Finance, stocks, and Mining.Message

Free Lance, Volume III, Issue 127, 6 December 1902, Page 23

Finance, stocks, and Mining.Message

M\.NY wool brokers expected to see an advance in greasy crossbred wool, but few were prepared for a 20 per cent rise , it was, therefor©, all the more welcome. The wool market continues firm, and it is not unlikely, seeing the limited quantity available at the current series of London, sales, that values will remain firm, but there is a possibility that a further rise may be witnessed. This advance of 20 per cent, means another penny per lb on wool, and if this advance is maintained, the gain to the colony on the exports of last quarter will amount to over £53,000. The heaviest exports in wool occur in the next two quarters, and the sheep groweiis will be very well pleased with the rise if it is spread over the season's dip. * # • The influence of the rise- in wool will be felt far and wide. It will put new heart into our farmers, and the increased credit will maintain land values, and contribute to the general prosperity. The threatened hardening of money in the colony should also be averted by this splendid movement in wool prices. To the good news respecting wool must be added the splendid prospects for dairy produce, and the firm tone of "tine frozen meat market. Mutton and beef are selling-remarkably well, and, as regards butter and cheese, there is no doubt that the dairymen of the colony will do well tlm season. In view of these facts, there is every reason to be satisfied with the outlook, and, as far as can be judged, 1903 nromises well for the colony. * * » The circumstances of Australia, too, appear to have improved within the past few weeks, and the rains that have fallen over practically the whole of New South Wales ought to brighten, up things. Of course, it will be many a day before Australia recovers the ground lost in recent years, but the brightemin^ of the prospects will cheer the settlers and lead to greater activity. * » * In the new year, we may reasonably look for extended markets, and the value of South Africa 1 as an absorbent of New Zealand produce will be fully tested by the direct service. It is worth while mentioning that during the first "half of this year the imports into Cape Colony were valued at £15,372,000, as against £11,611,000 in the first half of 1901. These figures are exclusive of imports by the British Government. Last year, the Cape imported £13,802,877 from the United Kingdom, £3 245,776 from other British possessions and £4,367,507 from other countries. * * * The share of the South African trade falling to the colonies is smaller than that secured by foreign countries, and efforts should be made to reverse this order. For some time to come the people of South Africa must rely upon outside sources for food supplies, but the energetic steps now being taken by the British authorities to encourage the Boer farmers should materially shorten the time till South Africa will be selfcontained. * ♦ * The East apparently offers no scope for colonial trade ; at any rate, that is the oninion of Mr. Graham Gow, the official envoy of the New Zealand Government. But , as against this, we have Oxe opinion of Mr. Good, a Taranaki settler, who has visited Japan, that there does exist an opening, and he is backing up his opinion by risking exports on his own account. * * * Whether the East will furnish an outlet for our produce is of less importance than the fact that from India we should be able to draw a stream of tourists, and should secure very desirable settlers in the shape of retired civil servants. The records of the Tourists' Department show that we have already had numerous visitors from India, and this oueht to be encouraged. The tourist traffic is of particular importance to New Zealand. * * * The result of the local option vote on the 25th ult. is bound to have some effect on the financial conditions. The value of hotel property is certain to depreciate, and bankers who have afforded accommodation to publicans, on the guarantee of brewers and wine and epirit merchants must now review their

securities, and many hardships are inevitable. What the -ultimate result will be of so many electorates declaring for prohibition remains to be seen, and it would be unwise to accept the opinions of the extremists on either side. There is no chance of there being any dearth of whisky, for, according to the official figures, the stock in the United Kingdom on the 31st March last was 167,011,734 gallons, of which 120,338,282 gallons was in Scotland, and the stocks' are increasing because the production is far in advance of the consumption. * * * The distractions of the election interfered with business last week, and this week the bank holiday was a disturbing factor, but, notwithstanding this, a fair amount of business has passed in shares. Holders show a greater disposition to quit, but this is a marked feature iust prior to the Christmas holidays. Those who have been merely speculating like to wmd up their speculations) before the new year, and, in consequence, brokers generally get pressed w ith business in December. * * * Banking shares are slightly firmer. Buyers oifer 81s 6d for National Bank shares, and 64* for Bank of New Zealand Shares. Insurance stocks are steady at full rates Nationals are offered at 225; New Zealands are wanted at 78s, but sellers ask 80s , South British shares are in demand, at 97s 6d ; while Standards are offered at 19s. This is the time when insurance shares are depress*ed because, smguarly enough, the fire hazard appeafrs to increase in summer. The moral hazard has> been increased in another direction, and underwriters will need to exercise a great deal of caution. * ♦ • Financial shares are fairly good National Mortqraw shares have steady buyers at 37s 6d, sellers wanting 40s. New Zealand and River Plat© (old issue) changed hands at 24s 6d Buildin~ society shares) are all very firm, and are readily taken up when placed on the market. * • • Gas shares continue to command a great deal of attention buyers being very persistent in their offers.There are bids of £14 7s 6d for Auckland Gas. £6 7s 6d for Lyttelton Gas, 27s 6d for Port Chalmers Gas, and £19 5s for Wellington Gasi Sales of Napier Gas shares are reported at £19 12s 6d, which is a tolerably bie: price. Gisborne Gas shares are offered at 38s. * • • There are no buyers for meat shares, and yet the frozen meat market appears to be in a healthy condition. The companies are not operating to the full extent, as in previous years, and, although prices are high in the terminal market, the margin of profit is small, while the quantity of meat handled is very restricted. There is slackness in shipping snares. There are bids of £6 12s 6d for New Zealand Shipping and £12 for Union Steam while Northern Steam Ferry shares are offered at 16s. » • ♦ In the miscellaneous sectioni, there is dullness, and prices show no strength. Westport Coal shares are in demand, at £5 15s; Leyland and OBrien Timber shares, at 38s, Mitchelson Timber, 17s 6d ; and Whitcombe and Tombs, £4 12s 6d. There are sellers of Wellington Woollens at 106s ; Donaghy Rone and Twine, £11 15s: New Zealand Drug 50s, and Sharland's Ordinary, 235.

