FINANCE AND TRADE.

Wairarapa Daily Times, Volume XVI, Issue 5192, 27 November 1895, Page 2

FINANCE AND TRADE.

Specially compiled lorthe' (Valrirapa Dally Tiraej.' THE B.N.Z, MEETING, The salient feature of the President's speech at the meoting of shareholders of the Bank of New Zealand on Tuesday last wap his reference to the call onforced by the Act of last - session, and the probability of future s calls. The second call of £3 Gs 8d w h on the reserve liability is to be spread J®* e over 18months from 30th June, 1896, v and according to the President there is every probability that intorest will be paid on this call, Furthermore, unless there is a heavy fall in the prices of produce it is extremely improbable that any further call will over be made. The shareholders must accept this for what it is worth, lemembering that snch honeyed ' statements have fallen from the lips 1 of many chairmen of companies in the past and havo never been found J to be correct. The whole position of, '' the Bank is wrapped up in " pro- | duce-prices," if there is a fall in 1 values there will bo a further call; if not, then B.N.Z. millennium. It 1 is difficult to predict what will happen two years hence, but it would ; be folly to blind ourselves to appar- '> ent facts. In the closing years of " this century, the Australian Banks a havo some heavy payments to mako to depositors, and that they will be unable to do so, is generally be--1 lieved, Will wc have another finau- , cial storm, then, with a further Areconstruction; if so, will not confidence be shaken to such an extent e that the position will bo a great deal ) worse than we havo ever known it ? J Howover, there is nothing gained by pessimism, and \ve can at least hope that the probabilities voiced by the President, may prove to bo correct. THE SUGAR-lIEET. We are threatened with the sugarbeet. Victoria is to part with P £IOO,OOO to assist the industry, and 1 New South Walos is almost suro to 0 take the matter up, encouraged by " the results of recent experiments, 0 and by the lead set by Victoria. New Zealand, too, will bonus the industry. At anyrate, for the past two sessions it has been talked about. South Australia and Tasmania will presently discover that the soil and climate they possess is just what is n needed for the industry, and they too, will spoon-feed the beet-sugar d manufactures. Queensland will stick rj to the sugar-cane and the Kanaka, n , In tho meantime it is as well to know that the Continental bounty-'" wW fed beet-sugar, is quoted at 10s 3d per cwt., and the continental grown sugar will dominate and control the i- Colonial article, Fostering the ie sugar-beet industry in the Colonies will mean extra taxation without ie affording any benefit to the tax;f payers. C- THE wool, SALES. The sales both at Sydney and Melbourne have been active, buyers operating freely at full values. The shortage in the Australasian woolclip, apart from the general improveid ment in trade, will keep wool at a 1- fair price, and there will bo keen d competition at all the sales held in g- the Colonies. Next year's London >- sales will see wool at a price that " will gladden the hearts of the woolgrowers. I hopo to see a substanQ tial rise in wool at the London sales. HOTTER, The butter-market leavos no hopo of prices improving, Steady business is recorded in London at 100s Mr „ to IOGs, finest quality being at 108s, As the season advances and the output from the Colonies increases, the prices will recede. Dairy farmers must endeavour to produce at a profit on the present low prices, and this can be done by carefully selectr_ ing the cows for tho dairy, and feeding them with care and attention. The dairy farmer needs to work with intelligence, and with aproporregard for the market. mixing, Last week the mining boom had every appearance of bursting, for most shares tumbled down to very , t low figures. The lull in the market n has been useful, as tending to show t speculators tho "wild-cats" that j should bo avoided. Timid holders J have been with a panic, and n have rushed their shareß oil to tho market, and this has accelerated tho downward movement, Tho time is opportune for buying, and thoso who caro for mining ventures will flhd the following Auckland stocks firstclass specultaion, Tlioy are:— Monowai, Talisman,Kapai Vermont, yfe Victoria, Try Fluke, New Alburnia, '9] ,f, Waitaia, Crown, Woodstock, Golden Wt. y Anchor, Kaiser, Rising Sun, Waitokauri No. 4, May Queen, and Queen „ of Waihi. y MONEY. f Monoy has a burdening tendency, s and according to latest cablo advices e three months' bills are discounted at 8 If per cent. For the greater part of e the year the ruling rato was f per 0 cent,, the advance therefore is appro- „ ciable, and indicates that trade is J reviving. The outlets for employing r money profitably have increased, and , those wanting money are in consee quenco able to afford a better rate of' s interest for the uso of money. If nothing breaks on the political s horizon to cause a scare, wo may c reasonably hope for a good year of ut business in 1896, STOCKS, Tho improvement in the value of f money is to a great oxtentreflected in the value of stocks, During tho period of commercial stagnation and a phethorii of money, there was an insatiable rush for gilt-edged securities which were forced upwards, J registering "record " prices, ' was the main consideration, and ! safety was found in Government bonds, but at the exjiensso qf intoveat, J Imperial Cansqls and Colonial Gov, j ernment stooks have yielded tho holders of them very small returns from 1{ to 8 per cent per annum, 1 but now that trade is improving and 1 money can be profitably used, invostors are selling gilt-edged securities and diverting the money into'' other channels, This week's quotation of colonial stocks illustrates the changed aspect, British 2? per cent Consols havo declined 15s, and are now quoted at 106. Colonial Govornmout 4 por cent stocks have all receded with the exception of Victoria and West Australia. The quotations compared with last week are as follows

Nov. Nov, , MotcNew Zealand 1929 N.S, Wales 1933 Victoria 1920 S, Australia 1930 Queensland 1924 W, Australia 1934 14th, 21st, meat, •• Ml 108 Fall 16s •• $ 114} Fall 40a .. 109 109 •• J}} 109J Fall 33s •• HI 110 Fall 20s .. 123 123 — In the 3| stoi oka there is qn alj stop bplgw, Nov, Nov. Moveround deqljfie as Now Zealand 1940 N.S; Wales 1924 Victoria 1923 9. Australia 1930 14th, 21st, ment," }04 102' fall 40s • 105 104} Fall fa 1<$ 101} Fall 25s • 1°8 107' Fall 20s • 104J 104 Fall 10. .. IOC 105 Fall 20s Perot Pima. Queensland 1934 . Tasmania 1040