COMMERCIAL.

Dominion, Volume 2, Issue 517, 26 May 1909, Page 10

COMMERCIAL.

i . . , ° ; THE SHAKE MARKET. 'It was- a blank day for investment shares '" yesterday, for no business was Tccordod. Tho quotations wero about tho 6amo as they woro last week. Bank of Now Zealand, sollers £9 ' 25.; National Banks, sellers £5 Bs.; Equitable Building, sellers £9 7s. 6d.; Wellington Tnibt and Loan, sellers .£7 Is.; Christchurch Qns, buyers X 9; Feilding Gas, buyers £1; Napiet, " Gas, £16 paid, sellers £25 10s.; Wellington Gas, £W paid, buyers £VI 17s. Gd.; National Insurance, sellers .£1 9s!; Standard Insuranco, buyers £1 25.; Christohuroh Meat, buyers £10 Is. Gd.,■'sellers .610 12s: 6d.; Gear Meat, £-i paid, buyors .£lO 2s. 6d., £1 paid, buyers £2 lis. Cd.; Meat Export, £5 paid, sollers JE6 4s. Cd., £2 12s. Gd. paid, sellers JE3 Is. 6d.; Wellington Woollen, ordinary, sellers £3; Wcstport Coal, Boilers c£G Bs. 9d.; Wostport-Stookton Coal, sellors Bs.; Kauri Timber, buyers Us. Bd., sellers 15s. j New Zealand/Portland Cement, buyers £2, Boilers .-C2 Is.'' , OtOM ; ;- : \ ■'.'- 'At'the mbrnin'g;cail.'a;sale of Kuranui Cale/'iS;';vv:;idonian. tit: Is.' Id. was made'on-'Change, and ':>-;*■;•» sales'of'.Waihi,Extended .at:Gs.; Id., and New '''■;.& '■! -Sylvia; ;at' 2s;'7d,- and'2s.V'Bd. wero reported; ; ;&■--«■ •'.;'-"ln , ;lh'e afternoon.Talismans sold at £2 9s. 6d, ;''t':r;,C ; 'V'ex dividend 'on .'Change,' and' sales of Waihi "Extended- at','Cs.,ld.j' Waitangi at: 4s. .3d;, New, ■if:fA^Sylvia ■ at 25.: 7Jd.', an d New^Big"Biver at £2. •:V ; ;V ; : i6s; v were reported.'. -The, quotations with' the. &■'£s'-■;■ last : reeorded;6ales-:were.;as under: 1 -; '-; . JVi'i^J-i---"->:- ".V.'jv;.,;','/,■'■ ."-•'':-' -Buyers. Sellers. Sales. *" '^ ; s i '- : .^ ::: . V ' : £ !s."d.>,'£,s. d. :.:'£ s.'d.! w;i'o-v. l :Waihi Grand Juno-i.'. \ \ ,':v f' ■ - ■sii:h:-:.\. --.Aiori.-.•?•-'.:■.'..'■■ .;:w.;.-"?:-<'-•: '!- 2: 0.-o- , - 9. •:/: .TVaihi Extended :'»;.."0 -6 -0.0 6 3 0 6 1 fWr^:Waihi:V;v;■'-...:: ;v..*..v'9 t i-3'.. 6 9, 50, - . -': v-Wv,-Waihi .'Consolidated 0 2 2 0 2 5.: :- .-' . :4 -2!;;0 1:4 ,0 .4-3. .. 3/^.vSaxon-.,;.'.-;..."' -..'.! 0;2 0 0 2 2 '• - i ! S!vr;; KurariuKCaledonian ; 0 1.0:0 12 r -0 1:1 ■:'/k'■. <'■ May '-, Queen '!:;:■ '':...'; 0-2 ! ft -~'.— •:_-., V'. : :, (->:;:-Tairua Broken Hills'o 111 0,2/0 — ; v'VKrni Talisman ..'..';■ ,'■.'...'. 2 9 6- 210 0. 2,9 G <i~H:;/:New Sylvia !....>.:-...:!.0:: 2; 7;;.,- :ov2 7J [VviNew Alpine, lOs.pd. '0' 7 3 0-7 6>• - '-~ ;; : BigVEiyer;:-.:...;: ;—.:.. !;';.! — :'.. .•-'; ,2 16 0 1S;-:^;|:^ : fA /? ■;:- -;-¥ Th^'New'SouthVWales..Government appears ■*vv;: : ' singularly unfortunate:, with its • loans fyW ; !" offered: in/London.: .In March last year: New •",«;/:■*:•:'' South Wales offered in London'..a S| per cent.