COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 660, 10 November 1909, Page 10

COMMERCIAL ITEMS.

• BANK OF AUSTRALASIA. "The accounts of the. Bank of Australasia for the half-year ended April 12, 19G9, are to hand from London.* The not profit for the term was £174,111,-against £167,691; in the'preceding halfyear, and £212,029 for-: tho v corresponding six months in 1907-B.' "With £16,796 brought forward the directors had £190,907' for distribution. /Dividend at the rate of 12« per cent, per annum, or £2. Bs. per share. > and a bonus of Bs. per share, absorbed £112,000; the sum of ••£SO,CCO was appropriated to. tho reserve fund-and £12.000 to the-reduction of bank premises,-leaving £16,907 to be' carried* forward. • Advances have been curtailed since April. 1908, the total then ..being £16,283,507, against £15,008,992 now stated; , or a reduction of - £1,275,000'. '.This movement-. .is coupled with an increase'of £515,000 in deposits. Bills payable arc less by £802.000, so • that total liabilities to the public, which twelve mdntba before amounted to £19,173,693, appear '• at' £18,905,865; Liquid assets, which do not include bills' receivable, stand at £7,105,402, of which cash amounts'to over £4,000,000, and short loans £1,648,000. With' the resources Lon-' don the bank will be able to turn to account the demand now; existing there for money. The figttrcß of tho last three balance-sheets are com* pared in the following table:—' , • : • April 13, ' Oct. 12, April, ' . 1908. 1908. 1909. - Liabilities— > ' ; £ > £ £• Deposits -I ... 15.664,837 ' 15,205,568 : 16.179.937 Bills payable, etc. 2,975,499 2,458,769 . 2,173,217- . Circulation 533,557 510,547 552,741 Capital 1,600,000 . 1,600,C00 ..1,600,G00 Beserve 1,550,009 1,610.000 1.6600C0 "Undivided profits.;.,. 128,104 123,795 128,907 Assets— ' 'Bpecie, etc. 3,490,339 4,034,013 4,000,984 Loans at call 935.000 - 250,C00 1.648.0CQ Govt, securities ... .1,522,929 1,538,357 1,456,418 Advances, etc.' 16,283,5G7 15,596,183 15,008,992 Premises 220,222' ,195,127 • 180,378

• : THE LEAD • MAEKET. ' ■ It was hopd when'the International Lead Convention was formed earlier in the year after protracted negotiations'thai the Immediate effect would be a higher levelof prices. This expectation has not been fulfilled, as in the. interval the cash price has been as low as £12 63. 3d. per ton, while even now it is only £13. The failure' of the convention to secure. better. control of the market has no doubt been duo to the fact that, owing to tho strike in Australia and other . causes, the' proportion produced by. the parties to the convention " was .■■■ comparatively small, ■ : amounting to a little more than 20 per cent. Then the general'conditions of the market vrero against effective control, as the consumption han been.languishing while the output has been, isteadily increasing. For last year the production ia estimated at a little over 1,000,000 tons, which .compares with 990,000 tons in the preceding year and 975,000 tons in 1906. The United State 3 produce's about 350,000 tons, . Spain a', little over 180,000 tone, Germany between 130,000 ■and 140,000 -tons,' and Australia a little under 100,000 tons.. The Ainerican ; consumption is 320,000tons, the United Kingdom takes 220,000 tons, Geriinany 211,0C0, and France 103,000-tons. The par-ties-to the convention include tho principal.proinducers in Australia, Germany, and Spain, and a .provisional' agreeniont has been 1 entered', into .which subsists up to the: end of 1910, after which iit may be' terminated by giving six months' .notice. Tho convention has not fixed-a hard and fast minimum soiling price, but proposes to regulate the output: on a'sliding scale.. Aβ a re--Bult of the recent depressed condition of tho deiraand, stocks in Great Britain .have tended to ■ accumulate, and there "are- also believed to be icccumulatcd. stocks in .Australia, and . Spain. ■'The outlook is, however, now'in'favour of,, a isteadily increasing consumption, which, in all it will enable the convention to raise (prices; .... .'■■: •.'■•:■: " ,r - : : v ; ■'.;'.'./. ~-, ':.■.,.

