyers sCI Bs. ,Gd.; Christchtirch Meat, sellers vEIO 7s. 6d.; Gear Meat,; £i paid, buyers ,£lO, .£1 paid, buyers £2 lls.;' Wellington Meat Export, ,£5 paid, sellers .EG 7s. Gd., £2 125.. Gd. paid/sellers Blfs.';'UnionSteam, sellers .£1 lGs.; Kaiapof Woollen preference, sellers £5 55.; Westport Coal, buyers £6 -Is.; Westport-Stockton Coal, sellers Bs. 9d.; Leyland-O'Brien Timber, sellers £1 2s. 9(1.; New Zealand Portland Cement, buyers .£1 16s, 6d.; Sharland's preference, sellers 18s. 6(1.

;the mining market. Sales of' Waitangi at 3s.' lid.,' 3s. lOd., and Ss. 10\d. were reported. Tho .quotations were as under:—. , . ■■■; ' Buyers. .Sellers. Sales.. £s. d. Is. d. ; .£ s. (1. .Waihi Grand June- ,':■' ,v ■ ■. ■, .--u, . tioir ... 1 8 G I , ' 9-3 • —'- v Waihi ... 9 3 0,946 — Talisman 2 5 9 2 6 3 ' — Waitaugi ... ' ... 039J : .o', 3 M>l' 0 3 101 Paxon ■ ... 0 17 0110 —'•"' Tairua Broken Hills 0 110 13 — Big River ... ■•■2,7 G 2 12, G —- - The Customs.revenue collected at Wellington] yesterday amounted to £i\%' Bs.-- 5(1. ■■■■■■ - . .' J NOTES. ;;. ..;"' . ~ The production of pigiron in Canada during 1908 amounted to 503,672 tons, showing a decrease as.-, compared with the previous ..year. o£. 17,474 tons'.; '...... ' The 'American cotton crop this season will bennywhore from 13,500,000 bales to 13,750,000 bales, or about .2,000,600 bales larger than the yield in the year :onding.;'last Augtist. , .-"',; .'", Statistics place tho world's maize crop Inst year at 405,320,000 quarters, of which fully three-fourths was "grown in the United States, the next two largest crops beiDg raised in Hungary and Argentina. .But the enumeration leaves out South Africa and the whole of Asia? . Thera are now G903 national banks in the United States with authorifed capital, and circulation. Altogether,, 9330 such banks, have been organised since the National Bank Act was pa'ssed,' though a good many have disappeared. v , , ; It is reported form Panama that Colonel Go'ethals has promised President Taft'that ships (mall be passing through the Panama Canal on January 1,-1915. But the President says "that he believes. Colonel Goethals is oyef-cautibus, and declares his own opinion that \at the present rate of progress the work will bo practically completed in thirty-three months.

A company lias-been'registered in London, with a capital of d£GO,OOO to acquire powers for the 'construction, maintenance, and working of a system or systems of intercommunication by means of radio-telegraphy between tho islands of the Pacific Ocean and the territories of Australia .and Now Zealand, and to carry on the business of a telegraph, telephone, submarine cable, and .wireless company in any part'of'the ■world. The name of the company is the Pacific Radiotelegraph Co., Ltd., arid the 'first directors are.the Earl.of Crawford, Sir. Sidney E. \C. Hutchison,; and Messrs. J. T. Arundel and J. W. Hamilton. .

