Finance Stocks and Mining.

Free Lance, Volume II, Issue 104, 28 June 1902, Page 20

Finance Stocks and Mining.

AS Has expected, the balance-sheet of the National Bank of New Zealand, for the year ended 31st Maich last, is highly satisfactory- As "yet we have only the biiet details of the distiibution of the year's profits. The dividend for the year is 10 per ■cent , the same as was paid last year In addition, £40,000 is added to the leserve fund, £.5000 is written off bank premises, £lboo added to the officers' pension fund and £8200 is to be carried over to the new T account. * ♦ * These amounts total £79 800, and this represents the available balance for the year. In 1901, the amount stood at £66,900. and £47,508 in 1900. In 1897, the available balance was only £2fa,157, and this but serves to demonstrate the splendid pi 021 ess made by this institution. The leserve fund of the National Bank is now £150,000, equal to 60 per cent, of the paid-up capital. In" 1895, there was no le«?rve fund, but in 1896 a start was made by settins aside £20.000, and since then substantial sums have been .added each year » * * The directors have also been fairly liberal to the officers' pension fund, and have contributed altogether £7700. In addition to making substantial reserves, about £5000 lias been yearly applied to writing down, bank premises. The National Bank is now m such a splendid financial condition that it is not unreasonable to expect that the directors will take an early opportunity of increasing the capital. This would be a commendable step, and one that would be heartily supported by the shareholders. » * *• A call upon existing shares would not be favourable, but the issue of the reserved shares in London would be a simple and effective method of securing additional capital . The National Bank is capable of very greatly extending its business, and therefore its usefulnesss to the people of this colony, but this extension can be looked for only with an increase of capital. Possibly the matter will be referred to at the annual meeting of shareholders, to be held in London shortly. * * ■* Since the New Zealand and Rivei Plate Land Mortgage Company withdrew its New Zealand investments, and sought an outlet for its capital in the River Plate, dividends have been paid regularly. The interim dividend, at the ratte of 2% per cent, for the halfyear ended 30th April last has just been paid. * # # Sir Michael Hicks-Beach has stifled all prospects of preferential trade. 'To talk of preferential duties was trailing a red herring over the scent" was his summing up of the position, and there can be no doubt that he is right, viewing the matter from the British taxpayers' standpoint. Mr. Seddon, however, is inclined to believe that some preference will be given the colonies, but what that amounts to remains to be seen. * ♦ * At his first public appearance at Home, Mr. Seddon fired a good many statistics into his audience and, although he has given umbrage to a section here in overstating the case for the colony, there is a "method in his madness." The figures, as compiled by -the Registrar-General, tell a convincing tale of progress, stability, and prosperity, and, as manipulated by Mr. Seddon is bound to impress the British public. • • * Now, New Zealand will require to borrow at least £1,500,000 before many weeks go by, and the effects of Mr. Seddon's splash of statistics are bound to be good. It is generally believed that a Loan Bill will be one of the earliest measures to be brought before Parliament, and, if carried, as no doubt it wil be, Mr. Seddon could see to the flotation. • » « The recent heavy borrowing of the several colonies has given rise to considerable adverse comment in the London financial press and colonial loans are not easil ■- ->!aoed. New South Wales was vt^ with its 3 per cent, loan foi ° 00\000, but then the issue price wos vorv ternp + ing to investors. • ■» ♦ The assumption that the Blue Star Line had accepted the conditions fixed

by the Go\ eminent in connection with the subsidy for a cluect South Afnean seivice is now known to be eri,O'ieous, which is a pity. Probably nothing, moiewill be heajd of this ouostion until the House is »n =eFSion ne^t wev\ *■ # * SoaiceJy a day goes b\ v. ithotit newt, being ref jived of some nen combination or trnst being formed. In Antenea a shipbuilders combination is the latest, the object being to compete for foieign orders. The Yankees have shoivn considerable aggressiveness in all branches of trade and business, but in the matter of shinbuilding they do not seem able to compete with the British. The development that has taken place in Great Britain during the pa«t fei\ - <"us has been to place British shipyards in the forefront. * * i * Scotland is suffeung fiom an overproduction of whisky. The stocks ii bond m England, Scotland, and Ireland have always been large, but in recent years the production has beer on an enormous scale, there being; enough w hisky in bond now to float a battleship. * • • New brands of whiskies are being placed upon the market ir> Now Zealand, but the way they are introduced to the public would lead one to suppose that the manufacturers were either diffident or afraid. These people want to study America 'i methods in captuimg markets The share maiket hare been fairly active dm in or the past week or two Bankshares particularly, have been in ~ood demand with many sile« reported. National Baaik shares changed hands at 80s, cum dividend this shows an advance of 2s fxl on the previous quotation. The verj excellent balance-sheet lust issued by this bank is sufficient to account for the activity m the market Bank of New Zealand shares have also had quittance at an ad\ ance Sales aie reported at 60s. 65s (xl and 675, and there are still him buyeis at Oos. Gas shares are zn steady demand. Lyttelton Gas shares are wanted at £(> ()s, Palmerston North Ga* at £4 2s <xl and Wellington Gas, at £18 7s 6d and £9 5s for the respective issues. The half-yearly dividend of the Wellington Gas Company is payable next month * * • Insurance shares aie not without inquiry, but there is no business passing Nationals are in request at 20s 3d South British at 80s, and N^v Zealand Accident at 2fis. Theie are at the moment no buyers of meat shares, but sellers are numeious - these conditions, nnces must raJl if buyers are to be bi ought into the market. "«£"<- Wellington Woollen hares continue to command attention, and buyers aie now offering £0 3s and £4 for the lespective issues. The company 1S ieported to be doing excellent business which probably accounts for the fiimness of the shares. * * The mining intelligence foi the past week is no different from what we have been used to. Liquidations continue and reconstructions are promised but speculation lemams dull and lifeless • * « The leturns from the wOl king dredges are again very satisfactory borne of the second-raters are civine very promising returns, and if this is Cl°"iaC 1 °"i an l Ued +he load of d ekt should bo shifted. • * • Speculators are still waiting for a sensational return— not that one such would have any great effect but it would give brokcis and market-manipu-lators something to talk about.

The " Labour Question " is, we kno.v, A pioblem haul to solve, But if its progress is but slow, Results in time revolve But in the case of cold 01 cough, Eesuits aie swift and suie, If we but take to drive them oft Some Woods' Gtu vr Peppermint Cure