COMMERCIAL.

Dominion, Volume 2, Issue 595, 25 August 1909, Page 10

COMMERCIAL.

:■ INVESTMENT . SHARES.

■ A'aale'orOhris'tohurch'Meat at £10 lis, was' ■' all the business: recorded. -Bank of New Zea-. -land, buyers £9.145. 6d.;'National Insurance, buyers £l;6s. 9d.,' sellors £1 9s. 3d.; South.British Insurance,, buyers.£2 125., sellers £2 145.; Standard Insurance, buyers! £1 3s. 3d.;' Welling-' , ■ ■;: ton Investment, sellers Us. 9d.; National Mortgage, sellers £3; New Zoaland and Elver Plate, ..buyers .£l:l4s. 6d„ sellers £1 155.; Ohrlstchurch ■ Gas, buyers £9 55.; Fcilding Gas, buyers £1 ■ -•■' Os. 9d.; Palmorston North Gas, sellers.£7 -155.: '■■■" Christchurch Meat, buyore £10 10s.; Gear Meat, £4 paid, seller!) £10 65.; Meat.Eiport, third issuo, sellers £2 19s.;'Now Zealand Shipping, buyers ■ £?; Westpb'rt Coal,-sellers £6 145.; .ttestpprt- .-•■ Stockton,- sellers 7s. 3d.;. Wellington Woollen, 'buyers £2'l9s. 6d., sellers £3; Leyland-0 linen ■Timber, sellers £1 2s. 3d.; Taranaki Petroleum, 1 buyers Ba. '. f . ■", ...LOANABLE CREDIT.'- .- .' '~;' ' The outstanding feature of the moment is the abundance>.of loanable capital now availablo, and a no less striking feature is tho excellent demand that exist 3 for credits. In., London money is in plentiful supply, and,-notwithstand- '- ingthat tho capital applications have been on an nnpreccdentedly large scale, rates show no : tendency to . advance. The' autumn demand, x which hat: yet to manifest itself, may bring about a slilfening of rates, but,' as.money.is plentiful in most countries, the chances are that '■""' there will be no disturbance "in tho monetary .' rates. In Berlin, and in. Paris, the conditions 'are practically the same as. in London, while, as regards .'Now York; Messrs. Henry-Clews and Company, in their circular dated July 3 say:—. '■ ' "The local monby market continues well supplied with' funds. Wostorn banks have largo -sums on deposit hero; bo also have tho Canadian institutions. The latter, have over 20)000,000. ' dollars on .'deposit-in Londonand New York, the '•• largest -portion being in this market. As business recovers andv crop demands assert tnomBolvcs, theso funds will be withdrawn, and then , we may experience a slight hardening m_ rates. ' but this'contingency is'not immediate. About. '■' 200,000,000.' dollars' woro . distributed ■ for , dividends and interest on July 1, and this, of - course, is an olemont of' support in investment 'circles. : There is an abundance,: however,-of enterprises new capital,, and con.se : ■ qu'ontly nqMack of - opportunities to investors. : This is prived by the fact that incorporations in June',anioi"i'e d -- to ncari y 300.000,000.d011ar5, and were the highest in any month since Janu-J ary, 1907.";! Coming, nearer home, money is in : large supply in, Australia, and even in New Zealand loanable credits'have greatly increased.. The banks- aro.Vwell provided-with -funds, aro ■•'■•■■■ now looking forVauitablo investments, and' are v ready and able.to ,'nieet'all legitimate demands, but emphasis- must, be ■ placed on the word legitimate. Tho bank's will not encourage speculation, nor aro they likely to' help in the m- ■' 'flation of land "valUes. :: -Thorp 13 iplenty. of. money to: finance theVexports of the Dominion,,; and farmers .and traders; will .have, no trouble in obtaining/what money :they. may need for their - respective, businesses.,. , . ~-■,.. > --.■■;. | r- : -:.--- .'-''.'AMEpiOAN; .'m'EA'T '^ETJST.r >: 'v ,'.'■ '•' Bumour]a ,are%urrent' in Buenos, Ayros that' the Amoricau /.Meat:. Trust.' intends rip., acquire more freezing works in : Argentina/rand tho names of'three' existing, companies-vafq,, mentioned in'donriection therewith; In' commenting on the'.matter, thei ."Review of the River Plate" remarks -that' ono' concern • referred>-to flatly.' contrridicts the statement,'.. and ' that' it., 'would -require >an "exceedingly :hi'gh. figure:, to purchaso-: the/.other two : works.'.; This journal points out .th'atV'atthough/.the.trust'intends to obtain control, of the: Argentine.freeling indus- . try if posslble.'-there- must be'.a'limit to even the' amount; of money .that'-it. is willing to nay for . established'-'.businesses.:,'Should.,the'"trust : .. .acquire a, firm, hold up'on'/.tae,.. local, market, the Argentino"''ranchers' vould.,>have to take . what was offered :themrJor their, cattle, 'as, has • been the.- case i with live-stock;, breeders in; the : ; United States. .'.lt is' -further /reinarked .; .that. - one : thing .the-'.trust will riot ;bo'able, -to do .is, •to-tamper with''the railways, by'getting secret ; ' rebates as they 'do in ; the States, ,as'.such, a : question has already been-provided'for in the - railway law.":, That the, trust will 'become considerably -interested in 'the Argentine .'.market, there is. not; the' least, doubt, but; it will ..not •' find matters': quite as easy ; as- they -are- in the States, nor will it be able, to have it all".its "own .'• way. The"Revicw" states that -owing-.;, to, the severe; drought-this .'year ■; there, .is ...likely to be a con3idorab!e:".shdrtago-'?of: stock Mn: about a couple of -years', time. ■Bain ; !can'now'.dd, no good in those'•-places which ..h'avo. been ; thorr oughly dried : up, as the frostsJwiil. prevent ■.' the grass coming .up.' The' outlook. for..- freexers ■';■'.'■:for some time.:;to come is . riot, satisfactory, l as • they will h'ave'to pay high, prices for, all .tho cattle that they require.' .and. niorq '.especially: - will this bo : the case with/cattle for. chilling, .-'. as only the-best class is'iised for .this'.'particu-. lar-branch .'qf the,.industry.:: This -prospective ■'shortage of" Argentine, beef ought ".to. improve the prospects of similar-meat from/Australia. ;

