Finance, Stocks, and Mining.

Free Lance, Volume II, Issue 94, 19 April 1902, Page 20

Finance, Stocks , and Mining.

THK unofficial repoit that the Bank ot New Zealand has had a veiy piosperous \ oar is likely to be quite true in the maan. From a, banking point of view , the year has been good all round, and it would be lemarkable indeed if the Bank of New Zealand did not shaie in the general prospentv. It is stated that the Bank will be able to pay tihe Assets Board the statutory £50,000. and will be able to make a fuither contribution to the Board of £100,000 after paving the shareholders 5 per cent, dividend. * ♦ * When this question of dividend distribution was mooted last year, there was some discussion in the House, and the Premier hinted that it would be better for the Bank to discharge its obligations to the State before making the shareholders a present. Possibly, the dividend question will again be discussed, aaid there is much to be said in favour of the Piemier's view of the matter. However, the shareholders have had to wait a long time, and no one will grudge them the small dividend of 5 per cent. The shares of the Bank of New Zealand have advanced very materially since the optimistic rumours were circulated, but speculators should remember that there is iust the possibility of there being some exaggeration in the matter The bank's year closed on the 31st March and it is hardly possible to ascertain the position in ten days sufficiently to make such definite announcements a<= those made bv a local paper. * ♦ * The annual meeting of the Mutual Life Association of Australasia will be held at, the head office on Monday, when it avill be announced that the new policies issued in 1901 were for £714,512. the premium, income collected was £202,388, the revenue from interest was £65,936, and that the invested funds were increased to £1,533,693. The record of the Mutual Life is very satisfactory, and, although there is never much noise with this office, steady, persistent work goes on all the time, and the annual results are always cheering. * * * The Alliance Assurance Company is one of the big London corporations which recently made an attempt to amalgamate with the Imperial office. The Alliance does a very large business, and the fire premiums last year amounted to £584,660, while the losses and expenses totalled £473,650, leaving a balance of £75,010 Besides this, there was received on account of interest £52,878, making a total of £127,888, of which the dividend and income tax absorbed £105,543, leaving £22,345 to be added to the funds. The total funds of the company on the 31st December last amounted to £5,895,540. * The Mitchelson Timber Company has done well, the credit balance for the past year being £7622, admitting of a 10 per cent, dividend, and leading £1418 to be carried forward. The northern timber mills are adl flourishing, and the export duty placed upon baulk timber to set off the Commonwealth tariff has pleased the Northerners, who did not fail to show their gratitude to the poweis. Mauxioeville, a little township just beyond Masterton, possesses some excellent lime deposits, and these are to be developed by a joint stock company shortly to be formed in Wellington. The deposits have been worked for some time past with satisfactory results, but it is believed that the systematic development which would result from jomtstock enterpn.se would bring in good returns. For some time to come brick buildings must be erected in Wellington, as a gieat deal of the city has yet to be rebudt, and while this is so there must be a steady and continuous demand foi lime. The promoters of the Maunceville Lime Company are likely to meet with success. * * * The subsidised South African steam service appears to be hung up. The proprietors of the Blue Star line, who secured the contract, do not seem to be quite ready, and in shipping circles doubt is expressed as to the ultimate success. In view of the enoimous difficulties in obtaining discharge in South African ports, it is thought that the subsidy of £30,000 per annum is insufficient. * * * Tt is further stated that the Blue Star line consists of two steamers only neither of which possesses insulated space To carry out a monthly service, at least four vessels will be' needed and although charters could be arranged it is doubtful whether the ric^ht class of steamer 1 ; are available

Busmen men are of opinion that it would be\ery much better foi New Zealand to take advantage of the services tiadme, between Austiaha and South Afuea and to do this all that is uecehsarv is to offei a subsidy to the mter-c-olonial steamers to provide the neees in cold storage accommodation, and a legular connecting service. By this mJ'ans we <-hould obtain practically a weokb' seivice, which would be much incne effective than a monthly one. * * * In\ eminent shares are singularly (|Uiet and there is- very little business dome here Shares are, how ever firmly held, and the difficulty is rather to find sellers than buyers As a mattei of fact, buyers are freely bidding for most of the desirable stocks and the prices offeied are equal to the extreme market rates but sellers are not to be tempted The difficulty of reinvesting the proceeds is what deters holders of shares from parting with their holdings, and it is also one of the reasons why hi arh pi ices aje offered bv buyers The nun ing market is dull — duller than the conditions warrant, but there is no help for it. Speculators have not sufficiently regained confidence but this may be expected to "row as the leturns expand. Interest in mining is strongest in West Coast ventures, and nghtlv so. The 1 etums last week were magnificent, and theie was scarcely one dredge reporting that did not pay expenses. * * * Most of the West Coast, di edges appear to be on good wash, and the genera.] average is very satisfactoiv Experts long ago expressed the opinion that the Coast would give far better results than Otago and the fisrures of last week afford ample proof of this. The feature of dredging on the Coast is the fact that big returns aie not confined to one or two prize claims, but mo«t of those now being worked aie yielding their treasuie in satisfactory quantities. We. may now take it that the initial troubles of the industiT on the West Coast have been overcome, and that the future will see w T hat shareholders appieciate — dividends. There has been a lot of muddling and incompetence in connection with the industry, and a.lthouch a certain amount of this is inevitable, stall the cost in connection with dredging has been enormous. The Molyneux River is steadily falling, and many of the dredges are now getting ready to re&ume work. The Sailor's Bend dredge will, in all probability, make a start next week if it has not already done so. * • # The Meg and Annie Company paid its sixth dividend of 2s per share on Monday last. This company has now paid 12s m divideiids. The Empne Gold Dredging Company paid out a shilling dividend (the thirtieth) during the week, which makes the total dividend distribution of this company 40s bd. * * » The Fourteen-Mile Beach, Caimmuir, Matau, Vincent Extended, and Davis Bend dredges have commenced w ork The Hartley and Riley is waiting for a further faJl in. the river. * * * The Aldmga, Victory, and Trafalgar dredges, all on the Nelson Creek, are expected to be at work within the next four weeks. The prospects of all three are reported good. * * *• An eftort is being made to resuscitate the Ford s Creek Gold Dredging Company, which recently went into liquidation. The proposal, is to form a company wath a capital of £3000, in £1 shares, specifically to pay off all debts for which the guarantors are liable, and to raise and equip the dredge * • * The levy of Is per share made by the directors of the Gold Deposit Company is being well met, and it is expected that sufficient will be obtained to give the shareholders a run for their money * ♦ ♦ At a meeting of shareholders of a dredging company, held in Dunedm one evening last week, a motion was tabled to reduce the fees of the directoi s when the company's solicitor smilingly suggested that, as nothing had been voted to the directors, this might be a case of trying to cut down the irreducible minimum.