Finance Stocks And Mining

Free Lance, Volume V, Issue 222, 1 October 1904, Page 5

Finance Stocks And Mining

THE announcement of a dividend of 5 pei cent will be received with satisfaction by the shai eliolders of the New Zealand Shipping Company. The fi eight market has not been veiy good, and fiom oui own shores there has been a lessened 1 expoit of frozen meat and other pioduce. The New Zealand and Austiahan Land Company appeals to have had a prospeious yeai, foi , in addition to a dividend and bonus, together amounting to 7 per cent., to be naid to shareholdeis £45 000 is to be devoted to the reduction of the deficit on land sales, and £40 000 is set aside, as a contingency fund to meet exceptional losses ot live stock in f utui c. The better pi ices obtaining for wool, and the excellent showine made bv Australia, have, no doubt, helped the company to exhibit a bia; profit. # * The Mafeterton Peimanent Investment and Building Society has now considerable inteiestfoi Wellington investois as quite a number of shares are held in this city, and they are^occasionally quoted on the Wellington Stock Exchange. The baiance-^heet of the Society has just been issued, and is very satisfactoiy. In then report the directors say that the net profit on the average capital employed for the year was 7.08 pei cent , as against 7 1/ per cent, m the pievious year. * * * This the dnectors consider satisfactory, especially in view of the fact that the profits toi the year have been to some extent contracted owing to the capital having been doubled. The directors bay they could have done a laige business, but they prefened doing a safe business, and there w^ere special leasons fo- exeicising caution. ** * ' The third lepoit of the directors of the Hawke's Bay Woollen Manufacturing Company, Limited, makes very dismal leading. For the year ended 31st July there was a tiading loss ot ±,A>y/ 19s 6d. In the year before the loss was £1412 0s 7d, and to these two amounts there is added £777 8s 6d, the sum written off for preliminary expenses and for depreciation of plant .making the total loss on 31st July last £4882 8s 7d which is a serious matter m the present state of the industry. * * * The balance-sheet; ohows the, paad-up capital at £14,691 2s 6d, overdiaft at baik £9267 Us Bd, and sundry cieditois £lbbs. The buildings and plant stand at £13,743, absorbing practically the whole of the paid-up bhare capital, lne stock of raw matenal and manufactured goods figure for £4951, and book debts total £1397. It is not a very encouraging position, and it is haid to see what else could have happened to the company. To begin with, the capital paad-up has been wholly insufficient to run 6uch a business, and extensive borl owing from the bank has not been helpful, but otheiwise, because of the interest payment. There never was any call foi the establishment of the company, because the existing woollen companies, have a capacity sufficient to meet the requirements of a population half as large again as we have now. The best of management could avanl nothing against such adverse conditions, but the company may be able to lmgei on if the share capital weie increased. The promoters' ideas weie more sanguine than sensible, and the people of Hawke's Bay have now a lame duck to bothei with. The people of Hawei a were very anxious at one time to have a woollen mill in their district, but the promoters did not get very fai with their scheme, which is very fortunate * * * The balance-sheet of the Thames Gas Company for the year ended 31st July last shows a net piofit of £1178 8s 6d, and with the amount brought forward, th? total available for distribution is £1234 3s 4d The dividend for the year is 2s 3d per share leaving £111 39 10d to be carried forwaid. The paidup capital of the company iis £18,966, the reserve fund stands, at £676 and the insurance reserve at £214. * * * The London money maiket continues fairly easy, but after this week theie wT be a noticeable change, with peihaps an advance in the bank rate. It is usual at this time of year to see an upwai d movement, with rates held up until after the turn of the year. Thei c

will be no chance of any big loank being placed by the Au&tiahan Govei nments to some months to come. The shdi emaiket exhibits no featuieo of moment. Bank shaies are slightly easiei . Nationals are in demand at £4 lbs 6d, selleis quoting £4 18s bd. New Zealands are offeied at £5 19s. Both these institutions aie now busy pi eparing their annual balance-sheets, and tradeis whoi have felt a little tightness when dealing with their bankers wil l know the cause. • •» * In financial shares, a little business hcos been; t.i ansacted, and there is fair enquny for the favourite stocks. Equitable Buildings changed handte at £9, and Wellington Trust and Loan at £7 2s bd. There aie buying offeis of £11 10s foi Metropolitan Building, £10 17b 6d cum div foi Maste.iton Building, £2 5s bd foi National Mortgage, and £1 5s 3d for New Zealand and River Plate shares. In Ga,s shaies the demand is lest noted to a few stocks Feildmg Gas shares ai «.- wanted at 225, Palmerston North at £1 10s, and there aie bids of £18 and £9 for the i espective issues of Wellington Gas. • • • Insurance shares are steady at late utes Nationals aie wanted at 235, and New Zealandis at £4 17s. Woollen shares ai c quiet, with a singular absence of buyers Kaiapois are offered a L £6 2s, Mossriels at £4 Is, and Wellingtons at £5 2s. Meat shaies aie veiy much neglected, tie only demand being foi Gears, £1 paid-up, which are wanted at 355. Manawatu Rails have changed hands at 29s 6d, large parcels having been bold dunng the past week. Westport Coal shares are wanted at £6 12s bd', and New Zealand Diug at £2 4s 9d. Ward and Co. Brewery shares sold at £4 15s. Other shares stand at about the level of last week, and there are free sellers of most lines. The gold output of Australia for the first eight months of the yeai shows a decrease. The yield of the four chief pioducmg States is leturned at 2,420,752 fine ounces, of the value of £10,288,000, as compared with 2,469,212 fine ounces, valued at £10,494,000 for the corresponding pei lod of last year. The decrease is appreciable, and is due to the falling off m the returns from Western Australia and Queensland. New Zealand shows an improvement, and the year promises to be a recoi d one. • • • The mining market is quiet, even in tht North, and theie is an absence of excitement. The dredging returns continue fair, while in the Thames mining district further developments in the Waihi Grand Junction and Waihi Extended are awaited.