Finance, Stocks, and Mining.

Free Lance, Volume II, Issue 63, 14 September 1901, Page 5

Finance, Stocks, and Mining.

THE twelfth annual report and bal-ance-sheet of the Provident and Industrial Insurance Company of New Zealand has been issued during the week, and is satisfactory. * • • The premiums leceived during the year totalled £10,371, being an increase of 10. b per cent, as compared with the previous year. The new policies number 4747, and the cost of introducing same amounted to £1742, being slightly under the cost of obtaining 4828 policies for the previous year. * * * The cost of management amounted to £1194, or 11 .")] per cent as compared with 12.31 per cent, last year. Claims including weekly allowances and medical charges under sickness policies aggregated £3332. * » * The funds, amounting to £10,009 show an increase of £1000, and the assurance fund now stands at £.5244, showing an inciea.se of 23. 0b per cent. Altogether, £1990 was written off during the year, and the results cannot be regarded as othei than satisfactory. * * ♦ The Piovident and Industrial is a small concern, but is doing a gieat deal of good, and must be a boon to the industrial classes. The company is doing a good business in Wellington. * • * The Bank of Australasia has had a veiy piofitable half-year, and the shareholders have just received a dividend of 40s per share, equal to 10 per cent, per annum. * * * Besides paying a handsome dividend, the directors' have strengthened the reserve fund bv the addition of £30,000, written off £10,000 off bank premises account, and £25,000 has been set aside for wilting down the value of Conso's in the reserve fund, and £14,000 is carried forward. * • • The heavy writing down of the value of Imperial" Consols is significant. There was a time — in fact so recently as 1897 — when Consols were quoted at £113 . they now stand at about £95, and the difference of £18 is so much loss to investors. ■* * ♦ Of course, the banks -- tho prudent banks -h«ue not taken Consols at the high value, even when they weie selling freclv at £113 and since there has been a fall it becomes necessary to «nt<> down the \ alue It is a prudent course to adopt and all the strong banks aie dome tin 1 same * * * British capitalists aie looking toi a bettci return on their investments, and Imperial Consols fix the stand foi other investments. The return from Consols is very nearly, if not quite, 3 per cent., and less safe secunties must yield a higher return. * * * We sco the effect m the latest colonial issue New South W T ales has just borrowed four millions, nominally at 3 per tent . but actually the interest/ is 3\ per cent. Tho minimum was fixed at £94 per cent., but, as the issue had to be umlei wiitteu, and othei concessions made, the actual amount received was only £92 per cent. Thus, instead of receiving £4,000,000, New South Wales gets only £3,b80,000, tho balance of £320,000 being the immediate gain to the British lendei But this is not the only gam Not a soveieign of tho loan will be sent to Sydney in gold, it will come out in the shape of merchandise, which will yield more piohts. There is the proht on the goods, the fi eight, and the insuiance, all of which goes to benefit the Butish people 4 * * Three voais ago New South "Wales bonowed £1,")0(),000 and the issue was over-subscribed, the a\eia,g<> puce being £100 8s 4d The State Government «,■«, obliged to make the issue, being hanl pleased foi money . and all things considered, it was best to appioadi the London nionev market It would have been absolutely impossible to laisc so large a sum in Austiaha, ami in am cast- much moie than S\ pei cent would h«ive been paid *. * * The result ol the New South Wales loan makes it c'eai that it would be unwise for the other colonies to tiv the London money market Several ot the colonies are hard pressed, and may be forced to issue loans whatever the stato of the market. * ♦ * The Stock Exchange quotations tor Colonial 3 per cents, diopped la*>t week,

