Finance Stock And Mining

Free Lance, Volume III, Issue 143, 28 March 1903, Page 23

Finance Stock And Mining

THE repoit and balance-sheet of the Wellington and Manawatu Railway for the year ended 28th February, to be presented to the shareholders on the Ist prox., axe decidedly satisfactory. The company has done well, and is doingfwell — that is the keynote of the latest document issued to the shareholders. The gross earnings from the railway were £111,398, and the amount obtained by the sale of land was £51,813. The net profits on the railway account was £10,361 10s, and on the land account £4308 13s 4d, making a total of £14,670 3s 4d available for dividend, to which has to be added £22,884 12s lOd brought forward from the previous year, making a total of £37,554 16s 2d, out of which an interim dividend at the rate of 3 per cent, was paid, absorbing £5100. thus leaving £32,454 16s 2d to be dealt with. ♦ # • A dividend of 3 per cent., making 6 per cent, for the year, is proposed, and m addition a bomus of 2s per share. These items will account for £20,400, leaving £12,054 16s 2d to be carried forward, and this sum is more than sufficient to pay a dividend at 6 per cent. The sum at credit, but not available for distribution is shown at £86,283 4s 2d. The assets of the company are valued at £1,002,128 15s Bd. The Manawatu Railway Company is in a very healthy condition, and may be ranked as one of the best-managed _ of New Zealand's joint stock companies. Naturally, the shares of the company are very strong in the market. At one time — and not so very loner aco — they were difficult to sell at 20s (t>ar value). They are now quoted at. 31s cum dividend of 2s Bd. • * * The sixteenth annual report of the Citizens' Life Assurance Company, Limited, states that in the ordinary branch 7068 policies had been issued, assuring £1,055,105, producing a new annual premium income of £40,292. The balance-sheet shows first premiums £36,906, and renewal premiums £135,267 (less £129 re-assurance premiums) , consideration for annuities, £2679. Claims under policies, with bonuses, absorbed £20,531 ; endowments and endowment assurances matured totalled £2562 . surrenders and bonuses, £9553 , annuities, £1844 , net expenses, £27,532 , loss on realisation of securities, £245. The funds, at the close of the year total £626,754, being an increaseiof £135,154 as compared with the previous year. In the industrial branch, the premiums received amounted to £175,810 , interests and rents, £12,827. » ♦ • The expenditure includes claims under policies, £23,429 , endowments and endowment assurances matured, £14,492 ; and surrenders, £3786 ; giving a total paid to policy-holders of £41,707. Expenses absorbed £108,234, and the industrial fund which includes £20,000 of shareholders' capital, aggregated £335.594, being an increase for the year of £36,747. The ratio of expenses to premium income in the ordinary branch was 15.9 per cent., and in the industrial branch 61.5 per cent, all costs of extension to the United Kingdom being charged to the year, as w ell as costs of the third ouinquennial actuarial investigation, and of an action. * * • The funds in both branches at the close of the year totalled £962,348, showing an increase of £171,900 for the year, the largest yet recorded. The interest on investments averaged £4 Is Id per cent., which is very satisfactory. The* report is an unusually good one, and the Citizens' has issued many very favourable statements. The results of the actuarial investigations are not to be made known until the annual meeting, when policy-holders! will learn of a handsome bonus. The Citizens' Life Office is doing an excellent business in New Zealand. • * * The improved prospects of holders of bank shares is well illustrated in the case of the Bank of Australasia. This solid old institution eased off dividends in the stringent period of 1892-1895, but has since gradually increased the distribution amounts. For the halfyear ended October, 1898, the total dis Itributed to shareholders was £48,000, while fosr October 1902, the amount is £88,000, or very nearly double the sum paid out four years asro. The bank's reserve now stands at the splendid total of £1,070,000.

The Howaacl Smith Shipping Company, which held its annual meeting a lew clays ago. sounded a warning note w ith respect, to the Australian coastal trade. The tiade is bad simply because Australia has very little to export, and the imports are earned by the over-sea steamers and shippers. Tins condition of thine® will not last very long. The drought has broken, ami the recuperative power of Australia is marvellous, so that by the end of the year theie will be an increasing amount of coastal traffic. The fight in the shipping trade will be against the laws as enacted by the United States, and the Federal Premier serins anxious to place the same prohibition on American shipping as is placed by the States upon British shipping. * * # Business in the sha.rema.rket is restricted simply because there* are more buyers than sellers, and the former do not seem inclined to go beyond present market rates. Bank shares are very firm. Nationals are quoted at 90s>, and New Zealands a.t 74s 6d. Financial shares are in fairly strong demand. Equitable Buildings are wanted at £9 12s 6d; Metropolitan Buildings (ex div), at £11 17s 6d ; Wellington Trust and Loan, at £7 8s: National Mortgage at 42s- and River Plate, at 265. There are no sellers of building shares, while for the othersi the ideas of sellers aie a shade above buyers' bids. * * • Gas shares are steady. Sales of Port Chalmers, at 31s, and Thames, at 325, have been reported. Buyers offer £4 10s for Ashburton Gas, £9 14s for Christchurch Gas, £4 7s 6d for Palmerston North Gas, and £9 5s for Wellington Gas (£5 paid). Insurance shares are in active demand at increased prices. Nationals are wanted at 2?s, and South British at 107s fid. New Zealands changed hands at 88s 9d, and Standards at 18s 9d. Presently there will, no doubt, be the usual talk about State insurance, and weak holders will be scared. Sta+e insurance has been threatened for so many yeais that okl investors take no notice. * * * Meat shares are in better demand than for a, long time past. Gears are wanted at £6 2s 6d, and £1 11s, and Meat Exports at £7 6s 6d and £3 13s Od for the respective issues. New Zealand Refrigerating Company's shares aie in request at 295. Woollen shares are commanding more attention than usual. Kaiapois are 1 in demand at 122s Mo«giels, at 81s; and Wellington Woollens, at £5 5s b'd and £4 3s 6d~for the respective issues. * * ■* Miscellaneous shares are fairly active. Westport Coal shares sold up to £5 15s, Leyland and OBrien Timber shaies at 40s 6d, Mitchelson Timber shares at 17s 4d, and Ward and Co. (Brew cry) at £4 Ijs. There are bids of £6 15s for New Zealand Shipping, and £12 os for Union Steam, 19s 6d for Avondale Brick shares, and £11 17s for Donaghey Rope and Tw me shares. * * * In mining, there is nothing to ohrqniclei. The dredging returns are beginning to be more impressive, and mining generally seems to be attracting quiet attention. The record from the Waihi fields, the discoveries in Arltunga, Northwest Territories, and the: expansion in the Australasian yield of the metal are favouring features for renewed attention in mmm" It is tame the Southerners took some serious steps to introduce foreign capital into the dredging industry.