Finance, stocks, and Mining.

Free Lance, Volume III, Issue 124, 15 November 1902, Page 5

Finance, stocks, and Mining.

THE balance-sheet of the United Insurance Company, for the year ended 30bh September, show s that the gross premiums aggregated £134,760 , reduced by reinsurances, discounts, and expenses to £59,935, and supplemented, by interest and rents to the amount of £4657, the net total is £64,593. The fire and marine losses totalled £33,710, aid expenses of management, eto., £7781, leaving a balance, with the amount brought forward, of £33,133. The dividend of 10 per cent absorbs £6822, and there is carried to reserve fund £3000, making that fund now £60,000. Adequate reserves for other purposes are also set aea.de, leaving an undivided balance of £14,311 to be carried forward. The company has dome remarkably \\ell during the past year, and is extending its field of operations by opening branches in Western Australia. * * * The dividend of 7 per cent declared by Dalgety and Co., Limited, for the year ended 30th June last, is 1 per cent. less than in. the past four or five years. The company could very easily have naid the higher rate, amd then have carried over a larger sum than in previous years, but the directors have evidently thought it safer to pay a smaller dividend and hold the substantial undivided sum of £51,880 in har.d. The company is represented in all the colonies, and has extensive connections in this colony. The capital of tha comply is £3,452,000, of which £2,452,000 is m debentures. * • • The report for the year ended 30th June of the directors of the Colonial Consignment and Distributing Company -was presented to the shareholders in London on the 23rd September. According to tihe report, the company s business during the year had suffered considerably, partly from the drought in Australia, and partly from the diverting of large supplies of frozen meat to Southf Africa. Trade with Manchester was being promoted by the erection of new stores, "to work in oonj unction with the existing stores on the canal," to meet the requirements of the district. The net profit balance, after payment of interest on the debenture stock, amounted to £14,789 7s 7d. Out of this, a dividend on the preference shares, at 6 per cent, per annum, has absorbed £4500, andua dividend on the ordinary shares, at the raite of 4 per cent, per annum, £9000. The high prices ruling m this colony are likely to affect the company's turnover in the current ear * ♦ * In spite of enormous subsidies and bounties, French shipping does not appear to thrive. The Meca^eries Maritimes Company, which, in 1901, r>aid a 4 per cent, dividend, is not making any dividend distribution, this ve^r, and furthermore, the directors have resolved to write off one-half of the capital of 60 000,000 francs the writing-down being about £1,200,000. In lieu of this aum, 15,000,000 francs is to be raised in preference shares for the purpose of building cargo boats. The company, apparently, thinks it desirable to take a fresh departure under the new French Shipping Bounties Law which was promulgated in April last. * * * The cold storage companies are practically pooling their interests to prevent competition. The amalgamation of the Imperial Cold Storage Company and the South African Supply and Cold Storage Company is a case in point. Sir James Sivwright. who seconded the resolution at the meeting of shareholders of the latter company, stated that when the Imperial Company was formed, early this yeiar, he saw that there was bound to be fierce competition, and the possibility of a combination was therefore discussed. * » * He did not think it need be feared tihat such a large and powerful combination would put up the price of meat in South Africa, but, by the combination, competition being done away with in the purchasing markets of the world, tihe Imperial Company would be able to obtain their stock and supplies cheaper, and they would have an enormous turnover. This same combination has virtually a controlling interest in the subsidised direct service between New Zealand and South Africa, with the right to terminate the contract _at the end of twelve months and forfeit the subsidy of £30,000. The company has bought a lot of meat in New Zealand, and has contracted for further supplies. It must not be supposed that the high

prices demanded heie aic paid from any feelings of patnotism 01 philanthropy, but because the company cannot buy cheaper in otlieir markets The wool sales open o.n Tuesday , - c 25th instant, and the tone of the market is a matter of considerable inteiest. Judging by the prices realised for Bradford tops, there is not much prospect of meinno -wool rising highei , notwithstanding; the admitted he,avv shortage in the Australian clip, but the oosition appears to be more favourable for crossbred wool. Of course, theie is no expectation of a very important advance, but, at least,' the market will show firmness, with an upward tendency. A great deal of crossbred wool is godag into consumption now-r^-days, but the supnly is enormous, and riurte equal to the demand Will money become dearer in this colony ? That is a question that is troubling a good few persons. The position is somewhat (peculiar, but, strange as it may s@ean } lit is the demands of the colonial Governments that will exercise an adverse influence over the market. All the ooiomesi except Tasmania, are in need of money, and, as the London market is temporarily closed, they must ail look to the local markets for their supplies. The States of the Commonwealth are raising money on short-dated debentures at 3^ per cent., and New Zealand is doing the same at 4 per oent._ The amount available for investment in Government securities is* strictly limited and if any attempt is made to attract those who hare money on deposit with banks and building societies, tihere is bound to be an advance in rates. Therefore, it is just possible that there may be a skerht advance but the borrower on freehold security is not likely to be affected * * * The sharemarket is dull, and very little business has been transacted. The holiday period may be said to have begun. At any nate, when the Melbourne Cup and New Zealand Cup races are run people are more inclined to invest in the totahsator than in sound, dividend-pay-ing shares. This week there is the further distraction of shows in Christchurch, and Palmerston North. _ Share values, however, show no disposition to decline, and if there is any neglect on the part of buyers, holders are also* indifferent . * * * Bank shares are steady. Nationals are Wanted at 81s, sellers asking 83s. Bank of New Zealand shares are in demand ait 65s but sellers want an additional shilling. Gas shares are all very firm at late rates. Palmorston Gas shares are wanted at £4 7s 6d, sellers asking £4 12s 6d. Wellington Gas shares £5 paid, are wanted at. £9 15s. Other shares show no variation *■ * * Insurance shares are in fairly active demand. There are bids for Nationals at 21s 6d, South British at £4 14s and Standards at 18s. Meat shares are still neglected, and show no variation on previous quotations. Woollen shares are steady. Wellington Woollens changed hands at 105s for the £4 paid-up issue. Mosgiels are in demand at 775. There are sellers of Kaiapois at 125s Snipping shares are fairly sitrong, but sellers' quotations are a trifle high to attract buyers. New Zealand Shipping shares offered at £6 17s fad, and Northern Steam (second issue) at 7s 6d. There are bids of £12 for Union Steam, but no sellers Manawatu Rails are in firm demand at 29s 6d, but sellers ask 31s. •» * • In the miscellaneous section, business is quiet. Westoort Coal shares are wanted at 113s, but sellers demand 120s. The margin is very wide. Leyland and OBrien Timber shares are in demand at 37s 6d, and New Zealand Drug Company at 50s. Sharland's Ordinary are in request at 225, and Whitoombe and Tomßsi at 925. * * * The dredsing returns keep well up, and, although there has been nothing sensational, the year will close with an output far in excess; of that of last year. It is to be hoped that the spell of distrust will end with the year, and that speculation will revive, and mining be again regarded as a leeritimaite field for the investment of idle capital .