'.The yield of the French vintage for 1908 was recently officially placed at G0.720,273 hectolitres, as compared with .66,070,273. hectolitres! in 1907, or a decrease of 9 per cent. "On the other hand, the stocks amounted to 8,55G,5i7 hectolitres, against •",072.709 hectolitres in the previous year. It is desired in the'wine-growing-districts that tho declarations ■ as to stocks 'Should include the old wines, so as. to giy.e.fne exact amount. be very .-mMuiMtol the trade at Home" and abroad 'by supplying : , : itj with the figures as to the exact quantities-ex-isting in the cellars at a given time, whether in Champagne, Gironde, Burgundy, tho Charentes, or elsewhere. '. . ■ r

Some interesting statistics are to hand in connection with tho. Gorman motor industry during 1808. In that year Germany imported •1220 cars, as against 1812 cars in .1907. Great Britain s exports especially showed ."aMleclirie, falling from 48,100 kilos in 1907't0 15,000 kilos in 1908. France's sales also'fell off from 932,000 ra'°s m 1907 to 592,000 kilos last year. On the other hand, Germany's exports rose from 958 Sun™ i-F l, the British market absorbing kilos out of an aggregate of 1,4.|G.200< oo nnn n H \° E,,ro '»an increased from' 99,000 kilos to 210,800 kilos.. The United Stateselso largely increased their.'.Gorman imports;'.

The United Kingdom makes but a poorshow §,«r '.fr consumption. The United r nq o in ? ads tho , ],st ,dth va ■ consumption of 6,038,350 hags, or 4.G07 kilos per head; and-Ger-many follows witK 3,055,000.tag5,; 0r 3.023 iifs PA™ , ~T hen France requires 1.630.850 bags; """•rS?^ 1 - 1 ! 0 ' 3, ' 869,850..bag5,•pr 1.063 kilos; Holland 675,000 bags, or '7 350 kilos; Sweden 61-1,150 bags, or 6.00 i kilos; Belgium 562,500 basts, or .1.713 kilos; Italy 350,000 °r °' G2 -1 kilos; Russia 291.G50 bans or 0.139 Jcilos; British South-Africa 270,850 or 2.0,8 kilos; DenmatkV23S;looiJjggs?;6r*?K7(SSkilos; Turkey 222.900 .bags;-or o.sßo'kilos;' and United Kingdom 218.850.'.:ba?5, or 0.297 Kilos per head. The United Kingdom is, therofore, thirteenth on the list, »■.

_ The hybrid cotton plant produced at Cairns by Dr. l'honiatis, and known, by the name Caravonica is attracting: world wide' attention: About the middlo ot'i.lßoß a->shipment-of thelint was made from Queensland to Havre, in Trance, and realised' tho satisfactory figure of Is. 3d. per lb. It is now stated that a powerful international company has been formed for tho purpose of growing this .cotton on a large scale, and that several leading European banks are interested in the venture. Dr. Thomatis.will, act'as advisory director, and is now reported to be en ; roiite for East' Africa, where a suitable area for producing Caravonica will be selected." It is the intention of the organisation to extend their operations to : Egypt and to other "oduntries where labour is cheap, but the plantation at Cairns is also to be maintained.

The United States Steel ",Corporation , ;ha?J started its first furnace at Garyi Indiana) which' is .described as a marvel of.' the industrial; world. At'a cost of ■25,000,00qd01.-; ■the Steel Trust has built the. city of.'.Gary, ibh the Eouthern, shore of Lake Michigaii;"Vhece, less' than three years ago, there wereipnly swamnsA It is asserted that the city'has'.been built-pK. the best scientific methods, 7 ami that, ill the opinion of American industriirl : magnateVdt. isdestined to become the steel'nietropolis J, of-the" world. Eighteen thousand men aro to be employed in making steel and iron when the plant .is in full blast, and tho city has been designed with the idea of having a total population of 300,000. The principal street, 'Broadway, is three miles long. There is a irontago of-..six miles on Lake Michigan, and a.'''harijour lias been dredged, and docks have been built sufficiently largo to accommodate tho biggest' freight steanlers on. tho Great Lakes:- Four trunk railway lines taptlio'city, and tlie goods yard, when completed, will have tracks"sufJicicnt to accommodate.6§,ooo wagons at, a.time. The steel plant covers over two square miles. It includes eight blast furnaces, 56 open-hearth furnaces, rail, mills, billet mills, and.merchant mills. ' •■' .. , ■;-■■;'

