COMMERCIAL.

Dominion, Volume 2, Issue 534, 15 June 1909, Page 10

COMMERCIAL.

''X'HEiSHiEE MARKET.. Investment shares'are very dull, and broker appear to be giving very little attention to thi olas's-of " business; ■ This occasions ■no surprise because mining pays better, and speculator are more'inclined for mining., Bank of Nov Zealaiid,--buyers' £9: Is.; National. Banks, &ol lers' cCS 75.; South British Insurance, buyer, X2'Bs./6d.,"sellere J!2'os. Cd.; Standard Insur anoo, "sellers .£1 35.; Wellington Investment buyors -lis. 6d. ; "Wellington Trust and Loan buyers £7.; National Mortgage, sollers .£3; Nev Zealand and River Plate, buyers Jil llis. Christchurch Meat, buyers J!10 10s. j Gear Mca (jC4 paid), buyers .£lO 35., (J2l paid), buyeri .£2 ills.'.9d.Moat -Export (£2 12s.' 6d. : paid) sellers ,£!) Is. Wellington Woollen, sellers J;! Is'.; .Kauri Tiriiber, sellers las.; New Zealand Paper Mills, r buyers XI 25.; New Zealanc Portland Cement, sellers .£2 .Is. 6d.; Whit combo and Tombs,'buyers ■£'•! 25.;6d. ' .THE. MINING MAEKET. ' A,very.good business was dono yesterday. The sales OB ,'Cbango at the morning, call were; Saxon, 25., and. Talisman, ■ £2 12s. 6d., and in tho afternoon, ..'Waihi .Grand Junction £2 4s. G(l.,_ and; Waiotahi at, 2s. lid.'' Tho sales reported at both calls were: Komata Reel's, 7jd.; May ,Qu60n';\29. :, 10d., 2s. 9d.;Saxon, 25., 2s. ajd.; Tairna Broken Hills, 2s. 2d.; Talisman, £2 125.. 6d.; Waihi Grand Junction, £245.; Waihi,.£3 35.; Waihi Consolidated, Ss. 3d.; Watchman, r Is. 10d., Is. 10Jd. i Maoriland, DJi; ind Big River, X 2 16s. The .quotations, with the last Recorded 6ales were as under:—

NEW ZEALAND HEMP. "The market is very quiet, with nothing doing," is the report of the High Commissioner, Dut tho quotations, show no change: in values. Sew Zealand good fair grade on spot remains it JE23 .per ton, and Manila is at «£22. Those ivho expected to see a falling-off in the Manila )utpul, will bo very disappointed with last reek's .shipment, which totalled. ,89,000 bales, vhich is the heaviest, shipment, for some-time. The outturn for the past seven weeks'shows as inder'• *. ;' Bales.• :. May 1 28,000 ' : May 8 : 26,000 i • Mav'lS 27,000" . ' May, 22 -..1... 19,000 • ; ' May' 29 ' ■'25,000 Juno G , 19,000' Jun= 13 39,000 >o long as Manila can keep, up an average of. 16,000 bales,,a week, there will be no chance of in'imprevement. j*;.;*- .. V;" PALATINE INSURANCE. ... The accounts'of . the Palatine -Insurance .Co.; jtdJ/,' for the 'year ended December .31, 1908, how,tho net iir-o premiums are ,-6397,971, and, hterest on investments £21,381. • The not losses* iaid and outstanding amount to .£267,912, beag 67.4 per cent, of the premium Income. Cost f management commissions, etc.,. is I ■£150,926,' nd, after, setting'aside .£159,188 as a reserved or . unespired. . risks : and '; transferring <£19,8-47:. o profit and loss accbnnt,-.the balance at credit; f'reveniiS' adsbunt'is, £223,418. Liabilities, in- 1 lude.loans.-£55,790,-outstanding losses £90,115,' nd, other-liabilities':-U!50,297. ': Assets comprise-; ayestments £558,816,. cash. £15,340, agency balnces; etc.,, £115,438. "iTho dividend to, shareolders amounts to .£19,847,. representing a re-, cum' of 20 per. cent.' per annum, an ..increase of'; 2 per cent: on, last year's, distributions' The. capital of the company.'is,£loo,ooo fully paid-up.■ .The' representative, is the' New Zealand! Eoan;:and"Mef6ai{til6' s a.g6noy Company. Ltd.; 555 • Collins Street. \ ; CLAN LINE STEAMERS. : The accounts, for ,1908 of the Clan, Lino Stea-' mers, Limited, i which came into the Australian "trade .show ■ that' afterproviding for ; interest , and all .charges and depreciation, there was'a'net loss of .£11,236, against a profit of,,£2i,oo»'.for the previous year. The,sum of' SfO.OOO isi-fransferred froth insurance, fund, and: adding .balance brought forward from tl>o .iiretri6us , 'yeat;''o!;;',£2Boß, the .total'at' credit■ is £31,571.V* Dividend at the rate'of . 5 per cent., including-jnterim' dividend,- absorbs; £25,000, and the vbalance,; £65^71,.