FINANCE STOCKS AND MINING

Free Lance, Volume III, Issue 151, 23 May 1903, Page 5

FINANCE STOCKS AND MINING

THE balance-sheet of the Government Life Insurance Department, for the year 1902, is in its main features very satisfactory. It is neither right nor fair to compare the Government Life Department with other life offices, because its business is restricted to New Zealand, and further, there is something about Government Departments everywhere that makes them apart from ordinary commercial enterprises. The figures for 1902 are satisfactory, when compared with those of the previous year. * * * The renewal premiums last year amounted to £271,174, as against £266,81(3 in 1901, a small improvement, but it shows that even in the restricted field the Department is making a careful selection of sound business. The new premiums for the past year exceeded £21,000, or about £1000 better than, in 1901. The total income for 1902 was £451,347, as against £460,752 in 1901, the decrease being due to the disappearance of the tontme fund No. 1. The death claims totalled £121,883. as against £122,471. The endowment assurance matured amounted to the large sum of £87,705. or more than double the amount of the previous year. * * • The expenses of management, which totalled £36,168, were slightly greater than in the previous year because of the triennial expense. The Department opened some time ago an investment fluctuation reserve, and has placed £22,783 to this reserve. This is an excellent provision, for however carefully the investments may be made, there is always fluctuations m market values, and it is besit to provide for possible losses. * * * The investments* of the Department show Loans on policies, £607,588 : Government securities, £668,923 , municipal corporation debentures, £90,893 , Harbour Board debentures, £39,000 , mortgages on property, £1,808,683. The amount of funds on the 31st December, 1902, was £3,382,817, showing an increase for the year of £97,401, which is very creditable indeed The best possible is being done with the Department, and Mr. Richardson and his staff are entitled to the congratulations of the policy-holders for the successful operations of last year. * • * The Equitable Life Assurance Society of New York has adopted a more stringent rate of exchange in converting its figures from dollars to pounds sterling. The old rate used to be 4.80 dollars, it is now 4.86b18 dollars to the £, and the effect of this change has involved the writing off of £931,340, while the increase in assets, etc.. are made to look smaller. Taking the new ratio o f exchange, the increase in assurance n force was £19,915,124, increase in assets, £4,889,175, increase in surplus, £620,484, increase in new business, £6,565,178. The Society had £265.597,775 of assurance in force nn 31st December last, while the assets totalled £73,855,783, and the estimated surplus was £15 418 151 The income for 1902 was £14,124,944, while £6,054,346 was paid to policy-holders in the twelve months. * * * The Colonial Sugar Refining Company, whose shares are occasionally quoted on the New Zealand Stock Exchanges, made a net profit of £100,291 dunng the half-year ended 31st March last. With the amount brought forward, there was £193,109 available. The capital now totaLs £2,000,000, and the 10 per cent, dividend absorbs £100,000, leaving £93,109 to be carried forward. The company's reserve, guarantee and dividend funds total £329,070, while there is also a provident fund amounting to £62,182. The refineries and mdls, with plant, are valued at £2,5bl - 231, being £483,955 less than cost. Stocks of sugar held are valued at £474,242. The Alliance Assurance Company's report for 1902 show's on the fire account premiums £929,990, losses. £435,360underwriting nrofit, £170,315 increased bv interest to £296,889. The directors declared a dividend of 8s per share, amounting to £186,250, leaving £188.599 at credit on profit and loss account * * * The P and 0 Company appears to have had a better experience than most other shipping; companies for the directors have been able to declare an -n-

terim dividend at the rate of 7 per cent, on the deferred stock. Tlu? 1 sharemarket exlubits no great variation in values, while business continues restricted. A little better enquiry exists for bank shares, and Nationals aie wanted at £4 7s , New Zeala,nds at £3 13s , and Unions, at £37 ss. * » • Financial shares are in fair demand, but there is no business to record. River Plate Land Mortgage shares are wanted at 265 , Wellington Building shares, at £9 12s 6d , and Wellington Trust and Loan, at £7 11s. Gas shares are as firm as ever. Ashburton Gas shares are wanted at £4 12s 6d , Chnstclhurch Gas shares had quittance at £9 15s. Wellington Gas shares are in firm request, at £18 10s and £9 5s for the respective issues. * * ♦ Insurance shares are absolutely neglected. New Zealands are offered . t 88s. The National Insurance Company has iust paid out the usual interim dividend. • • * Meat shares are again coming into favour, and buyers are persistent in their demands. Christcihurcn Meat shares changed hands at £10 and there are still buyers at that price. Gear Meat shares, and Wellington Meat Export shares, are in firm demand at last quotations. • * • Wellington and Manaw artu Railway shares are offered at 28s 6d ; New Zealand Shipping shares sold at £6 15s. Union Steam shares have advanced, and are now quoted at £13, sellers asking 10s more. Wellington Woollen shares are in good demand at £4 9s 6d. Westport Coal shares are on sale at £6 Cs. Donaghy Rope and Twine shares are inquired for at £12 17s 6d.