Sydney Warehousemen's Association. —The "Sydney Morning Herald" of a recent date gtates that after 30 years of uiganiscd existence the Sydney Warehousemen's Association lias disbanded. Properly speaking, it disbanded last January, but it was reconstructed, and one firm (Robert Reid and Co.; Ltd.) stood out. So in February the new association dissolved. Now all the firms aro without any formal bond. The- trouble seems to have arisen over exemptions from the scope of the articles of association. In July last the woollen department was exempted.' It appears (says a contributor to the "Storekeeper") that the woollen trado lay outside the association, no "all wool"-firm Ijalouging to it, and it was only tlio fact of tlib firm mentioned—which dealt largely with tailors—taking it up that caused the- application- for exemption to bo made. It permitted increase of credit terms to seven months to ■woollens first, and then to tailors' trimmings. This led to dissatisfaction among the associated firms who had no woollens department and feared the extension of the "exemption practice." Out of this apparently arose the first disbandment; and the determination of the firm affected to remain outside that has-

•reduced-to-nnuglit'-tho subsequent efforts to reforge a bond of union. The "Storekeeper's", arhcio concludes:—"Tho effect of the present dispute, or deadlock, if tho other word sounds too strong, should be to clear tho air. It will let oil , some of tho surplus feeling that must have been bottled up, for a long while. There js evidently a'weak spot in the Warehouse-men's-Association,, or it would not have dissolved so 'easily. -On the other hand, with all parties professing themselves anxious to do or say nothing to hinder a settlement, it ought not to be impossible to arrive at one. Significant _ developments may bo looked for during th'o next lew weeks." "'" 'fruit and' produce reports. .. M,essr,s.JJ!rtffiths.an<l-G'o., Ltd., report quotations ruling at their fruit and produce sales yesterday as follows:—Potatoes, is. to Js. Cd. cwt..';'onions, 'is'..'Gd.''t6;ss. cwt. for locals; cabbages, choice, Is. Gd. to 2s. Gd. snek; cauliflowers, ,35,.-ta 4s...Gd..sack; peas, best lines, -Is. <M. to 6s: part sack's; lieans, Is. 3d. to 2s. part sacks; tomatoQS, choice Hutt 2s. Gd. to 35., primo 2s. to ,2s.- 3d.-, half-case; lettuce, 2s. Gd. to 3s. case; plunis, 2s. Cd. to 3s. half-case; grapes,'locaj JJdu, lb., hot house Is. to Is. Gd. lb.; -peaches;'choice eating ss. Gd. to 6s. lid., prime 3s. Gd. to Is. Gd., cooking 2s. Gd. to 3s. Gd. half-case; apples, choice Jonathan 9s. Gd. to 10s., Cox O.P. 9s. to 10s. Gd., primo dessert Gs. to 75., cookers '5£ to ss. Gd.; pears, choice eating M.L. Ss. 6d.':-to 95., various 7s. to Bs., inferior ss. to Gs. Gdfi, cooking pears is.' to ss. 401b. cases;'egg's, freMi Is. lid., 25.; fowls, 3s. to 45.; ducks, 4s. to ss. Gd. per pair; turkeys, 9s. to 10s. per pair; tnblo carrots, 2s. Gd. to 3s. sack; jp.ar.snips, 3s. to 4s. sack; celery, Is. to Is. ."Gd. 'dozen; pumpkins, 4s. Gd. to ss. sack; beetrb'ot, '4s. sack. There was a considerable in the market yesterday, and prices 'hjl rojffld hardened nn Monday's sales. Peaches ■and apples, for choice lines, took a. rapid rise, and for choice pears also tho bidding was animated. All kinds of vegetables show a much better demand. .The Manapouri's direct Island shipmentTof fruit will be sold this morning. ■ SALES. ; ajju* ,Co., Ltd., report :—At !ouit'jtfart6n ealeiy-osterdny we had a good yarding of sheep, and a small entry of cattle. For sheep of all classes in good condition, the debut others were neglected. Wβ nuote: Aged owes, 4s. lid., 6s. 5(1., to Bs.; wether lambs, 7s. Bd.; cull lambs, 11s. 3d.; fat wethers, lls. Gd.; mixed wcaners, 135.; porkers, 335.; fat cows, .£3. 7s. fid.'"'" Messrs. Abraham and Williams, Ltd., report on their .Tohnspnyilje sales, held yesterday, as follows:—! good';yarding of sheep and cattle werK'M ; pllnUp" Kmiuir'ements, and; the latter mmls lSsf-to , 'l9s*. *6d.-per hnndred lb. Best bullocks. ,£7 15s. to .£8 55..: light. .£7 tn £1 Is. Gd.; extra.prime heavy'wethers. 14s. Bd. to 15s. fid.: good, 12s. 4d.; nlain. lls. Bd. to lls. 10d.; medium ewes, 10s.. fid..to 10s. 10d.: prime lambs, :11s. -to -12s. $ 'plain lambs, 9s. 6d. to 10s. 3d. The New Zealand Loan and Mercantile Agency Company and Messrs. Abraham and '(Willi.-i.ms. ■Lt(l.;tholrl.their regular stock sales otJahiatuaj,yesterday. Owing to severe weather there was n, poor yarding of sheep, but a moderate .'to yarding of cattle. Despite the attendance of .buyers, prices showed cm a rjarw'ith recent : Vnles. Quotations: Sh«;p —Full-mouthed ews, 9s. 5d.; forward, Bs. 7d.; two and four-tooth; wethers, 9s. to 9s. Id.; ,'wVolly:: lamb'iC 8s;; medium. 4s. fid. to 75.; culls. ■2s,. v 6tl'.vbreedin? ewps; 7s. 3d. Cattle—Two and a half-year steers, 585.: eighteen-months strera, 385.,;. fnt,,c0w5.,595..,,t0..795.: stores, 40s. to 575.; weaner calves, 7s. to 14s. Gd.

