Finance, Stocks, and Mining.

Free Lance, Volume II, Issue 75, 7 December 1901, Page 5

Finance, Stocks, and Mining.

THE balance-sheet ot the BaJik ot New South Wales for the halfyear ended 30th September reached the colon.} la&t week. The actual net profit foi the half-year totalled £113 131 while the amount available for distribution amounted to £140,028, against £133,929 last year, and £114,397 in 18i)9. The -liabilities show Note issue, £894, b99, against £890,837 deposits £20.")0b,018 against £20,987,103 bills payable, e*tc . £2.709. 909, against £2,8"j7,049, outstanding credits and endorsements, £1,038,470, against £23")047. The assets compare as follows — Cash items and Government securities, £7.047 000, against £7,942 942 discounts and remittances, £o.h;Sy.tt/K against £3,998.330 advances £16,1b'3,81b against £lo.o28,14(5 premises £6.50,000. against £boo,ooo The advances show a satisfactory increase due to the legitimate growth of business in practically all the colonies. The reserve fund of the bank now" amounts to £1.270,000 the sum of £70,000 having been added to the fund during the past two rears * * * Refeience has aheadv been made to the D.I.C. balance>-sheet, but the re^ marks then offered were based on the telegraphed reports The balance-sheet is now to hand, and is very interesting reading The gross profit for the yeai was £(>2,928 and the costs of management amounted to £54,020 these costs including interest taxes, and all charges. The net profit foi the yeai was thus £8903 and with the£64b carried over from the previous year, there was available £9~)49 for distribution . ♦ » The buildings, fixtures, and plant are set down at £8b 237 but against this there is a sinking fund now amounting to £20.000 The shipments afloat at the date ot the balance-sheet were valued at £llb (>33, and lent andother debts due to the compain at £43 )91 _ + *• The past eai shows a substantial increase in business the gross profits being more b\ Q&l'i If tfhe business, of the current >ear is as good as it was last year. there will be no room for complaint but the chairman took occasion to point out that the commercial outlookis not as bright as it was a \ear ago and shareholders should keep thi*. in mind # The New Zealand loan was after all not quite the success we were expected to believe The investing nubkc did not subscribe more than half the amount required, and this is in striking contract with the reception given to other colonial loans floated recently ♦ ♦ • For the New South Wales loan of £4,000.000 which closed on the 10th September, £6,000,000 was. tendered, for the West Austialian loan of £1,000,000 the amount offered was £o, "500,000 and for the Queensland loan of £1,374 - 000 double the amount was tendered These were all 3 per cent loans all underwritten and carrying practical the same ronr-csMons « * * The New Zealand loan wai placed on the market at a most unfavourable tame the pi ice fixed was too high, and although the underwriters must find the un&ubscnbed portion of the loan, it would have been very much better had the whole amount been taken b\ the public Just prior to the announcement of the New Zealand emission, the inscribed 3 per cents were quoted at £97, and they have since fallen to £93 10s, a drop ot £3 10s. It will be seen that those who obtained allotment of the loan stand to lose a half pe-r cent on present quotations, and this cannot be regarded as satisfactory * * ♦ The other New Zealand denominations have been affected b\ the adverse fate of the- 3 per cent issue, and our stocks generally do not stand as well as some of the other colonies Money is dearer in London, but there is just tho suspicion that other influences have been at work to mar the prospects of oui loan • • • Until the mail brings us the full details, we are more or les& groping in the dark but in any case the results do not warrant any optimistic views being entertained There is nothing gained h\ labouring to prove that black is white far better to have the truth however unpalatable it may be « • * For the 3 per cent loan of £1 )00 000 floated in London in May 1895 with a minimum of 94 there was tendered £5.9(10 000 and for the million loan

floated in February, 1898, the bum ot £3 020 000 was tendered which but emphasises the great change that has come o\ ea* the situation i The- wool sales do> not show an^ jihpronement and private cable messages received during the week do not hold out am hope of a favourable change Growers of wool aie .shipping freeh to catch the first sale in the new in the nope of realising a bettei price But these people are defeating then own objects There will be a considerable (liiantvt\ of crossbred wool at the Januar\ sales, but there is no likelihood of the demand improving and price', cannot advance * * * Frozen meat continues to fall and the outlook is gloorrn Rivei Plate mutton is m full suoph . and is being pressed for sale. North Island mutton is now 2jd or ',d lower than last week and jßiver Plate mutton ha.s also declined *d per lb A year ago North Island mutton was selling at 3 10-lfod per lb It is now 2^d a drop of 1 1-ltid equal to uearl-v 30 per cent This is> a bis: de-r-hne which farmers must feel. * * <■ Dan\ produce continues at a lairh good le\el, but so far as the producers of this colom aie concerned market fluctuations are of little moment, except m direct h as all the output foi the season has been sold. The Wellington and Taranaki districts will be better circumstanced than most of the otherdistricts because of the great ei pioduction ofbuttei and cheese * t * That the decline m wooJ dnd meat has not been severely felt a& \et is evidenced bv the stead} trade doing b\ the merchants in Christmas supplier All tlie Wellington wholesale, houses report good business, with ordeis- coming m \ er^\ f reeh ** * » Tin actn if\ in hemp is aJ&o anothei favourable featuie of the Wellington district, and there is ever\ indication that hemp will nile high for several months to come. * * * The holiday season pi onuses to be a^ brisk as m previous \e«us but m tlie new .\ ear there i^ hkeN to be a close examination into economic conditions with ever\ probabhH of st.ru r pconoim being enforced * • r The chsastrous effects of tlit fall in «00l and meat are beuig, to a certain extent, minimised bv the steadiness of butter hemp tallow etc There i^ also a probability of the new ciop of oats leahsing fair prices so that taking all things into consideiation the condition* m the ■winter ought not to be so ien Tlie dismissal of co-opeia,tive labouior Ifrom railway and road works just now is not a mattei for complaint ThiF labour is required in the country districts just now and vei\ little hardship is entailed on the men m finding fresh work at reasonable wages * * * The action of the Government m hieing tins labour to enable pioduceis to get in their harvests, etc , is to be commonded and we are not concerned about the reasons for the dismissal of the coopeiatne labourers * » • The C ustoms duties rec-ei\ ed last month according to a, preliminary return furnished the Colonial Treasurer amounted to £'107,294 which shows that this, source of levenue is keeping up vein' well The Customs revenue is equal to about £1,900,000 per annum and this will be realised Mining is showing a healthier outlook although the market is still very much depressed before most kinds of shares Tlie dredging returns from Otago are ver\ satisfactory, and it is pleasing to note the large number of dredges that are able to w ork at this time of veai * ♦ * Dredging on the West C ba&t is steadil\ improving The returns are expanding and many of the dredges that dallied with small returns are now doing ver\ well Confidence is returning slowK and that is ver\ important * * • The Nelson Creek Gold Dredging C'ompain paid a dividend (the sixth i of one shilling per share on Tue.sdav * ♦ • The first and final liquidation dmdend of the Moa Flat Dredging Company is slightly more than Is 3d pei share The Otago Gold Prospecting Dredging and Mining Association Limited lias gone into liquidation