Finance Stocks and Mining

Free Lance, Volume IV, Issue 201, 7 May 1904, Page 5

Finance Stocks and Mining

THE report and balance-sheet of the Australian Mutual Provident Society for the yeair 1903, now m the possession of policy-holders, are extiemely satisfactory. The report shows that during the year 14,534 policies, assuring £3.744,489 were written, as compaied with 15,591 policies assurin- £3,702,576. It will thus be seen that, though the number of policies issued was within smaller compass than in 1903, the amount assured is greaitei by nearly £42,000. This is indeed a satisfactory record. The revenue account shows that the new premiums received totalled £133,771, the renewal premiums £1,562,839, and 1 oonsidleration for annuities £31,685. Interest and dividends accounted for £865,729, and there were other smaill receipts blinking the total revenue for the year 1903 up to £2.598,809. and just about £98,000 moiethan in 1902. » • ♦ The Society paid out last yeai £1,019,212 under claims on policies, and of ' thisi amount £661,019 represented claims through death, and £358,193 through maturity. Surrenders totalled £322,766, and bonuses paid in cash amounted to £65,872. The Society paid £22,335 in medicaJ fees and salaries, £51,592 in commission, £3060 in advertising. The expenses of management absorbed £48,855, and salaries of other officers and employees accounted for £77,418. To meet the demands of the tax-gatherers in the several colonies, the Society had to pay £26,727, New Zealand claiming £9900, representing a third of the total, and over £3000 more than the next highest State^ Other payments, which include £13,305 written off office premises, totalled £21,832. The accumulated fund at the end of the year totalled £19,674 422 16s Bd, an increase of £895,310. • • • The investments of the Societ- are well spread, £9,268,038 being out on

mortgage* in the colonies. Loans on the Society's policies account for ..4, 235, 044. The gilt-edged securities include £705,922 of New Zealand Government secuiities, £110,699 British Government securities, and £2,919,483 in the securities of all the Australian States Governments. Municipal loans total £1,210,818, and the Society hoilds £245,457 cash on deposit. ♦ • ♦ The actuarj's report shows a surplus oi £661,662 " 18s 9d, out of which £79,494 19s 4d is taken far contingencies and other pui poses, leaving £582,167 19s 5d for division among the policy-holders, who may expect their bonus certificates next month. At the close of last yea.i the Society had m force 183,653 policies assuring £52,324,828, and of this New Zealand accounted for 30,773 policies, assuring £8,319,957. • There' is no need 1 to waste words in extolling the A.M. P. Society — its soundness is proclaimed in the figuies we have analysed, and its populantv is emphasised in the ever-expand-ing business. « « * The Ouent Steamship Company appears not to have had a very profitable year if the cable message published in the daily papers last week is to be relied upon. The credit balance for the year, which, no doubt, includes the balance brought forward, amounted to only £34,524, and the whole amount is cai ried forward 1 to depreciation and reserve account, which, of course, implies that the shareholders receive no dividend. Ship-owners have not had a pleasant time during the past twelve months. Freights have been low and cargoes scarce, while competition has been very keen everywhere. • • * There is a singular sameness about the hailf-yearly report- of the. Colonial! Sugar Company, which has a practical monopoly of the sugar trade of most of the colonies. The profits for the half-year are generally just about equal to providing the regular 10 per cent, dividend, which, for the half-year, absorbs £100,000. The actual profit for the half-year is stated at £402 above the amount disbursed in dividends. • • • The balance-sheet of the Government Life Insurance Department for 1903 is satisfactory in many ways, and indicates that the prosperity of the colony last year was real enough. The business of the Government Life Office is confined to this colony, It is a restricted field, and therefore it is not a fair thing to

place the office in comparison wath other similar concerns having the whole of Australasia to work in. Ontios of the office should bear this point in mind. * • • The revenue for the year shows that the new premiums totalled £23,462, and the renewal '•>' emiums to £276,344. Assuiance and endowment premiums produced £2559, and consideration for annuities £8658, while £152,352 17s 2d were derived from inteiest. The claims by death totalled £117,414 10s, endowment assurances matured £75,100, bonuses paid in cash £12,350. The commission payments totalled £16,867, land and income tax £9524, while the expenses of management totalled £38,332. • • • The funds at the close of the year amounted to £3,512,061 2s 2d, an increase foi the year of £129,243 los 6d. The investments of thei Department include £618,190 loa.ns on policies, £667,936 in Government securities, £100,103 in municipal corporation debentures, £39,000 in Harbour Board debentures, and £1,886,573, mortgages on property. Premiums due and overdue accounted for £41,001, and interest due and overdue for £48,763. The cash in hand and' on current account amounted to £73,489. • • • The balance-sheet of the accident branch of the Govei nment Life Insurance Department, though dealing in smaller figures, is also satisfactory, con.sideiing that the operations of the accident branch extend over a very short period. The' premiums received 1 in 1903 totalled £24,381, but the claims absorbed £13,230, commission £3364. salaries and expenses £3070, and £4510 has been set aside as a reserve for unearned premiums. • The accident funds at the close of the year reached! a total of £1255 2s, as compared! with £1006 13s 6d at the close of 1902. The liabilities, which include the accumlated funds anid tlhe reserve for unearned premiums, amount to> £19,476, and the whole of this amount is represented on the other side by cash. * • • There 1 appears to be a little more activity in the sharemarket, and it is evident from this that the cautious policy adopted by investors in anticipation of a tight money market in consequence of the war have been somewhat relaxed. The war has not had the effect that was expected, either on the trend of 'he money market or in the values of produce.

Sales are reported of Manawatu Bails at 28s 6d, Leyland and! O'Briem Timber shares 37s 6d, and Mauriceville Lime at 265, while there are buyers of National Banks at £4 8s 6d, Bank of New Zealand at £4 8s 6d, Metropolitan Building ■< t £11 ss, National Mortgage at 44s 9d, New Zealand and 1 River Plate at 24s 6rl. Feildmg G-as at 20s, Palmerston North Gas at £4 10s, ehiristchuroh Meat at £- 7s Gd, Union Steam at £13 2s 6d, Manning and Co. at £4 2s 6d, Sharland and Co. at 23s cum dividend. • • • Notwithstanding the heavy losses made by the insurance* companies since the year commenced, buyers do not seem afraid to operate, for there are bids o! 22s foi National, 89s for New Zealand, 17s 3d' for Standards, and £6 5s tor South British. * • • Tire excellent dredging returns of last weiek, coining upon those equally good in the previous week, have brought about a better tone in the mining market, and on the Dunedin Exchange the sales have been quite numerous. The indications point to big dredging returns this winter, and if this is realised the market will respond.