:.'." ::■: : WHEAT AND FLOUR.. In* TELECRArn—rRESs association—corrniorrT.) ''' '■■■■""" "•■'.■• ■'■ London, Anril 5. The quantity of wheat and flour afloat for the United Kingdom is 3.285,000 quarters."and for. tli'o,Continent 2,520,000 quarters. Atlantic shipments,'. 85,000 quarters. "'. '"' '' "'"" "silver. '.Bar' Silver'. is' quoted at 23Sd. per ounco .standard.;..' ~:.,/: ; THE PRICE OF BUTTER. • i: (BY TEUMBAPII —PRESS ASSOCIATION.! Auckland, April 0. •'With.Teference.to-the roport from Wellington ' as"tola' drop in'the'price of butter, local merchants ■ state 'that it does not imply anything, unusual. It is quite an ordinary thing for prices-to drop-in .England at this timo of the 'yesif "(tfeo" iEh'glisK" , 6priiig) > when supplies are available from European sources. _ Finthertiiiore, oiiebutte.r supplies are dropping off, arid, ushortly'lSJeK Z'ealantt ."Mil not be shipping a great d§nlj.;o;f'. butter"Home. However, South African, South Sea Tslari'ds, and local markets. are Jiettex.,t!ian .tho. English just now, and can absorb ■most'of'onr winter surplus. It is ' stated that a.t present a few speculators would like .to reduced, like,thoso of Wellington, ■ so that they could buy supplies cheaper and sell to better advantage later on. It is felt that if prices were to come down now. to. Home values,.. 98s, _pj?r cwt, it would be a rilistinctTloss toiTtlie'-faririers and. to the dairy r'factorie's' generally. ' l '-'-' , - ■ ; (hr- TELEGiiArii—rßEss association.? . ..' Dunedin, Anril 6. The"Ta"ieri and Peninsula Milk Supply, Co. the"' pricp;' of. butter by Id pe'r lb. from to-day :.-''•■"■ ■'■"■•■ • . ( "■OaEATsr-AND A'CCiEENT INSURANCE CO. (pT TELEGriATE—PItESS , ASSOCIATION— COPYRIGHT.) .', . ;„"'.',,.'.•, ~."•. London, April 5. , The. annpal meeting" of the Ocean and Accident Insurance' Company has been held in London..,Tlie,,inco.m,e.fpf the year 1303 was re-;portedji_s-beinE[-:i£1,455;513, and the balance to ."the cr«lit.i6fj,the-'profitlflnd loss account, after ;p.ayinfi';all'pjairns. and expenses, and including 'provision' for 'outstanding claims, was .£741,483: >e'KeiTe's',Wt/D&ornl)or 31, .£1.750,113; invested .funds, X2,pp3,798; assets, =62,453,030.

