Finance Stocks Mining

Free Lance, Volume III, Issue 120, 18 October 1902, Page 24

Finance Stocks Mining

THOUGH tlhe South British Insurance Company has issued an excellent balance-sheet, the actual underwriting business has not been as profitabJe as in the previous year The premium, income totalled £248,64'< and the losses paid to £163,067, leaving: the net premium income at £85,580, wlule in tihe previous year the amount stood at £86,330, or nearly a thousand pounds sterling better. The interest received and accrued totalled £15,236 as against £14,220. The net surplus m the revenue account, after providine for losses outstanding, and adding £5000 to the reinsurance fund, is £31,524, as compared with £33,373 in the previous year. The position, it will bo seen, on the strict underwriting business, and on the. ordinary account., is not quite up to the level of last veiar , but the company had a windfall in the shape of profit leaJised on property soild amounting to £9000, making tlhe total profit for the year £40,524, to whiicih has to be added £21,077 brought forward, making the surplus available £61,601. Of this, £20,000 is added to the reserve fund, which now stands at £160,000 and tihere are small sums written off leaser holds, office furniture, etc. Also, £134 loss on sale of Transvaal bonds After distributing 5s per share in dividends, there remains a sum of £24,817 to be carried forward The cash in hand and investments of the company total ovei £393,000. The bal-ance-sheet is a erood pne, and, coming after tlhe splendid document circulated last year, has added considerably to> the. good opinion of investors, and the shares of the company are eagerly sought after by shrewd investors. The management of the company is in good hands and shareholders fully appreciate tihe fact.. * *■ * There appears to be considerable doubt as to the identity of the successful tenderers for the New Zealand-South African steam service. Little or nothing is known in shipping circles but, piecing together little bits of informal tion, and taking into consideration the Bomeiwlnait peculiar conditions demanded by tihe tenderers, it is believed that the new concern is a special pool of the existing direct service 1 line? In other words it is thought bv some people, tihat tihe New Zealand and South African Steamship Company is the result of a special agreement on the *>art of the New Zealand Shipping Company Shaw. Savill and Albion Company and the Tyser line Such a combination is not unlikely for it is manifestly to the interests of •tihe companies named to' join forces to prevent the intrusion of outsideis, which might, later on, lead to direct and harmful competition in the trade with London. The new company could easih charter suitable steamers, or, at least, place on the berth such of the vessels of the parent companies as are o\it of date for the trade with the United Kingdom. However, it matters not whether the company is an offshoot of existing companies or not , it is sufficient for the colony to know that the new company is financially strong, and well able to carry out the terms of the contract. Furthermore it is satisfactory to know that the service will be established almost immediately, and an opportunity given to fully test the nossibilities of the South African market. A Southern firm — Messrs. Kinsey, Barnes, and Co. — apoeair to be the principal agents in the colony for the new South. African line, and will open an office in Wellineton. « • * Will trade with South Africa be of any volume in the near future? That ia a question which the new service will decide. So far, the Federal Line has managed to fill several steamers mostly at Southern ports, and another vessel — the s.s. Surrey — is to be placed on the bertlh immediately The shipments from the South have been mostly strain and frozen meat, but it is possible that the next vessel will take live stock from the North Island • • * But, the Argentine is alive to- all the possibilities of South Africa, and, while we are contemplating a direct service, the republic has actually beerun work, and already has sent forward heavy shipments. The Argentine is much more favourably circumstanced to sue-

cessfully supply South Africa than New Zealand. It is nearer, and the marine conditions aire favourable , but this is of mi new importance compared to the fact tihat the Argentine can dump down enormous quantities of the produce wanted by South Africa. Wheat, oats, maize, butter, horses, mules, and live stock can be supplied much more cheaply bv them than bv New Zealand. Whether this colony can stand up to the competition has to be ascertaaned. * * ♦ The coal strikes m America and France are likely to cause a very sonous disturb ainoe to trade — a disturbance that is likely to be felt in the colonies. The demand for coal in the countnes immediately affected by the strike is bemff met by England but this extra pressure must cause a rapid advance m fuel , and throw some of the British factories out of work. It is in this comnectaon that harm would be done to Austral asiai, for, with the artisans and mechanics unemployed, the demand for colonial produce will not be as as l*- would have been otherwise The outlook is not pleasant. The tendency has been for everything to nse in price in the colony Butchers' meat is at an awful figure, and housekeepers find it difficult to make ends meet. The Sydney market shows a downward tendency. At the sales last week there w r as a fall of 10s a head m fat cattle, and with the rains th ait have since fallen over a, great- strip of Australia, the demand for New Zealand fat stock should about stop very soon Another item of some little interest 1s 1 the fact that kerosene has declined a trifle. Of course, at this time of year less oil goes into consumption, so that tihe decline in tihe price does not brms: much relief. Housekeeping on present -nces is a very difficult matter. Tli© sharemarket is very dull, aaid sharebrakera are complaining of the slackness of business. But, notwithstanding this there are plenty of buyers for the fashionable stocks, but sellers are scarce. Banking shares aie quiet.. Nationals are offered at 82s 6d, and New Zealands are in demand at 635. Financial shares are steady There are bids for Metropolitan Building at £12, New Zealand and River Plate (old issue) 22s 6d, Wellington Building £9 7s 6d, and Wellington Trust and Loan £7 7s Gd. National Mortgage shares are offered at 38s 6d * * * Gas shares continue firm, and in good request. Lyttelton Gas shares (ex dividend) sold at £b 7s 6d. Buyers are offering 80s for Palmerston North Gas shares, for Port Chalmers Gas 27s 6d. and Wellington Gas £19 4s and £9 15s for the respective issues. Shipping shares appear to command the most attention at present. Union Steam shares sold up to £11 18s 6d, and there are buyers at £11 17s 6d. Wellington Steam Ferry shares changed hands at los 9d, and Northern Steam at 7s 6d «• * * Insurance shares are quiet but unchanged Nationals had quittance at 22s NNcrw r Zealands are wanted at 77s (3d, and Standards at 18s. ()d. In the miscellaneous section, there is nothing of importance to chronicle Wellington Woollen shares are firm at 105 sand 84s for the respective issues. Westport Coa,l shares are in good request at 108s and sales are reported at 107s 6d. Other sales recorded are Leyland and O'Bnen Timber shares 375, New Zealand Drug 40s and Sharland's preference 23s The outlook in mining is unaltered The dredging returns are again satisfactory, but market values are unchanged, and there is an absolute absence of speculation The pending general eloctaon is calculated to further disturb the share and mining markets FASTIDIOUS FELLOWS WHO FLIRT WITH MY LADY NICOTINE Aie invaiiably atti acted by the CHARACTER, CHARMS, and SOOTHING INFLUENCES