Finance Stocks and Mining

Free Lance, Volume III, Issue 111, 16 August 1902, Page 24

Finance Stocks and Mining

THK tiade returns of the colony foi the first half of the year aie not <is satisfactory a& one could wish The \ alue ot the exports foi the six months ended 30th June last amounted to £7,920 334, as compared with £7,977,879, showing a. decrease ot £52,~>45. The shrinkage is not \ei> great' but it is significant, and if the cunent half-year shows a lelatne decline it will be most unpleasant. The benefit of the nai expenditure cannot now be looked for, and the wai has been of considerable importance to us from a trading point of view . * * * The demands for oats, forage, butter, meat, jams, etc., has been very helpful to all the colonies, and with the cessation of these demands from South Afnca, other outlets must be found, and pnoes will iK>t be as good. If the exports have declined, the imports have shrunk to a very much greater extent For the half-year just ended the imports were valued at £5,160,351, as against £5 624,230, showing a shimkage of £463,879 This is a heavy decline, and is hkelv to continue. The imports during the past two < eais were on am extensive scale, mainly owing to the heavy bori owing both public and private from London capitalists, and a reaction w r as inevitable. It is just possible that the year will close with imports less bv a million sterling as compared with last year The effect of any such decline should be to cause a shrinkage in the Customs leturns. but for the first foui months of the financial year the reverse is the experience. According to the figures furnished Parliament, the Customs revenue for the period totalled £633 050, as against £608,912 * * * The apparent decline in the over-sea trade of the colony is not leflected within the colony , at au\ rate, there is evident briskness in all directions in Wellington. A very good index is the retail drapery establishments, all of which are reiported to be doing phenomenal business compared with past years Wholesale houses are also satisfied with the amount of business passing, and the promptness with which trade r>aper is being met. It may be that the Wellington-West Coast districts are relatively more prosperous than other districts but the fact lemaans that trade continues good. r * * The developments of the pastoral mdustrv with Wellington Wairarapa, Manamatu, and West Coast districts have been of a very pronounced character during the past five or six years, the dairy industry being particularly noticeable, and this has helped to make the district® prosperous The outlook for the dairy industry promises well foi the coming season. An increase in the output of butter is a certainty, while prices are expected to be as good, if not a shade better, than in the past season. Representatives of Home buyers are already at. work in the dairying districts, and extremely good prices are reported to ha^e been offered * * * A good daary season means much to Taranaki, which district practically relies upon the industry The profitable prices of the past few seasons have been of inestimable benefit to the fanners of the district, who aie aU now in <*ood circumstances. An indication of what the butter trade has done for Taranaki is shown bv the building returns of the borough of Eltham. According to a recent valuation the new buildings erected in the borough during five veais are valued at £80,000 ■» • • Tint, is a record that any country borough might well be proud of All the other towns in Taranaki can show similar satisfactory records, while land values are on the rise. The fruit maidens of the colony are in Nelson, and it is satisfactory to learn that orchardists theae are extending their fruit farms with the view of ultimately opening up a trade with London * •* * Bie efforts are being made to improve the Nelson harbour, and there are hopes that when the contemplated improvements are effected the ocean steameis will be able to call and take away the fruit. May the anticipations of the Nelson farmers be realised. In the meanwhile the fruit trade is not a satisfactory tiling to the growers A good crop throughout the colony spells loss to many growers because of the low

puces, and the heavy chaiges ten tiansport and handling. ■* ■* * It has been suggested that additional jam faotoaies would aftorcl the hmtgioweis relief, but bins is questionable. There are already as many jam tactoiiesi as the colony can maintain, and when jam gets down to the level of thaee tins for a shilling it is a mettv good indication of over-pioduction * * * If the outlet via jain factones is closed to the fruit-grow cis of the colony theie> is a splendid opening in canned fruits. New Zealand imports a considerable quantity from California mosth second-rate quality, and heie wo have tons of fruit that only requnes to be properly handled to be a source of steady profit to the groweis Dned fruit is also largely lmpoited particularly apples, and in this dnection ailso there is splendid scope foi the energy and capital of our fruit-grow cis The 1 Australasian markets absoib a --teat deal of imported canned and dried fruits that could very easily be supplied locally, but the trouble is to vet some one to devote attention to obtaining the necessary information, and making a complete study of the sublet * * * What the Cahfoinian fruit-giow ers have accomplished is not beyond the intelligence and capacity of New Zealand fruit-growers but, probably, the energy and directing influence is w anting Even m the methods of marketing fruit colonial f ruit-growoi s are strangely neglectful. Fruit is sent to market in a very careless mannei no attempt is made' to regulate supplies with the result that there is much waste and considerable loss » » » It may be worth while mentioning that new machinery has been invented for the manufactuie of what aie known as berry baskets in America, and the cost of production is very materially reducd These baskets are used bv the retailers m the United States where the fruit is handed to customers in baskets, and not in paper bags and newspaper w rappings as is the case in the colony. * * * The introduction of the basket system would be hygienic, as well as affordino- an outlet for the waste timber of the siaw mills, which could be employed in the manufacture of the baskets. These are all points that should be studied, but at present it is the business of no one to do so The tone of the siharemarket shows no change. The demand for investment stock coiijtanues good, but without any material alteration in prices. Buyers' bids do not come up to the ideas of sellers, hence business is somewhat slack. Theire is practically no demand for bank shares, sellers quoting 84s for Nationals, and 60s for Bank of New Zealand, but there are no declared buyers. The above prices' are ex dividend Financial shares are steady. Equitable Building are 111 demand at £9 12s Metiopolitan Building at £12, and Wellington Trust and Loan at £7 3s Gas shares are in active demand, and sales are reported of Fedldmg Gas at 20s 3d Buyers offer 35s for Gisborne Gas 80s for Palmerston North Gas, and £19 ICK and £9 los for the respective issues of Wellington Gas. w • * Insurance shares are quiet. New Zealands aire. offered at 76s 6d, and Standards at 18s 9d Nationals are 111 demand at 21s, and South British at 82s Od Meat shares are slightly firmer Gears, £1 paid, changed hands at 28s with fin the 1 buyers at the price Meat Export shares £0 paid aa-e wanted at £7 8s sellers quoting £7 los * * * Manawatu Rails aie steady at 27s (id, and Union Steam shaies aie firm at £11 10s Kaaapoi Woollen shares are wanted at £() 3s 6d The mining market is lifeless-. Returns from the Otago and West Coast dredges continue satisfactory but the speculative interest in dredging ventures is dead * •>- * The process of liquidation is being maintained and this is most disheartening. It will be some time before the losses of the past two yeais are forgotten bv the unfortunate dredging soeculatois. But dredging will ha\e aiiothei boom later on.