Finance Stocks and Mining.

Free Lance, Volume IV, Issue 186, 23 January 1904, Page 5

Finance Stocks and Mining.

THE balance-sheet of the Wellington Trust Loan, and Investment Company for the year ended 31st December last is now in the hands of shareholders, and will be formally presented at the annual meeting, to be held on Monday, Ist proximo. The nett profits for the year total £10,072, as compared with £12,372 in 1902 showing a decrease of £2300. or nearly 20 -er oent. decline. Addmg £1192 brought forward, the amount available for distribution is £11,264, out of which £2000 has been token to augment the reserve fund which now stands at £28,000, and a further sum of £1000 is set aside to write up the value cf the freehold property to accord with the Land Tax valuation. . * * The dividend distribution amounts to 8 per cent., absorbing £8100, and leaving £1164 to be earned forward. The detailed figures show that the mortgages and other securities total £385,665, as ■compared with £364,987 a year ago. The special deposits of the company have been reduced from £11,000 to £3000, but the bank balance has been increased from £4797 to £6,250. The deposits and interest show an increase having advanced from £253,851 to £265,889. The interest, rent, and fees received during the year totalled £21,906, as against £20,061 m 1902. and there was a slight increase in the payments ot interest to depositors' and investors and on account, of Land and Income Tax. * * * The balance-sheet of the New Zealand Insurance Company for the year ended 30th November, 1903, is one of the best issued by the old colonial office. The nett profit for the year, after making full provision . for all ascertained losses, is £73.443, as compared with £55 395 in the previous year. Witn the balance brought forward, the amount available for distribution totalled £93,748 as against £75,305. The dividend for the year absorbs

£30 000, a sum of £25,000 has been added to the reserve fund, £10,000 has been added to the re-insurance fund, and £4300 to the investment fluctuation fund leaving £24,448 to be earned forward. s The fire and marine premium income for the past year totalled £400,707, as against £386,960 in the previous year, and the revenue from interest and rents totalled £23,962, as compared with £21 963. The fire and marine losses amounted to £245,867, as compared with £249,157. There has thus been a larger revenue, and a smaller loss, which make for an exceptional!"' good year. It may be stated here that the insurance companies have had two good years, and may possibly enjoy another prosperous year. Should, however the country districts feel the pinch of falling produce prices the moral hazard will quickly pile up losses. There is never any certainty in fire and marine underwriting. •» * ♦ Cable advices received in Australia state that the head office of the New York Life Insurance Company reports that the amount of new insurance paid for during 1903 totalled £67,000,000, and that the total amount of insurance in force at the close of the year was £359,000,000. These are large figures, and give an idea of the world-wide influence of this American institution. * * The statement of accounts of Dalgeity and Company, Limited, for the year ended 30th June has quite recently reached the colony. The nett profit for the year was £48,824, and the balance brought forward £51,881, making the total available £100,705, out of which £50,000 was distributed to the shareholders, and the balance carried forward. The gross profit amounted to £271,880, and the outgoings show £102 635 in interest on debenture stock and terminable debentures £114.307 in management expenses, and £6113 in taxation, leaving the nett profit at £48 824 as stated above. The paid-up capital of the company is £1,000,000 the debenture stock £2,263,210 and the terminable debentures £250,250. The company does an extensive business throughout Australasia, the advances on land, stations, stock wool, and other produce totalling £4,345,571. • * • The banking returns for the December quarter of last year are extremely satisfactory, as showing a very prosperous condition. The note circulation is accepted by all financial authorities as a

safe baiometer of the internal trade of a, country, and the note circulation of zno past quarter is larger than in any corresponding quarter of pi evious years. It may be said that ever since 1899 this colony has enjoyed extreme prosperity, and there does not appear, as far as can be seen, any prospect of a break. The continued tightness of the money market and the gloomy outlook in the Balkans and the Far East, may bring about a serious change but there is no need to anticipate events. The banks are doing an excellent, and, it must be assumed, a safe business — there is a lively demand for bank accommodation, and, although there is a substantial growth in the deposits the inciease in the advances and discounts is relatively larger. There is very preat dullness in the sharemarket. and brokers are complaining of the slacKness. This lull is probably only temporary, for people have scarcely settled down after the excitement of the holidays. There is, however, another aspect of the matter, and that is that investors are holding back in the hope of seeing values fall. It is a sagnificant fact that there are free sellers 1 of the favourite stocks at current market prices, but buyers are shy. A few months ago such shares would have been gladly snapped up by hungry investors. * * * Bank shares are quiet. New Zealands have enquiry at £3 16s, sellers asking £3 17s Gd. Nationals are offered at £4 10s, but there are no buyers. In financial shares, National Mortgage are in demand at 44s 6d, and New Zealand and River Plate at 25s 3d cum dividend. * « * Gas shares aie strangely neglected. Many holders evince a desire for profittaking, but there are no buyers to respond to their wishes. There are sellers of Auckland Gas at £14 7s 6d, Feilding Gas 21s, and Wellington Gas £19 10s and £9 12s 6d respectively. * # • Insurance shares appear to be in more favour than any other class of shares. Nationals are in steady demand at 20s 6d, and New Zealands at 84s 9d ex dividend. Standards are offered at 18s. * * * Meat shares are being pressed on the market for salei, and this is, no doubt, due to the reports current of the prospects of a smaller turnover, and lower prices. There are practically no buyers for meat shares, and there are in-

dications that the values will decline slightly. Woollen shares are in demand, Kaiapois being wanted at £6 4s, and Wellington Woollens at £5 5s and £4 19s for the respective issues. There are also buyers of Manawatu Rails at 27s 3d, New Zealand Shipping at £6 15s, and Maunceville Lime at 24s 6d. * * * There is little that can be said for mining. The industry itself is in a healthy condition, with excellent prospects, but there is no great amount of speculation m the scrip. It is now the dull time for dredging, when the returns are small and many dredges are laid up.