Finance, stocks, and Mining.

Free Lance, Volume III, Issue 123, 8 November 1902, Page 5

Finance, stocks, and Mining.

THK statement of the public account® tor the Septemben quarter, enables a companson to be made of tlie colony's finances for a half year. The ordinary revenue for the period totalled £2,567,483, as against £2,480,080 for the corresponding period of the previous year, showing an increase of £87,397. The territorial revenue amounted to £89 071, as compared with £105,780, exhibiting a shrinkage, of £10 709 Thus, the totals cf the oidinary and territorial revenues combined amount to £2,656,5.54, as against £2,585,860 for the first half of the previous financial year, showing the substantial increase of £70,688, which is verv satisfactory The expenditure side of the consolidated fund shows that for the half-year just ended the permanent appropriations absorbed £1,350,543, as compaied with £1,169 313, this shows an expansion of £181 230 The departmental expenditme totalled £1,609,265, as compared with £1,630,404, a decrease of £21,139 The total expenditure amounted to £2,959,808, against £2,799,717 showing the large increase of £160,091 for the half vear. Thus, it will be seen that, while there is an increase of £70,688 in the revenue for the half-year, as compared with the returns for the half-year as compared with the returns for the corresponding half of last year, the expenditure is greater bv £160,091, Another view of the position is obtained by comparing the total revenue with the total expenditure for the half-^ear The revenue, as already shown, amounted to £2,656,651, and the expenditure to £2,959,808, showing an excess of expenditure of £303,157. Of course, there was a credit balance or surplus brought forward amounting to over £270,000, but of this £50,000 has been transferred to the Public Works Fund, and the net result of the half-vear's transactions is to leave the Consolidated Fund with a debit of £27,167, whereas at the corresponding date last vear there was a credit balance of £52,438. The Public Works Fund is of more inrteiest just now because of the p-eneral election, and also because it isi the fund that furnishes tibe means of developing the resources of the country bv providing railways roads, bridges, etc. This fund shows that during the half-year tiie total receipts amounted to £313 - 604, and the expenditure to £516,842, showing that the expenditure has exceeded the income by £203,237 For the first half of last year, the income amounted to £1,311,307, and the expenditure to £1,191,424, showing an excess of levenue of £119,883. The amount borrowed for public works duriae: the half -year was only £262,800, as against £1,075,532 in the same period of last year. Of this latter sum £200,000 was applied to the repayment of temporary advances. » * * The amount of credit of the Public Works und at the close of the quarter was £250,822 and there remains to be received from the Consolidated Fund £180,000, making the total available for expenditure £430,000, but this sum is a mere trifle and at least one million sterling must be borrowed during the next six months if the fund is to be maintained at anything like equilibrium. The Government has authority to borrow £1,750,000 under the Act of last session, and so far only £163,800 has been borrowed, but, in view of the extreme difficulty of borrowing in London, and the doubtfulness of raising any large sum in thr- colony, the expenditure on public works must be greatly curtailed. Such curtailment has already taken place, for the expenditure during the oast half-year was- only £516,841 which is less than the amount snent during the September quarter of last vear. ♦ * * The hemp market is weakening, and the latest cabled quotations are not very promising for those millers who are hopinpr to make forward contracts The decline appears to be due to heavy shipments from Manila, and. while this contingency exists, the New Zealand product will be denressed. ♦ * • Frozen meat is still very high on the London market, but the Agenl>General states that consumption is slackening and we must, therefore look out for a decline In the autumn it is likely that prices all round will show improvement

The balance-sheet ot the National Fue and Marine Insuiance Company, for the year ended 30th September, is an interesting document , and ttill give unbouaided satisfaction to the shareholders. The premium income for the year amounted to £109,476, and the losses to £54,029, while last year the income was £108,120, and the losses £b2,013. Thus, it will be seen that, although the income shows aji increase of a little more than a thousand pounds, there is a substantial deciease in tihe losses The expenditure totalled £33, 31b, as against £31 325, and this is equal to 30.43 per cent, of the premium income, as against 28.97 ner cent, in! the. previous year, the increase in the expenditure being about 1£- per cent. This increase in exnenses appears to have been worth while, for the underwriting profit shows a substantial improvement. The amount for the year under review is £22,131, while last year the profit was £14,782. The gain is very substantial, aaid reflects fche utmost credit on the management. The outstanding feature is that the oneneral manager has aimed at making profit and not large underwritrings, with their accompanying heavy losses. » # * It requires a good deal of restramt on the part of an underwriter to refrain from takin& business, and possibly the National Insurance has not shown any restraint where good business has offered but the general manager has shown that it is possible to do a sound and profitable business on a small premium income when the risks are carefully selected, and well spread. Mr. Henry E. Williams, the general manager, has achieved a remarkable success — a success that has not been paralleled since 1876 — a period of twenty-six • • * The balance-sheet of the Australian Alliance Assurance Company, for the year ended 31st August last, shows the amount at credit of the profit and loss account to be £31,298, and this includes the balance brought forward from the previous year. After paying a dividend of 5s per share there lemains £18,798 to be carried forward. ♦ * * The sharexnarket continues dull, and is likely to remain so during the current month, principally because of the general elections. ' Politics are distracting, and disturb business greatly. The week shows no variations of any importance. G-as shares are in firm request at full market rates, and sales are reported of Palmerston North Gas shares at 90s, Insurance shares are easy, but prices show no variation. Meat shares are still very much neglected, Gears, however, changing hands at 30s 3d. In other stocks, there is no movement worthy of comment. * ♦ * Mining is stall neglected, and yet perhaps, gold mining in New Zealand was never in a better condition. The output for the ten months ended 31st October shows an increase of 47,3190z more than for the corresponding period of last year, and last year was bv no means a bad record. There is, however, no speculation going on . The scare over dredging was too real to be readily forgotten , besides, many of those who wished to take advantage of the opportunities are financial wrecks owing to the awful dredging slump.