Finance Stocks and Mining

Free Lance, Volume IV, Issue 203, 21 May 1904, Page 5

Finance Stocks and Mining

THERE are very few balance-sheets and dividend an/nouncements to deal with thte week. The Union Steamship Company has declared an interim, dividend at the rate of 8 pei cent. per annum. The P. and O. Company has been able to declare a dividend or 7 per cent, on, defen ed stock. The Trust and Agency Company of Australasia, which is well represented m this colony, made a profit of £63,095 foi last year's trading. The resullts disclosed above show that the colonies are still able to provide handsome, profits for ship-owners and otto's. • * * The London money mairket is very buoyant, and loianaible credit is appai - ently am. abundant supply. The tender. ing for tlhe Japanese loan is, perhaps,, not a fak guide, because of the very uU traefcrve teams offered. Still, to be covered thirty-fold says a good deal for the oiedktof Japan, and indicates that, given reasonable security and a fair return, there i& practically no limit to the money that cam be obtained in London The Japanese loan was for the modest sum of ten, millions sterling, while Russia is seeking to raise forty millions eterlins, arad is finding considerable difficulty. • * * The tone displayed by the European markets shows very dearly that the war in the Far East is likely to be localised foi -the piesent. Theie is no lndicat-on of the other Powers being drawn in, and money is being influenced 1 by the prevailing and normal oondirtioims. Should there be no distuirbance m the Balkans, then there is reason to hope that the monetary situation, will continue favouiable until the dtemands in the autumn cxci cisei their influence. ■i * *■ Locally, there is nothing of moment to say. Money is available in ample supply for all legitimate demands, and the rates have settled down to practically what they were before the war commenced,. The only thing calculated to disturb tlhe money markets of Australia is renewed Govea-nmemt boi rowing, but, <is the Treasuieirs are conversant with the position, we need not expect to se>j any renewal foi some little time. » • * The commercial cables of the week are on the whole satisfactory. The wool market is being well supported, and value's on a profitable level. Crossbred wool is selling remarkably well, and is likely to do so for some time to oome. Cloth manufactuiers have succeeded in producing some very attractive and cheap fabiios from the staple a,nd while cheapness is a desideratum crossbred wool is not likely to go below the present price level. Frozen mutton. is 'selling up to the prices of last veair, but there is a i estricted output, and to that extent the community will suffeir. • * * Butter and cheese are both much lower in price than a year ago, but as against this is to be set the enormous increase in the output, so that on balance the result will be in our favour. Hemp is holding its own, and millers are all very busy. The produce year wihich does not close untajl September, will, upon present indications, prove a profitable one, the lasses under one head being more than covered by the profits under others. • ♦ * According to all accounts, Wellington is just noiw the busiest of the four large cities in the colony, and yet there is less building going on here than was the case a few months ago. Trade generally is a bit quieter, but there is nothing in the nature of a fall Real estate, ix not so readily saleable, maintains ,ts value, and a buyer has still to pay a fairly high price. As soon as tthe <-leotric trains establish oommunicatnn with tihie suburbs, the building boom ■will be resumed, for, after all, t<he nouso accommodation is much below the r > quiremenits of the people. The immediate outlook for Wellington is perh.ms a deial more satisfactory than for the other cities. • • • Sharebrokers willingly admit that the market has improved a good deal during the past two or three weeks. Investors show a more favourable disposition, and the better class of shares are finding a more ready sale. The easier tendency of the money market has been the main cause of the change. In bank shares there is a call for Nationals at £4 9s 6d, and New Zealands at £4 9s. Union Bank shares are also in request at £43 Ids.

Financial shares are receiving more attention, a,nd theie aie bids of 45s foi National Moitgage, and 24s Od for New Zealand and River Plate shaies. Wellington Tru&t and Loan snares weie recently bold at £7 os, and theie aac still sellers at the pnce. Wellington Building shai es are offered at £9 7s Od. The annual balancing penod of thi& compatnv closes on the 30th proximo. • * ♦ Gas shares are quiet, the only demand being for Feildung Gas shares at 20s, and Palmexston North Gas shares at £4 10s. Theie aie sellers of Auckland Gas shaies at £14, Chnstchurch Gas at £9 17s 6d, and Wellington Gas at £18 15s. • • * Considering the emormous losses of the past few months there is a healthy demand for insurance shares Nationals changed 'hands at 22s 6d, South British are wanted at £6 os, Standards at Irs 3d, and New Zealand Accidents, which veiy seldom come on to the market, wei'e in lequest at 60s. » • • Meat shares continue weak, probably because of the lest rioted turnover of the companies. On present indications, there will be marked decrease in the number of cai cases of f i ozen mutton expotrted this year, and profits will, no dioubt, be in smaller compass in consequence. There aie sellers of Canterbury Frozen Meat shares at £8 Los, Wan.Kan.ui Meat at £o, and Wellington Meat Export at £7, £os 10s, and £3 9s for the respective issues. Christ-church meat shares a.re wanted' at £10 7s 6d. • • • In the miscellaneous section, there is quietness. Woollen, shares are neglected. There are sellers of Kaiapoas at £6 4s Mosgiets at £3 19s, and Wellington Wootllemsi at £5 4s, with no buyers. Union Steam shares are in demand at £13 5s cum dividend of 4 per cemt. Manawatu Rails keep steady, with buyers at 28s 6d. Westport Coal shares command £6 16s, sellers wanting £6 18s. Leyland and OBrien Timber shares are in lequest at 375, and Sharland's ordinary at 225. Other shares are without change. • * • Mining has not been quite so aotive, yet there have been more thiee-fignre returns recently to attract attention. The more observant brokers believe that there will be a revival in the dredging market, but nothing is being done to foster speculation. The change must come naturally, and be kept free of the "boom" tendency. Bis; returns and big dividends will effect the change in due course