Finance, Stocks, and Mining.

Free Lance, Volume I, Issue 52, 29 June 1901, Page 15

Finance, Stocks, and Mining.

THE Devonport Steam Ferry Company's balance-sheet, for the year ended 30th April, shows that the year was very profitable. # # # The net profit for the year, after making allowances for depreciation, totalled £3120 13s lid, and there was brought forward from the previous year £2627 19s 3d. so that the total available for distribution was £5748 13s 2d. * * * The usual dividend of 10 per cent., absorbing £2500, was paid, and an insurance fund was initiated with an allocation of £600, leaving £2748 13s 2d to be carried forward. ♦ • • The idea of starting an insurance account looks very good, but it may be asked whether it is wise The company can never do insurance business as well as the regular companies, and, although "own insurance" is affected by shipping companies, it is by no means a safe and profitable venture. • • • The steamers, plant, and freehold of the Devonport Steam Ferry Company are valued at £31,736. but the balancesheet does not show what has been written off for depreciation. ♦ • * The balance-sheet of the Law Union and Crown Insurance Company for the year 1900 has been received in the colon v. • ♦ * The Law Union and Crown transacts life, fire, and accident business in the United Kingdom, but in the colonies the business is restricted to fire insurance. • ♦ • The fire department report shows that the premiums for the year totalled £188,799, after deducting re-insurance. The losses, including a liberal estimate for all claims outstanding, amounted to £103,550, or 54.85 per cent, of the net premium income. • • * The expenses of every description, including commission and quinquennial bonus to staff amounted to £64,930, or at the rate of 34.39 per cent, of the premium income, leaving £20,318. The fire reserve fund has been further strengthened by the transfer of £7500 from profits and now stands at £207,500. • • • The Law Union and Crown is a very powerful British office, and is ably represented in New Zealand with agencies and branches throughout the colony. * * * The Hawke's Bay Farmers' Co-opera-tive had a very successful year, and the directors were able to distribute a 7 per cent, dividend on paid-up capital, a bonus of sixpence per bale on wool shipped for shareholders, a bonus of 2\ per cent, for goods purchased, and 15 per cent, on the commissions earned on the business contributed by shareholders. * * * The shareholders are very well treated, but there is no mention of any bonus to the employees, and this makes one wonder where the co-operative principle comes in. • • « Kerosene is pretty dear just now, the wholesale price being about Is per gallon. The kerosene market will slump heavily next month, and will remain so for a long time to come. * * * Next month a big shipment per steamer is expected in, Wellington, and thereafter regular steamer shipments will arrive from America. The retail price next month will be about lOd to Is per gallon, or, say 4s per tin, against about 5s 9d per tin now. ♦ * * The prospective competition between the Colonial Oil Syndicate and the Borneo Oil Company will prove satisfactory to colonial consumers, as both organisations are determined to fight for supremacy in the colonial market. * * * There is a great run on butter just now, and the demand comes from all quarters. In Dunedin the quotation is about Is 3d per lb , in Melbourne Is sd, Adelaide Is 6d, and Perth about 2s. * * * Supplies aro scarce in New Zealand, but prices are not likely to advance in Wellington. The large concerns which supply the local market, though pestered with tempting orders, are bound bv contract to supply retailers at a fixed price, and this means that butter will not go beyond Is per lb in the city. • • • Taranaki butter-makers, who have supplies on hand, are doing very well, and several large shipments are going to Melbourne and West Australia. The

excellent demand from South Africa and Manila is mainly responsible for the shortage experienced in the colonies, and fr is quite likely that the shipments of New Zealand butter sent to Australia will ultimately find a market in Cape Colony or Manila. • # * Sharebrokers have not enjoyed the Royal functions, for their business has been crippled for quite two weeks, and is still very dull. Values show no decline, but the volume of business is very restricted, and the commissions in consequence are very small. • • • An improvement in the mining market may be confidently looked for. The latest reports from Otago state that the weather is favourable, and the rivers are rapidly receding to their winter level. • * * The promise of good returns was indicated last week, when the Junction Electric dredge yielded 1260z, the first three-figure return for several weeks. Presently, we shall see half-a-dozen or more dredges getting a hundred ounces per week, and then speculation will wake up. # The time is opportune for buying into the better class of dredging companies, for in another month or six weeks the market generally will be much stronger. The prospects are distinctly good, and the mining brokers are beginning to smile. m The Welcome Company's pontoons are finished, but a rise of eight feet in the Buller River is necessary before they can be launched. • • • The erection of the machinery on the Hau Hau Company's dredge has been completed. The returns from this dredge are expected to be good. • • • The Dart River dredge has not done much since starting. The last report of the dredge-master, dated 9th June, states that it has been raining heavily, and as soon as a paddock was opened up it was flooded, and the dredge has thus been working drift all the time. • • • A start is to be made shortly with the erection of the machinery for the Premier dredge. • • • The Gibbs Beach dredge had a trial spin last week, and struck fair wash. • • • The Greenstone Creek dredge is working smoothly, and is coping with the tight wash satisfactorily. The dredge is now in a line with the prospecting shaft, in which favourable results were obtained. This dredge ought to be heard of in the weekly returns shortly. • ♦ ♦ The Golden Gravel Company's dredge has been completed, and has started active operations. • * * The erection of the machinery on the Endeavour dredge is progressing satisfactorily. All the principal parts are in position, and the housing is all up. • • * The river will have to fall considerably before the Gold Queen, Moa Flat, and Gibbs Beach dredges can start working. Fortunately, the Molyneux is falling fast. • * * The pontoons for the Golden Chain Company's dredge are nearing completion, and will be ready for launching very shortly. • * * The Teviot dredge has not yet reached the lower portion of her claim. The shares are going cheap just at present. The Long Valley dredge is finished, and will be placed in commission as soon as the level of the river permits, dredging. ■* * * Good progress is being made with the River Molyneux and Bendigo dredges. The claims to be worked by these dredges are held in good repute.