Finance Stocks and Mining

Free Lance, Volume VI, Issue 309, 2 June 1906, Page 5

Finance Stocks and Mining

THE D.I.C. preference shares aie &ellm>g like the proverbial hot oakes. Of cdurse, the Hallenstein interest is taking a bag slice of the 125,000 shaies on issue, and that but goes to prove the excellence- of the investment. The i&bUe will be fully subscribed, and the quotation of the shares on the Stock Exchange will be another counter for the brokers. • • • The projected Taranaki Oil Company will not be long in floating. Rightly or wrongly the prospects are viewed with favour, and certainly the results obtained so far are encouraging. There are some who shake their heads, and point to the repeated failures of the oil-boring operations of the past, but these people overlook the fact thab it is possible, to succeed after failuie. • • • There is oil in the well, and it is being obtained 1 . The bore is doing its work efficiently, because it has been put down in a scientific way, and with the failures of the past to guard against. No one can tell the extent, or, rather, quantity of oil that is underground, and for that very reason, perhaps, the venture is attractive. There is capital enough in the colony to give the fullest support to this new industry" . The striking feature of all the colonies is the extreme prosperity of the producers, and because of this the Treasuries are in excellent condition. The exception is West Australia, where a deficit of £118,000 is anticipated at the end of the current month, which closes the financial year. The western colony is not, a producer in the sens© that New South Wales and Victoria are, and, furthermore, the g-old production, has been falling off. The unsatisfactory nnanciai outlook is probably due to the decadence of the mining industry. • * * There is general prosperity m Australasia, and the same applies to most parts of the world. In Canada and the United States trade is very active, and in the former couintiy it is being reflected m the national accounts. Business is booming in America and prices all round have improved. British trad© is expanding, a>ndi the outlook on the Continent of Europe is also very good. Russia must be omitted from the account, but even in the Czar's dominions there is a fair amount of trade activity. The buoyancy of the world's taade is shawm by the extreme prices ruling for the industrial metals. • • * The London money market is rapidly coming round, and if the piresent piogressdon is maintained for a week or two the bank rate ought to be brought down to 3 per cent. Last week the metal reserve of the Bank of England showed a gain of nearly two millions- sterling, and, although the position is not nearly so good as it was a year ago, it is very much better than it -was at the beginning of last month. An easy money market in June, July, and August will be of considerable benefit to trade generally. « • • The report of the London and Lancashire Fire Insurance Company for the year 1905 shows net premiums received in the fire department of £1,319,776, whale the net losses were £562 030. The surplus was' £331,944. plus interest £61,477, and the previous balance £207,114. After increasing the dividend to 16s per share, writing £20,000 off buildings, and giving £10,000 to the pension fund, the balance was £497,735, and! the total funds £2,385,235. • ♦ • The report of the Atlas Insurance Company for the year ending December 31st 1905, states that in the fire department the net premiums weire £983,558, and the losses £454,075, beins 46 1 per cent, of the premiums. Th% balance of the year's re-venue is £169 304, of which the sum of £48,2iy haa been added to the reserve for unexpired risks forming part of the nre fund £14,494 has been carried to profit and lofiß account, and the balance, £106,591, left in the fund. The funds of the company stand as follows—Keserve fmvd, £57,169; fire fun* £820,396. The dividend for the yeair is at the rat© of 5s per shatfe.

The Bank of New South Wades has paid the usual 10 per cent, .dividend. The accounts for the half-year suibmatted to the shareholders, at Sydney on Fnuday of last week disclosed a, net piofrt of £129,385, and there was brought forward from the previous half-year a sum. of £18,200, making an available total of £147,585. The dividend absorbs £99 967, and the sum of £20,000 has been added to the reserve fund, leaving £22.618 to be carried forward. Th© chairman spo«ke in optimistic terms of the prospects of the producers, and for this theie is good reason. • • • The sharemarket is in a healthy condition, although the numbei of transactions us small. Bank of New Zealand snares changed hands ait £8 10s, but buyers are now offering at £8 ss. Nationals are offered at £5 B^, but tihere are no declared 1 buyers. In financial shares, business is irregular. Metropolitan Building shares are wanted at £11 17s 6cT. and there, are no sellers. National Mortgage shares are in demand at 60s, while New Zealand' and River Plate shares are offered at 30» 6d, and Wellington Building at In insurance shares, sales of New Zealand were made in Auckland at £3 13s, but have since declined to £3 11s, at wihich price they are on sale, but buyers are scarce. South British had quittance at £5 12s 6d, and sellers now a,«V £5 ]4s. Nations are wanted at 23<= 6d, and Standards at 19« • • * For gas shares the demand 1 is strong, and any coming on the market are promptly taken up. There are buyers of Feilding Gas at 245, Palmerston North Gas at £5 12s 6d, Hokitaka Gas at £4, and Wellington, Gas fit £19 and £9 10s for the respective issues. Meat shares are very much, neglected, and tins because the meat business is entering upon the dull season. Wellington Meat Exports, £2 12s 6d paid up, aie offered a,t £3 3s. Manawatu Rails aie in steady demand at 37s 9d, and Wellington Steam Ferry at 15s 9d. Devonport Steam Ferry shares are offered at 41b. • * * Woollen shares are quiet, although there are buyers about. For Mosgiels £2 10s is offered, for Kaaapous £5, and for Wellington Woollens £3 14s. Westport Coal stares are m steady request at £6 5s 6d. Hydraulic Hand-milker shaies are exceedingly firm at £4 ss. and' give every indication of advancing. The shares' are in the hands of strong holders, and that in itself will force them up. Leyland and OBrien Timber shares are wanted at 245, "New Zealand Times" ordinary and preference at 475, New Zealand Paper Mills at 22s cum dividend, and Ward and! Co. Brewery at £5 11s. Moturoa Oil shares have changed hands at various, prices, and seem, to stick at about £60 to £61. With the formation of the new company active speculation in the shares is expected. In the mining market business has been quiet. Waihi shares have been in demand at £8 Bs, and 1 Talismans at 265. The dredlgine returns are very promising, the yield last week being rather good. {Continued on pane 14 )

When wintry tears my eye» o'eiflow In painful sympathy with niy nob©, I lest my heavy head and' feigh For some relief or I shall die. The hacking cough, the nard-draw n breath, Can only mean approaching death, But no, the remedy, Life's Renew eir, Is found in Woods' Great Peppermint Cure.