Finance Stocks and Mining.

Free Lance, Volume V, Issue 256, 27 May 1905, Page 5

Finance Stocks and Mining.

THE London money market exhibited some slight leooveiy last week The open market discount iate dropped one-eighth per cent., and tlieie was a dleoided lnim ovement in the quotation ioi Goveanment securities, the tlwee denoniULationis of i\e\\ Zealand secuntie^ recording advances. Tius is very satisfactory. The Bank oif England figures do not indicate any further reduction in rates just yet, and it us veiy likely that there will be no change until tow aids the 'clou.© of tin squairter, or eailv in July, by which time there ought to be some decided more towards peace between Russia and 1 Japan. * + * In the colonies, the recent 1 eduction hi bank deposit rateb lias been beneficial, and it only wants the various Governments to reduce the Savings Bank deposit rates to w ltness a general cheapening of money. The Queensland banks have not altered their 1 ates, and' do not intend doing so until the Government rates are reduced. * * * The condition of affair* in New Zealand remain favourable, and the winter should prove less uksomethan last winter. The sheep farmers are waning money on wool a.ud mutton, and no doubt the gams from the,-.© souuoes will be expended in substantial improvement/*, w inch will profitably employ labour of all kinds. There is no break in the prosperity that this colony has been favoured with for the past five or sax years, and securities of all kind*, including freehold propeity, must maintain their present value. Indeed, there is reason to believe that there will be an improvement in this respect. * * * The Government Life Insurance Department's balance-sheet for the year 1904 is now available, and will be pre-seato-J to Parliament in due course. The revenue account shows the renewal premiums to have amounted to £286,089 ne-w premiums £20.918, single premiums to -£1631, consideration for annuities £13,272, and interest to £] -"8,190. The death claims, wth bonus additions aggregated £140,959. endowment aissiurances matured to £78,068 and surrenders totalled £24,040. The commission payments absorbed £15.949 iland and income tax £9755. and the expense* of maiia cement accounted for £34 780 The fund* at the cloise of the ve^r amounted to £3 065.582 16s lid, an increase of £I^3 14« 9d as compared with the prey ous year. * * * The Government Life Office appears to have had a fairly good year, and one noticeable feature is tihe redaction in the expenses of management, which have declined from £38,332 m 1903 to £34,780 in 1904. Savings have been made m the co-ts of advertising, postages, telegrams, general expeniseis, and triennial expenses. * • * The department is dome well, and the best is being made of the opportunities and facilities. The funds of the department are widely invested. Loans on policies amount to £660.262 Government securities £667,950, mun - cipal debenture* £95,611, loans on mortgave £1,906.913 and cash in. hand £103,6j9. The investment fluctuation reserve totals £56,856. * * * The account* of the Alliance Assurance Company Limited, for 1904 show that the net fire premium income amounted to £936,097, and losses to £464,038. After deducting expenses of management and commission, the underwriting surplus on the year's account is £153,054. to whach is, added interest, less income tax. oin fire insurance fund £81.607, making a total of £234,601 transferred- to profit and los* account. The ba.lance at credit of profit and los« account is- £484,898, out of which the dividend and bonus equal to about 30 per cent, per annum, absorb £232.812. leaving: a balance of -G oe > 9 .05") to be carried forward. » ♦ * The net profit earned bv the Northern Steamship Company during the pa^t rear was not up to the amount of the diividend declared. The orofit in the working account was £0685, and the dividend, at the iate of 7 per cent.. absorbs £6904. * * * The accounts of the Law, Union, and Crown Insurance Company for the vea.r 1904 show that the fire Brtminw aftei deduction of re-insurance*, amounted to £221,744 10s. 4d. The looses, bv fire,

including a libeial estimate ton .ill claiams. outstanding at Jlst Deoean'bei , amounted, attei deduction at iie-iiL&ui-aucecs, to £139,73-: b^ "id, on- <>3 Ui pei cent, oi the piemiuni income. * -r * Uie expenses ot evoij description, 111oluding commission, amounted to E70,yj.4 8> 9d, being .it the rate of d 1.98 par cent, oi the pieimum income, leaving a profit balance on. tire hie business* tor the year ot £6697 15s 5d To tliw is added £93 357 4, 4d hi ought foiwaid, interest £25,982 3s Bd, and receipts from other sources bringing the total to £204 332 5s lid. The dividend absorbed £4i,000, and other payments accounted for £22,830, leaving £130,502 to be carried forward * * * The sharemaiket hat* exhibited very little activity during the past week, the sales being veiy restricted. Brokers have plenty of buying orders, which are difficult to fill, as holders show no dnspottiition to quit at present offers. There is a firm demand 1 few bank shares. Nationals being wanted at £5 11s and New Zealands at £5 14., there bramo; no sellers. The balance-sheets of both these institutions should be nubl'^hed vary shortly * * * Financial shares aie ira fair demand. Equitable Building: shares ar© wanted at £9 ss. Metropolitan Buiildms: a* £12. and New Zealand: and River Plate at 26s 9d. Insurance snares are quiet, the dividend being confined! to Nationals at 216 ex dividend. South British shares are offered at £4 15s- * * * Gas shares are in good reciuest, but difficult to obtain. Feilding Gas shares are firm, at 235, and Napier Gas at £25. Manawatu Bails are wanted at 335, but there are no sellers. There are buyers of New Zealand Shipping squares at £5 16s 6d, sellers wanting £6. * * * Meat ahare» are steady. Gears, £1 paid, changed, hands at 40s. wihioh shows a substantial advanioe on necent quotations. The mteonrm dividend js just about due. Gears, £4 paid, are wanted at £7 ss. Wellington Meat Exports are in demand at £6 los, and £3 4s for the respective issiues. *' • • Wastport Goal shares changed hands at £6 15s, and Leyland and OBrien Timber shares at £1 19s 6d. The latter ar© viewed rathei favourably by invest ors, and the demand for the Nhanes is therefore likely to continue. Mfl.urlceville LLme shajes are wanited at 26s 6d. » ♦ * The dredging returns are showing the pxp&ot-ed improvement, and as the weatlier is now very favourable, a further improvement is anticipated StoecuOation is, however, still quiet, but sihows sig^ns of reviving.