- , [ ;-l -k loan :for '.for .-., conversion (purposes.: ' ii-tfi:%. •' The issue was :and holders !of ,;the. - 'Af-ffti- to convert, but per .cent. :of. the' amount,; !■■•'■!* V -;'« A was taken up, the'.underwriters taking, the oal-j >: ■'£: ? i i■ i ;■-- ance; 'Tho Governments bankers,- :the, .-London", -. : : ' ; K- : : : ' : Sond: Westminster Bank"£a'ttributed:f he"failure-, : ;:: ; -W;'- ; to the'poor reception"accorded the 4:per cent: : ■ ; ''- ; v ; .;,' : loan'at 94i offered/just previouslybythe.GrandS v V-::.;;Trunk'Pacifio Kailway;«r:However,';, after,the if:!. .:':: ; :: allotment, the 1 underwriters'..did;a/fair^business;,. ::,s;v/>.;'at ; 4£93 : los. ' f. ; ;: r f!,.- : .' K:'' , ;-^ ; able.them':to unload r . : A-yf'o riiary 'this':year- a ,3}.: 'per.;! cent; "'■;-.'loan•'; for, ;ftrf:}-;'- ; i£a,580,000, was. issuedjat„'97t, i;and was i.?&'; ; *:; written? ion;.the:; usual:. ; torms. /The.;/State ' ; ,i~fS:'r -.treasurer,^.. : .in -:referring vto 1 :'. .this"; emission, '€■''. irlrclMmed that the 'forms!: were satisfactory,- the . ■ :&;:' ;\iinterest .rate working .out:at L iE3,l4s. 3d.; per. ■;;v::;'i : ,..:?icent...;!iHe.maintained .that' .the credit .Df'.New. ! :•&!"!* - top of the : :;:!;,...'■;'?.'tree,'only.'Great.Britain and Francebeing^able ; MfOKt 6vborrow' foJ-bettercndvantage. ..There.was ;K?-: ;l .tho. loan being_ a greatrsuc'!fe'."Ai'?.'oess,',.but;. on opening tenders,.;it, was., found ;■? \ r , : i: .:'--that ( only.'JEßoo.ooo had .been'; ; s'ubscribed, .and. ; r ."i-':i.': ; !!this included fc l large.tender by.a Sydney. Bank.. :';>: ; :;: ; &wThe; unrest in Eastern Europe, which was then r.-;?-Vof "a- serious oharacter,- affected the ■, issue, and :;■•!■':>-; it'"was.stated, that subscription's amounting, to. \.>v :; ;t half a million bad been withdrawn. The West- ■:■ -f loan, for/ -£200,000, issued jS'fe'''Vvat: , abbtit-'.' : tlio'B'ame .time,!• was a. great success, PSs 1 .vv %nd -.was 'immediately; quoted vat J per. 'cent;'; !.' ;; S;y..V;:.premium.'' I .;Tho loan now before.the .London :'iK% : .';-capitalists'is -for ;^63,ooo,ooo; at Z\ ; per cent;, I ,the. being 10s;. .The financial . -i' : '? :; W'. : .''' ; :press';has'not ; accorded- { the issne a'.welcome, ;>v it is stated,that:the loanis queted; at '•.'if;'?': ? ]!sixteenth discount—that.is, Bs.;9d. The K>A';;W3tate is considered :tb .be going ;ahead rather fe/.'Sv ■ ?!fast, i and"certainly,:b6rrbwing i£4,sßo,ooo_in.less, -:V;<';..:ft'than six -months is 'rather.'fast. On-this occa-;^iii;r;,6ion;a-pending;large Canadian 1 loan 'is affecting : !^-h;ft.X'.th'B-*situation;"■;'.