Finance, Stocks, and Mining.

Free Lance, Volume I, Issue 48, 1 June 1901, Page 5

Finance, Stocks, and Mining.

THtt Australian Mutual Provident Society, the solid life office of Australasia, again presents a satisfactory balance-sheet. It is satisfactory from every point of view, reflecting groat credit on the management. ■x * Altogether, during last year, tlio A.M. P. Society issued 16,820 policies for £4,224,106, or an average of over £250 per policy. To put the matter in another way, the A.M. P. Society issued on an average 46 policies for every day of the year, Sundays included This is big business, but then the A.M. P. is a big office. The new premiums received during the year totalled £208,752, against £135,339 in 1899, and £127,332 in 1898, and these figures show the excellent expansion in business in 1900. * * * The renewal premiums received in 1900 amounted to £1,382,450, against €1,324,249 in 1899, clearly showing that the Society is retaining its old business. * * * The claims bv death totalled £527,717, and in this amount is included £140,317 in bonuses. In 1899 the claims amounted to £528,919, so that the mortality experience of the past year was distinctly favourable. The surrenders in the past year totted up to £296,754, and were slightly larger than in 1899, when the aggregate was £260,314, but considerably less than m 1898, when the amount stood at £325,946. * * ■» The New Zealand business of the Society is well maintained, for last year 1224 policies were issued, assuring £287,976. The Society had at the close of the year 26,996 policies on the New Zealand register, assuring £7,428,138, while at the close of 1899 thero were 25,772 policies assuring £7,140,142. The Company pays very heavily in taxes, and the amount so paid last year was £18,250, of which. £10,221 was paid in New Zealand, made up as follows — £200 license fee, £1828 income tax, and £8193 land tax. * * * The funds at the close of the year amounted to £17,029,845, against £16,074,741, an increase for the year of £955,104, and this is the result after making full and ample provision for all contingencies. -V * * The investments of the Society are very large, and, as they are all in the colonies, the benefits conferred on the colonies by the Society are manifest. The investments include £8,172,234 on mortgage of freehold property , loans on the Society's policies, £3,962,649- New Zealand Government secunties, £301,216 , British Government securities, £100.254, Australian Government securities, £2,131,760 , Society's office premises and freehold land, £389,565, municipal securities, £716,893. * * * The total revenue of the Society for last year was £2,344,824, against £2,243,644 in 1899, and £2,152,179 in 1898. The actuary's report i& very pleasant reading. The valuation has been a very severe one, being based on "Hm" 3V per cent, table, and a strictly pure premium one under which the whole of the loading is reserved for future expenses and profits. *. ¥■ "* The results of the valuation s>how a surplus of £642,895, and out of this £105,000 is reserved for various contingencies, leaving £537,895 to be divided among participating policies., and this is the largest amount of surplus which has ever been allotted by the Society in a single year. During the fifty-two years of its e\i&tence, the total receipts of the Society amounted to £38,508,763, and the disbursements to £21,478,918, the diffeience, £17,029,845, being the funds at the close of the year. * * * The Bank of New South Wales has apparently experienced another profitable half-year, the amount available for distribution being £126,986, and the directors have paid out a dividend at the rat© of 10 per cent, per annum + * * The Hawke's Bay people are very enthusiastic about establishing a woollen factory at Napier, and the project is said to have been taken up with great spirit, which is somewhat of a pity. * * ■* There aie more woollen factories in the colony now than thoro is business

for, and pie&ently, when trade slackens, tlicic will be cut-tin oat competition for w hat little business is doing, and instead of profits there will be losses. * X * If the colony had a good export trade in woollen fabrics, the encouragement of w oollen factories would be a proper thing, but there is no such trade. The factories have to depend upon local business, and instead of being a benefit to tho community they are quite the ro- \ erse. In older that the woollen factories may exist, prohibitive rates are placed upon a\ oollen goods, and the unfortunate people have to pay the cost. The mmc woollen mills there are the le^s chance there will be for obtaining a icduction in the duties. * * •/■ The Hawke's Bay people would be doing a greater service to themselves and tho community geneially if some steps were taken to encourage the dairy, poultry, and pig industries There is a large and growing export tiade in these products, and there is no penally imposed on the people by w ay of customs duties to encourage such industries Furthermore, they are more profitable than the woollen industry can ever possibly be in this colony. * <■ With the subdivision of the large estates, there ought to be ample room for the industries named, and they are far more worthy of attention than the woollen industry. ■* t - The dredging market had another set back last week, owing to the floods. Late reports, however, show a more favourable condition of things, and it is to be hoped that with settled weather the returns will improve. * * * The market is waiting for returns and the waiting is very tiresome. With all the unfavourable circumstances tho shares of the Sailor's Bend Company and Fourteen-mile Beach Company have advanced. •+ * x The dredges of these two concerns have only lecently started, and they have got on to payable wash almost from the jump. The Teviot dredge will be commencing work next week, if it -has not already started, and the shares of this company will be worth watching. The claim is a particularly good one, and the shares are firm at about par. *• * * The River Molyneux Company is another concern that will repay watching. The shares show a distinctly hardening tendency, and, as the dredge should be at work shortly, the limit of the advance is not yet reached. The claim is said to be a very rich one. The capital of the Coal Creek Flat Dredging Company is to be increased by the issue of £3000 of debentures. It is reported tLat the ground formerly held by the Roxburgh Lead Dredging Company (in liquidation) has been taken up again. This is a bank and river claim. * * * The Kawarau Bridge is practically finished, and should be at work in the course of a few days. * * * The pontoons for the Main Lead Hercules Company will be ready for launching in about ten days. •X f- * A suggestion has been made in Dunedin that the Gibbston, Merrimac, Galvanic, Metallic, and Eclipse Companies should amalgamate, sell the dredges they now possess, and which are said to be mcanable of adequately dredging in the Kawarau River, and jointly build a powerful dredge, so as to thoroughly test the five miles of river which comprise areas of the companies. The suggestion is 1 worth considering. * * *■ The fitters have staited to erect tho machinery on the Bendigo Company's dredge, and it is hoped to have the work finished in time to allow of dredging operations before the favourable season comes to an end. * * * The Gibbs Beach dredge was ready for work at the beginning of the week. The construction of the Endeavour dredge has long been delayed, but it is now reported that fourteen men are engaged fitting up tho machinery, and hastening the completion of the dredge. The Miller's Flat Electric dredge has ' been shut down, and is now for sale. The dredge is not considered powerful enough to work the ground. The Roxbuigh Jubilee Company's pontoons have been completed, but there is said to bo no machinery ready to finish the dredge.

The prospecting of the Marsden Lead claim having proved unsatisfactory, the directors intend pursuing a policy of masterly inactivity for the present. * * * At a stormy meeting of the shareholders of the Golden Grey Gold Dredging Company, held at Dunedin last week, a resolution to go into voluntary liquidation was carried. It is reported that good prospects have been obtained by Lock's Prospecting Syndicate.