-:.is , carried forward! v The company.' has.'; oi paid-up .capital; of £500,000; reserve fund, iG250;000; .•.'a£d insurance-fund (after,'.deducting- £40,000 'above mentioned), ;'£50,000.--' A ddingiprofit.and loss, £19,071; deben. -tnre stock,. >£750,000; amounts dne-bn loan to,, sundry creditor : and ' bills '-payable, £456,176; and- insurance ; premiums on risks current,£14,595 'balanoe-'slieet: total Vis. '£2,039,843 .rais,:is ;ropresentcd:--by the fleet at cost les depreciation,',£2,ooo,2oo, and' other"items.: Th rtpfcrt sMtes'that'!tho past year has-been om of; exceptional, Repression in shipping, both out ward and';Hoirie'ward rates beiijg at an 1 unprc .cedenWdlylow.levei; with, a scaroity of cargo ' IMPROVEMENT.' IN GREAT BRITAIN. Tlierff.'are'distinct signs of. improvement ii Great Britain, and. we.may sele'ot two .items o! ,ne^s- to-emphasise, this -point ...Tie Board ,'dl Trade Statistics' of tho unemployed show th( following; decline on .the six months to' March (isicompared -with an increase iri-'the corresponding period-of 1907-8. The percentage, of unemployed was .as . ■/ ■»'|,V ■; =-> : v;T ■ 1007-8- 1908-9.. ■ '""v '\X- , ' Percent. Percent. ; October; ; ..V .... ... 4.2 . ■ 9.5 November ... 4.5 " • 8.7 Decombor •"■ ... ... 5.G , 91 • January ... ! ...' 5.8 8.7 r. February ... y;.' 6.0 • ■ 8.4' March 6:4 8.2! _ In 1907-8 there was an increase in the proportion, unemployed of 2.2 per cent., .while in 1908-9 there. was ; a decrease of : 1.3 per cent.! - The changes in'; rates ;:of ?'wages staking ' effect' in March last concerned 838,900 workpeople, fewer than 100 receiving advances, and over 838,800 sustaining ..decreases. ■ - Amongst . those .whose wagb's=were 'reduced were 674,600: coal miners'ln Lancashire, Yorkshire, the Midlands, North and South Wales, Bristol; Somersetshire, aid Scqtland; .3400, ironworkers in the North of England; 4000 engineers in the Bolton and Bury districts,,: and:, 150,000 cotton operi-' tives in Lancashire and adjoining ; counties. The total ;computed 'effect 'of all the* changes ; 'was a net decrease of .£42.800 por week. ' ; : \ Tho other .-favourable feature is the review of tho "position l of' the metal market by tho Middlesbrough correspondent of "The Times," »'ho stated that 'a hopeful .feeling; continued, notwithstanding the faot that' the demand foi pig-iron;had, quietened down a little, the large contracts which had been' recently, placed hav- • ing apparently;, satisfied the,wants of buyers for the present. An encouraging feature' was the satisfactory .exports. TTho total clearances of pig-iron for April were well over 100,000 tons, while about 30,000 tons of steel have* also been shipped. ' A satisfactory,'change had come over the hematite market, 555. 6d. being the' firm and coke was in demand at,-15s. to 15s. 3d. more'for business "three, months, ahead.- :Inquiries'.bn forward accounts were being-made, and that,the/iiiiproveraent'in' this branch was legitimate was shown by .the higher price ruling for. forward businesi Foreign, ores and' coke ;woa in deman'u at 15s. to 15s! 3d. delivered it '.tho fhrnapes. The demand: for iron,did,,not absorb thb tonnage-produced,' as was shown 'by the gradual : additions made to" the stock in store's, jwhich reached 200,000 tons '• -In" some .departments of' the finished ;.iron and steel , industry better .business' -.was.being dons, makers of railway material and sheets being'kept'well'going. I Prices: remaihed unaltered. [ . ■ ■ ' ' ) ' NOTES. ■ During tub first four months !:of this, year the exports of buttor from > the' Commonwealth have shown: a very heavy decline. They reached 27,881,7961b.,in;the first four months of last yeiir, and this year they arß oiily 10,924,5751b., showing a' . falling : off ' of 10,957,2211b. That is sufficient to. indicate that tho season lias been far from satisfactory from, the dairying standpoint. Victoria shows the heaviest drop (574 per cent.), but there has been a,considerable, falling off from Now South ;Wales; likewise. The drop, means about £500,000,"in .value.