•, Canada^has 1 : borrowed',rather, S : ?'::l.:v : tmore'freely than any!of, the. Australian' States,'' Vtiff-if:, and; yet: there Vis! scarcely; -any-.,; reference: to, , 7;; Canada plnngiriS~;Money;is:plentiful'and.cheap: . ;w:;-A:":-*ihfLondon,';buW;:in.!tho,matter::Of,vseouritii!s, •fi'thevcapitalistsVhave wideVchoice.-!"<Tl!e/ iS:'''f: :,money! exploited-by; Governments of the self-governing colonies, by j!?•:;.'•;British;.and^oloniaUmunic'lpalities : ;and' local, '::s : ,"k- and by. foreign...governments and.public ' ; SJ;; ; .;'.:!'companies^yjlTp'ito.the:first!week : in April, the: :: :applioations,w;.;this;: : ;!year./'>; totalled: :' , . , :; i ;':,!i: i ;iE68,982,543,;as agaihs"t;j£s7,6o4,9lo in-the corre-' g;j:';: VJ.Bponding. period_:bf,;iast,;year;';and ; i£51,566,731 ,?^iv;;;;.;;! : iri ; the;same, ; period.:of 1907,;'..;.■ ;/;; : !■''■:■.'.'..';.'.;- -:■■. , ?V • '*! P't-' %' ME AT ; M ABKETI!. : -". ;i-!-?;?: ; ' /The continued! doprossion,in\ the frozen meat ff;v seems little. /vV/ii.":;prospects;of any improvement in 'tlm lihinedi-. .'■;:-/.' ; -;; ate : future..Tho High Commissioner holds out S;f;!!.. ; ! ; Httle;hope 'for a; ; !ohange; .fpr,nn.;the cable ji/v;", X 'message', emanating, from this; source,- it; is iv!::v'i; ; ;;6tatedVthat:; / ''The:.mutton;; market is: oyer- . ; ,-v y!6tocked.:an,d.;,debressed;:and;;is not, likely to , ■'%■■-;:■ V:>r; viecover/from": the' depression for .some. time.'. market is weak; (Shipments of.lamh. i'-;;;.':; : '-;:nbw:arrivjng; are'very!heavy; V^ .;':'::"exceeds ; the demand, although:: low'prices, for :,';''.:'■':;-! , ; .lamb are:increasing the output/ 1 .The supply; ; ; i ; .j".'-i'::'. : ihas!: increased .'at.:,a'', time when -the '..demand,' f-'ff:':": : . through -'force -of circumstances,', Baa!.shrnnk. . r' ■'. ver y.; considerably.'. l '. ■Usually.' a drop, in .-prices'; . .an/immediateVeffect, ■ but.-just now: therb . 'a'; :!!-::: is ;not: the "purchasing power.' and, even at: the ;; S ;;-: :; "-:lower Jrange of • values,■;',business is...restricted. position; and it may: be years :;>';£',':.: before 'there! is : a. repetition..; The. market will !;';!;r;!:!:"!Tead.inst itself, :':,but;it :is, a Matter of waiting; . $:'*;:: vf',;,To show the expansion!that has taken placo in' : ?;!!iv,':!,;;supplies!, there v ;oan ..be .quoted ~'the :'■• figures, 'i'ff-rftv-irjrifniin'ed ih ,W; Weddel and Co.'s "Produce ;-?;.:A:;;b'Markets:Eepbrt.";!,The receiptsl in; Great Brit-: aS:v5-s!*in of! nieat/fpr:; thb • first ''quarter vpf-the!: year! y f0 : : V:;,wera!as;under!-f';;'.' '■ ; ! ; -''';!!>:':.!'■ ■:.'■ '■■■:■''■' !v^i;'";:::!::■;::;:' J !.;.:. : :-!::V:-!'-j-,:,':-Mutton.-;:-;.Lamb;..-.. '.-'Beef.-- . V-ak-: '■'■-''■■'':'.'■.'<''',;. '".■■■y.-i.t'/Sv Carcasses; .Cir/jnsses. Quarters. ri'v;if.';'' ; .; 18,213 j:;; ; !; /; New;-Zealand-r ::■';..:. 