Finance, Trade, and Commerce.

Free Lance, Volume I, Issue 45, 11 May 1901, Page 5

Finance, Trade, and Commerce.

THE Colonial Treasurer's speech at Hokitika was very much financial The revenue for the year (ordinary and territorial) amounted to £5,852,765, sinking fund accretions £.32,800, miscellaneous recoveries £11,410, and, with the £105,352 brought forward, the total amounts to £6,022,267. The expenditure for the year amounted to £5,479,703, leaving a credit balance of £532,564. This is very excellent, but it is not as good as it looks. * * * The revenue shows an increase of £272,380, but the expenditure has gone up by £339,576 as compared with the year "1899-1900. If the expenditure had been no greater the difference between revenue and expenditure would have been £712,638, and the people would have cried out for further remissions of taxation. * • • In the previous year, the credit balance was £605,351, although a small sum only was carried over, while for the year just closed, with £105,352 brought to credit, the balance is only £532,564. * * * The position may be stated in another way. In 1899-1900, the difference between revenue and expenditure was £559,490, while for the financial year just passed the difference is only £427,212. * * * Of course, it is claimed that there has been a great reduction of taxation and rebate in railway charges, etc. The Official Year Book shows that while during the Atkinson regime £3 10s per head of taxation was sufficient for the administration of the Government, the amount squeezed out of the people now is equal to about £3 17s per head. Of course, some new State departments have been added on since then, and, if the people will have enlarged services, they must pay for them. * * * It is easy enough to show an expanding revenue with increasing taxation. But the higher tax is not burdensome, because there is general prosperity ; the mischief lies in the steady expansion of the expenditure. Some day, not far distant, there will be alarm at this excessive growth, and a new lot of "skinflints" will demand economies. * • • The Colonial Treasurer was particularly strong on trade, and suggested that it was the duty of the Government to provide cold stores at the leading ports of South Africa. This would be quite right if there was any shortage in storage accommodation, but, as a matter of fact, there is ample storage for all the trade requirements of South Africa. » • ♦ It is true that the Cold Storage Company of South Africa made an enormous profit last year, but then the company had other advantages besides storing goods. It was dealing in live stock, which was at famine prices owing to the war. The profits were exceptional, just as the trade between Australasia and South Africa is exceptional. * • • It would be a waste of public money to erect cold stores in South Africa, and, if the Government do undertake this business, they must go further, and market the produce for the shippers, and, very probably advance against consignments, all of which would mean great risk. * * * The Feilding Gas Company's balancesheet for the year ended 28th February last is very satisfactory, although the dividend declared is below that distributed last year. * * • The company has spent a consideiable sum in plant extension, and the cost has been partially met out of revenue. The sales of gas, compared with a year ago, show satisfactory improvement, and in a year or two this concern ought to be paying very good dividends. One thing, its capital is not watered, and the management is in the hands of good sound business men of Wellington. * • » The balance-sheet of the Mutual Life Association reached the colony last week, and the officers of the society ,uo rightly proud over the document, for it shows considerable strength and steady progress. » * * The total revenue for the year amounted to £244,076, against £233,525 in the previous year, a very substantial increase. The death claims, with bonuses added, totalled

£51,672, against £34,127, and for the increase the war in South Africa was in a large measure responsible , the claims were, however, below the office expectatlon - The total funds at the end of the year amounted to £1,437,611 19s Bd, against £1,359,362 11s 5d at the close of 1899, and £1,257,603 at the end of 1898. Good solid progress, this. ♦ • » The Society recently introduced a combined life and accident assurance policy, which has become popular, and is, no doubt, proving profitable to the Society. » • * The Mutual Life does a very good business in New Zealand, notwithstanding the keen competition, and, with the latest balance-sheet to show intending a&surants, the Society ought to have no great difficulty in taking many lives during the current year. • • • The mining market i& still depressed, but the outlook is ever so much brighter than a week ago. The returns are swelling, and some of the newer di edges aie getting on to the wash. » » * This is more noticeable on the West (,'oa.st than in Otago. The Pactolus diedge obtained a satisfactory return last week, and the Greenstone Junction turned up thirty ounces. * * * Nearly all the greenstone claims are held m high estimation by experts, and, as tw o or three of the dredges are now operating in the locality, there should be some good speculation in the shares. ♦ • • It is some time since there was any news of the Greenstone Creek dredge, but this is a machine that is likely to do well in the near future. The old Bun Tuck claim was noted for its richness, and, if Chinamen could make good w r ages out of it, a dredge will earn handsome dividends for shareholders. • • • The Erickson's Reward dredge is about ready for work, and will be the first of the machines to operate in the Ahaura district. The claim is a good one, and the dredge ought to be on payable stuff very soon. • ♦ • The directors of the Big Flat Dredging Company hope to have their dredge at work by the end of next month. In the meantime, an effort is to be made to place 1750 preference shares of £1 each, as the company is in need of additional funds. * * * The pontoons for the Prince Albert Gold Dredging Company were successfully launched last week. * ♦ ♦ The Moke Creek dredge is being pushed forward. The claim is expected to turn out one of the pleasing dredging surprises of the district. • • • The Otago, Golden Gate, and Golden Treasure dredges are reported to be on fair gold. « * * The Teviot dredge is sufficiently near completion to warrant the directors in inviting applications for the position of dredge-master. * * * The Moa Flat dredge has had a tailings chute put on, and the elevator will not be used at present. This dredge resumed work last week, on the west side of the river. * * * The pontoons, for the Waieatea Dredging Company aie expected to be ready for launching in about a fortnight. The Island Creek dredge, which started work last week, is expected to get on to payable wash in two weeks' time. * * * The Eclipse dredge \va& reported ready for work a fortnight ago, and was merely waiting a favourable river to begin operations. Good results are expected from this dredge. • ♦ ♦ The Arrow Junction dredge is reported to be on good-looking wash, carrying a nice sample of gold. * * * The Kawarau Bridge is neaimg completion, and the contractors hope to make delivery about the first week in next month.