finance, Stocks, and Mining.

Free Lance, Volume II, Issue 93, 12 April 1902, Page 14

finance, Stocks, and Mining.

THK annual lcport of the Citizens' Lite A^ui.nuo Compan> sliows tliat tins piogiessive office has had another good year. The pieimum levenue of the ordinary branch amounted to £149,476, ot winch £36,963 lcpiesented new piemmms, the laigost amount lecened in an.> one \eai. me commission and expenses of management of the oulinary branch totalled VU 183 and £34,282 was paid to polioliolders ' The expenses were at the late of II).") per cent, of the premium income. # * The funds ot the ordinary blanch at 31st December amounted to £491,60 U, beni" an meiease for the yeai ot £107 h")3, which is \ery satisfactory indeed In the industrial branch the piemiums totalled £172,915 and interest and ient« €11,1.30. Pohcv-holders received £43,648, and the expenses ot management totalled £45,462. Tlie expenses weie equal to 06.0 "er cent., white the gross expenses in both branches were equal to 34.b9 pei cent, of the gross revenue. * * * The funds of the industrial bianch at the end of the year aggregated £'^78 847 an increase of £20,660, as compared w ith the previous year. The total funds in both branches is £//U.447 an increase of £128,318. During the 'past four or five years the Citizens Life office has come prominently to the front. Tts business has been greatly increased, and the extension of the company's operations to the United Kingdom has been attended with conspicuous success. * * * In New Zealand, the Citizens' has always commanded respect and a full measure of support for both of its branches. That the company is thoroughly satisfied with the outlook in this colony is shown by the fact that extensive buildings are to be erected in Wellington for the head office staff m the tolonv. The balance-sheet of the Wellington Patent Slip Company for the year ended 31st, March shows that the net profit amounted to £516, and, with the balance of £1998 brought forward from the previous year, the amount available for distribution was £2514. * * * The dividend for the year is 8 per cent., which absorbs £732, which is £216 more than the net profit for the year. The amount carried forwaid is £1782. The smallnass of the net profit is apparently due to the mci eased expenditure in renewals which is found necessary because of the growth of the business of the company. * * * During the year the number of vessels taken on the slip was 104, w ith an aggregate tonnage of 50,037, while m the previous \ear the slip was used bv 95 vessels, totalling 45,131 tons. Vessels of the Union S S Company have provided the Patent Slip Company with the most business The balance-sheet ot the British and Foieign Mamie Insurance Company (Messrs. Murray, Roberts, and Co., agents) show s a profit of £33,323 in the underwriting account, and £44,082 on interest account, making the total £77,405, which, with £72,334 brought forward gives an available balance of £149,739. * • • The shareholder receive a dividend of 20 per cent., equal to 16s per share, and the substantial sum of £85,618 remaaned to be earned forward. The reserve fund of the company totals £725 000 in addition to which theie is an underwriting suspense account amounting to £40,000. " The investments aggregate £1,266,093 Theie aie several .shareholder ot the Kmu Bay Railway Company (Tasmania) in this colony, and those who have recened the last balance-sheet will be somewhat disappointed with the results ot the past year. The revenue and expenditure both show substantial expansion, and. the balance over working expenses is shown at £12,121, but when rent to the Emu Bay and Mount Bischoff Company, together with interest on debentures and amount written off pieliminarv expenses is charged, the above surplus is converted into a deficit of £9077. * * * Flour is steadily mounting up, and so is the pnee of bread, but it is scarcely right to attribute ail the blame to the Flour Combine. There is undoubtedly a scarcity of milling wheat owing to the fact that a smaller area has been cropped, and, furthermore, a oertain amount of damage was done bv the

floods e\penenced in the South a few weeks ago Milling wheat has ach ancod in pure, and this has been passed on to flom a,nd to biead, the community at large being the ultimate suftereis The position i-, just tihe same' in Victona and New South Wai (is, foi in both States theie is a considerable shoitage in the pioduction ot the cereal * * ♦ The estimate of the production ot wheat in Victoria for the past season is 12,113,712 bushels, against about V.K 000,000 bushels last veai In New Soutli Wai as the production has diooped fiom 1(5,173,771 bushels to 14.70">,733 bushels » * * A uniform fire insurance pohc\ as uiged bv the Chamber of Commeiee deputation, which waited unon the Piemier last week, is most desirable, and is not opposed bv the fire insurance companies opeiating in the colonies. Most companies have their own conditions, and. while there is plight variation, the large insurers are inconvenienced There is no special erain to the companies,, but it is difficult to mm c the British corporations into accepting or voluntanlv conceding new condition*; * * * Colonial managers of insurance companies would very gladly accept a uniform policy, and many have urged the necessity for this on their head offices, but, as already stated, British manages are hard to move. The uniformi'tv must be enforced bv legislation, and, really there is no hardship in it to the underw riters. * * * The returns from the Otago dredges aire steadily increasing, but it is the West Coast returns that are impiessing speculators. Nearh all the Coast dredges aie earning more than woikmg expenses, while some are giving really liaiidsome returns. The aggregate weekly output of the Coast dredges is now very appreciable. * * • The mining maiket is not booming, but business is a great deal brisker than it used to be. The fever of speculation is not so great, but many mining men seem to think that the chances now are very good, and the better class of dredging shares are receiving c onsiderable support . * * * The Nelson Creek dredge is the pride of the West Coast, and the return of 300oz last week -was very handsome. These shares are selling at over 70s, which is nearly as high as some of the Otago companies' shares sold at during the boom on a similar return. r * # A few really large returns will attract the attention of those who are still frightened by the collapse of the past twelve^ months. There are many good investments in dredging now — more so than there were in the boom times. The debentures to be issued bv the Golden Gravel Dredging Company are to have a currency of two years, bearing interest at the rate of -"30 per cent * « ♦ The shaieholders of the Cromwell Gold Dredging Company leceived another dividend (the ninth) of 2s 6d per share this week. This company has now returned 2os per share in dividends besides creating a reserve fund of £1000. * * * The Totara diedge and claim in the Ross district have been purchased bv Mr Gibbons, of Mart on, for £200 It is stated that the dredge is to be thoroughly repaired with the view of resuming operations. * * * The Victory dredge is in an advanced stage, and should be ready for commissioning veiv shortly * * * The debentuie-holdeis of the Gold Queen Dredging Company have decided to dcfei liquidation for a month or six weeks * * * The Davis Bend dredge is to test the Cairnmuir claim befoie beine shifted to her own property. * * * The Manuherika dredge has been hauled up on to her winter pround and will begin work as soon as the state of the nver permits.