and Mining.

Free Lance, Volume II, Issue 91, 29 March 1902, Page 20

and Mining.

THK lesultb ot the triennial \ aluation ot the National Mutual Life Association aie entireb satisfactory. Colonel J. M. Templeton's address, to the policy-holders at the extiaordinary meeting, held in Melbourne to cousidei the lepoit, was \ery optimistic, and rightly so. The business of the Association is steadily expanding, and each \e&r sees, a gratifying increase All the leading points of interest in the actuary's leport, and then- beanng on the Association's business, were clearh explained, bv Colonel Templeton. * * * The actuary's valuation, based on H.M. 3^ per' cent, table, showed that the liabilities of tlie Association amounted to £3,0b3,319, while the assets totalled £3,2b0,12b\ which left a suiplus of £201,807. The directors propose to distribute m bonuses £200.000 of the surplus or practically the whole amount. Thas is justified, on the giound that the securities have been dealt with in a very stringent manner, and the valuation throughout has been a \ cry strict one. » # * The bonus, according to the chairman, works out at £43 on a policy of £1000 taken at the age of 30. This is fa,r better than at any previous investigation, and is really the record for the Association. In 1898, the Association set aside £00,000 to enable the assumed rate of interest in the valuation to be reduced from 4 to 3^ per cent., and the lower and safer rate has been adopted, notwithstanding that it made a difference of £141,000 in the surplus. * * * All tihe leading colonial life offices have adopted the 3£ per cent basis, while the big British offices have fallen back on 3 per cent., and e\en a lowei rate. The National Mutual Life Association is well represented in the colony, and its business here is a. good and prospering one. The palatial offices on Customhouse Quay are daily \isited b"s numbers of policy-holders to pay up and the energetic "life-takers" of the Association are always on the war-path * * # The Australian Mutual Provident Society will issue its bonus certificates on tfhe 30th June. Policy-holders expect bug things fiom this Society, and are never disappointed. This fine colonial institution is a splendid advertisement for colonial management and colonial prudence and thrift. * » * The figures of the Bank of Australasia are, as usual, satisfactory. According to the la.test balance-sheet the deposits amount to £13,878,000, while the cash securities total £.1. 112,000, and the bilk and advances to £13,930.000 * * * Victoria is experiencing difficulty m boi rowing locally. The quarter of a million 3 per cent, loan issued last week was a failure, for a little more than half the amount was subscribed, a State department taking £100 000, or nearly two^tihirds of the amount apphed for The day for colonial 3 per cents, is gone. In 1897 and 1898, all the colonies w ere able to borrow- very freely in London on 3 per cent, issues, but smc<f the Boer war commenced and the Imperial] Government began borrowing, colonial loans have been very much neglected. The New Zealand Westrahan. and South Australian loans were failures in the London market, to this extent that the underwriters were left to carry the load. Up to the present, the State Governments in Australia have found it convenient to borrow locally, and the 3 per cents, have gone off very readily m Melbourne and Sydney, and several large loans were placed during the past tihree years. Money is evidently gettdng dearer in Australia, for, although the low minimum of 94 was fixed for the Victorian loan of last week, the amount tendered bv the public was only £70,000 » • « It is a well-known fact that the New Zealand Government borrow ed about' £1-30,000 in Sydney and Melbourne during the past few weeks, but this was by the sale of short-dated 4 per cent, debentures. * • • The fact is being borne in upon Colonial Treasurers that money is deaiei, and the fact is very unpalatable, for it means that public works expenditure must be curtailed. Next month or else in May, some of the colonies will have to go upon the London market and it is more than likely that the example set by West Australia of fixing 3^ per cent, as the rate of interest, will be adopted.

At the moment, Rub M.v is sweeping the Jiuiopea,n markets of all the idle ciedit A big Joan in Geima.in floated a few weeks ago, is to be tollowed by the issue of a fifteen million loan in Fiance shoitU. The British Go\eniment must, of netofefcitv borrow beioie the end of Apnl to meet the war expenditure, and the evidence of an approaching Impel ia.l loan is to be seem m the stead) fall . m the pneeot Imperial Consols. Ihe tall last week amounted to as, much as 13s. which is a er} serious for this gilt-edged secuntv,. # # It seems that nothing definite has as, vet been settled with respect to the South Afiic-an dnect seivice. The Government is still negotiating with the alleged successful tendeiei, but there is some doubt entertained m (ommcioa] cucles as to the lesults According to those in a position to express dn opinion, there is a chance of further lots of New Zealand beef and mutton going to South Africa in connection with the Aim\ meat contract, but there is considerable doubt about supplies being available. The frozen meat trade has many interests m\ olved and one of the difficulties would be in dj\ citing shipments fiom London. * ♦ * The puce offered by the Bergl syndicate foi New Zealand beef and mutton is said to be very <-atisfaetoiv, and the meat that the North Island can supply would be very suitable, but as already stated, there" are certain inteiests that would make shipment to South Africa a difficult matter. » • ♦ Mining is not receiving the full attention it deserves, notwithstanding that the leturns from the dredges show improvement. However, it is usual to witness dullness about the close of the first quarter of the year, for it is the balancing period of the Bank of New Zealand, and the National Bank, when most people like to make their balances look safe. * ♦ • Next month there should be a livening up in speculation. Most of the dredges w ill be able to operate, and the fleet this year ought to give good results. Last year floods were experienced repeatedly, and the returns were far from satisfactory * * * The liquidations aie practicalh at an end, and the financial outlook is very much better. All that is needed now is confidence in the industry A few good returns would soon bring that about * ■» ♦ The West Coast dredges are beginning to do more than well. The returns la&t week were generally satisfactory, and some of them were markedly so. It is noticeable that dredges that were not expected to do much have disappointed the tipsters bv Yielding big results * * * The tnaJ ran of the Rileys Beach dredge took place last week, and the machinery gave complete satisfaction The dredge is said to be one of the besvt on tihe river. * * * \ few minor alterations aie beang made to the Kelh and Casey diedge to comply with the requirements of the Mines Department these will be completed shortly when the dredge will lesume woik » ♦ * The Maori Point diedge on the Shotover Rjver has been completed and will commence woik next week. The contract for the erection of the maclunen and housuig on the Commissioner's Flat Oompanv's dredge has been let and the work is to be pushed cm w ith at once