Finance,Stocks, and Mining.

Free Lance, Volume II, Issue 95, 26 April 1902, Page 20

Finance, Stocks, and Mining.

THK balance-sheet of Shailand and Co., Limited, for the yeai ended 28th Febiuan last, shows that the gioss profit foi the yeai amounted to £18,499, as against £17,702 in the piewous year. The net profit amounted to £3800, as against £4175, and, with the amount brought forward, the sum available is- £4010 From this sum, £500 has been transferred to the leseivc fund, winch will now stand at £2000 the shareholders leceive £3407 in a 7 per cent, dividend, leaving a balance of £109 to be earned forward. * * * The smaller net piofit is due to an mciea.se in working expenses, which for the past year amounted to £14,207 as compared* with £13,446 in the previous yeai- The stock shows a decrease in value of £2000 and this may possibly be due to closer valuation. The book debts show an increase of nearly £2000. • • * The thorough reorganisation of the finances and management of the company made three years ago, has borne good fruit The business of the company is sound and progressive, and that investors are thoroughly satisfied is shown bv the excellent demand for the shares at a fair price. Last year was a record for the Mutual Life Association, especial ly with regard to new business. Altogether 3006 policies were written, assuring £715,312, against 2441 policies for £623,388 The new r premiums amounted to £43,271, against £31,372 and renew al premiums brought in £159,117, against £150,454 The total revenue for the year amounted to £268,334, against £244,076. * * * The claims by death totalled £53,497, as compared with £51,672, and the total paj'ments to policyholdeais to £112,552, as against £111,412 The expenses^ of management amounted to £33,577, against/ £32,941. The increase' is very trifling when the expansion in business is considered. The total funds at the end of the yeai- amounted to £1,533,693, a gaan of £96,081 for the year, which is very satisfactory • • • The assets of the M.L.A. are of an excellent character, and well spread in sound investments Loans on mortgages stand at £788,421 and freehold properties belonging to< the company are valued at £236,780. properties acquired bv foreclosure stand at £93,665. The very satisfactory year experienced by the M.L.A. will spur the field agents and others into renewed activity, and, Avith an excellent balance-sheet to support, their efforts, there is no reason ■why the business of the current year should not be as good, if not better, than last year • • * , It may be stated that the general experience of life offices is that business is not quite so promising as it was last year It is probable that people are bean"- forced into economy, but those who sacrifice life insurance for the sake of economy cannot be commended. A simpler wav of making provision for the family was never invented, and tlhe poorer the individual the erreater should bo the anxiety to pile up life policies. » • * The note circulation for the March t|iiartei. as disclosed by the bank returns, gives indication that the first little wavelet of depression has made ite appearance. L T p to the present, we have been used to seeing an expanding note circulation, and the check shown in tins is evidence of a slackening in business resulting in less labour being employed. * • * Probably, it will be found that with the new spurt in the prices of produce there will be a speedy recovery. Wheat, hemp is once more booming. A hemp oats, and potatoes are selling well, and contract was signed a fei\ days ago for 700 tons at £27 per ton fob Wellington delivers at the rate of 100 tons per month, beginning in June ♦ ♦ # Wool, too, promises to recoA T er, and the May sales will certamlv witness an advance in crossbreds, but this advance will not cover the reclamations on account of last year's slump still, the improvement will give hope to the pastorahsts aoid encourage them to continue expenditure on improvements. Woik during the winter will probably be .scarce and the Labour Department may have to exert itself a little more than uusal, but the conditions cannot possibly be as bad as in 1894 • ♦ • The farcneirs in the Wairarapa> are endeavouring to form a meat freezing company, to relieve the pressure in their district The formation of such a company has been mooted on many ocoa^ but for one reason and another

sufficient financial suppoit was not forthcoming This tune, liowcacm the piojoc-t appeals to be taken up with some earnestness, and nun tlieiefoie be <u coinplifilied On the West Coast more entcipnse hia,s been shown and each distiut can boa.st of local freezing works Tims the Longbuin woiks sen c the Manawatu district. At Wanganui theie aio two concerns Patea possesses another, and Waitaia has one In the Waira-lapa-Woodville district the only freezing works — Nelson's, at Woodville - closed down some time ago and have since been converted into a bacon factoiv In the extensive Wairarapa distncti, with its excellent sheep country, t.horei ought to be ample room for a new freezing company, but the settles of the district will 1 he making a huee blunder if they attempt to cai rv on with msufficent capital. * • * Local shareholders do not manifest any alarm at the decision of the Go\emment to discontinue the i wining" agreement with the Manav^atu Railway Compa.nv. for there ife no serious fall in the market value of the shares What is more, theie are plenty of shrewd investors ready to buy the shares should they show any appreciable decline British shareholders are more likely to take fright at the new move of the Government, but, even should the shares be offered cheaply in London sales will readily enough be made to colonia.l buyers who «eem to place 1 a more hopeful estimate on the prospects. * • • John Bull's war loan, of £l(),000,000, lias been subscribed twenty-fold, as was antioii>atcd. The huge sum of £320 000,000 was offered, and those who secure allotment will be fortunate for there is a clear profit of about one per cent, certain. Just about the same time last year a w ar loan of £30,000,000 was offered, and there was iust as heavy tendering as now, although the price was a shade higher. In 1900, the nation a.l waii* loan — the first on account of tho Boer w air — was enthusiastically received and £305,000 000 was tendered. * # * The heavy boirowing of the Impenal Government lias affected it& credit, although there has been such free tendering for the successive loans issued. This is to be seen in the issue prices. The emission of 1900 was at a minimum of £98 10s per cent, last year's loan was floated at £94 10s, and the issue iust made had a minimum of £93 10s The credit has declined about five per cent, in the two years, and is appreciable enough when calculated in several million? sterling. * * * I>i edging is looking up without a doubt, and the business passing on the Exchanges is of a much more satisfactory character than for some time past. The returns are beginning to impress speculator, and the outlook for good returns was never better. * • • The Molyneux has got dow n to w inter level, and most of the dredges have resumed work The Hartley and Riley has made an excellent beginning with 128oz, and some of the others have also done remarkably well. * * * The West Coast dredges continue to give very satisfactory returns, and the sharebrokers down there are looking forw ard to a fine run of profitable business May their pleasant anticipations be realised. * * ♦ The Mosquito No. 2 Compan- has purchased the machinery built for tbe West land Company, for the sum of £3150. The latter company will in all probability go into voluntary liquidation. * * # It is reported that another attempt is to be made to reconstruct tbe Galvanic Company * * * The Woodstock dredge is finding it difficult to deal with the ground A working derrick is to be fitted up for the purpose of hauling stumps