FINANCE STOCK AND MINING.

Free Lance, Volume IV, Issue 164, 22 August 1903, Page 5

FINANCE STOCK AND MINING.

THE Wanganui Meat Freezing Company is a concern that is growing in importance and usefulness, and is now serving a very large district. The company has overcome all the difficulties, that are associated with all initial efforts, and the latest balance-sheet shows that the corner has been turned, and that the shareholders have an excellent business. The turnover far the past year was nearly £250,000/ which is a very appreciable sum, and the profits earned admit of a dividend of 8 per cent., and the writing off of £2500. The shares of the company are quoted on the Wellington Stock Exchange, and the last selling price was £5 ss. * * * Some of the country building societies are doing extremely well, owing to the general prosperity. The Masteirton Permanent Building Society, which is under very careful management, is in a flourishing condition, and could readily find profitable investment for several thousands of pounds sterling. Masterton is just now a busy town, and this is emphasised by the fact that there are no houses to let, and no business premises vacant. As a matter of fact, there is a good demand tor house and shon property, and buildings are going up in all directions. City investors may readily find safe investment for any idle capital they may possess in such concerns as the Masterton Permanent Building Society. * * * In a comprehensive review of the operations of British fire insurance companies, the London "Economist shows that the companies which do business abroad had smaller proportionate surpluses than those which confined their operations to the United Kingdom. Twenty-three companies, with pre>miums amounting to £20,356,660 paid in claims £10,659,172, or 13.14 per cent, of nremium income, as against 2.28 per cent, only in 1901, many having had actual losses. Not one of the companies made a loss in 1902. the underwriting gain ranging from .80 to 27.61 per cent., these proportions being by small companies. * * * The Liverpool, London and Globe and the Commercial Union each had a gross surplus of 16.35 per cent, of premium income, the London and Lancashire 16.39 per cent., the Alliance 18 32 per cent., the Norwich Union 14 12 per cent., the London Assurance 18.55 per cent., and the Northern 18.76 per cent. Fourteen offices, confining their onera-

tions to the United Kingdom, with a net premium income ot £1,180,b34, had a gross suiplus of £244,155, or 20.60 per cent, of their premium income. Their net claims woie only 45.6(5 per cent, of their piemium income as against 52.36 per cent, in the case of the companies doing British and foreign business. The London money market exhibits a hardening tendency, and the advance in, the open market rate last week was substantial. It seems most likely that the bankrate will take an upward turn early next month, which would be a little earlier than usual. The London Stock Exchange appears dull, and colonial securities, w'hioh witnessed some serious fluctuations during the past, few weeks aie now at their lowest level. An easy money market this year is out of the question. * * * The capital application in the United Kingdom for the half-year ended 30th June last totalled £77,413,800, which is about £30,000,000 less than in the corresponding half of last year. The figures for the past six quarters compare as under —

The applications during the seoond half of the year are usually very small, but this year they will be smaller than usual in view of the stringency of the market. Of the £77,413,800 obtained during the first half of the year, tihe Transvaal loan represented nearly half the whole issue. The only colonial Government stock was the New Zealand issue of £1,250,000 in 3 per cents., at 94 \. British Government loans amounted to £1,970,000; foreign Government loans £6,223,000. British municipal and county loans, £8,397,800; British railways, £3,074,200 • Indian and colonial railways, £1,510,000 foreign railways. £425,800 • mining companies, £1,083,000, of which £40,500 was for Australasia. * * * There is a fairly active demand for investment shares, and prices continue to be good. Bank shares are in firm request. Nationals are wanted at £4 Bs, sellers asking £4 11s New Zealands are in demand at £4 2s, ex div, and sales are reported at £4 3s. Union Bank shares are wanted at £39 10s ex div. * # # Notwithstanding that the State Fire Insurance Bill has passed the second reading, insurance shares are firmer. Nationals changed hands at 21s and 21s 6d, and there is still a demand for the shares at the higher rate. There are buyers of New Zealand Insurance <sha<res at £4 4s 6d South British, at £5 8s , and Standards, at 18s 6d. * * * Financial shares are Quiet. Building shares are in strong demand at full

rates, but there aie no sellers. Metropolitan Building shares are in request at £12, National Mortgage are wanted at 42s 6d, and New Zealand and River Plate shares at 255. * * • Gas shares, as usual, are in active demand. Ashburton Gas are wanted, at £4 12s 6d; Auckland Gas, at £14 8s; Feildmg Gas at 19s 9d , Palmerston North Gas, at £4 15s, and Wellington Gas, at £19 os. Meat shares are quiet, the only bid being for Wellington Meat Export shares. Other meat shares can, however, be readily placed at market rates. * * * In other lines, there are bids for New Zealand Sluppmg, at £6 17s, Union Steam, at £12 17s 6d ; Mosgiel Woollen, at £4 2s ; Donaghy E-ooe and Twine, at £12 17s 6d . Leyland and OBrien, Timber, at 415, , New Zealand Candle, at £9, sellers asking £10 : New Zealand Drug, at 475; and Sharland's, at 235. * • • The dredging returns are being well maintained, and on the whole the tone of the mining market is more hopeful. Recovery is slow, but none the lees there is recovery. The mining industry throughout Australasia is in a very healthy condition, and the monthly neturns fully attest this. When the money markets are again easy, speculators will turn their attention to mining. In the meanwhile, there is market quietness, but plenty of hope.

i.\>\j4. ITOO. )ucntei . 'irst lecohd 'hird 'ourth £ 47,993 000 58,397,000 21,276,000 26,146,000 £ 22,225,901 55,187,901 6153,812,000 £77,413,801