Finance Stocks and Mining

Free Lance, Volume III, Issue 112, 23 August 1902, Page 5

Finance Stocks and Mining

THK Australian States are stru"-^. ling with deficits, and the outlook for the whole of them is veiy senous Queensland has led off with retrenchment and reductions, and the Governor of that colony has voluntarily agreed to have his salary pared down. Victoria is experiencing trouble with its deficit The first effoit is to cut down expenses, but it is obvious that, under State socialism, economy is nracticallv impossible, and the Victorian situation demonstrates the impotence of the State m dealing with the railways The railway men can, of course, strike and disorganise the entire business of the oountrv on the other hand, the Government must retrench in this department if the interests of the other sections of the community are to receive fair consideration. State railways are absolute monopolies, and, as such, run great risks in times of financial stringency as is now being experienced in Victoria. The men must receive a fair wage, regarding which there is much diversity of opinion then the rates must be small, or else the travelling public and merchants are up in arms. * * * To endeavour to effect economics where the servants practically rule is a difficult matter, and the Victorian Minister of Railways is finding this out. However, there is no doubt that retrenchment must be forced upon the railways as upon the other departments South Australia is also- struggling with a deficit, and so is Tasmania There' is not much heard about Western Australia, but that colony is_ still working under its old Customs tariff, and is, therefore, not feeling the sacrifices for the Commonwealth. * • • It is satisfactory to New Zealand that she is for the time free from the troubles that harass the sister colonies, but, of course it would never do to boast about it. As a matter of fact things are not. quite so rosy in New Zealand as is generally supposed. There are a good many unemployed about. It may be said, however, that this is the dull season of the year, when there is really nothing m the way of produce to export. This condition of things is likely to continue for several weeks, but by the first week in October a change should come over the scene. In the dairy districts there is a measure of activity, as the season for butter-making has commenced, and several factories have already opened for work. In the flaxmilhne centres there is considerable activity owing to the high prices now ruling for hemp, and the firm demand that is being experienced for the fibre. * * * The export of live stock to Melbourne and Sydney, to furnish food supplies, is not without considerable risk. The enormous loss experienced by Southland shippers will tend to check the enthusiasm of exporters. In any case the Australian markets are purely temporary, and liable to collapse at any time. The consumption of meat at the fancy prices now demanded must be very restricted, and must also lead to the development of the fish trade of the colonies. * * * There is plenty of fish in Australian waters, and the demand that must follow upon the scarcity of butchers' meat must do a "ood deal towards bringing a harvest to the Australian fishermen The heavy demands' that are being made upon New Zealand, if continued for any length of time, must cause an advance m local prices, because the animals exported are those that would otherwise go into local consumption. * * * The South African market, which promised so well for New Zealand some months ago, appears to have collansed, for scarcely any cargo is coming forward for the steamer placed on the berth by the Federal Steamship Company There is, every indication that the 'usual mistakes will be made in South Africa. There will be excess of immigration and excess of importation, with the attendant evils of abundance of unemployed, and glutted markets * * * After all, London is the sheetanchor of the colonial producer, and the conditions prevailing in the United Kingdom are of greater interest than anything concerning South Africa As far as can be ascertained, there is fair activity in the manufacturing centres of

England, and so long as thife continues, the outlook tor our produce is good. * * * The report of the Guardian Fne Office for the year 1901 shows' premiums £423, b01, losses £250,784, and expenses and commission £141, 70b A profit trading account resulted of £10,478 The total fire fund is £.550,48b. A dn idend at the late of S\ pei cent, was declaied. Tlieie aie several cases undei the Workers' Compensation Act to come before the Arbitration Court as soon as the Court is able to deal with such matteis. The cases are all test ones, and, from all accounts are hkelv to pro\e intensely interesting. The accident insurance companies are experiencing some difficulty in handling claims because of the an parent stupidity of some of the employers, and also because of the peculiar ideas entertained bv employees with respect to their riorhts under the Act. f- ¥■ * lii connection with accident insurance Mr C. M. Montefiore, of the Ocean Accident Company, brought out some of the difficulties attending this class of insurance at the meeting of the Insurance Institute on Thursday. Mr. Montefiore has had a pretty wood experience during the past seven months or more with the Workers' Compensation Act, as his company is doing probably the largest business. * * * It seems that in the te&t cases to come before the Arbitration Court an opinion will be sought whether an accident occurring on the football field during a game can be legally construed into an accident undea 1 the Act The English Act, upon which the New Zealand legislation was modelled, has given rise to considerable litigation, and vet the list of decisions is not complete, for it is found that every new case upsets the decision of somew hat sanulai cases previously decided -* +- *■ Sir Wilfnd Launer's claim that Canada is the granary of the Empire appears to have a good deal of foice m it. for the haivest ]ust gathered is a magnificent one. Manitoba and Lower Canada have together yielded 114,000,000 bushels of wheat, oats, and barley, to harvest which men had to be engaged in Europe. The splendid results must prove very alluring to those seeking fresih fields, and Canada should receive a stream of useful settlers. * * * The investment sharemarket shows a little more animation, and brokers have been able to report several sales. Bank of New Zealand shares changed hands at 62s 6d and 635. Insurance shares are again neglected. These shares are bound to be cautiously dealt in until the fate of the Fire Insurance Bill, now before Parliament, is known. Nationals are in demand at 20s 9d, and Standards at 17s 9d. New Zealands are offeied. at 775. -v * * Financial shares are steady at late rates. National Mortgage shares had quittance at 37s 6d , Equitable Building shares are wanted at £9 12s 6d, Metropolitan Building at £12, Wellington Trust and Loan £7 .js. Gas shares are very firm. Fell ding Gas shares sold at 20s 3d, Lyttelton Gas at £6 7s 6d, and Wellington Gas at £20, cum dividend, for the £10 paid-up shares. Palmerston North Gas shares are wanted at 85s, and Port Chalmers Gas at 27s • * * Meat shares are steady, but unchanged There are bids for Gears of £5 13s and £1 8s for the respective issues. Wellington Meat Export shares, 52s 6d paid, changed hands at 72s 6d. Wellington Woollen shares maintain their market value, and appear to sell readily enough. Buyers bid £5 6s and £4 3s for the respective issues. Kaiapoi Woollens are in demand at £6 3s 6d. In the miscellaneous section, sales are reported of Westport Coal at 100s cum dividend, Donaghy Rope and Twine £11 12s 6d, Leyland and OBrien Timber 375, and Ward and Co. (brewers') £5 10s.