. • : ■.-. BltfTlSH/SAVINGS '-'BANKS; v.''- -'■ ■ Savingß banks' deposits are.,once again increasing in.-thelUnited'Kingdom,,whereas during the tinfeStlfat..'money, was'tightS-in Eurone and Amoric.v-'they stood practically''still. The total the; Commissioners for the Roduction of'the National Debt; as; on June 19, was £214,754,335, an increase in-twelve months of . £4,618,340,vand .in addition, the"''amount .in-. "vested in. Government stock!on behalf ofi'eavv ihgs bank "depositors'.was-£23,519,647;'an", increase ' on the year-.of ;£63t,647... This 1 makes"the' totaladdition on the twelve months £5,249,987. The new form' of stock, in which all the interest ■ payments nro added to "the principal for a period of years, however, grows but slowly, and the total in the various Government stocks (mainly. Consols)' is 'only J52.051.0C0. Still,- the .'■' form of security ought to be fairly attractive, and a sum'invested for a'-minbr, or othcrbeneficiary, will automatically' double.'itself- within* :,a .given' period, or-less of the : stock,'.is. at;-.a. discount,-, without any action . whatever oh, the part of the investor. It would be interesting to initiate these, forms, of. investments here;

' ,■."GEKMAN WOESTED COMPANIES.. '..;.,-. The'.worsted industry in Germany 'was.severely hit by the" general', reduction of,, prosperity in IMS. Not only was-reserve'manifested by consumers from the beginnir.g of the year, but the markets for raw, material, which in. the'.early months suffered fr6m telling prices, also, contributed towards increasing the insecurity of the situation, and brought about losses, by the. deprciation. of stocks andVmanufacturcs. If., oh the other hand, an improvement,took place in the latter ■ months,, of < tho year, which Jios continued;'in .'the :prcsent>:'ycar, this wasvinsuf-. flcicnt- to- compensate for ithe more unfavoltr-"" able results of the preceding months. Under theso'. circumstances the dividend? are much smaller than those paid for 15C7.:i Taking the results obtained .by the large companies for the yar 19C8, it is'fonnd that 26 worsted spinning and weaving mills, with a share capital of £3,330.500, have.' .been; able to'distribute or.ly, £214,000. or an aver< age of 6.43 per cent., as ; 'comparcd with £326,000, or 9.79 per bent, respectively in 1907. . Only four, companies wore able to pay the same "rate as in 1907, 14 companies distributed a lower rate. ,ind eight paid no dividend at a l .!, the latter comparing w)th two ; in 1907..