:J;:' ■■ ■ THE WOELD'S .METALS.:,"■' . .• ;. ''According to' the statistics • compiled by.', the ■'Associated- Berg and' Metallbanli, tho: production of copper throughout the world amounted t(>-.739,C00.t0n5-in.1908,- or the largest qnantity on Tii'cord. It was 36,300 tons in excess of the'but 'put in 1907, although tho latter, year represented ■a> decline of .15,000 tone- as 'compared -with ,1906. Tho increase almost- exclusively, concerned .IheUnited States, where the production rose from 393,000 tons in.'1907.tb'431,90p.-tons in 1908,' especially owing to the development in the districts of 'Arizona , , Utah, and California; In the' case ■ of■lead, the' world's output' in-1908- reached 1,052,500 tons, as compared'with' 984;3C0. tonsiri the. pre ; 'ceding year. The European share of-the'.former; '•was. 601,700 tons, as ..contrasted with .469,300.-' .tons Hri 1907,' whereas the production ;jn the ('United States declined from 317,600 tons in the latter year to 293,700 tons in 1908.; An' importapt augmentation in the output, of tin; took plade, (particularly *<m account of the shipmentß' from •"She Straits Settlements, which.formed a record *with MJOO , tons, ont of. the total world's pro'duction of 106,500 tons: in , 1908, as against 97.7C0 I'ttms in the previous year. On the other hand, a?check' to the constant, development in tho 'quantity of zino wa« experienced laet year, es? .pecially owing to the retrogression \in the '■United States. ~The. world'e output totalled. 11732,000 tons," ■ ae'.'confrajieCwJth 738,«T tohsi:in;; a 907 and 702,000 ton's in'-19J6: It.is mentioned' ■that , ' a,- syndicate of -German 'zinc producers'wae' •formed in February, 1909, with •'tho co-operation fat: certain Austrian and Belgian works; whilst ;the remaining Belgian , works- ihlyc. constituted.-a-separate r syndicate,. which Us;,-. however., in- close, Nation with" the : German-synaicato. , "-.As"'an-' 'agreement with English' producer's.ie.impending, ;this.lia3 rendered possible a. Combination of the. . zinc industry. ; ';'■ ',; '■■' - \' t ;' '■'./■

iy.' '['■!' .ACCIDENT -INSTOANCE; .. ■'-.-:*'■ t'Figures published recently'■relating, to accident and emplbyeri'.'liabnity-insuTance ■ during 1908 show that a total of £7,898,128 was recsived in premiums by 68 British offices, as compared with £6,976,591 received; during 1907. . £4,352,536: was absorbed in'olilims , and'£2,9sl,Bo2 .'wdSi paidin' expenses durinS-: 1508,"-:■ leaving;-a: !surphiß,.ipf £593,790 out of the business transacted'.by till companies. This is equivalent to 7.52-per. cent, of the total ; preminms received, but if 331-3 par cent. •of the:- increase ..received be placed l !to 'reservo-'in',.qrderj.to prpyideyfirj the corresponding i increaee' In nnexpired liability, the balance remaining, which, constitutes tho actual profit on' trading .-account,; is , - reduced :to. approximately 3£ per cent: It is stated that the majority-of the heavy risks-insured under, the 'WoTkmen'B Compensation Act have proved unprofitable to the companies. Some of the newly-established companies and several fire offices-which-, have recently started an accident department show o considerable increase in premiums received, while-on the other-hand several important accident. companies appear .to. have' been feeling,' tho: effect-of increased competition; '.' ;■ ;.■■■.'. ■■:■ - - ;,, - .-•".■■ :• ■ i, --'-.-, ■■.[-■$