'•;...The)American Vice-Coiisul-Goneral in Winnipeg • reports that tlioi officee.of all the archi'tects'inthat with work preparatory for one of the busiest building seneons ',in Winnipeg's history. It.is doubtful if ever .'before has; there been bo much work in sight at•tb.is.period o{ the year, and;the majority of the buildlnEi.nreof .'a eubstantial.'ajii

costly type. Tiro of tho largest construction! will be the Grand Trunk Pacific Railway shops, tenders for which closed on March' 10, for which was keen - bidding, . and' that of tho Great ."Western Life Insurance offices. Other large office bnUdings arc to-be erected; two largo hotels are being planned, and numerous residences of substantial diameter. Conservative estimates of the probable cost ol building operations this v.ear aro placed at from £1,600,000 to i' 2,400,000. ' . ■ According to an American contemporary there aro more than 100 manufacturers busilj engaged in, the building of motor-trucks and deJivorv -wagon's in tho United States, and evorj few days a fresh namois added to tho rapidlygrowing list. Some of these firms aro raakiiif only a few machines a year, wliilo others agahi are turning out hundreds. Already tho industry has reached considerable proportions, but they aro, according to this journal, as nothing compared with tho promise- for.tho near future. . Customs.revenue-'collected at- Wellington yesterday amounted to £2922 2s. lid. ' ; 'THE FROZEN MEAT MARKET. (BY TELEGEATE—FEES3 ASSOCIATION— COrYIIIGHT.) ■ ■ ■ ■'■■'•' ' London, June 13. .The Frozen Meat Trade-Association's Smithfield market quotations for the undermentioned classes of frozen meat are based on actual sales of not less than one hundred carcasses of mutton or lamb or twenty-five carcasses of boef of fair average quality. ''These quotations aro not for-selected lines, but for parcels fairly .representative of the bulk of shipments. now :on tho market:—■.-■•"' . . '■,'■ -■■.'■ ■■■■'• ' Jpne6. Juno 13. Mutton— . '■ i . d. d. Canterbury, light _ _'_'.. 31 3|, .•■■■ Canterbury, medium ;3J. : 3 ". Canterbury, heavy ....... ." 2}'.' . 2 5-16 Southland ..' „__„., — . — ' , North- Island,.best '...._ 1\ . j>i , ~ North Island, ordinary ...... 2 3-16 2J '•'.■ Australian,'light ...:._...._.. 2 2J Australian', , ' heavv ....„_ -"If. -.2J :■ River-.iPlate,' light '. ....... :2£ .23 Eivor Plate, hoavy ............ 2 , 2i -.';' Lamb— ' ' Canterbury, light ......... 4} i\ Canterbury, medium -.... 4J 4 3-16 Canterbury, - heavy 311-16 311-16 '.' Southland ....,; 41 a '. ; North Island, selected ..:...' i\ . i North Island, ordinary ....'.. 313-16 31 - Australian, best' 3J , : 3J Australian, fair ...„ i..... 35 31 j ' Australian, inferior ..„ ;.. 3J 3JEiver Plate 331 33 Beef--' ' . ■'■■ " .".'"'■ • New Zealand; fores ............. 2| 2} New Zealand/ hinds .. ...... 4J .ij ' Australian, ..fores -2| 2} • • Australian,' hinds' ~;. <tj. i\ Bivcr Plate, .'fores ■■ .........'... 2j' 21 ' ■ River Plate, hinds ....,..; iyh' i\ ■■ COLONIAL AND OTkER PRODUCE. 