Finance, Stocks, and Mining.

Free Lance, Volume I, Issue 9, 1 September 1900, Page 5

Finance, Stocks, and Mining.

THE New Zealand Portland Cement Company has secured the necessary capital required under the scheme of reconstruction, and work will be commenced immediately. The company's property is at Limestone Island, in Whangarei harbour, and as there is always a good demand in the colony for lime" and cement, the company ought to do well, presuming that its products compare favourably with the imported article. # # # The co-operative companies are now issuing their balance-sheets, the latest to make its appearance being that of the North Canterbury Co-operative Stores Company, Bangiora. The balance-sheet of this company shows a net profit of £1224 9s sd, which is nearly 25 per cent, larger than the profit obtained last year. The shareholders receive a dividend of 7 per cent., besides the usual bonuses. * # • The balance-sheets of the Wairarapa Farmers' Co-operatives and the United Farmers' Co-operatives may be expected shortly. As trade has been good, the balance-sheets of these companies ought to be very satisfactory to shareholders. The Wairarapa Farmers' Co-operative suffered by the destruction of its Greytown store, and later the Pahiatua store was partially damaged, and it remains to be seen to what extent the business has been affected by these misfortunes. • • * The Northern Boot and Shoe Manufacturing Company's net profit for the year ended 31st July is only £507 Is Bd, while for the previous year it amounted to £716 12s 9d. The gross profit on manufacture and sales for the year just closed totalled £2642 6s 7d, as against £2623 6s in the previous year. The increase is very small, still it shows that the company is holding its own in the competition. The working-costs amounted to £2,136 4s lid, against £1907 5s 9d, and the increase here shown accounts for the decrease in the net profit as compared with last year. The shareholders receive the usual dividend of 5 per cent, per annum. • • • Victoria got off its local loan of £500,000 at 3 per cent, very successfully last week. The minimum price per £100 of stock was £96, and the average price obtained was 10s 4d above the fixed minimum. Local emissions in Melbourne have been very well received recently, but then there is a ready market for Government stocks there, which is not the case in New Zealand ; besides Melbourne has the advantage of being the colonial headquarters for a great number of British corporations which are always on the look out for good, safe securities. * • • Victoria has got in front of New South Wales, which is also floating a local loan of £500,000. Sometime ago the Treasurer of New South Wales issued the prospectus of the loan, and fixed the 3rd September as the day upon which tenders would close. Victoria had only then received' Parliamentary authority to float the local loan, and steps were taken immediately to get off the issue, and with great success. # • • The flaxmillers have at last come round to the belief that a grader is necessary, and have waited on the Government to urge their claims. Ex-Hemp-Com-missioner John Holmes long ago advised them that such an appointment should be made, but his advice was not taken. Now that hemp has gone down, and manufacturers in England and America are complaining about the inferior quality, there is a great stir to get Government graders appointed. • • • The flax industry is far from dead, and so long as binder twine is necessary there will always be a demand for New Zealand hemp. A competent grader, who ought to be a practical ropemaker, would make a big difference to the trade. Better quality hemp can be produced, and according to one miller the quality can be improved 30 per cent. Let us have the improved quality, and an industry that employs a large amount of unskilled labour will thrive. • # • The Chambers of Commerce in the colony talk about federating, and the project is a good one. The Auckland

