COMMERCIAL.

Dominion, Volume 2, Issue 552, 6 July 1909, Page 8

COMMERCIAL.

,;;;:<:: / THE SHARE MARKET. ■ A; sale of Wellington Woollen ordinary at .£3 was all the business recorded yesterday. Bank ;of.New Zealand, sellers 45.; National Bank, buyers .£5 lis.;' Wellington.lnvestment, buyers lli. Gd.; Wellington Trust and Loan, sellers ,£6 18s.; .Wellington Gas,- paid, buyers .818 ,155.; paid,/sellers .£l4;. ' new issue, buyers £2 premium; Now Zealand Insurance, buyers. £3 IGs. ■ Gd.; South I British, buyers £2. lis..; Standard, buyers £1 2s. Sd.; Wellington Meat Expert, third issue, sellers £3 Is.;, Westport-Stocktoh, Coal, sellers 75.; New; Zealand Portland Cement, buyers, £2 os. 6d.; •Whitcembe and Tombs,; buyers £i . ss. . ':/■■ THE - MINING /MARKET. ■'■ •-/; "At the morning call sales of Taliaman at £2 13s. and [£2 13s. 3d., ■ Watchman, 2s. 3d., and NewvSylvia at.3s. 4d. ; and.3s. sd.' ! . were reported. At 'the : afternoon call, Saxons sold at 3s. 3d. ou 'Change; :and sales of ; Kuranui-Cale-donian at Is. Bd., and New Sylvia at 3s. 4d., 3s. 4}d., and 3s. ; sd. were.reported..' .The quota-, tions, with last recorded sales, were as uh- \ ■;,.'-'. .;.-■-.. ~ <-.., ', ■ , ■'■,',-',-. , ■', ;-'-'P ■■•• ■ ■■■■"-."Buyers. ' Sellers. ■ Sales. , '-.'.'-: :;:.':-: £ s. di. £ s. d; £s. A. Waihi G'd Junction 2 5/6' 2 G 0 — Waihi t.~......_.....\;9 3 G •'-— - L '" -- Waihi Consolidated .0. 4:7 0." ._"• 8" ■' —. Karangahaie : .....'....:' 0,;! 2 ,-.' —.. ■ — ■-. Kniahui Caledonian 0 18 ' — 0 1 8 May; Queen: .......;.... 0 3: 8 0/3 10 —■ Saxon -......:......;...;.„'0 3 3 0-3 40 3:3 Tairna Broken Hills 0 2 1/0 2 2 • — Talisman ~..._„„...;. 2 13 6 214 3 213 3 Watchman .__.'_._. 0 '2 ..!'■■ 0 2 3 0 2.3 MaoriUnd ;_...;.—..:.'; ; 0 1:5 ' 0 ..1 -7 :' '—■ Taagiaro' :._._: >.0 '.:Q : (-3; O'.O 5 ■:■■■—'' Ngatiawa ■.;... __'./'O.O 3 .: ,'.—".■. : :.-^- New "Sylvia' ......_'_„: 0 3 3 ;. 0 3 5 0 3, 5 New.'Alpihe (lOs.pd.), .„"—-. ,-;0. 9 0. ■ — : .'. New. Alpine. (9s.Bd; : ,''/:' V -'• '■;'-,■ ,-jpaid) .;.,....:_._;__„.:: ■' —'.-',:;0"8'-3■'". — '-.:■' Blackwater : ...,...__. IS 6 " .'— " ' . —/ Con.;Goldfields; __./Q 17.-;9 ■;■ 0 18 ) 6 ,'■; • - ';■:■. - ';'/:':;;/^;;';.THE WOOL \ MARKET;//.: ; ; ; ;'-:r ~;The'fonrth.of,the series of London:wool sales ■'i_ 'fixed to begin to-day, and to-morroiv forenoon the local .brokers Should have cable advices of the state ; of tho market. : The quantity to be offered at; the July sales totals 150,000; bales, 'as :.cempared : wi th/ 272,000 'bales'; at; th« r *co'ire'spond-: ing sales.last. : year. : . The figures at ; as follow.:- 1 - r -.-.,';.■:.;. ; •;../.■ .'/'■/'■■:,y//',//^'.'::■';:' /'/v ',' '."' : -';-■.-■':.':.':".:'; July,. ':'.." July, :■/' '/"-/ ; v "'•■'■•■' ■''■■' / /-' 19Q9..', '■■■ ~.1908.'. -'■ '■'•'.'•■■'■•!''■■/ '"■"'■■::-: -"•■-';'''■•'., '.:.-'.' Biles.";'."-'-: ■••: Bales. New arrivals' 275,000 -.' . 225,000 .Less forwarded direct ....„ ,135,000 73,000 /.•'■'■//;/"■/;" '//; -;.;i40,b00//. .152,000 Add: quantity carried- over 10,000 .120^)00 V;/;/-'/:-/H/':■/:■'v/i/;150,000/, ;m'272,000' The to. be offered ; comparatively small,, but,'nohvithitanding;'that,; there 'is a prospect.of tho .market exhibiting/" weatness. If ...we ; take .the -quotations '-for Bradford tops :jveobUin-the'following:—,..;;; /;, -,;<.->;'■'. / ...•> '•;'"■ ■■'" /'' /' ■': •■'■■'■' '.'■-'■■' "May 5; J_ly,2. Decr'so.' '•.