Shares and Mining
Observer, Rōrahi XXV, Putanga 20, 28 Kohitātea 1905, Page 20
Shares and Mining
THE local money market shows no change, and there is nut likely to be any change until there are ni;.v* ment's in London and Australia, In London there appears to be an improvement, and were it not for the political unript, especially in Itusim, there would Le no cause for uneasiness. ihe revolution has begun, and how and when it is to end no one can tell. • • ■ • Such a disturbance in so big and mi .portant a country as Kassi* i..ust u>.-felt far and wide. Trade is ;it a standstill, industries are quiet, and ihe factories are shut down, and all this makes for economic troubles. Germany, J? ranee and Austria, which have close Lusiness relations with Kussia, will feel the pinch, and through them it will spread to other countries. • • • Apart from this, one would be tempted to taKe a very optimistic view, for there is no doubt that money is more abundant in London and Mew York. The Bank of Jbingland returns for the past week, show increased strength, and gold is coming into the Bank -ireely instead of nowing out, as was the case a month ago. . The outlook is better than it seemed likely a month back, and •verytning is promising except. for this Kussian trouble. • • • The chief item of interest just now is the splendid position of wool. The current London sales have seen crossbred wool advance 5 per cent., and this improvement has since been maintained. Coarse wool is now more than a hundred per cent, higher than the lowest pnue touched since 190U, and it means- a great deal to the colony. Though uozen meat and butter are important ito.'us in tne export list, it is wool that is the basis oi our prosperity. • • • Just what the advance means to the colony in pounds sterling it is hard to . say. Some people estimate the amount ol gain at £i,OUU,UOU, and some at half as muoh again, -but these are lather optimistic. Assuming that the annual export of wool is approximately £5,000,000, the 5 per cent, gain would amount to ii!SO,OOU. in any case, there is a substantial gain, whicn feliouid go a long way towards making good deficiencies in other directions. • • • The report and statement of accounts of the Mational Mutual Life Association are now available, and a perusal confirms in every way the earlier favourable reports cabled . from Australia. The funds at the beginning of 13U4 were £3,61(2,435, and had increased to £3,932,3tiii by the end of the year. The growth is highly satisfactory and reflects the greatest credit on the management. • • • The renewal premiums totalled £403,411, dearly showing that the Association is holding its business, which means that the risks are being careially selected. The new premiums amounted to £82,715, and the single premiums to £9,911. Consideration for annuities totalled £40,163 and interest and rents brought in £182.223. The death claims for the year amounted to £135,|778 ; endowment assurances matured, £112,861 ; and endowments matured, £20,185. Expenses of one kind and another absorb a large sum. As is usual, the funds of the Association are well invested, as they need to be to bring in so satisfactory a return. Loans on mortgages amount to £2,164.809 ; Government securities, £171,032 i and loans on policies within their surrender value. £490.689. Taken on the whole, the accounts disclose a very prosperous state of affairs. National Bank shares have been sold at £4 Ws 6d, while Bank of New Zealand shares are in request at £5 9s, . sellers wanting £5 14s. Sales of N.Z. and River Plate shares were made at 26b and 26s 3d. There are buyers of Taupiri Coal at Ifls 2d, Westport Coal at £6 12b, Leyland and O'Brien Timber at 38s, N.Z. Drug at 455, and^Riverhead Paper at 345. " m The response of investors to the offer oi £100,000 worth of Auckland Harbour Bogrd's debentures towards the £400,000 , required for the first Bection of the har-1 boor improvement works was disappointing. Only £2000 are so far taken up at oar. It may be that the coyness was 'due to uncertainty as to the merits of the scheme under which the money is to be employed. In that ease, the reference of the proposal to consulting engineers will hare a reassuring effect.
Mining shares have been in steady demand all through the week, but there have been no sensational fluctuations in price. • • ' • In the absence of stimulating news from the mine, Waiotahis have fallen back, and "but little business . has been done in them for the last two w three days. The retortings up to date hare realised 6>79ozs. gold, worth £1806, and the manager has still 3£ cwt. picked stone to treat. ••■ • • May Queen Extendeds have shown another substantial advance,' consequent upon the promising appearance oi the block now being opened up, rather than any realised results.