FINANCE STOCKS AND MINING

Free Lance, Volume IV, Issue 211, 16 July 1904, Page 5

FINANCE STOCKS AND MINING

THK balance-sheet of the New Zealand Farmers' Co-opei ative Association, submitted to the shaieliolders' at the annual meeting held m Cbristchurch on, Saturday, is full of interest, and once moie emphasises the fr.ct that a co-opeiative concern when veil-managed is bound to be not only a financial success, but also of inestimable Venefit to the community. * *• r The net profit -, foi the yeai totalled £-13.747, and. with £2286, the balance Wrought foiward, there was available a total of £16,033. The shaieholdeis ieceive in dividend and bonus 9 per cent., besides bonuses on pui chases, a percentage lefund on commissions oi pioduce sold £1000 is added to the lesei ye fund and 10 per cent, is written off tho values of machinery and plant The gross profit on merchandise exceeded £20,000, and this represents the profit on a turnover of close upon £200,000 Commissions, discounts, etc.. made the gross profit £34,231. The expenses of management, including all items totalled, £20,143 and £341 •was written off for bad debts The paid-up capital of the Association is £65,205, and there is a reserve fund of £28 643 deports total £64,663, and the amount at credit of shareholders' current accounts is shown at £68 470 The principal assets are Stock of goods, £76.613 advances on produce £83,334 • sundry debtors, £4^ 880 and cash at b<mk £22 180. The Association is financiillv ve-v =tro"or anc j j s doin~ a sound p-ood business * * * The report of the New Zealand Trust and Loan Company, Limited, for 1903, presented at the meeting of shareholders, held in London on the 7th ultimo, stated that the balance of undivided profits, after payment of all current expenses, was £13,080. A dividend of 5 per cent, has been paid' on the ordinary shares, carrying forward £11,080 Out of the funds in hand there was distributed on capital account, 10s per shaie on 15th June 1903, and another 10s per share on 12th November, 1903, and a further distribution of 5s per share, absorbing £10,000, has since been made This has been debited 1 to leserve fund, which now stands 1 at £55,076. ■* * -<■ It is interesting to note that although the steamers of the Nippon Yusen Kai&ha have been taken oven bv the Japanese Government for transport work the balance-sheet' of the company for the half-year ended 31st March last showed a gross profit of £228,217, taking the yen at 2s". Out of this amount, £141.293 was applied to depreciation, insurance fund, and repair accounts, and £132,000 was pand as dividend and bonus at the rate "of 12 per cent, per annum. The sum of £7346 was added tr the reserve, and, including the balance brought into the account from the previous yea.r, the sum of £100,636 was carried forwtne. * * * The continue \l animation exhibited at the London w»l sales is extremely cheering, and wvll put fresh heart into oui fanners. Coarse oi ossbred wool — the kind of fleece that is largely grown 'p this Island — shows an advance of 10 per cent, compared with the prices realised two months ago. This increase means a big cheque' in the aggregate, and will help to keep up the wag-es fund. * ■* * Wool and mutton are both high in price and our faimers must be doing very well indeed The exports of the colony for the current year should again show an increase, for, although butter and cheese and one or two other items are. lower in price, the increased production has more than, made good the drop in prices, while the improvement in wool prices is an addition. While the exports are maintained at a high level, it is unlikely that there can be even the shadow of a depression * * * Capitalists ai c beginning to make freer use of their money. That is to say the extreme caution that w r as displayed' at the outbreak of the war in the Fa.r East has disappeared, and there is now a fine feeling prevailing. Money is fairly plentiful, and the shareimarket is beeinning to feel the 1 benefit. Mortgages too, are being arranged on more favourable terms, and this, should presently lead to activity in real estate business. The London money maiket is easy , and gives every promise of iemaining so for some time to come

The second hailt ot tlie yeai ha.s open- , cl well toi shaiobiokers, the bufcineis6 aecoided duimg tue pa.st few days being co lsiderably bettei than ton some time past The demand foi bank shaies continues excellent. New Zealands 1 ,ue changed hands at £4 18s, with buyel'- ottering £4 17s. Nationals aie in hui dcma.nd at £4 17s bd oum dividend. * » • Financial shares aie steady at late iates but business is within small compaiss. National Mortgages are wanted at £2 (>s> 6d, and New Zealand aaid River Plate, at 24s <>d Wellington Building shaies changed hands at £9 ss, and selleis apre now asking 2s (id moie. balance-sheet of tins company is due in a few days Wellington Trust and Loan shaies aie quoted at £7 os, w-itli no declaied buyers * * + Gas shaies are comparatively quiet. Feilding Ga.s shares, are wanted at 21s, and Wellington Gas (£') paid) at £9. The intenm dividend of the Wellington md Auckland Gas Companies are nowdue. Meat shares have bee.ii moie active Ihan for some time past. Sales aie reported of Geai -5 at £6 los and £1 14s foi the respective issues, and 30s 6d has bee,n paid foi New Zealand Refrigeiatmp_ shares. Wellington Meat Export stiaieis are quiet The balance-sheet n* this company will be issued un a few d?vs * * * Manawatu Rails have been m strong demand, and have touched the record price of 30s. Theie are plenty of buyers at 29s o>d. New Zealand Shipping chares are quoted at £6 12s 6d, but are «low of sale. Woollen shares have seen business but geneially sDeaking they e re weak. Kaiapois sold) at £6 3s 6d, ?nd Wellingtons at £5 3s. Mos-giels ire war ted at £3 18s. * * * Miscellaneous shares have witnessed considerable activity. Taupin Coal shaies have sold freely up to 18s lid, and are still strong. AvondaJe Biick shaies had quittance ait 19s 9d , Leyland and OBrien Timber shares sold at 38=- 6d New Zealand Drug at 455. and fan parcels of Whitoombe and Tombs shares changed hands at £4 12s 6d. f * *• Westpoit Coal snares are veiy firm at £7 Is, but holders are not to be tempted w ith this offer. Mauriceville Lime shaies aie in demand at 2os, seillers asking 275. Mitchelson Timber shares are m request at 12s, with sellers at 13s 6d. Business during the week has heen upset through the races and the Aiboi Day holiday. * * * A consider able improvement is to be noted in the di edging returns of last week. The figures, however, are still small. In spite of this, a few transactions aire reported, which is satisfactory rnder the circumstances.