-;''■• Top' 9.'-:-.■.•;'■.-;: ::'/■-:.;■?,: ■"..'d. ■■'■ ■-.v-'-;3. :V;.d.>- .- Forties ■' 13 ■; ■ :■< 121 ■' /' 0| ; Forty-sixes''••; .._._.„__„....; 15' ■ ■ Mi'- •. ':'■■ OJ.-' Common Go's, ■:■. 26 .""■•' 251 -'''-'■ 0J : Super 60's: .:....„..:...„„..... "27/ ■-•■264 •'■■ ■ o}- :: 'Sixty-fours . ...;.„.„_ ; .„,.....,;28.'.■;.-•; .Z!i?,..'.]■ ,o}\ , There is a'general decline;,in values; and all counts ;except,-common 68's exhibit: the..'- same. .measure of. decline,' and.; this' movymont : is ■' certain, to be "rei-ected in the'price of the raw ;rflaterial..;^:.' ; - ■;• >".;/■>. " ::'-.: :-\ : ;:.) ;V V/--''",-"-'-.;': ; :V<.At i .the.Antwerp:;wool.sales last : week buyers showed. hesitancy,, and;' prices, ideclined': 5 to; 10 for; medium sorts, and coarse wools .■were," neglected; "The Antwerp, sales' give a' fair iidicatioii'of'the pissitiw. 'Besides;these'-fac-' tpre.-wo have the cabled-6tatement"6f Messrs. Daljety and .C0.,-dated. July 1; which says :f----.."'Expect.that, if,: any "change in: prices' takes .place,; it,'.will' be in favour of buyers." -. :. Tho latest available evidence' points to the' probability of,a decline of 5 to;. 10 per "cent., and. both fine and coarse wools'.-"are likely to bo';'affected. /Fine wools'have been' rushed to a great.'height; and a reaction has-:beon expected. ,A\,wobl!:expert,.. writing,'to..' the •"Financial. Times" immediately after '.the of /the ?May;.sales; : :said:4-'There is ;:a concensus'■'. of ppinion- that - merinos .are' : how;. getting , well zbne,,..and : it' is. .a .serious Question' how : far/fine' wools'- can -still ■ further; .'would' like' :tb.'-6ee arepetition of the tragedy.of 1907-B,'and, ;-hsjsTer> good"tr_do': ird'ay be; ■ there ; :is.'; no dis-'guising-thefact.that-;merihbs'are'now border--ing'on/prices.:current in.Oetober, 1908.:-: As I have said; already, there is undoubtedly a good: trade doing in all consuming.cehtres, but I- am fiatifificd'tnat there is : in hand and in pros-.' pect-sufficient wool to ;meet the 'consumptive requirements of - the. entire . trade, ■ ;and.' it'is indeed questionable if much higher prices, are /warranted;:'.''VAt ■:current■ 'rates 'the 'trade will. undoubtedly.lift all: the''fine -wool. available; i butUhero:iß..'.abso'lut6ly', no; heed.'to'go/on; forcing as has been done since last January.- ::'.\vith.>:coarse'.-and-medium: crossbreds it Is otherwise. iThevtiric'e'.iat';.wWoh.good 40V : w'ool' is,.selling.is;still reasonable,/,;.and■'-.mariufac-.turers, already say/.thai;more, patterns-:have ' ; been'.taken:fip'' for. next year's: spring and sum-' mer;-'t'rade. Jthan for; some Jyears/back. /'The ■ situation■-. is. sound 'enough, :■ and ;what the whole] tradeVshould be concerned about is the .fostering,and'dovelopbg.of ;ihe indiistry.nand; not-killing' the:,saniß;'.w.ith extravagantly.'high prices There" is also "oveTv prospect of the next Au'rtralian clip being shorn early, and it, too, is likely to bs a record ono" Just now crossbred wool is affected by the European and North Amencan clips, which aro now available However, if a fall m values is registered it maj be 6et down as one of tho normal fluctuations from which a recovery will speedily follow. , Customs revenue collected at Weßmgton yesterday amounted to _!1378 2s. 7d. WELLINGTON MARKET EEPOET. Messrs Laery and Co., Ltd., Wellington, ro-| port wholesalo pnecs ruling on the market — Wheat, fowL 4s 8d to 4s. lOd ; feed oats, 2s. to 2s 4d., dun oats, 2s. 2d. to 2s. 4d , ' seed oats, 2s 4d to 2s 8d ; Algerian seed oats,' 2s 6d. to 2s 9d , maize, 4s 7d. to 4s. 9d., i crushed malt, 7s , fowl barley, 2s 9d. to 3s , | Cape barley, 3s , horse beans, 4s. 6d. (all at i per bushel), ncemeal, £i 15s to i 5, flour, New Zealand .