Finance Stocks and Mining.

Free Lance, Volume III, Issue 108, 26 July 1902, Page 5

Finance Stocks and Mining.

THK taimois ha\o held their Confeienco at Wood\illc, and considering tlio groat pio&pects that weie appaient before the meeting the results were \ciy disappointing The main guevance appeals to be that Noith Island sheep, when sent to the Addington raids, make better prices than those ofieied b\ the local freezing companies. * * » Theie is no doubt about the disparity in prices, but let the farmers send any ijuantitA to the C'hristchuroh markets, ajid pi ices would slump very quickly. What some people w ould like to see is the AVelhngton Fieezing Companies valuing pi ices relatively as high as those obtained for a limited and selected lot sent to the Addington yards. The proposition is absurd - * * Those grazieis who are not satisfied with the prices obtainable locally should accept the excellent opportunities offered bv tlie Addington market. There is no sense holding Conferences and thieatening the freezing companies There is the market, the quotations ruling from week to week are made public the market is open to all, and there is, apparently nothing to stop farmers shipping their fat sheep. That farmers ■will not do the shipping on their own account rather discredits their grievances foi it shows that if there are bigaer piofits there are bigger risks, and faimns won't accept risks. ■^ * * Mr Newman, of Turakina, gave a lucid and interesting history of the freezing companies of the colony, and he showed clearly enough that with one exception, they have all done only moderately well. The exception proved to be the Gear Meat Company, which has been a profitable affair since its inception, because it had an extensive butchering business to support it After two days discussing matters, the Farmers' Conference decided upon forming a company, with a capital of £200,000, the pnmarv object being to induce the freezing companies to co-operate with the new concern. * • • It is hard to know what the farmers leallv want and really propose doing. The freezing companies are ever ready to freeze on farmers' account on a consolidated charge which may be readily ascertained, and the proposed company cannot alter this fact. If it is proposed to advance against shipments, and undertake the financing of farmers then there is not much oall for the company because any of the banks, and many private firms, are ready enough to provide this accommodation * * • If the fieezing companies do not fall in with the views of the directors of the proposed farmers' company, then the latter is to erect works of its own, and become, in fact, a freezing company. The promoters will find enormous difficulties in floating the company, for it is a well-known fact, that farmers are about the most diffident people to induce to buy shares, and when they do buy shares they are generally anxiously waiting for someone to buy them again ■c- * » The shares of the Wellington Meat Export Company w r ere once held puncipallv by farmers, but when the company was struggling, and the shares weie at a discount, most of them sold out in disgust., and now that the shareholders are receiving dividends, and the company has been brought up to the point of prosperity, then it seems fair to suggest that that prosperity is based on unfair treatment of farmers. * * • The ultimate result of all the trouble of the promoters, and the disinterested agitation of various people., will be that the project will die a natural death. No new company will be formed and farmers will continue to blame the freezing companies, and blame everyone else but themselves * * • The question of a State Bank is to be debated in. Parliament very shortly. This will not be the first occasion when such a subject helped to while away the time of Parliament. Away back in the eighties a certain Mr. Verrall made it a stock subiect, and all his Parliamentary oratory was coloured with his views on State banks and State currency. * * ♦ The advocates of a State Bank seem very anxious* to issue State notes — inconvertible naper — and history and experience are wholl set aside. There

for there are buyers of Nationals at 21s, Standards at 17s and New Zealands at 73s 6d. Wellington Woollen shares maintain the confidence of investors. There are bids of 103 sand 82s foi the several issues. * * * The mining market has been a little more active, and a wider range of shares have changed hands. Prices, however, show no material improvement except in the case of Alexandra Leads, which f have now got a quotation above par * » * The dredging returns continue satisfactory, both from Otago and Westland, and that is about all that can be said for mining

Us as much paper money m this country and the rest of the world a& is needed. It is confidence that fluctuates, and the moment people lose confidence in the currency it depreciates. The fact that it is guaranteed by a Government makes little diffeience. then A compulsory note issue would shattei public confidence both heie and at Home, and it is as well for oui legislators to deal with the subject with great tenderness. A certain Mr. Flur&cheim, with a financial reputation of some worth, and an authoi of a veiy leadable financml work, endeavouied to put his tlieones legarding banks of excliange into opeiation, and made a stait m Wellington some yeais ago. Mr. Flurscheim did not make a success of it, 01 , if he did, his bank has ceased to exist so far as Wellington i& concerned Mi Fluischeim was a genuine enthusiast, and risked his own money to sunnoit Ins theories, and as far as, is known no one here suffered through bemg associated with his project. » * * The Victouan loan of a million steilmg on the London market this week, has not met with a good leception The undei writers have asked a \ pei cent more, and made the fatal mistake of fixing the minimum price too high However, the Victorian Government is secure, as the underwriters will have to

make up the deficiencies. The mi&chief w ill be telt by the- next colony that goes on to the London market. It will mean a higher underwriting premium, and a smallei maiket price, all of which will result in the borrowing colony receiving less cash. -»■ * » Investment shaies are extremely quiet, and brokeis are complaining of the slackness of business. Shaiebrokers generally have a tale of woe to Impait, even when business is brisk, but just now their complaints appear wellfounded. Business is not slack for the want of buyers, on the contrary, it is because sellers are hard to find. For all the dividend-paying share® there are free bids, but holdeis show no inclination to quit. * •*■ * Bank of New Zealand shaies have eased very much, and are now offered at ()3s, with no declaied buyers. The shares of financial and building societies aie in fair demand at late rates, but selleis are scai ce C'hn&tchurch Building shares changed hands at £11 12s 6d Gas shares are in excellent demand Wellington Gas shares aie wanted at £18 12s 6d, and £9 7s Od, for the lespective issues. * * * Insurance shares are steady, and it is appaient that the State Fire Insurance Bill is not causing any serious alarm,