Finance Stocks and Mining

Free Lance, Volume IV, Issue 205, 4 June 1904, Page 5

Finance Stocks and Mining

THE report and balance-sheet issued by the chiectois of the Colonial Mutual Life Assurance Society fcr the year 1903, and submitted to the rohcyholders at the annual meeting, held in Melbourne on the 18th ult., furnish interesting leading. The new business for the year is represented by 3302 policies, assuring £779,968. This is better, as regards the number of policies issued, than in 1902, -when the Society w\ote 3006 policies. ♦ ♦ * The death claims totalled £121,803, and on endowments matured £77,535 has been paid. The addition to the funds during the year was £107 966, making the total funds £2.814,790. This is distinctly good, and reflects great credit on the management. The interest received during the year was £109,931, equal to £4 3s 10d' r>er cent., or the same as in the previous year. Ihe expenses of management under all heads, including fees paid to directors and auditors, advertising medical tees, etc amounted in the aggregate to # The assets include loans on mortgage, J 1 162 028 Government and other debenturer £340,117. cash bankers itc £228 672- freehold and leasehold is maintaining its position and getting its full share of business. * * The net premiums of the Phoenix A^ surance Company for the year 1903 amounted to £1,421,187, and the losses to £766,512. After provision for expenses there was a credit balance of £982 467, including the amount biourht forward from the previous year. Ihe dividend for the year amounted to <^s uei share paid up to £5. » * * The fire depaitment of the London an d Lancashire t Tg'Z% shows that d«ringtheyear 1903 the net fire premiums totalled £1,238,7 fay, ana fhe net losses £539,752. The year was thus a particularly favourable one but tne directors are not squandering tne P i ofita in dividends. The company has teen severely hit by the Baltimore fire and in the "usual way this loss would appear m the next balance-sheet Ihe directors, however, are anticipating the matter by writing off £90,000 out of the balance available now. This is excellent and will add greatly to the reputation of the company. • * * The investments have been written down bv £30.000, and £150,000 has been added to the reserve fund, increasing it to £1,000,000. The London and Lancashire is now one of the first hre oflioes in the world, and its financial stiength commands the respect and confidence of insurers. • • • The half-yearly balance-sheets of the Bank of New 'South Wales, have a strong family likeness. The profits are invariably a little over £100,000, simply because the bank is doing a steady business. The profits for the past halfyear amounted to £119,581, enabling the bank to add £20,000, to disburse the usual dividend of 10 per cent per ainnum and to carry foo-ward £18,000 The Barnk of New South Wales is one of the strong Anglo-Colonial banks. • • * The recent dividend announcements include the New Zealand Trust and Loan, which distributes, in addition to a 5 percent, dividend, sspers per share out of the reserve fund, and carries 1 forward £11.000. Apparently, the reserve fund is lareer than is desired. The Donaghy Rope and Twine Company announces a dividend of 8 per cent for the year. J * * * The money market has come m for a £ood deal of discussion during the past few days. Some maintain that there will be a plethora of money, with low rates, while others are dubious about the matter. There is no doubt that at the moment money is relatively cheap in London for the ordinary needs of the country but it is unfortunate that Butish municipalities anud colonial Governments cannot borrow in London at the low rates that are ruling. • • • New Zealand has not felt the disturbance in the financial world to any serious extent because, for the past three or four years this colony has enjoyed an extreme measure of prosperity, and the people are well able to

aftoid a little lo&&. On the whole, theje i!s every leason foi viewing the outlook with a confident and cheerful spirit 1 * * * The capitalists and mvestois are again settling down in the belief that no further distuibancei are likely to occui to unsettle mte-iest lates. Hence it is that gi eater activity is to be noted in the sharemarket. The sales duimg the past week have been much larger than u&Tial and cover almost the entne Stock Exchange list. » * * Bank shares continue m splendid demand. Nationals aie wanted at £4 9s bd. butholdeis evidently prefer to wait for the balance-sheet, now shortly due, before deciding. There are buyers of Bank of New Zealand' shares at £4 10s. The sales of lairge parcels of forfeited shares tend to keep this stock down. ■* * * In finanoial shaies sales are leported o ? Wellington Trust and Loan at £7 .ss, and New Zealand and River Platte shares «it 255. There is a demand, for National Moi tgawe shares at 46s>, but otherwise this section is comparatively quiet. • • * Gas shai es are receiving more attention. Feilding Gas shares are wanted at 21s sales being leported at 225. Gisbortne Gas shares aie in demand at 36s 6d, and Hawera Gas at 20s 6d. Insurance shares continue to be in steady demand. South. British aie. wanted at £G Gs, Standards at 17s 6d, and New Zealand's at £4 Bs. Nationals are offered at 225. • * * In other sections, sales aie> reported of Gears (£4 paid) at £6 15s, and Wellington Meat Export (£2 12s 6d paid) at £3 6s Bd. Wellington Woollens changed hamds at £5 3s 6d, Taupin Coal at 18s and 18s 4d, Westpori Coal at £7, Avondale Briok shares at 20s, and Leyland and OBrien Timber shares at 38s and 38s 6d. • • • The dredging returns last week weie smaller tham usual, because of the floods, but notwithstanding this the market shows no set back. Business has, under the circumstances, been fpirlv good, and with settled weather enabling the dredges to work full time, there is hope of a great deal of business in the mining exchanges this winter.

PARTNERSHIP. r |^ HE undersigned beg to announce JL that they have entered into partnership as Barristers and Solicitors as from the 6th day of JUNE NEXT, and will carry on business under the firm name of WILFORD AND LEVI. The business will be carried on in offices in the new building of Messrs. Butlers Bros., Limited, in Stout-street, immediately opposite the Supiexne Couit Building. THOMAS M. WILFORD. P. LEVI.