£ll 10s. to J_l2; bran, £i 10s to £o Is ; pearl barley, _316; peas,partndge4s.9d; Prussian blue 5s Jd to ss. Gd., fowl peas 4s, split v£l7 10s , bonodust, euperphosphates, io to X 5 5s , pollard, £& 10s to £b 15s , guano, £i 10s , chaff (oatensheaf), 5s to £3 15s , oatmeal, £10 5s to £10 10s , potatoes, £i to £5 10s, seed potatoes, £o to £7, imported seed up-to-dates £7 to 7 Ids., omens, £5 to £7, mola«Bcs fodder, £5, bacon (factor)), sides 7jd, hams Bd., rolls B}d , butter, bulk, 9Jd. to lOd. Poultry—Hens, 3s , ducks, 4s to 5s , turkeys, gobblers lb to 12s, hens 9s to 10s , fresh eggs Is 7d to Is 8d ; preserved Is 5d per doz, cheese, 6d to 6Jd. per lb, loaf 7d to 7jd. per lb , Akaroa machine-dressed cocksfoot 7Jd to Bd, farmers' dressed 5d to 6d per lb., ryegrass, 3s 3d to 4s 6d. per bushel, Italian ryegrass, 3s 6d. to 4s 6d bushel, white olovcr, 70s to 75s cwt , red clover, 65s cwt, cow grass, 65s cwt , alSike, 82s 6d cwt , mustard, 40s. cwt, trefoil, 37s 6d cwt , rape Eeed, 2Gs a\rt, timothy, 32s 6d cwt , swede and turnip seed, 60s civt HIGH COMMISSIONER'S REPORT. The following cable mes«igo has been received by tho Department of Industnes and Commerce, from tho High Commissioner; dated London, July 3 — Tho mutton market is overstocked, and dopressed. New Zealand arrivals during the last fortnight 25,500 Stock is accumulating. There is no room, to 'store more; steamers cannot discharge, and are being/Used as stores. Canterbury mutton is quoted at 2Jd per lb, North Island at 2]d. per lb. Similar remarks apply to the lamb market Canterbury lamb is quoted at 4d. per lb, and North Island at 3Jd per lb Arnvals for the six months this year —Mutton 1,000,000 carcasses, and lamb 950,000 carcasses, in excess of same period last year The beef market remains firm. Supplies of American chilled beef are small New Zealand hinds ar» quoted at 4Jd per lb, and fores at 3d per lb The butter market is quiet, but' firm New Zealand supplies aro practically exhausted Choicest New Zealand, per cwt 100s, Australian 180s, Danish 118s , Siberian 10OS Tho cheese market 19 slightly weaker, with less demand. New Zealand 595, Canadian 58s The hemp, market is steady, with moderate inquiry. New Zealand good fair, on spot, per ton, £13 IBs , New Zealand fair grade, on spot, per ton, J522, fair curront Manila, on spot, £22 10s July-August shipmonts, New Zealand good fair, per ton, £23; New Zealand fair grade, per ton, £21 r>« , fair ourrent Manila, £22 Manila output 28,000 bales. Stock ,200 tons. The wheat market remains firm, at last quotations, viz , Now Zealand long-berned wheat, 465. , Gd.'; New Zealand short-berried wheat, 455. 6d. ' , The oat market is firm, and prices continue to advance.; New Zealand oats, short Sparrow- ' bills;,ex granary,.on spot, per.quarter of 3841b., " 265. 6d.; New Zealand oats, Danish, ox granary, on spot, per quarter of 3201b., 20s. ' , [ , Beans—Market active, with a good demand. ■ Supplies do not meet requirements. Now Zea- > land beans, f.s-q.j' old crop, per 5041b., 365. 6d.