'BY TELEGEArn—PUESS ASSOCIATION—COPYEI'qnT.) London, June 13. A' cargo of Australian wheat has been sold at 445, 4Jd., and 10,000 quarters May shipment at.4is. - ."' ,■.'.•'.': ' . Hemp.—The market is dull.. May-j;uly.ship-ments aro nominally .€23 per. ton. '{:'■ THE METALjMARKET., ■•:.: [BY TELEGBArH—rKESS ASSOCIATION—COriKIGHT.) ■ ' , London, June 13. Copper.—On the spot, .£6O ss. per ton;three months, .£6l-la. 3d.; electrolytic, £<&. - 'Tin.—Spot,. £134- 10s. per-ton;' three months £135 15s. ■ . , A -. ■ . . ...-. . ■■'. Lead.—lmports, - 18,15-i tons, ' including '2573 /uistralian; exports, 6326 tons. ■•■■■■ Wire netting is quoted, at 60 per cent; and li per.cent, off list. Tin plates, 12s. 4Jd. and 13s, 4Jd. : ' : '.-"•; MINING SHARIJS. .;• ...■'...' . DY TELEGEATH—PKESS ASSOCIATION—COPYRIGHT.) m v: ■.'■■,' \ ; ''",'■ London, June 13. 1 The following are the latest quotations:— ■;' . ; ;;'?'-v:i«:;.;:'- V/jjfiuyers";:? l ;Sellers. Waihi Grand Junction -......- 2-3 • 9 '2 6■ • ■•,' ■■■■;....; .:;....,. 818 "9.,- 9-"l 3 ■- HIGH COMMISSIONER'S'CABLE.' i The Department of Industries and Commerco has received the following oable from tho High commissioner, dated London, Juno 12:— Ihe mutton market is overstocked: and do. jresscd.-and lsnpt likoly to recover from the lepression'for Bomp time. Arrivals January 0 May, 779,473 . carcasses more than at tho last year, and largo shipments exlectod. Canterbury, brands are quoted at 3Jd. x> 2id. per 1b... according to quality, and North Island 2Jd. to 2jd. oer Ib.■•-' " ■ ■ , The lamb market is weak and inactivo, and ixcces arrivals total 495,835. Tho weather lately ias been very unfavourable to the eale of lamb ind arrivals are. likely lo .be heavy. Cahter)ury. lamb :■ is quoted at :, 4Jd. to i 4d." per - lb' ■ Sorth Island, 4M.,t0 SJd.'per lb'.; and. Ausiralian, 3Jd. per T lb. ■-•'■■•■■ ■ ; The beef market is firm owing to a good donand.., Supplies of "American chilled beef are mall. 'New.'Zealand, hinds are quoted at 4Jd Mr 1b.,. and fores at 3d. per lb.' .:''." There is a better demand for batter,* and the narket is quiet. ; but firm.;-On/account of bad feather, the Home'and Continent supplies are unallor.- : Nok.' Zealand' choicest: ie'^^quoted' , 'at 05e. per cwt.; Australian, lflOs.; Danish,'-Ills • iiberiaui'-lOOs.' . . , : .■.-■'-■■

J The cheese market is. quiet, with a tendonc; m favour of buyers. : ;Some holders' are I'oroin sales. New- Zealand white is quoted at 63s and-coloured at 61a. per ewt. ■ -~-. .■The hemp market is very, quiet, wfth, nbthin doing: New Zealand good fair grade, on spot £23 per ton; New Zealand fair grade, on, spot .£2l. 10s.'; fair current Manila, on spot; ,£22 June to August shipments—Now. Zealand , gooi fair grade,',£22 10s.; New Zealand fair grade X2l 10s.;, fair current Manila, .£21.105. pe ton j Manila output,-39,000 bales. . ■ Buyers are not keen , to do business ii cooks foot Beod, and the market is.very dull. :-.' ■■The kauri 1 --gum.; market is quiet, bD firm. . Ordinary fair to three-quarter 'scraped 1G05..; , fair, half-scraped, 1055.; fair, half t< three-quarter scraped, ■ 905.;. pickings, commoi to good, 505.; fair to good, pale.and amber scraped, 1455. .. ■ ■■■-. •. ... ■ The, hop. market is' , quiet,, but: holders, an .firm. The market is 'affected by crop roports and there is every prospect of an advance. Bcsl English is , quoted at 755.; medium, 455.; American, COS. .. . ■. ;■."