FINANCE STOCK AND MINING.

Free Lance, Volume III, Issue 159, 18 July 1903, Page 25

FINANCE STOCK AND MINING.

AT the ha] f -yearly meeting of the National Mutual Life Association of Australia, Limited, which was held in Melbourne a fortnight ago, the directors were able to give a very good account of what they were doing. During the year the Association had issued 3295 new policies, for £849,880, yielding an annual premium revenue' of £29,478. Comparing the business with the corresponding period of the previous year, there was an increase ot 800 policies. The Association has now 55,000 members in all parts of the world. * * * In connection with the bonus distiibution of the Australian Mutual Provident Society, the "Sydney Morning Herald" emphasises the striking superiority of Australasian assurance conditions, when put into comparison with the results of British offices, and quotes the experience of a gentleman who, on February 13th, 1873, took out Li Sydney policies for £1000 each with the A.M.P. Society and the Standard Company, a leading Edinburgh office. In 1901, he converted these assurances into paid-up policies, receiving from the Scotch office one for £912 10s, without the right to further bonuses, and from the A.M.P. one for £1486 14s, with the right to bonuses, of which he has received two for £31 12s and £31 4s respectively, bringing up the amount of his paid-up policy to £1549 10s. * * * The premium in the Scotch office, however, was only £30 16s, against £31 16s 8d in the Australian. The extra amount of premium w ould add £30 to the paid-up policy in the Scotch office, making it about £943, or £506 less than would be paid by the A.M.P. in the event of the two policies maturing at once. If the assurer continues to the natural term of life the bonuses in the Australian office will probably give the beneficiaries 1 under his will twice the amount of £912 to which he is limited under the policy held by him in the Scotch office. This is very flattering to the A.M.P. Society. * * * 'Several small companies 1 have been floated in Wellington during the past few weeks. Th© flotation of the Cafe Monico Company was carried out quietly and expeditiously, tending to suggest that the need for another lestaurant is fully recognised. The formation of a freezing company, to operate in Pelorus Sound, is also announced, and if the operations of

this concern aio successful, the Empne Cjty xll benefit veiy much m the matter of supplies of hsh and fruit. The substantial improvement in the price of w 00l will compensate for the decline in frozen mutton, although, as regards the latter, farmers have nothing to complain about. The South African demand has cleared the country of second-grade sheep, and the deimand in that quarter is still good ; there is a demand for New Zealand sheep at a price. The rise in wool w ill mean many hundreds of pounds sterling to the wool growers of the colony. » • * Business in investment shaies has been fairly active, and many sales are reported. In Bank of New Zealand shares, a very distinct, advance is to be noted, with a continued rising tendency. These shares were quoted a few weeks ago at £3 12s, but now buyers are offering £4 3s and more. Nar tional Bank shares changed hands at £i 12s 6d, and Union Bank sih ares are wanted at £38 10s. Financial shares are quiet, because of the disinclination of holders to quit. New Zealand and River Plate shares had quittance at 25s 6d, and Wellington Trust and Loan at £7 10s. + *• + Gas shares are very firm, with free buyers at late rates. There is a de>mand for Christchurch Gas at £9 15s, Feeding Gas at 19s 9d, Palmerston North Gas at £4 15s, Wellington Gas, £10 paid, changed hands at £19 10s. The half year's dividend of the Wellington Gas Company is just about due. Insurance shares are very much neglected, and there is practically no demand, the only bid being for National Insurance shares at 20s 3d. * * * Meat shares are not very strong. Gears. £1 paid, changed hands at 365, and there are buyers of the £4 paid shares at £6 10s. Wellington Meat Export, 5 pa£id, are wanted at £7 Bs. The balance-sheet of this company is due in a few days. Wanganui Meat shares are offered at £5 ss, with no buyers. ■* + •* Woollen shares are in good demand. Kaiapois are wanted at £6 ss, Mosgiels at £4, and Wellington Woollens at £5 7s. Westport Coal shares have been steadily advancing for some time past, and are now reported to have changed hands at £7 2s 6d. T * * Miscellaneous shares exhibit the usual fluctuation®. Manawatu Rails are in request at 27s 9d. and New Zear land Shipping ait £6 15s. Leyland and OBrien Timber shares had quittance at 40s 6d. Other stocks call for no special mention. * * # Mining reports from all mining centres in Australasia are very encouraging. The New Zealand output for the past half-year shows a material gain. The Victorian output for the half-year shows an increase of 31,900 ounces, and the West Australian in-

ciease is 31,882 ounces. Queensland and New South Wales have also made improvements , in addition to this, several new finds have been reported, and the outlook is ve^- cheering. It i=, some time since British capital was sought for mining development, but with the improved outlook theire sliould be no difficulty in attracting fresh capital. * * * Mining speculation in New Zealand has improved very considerably during the past few months, and although very little interest is taken in this city, there are many shrewd buyers operating quietly, both in Otago dredging shares and in Auckland quartz mining shares. ■* # * Mining at Johannesburg is again becoming very profitable. The actual net profit for the month of April of forty-one companies aggregated £3,")o,210, most of which goes in dividends to European shareholders.