Peas.—Market firm, owing to reduced sup- : plies. Now' Zealand pens, Partridge; per 5041b., 495. Gd.; New Zealand peas,.blue, per 5041b., 355. Gd. .The wool market is quiet, but steady. ,Tho cocksfoot, seed market is'quiet, and buyers are not keen to do business. Average price for bright clean TJew Zealand cocksfoot seed, weighing 171b. per bushel, on spot, per cwt,, G6s. nominal. ' ' * ■River Plato shipments arriving during, June: ' /' Mutton. Lamb. London ... ... 80,487* .33,504 -'■i -Livorpool ... ... 164,679: . 15,912 ; Hull ... ... ... 5,759 .1,821- ■ : Newcastle ... ... 9,912. 357 ■■/' Cardiff .... .... 13,938 .-■ .- ■•';'•: THE FROZEN MEAT .MARKET. (By Telegraph.—Press Association.—Oopyrielit.) London, July 4. .Tho Frozeu 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 beef, of fair, ayerago, quality. .. These quotations are not for selected lines, but for parcels fairly, representative .of tho. bulk of the. ship-.' merits now on \the' market:— '■■:' ...,'. : •:' : ".'. June 27. July 4. Mutton— ,••..■'"■ d. d. Canterbury, light .» ', - 3 7-16 3} Canterbury,; medium „...„... 31-16 ,3, ■ Canterbury, heavy .:_„__ 2}, 2} Southland ..;........__.'., _.;. ■—' . — North Island; be5t„....._... 29-16 29-16-•North Island, .ordinary ;_.;.'•' 2\ •'.■•- 2\ Australian,, light-...__.__.__;2f. : - 2i Australian, heaw 23-16 23-16 River Plate, light. _.'_..._.._; 2| ' 2$ ( . ■Eiver Plate, heavy ..._..'.::..... ..2i / 2i Lamb— : ; /' ; '.:./,'.; '■ ; //•-"■/ '.■•■■''' i'Canterbury; light. ! ;__..' 4} '.;. 41-16 ..Canterbury, medium ...___.. 3g ,3}, /Canterbury; heavy .„'.—..„.." 3J ' 32 '. Southland ....._.'.... _.„_.., 3|.'■-. : •■>"&..'' "■ '.North Island, selected ...,'._..- 3J ,3| : North Island, ordinary ..._./3| : , : 39-16 .Australian; best _.....__.. 31- / 3J .'■ ■ : 'Australian, fair ..:„..„_,;„. ■ 3\.'. V 3J ■ .Australian, inferior __........ 3 ■.' 3 '. .-River .Plate ......__.___...„. 3i,;,-...:.. 33-16 Beef— ':"..? ./New Zealand fores. ;.'..____„ -2s/ " '3 . ; .: :New-Zealand hinds ....__._.., 4f,/.;':-: ;4},.-/ : - ■Australian fores .'_' „„... :2J > . "2J-- / .'Australian, hinds ...___......... 4i v • •• 4J River Plata fores _._.._._..- 23-16 25-16 .'.-River Plate hinds .___„__.. 45-16 ' 45-16 '■ ■: COLONIAL AND OTHER: PRODUCE:. /V (By Telegraph.—Press Association.—Copyright.) '■"''■'■..■ , ! . London,- July 4. '■':' Copra quiet; South Sea, in bags, £19 12s. Gd. An Australian wheat' cargo; has been sold, at 455. 7id.. per ■ . '"'• Hemp dull; prices unchanged.: Linseed 'oil,. 26J. '•■■' ''":'.v;..r "..Kaurigum 'stock,; .341' cases .' ..'v.'. \: vAt ; the hide sales the demand :was : inactive,: and , prices; were unchanged.'' ..-Leather -is-.ld.': dearer; .first-Wellingtons,' 14d. to 14Jd. Basils /firm's.;first ;Wellingtons,, 152di;'to 19Jd. ::/,,.;,.;■ .■:/„,' ' /ANTWERP; WOOL- §AI_3S;;;///J ■'; --V /(By Teleßraph.—Press; Ass6ciaiion. : --CopyTlß!it'.)