•• In the "Board of'irnde Journal" of ileptember 30 is a statement ot-the.-.world s^.proouotiou.or. silk in. 1908, which is. civen^ as :2«,,ki105;. : If that figure were multiplied by 1000 • it , ,-ifould, we bolieve, ba nearer the: mark. Probahly metric tons were meant; The production ■'•of. silk has inoreased ,of late vears. but the increase has been mostly in China and Japan, which .vtold two-thirds of the world's supply. Italy is the only other large .producer of raw silk. .•.Aβ'-to.-the' prospects- before the .white inetal ■Messrs;- Samuel -.Montagu';,, and '[C 0.,! 'appear to '■think, that the■'.widening'o!>thp *area for the convertibility of tho small runee notes in India, and the prospect of the Chinese Government re., striding the excossvo issue of paper: money '.' may, be beneficial to the Jutnrq of silver. Mean-t whilo the bright trado proapecta in India en-; ''cburago the , hope : of-.'a '■ substantial Indian ,de- ; ' ;aann. ■; \ ■/'■'■:■ ■■..-.'' .^-jC , ■'■ ■■■:: ■' .: '?Tho institution of a'Government bank in Korea;; tinder the control of Japan,.v?as an interesting and important■ development in-September. Tho capital ofthe new banfc'iß.'lo,ooo,oo(l yen (about•a million '.sterling) in.UOO.OCO-sharcs of 100 yen' ■each., . Of this number , -30,000/.are taken by tho Korean Government, and.4oo will be reserved for:dircctors 'and- auditors,, tho< remaining .69,600 shares being placed ..ion the-market. Onlv Japanese and Koreans were allowed, to 'subscribe for the shares. ,- ■ '/ .''■ ■ .- Of the world's gold output last year, say £84,165,000, no less than £69,628,000 was produced in countries belonging to the EnglisH-speakinE race, including the :Unltcd States. . .. ■}■' The' .tinited States, tariff: now provides for tho I impqrt'freo of duty of works of art| which havo 'attained sufficient age not to compete with local talent. ■ Pictures and sculptures are thus emancipated after twenty years' existence,-while other objects . of art "of ornamental'. character ' or educational valuo" may bo imported free after 100 years, upon supplying adequate proof of antiquity. The latter would apply to- tapestries, glass, and even household furniture, when of sufficient artistic merit. Our Cuetoms officials may'congratulate themselves that they are not called upon to decide as to antiquity, and artistic merits. ■. , • , .. In England and Scotland there are 66,211,830 acres of land,-and of'these 45,026,345 aoree are rfsed for * agricultural and. pastoral • purposes. But. of this 12,043,272 acres : aro.heath and mountain land, and a further ' 17.452.405 consist of permanent grass ■ fields, so that there remain only 14,730,66 a acres of cultivated land, of which 4,214,590. acrcß. are under clover and ..rotation grasses. The' grain crops were confined this year to 7,023.086 acres, , of which .425 per. cent, waj under oats,. 26 per cent, under wheat, 24 per cent, under .barley,! land-.the reßl under beans peas, and rye. The wheat >arca was somewhat increased this year, but" that under oata decreased.. The cattle numbered 7,020,982, sheep 27,618,419 (both showing some increase),- and tho pigs numbered' 2,380,687, showing a decrease.' ... ■ In : the week of September 25 the Bank of Encland had a withdrawal of £629,000 in gold for Egypt, and in tho following week'as much as £1,539,000 was- taken for abroad, including '£800,000 for Egypt and £700,000 for South America. The German bank rate was advanced from 31 to 4 per cent, on September 20, and tho "Frankfurter Zoitung" stated that that advance was largely due to the demands of the Government for credit in .the shape of Treasury notes. On May .15 last the quantity of outstanding Treasury, notes, as a residt of tho growing financial deficit, had risen to. £25,400,000, tho highest on record. ' After the isnuo of the now German Imperial loan on June 23, .the quantity of Treasury, notos ' was reduced to_ the comparatively manageable amount of £9,750,000, but the total roso again by September 15 to £16,750,000, which -was £8,100,000 higher Own at the coriespondine date last year, ■ and £13.750,000 higher than on the corresponding dato .two years ago. Moreover, in-September the gold roserve of the-bank had been-considerably depleted by shipments abroad andby exports;-to Hussia. ... "■ L ' ;v ' ' -. WHEAT! ;MABKET. .'. "'■,.".■' •j'llly, :Tcicßraph.-Prc3n' ;i A9s.iclnllon.-CnDyrlcht.l ■■~:.■ (Hec. November 9,' : 10.6 p.m.)'' .'■ "■ :.:-',''■■...' ; . . '■'..-, London, -November 9.'. . Wheat.—l4,ooo quartors of Adelaide; Victorian, and New ■ South Wales Janttiry-Febru&ry ehip:"ment sold at 375. ,41<L_ , : . : : ~ : : -.

