Finance Stocks And Mining

Free Lance, Volume IV, Issue 209, 2 July 1904, Page 5

Finance Stocks And Mining

JOHN Lysaght, Limited, the wellknown West of England manufacturers of galvanised' and black sheet iron, who have laige interests throughout Australasia, have declared a dividend of 10 per cent, on the ordinary capital. The profits of tine various manufacturing and' engineering departments of the home establishments, combined with those of the distributing branches in the colonies, decreased from £135,306 in 1902, to £121.760 in 1903. But, the solid foundation of the company enables the directors to furnish the oidmary shareholders with their 10 ncr cent., as well as to provide another handsome allocation to reserve. • ♦ • As was anticipated, the National Bank of New Zealand has had a very prosperous year The profits amount to £68,403, enabling the directors to devote £30,000 to the augmentation ot the reserve fund, which will now stand at £210,000. The shareholders receive in all a dividend! of 10 per cent., and a bonus of 2 per cent., oi 12 per cent., which compares very favourably with the dividends paid by other banking institutions. The officers of the bank have not been forgotten, and a bonus of 7i per cent, on salaries is announced. Besides this, £2500 is presented to the pension fund. « • " New Zealand has been so extremely prosperous during the past three or f our years that it would have been surprising indeed had the National Bank not shared m the benefits. It is generally believed that advantage will be taken of the present excellent position of the bank to issue additional shares. Ihe National Bank is trading on a very small capital, and is theiefoie obliged to confine its business. Additional capital will enable the institution to do ar extensive and profitable business. The shares could be issued at a premium, and it is certain that they would be readily taken up in the colony as well as in London. • * • The announcement of an interim dividend of 1\ per cent, by the National Mortgage and Agency Company ot New Zealand has been expected, and the market, has maintained a firmness tor these shares. » * * The Evans Bay and Miramax Estate Company, Limited, appeals to have done very well, and fully justified the confidence of those who subscribed tor the shares. The shareholders receive a dividend of 10s per share. Although the market fai suburban land is overstocked, or, to be more exact, the properties offered are much in excess or the demand, still there is no veiy appreciable fall in values. The advantages of quick locomotion, such as the eleotnc trams are calculated to supply, are not yet fully realised, but when, they aire there is certain to be an exodus towards the suburbs. Values are therefoie likely to be well maintained and there may possibly be an advance. As a safe speculation, it is haid to beat suburban building sites in Wellington. * • The excellent result® obtained by the Auckland Tramway Company— a profit of £22,630 having been made during the past yeai — promises well for Wellington. There is, however, this difference one is private property, and the other is municipal. The latte.i is likely to suffer through the inordinate demands of the citizens on the one hand, and the demands of the employees on the other. However, the Auckland experience shows that electnc trams in a big city are a pi ofitable investment. • * ♦ The London money market took an upward turn last week, but that was only because of the temporary demands that usually arise at the close of a quarter. Next week there ought to be considerable easiness. Locally, theie is no change. Ample funds are available for all legitimate purposes Trade, however, is not as good this winter as it was a year ago, and this is in a measure d<ue to less money being borrowed in outside markets. On the whole, business is not nearly as dull as some people anticipated would be the case. • • » The half-year closes with the shaie market in a fairly active condition. Values have shown no material alteration. A few shares have eased off, because the return to the investor was extremely small, and below what was warranted. In some of the miscel-

laneous stock, strength has not been maintained, but thi& is not to be wondered at. Business throughout the half-year lias been on a moderate scale. * • • Bank shaies continue xn active demand. Nationals are very firm at £4 12s bd oum dividend of 7 per cent, foi the half-year. Bank of New Zealand shares aie nicely held up ioi a 5 per cent stock, and with the weight of seveial hundreds of forfeited shares to come on the market. The meeting of shareholders held last week has perhaps infused fresh buying enthu&iaism into investors, and the present quotartion ib £4 12s, with no sellers. There is quietness about financial shares that ought soon to be dispelled. New Zealand and Rivei Plate shares have changed 1 hands pretty freely during tihe past few weeks, recent sales being at 255. National "Mortgage shaies arc m strong demand ait 4fis 6d cum div. Wellington Trust and Loan found quittance at £7 4s. Theie aie sellers of Petone Building shares at 105s, and Wellington Buildine at £9 ss. The dividends of most of the building companies are dlue this month. * * * Ga,s shares continue quiet, and the neglect should result in more leasonable prices being asked by 'holders. Feeding Gas shares ai c m demand at 21®, and Wellington Gas (£5 paid), at £9. The interim dividend of the latter company is shortly due. * ♦ T Insurance shares are in fair demand, and values are being well maintained. Nationals are wanted at 20s 9d, Standards at 17* 6d, and South British at £6 12s 6d. New Zealands ohaaieed hands at £4 9s. * • • Meat shares have been moi c active than usual. Canterbury Frozen Meat shares soldi at £8 los, and Wellington Meat Export, £2 12s 6d paid, at £3 7s. Business in woollen shares has been confined to Wellinsrtom Woollens, which changed hands up to £t 3s fid Moseiels are wanted at £3 17s while Kaiapois are offei ed at £6 3s 6d * # • In the miscellaneous section, there is nothing of importance) to note. Coal shares 1 are firm, at late rates. Mauriceville Lame shares are in good demand at 25s 6d, and Sharlands at 225. Leyland and OBrien Timber shares sold up to 38s 6d * * * Mining is dull. The leturns from the Southern dredces have not been very good during the pa.sttwo oi three weeks owing to unfavourable weather conditions A change will come over the ma,rket as soon as the returns begin to show some volume.