>'' /;'T-;::-.V\Lbndori;'July / '4 v ■; ■■ The : Antwerp wool-sales, have* Out of 2607 bales La Plata, offered '1477 were' sold, realising Wedriesday'sVpficcal'/.iOut^of-a; total of. 7759 ,La Plata. offered;;266B;wero'.sold, and 400 Vwereboughli; privately:' .:'■ ' / •'■'■ ' .-'" i■ /.-. THE /METAL \ MARKETS;''.'/ ■;;/.'';,'.' '(By ■'Telegraph.—fcr'ess. Association.—Copyright.). v '■"''"■;•':'(..' ', ■■':' .;'■-''., ?.'£',/''•:".'■*. London,; July '4. ' '.'Copper, three months/..£59 12s. 6d.\psr ton/ -'. Tin.—Spot, _>131 per -.ton;, three, months, '_2132 12s. 6d. . -- ■; ;;',;/.;■-; Silver,- 23 13-16 d.' per/bunce// ''~/'//:.*;■',"'.:,> j : ; Tin plates, 12s. 6d.:;. •' ■'; m ';£. (By Telegraph.—Press Assoclation.^-Oopyright.) :'/•' /■:'"■/."/'/ / v '-: London, July \i. ■ Waihi Grand Junction, buyers :155., sellers 475.: to;V . ;;■;■ .■'. ■/' ;; ■^.V/-'-/'.;■;://:-■•/•;." ';/v// : ;'.,': GOOD'/iRETrjEif///■/'■/;:,. V.' ; 763 ; OUNCES .(JDLD FROM 700 TONS. . ' The :6eoretary;of ;the';AYellington/.Stock .Exchange received 'a: telegram,last.evening,giving' the June; return,f6f.the J .Bh;i.Eiver mine. : The* return reads:—"Cyanide; 60oz. < 9dwt., bnUioii; battery,- 7020z., 12dwt; melted'gold from 700 t0n5...... The, total, .value .is £3000.":/ ■ ':;/-:'./."/-; ; -;STpGK.!EX^HINGE.-/-;/:-'', ?[ ?~[ ■;','. /(By Teleeraph. i rPrcss Association.) .; ;'/•,.-: .'.■"••'; -"•': <Dunedin,,July 5. :,-Stock Exchange .Sales :-rNew?Zealand'Portlandcement,,iE2 Is.;;. May' Que'eh;- 35.-7di';.',Tairua Broken Hills, '< 2s. 2Jd. Waihi: Grand Junction, ■£2 ss. 9d. ,Sales Reported:. New Zealand Paper, M'.Zs.' 6d. j ;Waihi Grand Junction,i £2'ss. 9d., i_3...65... Quotations:—Blackwater - (contrib.), buyers 2s. 6d-, sellers 4s.;;'Electric, buyers 55.,-/ sellers .Gs: 9d.; ; Enterprise,- buyers '2s.' 6dU, 'sellers' ;8i 3d.; Goldeu Bed, buyers 95., sellers 10s. 6d.; Hartley'and Riley, buyers £1 Is. :6d., \ sellcra £1 3s. 6d.;; Island Block, .sellers 35.; Lady Roxburgh (paid), sellers 'ss. Gd.; ; Masterton,-,;sclle'rs 10s.; .-Manuherikia, sellers 125.;-, Mystery Flat;.buyers;^l ; Bs. : ;- -No Town Creek,- buyers11s.';.' Pactolus, sellers 10s.; Rise, and Shine, buyers £V lis. 3d.; sellers ißl.l3s.;.Rising Sun, buyers; £1 :"133.'. 3d.,;sellers. _31. 15s. \ : i Sailbrt' Bend, .sellers 10s.';'. Stanley Paracale;- buyers'-'ill-Os.-'&d.j sellers £\ is.' 3d: Mining Stocks:—May Queen, buyers 3s 6d.',\ sellers '3s: 8(L; Consolidated Goldnelds, sellers 18s: 6d.; Talisman Consolidated, buyers 13s.,.seUers\£2.-,135. 6d.; Tairua' Broken' Hills,; buyers/2s. 2id,' sellors 2s' 4d.;'Waihi Extended,'buyersi6s. 3d.,:sellers 6s; 6d.; Waihi Grand Junction, buyers. £2 ss. 7jd.', sellers, £% 65. : ; Waiotahi,. buyers 3s. 3d:, sellers 3s'.- sdl Investment . buyers, £5 12s.'"6d.'j National Insurance, buyers £1 Bs. ,6d.,sellers £l Bs. 9d.; South' British: Insurance, buyers ]£2 13s., ' sellers £2 155.; Standard Insurance, buyers £1 ; 2sj! 9d.; Union Steam Ship-Co_-sellers _31145. 