Finance Stocks And Mining

Free Lance, Volume IV, Issue 208, 25 June 1904, Page 5

Finance Stocks And Mining

THE report of the Liverpool and London and Globe Insurance Company foi the year 1903, presented to the shareholders in Liverpool on May 10th, states that the fire premiums "amounted to the net total oi £2 067 194, while the losses were £1043512. The surplus was £337 742, of whioh £100,000 was added +,n the fire le-insurance fund (thus inleased to £900,000), and £100,000 to tine general reserve fund (thus raised to £1,400,000). In the life department, the new policies issued were tor £486 923 and a reversionary bonus or 35 per cent, per annum wj announced to participating policy-holders. lhe dividend for the year was 36s per £2 share. The total funds of the com pany amounted to £10,401,149. * * * The interim dividend, at the rate of 7 per cent, per annum for the six months ended 30th April, announced by the directors of the New d River Plate Comply, 1»» Jeen fuUy expected by investors and. the shares at the company have been in. splendid demand for some weeks past. * The London money market continues favourable, although there was- last sity of accumulating supplies to be disbursed in dividend* and interest payments at the close of the half-year. • • * Easy though the market appears, it is not Svourable enough for the reception of loans, nor yet does it seem favourable towards the Stock Exchange. Government securities as quoted on tne official list exhibit no improvement whatever on the quotations of «riy £ the year, while quite recently there has been heavy depreciation in many denominations. m . The European money markets have been greatly relieved by the remittances of gold from the United' States, forwarded m settlement of the Panama Canal purchase, and also indirectly by the disbursements of Japan and Russia. Whatever the market outlook, the colonies can rest assured that there will be no opportunity to issue loans in LroncLon this year, and to assail the local market would be detrimental to the commercial interests. # , There appears to be serious depi ession in the United States, which is bound to have a world-wide effect. Ul one thing we may be sure, and' that is that the Americans wiJl dump their surplus manufactmes in outside markets, while their produce will be sold as cheaply as possible, and more will be exported than usual. American chilled beef has depressed New Zealand frozen beef, and American wheat is also causing a depiession. The collapse of the Flour Millers' Trust can scarcely be regretted by the people, although the bakers who supported the combine will be sorry, lne history of the Flour Millers' Trust, and the support accorded the combination by the master bakers, call for enquiry The existence of the Trust was obviously in restraint of trade and detrimental to the public welfare, otherwise flour would never have come down in price with suoh a rush immediately a renewal of the Tiust conditions was found impossible. ♦ * * And the bakers weie keen supporters of the Trust, because the higher price charged by the Trust for flour enabled them to extract relatively moie fiom the consumers. The bakers were making a big profit through the Trust. Even now, with the price of bread lowered, the profits are still very large. • ♦ « The price of butchers' meat is anothei matter that will bear investigation Beef and mutton on the hoof are much lower than they were some months back, and there is not now any export to South Africa of second-grade meat, yet prices to local consumers are as high as ever. A little competition in this line also would be welcome to the public who pay stiff prices. * • * The week has been slightly disturbed for sharebrokers owing to the holiday on Monday, but nevertheless business has been fairly good, and a few transactions are reported. Bank of New Zealand shares have hardened slightly, sales being reported at £4 12s 6d and

£4 13s 6d, and, for a 5 per cent, stock, with liabilities, the price is exceptionally good. National Bank shares aie in demand at £4 9s, but holders show no disposition to sell. • • Financial shares aie quiet and neglected National Mortgage shaies aie in firm demand at 46s 6d as also are New Zealand and River Plate share*,, for Tvhich buyers offer 24s 9d. The interim dividend of 7 per cent, no doubt accounts for the firmness of the latter. Petone and Hutt Building shares are offered at £5 os. * * * Gas shares are very quiet, the only enquiues being for Feildmg Gas .shares at 21s, and Palmerston Ncith Gas shares at 90s. * * * Insurance shares maintain their position remarkably well, but holders do not feel tempted with buyers bids. South Butish aie wanted at £6 10s, and Standards at 17s 6d. The inteiim dividend on the latter is due next month. # # Business (if any) in meat shares is restricted to Gears and Meat Exports. The third issue of the lattei (£2 12s fid paid up), changed hands at £6 7s. Gears, £4 paid, are m demand 1 at £b 15s. ... Manawatu Rails are, as usual, in firm request, at 295, but sellers demand 30s New Zealand Shipping shares are' offered at £6 12s 6d, and Wellington Steam Ferry at 12s. Mosgiel Woolens are wanted at £3 17s, sellers asking £4. Wellington Woollens changed hands at £5 3s 6d, Taupm Coal at 19s, and Wetetiport Coal at £7 Is Leyland and OBrien Timber shares are on the market at 38s 6d, and New Zealand Drugs at 45s 6d. Manxriceville Lime shares are in strong request at 255, and Waird and 1 Co., Limited, at £4 17s. The dredging returns for last week were comparatively small, the biggest output not being more than 60oz. It is significant, however, that, with very few exceptions, there is a fair margin over working expenses. The weather has no doubt, interfered with dredging but with more settled conditions big yields should be forthcoming. The Coast dredging is only fairly satisfactory, for, although most of the dredges are making working expenses, none have given any sensational returns. Speculation is quiet. Still, there' aie many "old hands" picking up likely things when the market is favourable.