390,477!! !472.219 '51,421 ';:0:l:j -JSoutli;,America;, ; i:;;.;;632,33o ,;! 275,302!383,779 ; !!.. ; V'!'' ! ;; '-!.i'- ; ;'- ■"•' -.'•'•.•■ - '••• W& r :A:}\%<f ; 1)580,498:'456,416 .^v-V:.;':'• JPor -thejcbrrespbnding quarfer.bf:last, year the were;as>under:—';;,.: f/:-f: : •..-'' %S;://'< : .'/!-:i#^> > : !<p.)':.!;-i>..Mntt6n. ',■ "iLamb. ■' '!"Beef. H','A»'l\ --.'fv:;; t:!!i-'.v-Carcnsses.' Carcnsses..Quarters. ";-!S';.:!!.;' ; AustTalia;!V-;;;;-■ V.. 192,414 .673,426 : 8,592 ... -.330,936 ■ ' 391,154 ~-' 35,621' ;;.; : -, : ../ -569,000?,v-66,308■.•'■■ .378,704 ;};%';!;■ 1;092,410 3,iSO,BSB';! 422,917' t&ifiA: !fignres"-show;-nn; increase of ,'444,262 .car-'; ':'-;v ': casses :Of-' mnttdriiC449,filo carcasses lamb, arid '!!;-33,499. quarters'of.',bcef. -..Tho increase in the ;:W:':;.!,: : '.supply oi -and :lamb;< is exceptionally :-:.;;-;,'.;'• large;: and,vevery.;exporting.; country: has con--;;;.•;,';?;:!-tributed;.i.;.;,Tho;,increases are distributed, as : -?vf;';:;;i;rmder:-- : ;.; ■.!■';,:';■,;;;■-;'.!;!'■...'!'.'•' ''vj-ii ' : "!Muttdn.v:-;Lamb.:Beef;" . w:: f;f;-:;'■; '".-i •; : ; ;';v;';:,:;;; Carcasses/Carcasses. Quarters. ;':!!:-.-! ;: !!vAustralia'!V'V...V.v:...:i321,451 159,551 9,621 ;> ■tf-.^New- 1 -Zealand-.-;-:"..;„; ;-59,541"--.: '•: 81,063 '18,803 : ?rff.-t[~ South: America!;yy V.;;"■•. 63,270 . -208,99.1 / .5,075 W£&ti.%y*ys'&:l ! ; r;-;!;! ! : ;;444,262, : : -449,610,; > 33,499 '± : f. J .:f It willvb'e: noted:thn<: .^A'r«ir-V-;.! , n«. b=en pro-; &,-: : .':.'-.C-.;;ininehl.-in'..tho : ;-6upj)ly-':ot/muttoiii and S' ■'...■'•; ]:'-ifAf- iAmorica ,in '.the' supply of:, iiiinlj, wnile 'New !-,5!.'..--'' Zealand-is'prominent !in the increase of beef.. '.'-':!'.:;- •'-!:-.',: Itshould, bo stated, that,,in-addition to frozen iV'ri-)-'-''-/ beef, -South. America!' sent• 226,350 quarters! of Cy-;.:..-:■.: chilled beef—an. increase of 75,602 quarters on VIY;-.?;,',:.;the.,'.cprresponding.period of 1908.;';..''.- .--,., -H'. : -;;" iS^Kf.^fff'. ;»;/;'.! :,: \! j! '!! London; Mny 24. 'V- %■':-.': quantity, of /wheat and flonr afloat for K.;;,f;:;i : :,Hie:United;;Kingdom'is 3,22s,ooo!quarters, and s.v!-:w; f-. for. the Contihent-1,925,000.', Atlantic shipments, ?;V!;:;::!■-:; '00,000 : : :quarters.".-;The : total ; : shipments •to ;.,': /v: Europe during-the.week;are 1,325.000 qnnrters' ¥,' : including 165,000 from.tho Argentine and UruW; : ;;;;;;..-;. : .auay.;=i:.;'';,:,;:;:>;; :: '";; :■■■' : '.:f-f -.--. ..■•.•- ■ .', ■■■■ /.<:'.;;' : ,;;,.;,(nT, TBLROiiArn—-rRERP VssociA-rtoM— cnrYRTonT.) 3 &''J!-: '.<':■'-'■'.'■■■■■•■ ■■:'■;;■ :'■■* '"■■'.■•■ ! - London, May 24. - ,; , '- : ;;;:,..i : ; Bar -silver., is. quoted at 24 3-10 d. per ounco "(wS,,;/standard. ..■.-;,•.; : ':.'-.';..•.■--.-....■■:-''- i ..',-.,..v