•.' ■ ;'-: '•■"'-■. METAL MARKETS. ■-. : --'; ■ — :-' (itec. November 9, 10.5 p.m.) '.'■■■■ '.'- 'London, Kovember 9. ' Copper.—On the snQt, £58 10s.; .three months, £59 15s.;.electrolytic, >£60 per ton. ■ ■ .'• ..' • Tin.-On tho spot, £139 65.; three months, £141' 7s. 6d. per ton. ■ "' / . ..'.' ' .vLcud, £13 per.ton. ~ . . :. •• ~, "■ '■•.■'.■ ■ ; . .NAPIER WOOL';- SALES. ." -\ r .■ ' (By Telegraphs-Special Corri!3pondent.l . v Naplor, November..9. . A total of 30115 .bales will bo offered at the , opening wool sale of ■ tho seaeon at Napier tomorrow. The catalogue.is a comparatively, small one, owing to the .fact that ithe sale .is beingheld much earlier than usual, and. the .nnfav : ourable weather has somewhat delayed shearing operations. ' ' ■' ■ ■': ". . ■>. ;.

, MINING NEWS. ' . -STOCK EXCHANGE. .. (By Telegraph—Press Association.) ; Dunedin, November 9, : Stock Exchange Bales Waihi Extended, ss. , , . .. ~ Waihi Grand ..Junction,'44s.; 44g.; -435. 9d., _ 43a. 9d„ 435. 9d. . .Reported sales:— N.Z. Crown, 5s lid " New Sylvia, 4s: lOd. ■ T ~ Old Hauraki, 25.. Id. ■ Waiotahi, 4s. 10d.' 'v ■ V/., Alexandra Eureka, 2s. 6d. _';;■. The following are the Stock Eichanße qnotations:— ~ ', .Dredging stock—Alexandra ■ Eureka, sellers is.; Blackwater, buyers' 35., sellers -4s. 6a.; Golden Bed, Bellers 15s. 9d. ; Hartley and EUey,, buyers 15s. 6d„ sellers 18s.:. 6d.; Lady Roxburgh, sellers' ss. 6d. (paid); Manuherika,,<-buyers'- 7s. .. 3d., sellers 10s.; Molyneux' Hydraulic - Company,• dredge, sellers 55.; Pactolus, buyers 65., sellers 75.'9 d.; Bise and Bbine, buyers £1 15a. 6d.; Eising Sun,, buyers £1 16s. ' ' ' ' , Mining stocks-Sailor's Bend, buyers 45.; Nokomai Hydraulic, sellers 215.; Consolidated .Goldfields, buyers 16s. 6d„ sellers 17s. 3d,; KuramuCaledonian, buyers. Is., sellers Is. 3d.May Queen, buyers 3s. 11(1., sellers 4s. 2d.; New Sylvia, buyers 4s. 10d., sellers-ss. 2d.; "Waitangi, buyers 3s. 6d., sellers 3s. 9d.; Watchman, buyers 2s. 9d., sellers 35.; Talisman Consolidated, buyers £2 lis. ■3d., sellers £2 125.; Waihi Extended, buyers 4s. •lid.,' sellers ss. 3d.; Waihi Grand Junction, •buyers £2 3s. 6d., ecllcr&: £2. 4s. 3d.; Waiotaln, buyers 4s. 9d., sellers 55.. Investment stocks—National Bank, buyers £5 18s., sellers £6; National' Insurance, sellers -£1; 9s. (cum div.); Standard Insurance,. buyers £1 2s. 3d.; D.I.C. (pref.), buyers £2 14 s.; Milburn Lime .and Cement : (£1), . buyers £1,75. 3d.; New Zealand Drug Company (£2), buyerß £2 6s. 6d.; Donaghy'a Itope and Twine, buyers £i 15... .

