FINANCE STOCK AND MINING.

Free Lance, Volume III, Issue 158, 11 July 1903, Page 5

FINANCE STOCK AND MINING.

THE balance-sheet of the Bank of New Zealand, laid on the table of the House last week, is the ninth such document issued since the State came to the assistance of the Bank. Except in 1895, each succeeding balance-sheet has been better than its predecessor. The document now issued shows a net profit of £210,590 12s Id, after paying interest on the guaranteed debentures and donating £1650 to the provident fund. The bal-ance-sheet of last year exhibited a net profit of £209,501, so that there is an improvement this year of slightly more than £1000. * *- * In their report the directors state that £15,000 12s Id has been applied to writing down Colonial Bank property and premises and Bank of New Zealand property, premises, and furniture, leaving £195,590 available fo>r statutory payments. The dividend of 5 per oenit. to shareholders absorbs £21,180, leaving £174,410 to be paid to the Assets Realisation Board. With this disburse Iment the Bank will have paid to the Assets Board £625,545. The net profits earned by the Bank during the past nine years has totlalled £1,029,829 . as a matter of fact, it is eight years' profits, and equal to an average of £128,728 12s 6d per annum. * * * The balance-sheet of the accident branch of the Government Insurance Department for the year 1902, Dresenited to Parliament last week, shows that the premium income for the year was £14,100 6s 4d, and interest £70 7s 2d. The claims totalled £7364 0s 2d commission £2759 6s lid, salaries £2065, expenses of management £1011 9s Id, the result of the year's operations being to raise the amount of the accident fund from £315 16s 2d to £1006 13s 6d. A gain of £700 is very satisfactory in the face of the keen competition that exists in this branch of insurance. The expenses, amounting in all to nearly £6000, are high, but in establishing a new business expenses are invariably high, and the Government Department cannot hope to escape them. Prudent management is being exercised, and the accident branch is practically selfsupporting, and that is all that the country expects. * •* * The New York Life Insurance Company's annual report for 1902 shows that 155,440 new" policies for £62,220 - 945 were effected, bringing the aggregate in force to 756,702 policies, assur-

ing £343,381,184. Theie was paid as death claims and bonuses to oolicyholders during the year £3273,914 besides £3,013,116 to living policy-hold-ers. Expends absorbed £3,355,543, equal to 25.8 per cent, of the premium income. The excess of income over expenditure was the large sum of £6,613,132, which included interest and piofit on securities, aggregating £2,794.320. Thus represented a, return ot 4.43 per cent, on the mean amount of the funds for the year. The actual assets at the end of the year were £66.339,443. Policy reserves and pending claims are represented by £56,058,107 and reserves by £10,281,335 The New York Life operates over a wide field, consequently the figures assume huge proportions. » » • The Suez Canal Company's dividend for 1902 was on the ordinary shares 125 francs net, or the same as for 1901. The shares are of 500 francs (£2O) each, and the net dividend was therefore 25 per cent. * * * The New Zealand Farmers' Co-oper-ative Association of Canterbury, Limited, is a live concern, and the 22nd annual balance-sheet, now in the hands of shareholders, is an interesting document. The net profit for the year ended 31st May last is £16,632 Is 3d, and, with the balance of £1545 16s 7d brought forward, there is available for distribution the sum of £18,177 18s Id, and this has been allotted by the directors as follows . — To pay a dividend of 6 per cent., and a bonus of 3£ per cent, on the paid called-up capital ; to payment of a bonus of 3i per cent, to shareholders on their purchases of merchandise during the year, and a bonus at the same rate on salaries and wages earned in those departments where the profits warrant ; and to refund 25 per cent, to shareholders on net commission paid on pro*duce sales , to carry £1000 to reserve fund, £1000 to special for contingencies account , to write 10 per cent, oif machinery and furniture ; and to carry the balance forward. The gross profits for the year amounted to £34,583, of which £20,858 was on merchandise, £8602 on commissions, and £4592 on discounts exchanges, and interest. The expenses of management amounted to £17,397 : salaries and' wages accounting for £13,299. The assets show stock of goods £79,437 ; advances on produce shipped and in store, £87,860; sundry debtors, £33,934; and cash at bank, £45,353. • • • The sharemark&t is inactive, not from the want of buyers, but because holders cannot be induced to; sell. Bank shares are very firm. Nationals are wanted at £4 lls, but sellers: ask £4 13s. New Zealands are in firm request at £3 18s, with no sellers. Union Bank shares are wanted at £38. There is a keen demand for financial shares, particularly those of building societies. There are bids of £9 15s for Equitable Building, £7 10s for "Wellington Trust and Loan £9 los for Wellington Building, and £12 for Metropolitan Building. National Mortgage shares are firm at 445.

Gas shares are as firm as ever, and there are ready buyers of Palmerston North Gas at £4 16s; Port Chalmers Gas, at 31s , and Wellington Ga* at £1L) and £9 10s. Insurance shares are again neglected. Nationals are wanted at 20s, and South British are offered at 101s. • • • Meat shares are steady at last rates, except Wellington Meat Export shares, which show a slight firmness, owing, no doubt, to the near approach of the dividend period. Woollen shares are decidedly firm, though values show no variation. Buyers offer £6 5s for Kaiapoa Woollen, £4 for Mosgiel Woollen, and £5 6s 6d for Wellington Woollen. *■ *■ ¥■ The most interesting feature with respect to mining is the fact that the gold yield of the colony for the past half-year shows a satisfactory increase as compared with the output of the first half of last year. In all the colonies mining appears to be reviving, and the output is expanding.