Finance, Stocks, and Mining.

Free Lance, Volume II, Issue 92, 5 April 1902, Page 21

Finance, Stocks, and Mining.

THK report of the Wellington and Manawatu Railway C'ompam for the year ended 28th February, submitted to the meeting held on the 2nd instant, is very satisfactory indeed. The railway has been open for traffic about fifteen years and the gross earnings foi last yeai totalled £104,207 lib ."3d which is the. record foi tho company. » * * Considciing the reductions in rates foi ced upon the company, the steady mciease in the tiaffic earnings goes to show- the importance of this link ni the trunk svstem of the North Island Compared with the pieyious year, the tiaffie leturns show an increase of £7937 equal to about 8 per cent, which is decidedly good. * * * An indication of prosperous times was gn en w hen in October last the company paid an interim dividend of 3 per cent, for the fust time in its history. For the year the dividend is 6 per cent., the .same as la/st year, and there is no reason why this rate of distribution should not be maintadned in the years to come. * * * The nght of acquisition by the Government overshadows the company, and its tenure is therefoie uncertain, and for this reason imposes restrictions on the directors which no other company in the colony has to endure. Notwithstanding all this, there is no reason w hy the property of the company should be sacrificed, and it is very evident that the majority of the directors and most of the shareholders are utterly opposed to the sale to the Government on the teims fixed bv the Act of last year, even supposing there were no flaws m the Act Of couise, the Government can acquire the line at any time undei the teims of the original Act, and to this there can be no objection. From all accounts it seems that the directors would much rather sell under the original legislation. * • * The growth of the trade of Wellington, as disclosed by the report of the Secretary of the Harbour Board, is something to be proud of, and speaks volumes for the brilliant future which lies before this city and district. The expansion is mainly in the imports, clearly showing that Wellington is asserting its undoubted light to be regarded as the best distributing centre for nearly the whole of the colony. * * * The total import tonnage handled in ten years has doubled. In 1891 the imports handled totalled 144,125 tons, while last year they amounted to 283,666 tons. There is satisfactory development in other directions, and the remarkable facilities provided by the Harbour Board for loading and unloading vessels have had not a little to do with attracting vessels to Wellington. » * • Under Mr. Ferguson's management, the Harbour Board has made steady and rapid progress and the members of the Board repose, and rightly so, a great deal of confidence in him. Not alone in providing necessary conveniences, facilities, and improvements has Mr. Ferguson made his mark — his engineering abilites are admttedlv of a ver\ hia'n order — but also m the management «i the finances has he shown striking ability. The Wellington Harbour Bond is one of the soundest financially of all our loca! bodies, and is, perhaps, the only one that could be classed as absolutely solvent from a commeicial m< w point. The nftv-seventh annual statement of the New York Life Insurance CV:vpanv now available, covers the busiiie-s of last year, and that business can onh be fitly described as huge. The new policies paid for in 1901 totalled 131,398, insuring £54.000.779, and the new piemiums received amounted to £2,438,181. The total premium income for the year was the immense sum of £11,200 784. The consideration received for annuities alone totalled £40fi 750. » ♦ * The net interest form lents amounted to £2,288,291 the net profits from securities sold was £1)32.792 deposits on account of registered bonds £39 800 making a total income of £14,")68,42n for last year. * ♦ • The expendituic side shows that the death claims last year amounted to £3.048.824, and payments to lmng policy holders in annuities cash dnidends totalled £2.632,120, the total of such payments being a little moie than half of the premium income for the year The expenses of obtaaning the new business of last year amounted to £1,381,158, and the general expenses

totalled £1,370,/jB9. The excess ot income ovei exponcbtuie for the year amounted to the laige sum ot £0, 135,734. * * • The total assets of the company amount to £->9,823,742, of which 138, .'579,637 us repiesented by United States bonds and State, city, county, and other bonds and stocks taken a.t market value. This seems to be the weak feature of the concern in taking stocks at market value — a value that is alw ays fluctuating. * * * With respect to its investments, the New Yoik Life has changed its policy. It has ceased to hold interest in stocks of public companies, and hais further decreased its holding of real estate and of moitgages, and what, perhaps, is of more interest to the policy-holders, particularly those in the colonies, is the fact that the separate securities are published in detail, so that one may Tudfira of the class of investments held by the company. Paiticipating policies will, in 1902, receive about £900,000, while a sum of o^ er £2,000,000 is set aside to meet other contingencies. The total number of policies m force on the 31st December last was 099,818, assuring £280,940,18"). These are enormous figures, but then the company is worldwide m its operations, and the wealthiest and strongest of all life assurance corporations. During the past vear the company opened branches in Adelaide and Wellington, and will, no doubt, do its fair share of business at both places. * • ♦ It is, perhaps, as well to mention that i.j< valuing its new policies, the rate of interest assumed is 3 per cent., which is lower than that adopted by colonial companies, and a very safe one for so large a company to adopt. * ♦ » Mining has been quiet because of the holidays, but the excellent returns from the dredges last week made the brokers feel quite pleaed when business was lesumed on Tuesday and Wednesday. * * » Last year the Dunstarx Lead was a gieat favourite with speculators, and the shares used to sell readily enough at a satisfactory premium. This company suffered in the slump like all others, and, after delays of one kind and another, the dredge got to work, and now the anticipations of last year are being realised. The dredge is winning gold in a satisfactory manner, a.nd there are big hopes that the promises of the past will be redeemed. * * * The directors of the Olng Dredging Company have declared another dividend of one shilling per share, and have added £100 to the reseirve, which now stands at £300. A2s dividend is announced b> the Nelson Cieek Di edging Company. * * * The Nelson Creek Company is one of the brilliant successes of the West Coast. The dredge commenced work in January of last year, and in fifteen months dividends amounting to 9s (>d pen- share, or nearly haJf the capital, have been paid. The return of 1-ioz obtained last week is promising enough for anothei dividend veiy shortly. * * ♦ The liquidation of the Meirimac Gold Dredging Company is expected to yield 10,« per share on the preference shares. * • • The Digger's Pride Gold Dredging Company has been placed in voluntary liquidation. The directors of the Golden Gravel Company will issue debentures of the value of £1100 immediately to stiengthen the finances of the company. « • * The Woodstock dredge was to have started operations on Monday last, and the Great Woodstock dredge is expected to be readv for w ork in about ten da^ s * * * The total amount paid in dividends by the Nelson Creek Dredging Company in the past fifteen months is £4037 10s, m addition to which a debit of £1000, which existed, has been wiped off.