and it seems that theie must be a fuither decline. We shall see this denomination down to 91 or 92, which, of course, w ill mean a heavy loss to investors. * * * In another three or four weeks t ho autumn demand for money will be felt, and there is the Chinese indemnity loan of sixty millions, and a Russian loan of C 20,000,000 looming large, and all tins means a further hardening of the niaiket. * * * The outlook is not vei v pleasant toi the boi rowing colonies, but theie is nothing for it but to wait The w aitmg, however, will be very irksome, and will jeopardise many of the schemes of State socialism. * * * The fifth of the series of London wool .sales commences on Tuesday next, and no one has been ventuiesome enough to predict the course of the maiket, and vet a good deal depends upon the sale * * * There is some probability that menno wool will see an advance Bradfoid tops have risen, and that may be accepted a& a very good sign But it is quite a different matter with crossbred v\ 001 . * * * The market is glutted with crossbred wool, and the Argentine .supplies, which hitherto found their way to the Continent, aie now going to London, and the uool-lofts are loaded up with ciossbred descriptions. Crossbred is bound to be influenced by the position of merino wool, and if there is an advance in the latter, then there is some hope that crossbred will at least hold its own * * * Our wool-growers have quite enough to meet in the way of reclamations, and this season the advances against shipment will not be more than 3d per lb, while hitherto Gd has been freely advanced If there is a further fall in wool at the current series it will come very hard on New Zealand wool-grow-ers. * * * Crofesbrcd wool is at the lowest point within the memory of the oldest colonial, and it is scarcely likely to go lower, at the same time, theie is not much prospect of it advancing. * » * The dredging returns from Otago last week showed a substantial shrinkage on the previous week, due to the high state of the rivers. The position has again become normaJ, and it is very likely that there will bo a much better output this week. * * * At last there is some hope of the Lady Charlton dredge getting on to the run of gold The (hedge nuustei expects to do thi.s in a week or two, and the blighter outlook has seen thoshaies advance quite os. The Cluulton gioup of di edging companies aie all spoken of favomabh. There will be no sensational returns, but investois can make suie ot payable and steady returns all the veai round The Deniston Lead dredge staited operations at the bottom end of her claim towards the end of la&t week. This dredge is expected to gi\ c a good account in the near tutuie * * * The Waieatea, diedgc is almost completed, mh\ the contiactoi expects to hand it over eaily next week The diedgc will open out m 14tt. giound, and in thiee weeks should have a good paddock clear » * * The Alpine No 2 Gold Di edging Company paad its first dividend of Is per shaic on Monday. Pming the year ended 11th August the Manuheiikia diedge earned xufhucnt to pay off a bank ovetdiatt ot LK>2o, to pay a dividend ot LI 2OO, and to leave a credit balance of L 33-1 Given iavomable conditions, the shaieholdeis of this company may look foi substantial dividends dm ing the cm i cut \eai * * * The Bemh^o diedge was expected to commenc* opeiations on Alondav Good lesults aie expected fiom this diedgc but, unroitunateh, she is making a stall lather late The Welcome Compain \ pontoons ueie loaded up with about "JO tons ot in.uluiH'iv at the time ot launching still tin launch \\<is \(i\ successful The balance ot the niachineiv is to be placed in position with as litt t- dela\ .us possible The Chatto Cieek diedgc and claim ueie sold last week foi L(>2o oi Lit) .ihove the mortgage The mortgagees put chafed the propeitv * * * The dnextois of the Akhnga Gold Pledging Company propose issuing C) debentures for the sum of 11000, to provide- additional capital to pay for thedredge, and to cover pirlinunaiv woik in connection with the company

Tho completion of Marsden No. 3 is bcuig delayed for want of some necessary machinery parts. * * * The No town dredge has a good pait oi the machinery on the pontoons. The diodge, it is expected, will bo ready for work about the end of next month. « » • Investors m Dunedin are stionglv of opinion that the saJes lepotted on tho Dunedin Exchange list are more 01 lef,s bogus. * * ■* The Dunedin Exchanges ha\e to some extent it is feaied, been operated by jobbing brokers, who have played the part of bulls and bears to suit their own hands The genuine investor ha& no chance under such circumstances.