: i ' SALE OF WAIHI CONSOLIDATED. • 1 IBj Telegraph.—Srccl.il OorresoonilonU . ... Auckland, November ,9.. The extraordinary general meetiiiK holders in the Waihi Consolidated, Ltd., wMJidd at the office of tho company, Custom Street-East, .at noon yesterday, for the P nr Pose'of considering .resolutions for the winding up ,of tjio company, the mine having been taken over nejrtr ; formed Waihi Beefs Consolidated Company,. Mr. N. A. Nathan/ chairman of fcreetars,.piresided. The chairman moved;—(l) That, the jVaini Consolidated, Ltd., be voluntarily wound up, and that Mr. John Hnghlings,. Jackson appointed liquidator."® "That'thp duu»:, B.*. ter of the Waihi Consolidated, Ltd., remain open until the passing of thecpmpany:a rcß'lotion confirming tho foregoing/ resolution, and,shall then be finally- closed.";;. .;v •, , . 'i The motions were formally seconded and carried. Mr. G. A. -Buttle, congratulated the directorq on having disposed of the, company 8 pro* perty on such a satisfactory basis. The new company, he said, was also, to bo having secured the services of managing : director,-and he understood 'Messrs. Barry and Williams were to. glv ® . nnra <as to the development of property* The experience whioh-these gentlemen had of the Waihi district: was invaluable, to ,• a-pro-perty such as thW . had,' and ..to_hoped^the^.T^suit would be that:?ere long they would nave ■■a -very, successful mining J So stotod 'that their area embtfc^SM' was not to bo presumed the -WOQ worwe canital provided for*, would be sufficient, to.ae v6lop the whole of tho Ee • teUeved, however, that tho .-development would, be mpn that, there would.be do difficulty in raising further , capita? for additional velonmont work.r They had one of the finest, un«. explored properties/ -in, Waihi,• .thero swaßevery reason to suppose that exv tended for a considerable*-.distance tho Waihi Mine, and ;their : property^ lay direction in which ; these lodes would -run. . Ho ; moved a hSarty vote ,'of thanks to the directors <HA? e » ™e«ng N Of' l !fhe directors.'of-the; TOW -Reefs Consolidated: / Company -. 'yeatorday, .after.; .noon, it was.deoidod.-.-.tostart operations new shaft in the .south end of. the property, which adjoins the . Grand. •machinery at tho Favoha shaft will .be .shifted :S the MW Shaft, and. will-bo made-available for driving the compressor,.;which., will-be used ■for working off tho surface water, and incidentlily for providing ventilation. No mining-opera-itibns will be started" «ntil;:the surface . equipment ia satisfactorily.; i ,

'■ '■ THAMES DEEP LEVEIiS.',', : *' .';,''., ■,' '■ (By Tele'gr'apt-Special Oorre^pindent.);. ; : '■' : ■'''' Auckland, November' 9. •jTheOro'wn'.Solicitor/ttho Hon.-J. A.,T01q,:.K.0.),i ■has received a copy of the agreement regarding the Thames Deep Levels scheme .from the Crown tiaw Officers, andit now':llcs<at his office _await. iriefl signature by tho five-companies affected, Si^C&iinf^Sfl^ ested; asking their, representatives _to,wait .on the Crown Solicitor'and execute the: deed: rneetini of tho directors ■of the .paxon. Company ?esta#ay, it was stated that the l :deed.wa 3< aft in ordm-i ana'the seal of the company was attached ■forthwith. The secretory w »s also to pay in the company's contribution 9f £2100 as soon as the other companies had signed the deed.' : . '•., ~. ~.. ■. ■■ ■• '.'... '.-,. . \ ■•.■■