MINING NEWS

TALIsSiiN-'CONSOLIDATED. ■ The following of operations at the Talisman Cpnsplidttted Hine for tlie fortnight ending February .27: — No.'Tl Level. ... No.-'8 Crosscut.—Advanced 31ft.; total, Cl7ft.; no change; ln'ground. - Tfco north drive at 540 ft. ..biis..been,.>astended 7ft.; total, 17ft.; width of reef, 30in.; values nil, A drive south at 540 ft. was .started, an<f advanced 9ft.; width of reef, 42in.; Stoping.-The stones oft No. 5. rise have given vnlues that average £1 2s. 3d.; tons sent 'to' mill, 350. The values from stopes of No. 12 rise average ,£1 75.; tons .§ent values from east vein ■stopes avcnrge".£3'<is;'2*.; tons sent to mill, 30

- ■ ~-•.■.C^,y.; . N0,.12-.Level. ■•• South -Drive'.—ASvafwed 40ft.; total, 1316 ft • 'fridtlrof''rgef,"'ißlnrraverage of assays, is. 10d At 1272 ft. ft crosscut was driven westward 12ft without disclosing any quartz. A crosscut ■S^fl^H I ], at 12 '2fiw-Hras. driven 15ft. without 'A?i!'t e^ t J? g v!l"!^-W'-5& v ' lluc - Stoping.-Tho stO£6s>ff JfftiS.Jise.Xive given values, that average sent to mill, 220. The ..val|ieX,frofii.,stopesvoff,No. ,12 rise.'average ,£l2 ;feft}. l^<?!aSe nt * tb rffftl. 450. The values 1 from ;east,<,veiiu. ; stopes average £2 12s. 3d. ; : tons ■sont>.tp'MU?S?Tfefß.e values from the No 1 6Outtvbloofc««topeß«nTerape £1 Is. 5d,; tons values from the No 2 ?&}s&s *?&&s&??£* £l 17s. Ed.; tons' Pumping The water in the Talisman shaft has been reduced 13ft.; total reduction, 72ft. A REPORT. .(nr,'.TEtEG'HAPW— vasaa association.) "'^'F«^|f h^oE?>rty | 'working P on .the Marum Koad,struct-,a-parcel'of quartz leaders MTying,,no;go!d; bu.t.Kading into a reef show ing..precio.us--metal... , ■ " " ; ' ;;: '"iipw BIG .RIVER, (nr T£|tE.fiprii— ruEss association.) • i .;,Tr"~.-, ■ Reefton, April 6. lne mine* "manager of the New Bi" Eiver reports for Inst was " recommencecl cm the inside winze on Cosgrove's Block; tho reef averages 4ft. Gin. wide in tho bottom of the winze. No. 9 level east: Tho reef. in this face has narrowed down to 2ft wide._ Branch reef stopes: In No. 8 stopo tho reef is Oft. wide, in No. 9 stopo it is 2ft. Gin. wide. The battery is running full time. •• STOCK EXCHANGE. (BY TELEGItAI'I/—niKS." ASSOCIATION.) Duncdin, April G. Stock Exchange sales: Talisman Consolidated £2 Gs.-; Waihi.Grand Junction. £1 8s 3d '