Finance Stocks And Mining

Free Lance, Volume V, Issue 217, 27 August 1904, Page 5

Finance Stocks And Mining

THE detailed statement of the New Yoik Life Insurance Company's report foi 1903, shows that theie weie 812,711 policies in foice foi £358,617, fa72 at the close of the year, being an increase for the year of 108,144 policies foi £39,368,103. The net new premiums aggregate *^ y O;V 148, and lenewal piemiums £II,M/,U/4, the con&idei ation for annuities £3/2,822, and for supplementary contracts £61001, from premium notes £3026, and 'from inteiest £2,995,122. On the othei side, £7.124,219 was paid to members, and £3,742,617 foi expenses, the excess of income over disbursements being for the year £7,271 3~9. Of the asset! amounting to £72,465,231 the sum of £50,959, 49 jis lepiesented by the book value of bonds. * * * The eighteenth annual repoit of the Yorkshire Fire and Life Insurance Company for 1903 showed in the fire department a net premium income ot £192 951. The losses aggiegated £97 590. The fire insurance fund stood at £312 000, the sum of £7000 being added during the year. The sum of £25,040 was paid in dividends. * ♦ * The report of the Guardian Assuianae Company, Limited, for 1903, shows that the fiie and burglary insurance premiums, aftei deducting re-msur-ances, amounted to £475,329, as against £451.322, in 1902, showing an increase of £24 006 aud the losses, after making the same deduction, to £226,283, as against £238,158, a decrea.se of £11 874 The pei centage of losses was' in 'l9o3, 47 6 per cent., as against 52.78 per oent. in the pievious year. * * * The expenses and commission together amounted m 1903 to £173,576, being 36.52 per oent. on the premiums, as compared with 36.74 per cent, in 1902. The net profit in this department was £84 443, out of which £32,500 was added to the general fiie reserve fund, and the total funds in the department stood at the close of 1903 at £635,000, as against £591,416 at the end of 1902. The stability of the Guardian is unquestioned, and it lauks amongst the best of the British offices. Messis W. and G. Turnbull and Co. are the local agents. The London money maiket is slightly easier in tone, the open market discount rate having fallen, by 3s 9d per cent The Bank of England figuies display exceptional strength, but just now nothing can be forecasted on figui es because of the distuibanoes in the Eaist. The easier trend of money has favourably affected the price of Impeiiai Consols, but colonial stocks are still depressed. If the market continues adveise to colonial loans, there will be considerable trouble foi some of the Australian Governments, particularly New South Wales. Locally, the recent movement recorded in bank deposits has made no material difference ,_ and rate* on loans have shown no variation. In another month, when the producers are seeking advances on their shipments, there may be something to i eooi d • * The Customs levenuie for the June quarter totalled £547,312, as against £551,225 in the ooi responding quartet of last yeai , thus showing a decrease of £3913. The declension, though small, is significant, for it is the first time for several years that there has been a drop in this revenue. It is 1 quite possible that the current quarter will show a decline, for it is evident on all sides that importers are restnoting their imports. However, the fall, should it be continuous throughout the financial year, should not occasion any serious disturbances to the finances of the country * * *■ Wheat promises to be once more a payable product to the colony, and, if this should prove correct, it will be a satisfactory compensation for the declining values in hemp and buttei . The excitement in the United States cannot be accepted as am indication of extreme shortage. The markets aic being manipulated bv the eamblei s and shortages and sensational news arc being manufactuied to suit thie. occasion. * * * Theie is no doubt that the United States crop is a short one, and it is also certain that in some parts of Euiooe the harvest will not prove satisfactoi v. but, even aften allowing; for all this there is nothing to warrant

the wheat gamble now going on, in New York and Chicago It i-s somewhat on a par with the cotton gamble, and will teiminate just as disastiou-.lv foi some of the speculators. * ♦ * The butter bujeis are m stiong foicei just now, but theie is no business passing. The factory ma mage is aie at a loss to know what to do, and aie postponing all consideration of business Theie are hopes that the maiket wi" advance, and thus enable them to squeeze the buyers for a fi act ion a 1 advance On the othei hand, the buyers ha\e the experience of last season to guide them, and aie not showing any disposition to take any nsks. The whole system of buttei dealing seems to be in a chaotic condition. The buyers troop around the country, make bids against one anothei, a.nd the factory dnectors meet and discuss ma/ttei s without knowing anything of the market prospects. When the bids are low they exhibit a letning disposition, iefuse to enter into negotiations, postpone affairs, wait, delay. When the bids are high, there is the same hesitation for fear the highest pi ice will he missied. * • • While this looks like caiefulness, it in teality re-acts on the industry, because it makes botli sides anxious to work points, and take advantages that should not be possible. It is always difficult to deal with farmeis, partly because they ai c ignorant of market movements, and partly because they ai c grasping. It is time' we had a propel ly-constituted Butter Exchange, woikmg undei strict rules. The sharemaiket is quiet, but it is satisfactory to note that buying orders are appaiently moie plentiful Bank shaies continue firm, Nationals being in demand at £4 16s, and New Zealands at £5 2s 6d. Holders of Bank of New Zealand shares appear to legaid £5 2s 6d as below the true worth of the shaies, for theie aie no sellers It must be confessed that ideas of value are somewhat magnified. In financial shares, there is enquiry foi National Moitgage shares at £2 6s 6d, while New Zealand and Bivei Plate shares axe offered at 2os 6d. In gas shares, the demand is for Feildmg Ga,s shaies, at 21s 6d, and Wellington Gas, £5 paid, ex dividend, at £8 18s 6d * * ■» Insuiance shaies are firm at full rates. Nationals changed hands at 22s 3d, and there are still buyei s at 225. New Zealand Insurance shaies are wanted at £4 11s 6d, and New Zealand' Accidents at £3 10.s. It is believed in msui ance en cles that the GovernaTient Fne Insurance Department will be ready to underwute risks on the Ist Octobei . » * * Meat shaies are quiet Wanganui Meat shares sold at £5 cum, dividend. The balance-sheet of this company, issued recently is very satisfactory, and in the current yeai there ought to be a oonsideiable improvement, because it is now the only concern between Longburn and New Plymouth. * * • Ma/nawatu Rails ai c firm at 29s 6d. New Zealand' Shipping shaies are offered at £6 12s 6d, while Union Steam shares sold at £13 7s 6d. Woollen shaies are quiet, the only quittance being Wellington Woollens, which sold at £5 ss. Of the miscellaneous shares, there is nothing to lecord. Values are unchanged, but buyeis aie scarce In mining, the developments in the Waihi Extended claim are regaided as of considerable importance, and it is believed that sooner oi later the Waihi Giand Junction must either buy out or amalgamate with the Waihi Extended The shares of the latter keep steady in the neighbourhood of Bs, and theie appears to be a fair amount of speculation in the scrip of the Pi ide of Waihi, this being the adjoining claim to the Waahi Extended, and most likely to have the reef. Talismans are impioving, and are now quoted at Bs. Dredging shares aie very quiet, and yet not much complaint can be made as legards tho letums.