Finance, Stocks, and Mining.

Free Lance, Volume I, Issue 21, 24 November 1900, Page 5

Finance, Stocks, and Mining.

THE Northern Investment Company of New Zealand, a Hawke's Bay concern, in its balance-sheet for the year ended 30fch June, showed a credit balance of £10,669, which included the amount carried over from the previous year admitting of a dividend of 6 per cent and leaving £4894 to be carried forward. The amount invested in New Zealand at the close of the year was £409,386, being a decrease of £22,411 on the amount invested at the corresponding period of the previous year. * * • The full report of the Colonial Consignment and Distributing Company, for the year ended 30th June, shows that a net profit of £33,489 was earned, as compared with £40,229 in the previous year. With the amount brought forward, £34,316 was available for distribution. The usual dividend of 7 per cent on ordinary shares was declared, and, after making the usual provision for debenture redemption and dividend on preference shares, there was left a balance of £8235, out of which £7116, or 75 per cent, was transferred for distribution among the consignors or customers of the company and the ordinary shareholders, the former receiving i's3^7, admitting of a substantial bonus. As most of the consignors are in New Zealand, it means a nice little Christmas-box for them. * * * The financial year of the Australian Widows' Fund terminated on the 31st of last month, and the preliminary figures show that the new business transacted by the Society amounted to £637,677, showing an increase of £59,065 over that of the previous year. It is only quite recently that this society opened up in New Zealand, but has, nevertheless, succeeded in gaining a good footing, and with prospects that are decidedly good. * * ♦ The colony's trade figures for the year ended 30th September, referred to in last issue, show that there was an increase of £2,531,000, as compared with the previous year. A further examination leads to the conclusion that the Customs calculations cannot be relied upon. For instance, the wool exported during the year is taken at the average value of nearly B£d per lb, which is fully 2d per lb beyond the actual value of the staple, which means that the exports of wool have been over- valued to the extent of £1,200,000. Butter and cheese are also over-valued by about £100,000, and it is probable that there are other excess valuations, and it seems that the values set against the exports are those realised in the terminal market. There is thus a substantial reduction to be made for freight, insurance, and selling charges. ♦ * * The shipments of wool from the Ist July to the 31st October from all the colonies, except Tasmania and West Australia, show a decrease of 91,655 bales as compared with 1899, the figures being 185,205 bales against 276,860 bales. Queensland is the only colony to show an increase, and this is somewhat strange considering the severe drought experienced in that colony. The shortage in the New Zealand is 8058 bales, but this is in part due to the lateness of shearing owing to the unsettled weather. , # * There is pretty certain to be a shortage in the Australian clip for the season, and the deficiency will be in fine wool. Crossbred wool will in all probability exhibit a slight expansion ; at any rate, so far as the London market is concerned, there will be a very much larger quantity of coarse wool available, as the Argentine clip is reported to be very large, and the bulk of it will be crossbred. V * In other colonies it is customary to publish monthly the revenue returns, and also the Customs collections, and the figures are made available within two or three days of the close of the month. In New Zealand the departmental returns are published once a quarter, and then we have to wait three weeks and longer for the figures. Now that the Hon. Charles Mills is Minister of Customs, he may distinguish himself by having the Customs returns published monthly. The officers of the department can do the work, and merely want Ministerial authority for the publication of the figures. * • * On the Estimates of last session a vote was taken for the Department of Industries and Commerce, and it was understood that an under-secretary with a chief clerk would be appointed. Are the ap-

