FINANCE STOCK & MINING

Free Lance, Volume IV, Issue 160, 25 July 1903, Page 24

FINANCE STOCK & MINING

THE balance-sheet of the Wellington Building and Investment Company, for the year ended 30th June, has been circulated. The profit for the year, including £2,59 16s lid, brought forwaid, amounts to £4320 19s Bd. The dividend of 10 per cent, absoibs £2750, the sum of £1250 is to be added to the reserve fund, leaving £320 19s 8d to be earned forward to next year's account. The balance-sheet shows deposits and acorued interest, £118,688, amount advanced on mortgage, £156,954 , investments by the company, £9038. The reserve fund, with the addition now made, stands at £17,500. * * ¥■ The interest received and accrued on investments amounted to £8875 13s 3d, and rents and other receipts brought in £718 6s 7d. The interest paid to depositors and others absorbed '£4421 13s 4d, and the expenses of all kinds amounted to £1111 3s 9d. The extreme confidence of investors in the stability and sound management of tins company is evidenced by the hea,vy premium paid for the shares in the open market. The shares, upon which £5 is paid up, have been selling quite readily at over £9 10s. *- ¥• +- The balance-sheet of the Wellington Meat Export Company for the year ended 30th June, 1903, was circulated early this w eek. The actual net profit for the year amounts to the sum of £6115 4s 9d. The amount brought forward from the previous year was £10,228 7s lid, which fives a disposable balance of £16,343 12s Bd, and the directors propose that £5637 16s 7d shall be given to the shareholders, which will equal 8 per cent, per annum on the paid-up capital of the company, leaving £10,705 16s Id to be carried forward. # # * During the year 15,000 new shares were issued, upon which 12s 6d per share is now t>aid up. This additional capital is being applied in the exten>sion of the works, and when, completed the freezing capacity will be increased by 2000 sheep per day. The company's premises and plant are valued at £95,524 14s sd, and other pronerty at £4496 Is 4d ; sundry debtors account for £39,273 2s 3d ; the consignment® of the company are valued at £80,419 9s 4d; and stock at £36,335 10s 6d. The cash includes £17,000 on deposit, £1462 5s 9d at credit of current bank account, and £216 9s lOd cash in hand. The liabilities show,

among other items, loans on moitgage £11, .590 4s 2d, sundry creditois £32,883 2ssd, diafts against shipments, £100,037 5s 6d. The reserve fund and the insurance reserve together amount to £36,000, and there is in addition the undivided profit of £10,705 16s Id. The ptoss profits on freezing sales and manufactures totalled £31,007 9s, and transfer fees brought in £8 17s 6d. The changes show on account of lntenest, discount, and exchange, £1310 15s Bd, and general expenses, £5508 16s 5d The expenditure on works, plant, and propei ties apparently for up-keep was £15,084 19s Bd. The business of the company is being well maintained, and the increased facilities for handling meat are needed in view of the steady and continuous growth of the frozen meat industry. * * * The balance-sheet of the Union Bank of Australia, Limited, for the half-year ended 28th February last, exhibits a very satisfactory improvement on the figures for the' corresponding period of last year. The net profit amounted to £109,056, as against £96,714 for the previous corresponding half-year and £80,629 in 1901. With the carry-over the available balance is £129,800. * * * From this sum, a dividend of 8 per cent per annum, which will absorb £60 000, is paid to shareholders and £50,000 is added to the reserve fund The reserve fund now amounts to £1,000,000, the whole sum being invested in British Government securities, and specially ear-marked for reserve purposes. Now that a substantial liquid reserve has been built up, it is not unlikely that bigger dividends will be forthcomng in the future. The dividend of 5 per cent, for the half-year declared by the directors of the National Bank of New Zealand, was made available to colonial shareholders this week. * ♦ * The two great French shipping companies have not paid dividends on their last year's operations. The Messageries Maritimes showed a gross profit of £74,033, against £94,746 in 1901, but no dividend was paid. An interim dividend of twenty francsi was distributed in 1901, but the company has since written off one-half its share capital of £2,400,000, and raised £1,200,000 by an issue of debentures. The Transatlantic Company, which had a balance of £227,237 for 1902, against £119,582 for 1901, applied it to the amortisation fund. The Transatlantic Company did not pay dividends in either year. * * * In the sharemarket, there appears to be a good deal more activity than usual. National Bank shares changed hands at £4 12s fid cum dividend, and Bank of New Zealand shares had Quittance up to £4 6s. Union Bank shares are m steady request at £39 5s Financial shares are in good demand at full market prices. Sales are report-

Ed ot Wellington Building; at £9 15s, and Wellington Trust and Loan at £7 10s and £7 11s. There are bids of £12 ioi Metropolitan Building ; £2 2s for National Mortgage , and £1 5s 3d for New Zealand and River Plate. * *■ * Gas shaies are firm, and in active recjuest, but sellers are scarce. Wellington Gas £10 paid, sold up to £19 10s. Buyers offer £4 12s 6d for Ashbuiton Gas, £14 15s for Auckland Gas, £9 15s for Ohnstchuroh Gas £4 15s for Palmerston North Gas, 19s 9d for Feildmg Gas, and £1 11s 6d for Port Chalmeis Gas. Insurance shares continue to be neglected. Nationals are w anted at 20s and South British at £4 19s. New Zealands are offered at £4 ss, and Standards at 18s 6d. The week opened very badly for the insurance companies, for, apart from the marine loss arising from the disaster to the s s. Niwaru, the fires in various parts of the North Island resulted in losses aggregating nearly £7000. * * # Meat shares axe inactive, and there are more sellers than buyers. Gear £1 shares are wanted at 365, and Wellington Meat Export £5 shares at £7 Bs> cum dividend. There are sellers of Canterbury Frozen Meat shares at £9 los, Christchurch Meat at £10 10s, and Wanganui Meat at £5 ss. Woollen shares have been somewhat active. Kaaapoi Woollens sold at £6 6s 6d, and Wellington Woollens at £5 Bs. Mosgiels aie in demand at £4 2s. *+•■"■ Miscellaneous shares show no material variation, though more business is reported. Manawatu Rails had quittance at 28s, and New Zealand Shipping at £7. Sales are reported of New Zealand Dru<r shares at 40s 9d and Sharland's ordinary at 235. The severe climatic conditions down South have interfered with the work of the dredges, and the returns are comparatively small. Some of the West Coast dredges are beginning to look up, the return of 730z from the Notown dredge for the past week being very encouraging.