Finance Stocks and Mining

Free Lance, Volume V, Issue 230, 26 November 1904, Page 5

Finance Stocks and Mining

THE balance-sheet of the Bank of Australasia for the half-year ended 11th April, 1904, discloses the fact that, after providing for Bniteh and colonial rates and taxes and bad and doubtful debts, the net piont amounted' to £150,933 18s 3d, and there was £16,951 17b lid brought forward, mtking the available total £1b7,880 lbs 2d The dividend for the half-year was at the rate of 12 per cent ©i 48. per share; £30,000 was added to leserve fund; and £25,000 written off bank premises. The accounts show c™la. turn at £520,003; deposits, £15,106 - 271- liquid assets, £5,b73,060 , advances, £14,785,907. * The eighth annual report and balance^heet of the Hawera Gas Com- ( shows that the consumptSi of gas for the year ended 30th September last increased by 14.8 per cent and the receipts from gas sold amounted to £2900 19s sd. The net .profit for the year was £942, and, with the balance of £197 brought forward from the previous year, there was available £1139 Out of this a dividend oi 10 per cent, was declared leaving a surplus of £314 to be carried forward The company is doing very well, and it is surprising no special effort i» made to SSe out the indebtedness to the Bank of New Zealand, which, acorn ding to the balancensheet, amounts to £44dd. * * * The London money market continues somewhat stringent. The open market discount rate remains at 2, 10-lb per cent., or within Is 3d of the bank rate. The influence of Russian demands on German bankers is no doubt being felt, and an analysis of the Bank of England figures shows that the central institution lost over £300,000 in gold during the week, the circulation contracted, and the reserve of notes and coin fell off by £157,000, reducing the proportion of reserve to liabilities to 51.71 per cent. In the meantime, it is quite apparent that money is hardening in the colonies, and that already there is a slackening in trade. In this district business is not as good as it was a year ago. and the wholesale houses are being called upon to renew a great many more bills, which is not a healthy sign. Perhaps one cause of this may be the backwardness of the season. ' In the dairying districts this has been seriously felt, for the milk cheques have been smaller. The country storekeepers have, in consequence, failed to get their debts paid, and they in turn have had to seek the assistance of the wholesalers. The position will probably right itself, but in the meanwhile the producers are losing the best of the market. * * • To compensate for any temporary losses to the dairymen, the wool -growers are having a good time, and the present high prices of wool niay bring about a change in the methods of farming. Up to the present the tendency has been to discard sheep for cattle, but if wool brings as much as butter, sheep will have the preference to cows, because sheep-farming is less arduous than dairying. ... A depressing influence appears to have over-shadowed the sharemarket, and business 1 is wretchedly dull. Such demand as there is, is for a few of the high-class, dividend-naying shares. There are numerous sellers in almost all sections, and the trend of prices is towards easiness. Bank shares are receiving very little attention. New Zealands are offered at £5 7s 6d, but there are no buyers, and a further decline in values is probable National Bank shares changed hands at £4 16s, and the interest seems- to have stopped with the single transaction. » • • Financial shares are without animation, the only demand being for National Mortgage, for which 46s 6d is offered. New Zealand and Iliver Plate shares are offered at 25s 3d and Wellington Trust and Loan at £7 2s 6d. None of the other building society shares 1 are auoted, but. no doubt, if offered at market rates would be readily sold. Gas shares stand about the best in the market. There are buyers of Ashburton Gas. shares at £4 15si cum div., and Feildine Gas at 225. Though there is no aotual inquiry for other gas 6hares, sellers are always sure of quick realisation.

Meat shares are very much neglected, and the recent statistical mfoimatioai showing the restricted turn-over may possibly account for this. Theie is not the stock available m the colony for export, and, while the local demand continues strong prices are likely to remain above the painty of export values. There are free sellers of most classes of meat snares. Woollen shares are depressed, and show a distinct downwaid tendency. There are sellers of Wellington Woollen shares at £4 19s, but there aie no buyers Manawatu Rails are m demand at k9a 9d, but sellers holdi out for 30s, and are pretty sure of getting their price. Coal shares maintain, their position. Westport Coal shaies are wanted at £6 12s, and Taupiri Coal shares are offered at 18s ed.^ The miscellaneous section is lifeless, the only demand being for Leyland and OBrien Timber shaies, for which buyers offer 40s, sellers wanting 425. Donaghy Rope and Twine shaies are offered at £12 17s 6d, Sharland and Co. oidinary at 22s 3d, Ward and Co. Brewery shares at £4 12s, and Wellington Fresh Food shaies (10s paid) at 9s 6d. The weather in Otago and Westland lather favours dredging operations, and the returns have, in consequence, been rather good for this) time of year. Notwithstanding this, interest in mining will wane owing to the approaching holiday season. In the Northern fields, have been fresh developments in the Waihi claims, and the Talisman shares have had a substantial advance due to London purchases. The output of gold from Alaska is estimated by competent authorities at £5,200,000, towards which Klondyke is expected to contribute £2,200,000, and Nome £2,000,000. Canada has, of course, shared in the prosperity caused bv the Alaskan fields, but, apart from this, great developments have taken place in. Canada which have attracted thousands of people to the Dominion.