Finance Stocks and Mining

Free Lance, Volume VI, Issue 268, 19 August 1905, Page 5

Finance Stocks and Mining

THE London money market is still very easy, and likely to continue &o for some time to come. There are political passibilitieisi that may dusfcufrb the market, but at present the outlook is very good. Under normal conditions a pressure may be expected towards the end of next month, but, with, the existing plethora of money, such pressure can be easily met. i * * In the colonies, there is an ample supply of loanable credit, and the difnouilty appears to be in finding suitable investment. Unfortunately, very little attention is being grfeon to the formation of jointHSbock oompaniies, and yet there are many directions in which suoh ■enterprise could be profitably employed. It is passable that the colonial Governments will borrow locally to a considerable extent, and if this eventuates the markets will be relieved of a good deal of idle money. * * * The export and import returns of the colony for the year ended 30th June last are extremely satisfactory. The exports show a magnifioenifc increase, and the total of £15,380,403 is easily the record, being about £300,000 better than in 1903, which held the previous record. High prices for our staple products, such as wool, daury produce, and hemp, have been responsible for this. The imports for the year exhibit a decline of over £300,000, and the result is to give us a balance of ecxp'oirts over imports amounting to £2,688 484, as against a balance of £1,662,302, and the outlook for the current year is more promising than it was twelve months ago. Daily produce is o&rtain to command high prices, while wool is firm, and so is frozen meat. Our producers appear to be on the threshold of a very prosperous season, and 1 the colony as a whole must feel the benefits of any such prosperity. * * # The report of the Napier Land Building and Investment Soo.ety (Permanent) for the year ended 1 30th June states that the total amount of loans applied for during the year was £10,600, of which the sum of £175 was declined, tihe balance of £10,425 being granted. The balance* standing to the credit of profit and loss account on 30th June, 1965, was £903 13s 2d, of which a sum of £327 14s 7d was absorbed 1 by interest credited to investing members and £546 10s, being a bojnfus of 10s per share credited to borrowing and investing memibeis, leaving a balance of £29 8s 7d to be carried forward! to next year's account. The Society's investments on mortgage total £14,843. * * * The fourteenth annual report of the Faxamers' Co-operative Fire and Marine Jnsufranoe Association of New Zealand for the twelve months ending 30th June, 1905, states that the revenue, including balance carried forward from the previous year, was £13,793 Os 10d, and the expenditure £6618 16s 6d, leaving a sum of £7174 4s 4d to be dealt with. Afiter appropriating £1500 to re-insure current risks, and writing £8 19s from" freehold property account, a balance of £5665 5s 4d is available for distribution. * * * Out of this, the directors have declared a dividend at the rate of 6 per cent. on paid-up capital, a bonus of 10 per' cent, to those shareholders who have not benefited from the reduction of 33£ per cent, on their fire business, and the transfer of £1000 to reserve fund, the balance being carried forward to next year. The fire asnd 1 marine premiums received during the year totalled' £8659 18s 7d, and the interest receipts amounted to £3130 3s 7d. * * * The Westport Coal Company has declared an interim dividend of 2s 6d per share for the half-year ended 30th June ; the Farmers' Co-operative Insurance Company, a dividend at the rate of 6 per cent. ; and the New Zealand Insurance Company an interim dividend of 3s per share for the half-year ended 31st May. * * * The shareholders of the New Zealand Candle Company, as well as the shareholders of other Candle Companies in the colony, have a very solid grievance agiainst the stupidity of the Customs tariff, which penalises the industry. At the annual meeting of shareholders of the New Zealand Candle Company -the matter was fully discussed, and considerable 1 evidence was produced! to show that the industry is being killed 1 by exhaustion.

The last alteration to tin© tariff was unsoieirtifLs in its .application, and the oaoidle industry in particular was most unfortunate. Imported candiles are coming here in large quantities, a good deal being received from Burmah, where aheap cook© labour is largeily employed. The shareholders are promised consideration when next the tariff is altered, but that is poor ootnsalatdjon, for it may be many years before Pairkaiment is called upon to interfere. * * The sharemarket has displayed some activity in the sections that have hitherto been somewhat quiet. Apparently investors are being driven from their conservative notions of safety, and are now viewing with more favour the miscellaneous shares. Sales are reported of New Zealand Paper Malls sbaires at 22s 6d and' 235, Shaxiland's ordinary amd preference changed hands at 235, and Leyland and O'Briem Timber shares at 41s 9d. Other misicelllaneoius shares are quiet, with more sellers tttian buyer®. * * * Bank shares are quiet, but there is no dhangei in prices. Nationals are offered at £5 13s, with no declared 1 buyers. The projected alteration in the share capital , which is a .simple matter involving no charge of any kind, may be causing investors to hold back. There ia always a disposition to wait and see what effect such changes produce. Bank of New Zealand shares are wanted at £6 Is.

Financial shares are firm at full market rates. There are badb of £9 5s for Equitable Building, £12 for Metropolitan Building, £7 f or Wellington Trust and Loan, IL> 6d for Wetangton Building, and 27s for New Zealand and River Plate shares. Gas sha.res are very steady, and very firm. Christ church Gas shades aii-e wanted at £9 10s, Ashburtou, Gas at £4 15s, Hokatika Gas at £4, and Feilding Gas at 235. • * * Insurance shares are quiet, the only demand being for Nationals at 21s 9d. In meat shares, the enquiry is confined to Gears, the 1 £4 paid-up shares being in request at £8. The 20s pand-up shares changed hands at 22® Gd. Manawatu Ranis axe up to 345, andl seem likely to go higher. Union Steam are wanted at £14 10s. • * # In the mining market, the sensation of the past week or two has beein the phenomenal advance m the price of Waiotahi shares. This ha® caused the whole of th© northern mining ventures tlo .receive attention, with the result that scrip hitherto neglected! is now selling at fair prices. The mining market, like a horse-race, is full of uncertainties and possibilities.