Finance Stocks And Mining

Free Lance, Volume IV, Issue 207, 18 June 1904, Page 5

Finance Stocks And Mining

THE balance-sheet of the Bank of New Zealand foi the yea., ended 31st March last was cuculated last week, but too late to be lefeirecl to in the la&ft issue of tJiifa journal. The document has been favouiably received on all sides., and ughtly so, for it displays a remarkably satisfactory condition of affairs.

Main- people have fallen into eiroi in supposing that the Bank's balance-sheet has not now to be presented to Parliament, simply because this, year it is being circulated pnor to presentation to Parliament. Tins change is brought about through the alteration of the date of the annual meeting, which is now held in June instead of August as hitherto. The shai eholders thus get their balance-sheet first Still, it has to be presented to Pai Uament within ten days of the opening of the session.

The Bank of New Zealand has had a splendid year. Perhaps, the best mi its history. The net profit foi the yeai, aftei ample wilting down, and making a substantial provision for the depreciation in gilt-edged securities, is £200,<300, as against £195,590. The gross profits totalled £292,803, as against £290,590. The division of the net profits of £200,303 is made in accordance with the statute The sliaieholders receive £21,281 in a dividend of 5 per cent , and the balance of £179 022 goes to the Assets Realisation Boaid as compaied with £174,410 paid to theßoa,id last year

The capital of the Bank if. made up of £2,000,000 guaranteed 4 per cent, stock, £500 000 in. preference shares issued to the Ciown, and £431,713 paid up by shareholders. Of the guaranteed stock, ai rangements have been made in tei ms of the banking legislation of last year to pay £1,000,000 on maturity and to renen the balance. This re-anange-meut will be shown in the balance-sheet of next year. In addition to the above capital the bank has » reserve fund of £23,987 invested in New ZeaJand Consols.

The notes m cai culation total £858,13.5, as compared with £764,906 last yeai . The deposits -amount to £10,355,928, which show a, slight shrinkage as compared with a year ago. Turning to the other side of the account, the coin and bullion stand at a trifle more than last year, the investments in London, on short-dated securities, total £3,913,812. as against £3,478,572 the securities held in the colony amount to £767,884, as against £734,184 a year ago. The holding of Assets Realisation Board debentures has decreased from £1,754,033 to £1,728 300 , the bills discounted have risen fiom £1,886,392 to £1,914,652 Other advances also show an increase, standing now at £4,988,544, as compared, with £4,478,648 a yeai ago. The figuies are entirely satisfactory, and if the bank could have a iua of equally profitable years, it will not be long bef oi c it is free of its indebtedness to the State. The annual meeting take^ place on Friday next, the 24th inst.

lii then tenth annual report and bal-ance-sheet, the directors of the National Daiiv Association of New Zealand furnish a gieat deal of useful statistical information bearing on the dairy industry. The balance-sheet shows a profit of £319 12s 2d, whioh includes the balance of £81 3s Id brought forward from the previous year. The annual meeting of the members of the Association is to be held at PaJmerstom North on Tuesday next, whem matters of pressing importance to those interested in the industry will come up for discussion

Tlve report of the Shaw, Saville, and Albion Company for the year ended 31st December last gives the trading profit for the period at £48,900, or ovei £10.000 in excess of the previous yenr Thi<; addition has been utilised in increasing the aippropi iation to the ipnewal and boiler fund 1 from £10.000 to £20,000 bringing the total of that fund up to £70 000 The dividend on the. ordinary shares was at the usual rate of 5 pei cent., and £2100 was canned forward

The Orient Steam Navigation Company held its annual meeting m London on the 28th April, nnd it was not a erntifvLng affair for the shareholders Thp. balance on the year's trading was £34,520, insufficient to covei the full depreciation to be allowed for Theie was no dividend for the preferred shares.

but, cuiiou&ly enough, the deteued shaies lecened 5 per cent, out oi then pievioiibl} accumulated leseive tuiid, lea ring Jt13,418 to the oiedit ot that iruiid. • * » Tlwj report oi tlie Eastern Extension, Australa&ui, and China Telegraph Company tot the half-yeai ended 31st December last shows that the lecerpts, including subsidies, interest, etc., amounted to £265,259 15s sd, the expenses totaJled £159,405 5s 7d , leaving a balaaice ot £105,854 9b 9d. The distubution to shareholders foi the whole of the year 1903, oonsibted of a dividend at the late of 5 per cent., and a bonus at tlie i ate oi 2 pen cent., absoibnxg £210,000. * • * The balance-sheets of the co-operative stoics in various parts of the oalony are about due, and on the whole are expected to be very satisfactory. The Canterbury companies aie said to have done exce.ptioua.lly well during the past twelve months. * • • A better tone prevails in the shaiemaiket, although the business parsing is still somewhat restricted National Bank shares are in demand at £4 10s, selleis aie asking £4 lls It is rumoured that there is some probability of this bank making a fresh issue of shares, and such an operation would be advantageous to the bank. If the London market is favourable, it is not unlikely that the issue will be made while Mr Coates, the general manager, is in London. Bank of New Zealand shares are wanted at £4 lls fid cum dividend. The shares of the Bank of Australia have witnessed! a fair advamce, beinc now quoted at over £90 as against £88 a few weeks ago. * • • Insurance shares are in steiadv demand at full maiket rates. There aie bids of 21s 3d for Nationals, £4 8s 6d for New Zealands. £6 10s. foi South British, and 17s 6d for Standards New Zealand Accidemts are' firm at £3 2s 6d ■* « * Financial shales aie fairly active. Metropolitan Building siiaies had quittance at £11 15s, and there are steady buyers for National Mortgage at £2 bs 6d, and New Zeaiasiid and River Plate at 24s 9d. Dalgety shares are lecivmg borne attention. * • « Gas shares are neglected, and values are weaker, because investors are looking for a larger leturn Auckland Gas shares are offered at £14, Gusborne Gas at 38s. and Wellington Gas at £18 os The dividends of most of the gas companies ai c due next month All meat shares, with the exception of Gears, aie quiet, and values a,ie weakening. Manawatu Raals are in steady demand at 295, and Union Steam at £13 2s 6d are also in strong request. Woollen shares are quiet. Kaaa.poas changed hands ait £6 3s fad. Mosgiels axe offei ed at £3 18s, and Wellingtons at £5 4s * * * Taupizi Coal shaies sold a.t 18s 6d and 18s 9d, with declaied sellers at the latter price. Westports are in request at £7, but sellers are holding out for a trifle more. * * * There is very little doing in. the miscellaneous section, and there are more sellers than buyers. Leyland and O'Buen Timber shares have been active, with exchange at 38s 3d and 38s 6d. Mauricerille Lime shares are in steady demand at 255, but theTe are no sellers. * » ♦ Mining transactions continue on a small scale, but nevertheless there is a vast lmpiovement on what has been the general experience of biokers. The re*turns from the dredges are keeping up well, but it will require some extraordinary good yields to focus attention on the exchange of scrip. You all have seen, I have no doubt, How many people go about With pnhed up eves and noses led, A heavy feeling in the head. 'Tis wondrous strange to me that these Should not endeavoui to appease These ills, which they so oft enduie By using Woods' Great Peppermint Cure.