Finance Stocks And Mining

Free Lance, Volume VIII, Issue 398, 15 February 1908, Page 18

Finance Stocks And Mining

THE New Plymouth Gas Company directors have declaied an interim dividend of 5 per cent, for the half-year ended December 31st last. • • • The report of the Westpoct Coal Company for the year ended 31st December, 1907, states that the profits during that period amounted to £43,254, to which must be added the sum of £10,154 brought forward, making a total of £53,409. By the- payment of an interim dividend of 3s 6d per share last June, absorbing £14,000, the amount available is reduced to £39,409, which the directors propose to deal with as follows — To payment of dividend of 3s 6d per share, and bonus of Is 9d, making, with the interim dividend, 12£ per cent, for the year, £21,000; to reserve fund (which will then stand at £59,000), £8000 ; leaving a balance of £10,409 to be carried to next year's account. The mines, steamers, hulks, and plant stand in. the- books at £347,602. The investments total £20,038, and the sinking fund stands at £20.000. • • • The report of the Christchuirch Gas Company for 1907 states that during the period it was decided to develop the manufacturing branches of the business, and also to erect new workshops, show-rooms, and offices. Extensive machinery and plant have also been imported, and is now m operation, for the manufacture of ammonia, water gas, and fire-bricks. These works have entailed a heavy outlay, necessitating the issue of £25,000 of debentures, the calling up of £40,000 additional capital, and the absorption of large cash reserves. • • • It is claimed that the figures of the balance-sheet amply justify the policy of the company, as, in view of the increasing cost of coal and 1 labour, it is doubtful if the old rate of dividend could have been maintained but for the revenue derived from the new branches of business referred to. During the year 65,868 incandescent mantles have been supplied free of cost, aaid the number of incandescent gas-burners now in use totals 41,825. • • • The revenue account of the Christchuirdi Gas Company shows receipts from sales of gas, ooke, etc., £72,417; materials cost £21,305, wages, etc., £19,425; income-tax, insurance, etc., £6072; interest, £1777; and bad debts, £406 ; leaving the net profit for the year at £23,430. There was brought forward from the previous year £2087, making the total available for distribution! £25,517. The dividend, at the rate of 10 per cent, per annum, absorbs £14,600, the sum of £5000 is added to the reserve fund, and £2000 is added to the renewal fund, leaving £3917 to be carried forward. • • • The report and balance-sheet of the Australian Widows' Fund Society for the year ended October 31, 1907. show thai excellent and very satisfactory progress was made during the period. During the year the Society issued 3463 policies, assuring £734,729, as compared with 2966 policies, assuring £655,441 for the previous year. The total income for the year amounted to the handsome sum of £275,830. The claims by death totalled with bonuses £50,776 Is lOd, against £54,067 5s in 1906. • • • The actuary reports this amount as very much below the expectancy. The amount paid for cash surrender values, with the exception of one year, was -the lowest for the last six years. The sum paid for cash bonuses during the year amounted to only £6758 17s 6d. This is a very small percentage of the cash bonus declared at last investigation, and this is another striking testimony of the confidence the policy-hold-ers have in the strong position, of the Society. • • • The payments to policy-holders and their representatives during the year amounted to. £169,095 13s 9d, as against £162,617 12s 9d in the previous year. The accumulated- funds at the beginning of the year amounted to £1,766,645 4s 3d, and were during the year increased to £1,813,302 12s sd. The assets of the Society include: Mortgages of freehold property, £1,178,835 15s 4d ; loans on. the company's policies, £187,739 ; New Zealand Government securities, £54,054; Indian, and colonial Government securities, £113,722.

The balance-sheet of the New Zealand Insurance Company for the year ended 30th November, 1907, shows that the fire, marine, and accident premiums totalled £616,417, being an increase oyer the previous year of £51,268. The losses amounted to £406,578, and the expenses _to £144,766, leaving the underwriting profit at £65,073. The surplus on the year's transactions, after making full provision for all a-scertained losses, amounts to £91,416 9s Id, balance brought forward from the pievious year, £5257 16s lid, making the available balance £96,674 6s Out of this, £25,000 is added to the reserve fund, £35,0000 to the re-inswaJice fund, and the dividend at the rate of 10 per cent, absorbs £30,000, leaving £6674 6s to be carried forward. • • • The report of the Waihi Grand Junction Gold Company, Limited, foir the year ended December 31st last, states that the mill was started on August 20th, 1906, and up to the end of that year had crushed 8144 tons. The bullion (exclusive of values contained in solutions and residues in process of treatment) realised £12,591,

which has been credited for the time being to mine development aoid ceneial expenditure account. In consequence of the various hindrances to regular crushing during the shoirt period, above referred to, avid change of management having been arranged before the credit was completed, it was deemed advisable to defer the framing of a profit and loss account until the end of the current year. • • • A call of 10s per share was made un February last on the issue of 18,500 shan es at £1 premium, leaving £1 still to be called up thereon. The cost of additiomal tajiks, concentrators, and other improvements m> the reduction works is being met out of profits. The work will be completed very shortly, a-nd the entire batteTy of forty stamps will then be able to crush to its full capacity. There is nothing much to be said with respect to the sharemarket. Business is dull 1 , and comparatively few shares are changing hands. National Bank shares were sold at £5 6s, with buyers offering £5 5s 6d, atfid sellers wanting £5 6s 6d. Baaik of

New Zealand shares axe in> demand at £9 12s 6d, with sellers at £9 15s. » • • Insurance shares aie quiet. The losses through fixes recently have been exceptionally heavy in, New Zealand, and the pxofits axe bound to be affected. Nationals have been in demand at 27s 6d, with sellers at 28s, and New Zealands have been offered at £4 Is cum div. • • • Of other shares little needs to be said, for values are pxactically unchanged. There aar© buyers of New Zealand Loan and Mercantile a£ 4s 9d, New Zealand and River Plate 30s, Maoawatu Rails 435, TJniomi Steam 323, Kauri Timber 9s sd, and New Zealand Portland Cement £1 12s 9d. • • • Very little business has been done .in, mining shares although there is mo weakness in values. Talismans and WaiJiis hold their own veiry well. Talismans find sales at 53s 3d, and Wailiis are in. fair demand at £8 14s. New Zealand Crowns are quoted at 6s 6d, Tairua Broken Hills at 4s, Wathi Grand Junctions at £1 6s. and Big Rivers at 12s 3d.