Miramar has long been known as one of the most delightful outlets for the people of the City of Wellington. A charming valley, level as a bowling green, with an extraordinary rich soil of deep sandy loam, embosomed amidst a semicircle of low undulating hills, it presents a picture rarely to be equalled for peaceful beauty and repose. The easy slopes and rolling downs of the higher lands afford glimpses of the Harboui and its many lovely bays, while Seatoun, with its picturesque wharf, ferry steamers, and excursionists, presents a daily living diorama of the most interesting character. Miramar has been for years the home of the best of Wellington's Polo, Golf, and Hockey Clubs, and the lesort of thousands delighted to watch the varying sports on its lovely greens and links, and, at the same time, enjoy its beautiful scenery and lifegiving breezes. Miramar therefore requires no words to accentuate the claim to a leading position as a great residential site for the rapidly increasing population of the Empire City. The fact that Mr. A D. Crawfoid, one of the late owners, retained from the Evans Bay and Miramar Estate Company, at a cost of £300 per acre, ten acre's of the land sold to the Company — that he is now preparing and laying it out as garden and grounds prior to the erection of an extensive Family Residence. Miramar will have the advantage of a firstclass Drainage System, the Main Sewer of the Wellington City Drainage Works running through Miramar to the open sea in Cook Strait. Mhumar has the enormous benefit of an unlimited supply of the purest water within twelve feet of the surface. Miramar will have at an early date a continuation of the Electnc Light and Gas Supply of the City of Wellington. Arrangements are being made so that the large population shortly to be settled in Miramar will feel that they have all the City benefits without the City's heavy rates. Miramar is somewhat unique in the many advantages it enjoys of easy communication with the Capital. At present it can be reached by the daily coach to Seatoun (which passes through Miramar) in half-an-hour, or by bicycle in twenty minutes It will be of interest also to know that fixed arrangements have been made with the Miramar Ferry Company, Limited, that on and after the Ist January next a new Steam Daily Ferry Service from Wellingtori to the Miramar Wharf will run, making at first two return trips daily—morning and evening — and special trips as required. Thp time occupied on the run will not exceed twenty minutes. The fares will be 3s. weekly ticket, 12s. monthly ticket, £6 yearly ticket (single), or £10 per annum for a family ticket, by which all the inmates of a household can travel as often as they please. This makes it easier and cheaper to reach Miramar

by sea than to reach Newtown by the City Trams. Miramar will also have the benefit of the new Wellington Electric Tram Service, and of the New Motor Car Service. A line of motor omnibuses carrying 24 passengers each, will be established early next year, so that the residents of Miramar will have brought to their doors all that is newest and best in scientific locomotion. These facts show that Miramar should command special attention as a residential subuib of the first rank. It will, undoubtedly within a brief period, be filled with Villa of superior character, and hundreds of happy homes will replace the sportloving public on the green flats of Miramar. A perusal of the names of the purchasers at the sale on the 30th October last will in itself afford the most convincing proof of this fact and forms the best guarantee of the highclass character of the buildings which will shortly be erected. Let us say to the ordinary money-making man : to-day the purchase of a section or two in Miramar will be a first-class speculative investment, to-morrow twelve months hence, if you wish to sell, you will undoubtedly reap a large profit on your speculation, the increase of population and enterprise will do that. To the man who has the sense and courage to purchase for the purpose of creating a home for a wife and family, we say, you will reap a rich reward. Surrounded by friends and neighbours, amidst beautiful scenery, you will find all that is best in you enriched, ennobled, while the home will grow in material value year by year, and prove the best Savings Bank ever dreamt of by you. The Terms of Sale have been fixed on an exceedingly liberal basis, viz. : — Ten per cent, deposit, Ten per cent, in Three months, Ten per cent, in Six months, and the Balance of Seventy per cent, can remain unpaid for five years. Interest on unpaid purchase money at the rate of Five per cent, per annum. For Conditions of Sale, Lithographic Plans of Property and further details, apply to the Auctioneers. SPECIAL NOTE.— In order to induce the Public to thoroughly inspect the Property, the Vendors will run a Free Excursion every Wednesday, Saturday, and Sunday afternoon by the Steamer "Admiral" till the day of Sale, leaving the Ferry Wharf, Wellington, on each of these days for Miramar, at 2.30 o'clock p.m. Guides will be on the land to point out the boundaries of the various sections. The first Auction Sale of Miramar took place on the 30th October, 1902, when the whole of the 132 sections were sold, realising from 27/- per foot to 57/- per foot frontage, and from £150 to £430 each. Although so short a time has elapsed since the Auction Sale, many re-sales have taken place, the buyers at Auction realising profits ranging from £30 to £100 per section.