Chamber, which is composed of live business men, has made a definite proposal of federation to the other chambers, and it is to be hoped that the matter will be taken up seriously. It is the age of combination or unionism, and it seems that benefits can be secured only by concerted action. The Chambers of Commerce were the other day threatened with extinction, and now they are proposing to join together to have their demands heard by the authorities. It is funny how things work round. # # • The Otago Dredging returns continue to give satisfaction, but the market is very bumpy. The fact is that the crowd of men who threw up steady billets to become sharebrokers are overloaded with scrip taken up in speculation, or thrown upon their hands by impecunious and defaulting clients. Calls are pressing heavily, and if things do not mend shortly some of these brokers will be obliged to wind up. # * * Comparatively little business is doing, and that little is confined to the working claims. The companies making calls have their shares discredited on the market, and unreasonably so, simply because weak holders are obliged to sacrifice to get clear of their liabilities. The brass plates of brokers in Dunedin have not been polished for many a day, and there is a strong probability that brass will be cheap in Dun edin if the depression keeps up a little longer, as many of the brass plates will have to be taken down and sold for what they will fetch. « * * The stagnation of the market is the genuine investors' opportunity, and there is not the least doubt that some of the plums in dredging stocks can now be picked up at ridiculous prices. There may not be another boom in Dunedin, but prices ought to recover somewhat. » * • The Grey River dredge has at last got to work, and if the results come up to expectations, there is bound to be greater activity in West Coast dredging shares. It will take the Grey River dredge two or three weeks to get through the inevitable dead work. Grey River shares have firmed considerably. • * * Thompson's Bullock Creek shares have been going strong for the past fortnight, rising a point or two with each deal. Expert Bishop gives a very good report, and he is straightforward and not too optimistic. * • • The Manuherikia and Gold Queen dredges reported results for the first time last week. The Manuherikia dredge has not been long at work, and her 26ozs is about the record for the first week for a new dredge. The Manuherikia is expected to yield some good returns. The Gold Queen has had some bad luck with the machinery, which has delayed the ■ dredge very much. The work of opening up has taken a long time, but now that she has got at the wash the returns ought to improve steadily. » * • The directors of the Lady Roxburgh have postponed, for two months, the letting of contracts for the building of the dredge. The tenders are reported to have been too high. The directors are doing wisely in holding back, for it is more than likely they will be able to buy a secondhand dredge cheaper than they can have a new one built. * # * The Charlton Creek's return for the past two weeks has been very good, and there ought to be a dividend shortly. Thirty ounces a week is extremely good in the Charlton district, and as the share capitals are small the ventures in the locality are expected to do well. * # • All the machinery for the Dart River Dredge has at last left Kinloch, and a considerable quantity has already been delivered at the claim. Transit difficulties have impeded the construction of this dredge, but we ought shortly to hear of its beginning work. # # * The machinery for the Shepherd's Creek Gold Dredging Company is being completed with all despatch, and that for the Fraser Flat Company is Hearing completion. # • • The construction of the machinery for the Wakamarina Golden Point Dredging Company is well forward, and is expected to be delivered this month. The pontoons are to be finished by the first week in October. The Marshall 12 h.p. engine has already come to hand. The capital of the Dunstan Lead Gold Dredging Company is to be increased by the issue of 4000 shares of £1 each. The dredge now under construction for the

company is estimated to cost .£14,000, hence the increase in capital. • * # Excellent progress is being made with the Waipuna dredge, and it is expected that the machine will be at work by the end of the month. • » w The Merrimac dredge is nearing completion, and the work of dredging is expected to commence in about three weeks. * * # Owing to a difficulty in opening out, it will be some time before the Olrig dredge gets properly to work. The dam has to be made large to enable her to turn round. * # • The prospects of the Wiakaka districts are looking up. Patersons Freehold dredge is reported to be getting it rich. * • # A Dunedin mining expert has secured two miles of dredging ground in the Top Valley and Arm Chair Creeks, Marlborough. There are some excellent dredging areas in the Marlborough district, and they will be heard of before long. • mm Further boring tests have been carried out at the Foleys Creek Claim, and the results are very satisfactory. This method of thoroughly testing a claim before incurring liabilities of machinery, etc., is to be commended. Foleys Creek shares have been in good favour ever since the company was floated. # # * All the shares of the companies whose claims are located on the Grey River will be favourably affected if the Grey Biver dredge gets good returns. The Jones' Flat Claim, which is alongside the Grey River Claim, ought to be one of the first to participate if the improvement takes place. The doctor may scoff, and likewise may sneer, When to his advice you lend him no ear, But tell him his fee is a little too dear For the good that he does when you feel a bit queer. He from you the secret may try to allure The cure for all coughs so cheap and so §ure, Suspense you'll not let him then too long endure, But explain that it's Woods' Great Peppermint Cure. — Apvt.