Finance, Stocks, and Mining.

Free Lance, Volume I, Issue 40, 6 April 1901, Page 5

Finance, Stocks, and Mining.

THE Bank of New Zealand and the National Bank are busy with their annual balances, and both institutions will show a year of good business. • • • Last week and the week before, the customers of these banks were rounded up — that is the customers with overdrafts—and that is why there was an apparent absence of speculation in the stock and mining markets. Bank "window-dressings" are not the awful affairs they used to be, but they are bad enough to those who have to reduce overdrafts. • * * General business cannot be as active as is popularly believed. Traders are findm"- it very difficult to get in money, and in many directions trade is beginning to slacken. After the boom tho slump, and, although we aie still a long way off the slump, we are getting towards it every day. • • • Trade in Canterbury is believed to be showing signs of weakening at any rate, the number of renewals of naper is latterly increasing. This is a very fair indication of the approaching slump. r • • • Another significant item is the increase in the number of fires all over the country. Underwriters are perplexed at the abnormal expansion at a time when business is supposed to be good and the community is prosperous. • • • The fire insurance people have come to the conclusion that the majority of the fires that have been reported during the past few months have not been accidental, and they are supported in this view by the number of fire inquests that have been found necessary, and also by the conviction of some of those who have been guilty of incendiarism, i ' 4 • • • The premium rates are going up in most of the districts of the North Island. Underwriters have been selling indemnity far too cheaply, and must apply the only corrective available to them. A conference will be held in Wellington in a few days to finally decide upon the advances. , » • To hear E. M. Smith blow about Taranaki ironsand, one would fancy there were no other iron deposits in the world, while those who were good enough to banquet the irrepressible member for New Plymouth imagine that they have but to send E. M. S. Home to secure the flotation of a company. Mr. E. M. Smith has had one trial at the game, and, although he claims to have had the whole body of British engineers, he did not succeed in tempting them into taking Taranaki ironsand. • • • HoweVer, there may be a different record to chronicle now when Mr. Smith has the guidance and active cooperation of so safe and prudent a man as Mr. Cadman undoubtedly is. Still, there are a good many lions of difficulty in their way. First of all, the London money market is against foreign ventures. Then, the price of iron is falling as the price of coal is declining. Further, the iron industry is m a very sickly condition ju&t now, all of which will make the task of Messrs. Smith and Cadman no mere summer holiday. • ♦ • There is some talk of exploiting Germany and America should the efforts to interest London capitalists prove futile The Germans have their hands full with their own troubles, and, while some of the scientific gentlemen may be curious in the matter, it ia doubtful whether the capitalists made in Germany will touch the proposition. • ♦ » Americans are good fellows at talk, and their talk is always on the large side. But the production of iron and steel in America is far in excess of the demand, and each month during the past five or six months it has been found necessary to close down furnaces. The Yankees may be relied upon for a large measure of talk, but there is no business probable with them. • » • But, after all, the great drawback that the Taranaki ironsand industry will have to face is the labour question. With the optimism that fans the enthusiasm of the company promoter and lets his tongue loose in exaggerated statements, it is announced that within two years of starting the works 5000 hands would be required. • * • Accepting this statement at par value, we can imagine the number of trade unions this army of 5000 men

would make. The carters' union, the , coalminers' union, the puddlers' union, and the blacksmiths' union are among a few of those likely to be evolved. , Who will run the industry — the unions or the employers? This opens up a fine prospect for British capitalists, but it is the sort of prospect that they are : not likely to hanker after. • • • The mining market last week was particularly dull. No doubt, the bank balancing had something to do with the check to speculation, and this week the holidays have exercised their influence. But, in the opinion of some people, the industry is believed to be suffering from incompetence. • • • At every turn one comes up against faults which can only be attributed to incompetence or inexperience. All concerned in the industry are learning lessons that cannot fail to prove beneficial in the long run. • • • Speculators would, however, soon forget all about these faults if the returns were only better. The Otago returns are only moderate, considering all the circumstances, while the West Coast returns are extremely disappointing. • • • There was a slight improvement in West Coasters last week, but nothing to influence the market. After the holidays there ought to be a change for the better, both in Otago and West Coast dredging shares. • • • The Premier pontoons are nearing completion, and will be ready for launching in about a fortnight. • • • The planking of the Wareatea pontoons is well under way, but, owing to the difficulty of obtaining carpenters of the right class, the work has not advanced as much as was expected. • ♦ ♦ It is very probable that the Island Creek dredge will be ready for a trial run about the 10th instant. The dam has been completed, and there is a fine spread of water, which will enable the dredgemaster to open up anywhere within the lower flat. • • • The Al dredge, near Reefton, is nearing completion. The machinery is m position, and the housing is nearly completed, and the tables will be- fitted on as soon as possible. About three weeks should see this dredge at work. • • • It is rumoured that the Consolidated claim, which lies between the Mokoia and the Buller Junction, is to be secured by one or other of these companies. The top end, adjoining the Mokoia claim, is believed to contain a rich patch. • • • The Maerewhenua dredge will, it is expected, be shut down temporarily, in order to have the ladder lengthened. The present ladder, which is 23ft., cannot bottom. • » • The Eclipse dredge has been working intermittently, owing to breakages in the gear. This claim is in high favour with those who ought to know something about dredging. • • • Tacon's Cardrona dredge is working well, and is on bottom. No reliable accounts as to yield of gold has transpired. • • » The Dart River dredge has been moved to the spot where actual operations are to be carried on. The dredge was to have commenced work on this spot last week. Speculators aie looking for something good from this claim. • • •» The Fourteen-mile Beach dredge was placed in commission last Monday. The claim is a good one, and the shares of < the company are firmly held. ] ] The Blue Duck dredge has had a successful trial run, and goes into active work at once. • • • The Pactolus Company's ground is deepening, and it is more than probable the ladder of the dredge will have to i be lengthened. • • • The Kawarau Bridge dredge is nearing completion, and there xs every probability of the dredge being at work before the end of next month. • • • The contractors for the Golden Gravel dredge expect to have same ready for delivery by the end of the current month. • • • The Gibbs Beach dredge will make a start in about a week.

Ned Kelly in his suit of mail, Was proof against all lead, And how he laughed when all did fail, To lodge it in his head. Then let us all be on our guard, While long life we assure, For coughs and colds have borne regard, Take WooDb' Great Pjsi'i'tßMiNr Cunh.