Finance Stocks and Mining

Free Lance, Volume VI, Issue 269, 26 August 1905, Page 5

Finance Stocks and Mining

THE London money market maintains an air of ease which is very pleasing. The outflow of gold which threatened three weeks ago appears to hare been checked, and lastweek there was a substantial iniorease. It is probable that the aocumiulation of gold will be continued 1 during thie- next few weeks, first because of the near approach of the end of the third quarter of thle year, and secondly to meet demands that are certain to arose on account of both Russia and Japan, whether peace eventuates or not. » * * In the local market, supplies are abundant, but the demand is also fairly strong, and should grow in inltensity diiring the next two months. Our producers, however, are promised such an excellent season that we may well look for a very prosperous half-year from October to March inclusive. # » • The high, prices ruling for the industrial metaile indicates tJhat there is activity in the mamufactufrinig centires of Europe and America. The advance in Ihe value of copper has been due to the extraordinary buying on tihe part of China. Jusifc what China is doing with all the copper is not definitely known, but it is believed she is- acting as broker for Japan. * # * The Jap is systematically exploiting Korea, and the conduct of the war with tihe network of telegraph and telephones in the field of operations calls for miuch copper. There is also a special demand for tin, and prices have soared up. Lead is high,, so is spelter, while pig-^iron is firm, with an advancing tendency. The building of railways, especially in Canada, is finding work for many manufacturers of railway material. • * ■» The fifteenth annual report of the Wanganui Meat Freezing Company bihould prove satisfactory to tihe shareholders. The balance at credit of the profit and loss account, incXudinig £2671 15s 2d carried over from the previous year, is £6950 Os 7d. The directors propose placing £1000 to insurance reserve, make necessary provision for depreciation, of machinery and planifc, to pay a dividend 1 of 8 per cent., and carry forward the balance. ♦ ♦ • Tihe accounts are made up to 31st July, and show : Paid-up- capital at £35,831 7s Id, deposits £11,239 7s 6d. The buildings, plant-, and lighters are valued at £47,469, the stock is valued at £4311 15s 9d, and! the, consignment ac<?ount (balance in agents!* bands) is £5913 13s. The amount received from sales, etc., is £8877 18s 3d. # * *■ Considering the difficulties ttafc have surrounded the frozen meat tiradle tihis year, owing to scarcity of stock and relatively high prices, the Wangamui Meat Freezing Company has done very well. The balance-sheet is clean and good, and if there is any f autlt to find it is in mixing up the insurance reserve with tihe business. It is a question, whether it would 1 not be better to invest the sum in gilt-edged securities outside the business, so that in case of need the money will be available at short notice. * • • The balance-sheets of the woollen companies are now, or will shortly be, available. The annual report of the Kaiapoi Woollen Company discloses the fact that the year hasi been a difficult one, but, fortunately, the directors, by the policy adopted by them, are in a position to recommend) the usual dividend of 7 per cent, after providing £2000 for depreciation. The amount to be carried forward will be about £523 18s sd. * * * There is no doubt that the woollen indtastry has suffered very seriously from the high prices of the raw material , and tihe increased importation of shoddy, but tihe remedy for this is not an increase of the Customs duties, or prohibiting the importation of shoddy. "While wool is dear, the free use of sihoddy is simply unavoidable, and not because people prefer shoddy goods, but because of the inability of the consumers to stand! the cost of pure wool fabrics. • ♦ • The woollen companies, except perhaps those that are financially very weak, will survive the present difficulties, for it is quite possible that the new dip will be from 250,000 to 300,000 bales larger than the last, and 1 prices will adjust themselves to the increased

supply. In this colony we will be shearing 841,000 more sheep than, a year ago, and tlhe increase in Australia rums into several millions. A tome of stress and trial ctomes to eveiy industry, and the woollen industry is having its turn just now. * # * The balance-sheet of the Wellington Woollen Gomipany, if not already circulated when this appears, may be expected' very shortly, and from, tihe comparative firmness of the share® it is obvious that investors expect the document to be favourable. The Wellington Woollen Company is well managed!, and commands the confidence of investors. The sale of the controlling interest in the Wellington Steam. Ferry Company, Limited, to a syndicate, is hkely to prove beneficial to the people who visit Day's Bay on holidays, and to those who reside in the bays contiguous. New vigour is to be infused, into the management, land will be thrown open for saie and other matters will receive attarstio.i so as to give general satisfact;>n. » « ♦ The sharemarket continues to exhibit firmness, with a fair enquiry for an extended list of shares. In bank shares, the dtemand at present is restricted to Bank of New Zealandis, which are wanted at £6, sellers asking £6 3s. National Bank shaires are offered at £5 13s, and Bank of New South Wales shares at £44 10s.

Thetre is seemingly a little better enquiry for insurance shares. Nationals ane wanted at 21s, and South British at £4 17s 6d. The latter had quittance at £4 18s 3d, and holders show no dd&positaon to accept less. New Zeaflamdls are offered at £4 15s, and 1 Standards at 16s 3d. • * * Financial shares are in veiy steady demand, while there are practically no sellers at current rates. Huifct and Petone Building shares changed hands at £4 17s 6d, and there are buyers of Equitable Building at £9 ss, Wellinjgtorn Trust and Loan at £7, Metropolitan Building at £12, Wellington Building at 11s 6d, and New Zealand and River Plate at 275. • • # All gas shares are sought after by investors, the bids- covering Ashburton Gas at £4 15s, Auckland Gas at £13 12s 6d, Qhtistchurch Gas at £9 15s, Fealding Gas at 235, Gisborne Gas at 365, Hokitika Gas at 80s, New Plymouth Gas at £7, Palmeir&ton North Gas at £5, a,nd Wellington Gas at £17 10s amd £8 17s 6d for the respective issues. • * * Meat shares are firm, aaidi the tendency appears towards an increase in values. Wellington Meat Export slhares, £5 paid, changed' hands at £6 13s 6d ex dividend,. Gears are in steady demand at £8 and 1 42s 6d for the respective issues. Christdhuroh Meat shares are wanted at £10 2s 6d, and

Canterbury Frozen Meat shares at £6 10s. •* ' * Miscellaneous shares are quiet, those coming under tlhe description, of transport being the most favoured l . Manfcwatu Rails had quittance at 345, and New Zealand' Shipping at £6. Union Steam shares are wanted at £14 10b, and Kaiapod Woollen at £5. Other shares are quiet, with practically no business offering. • * ■»• Speculators in Wellington, are more interested in miming ventures of the North rather than in dredging. Business, however, is very restricted, and likely to grow smaller as the warm weather oomes along:, and the horse-rao-ing increases.

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