Finance, stocks, and Mining.

Free Lance, Volume III, Issue 125, 22 November 1902, Page 5

Finance, stocks, and Mining.

Mil. C. J. HARDY, 8.A., Who hasjust wtned, aftei Unity-one yeaiS set vice, pom the Leadership of St Petal's Chin <h Chou , Wellington. —Herrmann, Photo.

BANKERS and financial authorities in Australia are expecting to see an advance m the rates for money. The disastrous drought will cause a contraction in the exports and the balance of trade will be against the Commonwealth. High prices and slack employment will tend to check the accumulation of capital, and the inordinate demands of the Governments will mop up all the available credit, and so bring about stringency m the local money markets. Already the Government rates are higher — the Australian Governments are offering 3| per cent, on their loans, and the New Zealand Government is issuing debentures at 4 per cent. The trade returns of the colony for the statistical year ended 30th September, are now complete, and the figures show that the exports totalled £13,202,872 as against £12,754,621 for the previous -"ear. showing an increase of £448 251, which is very good. The imports totalled £11,619,069, as a-ainst £11,937,401 exhibiting a decrease of £318,332. The fall in the imports occurred mostly in the second half of the year. The balance of trade' — that xs, the excess of exports over imports — shows to better advantage than in the previous year The excess for the year just ended amounted to £1,583,803, as a^aanst £816.220 in thei previous year. This showsi a gain of £767,583, but the total is ineffective to meet the interest demands of the colony, which aggregate over three millions sterling per annum. So far as our trade is concerned, we have not had such a splendid year as in 1900, when the excess of oxports over imports amounted to the satisfactory sum of £3,613,794. All the same, the results are highly satisfactory, and form a 1 convincing reply to the ressimists - The last of the series of London wool sales begins on Tuesday next, the 25tih instant, and tihe market tendency will be watched with keen interest throughout Australasia. The scarcity of merino wool will, no doubt, cause prices to advance for that class of staple. _ At the same time, there are not wanting indications that crossbred wool will be firmer. There is a steady consumption of this class of wool, and strenuous efforts are being made to popularise thej fabrics made from coarse wools, and the efforts were meeting with a certain degree of success. The value of the wool exported during the past twelve months was £3,141,985, as against £3,841,688 m 1901, and £4,936,216 in 1900. These figures show the enormous falling off that has taken place but it is only fair to say that the figures for 1900 are inflated through no fault of those compiling the Government returns It is possible to appreciate the decline this year, as compared with last, when it is stated that the nuantity exported during; the past twelve months was 155, 65' 5631b as against 143,064,7891b. Thus it will be seen that notwithstanding that there is an increase of 12,587,7741b in the quantity exported, there is a decrease in value amounting to £699,703, as compared with last year. A rise of a farthine per lb in wool will mean abi" difference to the colony., and it is to be hoped that the approaching sales will witness such an advance • • • The balance-sheet of the Mosgiel Woollen Company, for the year ended 6th October, has been circulated and shows an available balance oi ±-IU,/uy 15s 9d, but this amount includes P rem T mm on the issue of new shares £1422 10s and balance brought forward from the' previous year £621 17s lOd. The actual net profit for the year was thus £8665 7s lid It is a question whether the directors are doing right in taking in as revenue the premium received on the issue of new shares. » * * However, the available balance has been distributed as follows A dividend of 7 per cent., absorbing £5842 0s 6d writing- off loss on Ashburton mill and replacement of buildings at Mosgiel, £3799 10s lid, leaving £1068 to be carried forward. The profit on eoods account for the year is £19,579 13s 7d, as against £17,218 8s Id in the previous year The plant at Mosgiel is valued at £57,054 4s lid, as against £50.256 2s lid, the increase being due to addi-

tions being made during the yeai . The company's shares show a satisfactory improvement in market values. * * * The sharemarket shows very httie movement, and business remains quiet. National Bank shares are 111 demand at 81s, Bank of New Zealand at 65s 1 , and Bank of New South Wales at £41. Union Bank shares are easier, at £38. National Mortgage shares Are in demand at 37si 6d, but sellers ask 4Gsl There have been considerable sales of New Zealand and River Plate Land Mortgage shares at 23s to 24s This activity is attributed to the fact that some operators anticipate an increased dividend. « * • G-ais shares are firm all round, with the exception of Christchurch Gas shares, wihich are offering rather freely. The prospect of electric light being extensively used in the near future is depressing the market. Pahmerston Noith Gag shares have advanced from 85s to 90si. Wellington Gas shares have ohaneed hands at £19 5s and £9 15s for the respective issues, with further bu"ers at the prices quoted.

Insurance shares are very steady. Nationals are quoted at 225 ; New Zealands at 78s 6d, South British at 97s 6d, and Standards at 18s 9d. Meat shares continue neglected. A small parcel of Geiars changed hands at 30s 3d ; "Wellington Meat Export shares are offering freely, but buyers are scarce. * * * Woollen shares are steady. Mosgiel Woollens show a decided advance, sales being reported at 77s 6d. Kaiapois changed hands at £6 2s 6d, and Wellangton Woollens at 105s ex rights. New Zealand Shipnmg shares are in, demand at £6 17is 6d. Union Steam at £12, with sales reported at the price. Devonport Steam Ferry shares had quittance at 38s, and Northern Steam at 7s 6d. • • ♦ Donaghy Rope and Twine shares sold at £11 13s. There are buyers of Leyland and CFBrien Timber shares at 39s cum dividend of Is 6d now due. Sales of Mitchelson's Timber shares are reported at 17s 9d. New Zealand Drug shares have sold at 50s and 50s 6d. Westoort Coal shares have advanced, sales being reported up to £5 16s.