pointments to be made, and when? Ministers pay \ery close attention to politics, but have a 'disposition to neglect the commercial requirements of the colony. This Department of Industries and Commerce requires the services of a good man, and it is time steps were taken to give the department some life. The colony wants new markets, and someone must bustle for them. * * • The gold output of West Australia for last month was 133,2850z, as against 205,1860z for the month of October last year. The total for the ten months is 1,284,8680z, against 1,365,3840z for the corresponding period last year, or a decrease of 80,5160z. # * * The revenue of the Government Bailways for the period from the Ist April to the 13th October amounted to £865,962, as compared with .£813,922 for the corresponding period of last year, or an increase of £51,140. The North Island contributed ±'310,836, as compared with £285,874, and the South Island £554,226, as against £528,048, the increase in the North Island being £24,962, and in the South Island £26,178, so that relatively the North shows a better expansion. • * • The railway expenditure for the same period amounted to £596,489, as against £545,433 last year, or an increase of £51,056, and .fust £84 less than the increase in revenue. The expenditure on the North Isand railways totalled £239,648, against £215,861, and on the South Island lines £356,841, against £329,572. The increased expenditure in the North Island amounted to £23,787, and in the South £27,269. m * * The excess of railway revenue over expenditure for the period totalled £268,573, as compared with £268,489, an increase of £84 — not a large amount, still very satisfactory, considering the many reductions and concessions made by the department. The excess of revenue over expenditure in the North Isiand totalled £71,188, and in the South Island £197,385. The ratio of profit is thus slightly better in the South Island. # • * The traffic returns of the railways show general increases. The number of single and return tickets issued exhibit an increase of 365,197, and season tickets an increase of 8788. There was an increase of 4330 parcels, 389 horses, 106 carriages, 1582 dogs, and 161 drays. Live stock show a decline, but only in the case of sheep, of which 259,705 less were earned, and this confirms the reported scarcity of freezing sheep. Cattle show an increase of 2057, calves 2581, and pigs 7762. There was a decline of 1782 tons of wool freight, and 4335 tons of grain, but there were substantial increases of all other classes, minerals alone showing an expansion of 69,584 tons, principally coal, for which there is just now such a very pronounced demand. m # # The balance-sheet of the Mosgiel "Woollen Company, for the year ended 6th October, has been circulated. The profit and loss account shows a balance of £5716 12s lOd, from which has to be deducted the 3& per cent dividend paid in May, leaving the sum of £3144 2s lOd to be dealt with. From this sum the directors recommend the payment of a further dividend of 34- per cent, making 7 per cent for the year, amounting to £5145, and carrying forward the balance of £571 12s lOd. • # * A West Coast paper has been giving some details of the operations of the Westport Coal Company, and, according to this authority, the total output up to the end of 1899 was 2,877,317 tons ; the outturn for the current year is expected to be 370,000 tons, and next year's output is estimated at 450,000 tons, equal to about 9000 tons per week. The Company employs upwards of 500 men, and last year the wages alone totalled £105,000. * # * The return of 390z by the Grey River dredge has put new life into the speculators in West Coast shares. The return, it must be admitted, is very satisfactory, and represents practically the first full week's actual working on the proved portion of the claim. The returns ought now to show steady expansion, and there is no reason why we should not see a hundredounce return. # * * The pontoons for the Gentle Annie dredge have been successfully launched, and the Kelly and Casey pontoons are well forward. • » # Work on the Ford's Creek (West Coast) dredge is being pushed on rapidly, and in about a month's time the buckets should be bringing up the " wash." The Dobson No. 2 dredge has been got back to her

proper ground; a trial run proved the machinery to be in perfect order. The Golden Link dredge is practically ready for a trial run, and the boat ought to be in commission in the course of a week or two. * * • The Wairoa claim, which is situated between the Eclipse and the Metallic claims, is now commanding attention, and large parcels of shares have changed hands. The Eclipse shares are quoted at 41s and the Metallic at 31s, and the Wairoas (with 12s paid up) have been selling at 3d to 5d premium. The claim is aaid to be quite as good as either of the adjoining claims. * • # The Second Magnetic hi*s bottomed on good wash, and as soon as the river goes down the returns will go up. The shares are neglected just now. * # * The Merrimac shares have had a nasty fall from 60s to 425, owing to the rumour that the dredge has not been able to bottom, but then 'the river is high. Anything is good enough to knock the market out when speculation is active.

The Grey River dredge is working jusfc below the Jones's Flat boundary, and as the dredge has not yet bottomed, it isbelieved she is getting the good returns from the top wash. This should strengthen the position of the Jones's Flat Company* as the wash is the same. * • • The sensation of the week in Wellington mining circles has been the collapse of the Thompson's Bullock Creek Company. The snares are held almost exclusively in Wellington, and the clever crowd who got in late paid heavy premiums. They are now counting their losses and pretending to be very happy. Other shareholders are longing for the scalp of some one, and talk loudly and utter dire threats. • * • Lake Mabinapua Golden Gravels, a gold dredging area of live special claims of eighty acres each, situated near Boss, Westland, is now being bored, and the engineer reports progress as follows: — Bore No. 1, bottomed on Old Man bottom at 20ft, obtaining gold all through the gravels— result, sdwt 12grs to the cubic yard; No. 2 bore, 19ft 6in gave 2dwt 16^grs ; No. 3 yielded ldwt 12grs of gold.