Finance Stocks and Mining.

Free Lance, Volume II, Issue 102, 14 June 1902, Page 20

Finance Stocks and Mining.

THK dnectors of the Gear Meat C'opipanv ha. 1 c. as usual, been piompt with the cleclaiation of the interim dj\idend, which, for the half-veai eaded 31st May, is S\ per cent. The announcement of this dn Idend calls to mind the fact that theie is still a great deal of agitation about the frozen meat tiade, but the difficulty is to arrive, at a just appreciation of what is leallv wiong with the trade. Those who have but a speaking acquaintance with the ramifications and peculiarities of the business aire very aggressive m their suggestions of unfair dealing on the part of the local companies. The fact is overlooked that North Island mutton averages fully Id per lb less than Canterbury mutton when sold in London. That was the position for the w hole of last year, as* the reports of the Colonial Consignment and Distributing Company show . It is the London market that contiols the prices of freezing sheep in the colony, but those who are tilting at the freezing companies want the farmers to believe that the Addington market controls the situation The fall in wool has touched many of them, and the rise in the prices of general commodities household, and station requisites, has greatly enhanced the cost of living, so that the profits of farming are not nearly as goed as they were. • ♦ The tendency of the day is to 1 educe the pnce& of articles of daily consumption, so that a broader benefit may accrue to the masses. This is the legitimate course of trade, and. the farmers have vet to learn it. Instead of seeking bv artificial means to extort higher prices for fat sheen? and cattle, the farmers should endeavour, bv utilising all the aids of science and invention to reduce the cost of production so that they may be able to profitably market their produce even at considerably lower pne.pi than are now ruling. ■ * * No doubt the frozen meat trade and allied subjects will be discussed at the approaching conference of delegates fiom the Farmers' Unions throughout the colony when we may possibly get some sensible suggestions on the questions. In the Wairarapa, there is still much enthusiasm shown in connection with the projected establishment of freezing works in the neighbourhood of Masterton. There is plenty of enthusiasm, but very little money and thenroject is likely to fizzle, unless one of the existing freezing companies can be induced to make tW venture • * * The Wairarapa farmers do not need to be told that it will be cheaper to rail 10.000 live sheep to the freezing works at Petone or Ngahauranga than to biing them down converted into exportable products. The railage on the frozen carcases, tallow, wool, skzns, sausage casings, glue, and other hy-pro^ ducts will, in the aggregate, be larger than the railage on the live stock, and this increased cost will come out of the price of the products in the terminal markets. Veiv few of the up-country freezing works have done even moderately well. On the contrary, most of them have fared rather badly However, the agitators are at work, and it is best to let them have their chance • * » Mr. F. Moore, formerly with the Wellington Meat Export Company, and more recently "Ideal Physician" in Wil-lis-street, and secretary of the Producers' Union at Pahiatua, and author of The Way to Wealth" and columns of newspaper contributions, is now associated with the Department of Industries and Commerce, and is said to be making inquiries into the frozen meat question in the Wairarapa and Hawke's Bay districts. • • • Of course, he will make a repoit — that, is inevitable — and, as he has already shown much ingenuity in invents ing impossible schemes for placing the trade on a firm basis, his report should be humorous reading. The only regrettable feature is that the taxpayers of the colony have to pay for this amusement. • • * The leport of the Colonial Mutual Life Assurance Society, Limited, submitted to the annual meeting, held in Melbourne on the 28th ult. . recorded a satisfactory measure of expansion. The new policies completed were 2927 in number, assuring £241,034, and yielding a new premium income of £26,320. The total income for the year 1901 wa.s

£412,-810, while the claims and expenses dbsoibed £308,93h. The funds at the close of tin 1 vcai totalled £2,000,870, showing a.n mciease ot £103,880 on the pre\ ious yeai The invested funds yielded mi average of £4 !29 per cent , which was actually higher than in the pievious yeai The Society has done veiy well indeed, and ■the members are to be congratulated on the results * * * At la,st we have some definite information, about the projected direct steam sen ice to South Africa The AgontGoneral is leady to sign the contract with the owners of the Blue Star line as soon as the conditions laid clown bv the Government are agreed to * • * An extraordmaiy length of tame is being taken up by the shipowners to consider the terms, and m the meanwhile this colony is losing its chances of trade with South Africa. The best of the trade with South Africa will be secured duimg the next six months, and unless we ishow more alertness and business aptitude w e must expect to be beaten in the competition. * * * One of two things must be done. Either the Blue Star Line must accept tihe conditions, and place vessels on the berth or the Government must make arrangements w ith other steamship companies. This latter proposal will, in all probability, involve a larger subsidy being given, a.nd then the question will arise whether the trade prospects warrant the expenditure, and whether satisfactory shipping facilities cannot be obtained via Sydney at a less cost * * *■ The shaie market is fairly acti\e, and several satisfactory tiansactions have been reported Business, however, is still somew hat lestncted, beaause of the w ide margin betw een buyers and sellers. Furthez-more, holders are not anxious to quit because of the difficulty of finding; other and equal lv profitable investments. * ♦ * National Bank shares a,ie in fiim demand at 77s 6d. The balance-sheet of this bank ought to be circulated in London very soon, and, as rumour has it that the bank has had a profitable ve«r, the demand for the shares is explained. Gas shaies are in very strong demand at full market rates. The interim dividends of mo=t of tlie gas companies aie due next month hence the haste to buy shares. Sellers however, are very scarce. * • • Insurance shares are inactive, although sellers hold to their ideas of values. The fire recoid shews no improvement whatever, and this is no doubt, operating against stock exchange business * * *• Meat shares are steady. The margin between buyers and sellers of Christchurch Meat shares is very marked. Gears and Meat Exports maintain theii market position very well. * • • In the mining market, there is nothing of moment to chronicle. The dredging returns from Otaejo and the West Coast continue satisfactory, but speculation in scrip is still very dull. The return of confidence is very slow, and while liouidations aa*e in progress and in prospect this is inevitable. The dredging industry is sound enough, and the excellent returns reported each week amply proves that