' Customs s reycnue collected at .Wellington -yeV icrday amounted-to £1921 17s. 4d."

; •'• LIVE STOCK SALES.' Messrs.. Abraham and Williams, /Ltd., report on their Johhsonville sale, held yesterday, as follows:—A good entrj; of prime sheep and bullocks sold at late'" rates. Best bullocks, £3 6s. to £8 10s.:' lighter,, £7 Ms. to £7 17a. 6d. ; plain, £7 55.; extra prime heavy wethers, 19s. Id. to 19s.'--3d.: good wethers, i7s. Id.; medium wethers, : 15s.v2d. to 165.; medium quality ewes, 14s. Id.; light'plain, 145.. Id.

Reporting on the Pahiatua stock sales, held yesterday. ;our local correspondent states as follow :~Jlc9srs. Abraham and Williams submitted a fair. yarding;of sheep and cattle to a good attendance, and disposed of most the sheep at market values. Cattle also sold well. Prices: Two-tooth wethers, Us. ICd.; mixed aged ewes, in lamb, 12s. 5d.; f.ra. ewes in lamb, 10s.; small hoggets, 7s. 10d. ! Cattle: Two and a half year steers, £3 ■ 13s. 6d.; mother-reared yearlings,- 405.;. others, 305.; cows in calf, 425. 6d.. to 61s:; springers, £5 to £5 ss. r springing heifers, £3 .175,.■ 6d. to £5 55.; backward heifers, £2 17s. 6d. to £3 10s.; empty heifers, 493. to 523.; yearling heifers,' 335. Cd; to 405.; forward cows, 48s. to 575. 6'd.; store cows, 325. 6d. to 435.;-bulls. 403. to 60s. At Messrs.-. Dalgety and, Co.'s sale prices also were good..' Hoggotß 125.; fair dolls, to lis. Bd.; backward do'., 85.,5 d.; .two-tooth ewes\in iamb, 14s.- 6d. .to 14s. Bd.; f.m..'ewes in lamb, 13s. 6d.; 18-month steers,.'4ls,;.',springin'g heifers, backward, 70s. "to 785.; springing, cows, £4.75. 6d. to £4 155.; empty cows, ,425. At thoNew. Zoaland'Loan and , Mercantile ■ Company's sale prices were as follow:—Two-tooth wethers, 13s;; f.m.-ewes in lamb, 95.-3d.;."mixed hoggets, 9s. 3d.; dairv cows, good, £7 ,55.; others, £4 to £5 ss.;.heifers.- in calf, v£4 ss. to £4-12s. 6tl.j lato ditto, 625; 6d. to 605.; two-year heifers, 425. 6d.; fat cows, £4; store cows, 405..

: FRUIT AND PRODUCE REPORT. The New Zealand Fruit and Produce Co., Ltd., report prices ruling in their market for.the week ending August ■'23 as follow:—Potatoes, 4s. 3d. to 65.. 3d., ewt.; Seed Dates, 65.. to 7s. cwt.; onions: (local), ss. to 7s. cwt.;. onions (American), up to Us..cwt.; lettuce, 3s. to 7s. ' 9d. case; spinach, 2s; 9d. to 45., caso; . swedes, ,Is. Cd.,to Is. 9d. cwt.; carrots, 3s.' to.' 4s. sack; parsnips, 2s. to 2s. 6d. sack; pumpkin, 3s. to 3s. 9d. gssck; cauliflower, ss. to 9s. 3d. sack; turnips,' Is. 6d. to 2s. sack; beetroot, 2a; Bd. to <ls. 3d.'sack; marrow, Is. to 2s. sack;-cabbage, • 4s. to 7b. 9d. sack; mandarins* ss. 6rt. to 75.; lomons, 6s. to 20s. 4d.;.Tasmanian pears, 201b., 7s. 6d. to 95.; passion fruit, ss. to 7s; box; pines, Bs. to 9s. 6d.; apples, extra choice, Jonathan or Dougherty Bs.' to 9s. 6d., medium, Jonathan or Dougherty 6s.'to'6s. 9d.; cooking, Epps Seedling 4s to 65., cooking or Washington 7b. to 8s;, Tasmaninn Scarlet Permain 9a„ Sturmers 7a. 6d. to 95., French crabs Bs. 6d. to 95., stone pippin 7a„ russets 95.; -Island oranges (scarce), ■ ]2s. to 13s. 6d.; eggs (fresh), lid; per dozen; hens. -3s to 4 8 . pair; chaff,' £3 to' £3 10s.; bran, 9a. per sack; turkeys, 9s. to 10s. pair; ducks, Es. to ■6s pair; batß, 2s; 2d.'to 2s. 3d. bushel; peanuts, 20ar to 225. sack; -preserved ginger, 6Jd. per. lb.; ' walnuts, 4d. to - 4jd. per lb.