•■■,. . ■ ■ " ~. - ..-,.- STOCK EXCHANGE. ; (Br TELEOBAPn.-isri.CUt. COUtttsroNOENT.! :';■ : ■•:■ '■ " ... '■■■■ ; v.--.-,'-' '■ : Auckland, June 14. A good tone "prevailed ou> the 6inre market to-day, in-investment liuee. 'New Zealand Insurances sold at. 775. od. and.Northern'Steams at 12s. 9d. In mining lines Talismans ad,yanced, selling at 535. 6d., 535. 9d., and 545. ,sellers. closing at 5-ls. and buyers at 3d. loss. Waihis.again sold at'^9.ss., sellers closing at that-price, and -buyers at Cd. less. Grand Junctions started at Id., and flnctuated between;: that figure and its. Gd. all day, later sailers quoting Us: Gd., and buyers «a-3d. Grand Junction options sold at 20s. Gd., 205.. 3d. Mav Queens sold ht 25.. 10d.; Saxons, 2s. 3d.; Waiotahis, 3s. 2d.; Waitangis, 4s. and 3s.' 10d:; Consolidated Goldfields, 185.:6 d.; Crowns, at-6s • Waihi'Consolidated,'at from 3s. ■ 2d.- to 3s sd' Waihi Extended, from 63; 10d. to 6s. lid. " :.. ■■.;',. -V v'MINJNQ NEWS; : ' : J'. ; '^ ; . PEIDE OP WAIHI AND PRIDE OP ; _ 1 (bi telegeath—peebS aesooiation.) .■■•■ ,■•'■" . .. ■'-■ ■•-• ■:, , ■,-••■' Auckland, Juno 14.' . An.option.on behalf of XondonJnvestora for the purchase of the .Pride, of property has been accepted by the directors. T£o terms and conditions are to be submitted'to the shareholders for endorsement- of the directors' •action. The Pride of Tokatea propi™ 'adjqimng Oak; just been Hoated into a company of 100,000- ehares ' V *?fe rs ' reoeiTO 30.000 paid-up to 3d.' while (0,000 were.:offered to' the public. The shares have been over-subscribed. ■ WAIHI, GRAND , JUNCTION. . ■ (bt telegkaph—pbess association.) -V ,At * e ., fi . re ' ° f fte A sTock n Exchrn e ge U to-! day, Waihi -Grand Junctions 'opened at ■ Saturdars closing price, but, .owing. to a wide' spread rumonr that the pump at tho niinowas.broken,- stocks gradually fell, 1 the last sale being 4is. .Gd.' Tho local office of the company has, howover, received no , advice as to any. accidont to tho pump. It is stated that Saturday's brisk market in Grand Junctions was, in a large measure, caused bv a London demand. ' . /

/..Buyers. .Sellers. ' Sales. £ s. (1. ,C.s. d. .£ b. d. Waihi G'd Junction 2 1:3 2 4 6 2 4 -6 Waihi 9 2 6 0 3 0 9 3 0 Waihi.Extended ... 0 6 8 0 6 11 : — Waiotahi ■ 0 2 11 0 3 1: : 0. 2 11 Waihi. Consolidated ,0, 3 2 — 0 3 3 ; Waitangi — 0 4 0 —' Watchman- 0 1 10 .0 2. 0 0 1 101 Komata lieefs . — : — 0 0. 7j Kuranui .Caledonian 0 12 0 14 . — N.Z. Crown 0 5 6' 0 5 10. — May .Queen — 0 2 l(j 0 2 9 Saxon - 0 ; 2 2 0 2 ?4 .0 . 2 2J Tairua Broken Hills 0 2 1: 0 2 - 4 0 2 2 Talisman 2 12 9 2" 13 3 2 12 6. Maoriland •.....; 0 0 95 0 0 11 0 0 9J Tangiaro ............... 0 0 2 0 0 6 — New Alpine (9/3 paid) . — 0.9 3 — . New Alpine (10/-pd.) 0 8 -3 " "-7 ' — Con; Goldfields 0 18 3 0 18 4J, New Big Kivcr : 2 15 0 - 2 17 0 2 16 0.-,