Finance Stocks and Mining

Free Lance, Volume III, Issue 135, 31 January 1903, Page 24

Finance Stocks and Mining

THE Christ church Meat Company lias done exceedingly well during the past year. The balancesheet circulaited this week shows that the quantity of stock handled during the year was 1,305,132 head, a record for the company, or for any freezing company in the colony. As a result of high prices, and the increased output, tihe profits have been very large, for, in .addition to< paying a dividend of 7 per cent., £7934 has been written off for renewals and replacements, £6939 placed to reserve, while the debit balance of £13,000 which was shown in, last year's balance-sheet has been wiped out. The record is an extremely good one, and but further emphasises the speculative character of tihe meat business. * * * The most hopeful views are entertained by those in a position to iudge as to tihe immedilatei prospects of the colony. The current yeiar is full of promise. Prices of commodities, with few exceptions, contfflnjue to rule high , if the weather is propitious a bumper harvest is expected , wool is on the rise ; butter and cheese have been sold for the seiar son at highly remunerative prices , flax maintains its value, frozen meat prices are good, though they show a weiakening tendency , tallow is selling at profitable rates , minine; is yielding better results, and all our industries are active •r * * These preeent a combination which make® for prosperity, anid the knowledge that the prospects are good is influencing all classes. The New Zealand farmers are making mone" and they are money speinders, hence tihe community eh ares in tiheix prosperity. With another year of high prices and big profits, the colony wiill be able to* meet any depression that comes along with equanamity. It is in the very nature of tlhings that sooner or later a depression will stnke us>, but that is not yet, and when it does come the people will be able to draw upon their balances at tihe savings 1 banks. The rise in wool, reported at the London sales, is the seventh consecutive advance recorded in crossbred wool. At every sale last year there was an upward move, the December sales witnessing an advance of 20 per cent. Prices are still small, bnt theire is the satisfaiction of knowing that the market is on a firmer basis than for the past eighteen months. It is difficult to say whether crossbred wool will show further improvement in values, for it must be remembered that there is always a large output to be reckoned with from the Argentine and in a year or two Oape wool will form no inconsiderable portion of tihe wool imports into tihe United Kingdom and North America. Th© trend of fashion, which materially helped to check tihe demand for crossbred wool, is now the otiher way. and coarse wool fabrics are meeting with better demand. *■ *■ iReports from the South go to show that a record crop may be expected, provided the weather continues favourable. There will be a full supply of wheat for domestic requirements, and a fair quantity available for export. Australia wall be able to take some of our wheat ii the prices are not beyond the level at which the cereal can be imported from California and Canada. The agricultural outlook at the moment is distinctly good, and partly accounts for the Millers' Association dropping the price of flour a pound a ton. A further fall will, in all likelihood, follow, as soon as the harvest, operations are more* advanced. Bread will be cheaper than 4d the 21b loaf before many weeks go by. * * *■ Produce of all kinds is coming forward in large quantities for export and all the direct steamers now on, the berth wall leave th© colony with full cargoes. The lateness of the season accounts for tlhis great rush just now , and at Wellington the wharves are particularly busy. This outward rush of produce may affect prices in the terminal markets to a slight extent, but the increased output i\ ill more than, compensate foi that. * * ¥■ Wellington is in for a few years of assured activiity. A large sum of money, approximating to a million sterling, is to be spent by the City Council and Harbour Board in various works, and the expenditure is just beginning. Besides this, many brack buildmgs are projected, and this wall add to the briskness The outlook for the city is decidedly good, and, while the conditions are such,

land values and house rents may be expected to continue at their present level. The decision of the Manawatu Agricultural and Pastoral Association to hold a winter show is a step in the right direction. There is scarcely anything done in the way of winter farming in tlhe North Island, and an exhibition of this character ought to do a great deal of good. Although the Manawatu produces a great deal, the country is not farmed to anything like its full capacity, nor 1 are the products a® varied as they might be. The neglect of the hog industry throughout the dairying districts of tlhe North Island is a sad reflection on our dairy farmers, besides being a polsdtive loss to them and to the country. There is at present a strong demand for hog products in Australia and South Africa, but, unfortunately, we do not produce enough for our own consumption. Bacon and ham instead of being cheaper than other meats, are very much dearer. * " *~ The sfharemiarket is dull, and the business passing is very restricted. Dullness usually prevails during the first month of the year, as investors! scarcely regard the holidays as at an end until the Ist February. In spite of thib apparent quietness', brokers show fine buying orders, and if sellers would moderate their demands good business mio-lit result. * ¥■ *• Bank sfhares continue firm. Bank of New Zealand sihares changed hands at 655, and National Bank shares are in demand at 84s. Financial stocks are all very steady. Equitable Building shares are wanted at £9 15s , Metropolitan Building at £12, and Wellington Trust and Loam at £7 7s 6d. National Mortgage shares changed hand® at 40s 6d. * * * Insurance shares offer the most scope for business, but sellers' ideas run to extreme values 1 . Nationals are offered at 21s , New Zeailands at 83s 6d, with sales at 81s 6d, Standards, 19s 6d. The balance-'Siheet of the Standard Insurance Company ought to be issued very shortly . The enquiry for meat sihares is cocnr fined to the local companies. Gears £1 paid, are in demand at 30s, and Wellington Meat Export shares, £5 paid, at £7, sellers asking £7 7s. * * * Shipping shares are firm, with bids of £6 13s for New Zealand Shipping, and £12 for Union Steam. Wellington and Manawatu Railway shares are quoted at 31s. Woollen shares are again very firm. Mosgiels are wanitedtat £3 17s 6d, and Wellington Woollens at £5 ss. Westport Coal shares are meeting with considerable support buyers now offering £6 Bs. Leyland and OBrien Timber shares are now up to 40s, and Donaghy Rope and Twine shares are wanted at £11 15s. New Zealand Drug shares are offered at 50s. * * # Mining has scarcely received any serious attention as yet, but many soeculators are quietly taking; advantage of the summer slackness in dredging, and buying up shares in the dividend-Bay ing concerns. The outlook for dredging is far better than it was a year ago, and the mining market should see an ineorease in business this year.