'PRICES OF.METALS. (By .Telegraph.- Vrttf ■ (Rec. August "JM, 11.35 p.m.) '■?•..;■.', . ■''.' London, August. 24. Copp'er.-On the spot,.-£59 155.; three months, £60 13s. 9d. per ton. ' . Tin.-On the spot, £138 7s. 6d.; three months, €139 103. per'torn - ■■■ ,■ . - - •' . Lead;-£l2 10s. per ton. ......

WHEAT AND FLOUR. IDy Telegraph'.-!'"" 'Aamrlnlliin -Onpyrlclil I ' ' ' ' Y ' ' '.;■■'"■ London, August! 23. ' Tho total quantity of wheat and-flour nlloat for tho United Kingdom is 2.300,000 quarter,,, and for the Continent 1,280,000. ..Pacific shipments, 251,000 quarters. , ■__ ' TAKANAKI 'OlL'.'-: ■ ' : "''."'PEOGEESS OF OPERATIONS. Illy Telegraph.-Prcin'Awint-lallon.l Now Plymouth! August 24. An obstruction in the No. 3 bore of tho Tnranaki Petroleum Company was) cleared on Monday night, ,and prospecting', operations resumed. This morning tho oil had risen 1500 feet in the well; and several barrels' woro scoured (luring tho day by means of tho tedious sandpump process. Tho sample of oil is the beat ever secured on the field, a:id is extremely rich in paraffin wax. A thorough testing of this bore cannot be carried out immediately, as tho only .pump available is in use at Np. 2 bore: Tho directors met to-night, and cabled for a new pump, to be delivered at the earliest possible moment. The pressure of gas is cnormous, and workmen in conscquenco are quickly incapacitated, necessitating a regular adjourn-, mont to the-open-air to recuperate. ArrangeVnenta have'been'made to alternately spell the hand? at No: 2 bore,-'where Mr. Berry commences 1 his challenge test early next. week to produce a minimum of 20 barrels daily, Every, ■thing is now in readiness for the tost. This '.well has'" been producing 15' barrels daily for some time. The pump was again set going. this afternoon, and oil is now flowing.freely, ; ... ATJOKLANP..SaBTJEBAN PEOPEETY. ' ... .. A.,,LARGE DEAL. v . >' (IJy Telegraph.—l'rcpa Acanriallon.) i .'•'.' ■'. Auckland, August 24. ' A large deal in'snburhan. land took placo last week on behalf of a local syndicate, when Mr Olive Nicholson purchased'. 63 . acres of the Main Estate at tho corner of the Lady's Mile and Remuera Eoad, and running down to St. John's Lake. The price paid,, it. is reported, was £32,000, which works out at an average, of £245 an acre. It is' tho syndicate's intention to cut tho land jap : into sections for .building purposes. ■ v'.''

MINING CiIEWS.

