Finance, Stocls, and Mining.

Free Lance, Volume II, Issue 69, 26 October 1901, Page 5

Finance, Stocls, and Mining.

THK Commonweal tli tariff continues to engage attention, but it is being realised that no good purpose would be served by going in for reprisals.. After aJI, there is no sentiment in commerce-. We buy only what we want horn the Australians, and they do likewise. Theie would be no gam to us in penalising imports from Australia * * * A careful study of the Federal tariff reveals the fact that the duties which have raised so much adverse comment in this colony are really no greater than our own For instance, Australian hanis and bacon, if imported into New Zealand, must pay a duty of 3d per lb, and the Commonwealth tariff imposes the same duty. New Zealand is Jut with its own tariff. The timber trade will probably stipulate for anexpoit dfity, but an examination of the tariffs show that the duties lieie are about as high as they are on the other side An export duty will kill what little trade is possible, and a c should be like the schoolboy who thumped himself on the left cheek because somebody hit him on the right. * • • The colony has chosen, or it, supposed to have chosen, to remain outside the Federation, in the belief that isolation is necessary for our development and progress We have no sound lea&ons for complaining about the Commonwealth tariff. It is a question whethei tlie Federal tariff will affect us quite at, severely as some people expect, and, unfortunately, there aie very few who seem to be able to take a clear view of the position. Under the circumstances it would, perhaps, be bettei to await e\ ents. * * • In any case, the tariff as pioposed )s liable, nay certain to be amended, and the final proposition may not be nearh as bad as the present one i« said to bt^ Look for and develop new markets" ought to be our special business, just now. Whether the Federal tariff is modified or not, we can do with new markets, and it will be found that the Government is not neglecting this phase of the subject Opening up of new markets takes time, and it is hardly to be expected that much can bo done with so great an, amount of pressing business demanding the attention of Ministers. * • * The bank returns for the Septembei quarter show good business for the banks More money is being boriowed by traders and farmers, which, of course, means piofits foi the banks. Compared with a year ago, the advances and discounts show an increase of £787,943, of which £(>43,315 is in overdiafts Wool-growers have, in most cases, heavy reclamations to make up on last \ ear's clip, and, of course, want funds to get in. the new clip, and the new season's pioducc. consequently they are boriowing more hea\ lly than last year In the September quarter of last \cai theie was an increase in the advances and discounts as compaied with 1899, but thib increase amounted to only (.3(51,202 while this year it is £787,942, or more- than double The cunent quarter will, in all piobahilitv, show further heavy borrowing from the banks, and there is just a piospect that the rates lor overdrafts ma\ be raised In Australia the banks aie charging fiom b to 7 per tent, for ad\ances, and, as moiicj has liaidened theie, it is bound to do so in this colony * » # Theie is a piessure for mone\ in Austiaha, owing to the fa\ouiable season, and tlie necessity for making good the damages caused b\ the yean, of drought, and theie is piessuie also from London which is seen in the hea\ \ shipments ot specie to San Francisco Tlie deposits --accoichng to the quaiterlv banking let urns- show an increase of £33"),9(>3 and the excess of deposits ovei advances and discounts amounts to £3,232,188 * » ♦ The note en dilation is a Aery safe indication of local trade, and this shows t \n expansion of £10,")31 as compared with last veai The increase is small but still it shows that business is still good, and tlie set back so fiequentU predicted has not yet begun Tlie conditions disclosed by the banking returns are satisfactory Business is still good notwithstanding that many have found it necessary to bonow more freely than last year * • « The financial cable nrw- shows that, inuncv has si hardening tendenc\ m Lou-

don. The open market discount rate went up bs> 3d during the week, which is a substantial advance. » * • It is usu.il at this time of yeai to see the moncj market haiden, but London ha* benefited by the disturbed conditions on the Continent Investois in France and Germany have lemittcd large credits to London for temporary investment, and it is, this that is helping to keep the market easy But piesent\y ftngland must pay for the cotton, wheat, and other products leceived from America, and the remittance of gold to any extent will change the tone of the market. • • ♦ The railway returns continue to le satisfactory, affording ample evidence of the continued prosperity of the people Taking the period from Ist April to 14th September, there was an mciease of over 73,000 in the number of firstclass passengers carried, and an increase of over 449,000 in the number of secondclass passengers. • * * The number of tickets issued during the period was 2,880,840, against 1,538,474 for the corresponding period of last year, an increase of 522, .5(57, and in addition there was an increase of 10,()19 in the number of season tickets issued. The community that can exhibit this great increase cannot be in a bad way. The merchandise traffic is also very satisfactory . For the period named the railway carried 1,711,381 tons, against 1,575,337 tons last year, an increase of 135,044 tons This shows a splendid expansion in tiade • • *• Mining news is still dull. The maiket variations show that some speculators are doing profitable business in the low-priced stocks. There is no doubt that the neglect of the market is partly due to the pievaihng mining scaie, and also to the absence of lehable information as to what has been done. » * • A cucular of four pages, issued b\ Messrs Barr, Leary, and Co., gives in detail the particulars concerning a dozen or so of the leading dredging companies. No attempt is made to give forecasts of the marke-t, the circular being confined to bald statements of fact The reports of liquidations and collapse haw been given undue prominence, and the solid side of dredging is altogether lost sight of. There will be a revival sooner or later, and speculators will then wonder why they neglected their oppoitunity. • * * The Grey River No. 2 Dredging Company is to go into \oluntaiy liquidation Six bore holes put dow n in different parts of the claim did not give results of a prominent character • • • The Golden Standard Gold Dredging Company will be obliged to go into liquidation unless the proposals with respect to the capital of the company are unanimously accepted bv the shareholders • » • Difficulties with legaid to capital have ruined many dredging companies, and every such liquidation tells against the industry. The proportion of real duffer claims in the concerns that have liquidated is very small The tiouhle has been insufficient capital, engineering blunders, and slumped work on thepait of contractors. • * * The Not own Creek dredge is expected to get a start in a few weeks' time A di edge-master has been appointed, and the prospects of the company aie said to be good. • » * The Golconda Gold Di edging Company is to be wound up voluntanh. Thiee of the vendors ha\e notified that they will not make an> chum on the assets of the company in respect ot then \ endors' shares