'''J;/ . l-i rMINING;i'IIOTES. ?•<:■•• '■':■■;:)■ .Eising Siin.—The '•'contractors , ; hare':. driven-a further 19ft.' during'the •sveek,..making, a .total 01.653 ft. The conntry-'is'.'rio; easier..;.' A' good'-flow-of water was struck'o'd, the -western eide'of. the drive, but has now.'eased'off.,-a-little. / : .■•.;. ■ Karangahake;— The cross ; drive; ia in .'.'s4ft.:■ iAt a point 50ft. froin'-the , turn- off,.a- broken- reef formation 'about--2ft. in,, .-width 1 .-.was, passedthrough, .tho of .which' were.-'poor'.'. Operations' will: be continued .< in the 'present .'di--rection (hillward), las'-there is a" change of..c6uh? : 'try of a -firnier .character>now : showin'g.^inv;thp. face. •'' .V".•?'■'■■','''■.'."'.;' T- .'i'. ■'. .'■' V'- ■':-""!' Mountain^ueen.—Work for week-.has-been mostly cbriflned-'to. driving south'on" the reef. The-drive; lias, been'advanced, 6ft.; 61n.. for the week. - The (reef,wheh>last' broken down, 'is" about 2ft.'■tbick.'.'-'and-; gives '-a; little, gold in' ;tho,dlßh..:, *>:>v,-.i iS^.-;■'.:.'V/ , .'- ":•''''','■■].''-:'■ ■■ TairuavMbniii,rch.\Obnsdlida'ted.—The ; low levelis in 700ft.,:arid-tlie''drive northia in-87ft. ,The reef ia now'-abduti two'.feet in .thickness. : .No. 1 level drive on"; tho 'reef has been continued. Mho reef is about'3ft; ■,wide,'.and ; - ia-.enc'ased, , -in:an oxcellent'class'of ■br-o. i \yn ; sandßtone;' country. .'No..2 level drive sonth" 1 oh! reef has i been continued.The reef bKows a o:'«t:.6in.,,and is- show-,' ing two nice'.wallß.' : "Fair.;dishi prospects can.be obtained;frpm.theVf,ull,;width.\ ...,- ~; ..-..-,1 ... .-• Mountain King.^Since' last: report driving at the intermediate/level;has been, advanced'a.fur--ther distanco-'of 'sft. 'for the. week. '.The country is still of a'flrm v -natnre and'in.an excellent class with numerous;mineral seams.crossing the face,; •The reef has been-.taken doini'-to : the present 'face but is ,of, smaller dimensions,; and still maintains to . show gold freely distributed through the ore. :" Stoping Bonth, tho country: -4s-still of a good'character, and the oro coming ,to hand:.fr6m.this section of the mine shows gold more ='freply. ', ■' ■ "'. . .. \ ! Four-in-Hand—The low level has advanced'6ft. , for the last ."week,: the conntry'still, remaining •hard and troublesome to break. Development on tho Four-in-Eand reef at No. 3 level north 'of cho workings has been continued, and good crushing dirt, colours,, and dabs of gold, procured. . '-~'.' \ '.'' .[ ~ ..• .-'"■■ ■■-.' •' ' Victoria—Tho'lead was'met with ipithe crose. cut on Monday at the afternoon ehift, and the portion broken, down yesterday showed .some 'strong colours of gold. The lead is split into .three branches, but has the appearance of coming together again. ■ Driving will proceed on the 'course of the lead seaward, and afterwards the Mead will be-opened out'in the opposite direction. Connection has not been mnde yet with the , ; winze, there-being still-about four feet of ground between. ..,-'-j -_ ' ; : ["■<_' :'. '-.--''- : ,''-.! .. '. ■' May-Queen Extended.—The east face is passing .through firmer country. The reef ie 12 inches .wide, and carries ■ splendid minerals. In the western face thoircef ia making again, in much i'firmer conntry. The crushing of 12 tons of ore 'yielded 4oz. 2dwt. of gold worth 565. 6d. per. oz. ,V Waihi.Extcnded.—The -B.E. crosscut is in,42sft. Since cutting the lode, % small crosscut haa-been I'put out'at right angles to tlio main level. This. ■has exposed stone for 20ft. in that direction, ■and, as the main level showed stone for the'lost 20ft., a very large body ia in evidence. .The lode 4b solid and well mineralised, iwith a.good class of stone showing in both faces. The manager thinks that tho. junction of this reef with the •No. 1 ldde ia not far distant. In No. 2 drive ■the stone has been driven' back upon for 20ft. It is a more promising class of ore than previously met with- in this section. No. 6 winso has been sunlt 82ft. Tho reef continues about tho same. .-.'-.-■.. .- ■ ■ Point Eussell.—The rise is now upn distance of 63ft.,' 13ft. having been completed for the week, leaving. about 37ft..-still-to rise... . The lode whou broken .down'is a nico compact body of stoao lft. thick, of a promising nature, carryine: a large percentage of heavy mineral, in which 1 a few colours'. of. gold have been eeen. Thero is a good deal of water'coming through the conntry, which necessitates' the rise being [closely timbored up. ■",- .-' ,; ■'■■•'•,'. /Golden Cross.—The level to the now reef is passing through broken country. The inflow of water, has been very troublesome and retarded progress. ■' •''■■ ' ' . >'~ . ;