',''.-'. WELLINGTON MINING MARKET. ■; Thero was -an "appreciable increase in the volume of business transacted yesterday, ,as compared with the previous day:, but -values continue to rule low.' May Qneons suffered a relapse on -unconfirmed reports •of a breakdown in the pumping machinery, but .recovered lator. Waihi'shares were, firmer, and Wain-tahis-showed' some recovery. 1 . The sales recorded yesterday wore-as: under:—- " -... ■■■■'■■ '.■', .-Kuranui Caledonian. 2s. (third'call)\ -May Queen. 6s.' 6s. 2d. (third call). Maoriland, Is. (third call). Eoyal Oak, 3s. (second call)..'. „■'■: Saxon, 2b.-2id. (second call).- : , Tairua Broken Hills 3s. sd„ 35. ; ,53d.,;,35. 6d. (first.'call); 3s. 7d. (third call), ~ • Talisman, £2 16s. 9d. (first,call). . , • •'Tah"iaro, Id. (second .call); 4d. (third ca11)..;. • Waihi,..-e9 ,?s. ,6d. (first call.);'£ 9 10s.. £9 10s. (second call).' ' '■ -.■■:. . - '. • .Waihi Consolidated, ss. 6d. (first call). > :\raibtahi,'7s.'6d. (second call); 7s. lOd. (third Call). • '■' ■'■'■; • '■ '■■■:<■; .. Waitarigi,; 4s.'. 2d. (first ca11)... .. Elackwater, £1 9s. (first ca11).."

- '%.-.':■: . .-■' -f .QUOTATIONS, -. . ■-', Tlia Uatost quotations, 'with thc : last-recorded ■ bqlus, were as-under:- . ' .-■■;. .. ■-:•. ..-..■•.• ■■..'■•.-■ .Buyers.! Sellers. Snips. ■ '■■ : '-. v v'-'.'-.>.- ■•' £ b.d. "'£ B.d. £s. il. Bondigo-:-. ..v 5 ;...;:...v:;..i. o-'o 1 ,"o 010 - ' Dixon Consolidated' ..-. .—. ': o'l 0 — Dominion','.-. v v .......:;. —■..; 0- 0 9 — \ Komata Heef5: ; '•!...;....--- - ;'.:-0 0 8 - Kuronui -' ..:....'....j.:.v..,. 0.1r.6,' 0, 1 7 - ■ Kuranui Caledonian-'•.u'o 111. >0.2 1.020. May Queen' .•........'......'• iO, 6 '2: 0-6 2J..0 6 2 Moorilahd ; '....... 0 O.'ll'i' 0 1 1 0 1 0 Mountain King': .„ 0 1.-7- 0 110 .. ~ - N.Z.- Crown. ...' —.•■',-•' 0.-.7-2, —' ■New Sylvia - ...;..„...;... ;0;3 :7 ~0,4 10 ...-.,- Old' .Hanrakl■'-,-............' 0 .1' 6' ■'■'- — Pride'"of Waihi...;...:;.;'. 0-1,0 01 2 ,-.,■ Reliance... : '.;■;.,..'.;.-.■.....' — " ;0.0 6.. —' Royal Oak: ..;..... : ...... 0 2 10. 0 3 0 0 3 0 Saxon' ...;,':..... .0 ,2 l-'".O 2 3. 0 224 Tairua: Broken Hills.'.. 0 3 6, ' 0.-39 0 3 7" Talisman,-; '-' :.:........: .2 16: ; :6-'),2')7. 0 216 9 Tingiaro , ; ...;'.........;..;..'.'. 0 0 .4.-. ~0-fi 5 0 0 4 '.Victoria-.-.''-■;.;.;.:.■....".'. -':0 •-,.-■ Waihi ' .;.....■:...' '.'..-. 9-JO' 0 .",9.11 0 910 0 Waihi' .Consolidated ■'-..:■■ 0.5 5:.-,0 5 7' 0 5 .6 Waihi Extended .......... ,06:.5 ; v0-6 7 - ■ Waihi Grand Junction \~. .211 9 - Waiotahi-. 0 -.7 .9; •...-■- 0 .7 10 Waitangl: -- , 0'.4 ,0, 0. .4 3 0 4 2 Watchman ;,....: ....-...-....--. 02 9 — .'■. Blaokwator :.... '...; 1 8 0 19 6 19 0. Con. Goidffclds -1 3 .3:'-. 1.4 0 - Now Alplno. (paid)......... 0 7 3 ',0 8.0 - • Now Alpine ■ (con.) 0 6 6 --.— — Boss. Goldfi.elds, ........... 015 9 . ■—'.:. "'STOCK EXCHANGE. , > (By Telegraph.