Finance Stocks and Mining

Free Lance, Volume IV, Issue 181, 19 December 1903, Page 11

Finance Stocks and Mining

THE repent of the directors of the Kauri Timber Company, Limited, foi the jeai ended August 31st last, shows a trading profit of £27,400, to which is added the balance brought forward, £23,085, making a total of £51,08-3. This lesult is obtained after paying £10,000, in addition to the fourth instalment of £13,700, off the company's debenture debt, thus reducing the amount from £233,700 to £210,000. A dividend at the rate of 4 per cent, per annum, absorbing £23,400, has been paid, and the balance of £27,685 js carried forward The leal estate of the company is valued at £60,488, and the standing timber, leaseholds, bush plant, vessels, rafting, etc., are valued at £481,164. The comnany has apparently had a very prosperous year. * * * The report of the directois and bal-ance-sheet for the year ended 30th June last of the Dalgety Company Limited, circulated in London about the end of October, have been leceived in the colonies. The balance-sheet show s that after providing for interest on the debenture stocks and the terminable debentures, the net profit for the year is stated at £48,824 11s 7d, which compares with £84,848 4s Id for the previous year, and with £80,970 Is 3d for the year ended June 30, 1901. Adding balance brought forward, £51,880 14s 4d, the amount available for distribution is £100,705 5s lid. The dividend distribution for the year is at the rate of 5 per cent , against 7 per cent, for he previous year, and absorbs £50,000, leaving a balance of £50,705 5s lid to be carried forward * * * The debentuie stocks amount to £2,263,210, the terminable debentures to £250,250, and the direct indebtedness under various headings amounts to £1,784,980 13s 7d, while the assets may be summarised as follows — Cash and bills receivable, £314,084 3s, advances (including property held by the company), £4,345 571 4s 2d ; sundry debtr ors' and customers' balances, etc , £465,451 3s 3d , premises and plant, £515,151 10s lOd. *■ * * The proposed increase in the capital of the Colonial Sugar Company, which the shareholders have just confirmed, covers a sum of £200,000, which is to be raised by the issue of 10,000 shares of £20 each. The issue will be made early next month * * * The Gear Meat Company has had a fairly good year, and the figuies aie about on a level with those show n in the last balance-sheet. The amount available for distnßution, including; the amount brought forward, is £12,349 Is lOd. The dividend, at the rate of 8 per cent, per annum, absorbs £3680, leaving £8669 Is lOd to be carried forward. During the year substantial sums were added to the reserves, and full provision made foi depreciation. The freezing companies are experiencing a trying time just now, with the London market weak and dispirited, and colonial values ruling above London panty. * * * Bonoweis aie finding that the rates aie stiffening. Money is being loaned on freehold mortgages at 6 per cent., and it js stated that a. fairly large sum has been placed at this tate. Some of the banks areieviewing their securities, and doubtful ones are being called in quietly. It is stated that an insurance company has in contemplation asking a higher rate for mortgages. Those who have been woiking London exchanges with 4 per cent. Government debentures have, in some instances, received cable advice to stop as there is no market at Home just now for such securities. On Wednesday next tenders for the Government loan of £500,000 close, and, as the brokers, both here and in Australia, are to receive brokerage, it is not unlikely that some applications will be received through such sources. * * * The Stock Exchanges will be closing for the Christmas vacation, and the Stock Exchange year may therefore be regarded as at an end. On the whole, 1903 has been disappointing. For the first seven months business was fitful and slack, but in the succeeding three months theie was a splendid revival. Then the prospects of dear money began to oppress the market, and for the past seven or eight weeks brokers have been rather idle. The market closes with practically no variation in values, but the tendency is towards a fall. * ' • • In bank shares, there is extreme quietness. New Zealands have changed

hands at £3 17s Gd, but buyeis have i educed their offers by a shilling. National Bank shares would meet with fair business at £4 10s, but .sellers ask £4 12s. Insurance &haies continue neglected. New Zealands aie enquired for at 88s while Nationals are offeied at 21s, and Standards at 18s * ■* * Gas shares are in slightly better lequest Napier Gas shaies, £10 paid, changed hands at £23, which is a tolerably high price. Feildmg Gas shares are in demand at 20s, and Palmerston North Gas at £4 15s. Gisborne Gas shares are offered at £1 16s 6d, and Wellington Gas at £19 lUs and £9 12s Od for Ihe lespeetive issues. * * * Meat shares continue neglected, and theie aie free sellers of most shares. Wanganui Meat shares are offered at £5, and Wellington Meat Export shares are quoted at £7 7s 6d, £o 15s, and £3 14s 6d for the vanous issues. Miscellaneous shares have seen a little business in New Zealand Drugs, which had quittance at 48s and 365. There are bids of 27s 3d for Manawatu Rails, 105 sand 99s for the respective issues of Wellington Woollen shares, and 22s Gd for Maunceville Lime shares. * * * Mining is quiet, which is not suiprising at this time of the yeai . In the retrospect, the mining market may be said to have been a little bettei than, >n the previous year. The forced liquidations have practically ceased, and the dredging industry is now on a sounder and better basis. The transactions during the year have been, comparatively few but bettei than last year. * * * While the market has been quiet, the output of the metal has been steadily expanding, and when the final figures are available it will be seen that 1903 has out up an excellent record. According to the Special Mining Commissioner of the "London Economist," the Waihi mine stands ninth on the list of the thirty greatest gold-producine mines of the world. The combined monthly output of these thirt- mines is estimated at £1.461,000. towards which the Waihi contributes £51,000 a month.