6d.'; Perpetual Trnstees', Co.,.buyers,: 17s;;;Dunedin Stock Exchange Pro'perty, buyers £2 10s.; D.I.C. (pref.), buyers £i -ls.'.-6d.'; sellers £1 2s.;'DJ.C. (ordin.), buyers; '55.; New Zealand, Drug Co..(^2);tbuyers £2 Gs; 6d. ; : sellers ;£2-Is.\ New Zealand Paper Mills, solleTsil 2s. 6d.; New ' Zealand Portland cement, buyers os. 6i; Donaghy's Rope and Twine, buyers- £1 os. '3d., sellers £1 lß.;.Shar-Jand-and flo. (pref.), buyers'iSl.-.,:/.: - , (By OorrcsDondenU. ; : / /;: ' :/Auckland, July 5. v Business in mining. stocks. was brisk today,'; the following being.the' principal sales/-HWaihi, . £d 55.'6 d.; Talisman, 545.; Waihi Consolidated;. 4s. Bd.; Waihi Extended, 65.-5 d.; Waihi Grand Junction, 4Gs. 3d. to 465. to 465. 3d.; May Queen, 3s. 7d. to 3s. 6d. to'3s. 9d. to -3s:i&L; New Sylvia, 3s. 4d., 3s: 5d.; Saxon;3s. to 2s.- lid. to 3s, 3d. to 3s. 2d. to 35.,ed.; Victoria,: Is. 10d;.t0.25. Id.; Waiotahi, 35.;5d.; Waitangi, is.; Crown,:6s. 2d. Closing Prices-.-rWaihi,.; sellers-:je9. : . -53.' :6d., buyers .£9 55.;-. Talisman, sellers 545. .3d., buyers 535. 9d.; Waihi Consolidated; sellers 4s. ' Bd.; ; ,buyers 4s. 7d.; Waihi Extended,^sellers'6s. 5d., buyers 6s. ,4d.;,Waihi Grand Junction, sellers 465. 6d., buyers 465. 3d.; May Queen, sellers 3s.:Wd., buyers ■ 35.. Bd-;: Saxon,. sellers 3s'.: 6d., buyers 3s. si; New Sylvia, sellers 3s. 6d., buyers. 3s. 5d.; : Waiotahi;sellers3s.6d., buyersSs. sd.s. Waitangi, sellers 45.,. buyers,3s. : lid.; Crown, ' sellers 6s. 2d., buyers 6s. Id. ./ ;;' /'• / .THAMES DEEP LEVELS.■■// './•■„ , '■•';-.-. (By Telegraph.—Special Correspondent.) ■■■'.'.■'.■ /•■•'■ Auckland, July. 5.:.,; ', The directors bfsbmeof theVcdmpanies in> terested in putting, in a .-level from the bottom of the Queen of Beauty'shaft.for.the purpose of" testing the Thames; field at a depth' of 1000 feet are setting energetically to work to. raise the ! required money without any delay. .The Waiotahi' Company, of 'courso, has; tho,'money "in hand, and that is also tho'position.of the Kur'a- ; nni Caledonian; Company. The/Victorian oorii.paay has already decided to issue.shares to raiso a portion of' the amount required,' and this morning-the directors of the Saxon G.'M. '. Company'met'and decided to submit, tho fol- .■ lowing scheme.for the approval of shareholders: —That the' capital of the\ company bo increased from- £17,500 to .£43,750 by, the creation , of ,150,000 shares at;3s. 6d. each. :Of this number it is proposed to hold 50,000 in Reserve and issue 100,060 to shareholders at - a premium of sixpence per. share,' ; such-'shares to be-considered as paid up to Is. 4d. each.. Present shareholders will thus deceive/one .share for every ono held upon payment - of' sixpence. This will' provide tho £2000 required for/that company's propor- ; tion of thocost of .the low.level tunnel.