—Special Correspondent.) ' ";"" "" Auckland, August 24. '•; The principal mining sales to-day were:— j■Dixon's Consolidated, lid., tend, . ; : Ku'rahui-Galcdonian,-. ,2s.f 2s."'ld.' ■,'.'•".,-(..;-.' r? - May' Queen, .6s;' 2d..- to'- ss. ;9d.Mo:'63.'' ldi, ■■: to .65., .to'.'6s.; 3d. '■'■■'.' '-•" -.' ' ~r:< : '- •'•'■-" New Monowai, Is; 3d. • New Sylvia,- 3s. lCd., 3s. Bd. Old Alburnia, 3s. (paid), 2s. sd. (con.). '. Saxon, 2s. 25., 2s'. Id. ; Thame's,'. Is.', -..' " . ; •• , .. . Victoria, 25./ Id., 2s. Waiotahi, Bs., 7s. lid. .-Waitangi, -4b.' 2d. ~ , .'■ Watchman;'2si -Bd-. .-.' ..-...-., ~ ~ -'■ Four in Haiid,y,ls.;.- ' Old JJauraki,:, Is—7d.. : ' ..-' ■ Pride :of <T6ktttea,'-ls. Id., ls'.;lsrld. • ■ ■ '• ErfM.'.Oak, .Ss'.Silir. 3s -...-- Grown, 7s. 2d.,-.75. Id. . Maoriland, Is. .■:-' -'••'-:■ >• ~ Pride of .Waihi,. Is,.' -. .-, .--r 'Tairua Broken Jlills, 3s. 6d.,. 35..7 d., 3s. 6d. " Talißman,' 575;-6d.,. 575. 3d.; ■:'■;%',' Waihi, £9 12s. 6d., £9 135. : . .-,-. '">.•• Waihi Consolidated, :6s.'id.,- ss. 6d. Waihi Extended, "s. Id. to 6s. 6d. to 6s. 7d. to 65.-sd;, ....'.-.' 'Grand Junction,: 51s. 9d., 525.;: 51s. 9d.. . Grand Junction options; 50s. Kandswortb, la.■ Sd., Is. 6d,.15,..5d.. ■Mountain King, la. 9d.. i. ■•'- . New W v aitaia.' f .l.s|.lod.,'ls. 9d,;-.vryi -. . ;',-' "'." .:..-.,., -Duho'dlnj August 24. ■' Stock 1 EicHonge' , 'sale.s: May 1 Queen, 6s. 4d., 6s. 2d., 6s. Id.; Waihi Extendcd,<7s.:ld.''(three parcels), 6s. 9d. (two parcels); Waihi ;Grand Junction, £2 lis. 6d., £2 Us.; Waiotahi, Bs. (two parcels). Sales reported: Rise .and ;Shine, 325.; N.Z. Paper: Mills, ,225. 6d.; May Queen, 65., 6s. td.';;'K.Z:;Drug,'£2 75.; Milbura' and Cement, 275.; Waihi Extended, 7s. ":i.; Waiotahi, 73.-lld;,-8s.;-Pridc-of Waihi, la. '

MAY''. QUEEN. ■-"/.' Auckland, August 24. - Shares -in.-:the May Queen Goldraining Company dfbfipe'd to ssT'9d. this-; morning, the result of rumours, that the piston' rod at the Queen-of Beauty-shaft had. broken. During the morning''the'most was' made, of this rumour, and as long as three.; months cessation of pumping'was prophesied by some. The secrotary of the Thames Drainage Board promptly telegraphed to the pumping engineer, and received the following satisfactory reply shortly after one o'clock: "Pump bucket-rod broken; pistou rod .all right. Hope to start pumping again some, time to-night." The "Star's" Tnames correspondent. says: "There was a slight accident to the pumping the Hay .liucen, but it has not turned out as serious as-wasiantlcipatcd. One of the steol bucketrods" broke"la'4l evWiing, :.but it. wa3 quickly got out and sent to Messrs'. I'ricc Bros., and has since been returned fit for'work. It was thought probable the bucket would be jammed, but just before lunch it was released. It will be', examined, after which the rod will be coupled and 'pumping resumed; The water rose quickly in the shaft, hut otherwise no inconvenience was caused." , .'.',,